- The global gold mining industry is showing signs of recovery as merger activity has picked up, with almost $3 billion in gold mining mergers and acquisitions in the first five months of 2015. - Mining companies are consolidating and restructuring as gold prices remain weak, with mature assets being acquired and the next tier of targets coming into play. - The document provides an overview of market fundamentals, major company developments, and M&A activity across base metals and precious metals.

1. Oz Metals
35th
Edition – 28th
June 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
$3 BILLION M&A GOLD DEALS SINCE JANUARY
Base Metals & Precious Metals Fundamentals
Source: COMEX, LME, Metal Prices, RBA, SHFE, Terra Studio
$50
$55
$60
$65
$70
$75
$80
Jul-14 Oct-14 Jan-15
CIFPriceofChineseImports
Bauxite
$A/t US$/t
$2.0
$2.3
$2.6
$2.9
$3.2
$3.5
$3.8
$4.1
0
100
200
300
400
500
600
700
Jul-14 Oct-14 Jan-15 Apr-15
ThousandTonnes
Copper
SHFE COMEX
LME US$/lb
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
Jul-14 Oct-14 Jan-15 Apr-15
Gold
A$/oz
US$/oz
$5
$6
$7
$8
$9
$10
0
100
200
300
400
500
Jul-14 Oct-14 Jan-15 Apr-15
$/lb
ThousandTonnes
Nickel
LME US$ A$
$0.25
$0.50
$0.75
$1.00
$1.25
$1.50
0
100
200
300
400
500
Jul-14 Oct-14 Jan-15 Apr-15
$/lb
ThousandTonnes
Lead
SHFE (kt) LME (kt)
US$/lb A$/lb
$0.80
$0.90
$1.00
$1.10
$1.20
$1.30
$1.40
0
200
400
600
800
1,000
1,200
Jul-14 Oct-14 Jan-15 Apr-15
$/lb
ThousandTonnes
Zinc
SHFE (kt) LME (kt)
US$/lb A$/lb

2. Oz Metals
35th
Edition – 28th
June 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
Data from the International Copper Study Group showed
that the global refined copper market saw a surplus of
167,000 tonnes in the first quarter of the year, compared
with a deficit of 233,000 tonnes last year.
Reuters - The London Metal Exchange is looking to make
its membership rules more flexible in a bid to attract more
players and "maximize liquidity and participation" on the
exchange.
Thomson Reuters - Guinea and its state miner have
signed infrastructure sharing agreements with two of the
country's leading mining companies in an effort to
accelerate development of large-scale bauxite projects, a
government official and one of the companies said. The
accords, hammered out during negotiations in Paris, detail
how key infrastructure, including a railway and port in the
northwestern Boké region, will be shared.
Thomson Reuters - Buyers in China domestic market have
paid the highest premiums this week for spot refined
copper since January as supplies fell this month and
demand rose from makers of copper rods, tubes and cable,
traders said. The strong premiums could prompt importers
to sell more of their bonded warehouse stocks into the
local market, cutting stockpiles at ports and driving up
demand for more shipments.
Thomson Reuters - Expectations that falling stocks of
copper in exchange-registered warehouses signpost
stronger consumption and higher prices are likely to be
disappointed, as metal leaving warehouses does not
translate into usage. Material exiting warehouses
registered with the London Metal Exchange or the
Shanghai Futures Exchange does often augur a
potentially tighter market.
Thomson Reuters - Peru's energy and mines minister said
on Friday that Southern Copper Corp will likely extend its
60-day "pause" of its $1.4 billion Tia Maria project past
mid-July in order to keep building local support. "I think the
company has known for some time that it will have to do
so," Rosa Maria Ortiz said in an interview. Southern
Copper, controlled by Grupo Mexico, announced the
formal suspension of its already-stalled project on May 15
to quell deadly protests against it.
Reuters - Zambia's deputy minister of mines, said the
government has asked Vedanta Resources unit Konkola
Copper Mines to hold off on the processing of copper
concentrates that it imported from Chile because they had
high levels of arsenic.
Reuters - A Chinese yuan-denominated gold fix will be
launched at the Shanghai Gold Exchange by the end of
2015 in a move aimed at giving China more influence over
the pricing of gold.
Reuters - The Reserve Bank of India is planning to issue
sovereign gold bonds with a minimum 2% interest rate, in
a bid to reduce the imports of physical gold and bring
down the trade deficit.
Metal Bulletin - According to Trafigura, commodities
trading houses do not pose significant systemic risks to
the world's economy in the way that major financial
institutions do, according to a white paper commissioned
by the company.
Thomson Reuters - Growth in China's consumption of
refined lead is expected to slow for the rest of the year
due to weaker demand for lead-acid batteries from the
automobile and electric bicycle sectors, according to an
analyst and industry sources. China is the world's biggest
refined lead producer and consumer and slower domestic
demand could prompt smelters to export more metal.
AFR - BHP Billiton Group will cut up to 140 jobs from its
Adelaide offices and has indicated further redundancies at
its Olympic Dam copper-uranium operations in South
Australia as the mining giant continues to reduce costs.
ABC News - The proposed A$500 million redevelopment
of Nyrstar's smelter in South Australia has secured the
future of the region and bolstered the rest of the state.
Bloomberg News - Mining companies including BHP
Billiton, Teck Resources, Vale and Fortescue Metals are
exploring the Woomera Prohibited Area in South Australia,
for an estimated US$27 billion worth of unexplored
minerals. Companies are exploring their licenses in the
area for gold, uranium, oil and other valuable commodities
after Australia's federal government eased access
restrictions in the area in 2014.
Australian Mining reported that the 2015 state budget of
New South Wales, includes A$17 million for expediting the
assessment of mining projects.
A recent Western Australian government trade mission to
Asia has indicated that foreign investment in mining
projects in the state is set to grow, particularly from
Singapore investors, according to an SNL exclusive report.
"[Asia is] where I see much of the next round of

3. Oz Metals
35th
Edition – 28th
June 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
investment coming from and that's why I visited China,
South Korea and Singapore a couple of weeks ago,"
Western Australian Mines and Petroleum Minister Bill
Marmion said.
Thomson Reuters - Slow and cumbersome approval
processes for U.S. mining projects are hindering the
country's ability to compete and meet rising global demand
for minerals from copper to gold, an industry study
released on Thursday shows. The report commissioned by
the National Mining Association found the duplicative
permitting process can delay mining projects by a decade
or longer, potentially deterring companies from investing in
domestic schemes.
Specialty Metals
Cobre Montana said Pilbara Minerals agreed to extend by
seven months the timeline of their memorandum of
understanding aimed at assessing the potential for
developing a lithium mica processing operation in Western
Australia's Pilbara region.
Wolf Minerals commenced ore processing as part of the
wet commissioning of the processing plant at its
Hemerdon tungsten-tin project in Devon, U.K. The
company is on target to deliver the first tungsten
concentrate to its customers in September.
Mining operations at Rio Tinto's Rössing uranium mine in
Namibia will continue beyond 2032 following the discovery
of 20 new pits next to the Husab uranium mine, the
Namibia Press Agency reported, citing Werner Duvenhage,
the mine's managing director.
Funding, Mergers & Acquisitions
The global gold mining industry is showing signs of life as
merger activity picks up and industry veterans set up new
companies and hunt for projects, taking advantage of
weak prices to lay the groundwork for a rebound. Almost
four years after the price of gold began tumbling, cash-
starved and debt-ridden miners are selling, merging or
closing shop, pushing the value of completed gold mining
mergers and acquisitions in the first five months of this
year to $3 billion, twice what it was in the same period in
2014, according to Thomson Reuters GFMS, a metals
research consultancy.
Business Spectator - According to Morgans analysts, the
flurry of M&A activity in the gold resources sector in the
current quarter means that most mature assets have now
been snapped up to a large extent, noting that the next tier
of targets will now come into play.
A Glencore subsidiary executed a share sale agreement
with an affiliate of Indophil Resources to sell its remaining
stake in the Tampakan copper-gold project in the
Philippines.
Reuters - Vale might raise approximately US$1.5 billion by
off-loading a stake in one of its assets in Brazil, according
Rogério Nogueira, head of investor relations. According to
Nogueira, the mining heavyweight is also contemplating
selling between 25% and 30% of its base metals division
in an IPO, a reduction from the previously disclosed range
of 30% to 40%.
Altona Mining. has concluded a binding framework
agreement with Chinese construction firm Sichuan
Railway Investment Group, or SRIG, to establish an
incorporated joint venture over Altona's Cloncurry copper
project in Queensland. SRIG will contribute US$214.5
million in cash for a 60% interest in the joint venture, while
Altona will retain the remaining 40% stake and will
contribute US$38 million in cash. Altona noted that the
deal values the Cloncurry project at US$105 million, on a
pre-cash contribution basis.
Evolution Mining raised A$75 million after it completed the
retail component of its fully underwritten 5-for-13
accelerated renounceable entitlement offer. The offer
aimed to raise up to A$248 million to partly fund the
acquisition of Barrick Gold's Cowal gold mine in New
South Wales, Australia.
Zijin Mining handed Phoenix Gold a takeover offer of
A$47.0 million, or 10 cents per share, after striking a pre-
bid agreement with the ASX-listed miner's largest non-
interested shareholder, Geologic Resource Partners LLC,
giving Zijin a 17.9% stake in the company.
Phoenix Gold called off a shareholder vote over Evolution
Mining 's planned acquisition of a 19.9% stake in Phoenix
Gold following Zijin Mining unsolicited takeover bid.
A1 Consolidated Gold closed its acquisition of the Maldon
gold operations in Victoria, Australia, from Octagonal
Resources.
Ark Mines inked a memorandum of understanding with
Crocodile Gold Corp. subsidiary Crocodile Gold Australia
Operations Pty Ltd to process ore from the company's
Mount Porter gold project in Northern Territory, Australia,
into gold bullion during 2016.
Castle Minerals signed a conditional heads of agreement
with Dundee Precious Metals to form a joint venture over
two of Castle's Wa South concessions in northwestern

4. Oz Metals
35th
Edition – 28th
June 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
Ghana. The agreement covers the Degbiwu prospecting
license and the Gbiniyiri reconnaissance license, which
cover a total of 1,200 square kilometers at Castle's Wa
gold-zinc property.
Southern Hemisphere Mining executed a farm-out option
agreement with Fondo de Inversión Privado EPG
Exploración Minera on the Mantos Grandes copper-gold
project in central Chile. EPG Exploración will sole fund
US$1.2 million worth of exploration expenditure to earn a
50.1% interest in the project.
For further information, please contact:
J-François Bertincourt
+61 406 998 779
jf@terrastudio.biz