This document provides a summary and analysis of base and precious metal markets. It includes charts showing price trends for commodities like bauxite, copper, gold, nickel, tin, and zinc. It also summarizes recent discoveries, industry news, and mergers and acquisitions. Company performance snapshots are provided for companies involved in bauxite, lithium-tantalum, copper, nickel, tin, and zinc mining and exploration. The document is published by Terra Studio and is intended to inform readers about trends in the metals and mining industry.

1. Oz Metals
14th
Edition – 11th
Jan 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
THAT IS NOT HIGH GRADE. THIS IS HIGH GRADE!
Base Metals & Precious Metals Fundamentals
Sources: COMEX, LME, RBA, SHFE
$50
$55
$60
$65
$70
Jan-14 Apr-14 Jul-14
CIFPriceofChineseImports
Bauxite
US$/t $A/t
$2.7
$2.9
$3.1
$3.3
$3.5
$3.7
$3.9
0
100
200
300
400
500
600
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
ThousandTonnes
Copper
SHFE COMEX LME
US$ A$
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
Gold
A$
US$
$6
$7
$8
$9
$10
$11
0
100
200
300
400
500
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
ThousandTonnes
Nickel
LME US$ A$
$8
$9
$10
$11
$12
0
4
8
12
16
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
ThousandTonnes
Tin
Inventory US$ A$
$0.8
$0.9
$1.0
$1.1
$1.2
$1.3
$1.4
0
200
400
600
800
1,000
1,200
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
ThousandTonnes
Zinc
SHFE LME US$ A$

2. Oz Metals
14th
Edition – 11th
Jan 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
Discoveries
This is not a discovery sensu stricto, but still deserves to be
mentioned. Beadell Resources reported exceptional drilling
results from RC drilling at the Duckhead Main Lode beneath
the current open pit limits. Gold results include:
 FVM514 28 m @ 267 g/t incl. 1 m @ 6,845 g/t
 FVM515 53 m @ 47 g/t incl. 1 m @ 1,219 g/t
 FVM511 16 m @ 58 g/t incl. 7 m @ 127 g/t
 FVM510 23 m @ 37 g/t incl. 4 m @ 198 g/t
 FVM508 14 m @ 26 g/t incl. 1 m @ 295 g/t
Markets & Majors
SNL - A new law took effect in China on Jan. 1, which is
expected to lift environmental standards for domestic miners
and speed up progress of a campaign to spread
environmentally friendly mining practices across the country.
The campaign was jointly launched by the National
Development and Reform Commission and the Ministry of
Land and Resources in 2009. Among its provisions, the new
environmental protection law introduces, for the first time in
China, a national standard for the discharge of industrial
pollutants from mining and processing operations. This is
expected to help crack down on illegal discharge of pollutants
in the country. Analysts also argue that in the longer term, the
new law will also serve to accelerate the country's efforts to
make its environmentally damaging mining industry more
"green." Green — or environmental friendly — mining, as
defined by the Ministry of Land and Resources, requires
producers to apply advanced technology to reduce pollution
during the mining process, undertake land reclamation after
a mine's life ends and expand afforested areas to cover 80%
of the mining and producing area, according to a guideline
issued in 2010.
Metal Bulletin - The supply of scrap copper in China will
remain tight in 2015 "because the peak obsolescence time of
developed countries has ended and global supply of copper
scrap has been declining in recent years," said China Metal
Recycling Association Vice Secretary General Zhang
Xizhong.
Thomson Reuters - China has introduced a new export tax
rebate for some copper products and increased the export
rebate for another, according to a statement from the Ministry
of Finance, in a move expected to increase copper product
shipments by as much as tenfold. Jiangxi Copper, China's top
integrated copper producer and its biggest maker of copper
rods with one million tonnes of capacity a year, said it would
take advantage of the new tax rebate if domestic prices were
lower than the international market. Wu Yuneng, vice
president of Jiangxi Copper, also said the new rebate would
drive up domestic demand for refined copper to make the
products, with China's refined copper consumption rising at
least 6% in 2015 from last year. The Ministry of Finance said
China has put in place an export tax rebate of 9% for copper
bars, rods and profiles at the beginning of 2015, while
increasing the export tax rebate for copper foils to 17% from
13%.
Thomson Reuters - China canceled its export quotas on rare
earth metals following a World Trade Organization ruling in
March 2014 that the policy broke its rules. Under the latest
commodities export guideline issued by the Ministry of
Commerce on Dec. 31, 2014, export permits for rare earth
metals would be granted based on trade contracts.
China has scrapped a quota system aimed at restricting
exports of rare earths, a group of 17 metals used in high tech
sectors, as it moves to comply with a World Trade
Organisation ruling last year. The Ministry of Commerce
issued a notice at the end of December that abolished export
quotas for rare earth, as well as tungsten, molybdenum and
fluorspar. Export permits for rare earth metals would now be
granted based on trade contracts instead of authorities'
approval starting Jan.1. China is responsible for more than
90% of global rare earth production, giving it a chokehold
over the supply of a group of elements used in sectors such
as defense and renewable energy. It raised tariffs and
imposed strict quotas in 2010, saying that cheap prices on
the global market were not enough to cover the huge
environmental costs of production, but importers in Japan,
Europe and the United States complained that the move
breached trade rules.
Thomson Reuters - Brazil's government plans to rework parts
of the country's new mining code currently stalled in
Congress, the new Mines and Energy Minister Eduardo
Braga said on Thursday. "All this delay in voting the bill gives
us more time to rework some parts of the mining code in light
of the new international background," Braga told reporters
before the presidential inauguration without giving any details.
Mining is a vital part of Brazil's economy, accounting for about
a third of exports. In recent years, Brazil's giant miner Vale
and foreign peers have struggled with falling iron ore prices
as China's economy slows down. The saga over the new
mining code, a flagship policy of President Dilma Rousseff
first announced in 2009, has meant miners have had projects
delayed, others have rushed to lock in current terms, and
some have avoided the country altogether.
Thomson Reuters - CME Group planned Asian gold kilo bar
contract will begin trading in Hong Kong on Jan. 26, a new
entrant in the regional race to provide a price benchmark.
Bourses in Singapore and top consumer China also recently
launched gold contracts in a bid to establish a price reference
in the top consuming region and better reflect Asian demand.
CME's U.S. COMEX contract - the most liquid gold contract -
already sets the benchmark for bullion futures globally. "As
demand for gold grows rapidly in China and the Far East
markets, and physical bullion moves eastward, the world
increasingly looks at market conditions and price signals in
the biggest bullion trading hub in the region, Hong Kong," said
CME's executive director of precious metals. The 1 kg
physically settled Asian contract will complement the
benchmark 100-ounce COMEX contract, and help meet
hedging demand.
Codelco copper production increased by 8% in 2014 from the
prior year, but its pre-tax profit fell. Output for state-owned
Codelco in 2014 was 1.78 million tonnes. Pre-tax profit for
2014 was more than $3 billion, a decline of $760 million from
the 2013 level. Codelco is battling falling ore grades at its
decades-old flagship mines as well as high energy costs.
CuDeco Ltd. is seeking a second listing on the main board of
the Hong Kong Stock Exchange. The dual listing will allow the

3. Oz Metals
14th
Edition – 11th
Jan 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
company to pursue future opportunities in Australia and
elsewhere as it moves to become a major mining house.
North West Star - Glencore is reviewing the potential of an
open cut copper pit within its Mount Isa operations in
Queensland, Australia, if the copper smelter receives a four-
year extension. Minister for Environment and Heritage
Protection Andrew Powell has said he expects a
development proposal from the company "shortly."
Metal Bulletin - The supply of lead in the spot market will
tighten this year as producers sold more on long-term
contracts and given the continued threat of battery scrap
tightness on secondary supply.
Transactions, Mergers & Acquisitions
Azure Minerals signed a binding agreement with Teck
Resources under which Azure can acquire full ownership of
the Alacrán copper project in Mexico's Sonora state.
Benagerie Gold Pty Ltd a wholly owned subsidiary of Havilah
Resources has executed a mining contract with Consolidated
Mining & Civil Pty Ltd for the Portia gold project in South
Australia. Under the agreement, revenue will be shared on a
50/50 basis for all gravity-recoverable gold mined from the
Portia deposit.
Timpetra Resources has sold off its entire shareholding in
fellow ASX-listed company Saracen Mineral Holdings for
A$16.1 million. Timpetra sold 80% of its shareholding, or
28,322,027 shares, in late July 2014 for about A$13.5 million.
The company originally acquired its 5% interest in Saracen
for roughly A$6.5 million.
Bauxite Sector
Source: Bloomberg, SNL
Lithium-Tantalum Sector
Source: SNL
Copper Producers
Source: SNL
Copper Developers & Explorers
Source: SNL
Nickel Sector
Source: SNL
Tin Sector
Source: SNL
Zinc & Poly-metallic Sector
Source: SNL
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABX Australian Bauxite 0.285 ▼ (2%) (7%) 36 2 35
BAU Bauxite Resources 0.098 ▲ 3% 0% 23 31 (8)
MLM Metallica Minerals 0.060 ▲ 9% 9% 10 1 9
MMI Metro Mining 0.027 — 0% 0% 8 8 1
QBL Queensland Bauxite 0.020 ▼ (9%) (5%) 10 4 6
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AJM Altura Mining 0.056 ▼ (7%) (14%) 26 3 41
GXY Galaxy Resources 0.028 ▲ 8% 12% 30 3 97
ORE Orocobre 2.90 ▲ 9% 4% 383 26 358
PLS Pilbara Minerals Ltd. 0.047 ▲ 7% 12% 29 3 26
RDR Reed Resources 0.033 ▼ (8%) (13%) 16 7 11
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
ABY Aditya Birla Minerals 0.20 ▲ 3% 3% 63 137 (42) NA
AOH Altona Mining 0.24 — 0% (2%) 126 18 111 3.1x
HGO Hillgrove Resources 0.43 ▼ (3%) (4%) 64 16 78 1.9x
KBL KBL Mining 0.029 ▼ (12%) (3%) 11 7 27 1.7x
MWE Mawson West 0.051 — 0% 0% 11 54 39 NM
OZL OZ Minerals 3.71 ▲ 5% 7% 1,126 364 971 5.3x
PNA PanAust 1.43 ▼ (1%) 1% 907 146 1,140 NA
SFR Sandfire Resources 4.65 — 0% 2% 725 58 828 3.8x
SRQ Straits Resources 0.004 ▼ (20%) (20%) 5 13 128 17.3x
TGS Tiger Resources 0.16 — 0% 19% 177 42 316 NA
985 CST Mining 0.007 — 0% 2% 192 146 20 0.3x
1208 MMG 0.40 ▲ 2% 5% 2,099 154 4,135 4.3x
3993 China Molybdenum 0.78 ▲ 7% 10% 8,357 347 8,999 NA
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ARE Argonaut Resources 0.014 ▼ (13%) (13%) 6 2 3
AVB Avanco Resources 0.079 ▲ 5% 4% 131 32 99
AVI Avalon Minerals 0.029 ▲ 38% 45% 4 1 4
AZS Azure Minerals 0.018 ▼ (25%) (25%) 15 1 14
CDU CuDeco 1.65 ▼ (15%) (15%) 401 9 392
CVV Caravel Minerals 0.009 ▲ 13% 13% 7 1 6
ENR Encounter Resources 0.13 — 0% 0% 17 4 14
ERM Emmerson Resources 0.029 ▼ (6%) (6%) 11 2 9
FND Finders Resources 0.15 ▼ (3%) (3%) 96 8 80
GCR Golden Cross Resources 0.075 — 0% 7% 7 2 5
GPR Geopacific Resources 0.060 ▲ 15% 15% 20 3 20
HAV Havilah Resources 0.145 ▲ 4% 4% 23 1 21
HCH Hot Chili 0.17 ▲ 3% 3% 57 13 55
HMX Hammer Metals 0.081 — 0% (1%) 7 1 6
IAU Intrepid Mines 0.15 ▲ 7% 7% 54 11 (90)
IRN Indophil Resources 0.30 — 0% 0% 355 215 146
KDR Kidman Resources 0.063 ▼ (9%) (6%) 8 3 5
KGL KGL Resources 0.19 ▼ (12%) (18%) 26 7 12
MEP Minotaur Exploration 0.14 — 0% (3%) 25 5 21
MNC Metminco 0.008 — 0% 0% 15 8 11
MTH Mithril Resources 0.006 — 0% (14%) 3 2 1
PEX Peel Mining 0.070 ▲ 6% 1% 9 3 6
RDM Red Metal 0.08 ▼ (2%) (1%) 14 2 12
RER Regal Resources 0.040 ▼ (13%) (13%) 8 2 4
RXM Rex Minerals 0.13 ▲ 19% 14% 28 3 25
SMD Syndicated Metals 0.029 ▼ (9%) (9%) 8 2 6
SRI Sipa Resources 0.038 ▲ 3% 3% 23 4 19
SUH Southern Hemisphere 0.043 — 0% 0% 11 2 8
THX Thundelarra Resources 0.125 ▲ 19% 14% 40 7 33
XAM Xanadu Mines 0.125 ▲ 25% 25% 45 4 46
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
IGO Independence Group 4.60 ▲ 3% 4% 1,078 57 1,049 7.5x
MBN Mirabella Nickel 0.029 — 0% 0% 27 34 64 NA
MCR Mincor Resources 0.58 ▼ (2%) (2%) 108 26 86 2.8x
PAN Panoramic Resources 0.40 ▼ (8%) (5%) 129 64 73 1.5x
WSA Western Areas 4.20 ▲ 9% 12% 977 231 964 6.7x
AVQ Axiom Mining 0.015 ▼ (6%) 0% 50 2 48 NM
CAV Carnavale Resources 0.012 ▼ (14%) (29%) 2 3 (1) NA
CZI Cassini Resources 0.15 ▲ 26% 21% 17 8 9 NM
LEG Legend Mining 0.007 — 0% 0% 14 5 10 NA
MAT Matsa Resources 0.180 ▲ 6% 6% 26 3 23 NM
MLM Metallica Minerals 0.060 ▲ 9% 9% 10 1 9 NM
PIO Pioneer Resources 0.016 ▲ 23% 23% 10 1 8 NM
POS Poseidon Nickel 0.12 — 0% 0% 82 4 112 NM
SEG Segue Resources 0.005 — 0% 0% 10 1 9 NM
SGQ St George Mining 0.070 — 0% 11% 8 1 7 NA
SIR Sirius Resources 2.71 ▲ 5% 6% 925 59 867 NM
TLM Talisman Mining 0.16 ▲ 3% 3% 21 16 5 NM
WIN Winward Resources 0.16 ▼ (3%) (3%) 14 6 8 NM
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
CSD Consolidated Tin Mines 0.043 ▲ 5% 5% 12 0 13
ELT Elementos 0.010 — 0% 25% 8 1 7
KAS Kasbah Resources Limited 0.050 ▼ (15%) (7%) 23 4 17
MLX Metals X Limited 0.84 ▼ (1%) 7% 348 57 291
MOO Monto Minerals 0.003 ▲ 50% 50% 4 1 3
SRZ Stellar Resources Limited 0.024 ▼ (14%) (17%) 7 4 3
VMS Venture Minerals Limited 0.039 ▲ 26% 26% 11 7 5
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AQR Aeon Metals 0.086 ▼ (14%) (14%) 26 5 33
DGR DGR Global 0.033 ▼ (3%) 3% 14 0 14
HRR Heron Resources 0.13 — 0% 0% 45 33 14
IBG Ironbark Zinc 0.087 — 0% 9% 38 2 36
IPT Impact Minerals 0.026 ▲ 24% 8% 15 1 14
IVR Investigator Resources 0.019 ▲ 12% 19% 9 3 6
MRP MacPhersons Resources 0.115 ▲ 5% (8%) 36 7 29
MTA Metals of Africa 0.05 ▼ (2%) (2%) 7 8 (1)
RDM Red Metal 0.08 ▼ (2%) (1%) 14 8 6
RVR Red River Resources 0.16 ▲ 19% 41% 27 9 18
RXL Rox Resources 0.029 ▼ (3%) 4% 25 3 22
TZN Terramin Australia 0.140 ▲ 27% 27% 197 5 246
VXR Venturex Resources 0.005 — 0% 0% 8 1 7

4. Oz Metals
14th
Edition – 11th
Jan 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
Gold Producers
Source: SNL
Gold Developers & Explorers
Source: SNL
For further information, please contact:
J-François Bertincourt
m +61 406 998 779
jf@terrastudio.biz
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
AGD Austral Gold 0.10 ▼ (23%) (23%) 48 NA 113 8.8x
ALK Alkane Resources 0.21 ▼ (9%) (5%) 87 16 71 10.6x
AMI Aurelia Metals 0.25 — 0% 4% 86 22 171 NM
BDR Beadell Resources 0.29 ▲ 14% 29% 232 10 294 NA
DRM Doray Minerals 0.53 ▲ 10% 10% 89 16 88 2.7x
EVN Evolution Mining 0.80 ▲ 22% 24% 572 32 702 3.4x
IGO Independence Group 4.60 ▲ 3% 4% 1,078 57 1,049 7.5x
KCN Kingsgate Consolidated 0.75 ▲ 10% 14% 168 54 268 NM
KRM Kingsrose Mining 0.30 ▲ 15% 18% 108 7 113 NM
LSA Lachlan Star 0.025 ▲ 14% 25% 4 2 22 NA
MIZ Minera Gold 0.003 — 0% 0% 8 0 13 NM
MLX Metals X 0.84 ▼ (1%) 7% 348 57 291 4.1x
MML Medusa Mining 0.80 ▲ 12% 22% 165 14 161 2.7x
MOY Millennium Minerals 0.039 ▲ 5% 5% 8 2 47 NA
NCM Newcrest Mining 12.18 ▲ 11% 12% 9,336 141 13,397 NM
NGF Norton Gold Fields 0.14 ▲ 8% 12% 130 38 231 NA
NST Northern Star Resources 1.70 ▲ 13% 14% 1,007 82 930 11.1x
OGC OceanaGold Corp. 2.48 ▲ 13% 19% 747 28 876 4.6x
PGI PanTerra Gold 0.017 — 0% (6%) 14 6 86 NA
PRU Perseus Mining 0.29 ▲ 12% 10% 150 37 114 4.9x
RMS Ramelius Resources 0.077 ▲ 45% 51% 36 12 26 NM
RRL Regis Resources 2.14 ▲ 10% 11% 1,070 7 1,103 NM
RSG Resolute Mining 0.33 ▲ 20% 23% 208 19 240 2.3x
SAR Saracen Mineral Holdings 0.31 ▲ 19% 22% 246 36 224 5.4x
SBM St Barbara 0.14 ▲ 23% 29% 67 79 327 NM
SLR Silver Lake Resources 0.24 ▲ 23% 23% 121 24 110 NM
TBR Tribune Resources 2.94 ▲ 9% 11% 147 11 162 9.4x
TRY Troy Resources 0.55 ▲ 15% 20% 107 43 104 NM
UML Unity Mining 0.008 ▲ 14% 14% 9 7 3 NM
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABU ABM Resources 0.32 ▲ 9% 9% 86 10 76
AWV Anova Metals 0.035 ▲ 30% 30% 9 1 7
AZM Azumah Resources 0.026 ▲ 30% 30% 10 4 8
BLK Blackham Resources 0.075 ▲ 44% 47% 11 1 10
BOK Black Oak Minerals 0.28 ▲ 6% 4% 12 3 15
BSR Bassari Resources 0.014 ▲ 8% 17% 17 - 16
CHN Chalice Gold Mines 0.11 — 0% 0% 30 44 (15)
CHZ Chesser Resources 0.03 ▼ (11%) (11%) 7 1 8
DCN Dacian Gold 0.31 ▲ 11% 11% 22 11 11
EXC Exterra Resources 0.013 — 0% 0% 2 1 2
EXG Excelsior Gold 0.063 ▲ 3% 3% 29 1 28
FML Focus Minerals 0.008 ▲ 14% 14% 73 81 73
GCY Gascoyne Resources 0.07 — 0% 0% 12 1 11
GMR Golden Rim Resources 0.006 — 0% 20% 8 1 9
GOR Gold Road Resources 0.28 ▲ 10% 12% 164 10 154
GRY Gryphon Minerals 0.073 ▲ 9% 14% 29 34 (6)
IDC Indochine Mining 0.011 ▼ (15%) (8%) 14 0 16
KGD Kula Gold 0.038 ▼ (14%) (14%) 10 3 10
MSR Manas Resources 0.015 ▲ 7% 7% 7 6 5
MUX Mungana Goldmines 0.12 ▼ (4%) (4%) 29 5 24
MYG Mutiny Gold 0.053 ▲ 15% 20% 36 3 33
OBS Orbis Gold 0.58 — 0% 4% 145 5 140
OGX Orinoco Gold 0.062 ▲ 5% 5% 9 1 10
PNR Pacific Niugini 0.056 ▲ 8% 12% 18 3 15
PXG Phoenix Gold 0.100 ▲ 1% 2% 37 9 28
RED Red 5 0.105 ▲ 14% 14% 80 38 41
RNI Resource & Investment 0.075 ▲ 4% 0% 36 5 51
RNS Renaissance Minerals 0.065 — 0% 0% 26 2 24
SIH Sihayo Gold 0.010 ▲ 25% 25% 11 0 8
TAM Tanami Gold 0.014 — 0% 0% 16 1 23
WAF West African Resources 0.082 ▼ (18%) (18%) 22 3 21
WPG WPG Resources 0.043 ▲ 13% 13% 11 5 6