The 25th edition of Oz Metals reports a significant rise in zinc prices, reaching a five-year high, amidst financial challenges facing the mining industry, including a sharp decline in total shareholder return since 2012. Key industry updates include production forecasts from Chile and Peru's copper projects, while Rio Tinto has initiated a share buyback amid tax concerns. The document also highlights increasing merger and acquisition activity in the mining sector.

1. Oz Metals
25th
Edition – 12th
Apr 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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A$ ZINC PRICE REACHES A 5-YEAR HIGH
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
$4.1
0
100
200
300
400
500
600
700
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
ThousandTonnes
Copper
SHFE COMEX LME
US$/lb A$/lb
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
Gold
A$/oz
US$/oz
$15.0
$17.5
$20.0
$22.5
$25.0
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
Silver
A$/oz
US$/oz
$5
$6
$7
$8
$9
$10
$11
0
100
200
300
400
500
600
Apr-14 Jul-14 Oct-14 Jan-15 Apr-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
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
$/lb
ThousandTonnes
Zinc
SHFE LME US$ A$

2. Oz Metals
25th
Edition – 12th
Apr 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
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Markets & Majors
Mining Journal - The mining industry faces a sobering
challenge. In The Boston Consulting Group’s study of 42
mining companies from around the world, the average
annual total shareholder return (TSR) for the organisations
in the study was 16% from 2002 to 2012 but dropped to
negative-18% from 2012 to 2014. The TSR decline has
industry executives shifting their attention away from
investment-heavy greenfield expansion toward strategies for
extracting greater productivity from existing operations.
Thomson Reuters - World No. 1 copper exporter Chile is
expected to produce 5.94 million tonnes of the metal in 2015,
according to state copper commission Cochilco, slightly
lowering its forecast. Cochilco estimated in January that
output would be around 6.0 million tonnes, up from 5.78
million last year. The cut in the forecast was mostly due to a
lower estimate from projects run by Anglo American and at
the Zaldivar mine, which is operated by Barrick Gold Corp,
Cochilco said.
SNL - Days after taking office, Peru's new prime minister
pledged to hold talks with opponents of Southern Copper
Corp.'s Tia Maria property to end protests and advance the
project. However the renewal of protests against the
proposed copper mine in southern Peru's Arequipa region
last month have raised doubts among observers of Peru's
important mining sector as to whether the government has
reacted too late to save the project. Further delays to Tia
Maria would be a major blow to Peru's investment climate,
analysts say, at a time when the country is counting on the
start of new mines to help boost a weakening economy
dependent on commodities.
SNL - Rio Tinto has repurchased A$560 million worth of
shares off market, A$60 million more than it initially
expected to buy back following strong demand for the offer.
The ASX-listed mining giant paid A$48.44 per share, which
is a 14% discount to the market price. In total, Rio Tinto
bought back 11,600,000 shares, representing about 2.65%
of Rio Tinto Ltd.'s issued capital and 0.63% of the Rio Tinto
Group's issued capital. The on-market buyback of Rio Tinto
plc shares, which will continue until the end of 2015, will
total about US$1.58 billion. Rio Tinto has so far repurchased
about 4,200,000 shares at an average price of £29.99
apiece for an aggregate consideration of about US$189
million.
Mining Journal - Mongolia’s cabinet has given a green light
to the second phase of Turqouise Hill’s Oyu Tolgoi copper-
gold mine. Speaking in a nationally televised address, prime
minister Chimediin Saikhanbileg said the expansion would
result in a US$4.2 billion investment in Mongolia, AFP
reported.
Oyu Tolgoi mine, Mongolia
mining.com - A new report by Thomson Reuters GFMS
shows that the gold market is one of the most leveraged
financial markets with trading volumes many multiples of
annual mine output. Global trading volumes in 2014 was
three times more than the 183,600 tonnes of the precious
metal that have been produced in human history. At an
estimated $22 trillion trading value per year, the gold market
dwarves turnover on the Dow Jones Industrial Index and
that of the S&P 500 combined, German and UK government
bonds and even some of the top currency pairs.
Funding, Mergers & Acquisitions
mining.com - There were signs of life for mining M&A last
year with a new SNL Mining and Metals report showing
transactions for base metals and gold assets almost
doubled last year. A total of 73 acquisitions that were
individually valued at over $10 million brought the value of
deals last year to $21.6 billion, compared with $11.9 billion
in 2013. That said, despite the near doubled year-on-year
increase, 2014's total was the third lowest in the past ten
years, with only 2013 and 2009 (less than $15bn) being
lower.
Quebec is now ready to pull the trigger on its C$1 billion
fund dedicated to buying equity stakes in mining and other
natural resources projects reports Bloomberg.
mining.com - Former Xstrata boss Mick Davis is said to be
finalizing talks with a Toronto-listed miner, in a deal that
could kick-off a long awaited buying spree by his $5.6 billion
X2 Resources fund. The most likely targets were Hudbay
Minerals (TSE:HBM), Capstone Mining (TSE:CS) and
Imperial Metals (TSE:III). Over the weekend, it transpired
that the mining veteran might have approached Barrick Gold
(TSE:ABX) for either acquiring some of the gold giant assets
currently up for sale or a potential partnership, FT.com
reported.
Australian Treasurer Joe Hockey told business
representatives he would not allow Glencore to merge with

3. Oz Metals
25th
Edition – 12th
Apr 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
Rio Tinto on the back of tax implications, particularly losing
tax revenues as Rio Tinto stands as one of the country's
biggest tax payers, Reuters wrote, citing a person familiar
with the treasurer's comments.
Prairie Mining has entered into an agreement allowing
Marindi Metals Pty Ltd to earn a 100% interest in the
company's Base Metals Project located in the Pilbara region
of Western Australia. The agreement will replace a previous
farm-in agreement between the companies inked in October
2013, which required Marindi to keep the licenses in good
standing for three years and meet a series of expenditure
commitments to earn up to a 100% interest in the project.
Marindi can now earn a 100% interest by electing to pay
A$500,000 in cash within 60 days and a further A$1 million
in cash or shares by Sept. 30, 2016, with Prairie retaining a
2.5% net smelter royalty. Prairie plans to focus on its Lublin
coal project in Poland.
Bauxite Sector
Source: Bloomberg, SNL Metals & Mining, Terra Studio
Lithium-Tantalum Sector
Source: SNL Metals & Mining, Terra Studio
Tin Sector
Source: SNL Metals & Mining
Nickel Sector
Source: SNL Metals & Mining
Copper Producers
Source: SNL Metals & Mining
Copper Developers & Explorers
Source: SNL Metals & Mining, Terra Studio
Zinc & Poly-metallic Sector
Source: SNL Metals & Mining
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABX Australian Bauxite 0.34 ▼ (3%) 11% 43 5 38
BAU Bauxite Resources 0.077 ▼ (13%) (21%) 18 25 (7)
CAY Canyon Resources 0.045 — 0% (10%) 6 1 5
MLM Metallica Minerals 0.070 ▲ 1% 27% 12 1 11
MMI Metro Mining 0.080 ▲ 19% 196% 23 8 16
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AJM Altura Mining 0.016 ▼ (20%) (75%) 7 3 7
GXY Galaxy Resources 0.032 ▼ (3%) 28% 34 13 127
ORE Orocobre 2.19 ▼ (2%) (21%) 332 26 333
PLS Pilbara Minerals Ltd. 0.038 ▼ (3%) (10%) 23 2 20
RDR Reed Resources 0.065 ▲ 63% 71% 33 7 30
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
CSD Consolidated Tin Mines 0.042 — 0% 2% 12 0 11
ELT Elementos 0.010 ▲ 25% 25% 8 1 7
KAS Kasbah Resources 0.035 ▼ (5%) (35%) 16 4 10
MLX Metals X 1.30 ▲ 3% 66% 541 57 434
MOO Monto Minerals 0.001 — 0% (50%) 1 1 1
SRZ Stellar Resources 0.035 — 0% 21% 11 4 8
VMS Venture Minerals 0.025 ▼ (4%) (19%) 7 7 3
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
IGO Independence Group 5.03 ▼ (3%) 14% 1,178 57 1,087 NA
MBN Mirabella Nickel 0.100 ▼ (17%) 245% 93 18 197 0.4x
MCR Mincor Resources 0.63 ▼ (4%) 7% 118 26 99 NA
PAN Panoramic Resources 0.44 ▼ (10%) 5% 141 64 83 1.1x
WSA Western Areas 3.06 ▼ (9%) (18%) 712 231 661 NA
AVQ Axiom Mining 0.165 — 0% (27%) 40 2 37 NM
CZI Cassini Resources 0.07 ▼ (13%) (42%) 8 8 6 NA
DKM Duketon Mining 0.18 ▲ 3% (33%) 14 7 7 NA
LEG Legend Mining 0.008 — 0% 14% 16 7 9 NM
MAT Matsa Resources 0.190 ▲ 9% 12% 27 3 27 NA
MLM Metallica Minerals 0.070 ▲ 1% 27% 12 1 11 NA
PIO Pioneer Resources 0.018 — 0% 38% 12 1 10 NA
POS Poseidon Nickel 0.11 ▼ (9%) (13%) 72 4 88 NA
SEG Segue Resources 0.005 ▼ (17%) 0% 10 1 9 NA
SGQ St George Mining 0.073 ▼ (4%) 16% 8 1 7 NA
SIR Sirius Resources 2.49 ▼ (4%) (3%) 851 59 605 NM
TLM Talisman Mining 0.16 — 0% 3% 21 16 6 NA
WIN Winward Resources 0.36 ▲ 4% 125% 39 6 35 NA
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
ABY Aditya Birla Minerals 0.19 — 0% (5%) 58 137 (46) NA
HGO Hillgrove Resources 0.35 ▼ (1%) (22%) 52 9 62 1.3x
KBL KBL Mining 0.022 ▲ 5% (27%) 11 7 34 NA
MWE Mawson West 0.040 — 0% (20%) 16 21 67 NM
OZL OZ Minerals 3.83 ▼ (0%) 10% 1,162 219 944 2.7x
PNA PanAust 1.75 ▲ 1% 24% 1,134 74 1,358 NM
SFR Sandfire Resources 4.24 ▼ (6%) (7%) 661 58 746 NA
SRQ Straits Resources 0.005 ▲ 25% 0% 6 13 163 NA
TGS Tiger Resources 0.055 ▲ 4% (58%) 63 80 274 5.8x
985 CST Mining 0.055 ▲ 15% 25% 1,490 136 397 0.9x
1208 MMG 3.07 ▲ 17% 28% 16,239 251 87,896 15.1x
3993 China Molybdenum 8.28 ▲ 27% 84% 73,880 9,326 75,439 19.7x
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AOH Altona Mining 0.100 ▼ (9%) (58%) 53 129 (75)
ARE Argonaut Resources 0.009 ▼ (10%) (44%) 4 1 3
AVB Avanco Resources 0.070 ▼ (5%) (8%) 116 20 97
AVI Avalon Minerals 0.030 ▲ 11% 50% 5 1 4
AZS Azure Minerals 0.014 — 0% (42%) 14 1 0
CDU CuDeco (suspended) 1.41 — 0% (28%) 384 7 439
CVV Caravel Minerals 0.007 — 0% (13%) 5 1 5
ENR Encounter Resources 0.09 ▼ (15%) (28%) 13 4 10
ERM Emmerson Resources 0.025 ▼ (11%) (19%) 9 2 7
FND Finders Resources 0.16 ▲ 3% 7% 106 48 106
GCR Golden Cross Resources 0.060 ▼ (2%) (14%) 6 2 5
GPR Geopacific Resources 0.035 ▼ (3%) (33%) 14 4 9
HAV Havilah Resources 0.23 ▼ (8%) 64% 36 3 33
HCH Hot Chili 0.12 — 0% (28%) 40 6 46
HMX Hammer Metals 0.085 ▲ 13% 4% 9 1 8
IAU Intrepid Mines 0.12 ▲ 5% (15%) 43 74 (31)
KDR Kidman Resources 0.040 — 0% (40%) 5 3 4
KGL KGL Resources 0.14 ▼ (10%) (38%) 20 9 11
MEP Minotaur Exploration 0.09 ▼ (6%) (35%) 17 5 11
MNC Metminco 0.005 ▼ (10%) (44%) 9 1 8
MTH Mithril Resources 0.006 ▲ 20% (14%) 3 2 1
PEX Peel Mining 0.073 ▼ (9%) 6% 10 3 8
RDM Red Metal 0.041 ▼ (9%) (49%) 7 2 3
RER Regal Resources 0.040 ▼ (11%) (13%) 9 2 6
RTG RTG Mining 0.540 ▼ (2%) (7%) 70 2 67
RXM Rex Minerals 0.084 ▼ (1%) (24%) 19 3 11
SMD Syndicated Metals 0.020 ▲ 5% (38%) 5 2 4
SRI Sipa Resources 0.075 ▼ (5%) 103% 47 4 46
SUH Southern Hemisphere 0.010 ▼ (17%) (77%) 2 2 2
THX Thundelarra Resources 0.089 ▲ 31% (19%) 28 7 21
XAM Xanadu Mines 0.100 — 0% 0% 37 8 37
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AQR Aeon Metals 0.081 ▲ 16% (19%) 25 5 36
DGR DGR Global 0.040 ▼ (9%) 25% 17 0 18
HRR Heron Resources 0.13 ▲ 4% 0% 45 28 20
IBG Ironbark Zinc 0.094 ▲ 13% 18% 42 3 38
IPT Impact Minerals 0.013 — 0% (46%) 7 1 5
IVR Investigator Resources 0.011 ▼ (8%) (31%) 5 3 0
MRP MacPhersons Resources 0.115 ▼ (8%) (8%) 36 5 31
PNX Phoenix Copper 0.017 — 0% (43%) 6 3 3
RDM Red Metal 0.041 ▼ (9%) (49%) 7 8 (1)
RVR Red River Resources 0.14 — 0% 27% 25 4 21
RXL Rox Resources 0.030 — 0% 7% 26 3 23
TZN Terramin Australia 0.115 ▼ (12%) 5% 174 1 173
VAR Variscan Mines 0.020 — 0% (19%) 5 2 2
VXR Venturex Resources 0.004 — 0% (20%) 6 1 5

4. Oz Metals
25th
Edition – 12th
Apr 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 Metals & Mining
Gold Developers & Explorers
Source: SNL Metals & Mining, Terra Studio
For further information, please contact:
J-François Bertincourt
+61 406 998 779
jf@terrastudio.biz
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
AGD Austral Gold 0.08 ▼ (10%) (38%) 39 NA 30 NA
ALK Alkane Resources 0.28 ▼ (8%) 27% 116 16 97 NA
AMI Aurelia Metals 0.25 — 0% 4% 97 22 198 NA
BDR Beadell Resources 0.21 ▼ (18%) (7%) 168 13 273 4.2x
BOK Black Oak Minerals 0.40 ▲ 5% 48% 18 11 32 NA
DRM Doray Minerals 0.44 ▼ (4%) (8%) 105 16 104 NA
EVN Evolution Mining 0.89 ▲ 1% 37% 634 32 764 3.7x
IGO Independence Group 5.03 ▼ (3%) 14% 1,178 57 1,087 NA
KCN Kingsgate Consolidated 0.71 ▼ (1%) 7% 158 54 241 NA
KRM Kingsrose Mining 0.22 ▲ 2% (14%) 79 7 90 NA
LSA Lachlan Star 0.024 — 0% 20% 4 2 22 NA
MIZ Minera Gold 0.002 — 0% (33%) 6 0 11 NA
MLX Metals X 1.30 ▲ 3% 66% 541 57 434 NA
MML Medusa Mining 0.93 ▼ (3%) 43% 193 13 186 NA
MOY Millennium Minerals 0.028 — 0% (24%) 6 2 42 NM
NCM Newcrest Mining 14.06 ▲ 2% 29% 10,777 141 15,194 NA
NGF Norton Gold Fields 0.23 ▲ 15% 84% 214 19 342 5.3x
NST Northern Star Resources 2.29 ▼ (3%) 54% 1,357 82 1,329 NA
OGC OceanaGold Corp. 2.54 — 0% 26% 771 NA 855 2.8x
PGI PanTerra Gold 0.150 ▼ (21%) (17%) 13 3 76 NM
PRU Perseus Mining 0.29 ▼ (5%) 12% 153 37 119 2.1x
RMS Ramelius Resources 0.145 ▲ 26% 184% 68 12 51 NA
RRL Regis Resources 1.30 ▲ 1% (33%) 650 7 659 NA
RSG Resolute Mining 0.27 ▼ (9%) 0% 170 19 201 NA
SAR Saracen Mineral Holdings 0.43 ▼ (1%) 69% 341 36 321 NA
SBM St Barbara 0.32 ▲ 43% 200% 156 79 479 NA
SLR Silver Lake Resources 0.19 ▼ (3%) (5%) 93 24 100 NA
TBR Tribune Resources 3.55 ▲ 6% 34% 178 11 192 11.2x
TRY Troy Resources 0.47 ▼ (3%) 1% 91 43 131 NA
UML Unity Mining 0.010 ▼ (5%) 36% 11 7 (1) NA
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AYC A1 Consolidated 0.035 — 0% (13%) 10 0 9
ABU ABM Resources 0.23 — 0% (20%) 79 11 68
AWV Anova Metals 0.046 ▲ 2% 70% 13 1 12
AZM Azumah Resources 0.027 ▲ 35% 35% 11 4 9
BLK Blackham Resources 0.155 ▲ 3% 204% 28 3 25
BSR Bassari Resources 0.011 — 0% (8%) 14 0 15
CHN Chalice Gold Mines 0.12 ▼ (4%) 14% 34 43 (9)
CHZ Chesser Resources 0.033 ▼ (3%) (8%) 7 1 3
DCN Dacian Gold 0.47 — 0% 68% 45 8 38
EXC Exterra Resources 0.012 — 0% (8%) 2 1 2
EXG Excelsior Gold 0.099 ▲ 4% 62% 46 2 45
FML Focus Minerals 0.007 ▲ 8% (7%) 59 9 50
GCY Gascoyne Resources 0.091 — 0% 28% 16 1 16
GMR Golden Rim Resources 0.009 ▼ (15%) 70% 12 1 12
GOR Gold Road Resources 0.35 ▲ 3% 43% 208 21 187
GRY Gryphon Minerals 0.060 ▼ (10%) (6%) 24 34 0
IDC Indochine Mining 0.006 — 0% (50%) 8 0 10
KGD Kula Gold 0.043 ▼ (4%) (2%) 11 3 9
MSR Manas Resources 0.016 ▼ (6%) 14% 8 0 8
MUX Mungana Goldmines 0.130 ▲ 8% 4% 31 5 36
OGX Orinoco Gold 0.075 ▼ (9%) 27% 11 1 10
PNR Pacific Niugini 0.080 ▲ 14% 60% 31 1 30
PXG Phoenix Gold 0.085 ▼ (6%) (13%) 36 6 30
RED Red 5 0.100 ▼ (5%) 9% 76 38 58
RNI Resource & Investment 0.050 ▼ (36%) (33%) 25 5 42
RNS Renaissance Minerals 0.041 — 0% (37%) 16 4 12
SAU Southern Gold 0.012 ▼ (8%) 50% 6 1 6
SIH Sihayo Gold 0.012 ▲ 9% 50% 14 0 9
TAM Tanami Gold 0.032 ▲ 19% 129% 38 1 48
WAF West African Resources 0.068 ▼ (3%) (32%) 18 3 18
WPG WPG Resources 0.035 ▼ (5%) (8%) 10 3 6