This document is a report from Oz Metals that provides a summary and analysis of recent developments in the base and precious metals mining sector. It includes commentary on commodity price movements, major industry news and deals, and company profiles. Key highlights discussed include rising Australian bauxite exports to China, cuts to capital spending by Glencore, and the sale of mining assets by various companies.

1. Oz Metals
18th
Edition – 15th
Feb 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
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AUSTRALIAN BAUXITE OPPORTUNITY SHAPING UP
Base Metals & Precious Metals Fundamentals
Sources: COMEX, LME, RBA, SHFE
Markets & Majors
$50
$55
$60
$65
$70
$75
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
CIFPriceofChineseImports
Bauxite
US$/t
$A/t
$2.3
$2.6
$2.9
$3.2
$3.5
$3.8
$4.1
0
100
200
300
400
500
600
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
ThousandTonnes
Copper
SHFE COMEX LME
US$ A$
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
Gold
A$
US$
$15.0
$17.5
$20.0
$22.5
$25.0
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
Silver
A$
US$
$6
$9
0
100
200
300
400
500
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
$/lb
ThousandTonnes
Nickel
LME US$ A$
$0.70
$0.80
$0.90
$1.00
$1.10
$1.20
$1.30
0
200
400
600
800
1,000
1,200
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
$/lb
ThousandTonnes
Zinc
SHFE LME US$ A$

2. Oz Metals
18th
Edition – 15th
Feb 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
Thomson Reuters - A new layer of tough rules proposed by
the LME for operating warehouses may boost costs and
drive more metal out of the regulated system and into
unregistered depots. The plan would give the LME
sweeping regulatory powers to determine whether
warehousing firms are behaving badly, even if they are not
technically breaking the rules. It is part of a wide-ranging
LME reform package following heavy criticism by
consumers of long delays to get delivery of metal and
lawsuits accusing banks and commodity companies of
conspiring to restrict supply through the warehouse network.
Reuters - China remained the world's biggest gold producer
for the eighth year, posting a 5.5% annual increase in output
to 452 tonnes in 2014, according to the China Gold
Association. Meanwhile, the country's consumption of the
precious metal dropped 24.7% to 886 tonnes, a fall that
came after a very rapid increase in gold purchases in the
second half of 2013 due to declining prices.
SNL - China’s bauxite imports from Australia peaked at 1.87
million tonnes in December 2014, underscoring the
country’s role as top supplier after Indonesia banned
exports.
SNL - Total nickel ore inventories at China’s five major ports
were 12.14 million tonnes last week, down by 307,000 wmt
on a weekly basis.
SMM - Lead-zinc mines in Yangshan County, in the
northwestern part of Guangdong Province, all have closed
due to the ongoing safety inspections. The local government
launched the county-wide inspections on production safety
after a flooding accident happened at one local mine.
Mining Journal – Zinc, copper and platinum group metals:
these were the three metals the world would need in the
coming century and they could all be found in abundance in
Africa, Ivanhoe Mines founder and executive chairman
Robert Friedland told Mining Indaba in Cape Town.
Business News Americas - Chilean copper production in
December 2014 dropped slightly by 0.4% year over year to
522,900 tonnes, according to state copper commission
Cochilco.
China's rare earths exports rose 27.3% year over year to
28,000 tonnes last year, with total value of 2.3 billion
Chinese yuan, which fell 35.6% on a yearly basis, Shanghai
Securities News reported, citing customs data. The export
price has almost halved to 83,000 yuan per tonne by the
end of 2014.
SNL - Western Australia received 82 mining proposals in the
December quarter of 2014, higher than the 54 it received in
the same quarter the prior year and the highest since the
final quarter of 2011. The increase accompanied a lift in
applications for exploration and prospecting, said Mines and
Petroleum Minister Bill Marmion. "It's a positive sign that
1,891 Program of Work applications were received by the
Department of Mines and Petroleum in the second half of
2014, compared with 1,868 in the same period in 2013,
despite an overall declining trend in applications since
2012."
SNL - Glencore said it plans to cut capital expenditure for
2015 further to between US$6.5 billion and US$6.8 billion,
from the US$7.9 billion forecast it gave investors in
December 2014. Meanwhile, the company increased copper
output for 2014 by 4% year over year to 1.5 million tonnes,
mainly due to the ramp-up of the Mutanda copper-cobalt
mine in the Democratic Republic of the Congo.
The Australian – BHP Billiton is facing a $500m hit after
revealing a broken down grinding mill at the Olympic Dam
copper and gold mine will take six months to fix. The
reduction in copper production is estimated between 60,000
and 70,000 tonnes with the majority of the loss anticipated
this financial year.
Funding, Mergers & Acquisitions
The Australian - Rio Tinto will not take up a Mongolian
government offer to boost the company’s stake in the
US$11 billion Oyu Tolgoi copper and gold mine but says it
would not be averse to the country selling its mine stake.
The Australian - One of Australia’s largest goldmines is up
for sale after Newcrest flagged that it was prepared to exit
Telfer, which it says is looking attractive after its slashed
costs at the operation. Newcrest has widened the scope of
the project review to include evaluation of hedging of fuel
and Australian dollar metal prices for any cutback, and
alternative ownership options.
Discovery Metals inked a memorandum of understanding
with Castlepines Global Equities, in which the latter will
invest US$110 million in the company's subsidiary
Discovery Copper (Botswana) Pty Ltd in exchange for a 34%
stake in the unit.
Drummond Gold said it is selling subsidiary Mount Coolon
Gold Mines Pty Ltd to GBM Resources Ltd. Under the deal,
GBM Resources will pay Drummond Gold A$850,000 in
cash and 50 million of its fully paid ordinary shares.
Following the sale, Drummond will hold a 9.3% stake in
GBM Resources.
Golden Rim Resources executed an agreement to sell its
Balogo gold project in Burkina Faso to MNG Gold Burkina
Sarl, a unit of the MNG Group, for US$10 million.
Havilah Resources lodged an unconditional bank guarantee
with the South Australian Department for State
Development to cover the nearly A$2 million mining
rehabilitation bond for its new Portia gold mine. The

3. Oz Metals
18th
Edition – 15th
Feb 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
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company can now commence mining at Portia with effect
from Feb. 10.
Metals X entered into a binding heads of agreement with
Tanami Gold to progressively acquire a 75% interest in the
Central Tanami gold project in Australia's Northern Territory.
Under the deal, Metals X can earn an initial 25% stake in
the project for A$11 million in cash and 4 million shares. It
will earn a further 50% stake by sole funding all expenditure
and costs to bring the project back into commercial
production.
Orbis Gold has decided to recommend SEMAFO's higher
takeover offer of 71.3 Australian cents per share to its
shareholders because it represents a substantial premium
to its shares and provides certainty of cash.
Tiger Resources will shelve the planned phase-two
expansion for its Kipoi copper operation in the Democratic
Republic of the Congo until expected balance sheet ratios
support the required capital costs. The expansion aims to
boost nameplate production at the SXEW, plant from a
current rate of 25,000 tpa to 50,000 tpa. Tiger Resources is
reviewing term sheets for potential long-term financing in a
bid to restructure existing debt with longer-dated facilities.
This will include refinancing a US$100 million bridge facility
from Taurus Mining Finance fund. The company plans to
reassess its development schedule regarding the phase-two
expansion following refinancing.
Chinese state-owned company Zijin Mining has received the
support of three of Norton Gold Fields directors for the
A$33.0 million acquisition of the remaining 17.57% stake it
does not already own. Zijin has now inked a binding scheme
implementation agreement with the Australian gold producer
under which it is offering 20 cents per share for the deal.
Since Norton revealed that it had received the initial
conditional proposal from its parent on Jan. 13, shares have
gained roughly 31% and are now trading at around 19 cents.
Bauxite Sector
Source: Bloomberg, SNL, Terra Studio
Lithium-Tantalum Sector
Source: SNL, Terra Studio
Tin Sector
Source: SNL
Nickel Sector
Source: SNL
Copper Producers
Source: SNL
Copper Developers & Explorers
Source: SNL, Terra Studio
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABX Australian Bauxite 0.295 ▲ 2% (3%) 37 5 33
BAU Bauxite Resources 0.086 ▼ (11%) (12%) 20 25 (5)
MLM Metallica Minerals 0.050 ▼ (2%) (9%) 8 1 7
MMI Metro Mining 0.038 ▲ 19% 41% 11 8 3
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AJM Altura Mining 0.033 ▼ (28%) (49%) 15 3 31
GXY Galaxy Resources 0.025 — 0% 0% 27 3 93
ORE Orocobre 2.60 ▼ (0%) (6%) 383 26 358
PLS Pilbara Minerals Ltd. 0.044 — 0% 5% 27 2 25
RDR Reed Resources 0.035 ▼ (3%) (8%) 18 7 NA
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
CSD Consolidated Tin Mines 0.049 ▼ (6%) 20% 14 0 15
ELT Elementos 0.006 — 0% (25%) 5 1 4
KAS Kasbah Resources 0.044 ▼ (10%) (19%) 20 4 14
MLX Metals X 1.35 ▲ 12% 72% 562 57 505
MOO Monto Minerals 0.002 — 0% 0% 3 1 2
SRZ Stellar Resources 0.024 ▼ (8%) (17%) 7 4 NA
VMS Venture Minerals 0.036 ▲ 6% 16% 10 7 4
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
IGO Independence Group 5.41 ▲ 2% 22% 1,267 57 1,239 8.8x
MBN Mirabella Nickel 0.029 — 0% 0% 27 31 66 NA
MCR Mincor Resources 0.73 ▼ (2%) 25% 137 26 119 NA
PAN Panoramic Resources 0.55 ▲ 1% 31% 177 64 121 2.5x
WSA Western Areas 4.34 ▼ (3%) 16% 1,009 231 997 6.9x
AVQ Axiom Mining 0.012 ▼ (8%) (20%) 40 2 38 NM
CZI Cassini Resources 0.10 ▲ 14% (18%) 11 8 4 NM
DKM Duketon Mining 0.16 ▼ (9%) (38%) 12 7 6 NA
LEG Legend Mining 0.008 ▲ 14% 14% 16 7 9 NA
MAT Matsa Resources 0.150 ▼ (3%) (12%) 22 3 19 NM
MLM Metallica Minerals 0.050 ▼ (2%) (9%) 8 1 7 NA
PIO Pioneer Resources 0.021 ▲ 5% 62% 13 1 12 NM
POS Poseidon Nickel 0.13 — 0% 8% 89 4 119 NM
SEG Segue Resources 0.007 ▲ 40% 40% 14 1 13 NM
SGQ St George Mining 0.048 ▼ (4%) (24%) 5 1 4 NA
SIR Sirius Resources 3.19 ▲ 3% 25% 1,089 59 1,030 NM
TLM Talisman Mining 0.17 ▲ 14% 6% 22 16 6 NM
WIN Winward Resources 0.19 ▼ (19%) 19% 17 6 11 NM
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
ABY Aditya Birla Minerals 0.19 ▼ (5%) (5%) 58 137 (46) NA
AOH Altona Mining 0.10 ▼ (2%) (59%) 52 129 (76) 1.0x
HGO Hillgrove Resources 0.36 ▼ (1%) (21%) 52 16 67 1.6x
KBL KBL Mining 0.021 ▼ (19%) (30%) 8 7 24 1.5x
MWE Mawson West 0.030 — 0% (40%) 6 48 35 NM
OZL OZ Minerals 3.81 ▼ (8%) 9% 1,156 219 938 2.7x
PNA PanAust 1.38 ▼ (1%) (2%) 879 130 1,126 NA
SFR Sandfire Resources 4.54 ▼ (3%) (0%) 710 58 813 3.7x
SRQ Straits Resources 0.004 ▲ 33% (20%) 5 13 128 17.3x
TGS Tiger Resources 0.07 ▼ (1%) (44%) 83 80 231 NA
985 CST Mining 0.043 ▼ (2%) (2%) 1,165 136 72 0.2x
1208 MMG 2.19 ▼ (6%) (9%) 11,584 137 24,509 4.0x
3993 China Molybdenum 4.86 ▲ 2% 8% 59,087 1,883 63,137 NA
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ARE Argonaut Resources 0.010 — 0% (38%) 4 1 3
AVB Avanco Resources 0.070 ▼ (3%) (8%) 116 20 97
AVI Avalon Minerals 0.028 ▲ 12% 40% 4 1 NA
AZS Azure Minerals 0.015 ▼ (21%) (38%) 12 1 11
CDU CuDeco 1.41 — 0% (28%) 351 7 406
CVV Caravel Minerals 0.008 ▼ (11%) 0% 6 1 NA
ENR Encounter Resources 0.11 ▲ 10% (15%) 15 4 11
ERM Emmerson Resources 0.033 ▲ 6% 6% 12 3 10
FND Finders Resources 0.13 ▼ (7%) (13%) 86 48 38
GCR Golden Cross Resources 0.076 ▼ (4%) 9% 7 1 6
GPR Geopacific Resources 0.040 ▼ (11%) (23%) 15 3 15
HAV Havilah Resources 0.145 ▲ 7% 4% 23 6 17
HCH Hot Chili 0.12 ▼ (14%) (25%) 42 6 48
HMX Hammer Metals 0.083 ▼ (6%) 1% 8 1 7
IAU Intrepid Mines 0.12 — 0% (11%) 44 74 (30)
KDR Kidman Resources 0.060 — 0% (10%) 7 3 4
KGL KGL Resources 0.15 ▼ (6%) (33%) 21 10 11
MEP Minotaur Exploration 0.13 ▲ 13% (10%) 23 7 17
MNC Metminco 0.008 ▲ 14% 0% 15 3 11
MTH Mithril Resources 0.008 ▲ 33% 14% 3 1 2
PEX Peel Mining 0.061 ▼ (10%) (12%) 8 2 6
RDM Red Metal 0.06 ▼ (13%) (28%) 10 2 8
RER Regal Resources 0.046 — 0% 0% 10 2 7
RTG RTG Mining 0.710 — 0% 22% 80 3 77
RXM Rex Minerals 0.096 ▼ (9%) (13%) 21 14 7
SMD Syndicated Metals 0.025 ▼ (4%) (22%) 7 1 6
SRI Sipa Resources 0.039 ▼ (3%) 5% 24 4 20
SUH Southern Hemisphere 0.040 — 0% (7%) 10 2 7
THX Thundelarra Resources 0.091 ▼ (9%) (17%) 29 7 22
XAM Xanadu Mines 0.085 — 0% (15%) 31 4 32

4. Oz Metals
18th
Edition – 15th
Feb 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, Terra Studio
Zinc & Poly-metallic Sector
Source: SNL
For further information, please contact:
J-François Bertincourt
m +61 406 998 779
jf@terrastudio.biz
au.linkedin.com/in/jfbertincourt
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
AGD Austral Gold 0.13 — 0% 0% 62 NA 131 9.7x
ALK Alkane Resources 0.36 ▲ 18% 64% 149 16 134 19.8x
AMI Aurelia Metals 0.26 ▲ 4% 6% 99 22 184 NM
BDR Beadell Resources 0.32 ▼ (2%) 40% 252 10 314 NA
DRM Doray Minerals 0.48 — 0% 0% 112 16 112 3.4x
EVN Evolution Mining 0.98 ▼ (5%) 52% 701 32 830 4.1x
IGO Independence Group 5.41 ▲ 2% 22% 1,267 57 1,239 8.8x
KCN Kingsgate Consolidated 0.79 — 0% 20% 177 54 277 NM
KRM Kingsrose Mining 0.27 ▼ (2%) 4% 95 7 101 NM
LSA Lachlan Star 0.024 ▲ 20% 20% 4 2 22 NA
MIZ Minera Gold 0.003 — 0% 0% 8 0 13 NA
MLX Metals X 1.35 ▲ 12% 72% 562 57 505 7.2x
MML Medusa Mining 0.88 ▲ 4% 35% 183 13 178 2.9x
MOY Millennium Minerals 0.040 ▲ 14% 8% 9 2 47 NA
NCM Newcrest Mining 13.90 ▼ (2%) 28% 10,653 141 15,070 NA
NGF Norton Gold Fields 0.19 — 0% 52% 177 38 278 NA
NST Northern Star Resources 1.97 ▼ (1%) 32% 1,167 82 1,090 13.0x
OGC OceanaGold Corp. 2.54 ▲ 3% 26% 766 NA 898 4.6x
PGI PanTerra Gold 0.165 ▼ (3%) (8%) 14 5 89 NA
PRU Perseus Mining 0.39 ▲ 1% 48% 203 37 167 7.1x
RMS Ramelius Resources 0.120 ▼ (8%) 135% 56 12 46 NM
RRL Regis Resources 1.99 ▲ 3% 3% 995 7 1,028 NM
RSG Resolute Mining 0.38 ▼ (5%) 42% 240 19 NA NA
SAR Saracen Mineral Holdings 0.42 ▲ 1% 63% 329 36 307 7.3x
SBM St Barbara 0.22 ▼ (4%) 110% 109 79 369 NM
SLR Silver Lake Resources 0.21 ▼ (5%) 8% 106 24 95 NM
TBR Tribune Resources 3.00 ▼ (5%) 13% 150 11 165 9.6x
TRY Troy Resources 0.59 ▼ (3%) 27% 114 43 111 NM
UML Unity Mining 0.010 — 0% 43% 11 7 NA NA
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AYC A1 Consolidated 0.036 ▼ (5%) (10%) 10 0 10
ABU ABM Resources 0.28 ▼ (3%) (3%) 78 11 67
AWV Anova Metals 0.048 ▲ 17% 78% 13 1 11
AZM Azumah Resources 0.030 ▼ (9%) 50% 12 4 10
BLK Blackham Resources 0.091 ▲ 10% 78% 16 3 13
BOK Black Oak Minerals 0.32 ▼ (11%) 19% 14 11 28
BSR Bassari Resources 0.016 — 0% 33% 19 - 19
CHN Chalice Gold Mines 0.14 ▲ 8% 29% 38 43 (6)
CHZ Chesser Resources 0.03 ▼ (3%) (8%) 7 1 8
DCN Dacian Gold 0.36 ▼ (4%) 27% 34 8 23
EXC Exterra Resources 0.010 ▼ (17%) (23%) 2 1 1
EXG Excelsior Gold 0.084 ▲ 1% 38% 39 2 39
FML Focus Minerals 0.010 ▼ (5%) 36% 87 81 87
GCY Gascoyne Resources 0.100 — 0% 41% 17 1 16
GMR Golden Rim Resources 0.009 ▼ (10%) 80% 12 1 13
GOR Gold Road Resources 0.35 ▼ (3%) 43% 208 21 187
GRY Gryphon Minerals 0.069 ▼ (9%) 8% 28 34 NA
IDC Indochine Mining 0.010 ▼ (9%) (17%) 14 0 15
KGD Kula Gold 0.044 ▼ (20%) 0% 11 3 11
MSR Manas Resources 0.015 ▲ 15% 7% 7 6 5
MUX Mungana Goldmines 0.10 ▲ 2% (20%) 24 5 19
MYG Mutiny Gold 0.046 — 0% 5% 32 3 29
OBS Orbis Gold 0.71 ▲ 14% 26% 177 5 172
OGX Orinoco Gold 0.072 ▼ (5%) 22% 10 1 9
PNR Pacific Niugini 0.055 ▼ (2%) 10% 22 1 21
PXG Phoenix Gold 0.095 ▼ (17%) (3%) 35 6 29
RED Red 5 0.105 — 0% 14% 80 38 41
RNI Resource & Investment 0.068 ▼ (3%) (9%) 33 5 48
RNS Renaissance Minerals 0.060 ▼ (3%) (8%) 24 4 20
SAU Southern Gold 0.014 ▲ 8% 75% 6 1 5
SIH Sihayo Gold 0.009 ▼ (18%) 13% 10 0 6
TAM Tanami Gold 0.018 — 0% 29% 21 1 31
WAF West African Resources 0.080 ▼ (11%) (20%) 22 3 20
WPG WPG Resources 0.046 ▲ 5% 21% 12 3 9
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 0.090 ▼ (10%) (10%) 27 5 34
DGR DGR Global 0.043 ▲ 39% 34% 18 0 19
HRR Heron Resources 0.15 ▼ (3%) 16% 52 28 28
IBG Ironbark Zinc 0.099 ▲ 2% 24% 44 3 42
IPT Impact Minerals 0.019 ▼ (14%) (21%) 11 1 9
IVR Investigator Resources 0.012 ▼ (8%) (25%) 6 3 3
MRP MacPhersons Resources 0.130 ▼ (4%) 4% 41 5 36
PNX Phoenix Copper 0.017 — 0% (43%) 6 3 3
RDM Red Metal 0.058 ▼ (13%) (28%) 10 8 2
RVR Red River Resources 0.17 ▲ 6% 50% 29 4 25
RXL Rox Resources 0.027 ▼ (4%) (4%) 23 3 NA
TZN Terramin Australia 0.135 ▲ 4% 23% 205 1 204
VXR Venturex Resources 0.004 — 0% (20%) 6 1 5