23rd September 2013 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor
should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment
decision or planning, and LCC does not accept any responsibility on this basis for actions made
. Page 1 / 4
WEEKLYAustralianCopperGoldReport
A$ Metal Price Advantage is Fading
Global Economy Fundamentals
Source: Capital IQ, COMEX, LME, SHFE, Thomson Reuters, LCC research
Note: the SHFE copper price is based on the LME 3-month price and includes CIF premium, tax and duty
Precious Metals & Energy
Last Close
Price
YTD
Change
4-Week
Change
Week
Change
Base Metals
Last Close
Price
YTD
Change
4-Week
Change
Week
Change
Gold (A$/oz) 1,410 ▼ -12% ▼ -9% ▼ -0.4% Copper (A$/lb) 3.52 ▲ 2% ▼ -4% ▲ 2.1%
Gold (US$/oz) 1,326 ▼ -21% ▼ -5% ▲ 1.3% Copper (US$/lb) 3.31 ▼ -8% ▼ 0% ▲ 3.8%
Silver (US$/oz) 21.8 ▼ -28% ▼ -8% ▲ 0.4% Cobalt (US$/lb) 12.93 ▲ 12% ▲ 5% - 0.0%
Platinum (US$/oz) 1,427 ▼ -7% ▼ -7% ▼ -1.2% Molybdenum (US$/lb) 9.53 ▼ -19% ▲ 2% - 0.0%
Palladium (US$/oz) 713 ▲ 1% ▼ -5% ▲ 2.2% Nickel (US$/lb) 6.39 ▼ -18% ▼ -2% ▲ 3.6%
Crude Oil (US$/barrel) 104 ▲ 13% ▼ -1% ▼ -2.1% Lead (US$/lb) 0.94 ▼ -11% ▼ -8% ▲ 0.6%
Gas H.Hub (US$/m btu) 3.68 ▲ 9% ▲ 1% ▼ -2.0% Zinc (US$/lb) 0.84 ▼ -9% ▼ -10% ▲ 1.4%
Uranium (US$/lb) 35 ▼ -19% ▲ 1% ▲ 2.9% Tin (US$/lb) 10.59 ▼ -1% ▲ 6% ▲ 3.2%
Currencies & Indices
Last Close
Price
YTD
Change
4-Week
Change
Week
Change
Global Markets
Last Close
Price
YTD
Change
4-Week
Change
Week
Change
AUD/USD 0.940 ▼ -10% ▲ 4% ▲ 1.7% ASX 200 5,277 ▲ 14% ▲ 3% ▲ 1.1%
RMB/USD 0.163 ▲ 2% ▼ 0% ▼ 0.0% Dow Jones 15,451 ▲ 18% ▲ 3% ▲ 0.5%
CAD/USD 0.972 ▼ -3% ▲ 2% ▲ 0.5% S&P 500 Index 1,710 ▲ 20% ▲ 3% ▲ 1.3%
ZAR/USD 0.101 ▼ -14% ▲ 3% ▲ 0.8% Shang Hai Index 2,192 ▼ -3% ▲ 7% ▼ -2.0%
ASX Ordinary Gold 2,809 ▼ -43% ▼ -4% ▲ 7.3% Hang Seng Index 23,503 ▲ 4% ▲ 7% ▲ 2.6%
TSX Global Gold 178 ▼ -41% ▼ -15% ▲ 0.0% Nikkei 225 14,742 ▲ 42% ▲ 8% ▲ 2.3%
ASX 300 Metals & Mining 3,290 ▼ -10% ▲ 2% ▲ 0.8% FTSE 100 Index 6,596 ▲ 12% ▲ 2% ▲ 0.2%
TSX Global Mining 73 ▼ -24% ▼ -2% ▲ 0.7% Euro STOXX 50 Index 2,927 ▲ 11% ▲ 4% ▲ 2.1%
1200
1300
1400
1500
1600
1700
Jun Jul Aug Sep
Gold Price
Gold Price US$/oz
100-day moving average
Gold Price A$/oz
3.00
3.20
3.40
3.60
3.80
0
100
200
300
400
Jun Jul Aug Sep
LME Copper Price and Volume
Volume ('000 lot) Price (US$/lb)
Price (A$/lb)
3.00
3.20
3.40
3.60
3.80
0
20
40
60
80
100
Jun Jul Aug Sep
COMEX Copper Price and Stocks
Stocks ('000 t) Price (US$/lb)
3.50
3.70
3.90
4.10
4.30
4.50
0
20
40
60
80
100
Jun Jul Aug Sep
SHFE Copper Price and Stocks
Stocks ('000 t) Price (US$/lb)
3.50
3.70
3.90
4.10
4.30
4.50
0
20
40
60
80
100
Jun Jul Aug Sep
SHFE Copper Price and Volume
Volume ('000 lot) Price (US$/lb)
3.00
3.20
3.40
3.60
3.80
0
40
80
120
160
Jun Jul Aug Sep
COMEX Copper Price and Volume
Volume ('000 lot) Price (US$/lb)
1000
3000
5000
7000
Sep 12 Dec 12 Mar 13 Jun 13 Sep 13
S&P/ASX All Ordinaries Gold Index
(XGO)
2.50
3.00
3.50
4.00
4.50
100
200
300
400
500
600
Aug 12 Nov 12 Feb 13 May 13 Aug 13
000Tons
China Monthly Copper Import Volume ( '000 t)
Alloy
Anode
Products
Copper Mineral Sands and Refined Minerals
Monthly Average Copper Spot Price US$/lb (RHS)
3.00
3.20
3.40
3.60
3.80
0
200
400
600
800
Jun Jul Aug Sep
LME Copper Price and Stocks
Stocks ('000 lot) Price (US$/lb)
Price (A$/lb)
0
200
400
600
800
1000
1200
1400
Q2
08
Q4
08
Q2
09
Q4
09
Q2
10
Q4
10
Q2
11
Q4
11
Q2
12
Q4
12
Q2
13
World Gold Demand and Supply
Total Demand (tonnes)
Total Supply (tonnes)
23rd September 2013 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor
should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment
decision or planning, and LCC does not accept any responsibility on this basis for actions made
. Page 2 / 4
WEEKLYAustralianCopperGoldReport
Markets
• Chinese copper smelters are looking for up to a 50 % increase in annual term treatment and refining charges (TC/RCs) for 2014,
encouraged by greater availability of concentrates and spot charges hitting two-year highs. Large copper smelters in China, the
world's top buyer of raw material concentrate, may ask for TC/RCs of about $105/t and 10.5¢/lb when they meet with miners
during London Metal Exchange week, which begins on October 7.
• Anglo American has pulled out of the Pebble copper gold project in Alaska, less than two months after pledging to halve a $17
billion pipeline of potential mines and bring down the cost of keeping future options open. The decision comes after Anglo
American has spent US$541 million on the project. Northern Dynasty Minerals, the 50:50 joint venture partner, will again own
100% of one of the world's most important copper and gold resource: 5.94 billion tonnes in the measured and indicated category
containing 55 billion lb copper, 67 million oz gold and 3.3 billion lb molybdenum; and 4.84 billion tonnes in the inferred category,
containing 26 billion lb copper, 40 million oz gold and 2.3 billion lb molybdenum. Quantities of silver, palladium and rhenium also
occur in the deposit.
• The Papua New Guinea government has taken control of the Ok Tedi mine and has repealed laws protecting BHP Billiton from
legal action over environmental damage. Tailings from the mine caused widespread damage to the Fly River in the 1980s and
90s. In 2001, BHP divested its majority share in the mine to a charitable trust called the PNG Sustainable Development Program,
and in return was granted legal immunity.
Emerging Copper Companies
Source: Capital IQ, ASX announcements, LCC research. C1 costs and capex as estimated and announced by the respective companies.
Copper Producers
Source: Capital IQ, ASX announcements, LCC research. C1 and C3 costs as reported in last quarter, except for TGS, LCC estimate.
Code Company Name
Open
Price
Close
Price
Week
High
Week
Low
Market
Cap
(A$m)
52 Week
Range
Cash
(A$m)
EV
(A$m)
Project
Annual
Production
(t)
Mineral
Resource
(mt Cu)
C1
Costs
(US$/lb)
Capex
(US$m)
AVI Avalon Minerals 0.01 0.01 0.01 0.01 ▲ 33.3% 5 1 4 Viscaria 20,000 0.610 0.49 180
AVB Avanco Resources 0.09 0.09 0.09 0.09 ▼ -5.4% 97 4 93 Antas North 12,000 0.762 1.10 50
AZS Azure Minerals 0.03 0.03 0.09 0.09 ▼ -3.2% 19 2 17 Promontorio 4,850 0.021 1.16 35
BTR Blackthorn Resources 0.29 0.26 0.30 0.26 ▼ -12.1% 42 26 16 Mumbwa 39,000 1.000 2.04 358
FND Finders Resources 0.21 0.21 0.21 0.21 — 0.0% 104 3 110 Wetar (95% ) 28,000 0.205 1.11 133
HAV Havilah Resources 0.29 0.28 0.29 0.28 ▼ -5.2% 33 6 27 Kalkaroo 40,000 0.623 1.20 360
HCH Hot Chili 0.43 0.43 0.44 0.41 — 0.0% 143 23 120 Productora 55,000 0.920 1.35 600
HIG Highlands Pacific 0.07 0.07 0.07 0.07 ▼ -1.4% 54 7 47 Frieda River (18.2% ) 246,000 13.000 0.58 5,300
IRN Indophil Resources 0.21 0.19 0.21 0.19 ▼ -11.9% 223 224 -1 Tampakan (37.5% ) 375,000 15.000 0.46 5,900
MMC Marengo Mining 0.02 0.03 0.03 0.02 ▲ 4.2% 28 7 42 Yandera 90,000 0.806 1.80 1,800
MNC Metminco 0.05 0.04 0.05 0.04 ▼ -22.6% 72 13 59 Los Calatos 100,000 6.538 1.06 1,320
RXM Rex Minerals 0.62 0.50 0.63 0.49 ▼ -19.4% 94 25 70 Hillside 80,000 2.000 1.20 900
VRX Ventnor Resources - - - - — suspended 0 N/A Thaduna/Green Dragon 15,000 7.900 1.58 63
VXR Venturex Resources 0.01 0.01 0.01 0.01 ▼ -18.2% 14 3 11 Pilbara 16,500 0.315 1.41 251
YTC YTC Resources 0.27 0.25 0.28 0.25 ▼ -7.4% 66 16 85 Nymagee N/A 0.091 N/A N/A
Weekly
Change
Code Company Name
Open
Price
Close
Price
Week
High
Week
Low
Weekly
Change
Market
Cap(A$m)
52 Week
Range
Cash
(A$m)
EV
(A$m)
EV/
EBITDA
Project
Quarterly
Production (t)
Ore Reserve
(mt Cu)
C1 Costs
(US$/lb)
C3 Costs
(US$/lb)
ABY Aditya Birla Minerals 0.37 0.36 0.38 0.36 ▼ -4.1% 111 86 26 0.2x Nifty 9,873 0.473 2.84 N/A
AOH Altona Mining 0.16 0.15 0.16 0.15 ▼ -6.3% 80 26 76 5.3x Kylylahti 1,809 0.061 2.23 3.37
DML Discovery Metals 0.13 0.11 0.15 0.11 ▼ -15.4% 54 24 201 NM Boseto 5,034 0.191 3.45 N/A
HGO Hillgrove Resources 0.08 0.08 0.09 0.08 ▲ 5.3% 82 17 113 5.5x Kanmantoo 3,590 0.125 2.40 3.19
IVA Inova Resources 0.22 0.21 0.22 0.21 ▼ -2.3% 153 33 120 NM Osborne 5,451 0.069 2.57 3.70
OZL OZ Minerals 4.32 4.43 4.63 4.25 ▲ 2.5% 1,343 433 910 7.2x Prominent Hill 17,379 0.748 1.95 3.56
PNA PanAust 2.22 2.33 2.35 2.17 ▲ 5.0% 1,387 94 1,473 4.7x Phu Kham (90% ) 15,483 1.127 1.45 2.12
SFR Sandfire Resources 6.63 6.78 7.07 6.37 ▲ 2.3% 1,055 77 1,263 6.4x DeGrussa 14,293 0.438 1.37 2.21
SRQ Straits Resources 0.01 0.01 0.02 0.01 — 0.0% 16 41 97 NM Tritton 6,271 0.178 2.41 3.87
TGS Tiger Resources 0.30 0.30 0.32 0.29 ▲ 1.7% 202 13 189 3.6x Kipoi 1 (60% ) 11,116 0.303 1.06 1.35
23rd September 2013 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor
should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment
decision or planning, and LCC does not accept any responsibility on this basis for actions made
. Page 3 / 4
WEEKLYAustralianCopperGoldReport
ASX-listed Company News
• Discovery Metals (ASX: DML) has executed a legally binding term sheet with Blumont Group Ltd (SGX: A33) to provide new
capital made of a share placement (15% new shares at A$0.12 to raise A$8.75 million) and convertible bonds for US$100 million
(5% 5 year convertible to ordinary shares at A$0.15 per share). DML plans to offer a share purchase plan at placement price
capped at A$10 million. The US$25 million revolving credit facility is to be repaid in full. The US$129 million project finance
facility is to be restructured with a US$25 m principal repayment and the US$104 m balance to be repaid in 8 quarterly
instalments between 31 March 2016 and 31 December 2017. Interest is capitalised until 31 December 2015.
• Inova Resources (ASX: IVA) has revised its ore reserve estimate for the Starra 276 underground mine near Selwyn to 854,000
tonnes grading 1.52% copper and 0.87 g/t gold for a contained 13,000 t copper and 24,000 oz gold.
• Focus Minerals (ASX: FML) “expects the gold price to go through what many will interpret as signs of recovery. In Australian
dollar terms, the exchange rate will also have an impact from time to time”. Going forward, FML “needs to concentrate on the
margin it makes from mining and processing its gold resource to maximize the end result for the Company and its shareholders”.
• Panoramic Resources (ASX: PAN) has provided an update on the BFS for the Gidgee gold project. The study will now include a
“Wilsons Only” option. This option considers treating 300,000 tpa of high grade ore (5.5-6.0 g/t) using heap leach on site to
produce 45 ,000-50,000 ozpa at C1 costs of 750-800/oz. Capital costs for this development option are reduced to A$60-70
million, compared to A$127 million for the larger development envisaged in the August 2012 scoping study.
• Regis Resources (ASX: RRL) has reported a profit after tax of A$146 million for FY2013 (+114% y/y). RLL also declared a
maiden dividend of 15 cps, fully franked. Cash flow from operations was A$247 million. Gold production from Garden Well for
2014 is forecast at between 190,000 and 210,000 oz at a cash cost of A$680-$730/oz. Gold production from Moolart Well for
2014 is forecast at between 95,000 and 105,000 oz at a cash cost of A$560-$610/oz. RRL also expected to complete the
development of the Rosemont gold deposit early in the December 2013 quarter. Gold production is expected to contribute
48,000-53,000 oz for FY2014.
Mergers & Acquisitions
• Austral Gold (ASX: AGD) is investing C$9.3 million to take a major stake in a TSX-listed developer Gold Mines Corp with a 1.52
million ounce Lindero gold project in Argentina.
• IMX Resources (ASX: IXR) has agreed to a US$60 million JV with MMG for the Nachingwea nickel project in Tanzania. MMG
may earn up to a 60% interest in the project by sole funding expenditure over a five year period structured in three stages:
Stage 1 – MMG has committed to sole funding expenditure of US$10 million over the next 12 months to earn a 15% JV interest;
Stage 2 – MMG may elect to sole fund a further US$25 million within a further 18 months and increase its JV interest to 40%;
Stage 3 – MMG may elect to sole fund a further US$25 million within a further 30 months and increase its JV interest to 60%.
MMG will become manager of the JV. Upon a decision to proceed to project development being taken, MMG has the option to
increase its JV interest to 80% for a cash payment to IMX at the then fair market value.
• Overland Resources (ASX: OVR) has signed an agreement with Colombian Mines Corporation (TSXV: CMJ) that provides OVR
the right to earn a 90% interest in the Rio Negro project in Colombia. The project is prospective for copper and gold.
• Vale has backed out of a US$20 million farm-in agreement with Goldminex Resources (ASX: GMX) related to five exploration
licences in the Owen Stanley Range region of Papua New Guinea.
23rd September 2013 WWW.LCC.ASIA
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor
should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment
decision or planning, and LCC does not accept any responsibility on this basis for actions made
. Page 4 / 4
WEEKLYAustralianCopperGoldReport
Emerging Gold Producers
Source: Capital IQ, LCC research. C1 costs and capex as estimated and announced by the respective companies. Assumption: A$/US$ exchange rate of 0.90.
Gold Producers
Source: Capital IQ, LCC research. Assumption: A$/US$ exchange rate of 0.90.
Note: * These stocks are not primarily listed on the ASX. Prices, market cap and multiples are based on their primarily listed market quote.
Code Company Name
Open
Price
Close
Price
Week
High
Week
Low
Weekly
Change
Market Cap
(A$m)
52 Week
Range
Cash
(A$m)
EV
(A$m)
Project Name
Annual
Production (oz)
Reserves
(moz)
C1 Costs
(US$/oz)
Capex
(US$m)
ABU ABM Resources 0.03 0.03 0.04 0.03 ▼ -11.8% 98 8 90 Old Pirate 100,000 0.3 383 27
ALK Alkane Resources 0.36 0.41 0.44 0.36 ▲ 12.5% 151 64 87 Tomingley 55,000 0.2 882 96
AZM Azumah Resources 0.04 0.04 0.04 0.03 ▲ 5.4% 13 4 9 Wa 100,000 0.7 700 160
BAB Bullabulling Gold 0.07 0.06 0.08 0.06 ▼ -9.9% 22 1 21 Bullabulling 175,500 2.4 843 367
CAS Crusader Resources 0.24 0.24 0.25 0.22 ▲ 2.1% 30 3 28 Borborema 131,000 1.6 558 169
DRM Doray Minerals 0.63 0.70 0.71 0.58 ▲ 11.1% 99 26 74 Andy Well 74,000 0.3 592 53
GCY Gascoyne Resources 0.18 0.18 0.18 0.15 -- 0.0% 28 3 25 Glenburgh 73,000 0.3 819 54
GRY Gryphon Minerals 0.17 0.15 0.18 0.15 ▼ -11.8% 60 52 8 Banfora 151,000 1.1 774 208
IGO Independence Group 4.00 4.12 4.18 3.85 ▲ 3.0% 961 27 954 Tropicana (30% ) 470,000 3.9 558 752
IDC Indochine Mining 0.08 0.08 0.08 0.08 ▼ -2.6% 67 2 65 Mt Kare 130,000 1.1 800 218
IAU Intrepid Mines 0.27 0.27 0.32 0.27 — 0.0% 150 94 56 Tumpangpitu 143,000 1.5 376 204
KGD Kula Gold 0.12 0.10 0.12 0.10 ▼ -16.7% 13 4 9 Woodlark 90,000 0.8 730 160
MSR Manas Resources 0.06 0.06 0.06 0.05 ▼ -6.8% 15 6 9 Shambesai 55,000 0.3 387 41
MDI Middle Island Resources 0.11 0.11 0.11 0.11 — 0.0% 14 6 8 Samira Hill N/A 0.3 N/A 1
MYG Mutiny Gold 0.05 0.05 0.05 0.04 ▼ -9.6% 24 2 23 Deflector 80,000 0.4 574 56
PAN Panoramic Resources 0.28 0.29 0.29 0.27 ▲ 3.6% 76 23 53 Gidgee 87,000 0.6 783 114
Mt Henry (70% ) 116,000 0.9 837 176
PIR Papillon Resources 1.04 1.15 1.21 0.99 ▲ 10.6% 387 62 325 Fekola 306,000 3.0 580 292
PVM PMI Gold 0.32 0.38 0.39 0.30 ▲ 18.8% 157 113 44 Obotan 221,500 2.4 626 297
PXG Phoenix Gold 0.20 0.17 0.20 0.15 ▼ -12.8% 41 16 25 Castle Hill 100,000 0.7 756 118
ROL Robust Resources 0.20 0.27 0.30 0.20 ▲ 35.0% 28 19 9 Andash (80% ) 70,000 0.4 27 96
SIH Sihayo Gold 0.04 0.04 0.04 0.03 ▼ -7.5% 31 3 28 Pungkut 46,000 0.3 635 60
SUM Sumatra Copper & Gold 0.13 0.13 0.13 0.11 — 0.0% 52 19 33 Tembang 30,000 0.4 487 40
Code Company Name
Open
Price
Close
Price
Week
High
Week
Low
Weekly
Change
Market
Cap
(A$m)
52 Week
Range
Cash
(A$m)
Debt
(A$m)
EV
(A$m)
EV/
EBITDA
Ore
Reserve
(moz)
Quarterly
Production (oz)
C1 Costs
(US$/oz)
C3 Costs
(US$/oz)
ANG* AngloGold Ashanti 126.20 133.48 140.19 123.20 ▲ 5.8% 53,743 461 3,089 56,371 5.7x 74.1 935,000 898 1,141
ASR* Alacer Gold Corp 2.89 3.25 3.57 2.87 ▲ 12.5% 932 299 63 696 2.7x 5.0 109,817 726 N/A
BDR Beadell Resources 0.84 0.85 0.88 0.73 ▲ 1.2% 670 28 141 784 70.4x 1.9 36,179 679 N/A
BEZ* Besra Gold 0.06 0.06 0.06 0.05 — 0.0% 21 4 43 60 2.6x 0.1 18,500 793 1,330
CTO Citigold Corporation 0.05 0.05 0.06 0.05 — 0.0% 72 1 0 71 NM 0.3 773 529 N/A
DRA Dragon Mining 0.22 0.22 0.22 0.22 — 0.0% 20 7 0 13 61.8x 0.1 17,223 928 N/A
EVN Evolution Mining 0.84 0.86 0.95 0.80 ▲ 2.4% 609 14 141 737 3.6x 3.1 112,559 686 1,229
EDV* Endeavour Mining Corp 0.71 0.70 0.82 0.65 ▼ -1.4% 289 82 222 430 6.5x 2.5 73,700 809 975
FML Focus Minerals 0.01 0.01 0.02 0.01 — 0.0% 128 114 11 25 NM 0.5 25,172 1,709 1,765
GDO Gold One International 0.20 0.23 0.24 0.20 ▲ 12.5% 320 8 238 550 7.0x 2.7 68,208 1,071 1,244
KCN Kingsgate Consolidated 1.75 1.80 2.03 1.64 ▲ 2.6% 273 42 200 432 4.0x 2.9 61,793 824 1,272
KRM Kingsrose Mining 0.40 0.41 0.42 0.39 ▲ 1.3% 136 1 6 141 NM N/A 1,395 6,445 N/A
LSA Lachlan Star 0.23 0.21 0.24 0.21 ▼ -8.7% 21 3 26 44 NM 0.4 16,160 1,137 N/A
MML Medusa Mining 2.14 2.30 2.44 2.05 ▲ 7.5% 434 8 16 442 6.1x 0.6 15,642 355 N/A
MOY Millennium Minerals 0.32 0.35 0.36 0.32 ▲ 7.8% 69 5 54 118 9.2x 0.7 16,441 685 844
NCM Newcrest Mining 12.55 13.10 13.18 11.85 ▲ 4.4% 10,029 69 4,210 14,170 5.3x 87.3 642,032 675 936
NGF Norton Gold Fields 0.13 0.13 0.14 0.13 — 0.0% 116 56 115 175 7.2x 1.1 41,464 926 1,181
NST Northern Star Resources 0.85 0.86 0.88 0.79 ▲ 1.2% 365 61 12 316 4.5x 0.3 25,421 684 988
OGC* OceanaGold Corporation 1.67 1.58 1.87 1.57 ▼ -5.4% 464 18 247 693 3.8x 3.6 68,353 682 1,000
PGI PanTerra Gold 0.08 0.08 0.09 0.08 ▲ 1.3% 62 4 0 58 9.2x 0.6 6,661 1,037 N/A
PRU Perseus Mining 0.61 0.67 0.68 0.54 ▲ 9.8% 307 35 0 272 3.8x 4.0 47,565 1,181 1,405
RDR Reed Resources 0.02 0.02 0.02 0.02 ▼ -16.7% 10 19 0 -9 0.7x 0.8 12,918 1,642 1,700
RED Red 5 - - - - suspended 8 23 16 NM 0.7 3,169 689 1,039
RMS Ramelius Resources 0.17 0.16 0.19 0.16 ▼ -3.0% 58 37 4 24 1.1x 0.6 18,988 1,382 N/A
RRL Regis Resources 3.91 4.16 4.23 3.67 ▲ 6.4% 2,064 81 0 1,983 8.1x 3.0 72,134 601 N/A
RSG Resolute Mining 0.74 0.66 0.75 0.62 ▼ -11.5% 420 156 91 355 2.0x 4.4 102,685 757 963
SAR Saracen Mineral Holdings 0.22 0.26 0.28 0.20 ▲ 18.6% 152 13 22 160 2.7x 1.1 37,259 742 1,087
SBM St Barbara 0.63 0.61 0.67 0.54 ▼ -4.0% 295 129 328 494 NM 5.7 107,363 862 N/A
SLR Silver Lake Resources 0.78 0.84 0.88 0.77 ▲ 7.7% 365 19 33 379 NM 1.7 55,600 645 981
TAM Tanami Gold 0.06 0.06 0.07 0.06 ▼ -7.8% 35 2 44 77 35.4x 0.4 3,454 1,750 1,793
TBR Tribune Resources 2.03 2.06 2.08 2.03 ▲ 1.5% 103 9 14 109 2.0x 0.2 19,133 401 N/A
TGZ* Teranga Gold Corp 0.68 0.72 0.81 0.63 ▲ 5.9% 212 54 82 241 1.1x 1.7 49,661 642 1,063
TRY Troy Resources 1.45 1.65 1.65 1.44 ▲ 13.8% 277 41 0 235 4.0x 0.4 27,808 813 N/A
UML Unity Mining 0.08 0.08 0.08 0.08 ▲ 1.3% 54 28 0 27 3.6x 0.4 13,212 881 N/A
VGO Vantage Goldfields 0.05 0.05 0.05 0.05 — 0.0% 13 1 0 12 4.0x 0.5 5,756 1,264 1,464

Lincoln crowne gold copper 23092013

  • 1.
    23rd September 2013WWW.LCC.ASIA IMPORTANT DISCLAIMER This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made . Page 1 / 4 WEEKLYAustralianCopperGoldReport A$ Metal Price Advantage is Fading Global Economy Fundamentals Source: Capital IQ, COMEX, LME, SHFE, Thomson Reuters, LCC research Note: the SHFE copper price is based on the LME 3-month price and includes CIF premium, tax and duty Precious Metals & Energy Last Close Price YTD Change 4-Week Change Week Change Base Metals Last Close Price YTD Change 4-Week Change Week Change Gold (A$/oz) 1,410 ▼ -12% ▼ -9% ▼ -0.4% Copper (A$/lb) 3.52 ▲ 2% ▼ -4% ▲ 2.1% Gold (US$/oz) 1,326 ▼ -21% ▼ -5% ▲ 1.3% Copper (US$/lb) 3.31 ▼ -8% ▼ 0% ▲ 3.8% Silver (US$/oz) 21.8 ▼ -28% ▼ -8% ▲ 0.4% Cobalt (US$/lb) 12.93 ▲ 12% ▲ 5% - 0.0% Platinum (US$/oz) 1,427 ▼ -7% ▼ -7% ▼ -1.2% Molybdenum (US$/lb) 9.53 ▼ -19% ▲ 2% - 0.0% Palladium (US$/oz) 713 ▲ 1% ▼ -5% ▲ 2.2% Nickel (US$/lb) 6.39 ▼ -18% ▼ -2% ▲ 3.6% Crude Oil (US$/barrel) 104 ▲ 13% ▼ -1% ▼ -2.1% Lead (US$/lb) 0.94 ▼ -11% ▼ -8% ▲ 0.6% Gas H.Hub (US$/m btu) 3.68 ▲ 9% ▲ 1% ▼ -2.0% Zinc (US$/lb) 0.84 ▼ -9% ▼ -10% ▲ 1.4% Uranium (US$/lb) 35 ▼ -19% ▲ 1% ▲ 2.9% Tin (US$/lb) 10.59 ▼ -1% ▲ 6% ▲ 3.2% Currencies & Indices Last Close Price YTD Change 4-Week Change Week Change Global Markets Last Close Price YTD Change 4-Week Change Week Change AUD/USD 0.940 ▼ -10% ▲ 4% ▲ 1.7% ASX 200 5,277 ▲ 14% ▲ 3% ▲ 1.1% RMB/USD 0.163 ▲ 2% ▼ 0% ▼ 0.0% Dow Jones 15,451 ▲ 18% ▲ 3% ▲ 0.5% CAD/USD 0.972 ▼ -3% ▲ 2% ▲ 0.5% S&P 500 Index 1,710 ▲ 20% ▲ 3% ▲ 1.3% ZAR/USD 0.101 ▼ -14% ▲ 3% ▲ 0.8% Shang Hai Index 2,192 ▼ -3% ▲ 7% ▼ -2.0% ASX Ordinary Gold 2,809 ▼ -43% ▼ -4% ▲ 7.3% Hang Seng Index 23,503 ▲ 4% ▲ 7% ▲ 2.6% TSX Global Gold 178 ▼ -41% ▼ -15% ▲ 0.0% Nikkei 225 14,742 ▲ 42% ▲ 8% ▲ 2.3% ASX 300 Metals & Mining 3,290 ▼ -10% ▲ 2% ▲ 0.8% FTSE 100 Index 6,596 ▲ 12% ▲ 2% ▲ 0.2% TSX Global Mining 73 ▼ -24% ▼ -2% ▲ 0.7% Euro STOXX 50 Index 2,927 ▲ 11% ▲ 4% ▲ 2.1% 1200 1300 1400 1500 1600 1700 Jun Jul Aug Sep Gold Price Gold Price US$/oz 100-day moving average Gold Price A$/oz 3.00 3.20 3.40 3.60 3.80 0 100 200 300 400 Jun Jul Aug Sep LME Copper Price and Volume Volume ('000 lot) Price (US$/lb) Price (A$/lb) 3.00 3.20 3.40 3.60 3.80 0 20 40 60 80 100 Jun Jul Aug Sep COMEX Copper Price and Stocks Stocks ('000 t) Price (US$/lb) 3.50 3.70 3.90 4.10 4.30 4.50 0 20 40 60 80 100 Jun Jul Aug Sep SHFE Copper Price and Stocks Stocks ('000 t) Price (US$/lb) 3.50 3.70 3.90 4.10 4.30 4.50 0 20 40 60 80 100 Jun Jul Aug Sep SHFE Copper Price and Volume Volume ('000 lot) Price (US$/lb) 3.00 3.20 3.40 3.60 3.80 0 40 80 120 160 Jun Jul Aug Sep COMEX Copper Price and Volume Volume ('000 lot) Price (US$/lb) 1000 3000 5000 7000 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 S&P/ASX All Ordinaries Gold Index (XGO) 2.50 3.00 3.50 4.00 4.50 100 200 300 400 500 600 Aug 12 Nov 12 Feb 13 May 13 Aug 13 000Tons China Monthly Copper Import Volume ( '000 t) Alloy Anode Products Copper Mineral Sands and Refined Minerals Monthly Average Copper Spot Price US$/lb (RHS) 3.00 3.20 3.40 3.60 3.80 0 200 400 600 800 Jun Jul Aug Sep LME Copper Price and Stocks Stocks ('000 lot) Price (US$/lb) Price (A$/lb) 0 200 400 600 800 1000 1200 1400 Q2 08 Q4 08 Q2 09 Q4 09 Q2 10 Q4 10 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 World Gold Demand and Supply Total Demand (tonnes) Total Supply (tonnes)
  • 2.
    23rd September 2013WWW.LCC.ASIA IMPORTANT DISCLAIMER This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made . Page 2 / 4 WEEKLYAustralianCopperGoldReport Markets • Chinese copper smelters are looking for up to a 50 % increase in annual term treatment and refining charges (TC/RCs) for 2014, encouraged by greater availability of concentrates and spot charges hitting two-year highs. Large copper smelters in China, the world's top buyer of raw material concentrate, may ask for TC/RCs of about $105/t and 10.5¢/lb when they meet with miners during London Metal Exchange week, which begins on October 7. • Anglo American has pulled out of the Pebble copper gold project in Alaska, less than two months after pledging to halve a $17 billion pipeline of potential mines and bring down the cost of keeping future options open. The decision comes after Anglo American has spent US$541 million on the project. Northern Dynasty Minerals, the 50:50 joint venture partner, will again own 100% of one of the world's most important copper and gold resource: 5.94 billion tonnes in the measured and indicated category containing 55 billion lb copper, 67 million oz gold and 3.3 billion lb molybdenum; and 4.84 billion tonnes in the inferred category, containing 26 billion lb copper, 40 million oz gold and 2.3 billion lb molybdenum. Quantities of silver, palladium and rhenium also occur in the deposit. • The Papua New Guinea government has taken control of the Ok Tedi mine and has repealed laws protecting BHP Billiton from legal action over environmental damage. Tailings from the mine caused widespread damage to the Fly River in the 1980s and 90s. In 2001, BHP divested its majority share in the mine to a charitable trust called the PNG Sustainable Development Program, and in return was granted legal immunity. Emerging Copper Companies Source: Capital IQ, ASX announcements, LCC research. C1 costs and capex as estimated and announced by the respective companies. Copper Producers Source: Capital IQ, ASX announcements, LCC research. C1 and C3 costs as reported in last quarter, except for TGS, LCC estimate. Code Company Name Open Price Close Price Week High Week Low Market Cap (A$m) 52 Week Range Cash (A$m) EV (A$m) Project Annual Production (t) Mineral Resource (mt Cu) C1 Costs (US$/lb) Capex (US$m) AVI Avalon Minerals 0.01 0.01 0.01 0.01 ▲ 33.3% 5 1 4 Viscaria 20,000 0.610 0.49 180 AVB Avanco Resources 0.09 0.09 0.09 0.09 ▼ -5.4% 97 4 93 Antas North 12,000 0.762 1.10 50 AZS Azure Minerals 0.03 0.03 0.09 0.09 ▼ -3.2% 19 2 17 Promontorio 4,850 0.021 1.16 35 BTR Blackthorn Resources 0.29 0.26 0.30 0.26 ▼ -12.1% 42 26 16 Mumbwa 39,000 1.000 2.04 358 FND Finders Resources 0.21 0.21 0.21 0.21 — 0.0% 104 3 110 Wetar (95% ) 28,000 0.205 1.11 133 HAV Havilah Resources 0.29 0.28 0.29 0.28 ▼ -5.2% 33 6 27 Kalkaroo 40,000 0.623 1.20 360 HCH Hot Chili 0.43 0.43 0.44 0.41 — 0.0% 143 23 120 Productora 55,000 0.920 1.35 600 HIG Highlands Pacific 0.07 0.07 0.07 0.07 ▼ -1.4% 54 7 47 Frieda River (18.2% ) 246,000 13.000 0.58 5,300 IRN Indophil Resources 0.21 0.19 0.21 0.19 ▼ -11.9% 223 224 -1 Tampakan (37.5% ) 375,000 15.000 0.46 5,900 MMC Marengo Mining 0.02 0.03 0.03 0.02 ▲ 4.2% 28 7 42 Yandera 90,000 0.806 1.80 1,800 MNC Metminco 0.05 0.04 0.05 0.04 ▼ -22.6% 72 13 59 Los Calatos 100,000 6.538 1.06 1,320 RXM Rex Minerals 0.62 0.50 0.63 0.49 ▼ -19.4% 94 25 70 Hillside 80,000 2.000 1.20 900 VRX Ventnor Resources - - - - — suspended 0 N/A Thaduna/Green Dragon 15,000 7.900 1.58 63 VXR Venturex Resources 0.01 0.01 0.01 0.01 ▼ -18.2% 14 3 11 Pilbara 16,500 0.315 1.41 251 YTC YTC Resources 0.27 0.25 0.28 0.25 ▼ -7.4% 66 16 85 Nymagee N/A 0.091 N/A N/A Weekly Change Code Company Name Open Price Close Price Week High Week Low Weekly Change Market Cap(A$m) 52 Week Range Cash (A$m) EV (A$m) EV/ EBITDA Project Quarterly Production (t) Ore Reserve (mt Cu) C1 Costs (US$/lb) C3 Costs (US$/lb) ABY Aditya Birla Minerals 0.37 0.36 0.38 0.36 ▼ -4.1% 111 86 26 0.2x Nifty 9,873 0.473 2.84 N/A AOH Altona Mining 0.16 0.15 0.16 0.15 ▼ -6.3% 80 26 76 5.3x Kylylahti 1,809 0.061 2.23 3.37 DML Discovery Metals 0.13 0.11 0.15 0.11 ▼ -15.4% 54 24 201 NM Boseto 5,034 0.191 3.45 N/A HGO Hillgrove Resources 0.08 0.08 0.09 0.08 ▲ 5.3% 82 17 113 5.5x Kanmantoo 3,590 0.125 2.40 3.19 IVA Inova Resources 0.22 0.21 0.22 0.21 ▼ -2.3% 153 33 120 NM Osborne 5,451 0.069 2.57 3.70 OZL OZ Minerals 4.32 4.43 4.63 4.25 ▲ 2.5% 1,343 433 910 7.2x Prominent Hill 17,379 0.748 1.95 3.56 PNA PanAust 2.22 2.33 2.35 2.17 ▲ 5.0% 1,387 94 1,473 4.7x Phu Kham (90% ) 15,483 1.127 1.45 2.12 SFR Sandfire Resources 6.63 6.78 7.07 6.37 ▲ 2.3% 1,055 77 1,263 6.4x DeGrussa 14,293 0.438 1.37 2.21 SRQ Straits Resources 0.01 0.01 0.02 0.01 — 0.0% 16 41 97 NM Tritton 6,271 0.178 2.41 3.87 TGS Tiger Resources 0.30 0.30 0.32 0.29 ▲ 1.7% 202 13 189 3.6x Kipoi 1 (60% ) 11,116 0.303 1.06 1.35
  • 3.
    23rd September 2013WWW.LCC.ASIA IMPORTANT DISCLAIMER This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made . Page 3 / 4 WEEKLYAustralianCopperGoldReport ASX-listed Company News • Discovery Metals (ASX: DML) has executed a legally binding term sheet with Blumont Group Ltd (SGX: A33) to provide new capital made of a share placement (15% new shares at A$0.12 to raise A$8.75 million) and convertible bonds for US$100 million (5% 5 year convertible to ordinary shares at A$0.15 per share). DML plans to offer a share purchase plan at placement price capped at A$10 million. The US$25 million revolving credit facility is to be repaid in full. The US$129 million project finance facility is to be restructured with a US$25 m principal repayment and the US$104 m balance to be repaid in 8 quarterly instalments between 31 March 2016 and 31 December 2017. Interest is capitalised until 31 December 2015. • Inova Resources (ASX: IVA) has revised its ore reserve estimate for the Starra 276 underground mine near Selwyn to 854,000 tonnes grading 1.52% copper and 0.87 g/t gold for a contained 13,000 t copper and 24,000 oz gold. • Focus Minerals (ASX: FML) “expects the gold price to go through what many will interpret as signs of recovery. In Australian dollar terms, the exchange rate will also have an impact from time to time”. Going forward, FML “needs to concentrate on the margin it makes from mining and processing its gold resource to maximize the end result for the Company and its shareholders”. • Panoramic Resources (ASX: PAN) has provided an update on the BFS for the Gidgee gold project. The study will now include a “Wilsons Only” option. This option considers treating 300,000 tpa of high grade ore (5.5-6.0 g/t) using heap leach on site to produce 45 ,000-50,000 ozpa at C1 costs of 750-800/oz. Capital costs for this development option are reduced to A$60-70 million, compared to A$127 million for the larger development envisaged in the August 2012 scoping study. • Regis Resources (ASX: RRL) has reported a profit after tax of A$146 million for FY2013 (+114% y/y). RLL also declared a maiden dividend of 15 cps, fully franked. Cash flow from operations was A$247 million. Gold production from Garden Well for 2014 is forecast at between 190,000 and 210,000 oz at a cash cost of A$680-$730/oz. Gold production from Moolart Well for 2014 is forecast at between 95,000 and 105,000 oz at a cash cost of A$560-$610/oz. RRL also expected to complete the development of the Rosemont gold deposit early in the December 2013 quarter. Gold production is expected to contribute 48,000-53,000 oz for FY2014. Mergers & Acquisitions • Austral Gold (ASX: AGD) is investing C$9.3 million to take a major stake in a TSX-listed developer Gold Mines Corp with a 1.52 million ounce Lindero gold project in Argentina. • IMX Resources (ASX: IXR) has agreed to a US$60 million JV with MMG for the Nachingwea nickel project in Tanzania. MMG may earn up to a 60% interest in the project by sole funding expenditure over a five year period structured in three stages: Stage 1 – MMG has committed to sole funding expenditure of US$10 million over the next 12 months to earn a 15% JV interest; Stage 2 – MMG may elect to sole fund a further US$25 million within a further 18 months and increase its JV interest to 40%; Stage 3 – MMG may elect to sole fund a further US$25 million within a further 30 months and increase its JV interest to 60%. MMG will become manager of the JV. Upon a decision to proceed to project development being taken, MMG has the option to increase its JV interest to 80% for a cash payment to IMX at the then fair market value. • Overland Resources (ASX: OVR) has signed an agreement with Colombian Mines Corporation (TSXV: CMJ) that provides OVR the right to earn a 90% interest in the Rio Negro project in Colombia. The project is prospective for copper and gold. • Vale has backed out of a US$20 million farm-in agreement with Goldminex Resources (ASX: GMX) related to five exploration licences in the Owen Stanley Range region of Papua New Guinea.
  • 4.
    23rd September 2013WWW.LCC.ASIA IMPORTANT DISCLAIMER This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made . Page 4 / 4 WEEKLYAustralianCopperGoldReport Emerging Gold Producers Source: Capital IQ, LCC research. C1 costs and capex as estimated and announced by the respective companies. Assumption: A$/US$ exchange rate of 0.90. Gold Producers Source: Capital IQ, LCC research. Assumption: A$/US$ exchange rate of 0.90. Note: * These stocks are not primarily listed on the ASX. Prices, market cap and multiples are based on their primarily listed market quote. Code Company Name Open Price Close Price Week High Week Low Weekly Change Market Cap (A$m) 52 Week Range Cash (A$m) EV (A$m) Project Name Annual Production (oz) Reserves (moz) C1 Costs (US$/oz) Capex (US$m) ABU ABM Resources 0.03 0.03 0.04 0.03 ▼ -11.8% 98 8 90 Old Pirate 100,000 0.3 383 27 ALK Alkane Resources 0.36 0.41 0.44 0.36 ▲ 12.5% 151 64 87 Tomingley 55,000 0.2 882 96 AZM Azumah Resources 0.04 0.04 0.04 0.03 ▲ 5.4% 13 4 9 Wa 100,000 0.7 700 160 BAB Bullabulling Gold 0.07 0.06 0.08 0.06 ▼ -9.9% 22 1 21 Bullabulling 175,500 2.4 843 367 CAS Crusader Resources 0.24 0.24 0.25 0.22 ▲ 2.1% 30 3 28 Borborema 131,000 1.6 558 169 DRM Doray Minerals 0.63 0.70 0.71 0.58 ▲ 11.1% 99 26 74 Andy Well 74,000 0.3 592 53 GCY Gascoyne Resources 0.18 0.18 0.18 0.15 -- 0.0% 28 3 25 Glenburgh 73,000 0.3 819 54 GRY Gryphon Minerals 0.17 0.15 0.18 0.15 ▼ -11.8% 60 52 8 Banfora 151,000 1.1 774 208 IGO Independence Group 4.00 4.12 4.18 3.85 ▲ 3.0% 961 27 954 Tropicana (30% ) 470,000 3.9 558 752 IDC Indochine Mining 0.08 0.08 0.08 0.08 ▼ -2.6% 67 2 65 Mt Kare 130,000 1.1 800 218 IAU Intrepid Mines 0.27 0.27 0.32 0.27 — 0.0% 150 94 56 Tumpangpitu 143,000 1.5 376 204 KGD Kula Gold 0.12 0.10 0.12 0.10 ▼ -16.7% 13 4 9 Woodlark 90,000 0.8 730 160 MSR Manas Resources 0.06 0.06 0.06 0.05 ▼ -6.8% 15 6 9 Shambesai 55,000 0.3 387 41 MDI Middle Island Resources 0.11 0.11 0.11 0.11 — 0.0% 14 6 8 Samira Hill N/A 0.3 N/A 1 MYG Mutiny Gold 0.05 0.05 0.05 0.04 ▼ -9.6% 24 2 23 Deflector 80,000 0.4 574 56 PAN Panoramic Resources 0.28 0.29 0.29 0.27 ▲ 3.6% 76 23 53 Gidgee 87,000 0.6 783 114 Mt Henry (70% ) 116,000 0.9 837 176 PIR Papillon Resources 1.04 1.15 1.21 0.99 ▲ 10.6% 387 62 325 Fekola 306,000 3.0 580 292 PVM PMI Gold 0.32 0.38 0.39 0.30 ▲ 18.8% 157 113 44 Obotan 221,500 2.4 626 297 PXG Phoenix Gold 0.20 0.17 0.20 0.15 ▼ -12.8% 41 16 25 Castle Hill 100,000 0.7 756 118 ROL Robust Resources 0.20 0.27 0.30 0.20 ▲ 35.0% 28 19 9 Andash (80% ) 70,000 0.4 27 96 SIH Sihayo Gold 0.04 0.04 0.04 0.03 ▼ -7.5% 31 3 28 Pungkut 46,000 0.3 635 60 SUM Sumatra Copper & Gold 0.13 0.13 0.13 0.11 — 0.0% 52 19 33 Tembang 30,000 0.4 487 40 Code Company Name Open Price Close Price Week High Week Low Weekly Change Market Cap (A$m) 52 Week Range Cash (A$m) Debt (A$m) EV (A$m) EV/ EBITDA Ore Reserve (moz) Quarterly Production (oz) C1 Costs (US$/oz) C3 Costs (US$/oz) ANG* AngloGold Ashanti 126.20 133.48 140.19 123.20 ▲ 5.8% 53,743 461 3,089 56,371 5.7x 74.1 935,000 898 1,141 ASR* Alacer Gold Corp 2.89 3.25 3.57 2.87 ▲ 12.5% 932 299 63 696 2.7x 5.0 109,817 726 N/A BDR Beadell Resources 0.84 0.85 0.88 0.73 ▲ 1.2% 670 28 141 784 70.4x 1.9 36,179 679 N/A BEZ* Besra Gold 0.06 0.06 0.06 0.05 — 0.0% 21 4 43 60 2.6x 0.1 18,500 793 1,330 CTO Citigold Corporation 0.05 0.05 0.06 0.05 — 0.0% 72 1 0 71 NM 0.3 773 529 N/A DRA Dragon Mining 0.22 0.22 0.22 0.22 — 0.0% 20 7 0 13 61.8x 0.1 17,223 928 N/A EVN Evolution Mining 0.84 0.86 0.95 0.80 ▲ 2.4% 609 14 141 737 3.6x 3.1 112,559 686 1,229 EDV* Endeavour Mining Corp 0.71 0.70 0.82 0.65 ▼ -1.4% 289 82 222 430 6.5x 2.5 73,700 809 975 FML Focus Minerals 0.01 0.01 0.02 0.01 — 0.0% 128 114 11 25 NM 0.5 25,172 1,709 1,765 GDO Gold One International 0.20 0.23 0.24 0.20 ▲ 12.5% 320 8 238 550 7.0x 2.7 68,208 1,071 1,244 KCN Kingsgate Consolidated 1.75 1.80 2.03 1.64 ▲ 2.6% 273 42 200 432 4.0x 2.9 61,793 824 1,272 KRM Kingsrose Mining 0.40 0.41 0.42 0.39 ▲ 1.3% 136 1 6 141 NM N/A 1,395 6,445 N/A LSA Lachlan Star 0.23 0.21 0.24 0.21 ▼ -8.7% 21 3 26 44 NM 0.4 16,160 1,137 N/A MML Medusa Mining 2.14 2.30 2.44 2.05 ▲ 7.5% 434 8 16 442 6.1x 0.6 15,642 355 N/A MOY Millennium Minerals 0.32 0.35 0.36 0.32 ▲ 7.8% 69 5 54 118 9.2x 0.7 16,441 685 844 NCM Newcrest Mining 12.55 13.10 13.18 11.85 ▲ 4.4% 10,029 69 4,210 14,170 5.3x 87.3 642,032 675 936 NGF Norton Gold Fields 0.13 0.13 0.14 0.13 — 0.0% 116 56 115 175 7.2x 1.1 41,464 926 1,181 NST Northern Star Resources 0.85 0.86 0.88 0.79 ▲ 1.2% 365 61 12 316 4.5x 0.3 25,421 684 988 OGC* OceanaGold Corporation 1.67 1.58 1.87 1.57 ▼ -5.4% 464 18 247 693 3.8x 3.6 68,353 682 1,000 PGI PanTerra Gold 0.08 0.08 0.09 0.08 ▲ 1.3% 62 4 0 58 9.2x 0.6 6,661 1,037 N/A PRU Perseus Mining 0.61 0.67 0.68 0.54 ▲ 9.8% 307 35 0 272 3.8x 4.0 47,565 1,181 1,405 RDR Reed Resources 0.02 0.02 0.02 0.02 ▼ -16.7% 10 19 0 -9 0.7x 0.8 12,918 1,642 1,700 RED Red 5 - - - - suspended 8 23 16 NM 0.7 3,169 689 1,039 RMS Ramelius Resources 0.17 0.16 0.19 0.16 ▼ -3.0% 58 37 4 24 1.1x 0.6 18,988 1,382 N/A RRL Regis Resources 3.91 4.16 4.23 3.67 ▲ 6.4% 2,064 81 0 1,983 8.1x 3.0 72,134 601 N/A RSG Resolute Mining 0.74 0.66 0.75 0.62 ▼ -11.5% 420 156 91 355 2.0x 4.4 102,685 757 963 SAR Saracen Mineral Holdings 0.22 0.26 0.28 0.20 ▲ 18.6% 152 13 22 160 2.7x 1.1 37,259 742 1,087 SBM St Barbara 0.63 0.61 0.67 0.54 ▼ -4.0% 295 129 328 494 NM 5.7 107,363 862 N/A SLR Silver Lake Resources 0.78 0.84 0.88 0.77 ▲ 7.7% 365 19 33 379 NM 1.7 55,600 645 981 TAM Tanami Gold 0.06 0.06 0.07 0.06 ▼ -7.8% 35 2 44 77 35.4x 0.4 3,454 1,750 1,793 TBR Tribune Resources 2.03 2.06 2.08 2.03 ▲ 1.5% 103 9 14 109 2.0x 0.2 19,133 401 N/A TGZ* Teranga Gold Corp 0.68 0.72 0.81 0.63 ▲ 5.9% 212 54 82 241 1.1x 1.7 49,661 642 1,063 TRY Troy Resources 1.45 1.65 1.65 1.44 ▲ 13.8% 277 41 0 235 4.0x 0.4 27,808 813 N/A UML Unity Mining 0.08 0.08 0.08 0.08 ▲ 1.3% 54 28 0 27 3.6x 0.4 13,212 881 N/A VGO Vantage Goldfields 0.05 0.05 0.05 0.05 — 0.0% 13 1 0 12 4.0x 0.5 5,756 1,264 1,464