Update on metals market and junior mining companies listed on the Australian Securities Exchange

1. Oz Metals
29th
Edition – 10th
May 2015
DISCLAIMER
This report is provided in good faith from sources believed to be accurate and reliable. Terra Studio Pty Ltd directors and employees do not accept liability
for the results of any action taken on the basis of the information provided or for any errors or omissions contained therein. Readers should seek
investment advice from their professional advisors before acting upon information contained herein.
Page 1 / 4
TerraStudio
CHINESE COPPER SHORTS RUNNING FOR COVER
Base Metals & Precious Metals Fundamentals
Source: COMEX, LME, RBA, SHFE
$50
$55
$60
$65
$70
$75
$80
Apr-14 Jul-14 Oct-14 Jan-15
CIFPriceofChineseImports
Bauxite
US$/t
$A/t
$2.0
$2.3
$2.6
$2.9
$3.2
$3.5
$3.8
$4.1
0
100
200
300
400
500
600
700
Jul-14 Oct-14 Jan-15 Apr-15
ThousandTonnes
Copper
SHFE COMEX LME
US$/lb A$/lb
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
Jul-14 Oct-14 Jan-15 Apr-15
Gold
A$/oz
US$/oz
$5
$6
$7
$8
$9
$10
0
100
200
300
400
500
Jul-14 Oct-14 Jan-15 Apr-15
$/lb
ThousandTonnes
Nickel
LME US$ A$
$6.00
$7.00
$8.00
$9.00
$10.00
$11.00
$12.00
0
3
6
9
12
15
18
Jul-14 Oct-14 Jan-15 Apr-15
$/lb
ThousandTonnes
Tin
Inventory US$ A$
$0.80
$0.90
$1.00
$1.10
$1.20
$1.30
$1.40
0
200
400
600
800
1,000
1,200
Jul-14 Oct-14 Jan-15 Apr-15
$/lb
ThousandTonnes
Zinc
SHFE LME US$ A$

2. Oz Metals
29th
Edition – 10th
May 2015
DISCLAIMER
This report is provided in good faith from sources believed to be accurate and reliable. Terra Studio Pty Ltd directors and employees do not accept liability
for the results of any action taken on the basis of the information provided or for any errors or omissions contained therein. Readers should seek
investment advice from their professional advisors before acting upon information contained herein.
Page 2 / 4
TerraStudio
Markets & Majors
Thomson Reuters - Arrivals of anode, refined copper,
copper alloys and semi-finished copper products in China
stood at 430,000 tonnes in April, the highest monthly
imports since April 2014 and up 4.9% from 410,000 tonnes
in March, according to data from the Chinese General
Administration of Customs.
SMM - Chinese analysts expect the peak demand season
for copper market which came later this year to continue
through the end of May, proffering impetus to copper prices
in the second quarter. The Shanghai Futures Exchange
(SHFE) reported continuous declines in copper inventories
lately, and many futures analysts considered the inventory
falls partly a reflection of growing copper consumption.
The rise in global copper prices is forcing Chinese hedge
funds that were responsible for causing a shortage of the
metal to rethink their strategy, Metal Bulletin wrote, citing
market participants.
Mining Journal - Glencore has reported a 9% year-on-year
decrease in copper production in the March quarter, saying
the 350,700-tonne total was affected by grade reductions at
two mines and a maintenance shutdown at Collahuasi in
Chile.
Thomson Reuters – Volumes in the global spot gold market
have fallen to their lowest in a year, with shrinking liquidity
and a slowdown in interbank trade making customers
reluctant to transact on a large scale. Tighter regulation and
credit constraints resulting from 2008-2009 financial crisis
saw several banks withdraw from the commodity sector to
ease cost pressures and boost efficiency against a
background of lower raw material prices.
Lower prices and a stronger dollar helped lift US imports of
gold, silver and platinum jewellery by as much as 15% in
the first quarter of 2015, according to Thomson Reuters
GFMS calculations.
Thomson Reuters - A fall in China's demand for physical
zinc metal to its weakest in two years has raised concerns
that a six-week rally in London forwards prices has overshot
fundamentals and could unwind. London Metal Exchange
zinc has surged 15% from mid-March, an 18-month high,
supported by worries about falling mine supply and steady
galvanising demand from China, the world's biggest user.
SMM - Rare earth prices are expected to rise significantly in
2015, driven by robust demand growth in new energy
vehicle and other new markets, such as rare earth functional
ceramics and PVC.
Funding, Mergers & Acquisitions
Following the approval of the proposed demerger of
South32 by BHP Billiton Group's shareholders, the mining
giant's board resolved to approve the in-specie distribution
of South32 shares to shareholders in BHP Billiton. BHP
Billiton is offering shareholders 1 South32 share for every
BHP Billiton share held.
Evolution Mining is subscribing for up to 105.9 million new
shares, representing a 19.9% shareholding, in Phoenix Gold
for a total investment of A$9.0 million.
Guangdong Rising Assets Management Co. Ltd.'s has
decided to increase its all-cash takeover offer for PanAust
by 8% to A$1.85 per share. The independent directors of
PanAust have unanimously recommended shareholders to
accept the offer in the absence of a better proposal.
Venturex Resources has inked an agreement with Forge
Resources Swan Pty Ltd, as managers of the Balla Balla
joint venture, to sell non-core exploration tenement E47/924
for A$400,000 in cash. E47/924 is within the Salt Creek
copper-zinc tenement package in Western Australia.
TNG inked a nonbinding memorandum of understanding
with a leading manufacturer of Vanadium Redox-Flow
Batteries, or VRB, for the supply of vanadium from its wholly
owned Mount Peake project in the Northern Territory,
Australia, and to examine the feasibility of installing a VRB
unit on site to help power the operation.
Valence Industries entered into a binding heads of
agreement for US$75 million in debt finance facilities for its
planned expansion programs.
Bauxite Sector
Source: Bloomberg, SNL Metals & Mining, Terra Studio
Zinc & Poly-metallic Sector
Source: SNL Metals & Mining
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABX Australian Bauxite 0.30 ▼ (5%) (2%) 42 4 38
BAU Bauxite Resources 0.076 ▼ (7%) (22%) 18 24 (6)
CAY Canyon Resources 0.040 — 0% (20%) 5 1 4
MLM Metallica Minerals 0.054 ▼ (18%) (2%) 9 2 7
MMI Metro Mining 0.085 ▼ (1%) 215% 25 5 20
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AQR Aeon Metals 0.085 — 0% (15%) 26 3 38
ARD Argent Minerals 0.023 ▼ (12%) (36%) 4 0 3
DGR DGR Global 0.032 ▼ (3%) 0% 13 23 15
HRR Heron Resources 0.13 ▼ (4%) 0% 45 26 19
IBG Ironbark Zinc 0.115 ▼ (4%) 44% 51 3 48
IPT Impact Minerals 0.021 ▲ 24% (13%) 12 1 10
IVR Investigator Resources 0.010 ▼ (17%) (38%) 5 3 (0)
MRP MacPhersons Resources 0.095 ▼ (1%) (24%) 30 4 25
PNX Phoenix Copper 0.014 ▼ (18%) (53%) 5 2 4
RDM Red Metal 0.038 ▼ (5%) (53%) 7 3 2
RVR Red River Resources 0.16 ▼ (3%) 45% 28 3 24
RXL Rox Resources 0.030 ▲ 7% 7% 26 2 23
TZN Terramin Australia 0.125 ▲ 14% 14% 189 0 189
VAR Variscan Mines 0.012 — 0% (51%) 4 1 4
VXR Venturex Resources 0.005 — 0% 0% 8 1 6

3. Oz Metals
29th
Edition – 10th
May 2015
DISCLAIMER
This report is provided in good faith from sources believed to be accurate and reliable. Terra Studio Pty Ltd directors and employees do not accept liability
for the results of any action taken on the basis of the information provided or for any errors or omissions contained therein. Readers should seek
investment advice from their professional advisors before acting upon information contained herein.
Page 3 / 4
TerraStudio
Nickel Sector
Source: SNL Metals & Mining
Copper Producers
Source: SNL Metals & Mining
Copper Developers & Explorers
Source: SNL Metals & Mining
Tin Sector
Source: SNL Metals & Mining
Gold Producers
Source: SNL Metals & Mining
Gold Developers & Explorers
Source: SNL Metals & Mining
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
IGO Independence Group 6.00 ▲ 2% 35% 1,406 57 1,314
MBN Mirabella Nickel 0.125 ▼ (11%) 331% 116 22 218
MCR Mincor Resources 0.63 ▲ 5% 8% 119 26 100
PAN Panoramic Resources 0.53 ▼ (4%) 25% 169 64 110
WSA Western Areas 3.80 ▲ 1% 1% 884 231 833
AVQ Axiom Mining 0.265 ▼ (4%) 18% 64 1 NA
CZI Cassini Resources 0.07 ▼ (7%) (43%) 8 1 6
DKM Duketon Mining 0.19 ▲ 3% (29%) 14 6 8
LEG Legend Mining 0.007 — 0% 0% 14 7 7
MAT Matsa Resources 0.250 ▲ 39% 47% 36 2 36
MLM Metallica Minerals 0.054 ▼ (18%) (2%) 9 2 6
PIO Pioneer Resources 0.017 ▼ (6%) 31% 12 3 9
POS Poseidon Nickel 0.14 — 0% 13% 92 8 109
SEG Segue Resources 0.004 ▼ (20%) (20%) 8 0 7
SGQ St George Mining 0.065 — 0% 3% 7 1 6
SIR Sirius Resources 2.82 ▼ (3%) 10% 963 210 718
TLM Talisman Mining 0.14 ▼ (10%) (10%) 18 6 4
WIN Winward Resources 0.14 ▼ (13%) (13%) 15 8 11
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABY Aditya Birla Minerals 0.22 ▲ 13% 13% 69 137 (35)
HGO Hillgrove Resources 0.35 ▲ 1% (23%) 51 9 61
KBL KBL Mining 0.030 ▲ 36% 0% 15 7 38
MWE Mawson West 0.042 ▼ (11%) (20%) 17 27 68
OZL OZ Minerals 4.66 ▼ (1%) 34% 1,414 219 1,196
PNA PanAust 1.73 ▼ (1%) 22% 1,121 94 1,339
SFR Sandfire Resources 5.28 ▲ 5% 16% 826 58 910
SRQ Straits Resources 0.007 ▼ (13%) 40% 9 13 165
TGS Tiger Resources 0.078 ▲ 24% (40%) 89 80 295
985 CST Mining 0.016 ▼ (2%) 120% 429 172 250
1208 MMG 0.52 ▼ (5%) 33% 2,745 318 14,445
3993 China Molybdenum 1.19 ▼ (6%) 62% 13,336 1,901 13,895
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AOH Altona Mining 0.105 — 0% (56%) 56 48 9
ARE Argonaut Resources 0.007 — 0% (56%) 3 1 2
AVB Avanco Resources 0.079 — 0% 4% 131 16 111
AVI Avalon Minerals 0.033 ▲ 6% 65% 6 3 4
AZS Azure Minerals 0.014 — 0% (42%) 14 2 13
CDU CuDeco (suspended) 1.20 S (39%) 332 16 398
CVV Caravel Minerals 0.010 ▼ (9%) 25% 7 0 7
ENR Encounter Resources 0.15 ▲ 11% 15% 20 2 18
ERM Emmerson Resources 0.032 ▼ (6%) 3% 12 3 9
FND Finders Resources 0.15 ▼ (3%) 0% 99 28 99
GCR Golden Cross Resources 0.059 ▼ (2%) (16%) 6 1 5
GPR Geopacific Resources 0.049 ▲ 29% (6%) 19 3 15
HAV Havilah Resources 0.29 ▲ 12% 107% 45 3 43
HCH Hot Chili 0.12 ▲ 4% (25%) 42 5 48
HMX Hammer Metals 0.080 ▲ 7% (2%) 8 1 8
IAU Intrepid Mines 0.14 ▲ 8% 4% 52 69 27
KDR Kidman Resources 0.071 ▲ 3% 6% 8 1 8
KGL KGL Resources 0.15 — 0% (33%) 21 8 12
MEP Minotaur Exploration 0.08 ▼ (1%) (46%) 14 4 8
MNC Metminco 0.004 ▼ (11%) (50%) 8 1 7
MTH Mithril Resources 0.007 ▲ 17% 0% 3 1 2
PEX Peel Mining 0.074 ▼ (12%) 7% 10 2 8
RDM Red Metal 0.038 ▼ (5%) (53%) 7 3 2
RER Regal Resources 0.045 ▲ 13% (2%) 10 1 7
RTG RTG Mining 0.636 ▲ 5% 5% 85 11 82
RXM Rex Minerals 0.115 ▲ 5% 5% 25 13 18
SMD Syndicated Metals 0.022 ▼ (4%) (31%) 6 1 5
SRI Sipa Resources 0.080 ▼ (4%) 116% 50 2 49
SUH Southern Hemisphere 0.012 ▲ 9% (72%) 3 1 2
THX Thundelarra Resources 0.100 ▲ 5% (9%) 32 6 NA
XAM Xanadu Mines 0.093 ▼ (11%) (7%) 35 6 34
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
CSD Consolidated Tin Mines 0.053 ▼ (2%) 29% 15 3 14
ELT Elementos 0.006 ▼ (14%) (25%) 5 1 3
KAS Kasbah Resources 0.038 ▲ 12% (30%) 17 3 11
MLX Metals X 1.50 — 0% 91% 624 123 501
MOO Monto Minerals 0.004 — 0% 100% 5 1 5
SRZ Stellar Resources 0.032 — 0% 10% 10 3 7
VMS Venture Minerals 0.030 ▲ 50% (3%) 9 4 5
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AGD Austral Gold 0.16 — 0% 23% 77 6 68
ALK Alkane Resources 0.29 ▲ 9% 32% 120 16 101
AMI Aurelia Metals 0.25 ▼ (2%) 4% 97 22 198
BDR Beadell Resources 0.22 ▲ 2% (2%) 176 13 281
BOK Black Oak Minerals 0.37 ▼ (1%) 37% 16 3 28
DRM Doray Minerals 0.45 ▼ (3%) (6%) 108 16 107
EVN Evolution Mining 1.13 ▲ 15% 75% 810 32 919
IGO Independence Group 6.00 ▲ 2% 35% 1,406 57 1,314
KCN Kingsgate Consolidated 0.74 ▲ 1% 11% 164 54 248
KRM Kingsrose Mining 0.28 ▼ (8%) 10% 100 7 111
LSA Lachlan Star 0.024 — 0% 20% 4 2 22
MIZ Minera Gold 0.002 — 0% (33%) 6 0 11
MLX Metals X 1.50 — 0% 91% 624 57 517
MML Medusa Mining 1.01 ▲ 11% 55% 209 17 202
MOY Millennium Minerals 0.028 ▼ (7%) (24%) 6 2 42
NCM Newcrest Mining 13.75 ▼ (5%) 26% 10,540 141 14,957
NGF Norton Gold Fields 0.23 — 0% 84% 214 19 342
NST Northern Star Resources 2.09 ▼ (3%) 40% 1,238 82 1,210
OGC OceanaGold Corp. 2.63 ▲ 5% 25% 797 65 854
PGI PanTerra Gold 0.160 ▼ (14%) (11%) 14 3 75
PRU Perseus Mining 0.40 ▲ 8% 52% 208 37 174
RMS Ramelius Resources 0.130 ▼ (4%) 155% 61 12 44
RRL Regis Resources 1.22 ▼ (3%) (37%) 607 7 617
RSG Resolute Mining 0.35 ▲ 8% 32% 224 19 255
SAR Saracen Mineral Holdings 0.47 ▲ 3% 82% 369 36 349
SBM St Barbara 0.54 ▲ 15% 410% 265 79 588
SLR Silver Lake Resources 0.18 ▲ 3% (8%) 91 24 97
TBR Tribune Resources 3.45 — 0% 30% 173 11 NA
TRY Troy Resources 0.41 — 0% (12%) 87 43 127
UML Unity Mining 0.017 ▲ 42% 143% 19 7 7
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AYC A1 Consolidated 0.032 ▲ 14% (20%) 9 0 8
ABU ABM Resources 0.25 ▼ (6%) (15%) 84 23 73
AWV Anova Metals 0.040 ▼ (7%) 48% 12 2 11
AZM Azumah Resources 0.024 — 0% 20% 9 3 8
BLK Blackham Resources 0.15 ▲ 4% 184% 26 0 NA
BSR Bassari Resources 0.011 ▼ (8%) (8%) 14 0 15
CHN Chalice Gold Mines 0.12 ▼ (4%) 10% 33 41 (10)
CHZ Chesser Resources 0.032 ▼ (3%) (11%) 7 8 2
DCN Dacian Gold 0.42 — 0% 50% 40 7 33
EXG Excelsior Gold 0.085 ▼ (6%) 39% 42 1 41
FML Focus Minerals 0.007 — 0% (7%) 59 80 50
GCY Gascoyne Resources 0.089 ▲ 11% 25% 16 1 15
GMR Golden Rim Resources 0.008 — 0% 60% 12 1 11
GOR Gold Road Resources 0.36 ▲ 3% 47% 214 19 193
GRY Gryphon Minerals 0.065 — 0% 2% 26 20 2
KGD Kula Gold 0.041 ▲ 3% (7%) 11 1 8
MSR Manas Resources 0.016 ▲ 14% 14% 8 1 8
MUX Mungana Goldmines 0.145 ▼ (3%) 16% 35 2 40
OGX Orinoco Gold 0.072 ▲ 3% 24% 11 1 12
PNR Pacific Niugini 0.066 ▼ (6%) 32% 26 11 25
PXG Phoenix Gold 0.088 — 0% (10%) 37 7 32
RED Red 5 0.079 ▼ (21%) (14%) 60 13 42
RNI Resource & Investment 0.037 ▼ (18%) (51%) 19 0 35
RNS Renaissance Minerals 0.050 ▲ 25% (23%) 20 3 16
SAU Southern Gold 0.012 ▼ (8%) 50% 6 1 8
SIH Sihayo Gold 0.014 — 0% 75% 16 0 11
TAM Tanami Gold 0.029 ▼ (9%) 107% 34 1 43
WAF West African Resources 0.082 ▲ 17% (18%) 22 5 22
WPG WPG Resources 0.029 ▼ (15%) (24%) 8 2 5

4. Oz Metals
29th
Edition – 10th
May 2015
DISCLAIMER
This report is provided in good faith from sources believed to be accurate and reliable. Terra Studio Pty Ltd directors and employees do not accept liability
for the results of any action taken on the basis of the information provided or for any errors or omissions contained therein. Readers should seek
investment advice from their professional advisors before acting upon information contained herein.
Page 4 / 4
TerraStudio
Specialty Metals Sector
Source: SNL Metals & Mining
For further information, please contact:
J-François Bertincourt
+61 406 998 779
jf@terrastudio.biz
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AJM Altura Mining (Li-Ta) 0.015 ▲ 36% (75%) 7 1 7
ALK Alkane Resources (RE) 0.29 ▲ 9% 32% 120 16 101
ARU Arafura Resources (RE) 0.055 ▼ (2%) 15% 24 16 6
CNQ Carbine Tungsten (WO3) 0.15 ▲ 4% 12% 45 1 45
GXY Galaxy Resources (Li) 0.033 — 0% 32% 35 3 128
KNL Kibaran Resources (C) 0.19 ▲ 3% 27% 29 1 27
LMB Lamboo Resources (C) 0.085 — 0% (51%) 13 1 12
LML Lincoln Minerals (C) 0.043 ▼ (4%) (27%) 12 1 10
LYC Lynas Corp. (RE) 0.045 ▲ 2% (34%) 152 44 589
NMT Neometals (Li) 0.082 ▼ (9%) 116% 41 9 39
ORE Orocobre (Li) 2.70 ▲ 7% (3%) 409 66 411
PEK Peak Resources (RE) 0.088 ▲ 5% 22% 29 5 31
PLS Pilbara Minerals (Li-Ta) 0.050 ▼ (2%) 19% 31 1 30
SBU Siburan Resources (WO3) 0.045 ▼ (2%) (12%) 11 2 9
SFX Sheffield Resources (MS) 0.73 ▼ (1%) (1%) 98 6 93
SHE Stonehenge Metals (WO3) 0.033 ▼ (11%) 725% 28 1 27
SYR Syrah Resources (C) 4.02 ▲ 3% 26% 664 15 648
TLG Talga Resources (C) 0.44 ▲ 10% 83% 61 7 58
TNG TNG (WO3) 0.16 — 0% 94% 99 4 92
TON Triton Minerals (C) 0.40 ▲ 5% 114% 132 1 131
VML Vital Metals (WO3) 0.040 — 0% 38% 12 1 15
VXL Valence Industries (C) 0.28 ▼ (22%) (49%) 43 3 35
WLF Wolf Minerals (WO3) 0.35 ▼ (9%) 30% 283 43 279
YRR Yellow Rock Resources (V2O5) 0.010 ▼ (9%) 11% 8 3 4