Only a few weeks ago, the A$ zinc price reached a 5-year high. As at Friday close, it jumped to a 7-year high. The copper price jumped also, while official inventories are decreasing again.

1. Oz Metals
28th
Edition – 3rd
May 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
A$ ZINC PRICE JUMPS TO 7-YEAR HIGH
Base Metals & Precious Metals Fundamentals
Sources: COMEX, LME, RBA, SHFE
$50
$55
$60
$65
$70
$75
$80
Apr-14 Jul-14 Oct-14 Jan-15
CIFPriceofChineseImports
Bauxite
US$/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
$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$
$6.00
$7.00
$8.00
$9.00
$10.00
$11.00
$12.00
0
3
6
9
12
15
18
Apr-14 Jul-14 Oct-14 Jan-15 Apr-15
$/lb
ThousandTonnes
Tin
Inventory US$ A$
$0.80
$0.90
$1.00
$1.10
$1.20
$1.30
$1.40
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
28th
Edition – 3rd
May 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
The global refined copper market is expected to see a
surplus of 365,000 tonnes this year, down from a 595,000 t
surplus estimated in April 2014, according to the
International Copper Study Group (ICSG). Last October, the
ICSG revised down the surplus for this year to 390,000
tonnes. The copper market could show a second
consecutive surplus in 2016, but this is expected to be lower
at 230,000 tonnes as demand growth outpaces production
growth. Terra Studio’s review indicates that higher surpluses
forecasted by the ICSG at the same period in 2013 and
2014 for the corresponding year turned into actual deficits.
Thomson Reuters - Pure-play silver miners, a niche
investment market popular with retail investors, are moving
up the endangered list. Buffeted by a 68% plunge in the
price of silver since 2011, miners who traditionally made
most of their money from silver are increasingly diversifying
into gold, buying mines that have been put up for sale and
looking to acquire more.
Thomson Reuters - The Philippines' mining industry
regulator said on Monday two new nickel mines would help
boost production of the country's top metal export this year,
but prices may remain weak amid tepid demand from top
consumer China. The Southeast Asian country was last
year's biggest nickel ore supplier to China's producers of
nickel pig iron, used in stainless steel production, after
previous top supplier Indonesia banned exports of
unprocessed metallic minerals.
Funding, Mergers & Acquisitions
mining.com - Rio Tinto, the world’s second largest mining
company, is ready to restart looking for deals, but only if it
can secure the right asset at the correct valuation and win
investor support, analysts and banking sources say.
Newmont Mining has inked a nonbinding letter of intent to
sell its Newmont Waihi Gold unit to Oceana Gold for cash
proceeds of US$101 million and a US$5 million contingent
payment. In addition, Newmont will retain a 1% net smelter
royalty on a recent discovery north of Waihi's current
operations at its namesake Waihi gold mine in New Zealand.
Following the execution of a definitive acquisition agreement,
fulfillment of all conditions precedent and receipt of
necessary board and regulatory approvals, Oceana Gold
will acquire all of Waihi's open pit and underground mining
assets and liabilities, including all social, environmental and
employee obligations. Both parties have agreed to complete
due diligence and target execution of a definitive acquisition
agreement in mid-May.
According to a report by The Australian Financial Review,
the Cowal gold mine would fit OZ Minerals' new criteria of
seeking acquisitions outside its primary commodity, copper.
Kidman Resources has agreed to acquire the Burbanks gold
mine located near Coolgardie in Western Australia in a
move, which will see it generating production and cashflow
within the September quarter. Under the agreement,
Kidman will pay private company Blue Tiger Mines Pty Ltd
$3 million for an 80% stake in the Burbanks mine and the
nearby Coolgardie North gold project, which includes the
Gunga open pit mine. Kidman will also inject $2.4 million to
a total working capital pool of $3 million to help fund
resource definition drilling and the stage one mining plan at
Burbanks.
Mungana Goldmines has received an off-market takeover
offer from Auctus Chillagoe Pty Ltd, to acquire all of the
ordinary shares of Mungana Goldmines for 13.5 Australian
cents per share in cash. The offer represents a 29%
premium to the April 28 closing price of Mungana shares on
the ASX.
St Barbara has signed a deed of sale for the Gold Ridge
project and a number of associated subsidiaries to a
Solomon Islands company associated with local landowners
for a nominal purchase price and on confidential terms.
Thor Mining is moving to full ownership of the Spring Hill
gold property in the Northern Territory. The company has
agreed on terms to acquire the 49% interest in Spring Hill
that it does not already own from Western Desert
Resources subsidiary WDR Gold Pty Ltd, which is currently
in receivership. Consideration has been agreed at
A$210,000 plus A$100,000 worth of Thor Mining CHESS
depository interests.
Bauxite Sector
Source: Bloomberg, SNL Metals & Mining, Terra Studio
Zinc & Poly-metallic Sector
Source: SNL Metals & Mining
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABX Australian Bauxite 0.32 ▼ (9%) 3% 40 4 36
BAU Bauxite Resources 0.082 ▲ 2% (16%) 19 24 (5)
CAY Canyon Resources 0.040 — 0% (20%) 5 1 4
MLM Metallica Minerals 0.066 ▲ 16% 20% 11 2 9
MMI Metro Mining 0.086 ▲ 8% 219% 25 5 20
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 0.085 ▲ 6% (15%) 26 3 38
DGR DGR Global 0.033 — 0% 3% 14 23 15
HRR Heron Resources 0.13 ▲ 4% 4% 47 26 21
IBG Ironbark Zinc 0.120 ▲ 4% 50% 53 3 50
IPT Impact Minerals 0.017 ▼ (15%) (29%) 10 1 7
IVR Investigator Resources 0.012 — 0% (25%) 6 5 1
MRP MacPhersons Resources 0.096 ▼ (13%) (23%) 30 5 25
PNX Phoenix Copper 0.017 — 0% (43%) 6 2 5
RDM Red Metal 0.040 — 0% (51%) 7 4 3
RVR Red River Resources 0.17 ▲ 18% 50% 29 4 25
RXL Rox Resources 0.028 ▼ (3%) 0% 24 3 21
TZN Terramin Australia 0.110 ▲ 22% 0% 167 1 212
VAR Variscan Mines 0.012 ▲ 9% (51%) 4 1 4
VXR Venturex Resources 0.005 ▲ 25% 0% 8 1 6

3. Oz Metals
28th
Edition – 3rd
May 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
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
Gold Producers
Source: SNL Metals & Mining
Gold Developers & Explorers
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$m)
CSD Consolidated Tin Mines 0.054 ▲ 4% 32% 15 3 15
ELT Elementos 0.007 ▼ (13%) (13%) 5 1 4
KAS Kasbah Resources 0.034 ▲ 10% (37%) 15 3 9
MLX Metals X 1.50 ▲ 11% 91% 624 57 517
MOO Monto Minerals 0.004 — 0% 100% 5 1 5
SRZ Stellar Resources 0.032 ▼ (3%) 10% 10 3 7
VMS Venture Minerals 0.020 — 0% (35%) 6 4 2
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
IGO Independence Group 5.90 ▲ 4% 33% 1,382 57 1,291
MBN Mirabella Nickel 0.140 ▲ 8% 383% 130 21 232
MCR Mincor Resources 0.60 ▲ 3% 3% 113 26 95
PAN Panoramic Resources 0.55 ▲ 14% 30% 175 64 116
WSA Western Areas 3.77 ▲ 8% 1% 877 231 826
AVQ Axiom Mining 0.275 ▲ 15% 22% 66 1 65
CZI Cassini Resources 0.07 ▲ 3% (38%) 8 3 6
DKM Duketon Mining 0.18 ▲ 9% (31%) 14 7 7
LEG Legend Mining 0.007 ▼ (7%) 0% 14 7 7
MAT Matsa Resources 0.180 ▲ 9% 6% 26 0 26
MLM Metallica Minerals 0.066 ▲ 16% 20% 11 2 8
PIO Pioneer Resources 0.018 ▲ 6% 38% 12 2 10
POS Poseidon Nickel 0.14 ▲ 8% 13% 92 8 109
SEG Segue Resources 0.005 — 0% 0% 10 1 10
SGQ St George Mining 0.065 ▼ (16%) 3% 7 1 6
SIR Sirius Resources 2.90 ▲ 10% 13% 991 210 745
TLM Talisman Mining 0.16 — 0% 0% 20 15 6
WIN Winward Resources 0.16 ▲ 7% 0% 17 4 14
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
ABY Aditya Birla Minerals 0.20 ▲ 5% 0% 61 137 (43) NA
HGO Hillgrove Resources 0.34 — 0% (24%) 50 9 60 1.3x
KBL KBL Mining 0.022 ▼ (12%) (27%) 11 7 34 NA
MWE Mawson West 0.047 ▼ (18%) (10%) 19 26 71 NM
OZL OZ Minerals 4.73 ▲ 8% 36% 1,435 219 1,217 3.5x
PNA PanAust 1.76 ▲ 1% 24% 1,137 90 1,357 NM
SFR Sandfire Resources 5.02 ▲ 5% 10% 785 58 870 NA
SRQ Straits Resources 0.008 ▲ 100% 60% 10 13 166 NA
TGS Tiger Resources 0.063 ▲ 24% (52%) 72 80 279 6.1x
985 CST Mining 0.016 ▼ (5%) 125% 439 146 260 3.7x
1208 MMG 0.54 ▲ 4% 39% 2,881 307 14,603 15.4x
3993 China Molybdenum 1.27 ▼ (3%) 73% 14,378 1,834 14,938 NA
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AOH Altona Mining 0.105 — 0% (56%) 56 48 9
ARE Argonaut Resources 0.007 — 0% (56%) 3 1 2
AVB Avanco Resources 0.079 — 0% 4% 131 16 111
AVI Avalon Minerals 0.031 ▲ 11% 55% 6 3 4
AZS Azure Minerals 0.014 — 0% (42%) 14 1 13
CDU CuDeco (suspended) 1.41 S (28%) 384 16 450
CVV Caravel Minerals 0.011 ▲ 38% 38% 8 1 8
ENR Encounter Resources 0.14 ▲ 13% 4% 18 2 16
ERM Emmerson Resources 0.034 ▲ 13% 10% 13 3 10
FND Finders Resources 0.16 ▲ 3% 3% 102 28 103
GCR Golden Cross Resources 0.060 ▲ 2% (14%) 6 1 5
GPR Geopacific Resources 0.038 — 0% (27%) 15 4 11
HAV Havilah Resources 0.26 ▼ (7%) 86% 41 3 39
HCH Hot Chili 0.12 ▲ 15% (28%) 40 5 46
HMX Hammer Metals 0.075 ▼ (11%) (9%) 8 1 7
IAU Intrepid Mines 0.13 ▲ 13% (4%) 48 71 23
KDR Kidman Resources 0.069 ▲ 30% 3% 8 1 7
KGL KGL Resources 0.15 ▲ 3% (33%) 21 8 12
MEP Minotaur Exploration 0.08 ▼ (7%) (45%) 14 4 8
MNC Metminco 0.005 ▼ (10%) (44%) 9 1 8
MTH Mithril Resources 0.006 ▲ 20% (14%) 3 1 1
PEX Peel Mining 0.084 — 0% 22% 11 2 9
RDM Red Metal 0.040 — 0% (51%) 7 4 3
RER Regal Resources 0.040 ▼ (11%) (13%) 9 2 6
RTG RTG Mining 0.609 ▼ (6%) 0% 82 11 79
RXM Rex Minerals 0.110 ▲ 28% 0% 24 13 17
SMD Syndicated Metals 0.023 ▼ (21%) (28%) 6 1 5
SRI Sipa Resources 0.083 ▼ (2%) 124% 52 1 51
SUH Southern Hemisphere 0.011 ▲ 10% (74%) 3 1 2
THX Thundelarra Resources 0.095 — 0% (14%) 30 6 23
XAM Xanadu Mines 0.105 ▲ 17% 5% 39 6 39
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AGD Austral Gold 0.16 ▲ 7% 23% 77 5 68
ALK Alkane Resources 0.27 ▼ (16%) 20% 110 16 91
AMI Aurelia Metals 0.26 — 0% 6% 99 22 200
BDR Beadell Resources 0.22 ▼ (4%) (4%) 172 13 277
BOK Black Oak Minerals 0.38 ▲ 7% 39% 17 3 29
DRM Doray Minerals 0.47 ▲ 4% (3%) 111 16 110
EVN Evolution Mining 0.99 ▼ (2%) 53% 706 32 815
IGO Independence Group 5.90 ▲ 4% 33% 1,382 57 1,291
KCN Kingsgate Consolidated 0.73 ▲ 3% 10% 162 54 245
KRM Kingsrose Mining 0.31 ▲ 22% 20% 109 7 120
LSA Lachlan Star 0.024 — 0% 20% 4 2 22
MIZ Minera Gold 0.002 — 0% (33%) 6 0 11
MLX Metals X 1.50 ▲ 11% 91% 624 57 517
MML Medusa Mining 0.91 ▲ 2% 39% 188 14 181
MOY Millennium Minerals 0.030 ▲ 11% (19%) 7 2 42
NCM Newcrest Mining 14.46 ▲ 2% 33% 11,084 141 15,501
NGF Norton Gold Fields 0.23 ▲ 18% 84% 214 19 342
NST Northern Star Resources 2.15 ▼ (4%) 44% 1,274 82 1,246
OGC OceanaGold Corp. 2.51 ▲ 5% 18% 761 63 819
PGI PanTerra Gold 0.185 ▲ 9% 3% 16 3 77
PRU Perseus Mining 0.37 ▼ (4%) 40% 192 37 158
RMS Ramelius Resources 0.135 ▼ (4%) 165% 63 12 46
RRL Regis Resources 1.25 ▼ (0%) (35%) 625 7 634
RSG Resolute Mining 0.33 ▲ 8% 23% 208 19 239
SAR Saracen Mineral Holdings 0.45 ▲ 2% 76% 357 36 337
SBM St Barbara 0.47 ▲ 22% 343% 230 79 553
SLR Silver Lake Resources 0.18 ▼ (3%) (10%) 88 24 95
TBR Tribune Resources 3.45 ▼ (2%) 30% 173 11 187
TRY Troy Resources 0.41 ▼ (12%) (12%) 79 43 119
UML Unity Mining 0.012 ▲ 9% 71% 14 7 2
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AYC A1 Consolidated 0.028 ▼ (18%) (30%) 8 0 7
ABU ABM Resources 0.26 ▲ 6% (10%) 89 23 78
AWV Anova Metals 0.043 ▼ (14%) 59% 13 1 11
AZM Azumah Resources 0.024 — 0% 20% 9 3 8
BLK Blackham Resources 0.14 ▲ 4% 175% 25 0 25
BSR Bassari Resources 0.012 ▲ 20% 0% 16 (0) 16
CHN Chalice Gold Mines 0.12 — 0% 14% 34 41 (9)
CHZ Chesser Resources 0.033 — 0% (8%) 7 8 3
DCN Dacian Gold 0.42 ▼ (3%) 50% 40 7 33
EXG Excelsior Gold 0.090 ▼ (5%) 48% 42 2 41
FML Focus Minerals 0.007 — 0% (7%) 59 80 50
GCY Gascoyne Resources 0.080 ▼ (6%) 13% 14 1 14
GMR Golden Rim Resources 0.008 ▼ (11%) 60% 12 1 11
GOR Gold Road Resources 0.35 — 0% 43% 208 19 187
GRY Gryphon Minerals 0.065 ▲ 12% 2% 26 20 2
KGD Kula Gold 0.040 ▼ (7%) (9%) 10 1 8
MSR Manas Resources 0.014 — 0% 0% 7 0 7
MUX Mungana Goldmines 0.150 ▲ 67% 20% 36 2 41
OGX Orinoco Gold 0.070 ▼ (3%) 20% 11 1 12
PNR Pacific Niugini 0.070 ▼ (7%) 40% 27 11 27
PXG Phoenix Gold 0.088 ▲ 31% (10%) 37 7 32
RED Red 5 0.100 ▼ (9%) 9% 76 13 58
RNI Resource & Investment 0.045 — 0% (40%) 23 0 39
RNS Renaissance Minerals 0.040 ▲ 11% (38%) 16 4 12
SAU Southern Gold 0.013 ▲ 18% 63% 7 1 8
SIH Sihayo Gold 0.014 ▼ (13%) 75% 16 0 11
TAM Tanami Gold 0.032 — 0% 129% 38 1 47
WAF West African Resources 0.070 ▼ (1%) (30%) 19 6 19
WPG WPG Resources 0.034 ▼ (3%) (11%) 9 2 7

4. Oz Metals
28th
Edition – 3rd
May 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
Specialty Metals Sector
Source: SNL Metals & Mining
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)
AJM Altura Mining (Li-Ta) 0.011 ▼ (7%) (81%) 5 1 5
ALK Alkane Resources (RE) 0.27 ▼ (16%) 20% 110 16 91
ARU Arafura Resources (RE) 0.056 ▼ (7%) 17% 25 19 6
CNQ Carbine Tungsten (WO3) 0.14 ▲ 12% 8% 43 1 43
GXY Galaxy Resources (Li) 0.033 ▲ 6% 32% 35 3 128
KNL Kibaran Resources (C) 0.19 ▼ (3%) 23% 28 1 26
LMB Lamboo Resources (C) 0.085 ▼ (7%) (51%) 13 0 12
LML Lincoln Minerals (C) 0.045 ▲ 13% (24%) 12 1 10
LYC Lynas Corp. (RE) 0.044 ▼ (6%) (35%) 148 44 585
NMT Neometals (Li) 0.090 ▲ 13% 137% 45 9 43
ORE Orocobre (Li) 2.52 ▲ 18% (9%) 382 66 383
PEK Peak Resources (RE) 0.084 ▼ (8%) 17% 28 5 30
PLS Pilbara Minerals (Li-Ta) 0.051 ▲ 46% 21% 31 1 30
SBU Siburan Resources (WO3) 0.046 — 0% (10%) 11 2 9
SFX Sheffield Resources (MS) 0.74 — 0% (1%) 99 6 94
SHE Stonehenge Metals (WO3) 0.037 ▼ (18%) 825% 31 1 30
SYR Syrah Resources (C) 3.90 ▲ 5% 22% 644 15 628
TLG Talga Resources (C) 0.40 ▲ 7% 67% 55 3 53
TNG TNG (WO3) 0.16 — 0% 94% 97 4 90
TON Triton Minerals (C) 0.38 ▼ (10%) 103% 125 1 123
VML Vital Metals (WO3) 0.040 ▲ 5% 38% 12 1 15
VXL Valence Industries (C) 0.36 ▲ 1% (34%) 55 3 47
WLF Wolf Minerals (WO3) 0.39 ▲ 1% 43% 311 43 308
YRR Yellow Rock Resources (V2O5) 0.011 ▲ 10% 22% 8 4 5