The document is a newsletter from Terra Studio providing a summary of developments in base and precious metals markets. It discusses China's plans to establish a yuan gold price benchmark as a step to increase Asia's influence over gold pricing. It also summarizes news about production volumes for copper, gold and other metals, as well as financing deals and acquisitions in the mining industry. The newsletter is presented in good faith but readers are advised to seek their own professional investment advice.

1. Oz Metals
36th
Edition – 5th
July 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 / 3
TerraStudio
CHINA WANTS GOLD PRICING POWER
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
$4.1
0
100
200
300
400
500
600
700
Oct-14 Jan-15 Apr-15 Jul-15
ThousandTonnes
Copper
SHFE COMEX
LME US$/lb
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
Oct-14 Jan-15 Apr-15 Jul-15
Gold
A$/oz
US$/oz
$5
$6
$7
$8
$9
$10
0
100
200
300
400
500
Oct-14 Jan-15 Apr-15 Jul-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
Oct-14 Jan-15 Apr-15 Jul-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
Oct-14 Jan-15 Apr-15 Jul-15
$/lb
ThousandTonnes
Zinc
SHFE (kt) LME (kt)
US$/lb A$/lb

2. Oz Metals
36th
Edition – 5th
July 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 / 3
TerraStudio
Markets & Majors
Thomson Reuters - The London Metal Exchange is to
address the problem of existing and potential queues at
warehouses with proposals that include rent caps from
May 1, 2016, the LME said on Wednesday. The LME, the
world's oldest and biggest market for industrial metals,
which is now owned by Hong Kong Exchanges and
Clearing Ltd, oversees warehouses where companies that
buy metals on its futures market can take delivery of
quality-assured supplies if needed.
Thomson Reuters - London Bullion Market Association
and the Shanghai Gold Exchange have agreed on a
standard specification for the market's highest grade of
gold bars, in a move to make global trading more efficient,
the LBMA said on Wednesday. Both organizations have
recognized the specifications for 9999 gold kilo bars,
which have a minimum acceptable fineness of 999.9 parts
per thousand fine gold, it said.
Jon Woo / Reuters
Thomson Reuters - A decade after China kicked off a
series of gold market reforms, plans to establish a yuan
price fix mark one of Beijing's biggest step so far to
capitalise on the country's position as the world's top
producer and a leading consumer. While no immediate
threat to the gold pricing dominance of London and New
York, the benchmark could ultimately give Asia more
power over bullion trade, particularly if the yuan becomes
fully convertible, industry sources say.
SMM - China’s bauxite imports will rebound from May’s
decline, driven by growing demand and low input stocks,
Shanghai Metals Market predicts.
Reuters - Chile's copper output in May rose 2.1% year
over year to 508,245 tonnes, driven by new projects and
operational improvements.
Thomson Reuters - Sumitomo Metal Mining, Japan's
second-largest copper producer, said on Wednesday the
Sierra Gorda mine in Chile that it owns jointly with Polish
producer KGHM began commercial production at the end
of June. The mine had been operating for more than 60
days at 65% of its designed capacity as of the end of last
month, six months behind its schedule for establishing
commercial output.
Thomson Reuters - Gold sales at the Perth Mint rose to a
three-month high in June, edging up from a three-year low
the month before, as a small dip in prices attracted buyers.
Gold sales rose to 31,019 ounces in June from 21,671
ounces in May, according to data on the mint's website on
Friday. May sales were the lowest since 2012.
SMM - TCs of imported zinc concentrate (50%) should fall
$2.5 to $200-215 per dry metric tonne in July on growing
demand, Shanghai Metals Market foresees.
Thomson Reuters - Burkina Faso's transitional parliament
passed a new mining code that abolishes a previous 10%
tax break on mining company profits and obliges firms to
pay into a local development fund. The adoption of the
new code, which replaces 12-year-old mining regulations,
was among requirements set by the World Bank for the
release of $100 million in budget support for the African
country.
Specialty Metals
Rare earths miner Molycorp received U.S. bankruptcy
court approval for interim financing of US$22 million to
support its operations. At the company's first bankruptcy
hearing on June 26, the court denied the company's loan
request of US$44 million.
Funding, Mergers & Acquisitions
The proposed sale of MMG’s Avebury nickel mine in
Tasmania, will not go ahead, with Avebury Nickel Mines
Ltd unable to raise the A$33.3 million cash required to buy
the mine. MMG has terminated the deal and is now
reviewing its options for the mine, which has been idle
since February 2009.
Alliance Resources said July 2 that Quasar Resources Pty
Ltd upped its offer to A$71.3 million to acquire company
unit Alliance Craton Explorer Pty Ltd's interest in the Four
Mile uranium joint venture in South Australia, including
Alliance Craton's share of uranium oxide concentrates
already mined. Back in February, Quasar Resources
offered A$57.6 million for Alliance Craton's interest in the
mine and share of mined concentrates.

3. Oz Metals
36th
Edition – 5th
July 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 / 3
TerraStudio
Taurus Mining Finance Fund agreed to refinance Tiger
Resources’ existing secured debt facilities and arrange a
new facility to fund potential debottlenecking works at its
Kipoi copper project in the Democratic Republic of Congo.
The agreement allows for provision of two tranches of
funding totalling up to US$162.5 million.
Altura Mining is selling 90% of its interest in the Tanami
tenements (4 tenements for 2,000 km2
) in Australia's
Northern Territory to ABM Resources. Under the deal,
ABM Resources paid a non-refundable option fee of
A$25,000 to the company. Altura will receive a further
A$100,000 subject to the completion of due diligence and
obtaining the requisite approvals. The company and ABM
will also form an unincorporated joint venture on either the
definition of an Australasian Joint Ore Reserves
Committee Code resource of at least 250,000 ounces of
gold, or a decision to mine a smaller resource.
Indophil Resources expects to receive control of the
US$5.9 billion Tampakan copper-gold project in the
Philippines from Glencore in mid-July.
Laconia Resources has entered into a deal with Andes
Exploration of Peru Numero Dos Sac and Sallka Uno Y
Dos Sac for the disposal of Laconia's Peruvian mineral
interests. The disposal of the four Peruvian tenements —
which cover 27.65 km2
and form an advanced copper-
gold-silver project in the Ayacucho region — would satisfy
numerous claims made by Andes Exploration and Sallka
pursuant to the terminated option agreement. Under the
deal, Andes Exploration and Sallka would pay Laconia
US$250,000. Laconia would retain a net smelter royalty of
1.2%, which Andes Exploration and Sallka may purchase
for US$5 million. The company's board said it is in the best
interests of the company to exit from Peru, given limited
cash resources and limited opportunities to raise new
capital without a change of focus. The miner would,
however, retain its Australian tenements.
Latin Resources has reached an agreement with the
vendors of the Guadalupito andalusite and iron sands
project in Peru to amend the original purchase agreement.
The new agreement reduces the purchase price by
US$7.2 million, with no cash payments due until after the
release of a successful definitive feasibility study. The
agreement also amends the payment schedule in an effort
to attract a direct investment in the project from a joint
venture partner.
Legend Mining has entered into a sale and exploration
joint venture agreement to acquire a 70% interest in
Creasy Group Pty Ltd 's tenements in Western Australia's
Fraser Range district. These new tenements, coupled with
Legend's existing holdings, will be called the Rockford
project. Under the deal, Legend can acquire a 70%
interest in the tenements by making a cash payment of
A$2.5 million as well as issuing 71.5 million of its shares
priced at 0.7 Australian cent each and 150 million five-year
options exercisable at 4 cents each. Legend will also need
to solely fund exploration and free carry Creasy's 30%
interest through to the signing of mining venture
agreements.
For further information, please contact:
J-François Bertincourt
+61 406 998 779
jf@terrastudio.biz