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

1. Oz Metals
38th
Edition – 19th
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
US$ GOLD DIP SENDS BARRICK TO 25-YEAR LOW
Base Metals & Precious Metals Fundamentals
Source: COMEX, LME, Metal Prices, RBA, SHFE, Terra Studio
$50
$55
$60
$65
$70
$75
$80
Oct-14 Jan-15 Apr-15
CIFPriceofChineseImports
Bauxite
$A/t
US$/t
$2.0
$2.3
$2.6
$2.9
$3.2
$3.5
$3.8
$4.1
0
100
200
300
400
500
600
700
Oct-14 Jan-15 Apr-15 Jul-15ThousandTonnes
Copper
SHFE COMEX
LME US$/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$
$5
$6
$7
$8
$9
$10
$11
$12
0
2
4
6
8
10
12
14
Oct-14 Jan-15 Apr-15 Jul-15
ThousandTonnes
Tin
Inventory
US$
A$
$0.80
$0.90
$1.00
$1.10
$1.20
$1.30
$1.40
0
200
400
600
800
1,000
1,200
Oct-14 Jan-15 Apr-15 Jul-15
$/lb
ThousandTonnes
Zinc
SHFE (kt) LME (kt)
US$/lb A$/lb

2. Oz Metals
38th
Edition – 19th
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
mining.com - On Friday, the price of gold dropped to the
lowest level since April 2010 after the Fed said the world's
largest economy favours a rate rise this year which
boosted the dollar and Chinese disclosure about its gold
holdings disappointed the market.
Thomson Reuters - China's copper imports fell 2.8% in
June from the previous month, hitting a 4-month low as
weak seasonal demand dampened buying amid a slow
domestic economy. Arrivals of anode, refined copper,
copper alloys and semi-finished copper products eased to
350,000 tonnes in June from 360,000 tonnes in May,
according to data from the Customs.
Thomson Reuters - China's production of refined copper
rose 6.6% from the previous month in June, hitting a six-
month high as some smelters reopened after maintenance
and expanded output. Output reached 695,121 tonnes in
June, compared with 652,379 tonnes in May, data from
the National Bureau of Statistics showed on Thursday.
The June output increased 13.1% from a year ago.
Thomson Reuters - India is meeting stiff resistance in its
drive to make the buying of gold jewellery more
transparent and to channel demand into paper gold to stop
the metal being used to hide billions of dollars of
undeclared 'black money'. The jewellery trade says the
Narendra Modi government's plans to trace gold deals is
unworkable and won't deter holders of black money, or
hundreds of millions of Indians outside the tax net, from
buying gold to keep their wealth away from the prying
eyes of the authorities.
Nyrstar NV named Bill Scotting CEO, effective Aug. 17,
replacing Heinz Eigner, the company's CFO, who has
been acting CEO since November 2014. Meanwhile, the
company, its Nyrstar Hobart Pty Ltd unit and the
Tasmanian government inked a binding agreement for the
key terms of a funding and support package to support
certain investments at the Hobart smelter in Australia.
Thomson Reuters - Prospects for tighter nickel supplies
may have put a floor under prices but any real recovery
will need Chinese stainless steel mills to step up their
orders and global stockpiles to fall. Benchmark nickel on
the LME fell to six-year lows of $10,430 a tonne last week
on worries about demand, particularly after a tumble in
Chinese equities. Prices have climbed back to around
$11,500 yet remain at just half the $21,625 hit in May
2014 after Indonesia banned nickel ore exports.
Poseidon Nickel commenced deliveries of nickel
concentrate to Tsingshan in China from its Lake Johnston
operation in Western Australia. By the end of July, the
company plans to deliver a minimum of 3,000 tonnes of
concentrate, worth about A$1.5 million.
Thomson Reuters - One party has taken control of up to
half of London Metal Exchange (LME) lead inventories
worth about $130 million, data showed on Friday, as
market dynamics indicated a modest tightening of the
market.The exchange does not provide the identity of the
parties holding large positions, but often investors or
traders will buy up inventories hoping to profit from
looming shortages.
SMM - Some Chinese zinc mines with high costs have
been reluctant to sell recently due mainly to losses from
plunging zinc prices.
Mining Weekly - In order to draw more investment in the
country's uranium sector, the Minerals Council of Australia
has urged the federal government to amend the
Environment Protection and Biodiversity Conservation Act,
which classifies uranium mining as a nuclear action.
Reuters - Gécamines off-loaded an exploitation permit for
a copper and cobalt concession in the Democratic
Republic of Congo's southeast Katanga province to
Zhejiang Huayou Cobalt Co. Ltd. unit Congo Dongfang
International Mining for US$52 million.
Zambia's decision to increase the corporate income tax
rate on mineral processing to 35% from 30% and other
new tax policies will scare away investors and discourage
processing to add value, Reuters wrote, citing the
country's mining industry, which called for the new tax
rules to be scrapped.
Specialty Metals
The Wall Street Journal - Embattled rare earth producer
Molycorp said although it is still uncertain about the future
of its California-based Mountain Pass mine, it is not
considering the complete shutdown of the operation.
Neometals and Mineral Resources jointly owned
subsidiary, Reed Industrial Minerals Pty Ltd, entered into a
conditional memorandum of understanding with Jiangxi
Ganfeng Lithium, allowing the Chinese company to
acquire an upfront 25% shareholding in the joint venture.
Ganfeng will also off-take 100% of the spodumene
produced at the Mount Marion lithium project in WA.

3. Oz Metals
38th
Edition – 19th
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
Phosphate miner Minemakers completed the sale of all of
its remaining legacy assets in South Africa to Spearhead
Capital Ltd. for 10.9 million South African rand. The assets
were noncore to the company's business strategy.
Minemakers plans to use the sale proceeds to complete
the acquisition of the Baobab rock phosphate project in
the Republic of Senegal.
Funding, Mergers & Acquisitions
Bloomberg News - As it inches closer to striking a deal for
the sale of its Zaldivar copper mine in Chile, Barrick Gold
Corp. is likely to contemplate the sale of three more
operations, including its 50% interest in the Kalgoorlie
Consolidated JV with Newmont Mining in WA, the Hemlo
mine in Ontario and the Bald Mountain mine in Nevada,
citing analysts and investment bankers.
Thomson Reuters - MMG is in fresh talks with potential
buyers for its Avebury nickel mine in Australia after an
earlier sale collapsed, a company executive said on
Thursday. MMG put the mine in the Australian island state
of Tasmania on the block after acquiring it in a takeover of
Oz Minerals in 2009.
Alliance Resources accepted Quasar Resources Pty. Ltd
increased offer of A$74 million to acquire company unit
Alliance Craton Explorer Pty. Ltd interest in the Four Mile
uranium joint venture in South Australia. Alliance's board
has recommended shareholders to approve the
transaction in a meeting expected in late August.
Fortescue Metals Chairman Andrew Forrest has made an
A$5 million investment in Impact Minerals.
Todd Hannigan and Tom Todd, who were key members of
Nathan Tinkler's Aston Resources, have acquired 5%
stakes in copper play Tiger Resources.
Central Asia Resources has signed a binding agreement
with Kazakhstan-based Uroven OMR LLP to sell its 90%
interest in the Dalabai gold project in the country. Under
the agreement, Uroven OMR will assume all debts related
to project, which includes US$2.6 million in bank debt as
at July 15 and 1,480 ounces of gold line repayments. In
addition, the buyer will also pay US$300,000 upon
execution of a formal sale agreement and a further
US$200,000 on or before Dec. 15.
GME Resources wholly owned subsidiary Golden Cliffs NL
acquired a 100% interest in E39/1760, which hosts the
New Year's Gift gold prospect in Western Australia, for
A$30,000 and a production royalty of A$10 per ounce on
production exceeding 10,000 ounces.
Latin Resources entered into a legally binding
memorandum of understanding to earn up to a 50%
interest in the Filipina copper project in Chile from Minera
Activa by funding a bankable feasibility study.
Malachite Resources signed a letter of offer with MKS
Switzerland SA, allowing the miner to proceed with the
development of the Lorena gold project in Queensland,
Australia, using the plant and equipment partially
constructed by BCD Resources — Malachite's former joint
venture partner for the project.
For further information, please contact: J-François Bertincourt, +61 406 998 779, jf@terrastudio.biz
Source: Company March Quarterly Reports. AISC reported in A$ have been converted to US$ using an exchange rate of 0.75
Cadia-Ridgeway
Cowal
Telfer
GrannySmith
Tanami
Gosowong
Agnew/Lawlers
Boddington
StIves
LihirIsland
SuperPit
Darlot
HiddenValley
$0
$2,000
0 500,000 1,000,000 1,500,000 2,000,000
AISC(US$/oz)
Production (oz)
March 2015 Cost Curve for ASX-listed Gold Producers
(+ Australian operations from Gold Majors)
First Quartile
Second Quartile
Third Quartile
FourthQuartile