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

1. Oz Metals
22nd
Edition – 22nd
Mar 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
ZINC MARKET DEFICIT TO INTENSIFY IN 2015
Base Metals & Precious Metals Fundamentals
Sources: COMEX, LME, RBA, SHFE
$50
$55
$60
$65
$70
$75
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
CIFPriceofChineseImports
Bauxite
US$/t
$A/t
$2.0
$2.3
$2.6
$2.9
$3.2
$3.5
$3.8
$4.1
0
100
200
300
400
500
600
700
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
ThousandTonnes
Copper
SHFE COMEX LME
US$ 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
$7
$8
$9
$10
$11
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
22nd
Edition – 22nd
Mar 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
Hedge funds abandoned gold at the fastest pace in more
than four months, selling 21.9 tonnes of the precious metal
held through exchange-traded products last week, as
speculation that the Federal Reserve will raise U.S. interest
rates grows, Bloomberg News reported, citing data from the
U.S. Commodity Futures Trading Commission.
Thomson Reuters - A handful of banks started setting gold
prices electronically on Friday, sources with direct
knowledge of the matter said, as Intercontinental Exchange
completes a sweeping change to London's bullion
benchmarks and dispenses with the century old gold "fix".
Since 1919, representatives from four or five banks have
agreed a twice-daily price on which their customers -
producers, consumers and investors - could trade and value
gold. Sweeping reform triggered by a regulatory push for
more transparency after the Libor interest rate-rigging
scandal broke in 2012, saw banks stop acting as both data
providers and market makers.
Big miners have now taken the lead in prospecting in
Canada as junior miners struggled to stay afloat amid a low
price environment, The Globe and Mail reported. While
junior miners traditionally perform most of the exploration in
the country, the year 2014 saw junior companies spending
only C$742.5 million in prospecting versus the C$1.2 billion
big companies spent.
Thomson Reuters - Copper miner Antofagasta cannot
guarantee that its the embattled Los Pelambres mine in
Chile will continue to operate, company President Diego
Hernandez said. Los Pelambres was hit this month by a
court ruling in favor of protesters who say the mine is
affecting water availability. The mine, located in northern
Chile, produced around 405,000 tonnes of copper last year.
"We cannot guarantee that it will not close, in light of what's
been happening," Hernandez said. The company is
appealing the ruling. Local communities have blamed Los
Pelambres for water shortages and said they wanted a
desalination plant built.
Thomson Reuters - Newmont Mining Indonesian copper
export permit will be extended for six months after the
company gave assurances over its commitment to build a
smelter with Freeport-McMoRan. Earlier this month, the
Indonesian government indicated that Newmont's copper
export permit would not be renewed beyond March 19
unless it struck a deal with Freeport to invest in the latter's
planned smelter. "We will give an extension of export permit
to Newmont," Coal and Minerals Director General Sukhyar
told reporters on Wednesday. "I will sign it today. Newmont
gave us (a) proposal of their commitment to build a joint
smelter with Freeport."
Production has been halted at Freeport-McMoRan copper
mine in Indonesia as more than 50 workers blocked an
access road to the Grasberg site for a fourth consecutive
day, union officials said. Freeport runs the huge Grasberg
complex on remote Papua and workers began blocking the
road to the site on Monday to protest against a settlement
reached with other employees at the end of a previous
dispute.
Thomson Reuters - Indonesia has lost its tight grip on the
global tin market as a history of shutting off exports to prop
up prices has pushed away buyers, traders said, weakening
its ability to drive up prices from current two-and-a-half year
lows. The top tin exporter's latest attempt to curb supply has
also been hit by the failure of cash-strapped producers to
follow through fully on export stoppages, although tin
premiums have firmed slightly in Europe. Indonesia
accounted for nearly half of China's tin imports in 2013, but
shipments fell 60% last year as the world's top tin consumer
took more tin ore and concentrates from Myanmar.
Mining Weekly - Barrick Gold Corp faces a legal challenge
at its Porgera mine in Papua New Guinea as landowners in
the region seek compensation for "irreparable losses"
caused by the gold mine.
In its latest annual report, Glencore indicates that the zinc
market deficit is expected to intensify this year. Glencore’s
own-source zinc production of 199,300 t was 8% down on
2013 and the company attributed the 2014 zinc metal
market deficit to better demand with continuing inflows into
China. Besides LME zinc inventories falling by 400,000 t, or
33%, the report records a $29/t rise over the 2013
benchmark of the price of zinc concentrates.
Funding, Mergers & Acquisitions
The Australian - Gina Rinehart invested A$4.2 million in the
Four Eagles gold project in Victoria, Australia — a joint
venture between Catalyst Metals Ltd. and Providence Gold
& Minerals Pty. Ltd. — to earn a 50% interest in the asset.
Mining Journal - Many will be interested in the latest
Australian gold asset set to go under the hammer, but unlike
most of the deals to date some serious cash is likely to be
needed to become the new owner of a “jewel” of the M&A
gold scene downunder – Barrick’s Cowal project in New
South Wales.

3. Oz Metals
22nd
Edition – 22nd
Mar 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
Oz Minerals has completed the A$125 million sale of its
19.1% stake in fellow ASX-listed miner Sandfire Resources.
The company acquired most of its shareholding in Sandfire
in July 2010 for about A$99.2 million, according to an ASX
filing. At the time, Oz Minerals bought 25,865,555 shares at
an estimated cost of about A$3.83 apiece and has now sold
its entire stake via an institutional block trade for A$4.20/sh.
Bauxite Sector
Source: Bloomberg, SNL, Terra Studio
Lithium-Tantalum Sector
Source: SNL, Terra Studio
Tin Sector
Source: SNL
Nickel Sector
Source: SNL
Copper Producers
Source: SNL
Copper Developers & Explorers
Source: SNL, Terra Studio
Zinc & Poly-metallic Sector
Source: SNL
Gold Producers
Source: SNL
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABX Australian Bauxite 0.27 — 0% (11%) 34 5 30
BAU Bauxite Resources 0.076 ▼ (12%) (22%) 18 25 (7)
CAY Canyon Resources 0.044 ▲ 7% (12%) 5 1 4
MLM Metallica Minerals 0.050 — 0% (9%) 8 1 7
MMI Metro Mining 0.045 ▲ 22% 67% 13 8 5
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AJM Altura Mining 0.027 ▼ (10%) (58%) 13 3 12
GXY Galaxy Resources 0.025 — 0% 0% 27 3 93
ORE Orocobre 2.23 ▼ (11%) (20%) 329 26 330
PLS Pilbara Minerals Ltd. 0.041 ▲ 3% (2%) 25 2 22
RDR Reed Resources 0.035 ▲ 9% (8%) 18 7 15
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
CSD Consolidated Tin Mines 0.047 ▲ 9% 15% 13 0 13
ELT Elementos 0.006 — 0% (25%) 5 1 3
KAS Kasbah Resources 0.042 ▲ 11% (22%) 19 4 13
MLX Metals X 1.07 ▼ (11%) 36% 443 57 336
MOO Monto Minerals 0.001 — 0% (50%) 1 1 1
SRZ Stellar Resources 0.036 ▼ (5%) 24% 11 4 8
VMS Venture Minerals 0.030 ▼ (9%) (3%) 9 7 5
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
IGO Independence Group 5.41 ▲ 4% 22% 1,267 57 1,176 NA
MBN Mirabella Nickel 0.165 ▲ 57% 469% 153 18 265 0.5x
MCR Mincor Resources 0.68 ▲ 1% 15% 127 26 109 NA
PAN Panoramic Resources 0.58 ▲ 7% 38% 186 64 128 1.7x
WSA Western Areas 3.82 ▲ 2% 2% 888 231 837 NA
AVQ Axiom Mining 0.011 — 0% (27%) 40 2 37 NM
CZI Cassini Resources 0.08 ▲ 13% (33%) 9 8 7 NA
DKM Duketon Mining 0.18 ▲ 21% (33%) 14 7 7 NA
LEG Legend Mining 0.007 — 0% 0% 14 7 7 NM
MAT Matsa Resources 0.190 ▲ 23% 12% 27 3 27 NA
MLM Metallica Minerals 0.050 — 0% (9%) 8 1 7 NA
PIO Pioneer Resources 0.017 — 0% 31% 11 1 9 NA
POS Poseidon Nickel 0.13 ▼ (7%) 4% 85 4 102 NA
SEG Segue Resources 0.006 ▼ (8%) 10% 11 1 10 NA
SGQ St George Mining 0.065 ▲ 30% 3% 7 1 6 NA
SIR Sirius Resources 2.82 ▲ 3% 10% 963 59 718 NM
TLM Talisman Mining 0.16 — 0% 0% 20 16 6 NA
WIN Winward Resources 0.35 ▲ 13% 119% 31 6 27 NA
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
ABY Aditya Birla Minerals 0.19 ▲ 9% (3%) 60 137 (45) NA
HGO Hillgrove Resources 0.35 — 0% (22%) 52 9 62 1.3x
KBL KBL Mining 0.022 ▼ (4%) (27%) 11 7 34 NA
MWE Mawson West 0.055 ▲ 38% 10% 12 48 41 NM
OZL OZ Minerals 3.76 ▲ 4% 8% 1,141 219 923 2.6x
PNA PanAust 1.10 ▼ (8%) (22%) 671 74 897 NM
SFR Sandfire Resources 4.21 ▼ (1%) (7%) 657 58 741 NA
SRQ Straits Resources 0.004 ▲ 33% (20%) 5 13 162 NA
TGS Tiger Resources 0.057 ▼ (10%) (56%) 65 80 215 NA
985 CST Mining 0.049 ▲ 4% 11% 1,328 136 233 0.5x
1208 MMG 2.13 ▼ (1%) (11%) 11,267 251 83,047 14.3x
3993 China Molybdenum 4.95 ▲ 2% 10% 70,554 1,883 74,606 NA
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AOH Altona Mining 0.100 ▼ (5%) (58%) 53 129 (75)
ARE Argonaut Resources 0.009 ▲ 29% (44%) 4 1 3
AVB Avanco Resources 0.066 ▼ (10%) (13%) 110 20 90
AVI Avalon Minerals 0.030 — 0% 50% 5 1 4
AZS Azure Minerals 0.014 ▼ (13%) (42%) 14 1 13
CDU CuDeco (suspended) 1.41 — 0% (28%) 351 7 406
CVV Caravel Minerals 0.007 ▼ (22%) (13%) 5 1 5
ENR Encounter Resources 0.10 ▼ (9%) (23%) 13 4 11
ERM Emmerson Resources 0.023 ▼ (15%) (26%) 9 2 6
FND Finders Resources 0.13 ▼ (7%) (13%) 86 8 70
GCR Golden Cross Resources 0.053 ▼ (4%) (24%) 5 2 4
GPR Geopacific Resources 0.038 ▲ 3% (27%) 15 3 14
HAV Havilah Resources 0.24 ▲ 14% 71% 38 3 35
HCH Hot Chili 0.12 — 0% (25%) 42 6 48
HMX Hammer Metals 0.075 — 0% (9%) 7 1 7
IAU Intrepid Mines 0.12 ▲ 4% (11%) 44 74 (30)
KDR Kidman Resources 0.045 ▼ (21%) (33%) 5 3 5
KGL KGL Resources 0.15 ▼ (3%) (36%) 21 7 6
MEP Minotaur Exploration 0.10 — 0% (31%) 18 5 12
MNC Metminco 0.007 ▲ 40% (13%) 14 1 12
MTH Mithril Resources 0.006 ▼ (25%) (14%) 3 2 1
PEX Peel Mining 0.060 ▲ 9% (13%) 8 3 6
RDM Red Metal 0.045 ▲ 10% (44%) 8 2 3
RER Regal Resources 0.045 ▼ (4%) (2%) 10 2 7
RTG RTG Mining 0.600 — 0% 3% 77 2 75
RXM Rex Minerals 0.086 ▼ (7%) (22%) 19 3 12
SMD Syndicated Metals 0.020 ▼ (17%) (38%) 5 2 4
SRI Sipa Resources 0.068 ▲ 11% 84% 41 4 40
SUH Southern Hemisphere 0.015 ▼ (21%) (65%) 4 2 3
THX Thundelarra Resources 0.070 ▼ (3%) (36%) 22 7 15
XAM Xanadu Mines 0.080 ▼ (6%) (20%) 29 8 29
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AQR Aeon Metals 0.070 ▼ (18%) (30%) 21 5 33
DGR DGR Global 0.036 ▼ (5%) 13% 15 0 17
HRR Heron Resources 0.13 ▲ 4% 4% 47 28 22
IBG Ironbark Zinc 0.088 ▼ (6%) 10% 39 3 36
IPT Impact Minerals 0.013 ▼ (28%) (46%) 7 1 5
IVR Investigator Resources 0.013 — 0% (19%) 6 3 1
MRP MacPhersons Resources 0.115 ▲ 5% (8%) 36 5 31
PNX Phoenix Copper 0.018 — 0% (40%) 6 3 4
RDM Red Metal 0.045 ▲ 10% (44%) 8 8 (0)
RVR Red River Resources 0.13 ▼ (4%) 18% 23 4 19
RXL Rox Resources 0.024 — 0% (14%) 20 3 17
TZN Terramin Australia 0.125 — 0% 14% 189 1 188
VXR Venturex Resources 0.004 ▼ (20%) (20%) 6 1 5
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 54 NA
ALK Alkane Resources 0.35 ▲ 3% 59% 145 16 126 NA
AMI Aurelia Metals 0.26 ▼ (1%) 8% 101 22 202 NA
BDR Beadell Resources 0.24 ▼ (2%) 7% 192 13 297 4.6x
BOK Black Oak Minerals 0.38 ▲ 6% 41% 17 11 31 NA
DRM Doray Minerals 0.44 ▼ (6%) (8%) 103 16 102 NA
EVN Evolution Mining 0.71 ▼ (13%) 10% 508 32 637 3.1x
IGO Independence Group 5.41 ▲ 4% 22% 1,267 57 1,176 NA
KCN Kingsgate Consolidated 0.66 ▼ (1%) (1%) 146 54 230 NA
KRM Kingsrose Mining 0.23 ▼ (10%) (12%) 81 7 91 NA
LSA Lachlan Star 0.024 — 0% 20% 4 2 22 NA
MIZ Minera Gold 0.002 — 0% (33%) 6 0 11 NA
MLX Metals X 1.07 ▼ (11%) 36% 443 57 336 NA
MML Medusa Mining 0.81 ▼ (4%) 25% 168 13 161 NA
MOY Millennium Minerals 0.032 ▲ 7% (14%) 7 2 45 NA
NCM Newcrest Mining 12.49 ▲ 2% 15% 9,572 141 13,989 NA
NGF Norton Gold Fields 0.20 — 0% 56% 182 19 309 4.8x
NST Northern Star Resources 2.32 ▲ 9% 56% 1,374 82 1,346 6.7x
OGC OceanaGold Corp. 2.28 ▲ 8% 13% 692 NA 777 2.5x
PGI PanTerra Gold 0.140 — 0% (22%) 12 3 76 NM
PRU Perseus Mining 0.25 ▼ (8%) (6%) 129 37 95 1.6x
RMS Ramelius Resources 0.099 ▲ 3% 94% 46 12 29 NA
RRL Regis Resources 1.19 ▲ 2% (38%) 595 7 604 NA
RSG Resolute Mining 0.26 ▲ 6% (4%) 164 19 195 NA
SAR Saracen Mineral Holdings 0.37 — 0% 43% 289 36 270 NA
SBM St Barbara 0.19 ▲ 6% 76% 92 79 414 NA
SLR Silver Lake Resources 0.17 ▼ (3%) (15%) 83 24 90 NA
TBR Tribune Resources 3.22 ▲ 3% 22% 161 11 176 10.2x
TRY Troy Resources 0.44 ▲ 1% (5%) 85 43 125 NA
UML Unity Mining 0.007 ▼ (13%) 0% 8 7 (4) NA

4. Oz Metals
22nd
Edition – 22nd
Mar 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 Developers & Explorers
Source: SNL, Terra Studio
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)
AYC A1 Consolidated 0.031 — 0% (23%) 9 0 8
ABU ABM Resources 0.22 — 0% (24%) 62 11 51
AWV Anova Metals 0.045 — 0% 67% 13 1 12
AZM Azumah Resources 0.023 ▼ (4%) 15% 9 4 8
BLK Blackham Resources 0.125 ▲ 4% 145% 22 3 19
BSR Bassari Resources 0.014 ▲ 17% 17% 17 - 16
CHN Chalice Gold Mines 0.12 ▼ (4%) 10% 33 43 (10)
CHZ Chesser Resources 0.034 ▲ 3% (6%) 8 1 3
DCN Dacian Gold 0.45 ▼ (5%) 61% 43 8 36
EXC Exterra Resources 0.013 — 0% 0% 2 1 2
EXG Excelsior Gold 0.094 ▼ (3%) 54% 44 2 43
FML Focus Minerals 0.006 ▼ (25%) (14%) 55 81 55
GCY Gascoyne Resources 0.090 — 0% 27% 15 1 14
GMR Golden Rim Resources 0.008 ▼ (12%) 50% 11 1 10
GOR Gold Road Resources 0.33 — 0% 33% 193 21 172
GRY Gryphon Minerals 0.055 ▼ (7%) (14%) 22 34 (2)
IDC Indochine Mining 0.006 ▼ (14%) (50%) 8 0 10
KGD Kula Gold 0.049 ▼ (13%) 11% 13 3 13
MSR Manas Resources 0.018 — 0% 29% 8 6 6
MUX Mungana Goldmines 0.110 ▼ (15%) (12%) 26 5 31
OGX Orinoco Gold 0.070 ▼ (1%) 19% 11 1 10
PNR Pacific Niugini 0.060 — 0% 20% 24 1 23
PXG Phoenix Gold 0.093 ▼ (5%) (5%) 40 6 34
RED Red 5 0.115 ▲ 5% 25% 87 38 70
RNI Resource & Investment 0.060 ▲ 3% (20%) 30 5 47
RNS Renaissance Minerals 0.048 — 0% (26%) 19 4 15
SAU Southern Gold 0.013 — 0% 63% 5 1 5
SIH Sihayo Gold 0.011 — 0% 38% 12 0 7
TAM Tanami Gold 0.021 ▼ (16%) 50% 25 1 35
WAF West African Resources 0.082 ▼ (4%) (18%) 22 3 22
WPG WPG Resources 0.038 — 0% 0% 10 3 6