Several investors are betting that mining stock prices will decrease by shorting major companies like Rio Tinto and BHP Billiton. Global mining firms like Glencore and Anglo American have bought back billions in debt to ease investor concerns over leverage. Codelco, Chile's state-owned copper miner, may open parts of the company to the stock exchange to fund international expansion. Analysts are uncertain how changes in unreported Chinese copper stocks will impact global supply and demand balances.

1. Oz Metals
49th
Edition – 3rd
April 2016
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
INVESTORS STILL SHORTING THE MAJORS
Base Metals & Precious Metals Fundamentals
Source: COMEX, LME, Metal Prices, RBA, SHFE, Terra Studio
$1.75
$2.00
$2.25
$2.50
$2.75
$3.00
$3.25
$3.50
$3.75
0
250
500
750
1,000
Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
kt
Copper
SHFE COMEX LME
US$/lb A$/lb
$6
$7
$8
$9
$10
$11
0
2
4
6
8
10
Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
kt
Tin
Inventory US$ A$
$3
$4
$5
$6
$7
$8
$9
0
100
200
300
400
500
600
Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
kt
Nickel
LME US$/lb A$/lb
$0.50
$0.75
$1.00
$1.25
$1.50
0
250
500
750
1,000
Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
$/lb
kt
Zinc
SHFE (kt) LME (kt) US$/lb A$/lb
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
$1,800
Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
Gold
A$/oz
US$/oz
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
Li2O
Li2CO3
Lithium
Li Carb. (99% Li2CO3)
Spodumene (6% Li2O)

2. Oz Metals
49th
Edition – 3rd
April 2016
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
Despite the recent rally, several investors are betting
that mining stocks will go down, with short positions
in Rio Tinto, BHP Billiton Group, Glencore and Anglo
American during the first quarter surging to their
highest level in several years, The Australian
Financial Review wrote.
Global mining companies, including Glencore, Anglo
American, Vedanta Resources, Barrick Gold and
Fortescue Metals, have recently repurchased billions
of dollars of debt in a bid to ease investor concerns
over their leverage, London's Financial Times
reported.
Codelco Chairman Oscar Landerretche said the
Chilean state-owned copper mining major will have
to face opening up part of the company at some
point to the stock exchange, not necessarily the
local bourse, to finance its internationalization,
Business News Americas reported.
Chilean copper commission Cochilco said leading
global copper suppliers are struggling to determine
how changes in China's unreported stocks of copper
will affect global supply and demand balances, The
Sydney Morning Herald wrote. Cochilco research
director Jorge Cantallopts said, "There is this
expectation that demand in China will help to power
the market ahead in the next few years as some of
the supply starts to be stripped away. But we are not
so sure that will be the case. The inventories and
collateral issue plays into this cloudy picture.
Codelco would enter the lithium business after 2022
and only if the company identifies technical and
economically viable projects, Eduardo Bitran,
executive vice president of Chilean development
agency Corfo, said in a hearing before the
Commission on Mining and Energy in Congress,
Pulso reported. Codelco also plans to start the
tender process for the lithium concessions it holds in
the Maricunga and Pedernales salt flats in northern
Chile in the third quarter, once the state miner
makes a complete assessment of the deposits found
in the area.
Glencore's Mopani Copper Mines unit said the
mining giant is planning to invest over US$1.1 billion
to sink three shafts in Zambia with new technology
that will extend mine life by more than 25 years,
Reuters wrote.
Hacking now qualifies as a major risk for
international resource companies, Ernst & Young
concluded in its report detailing business risks for
resource companies in 2015-2016.
The respective governments of Burkina Faso and
Guinea said mining permits in the African countries
awarded in recent years that are not being used for
exploration or production should be made available
to other companies via re-auctioning, Reuters
reported.
Sean L'Estrange will replace Bill Marmion as
Western Australia's minister for mines and
petroleum, with Marmion now set to be the minister
for state development, amid a reshuffle of the
Western Australian Cabinet, Mining Weekly wrote.
Base Metals
CST Mining Group expects to post a loss for its
fiscal year ending March 31, swinging from the profit
recorded in the preceding financial year. The
company attributed the loss to significantly lower
revenues derived from its copper mining business
and impairment losses on the same segment,
among others. It will review options for its copper
mining business, including downscaling operations,
outsourcing some operational activities and
suspending production temporarily in the next few
months.
A scoping study on PNX Metals' Hayes Creek zinc-
gold-silver project in the Northern Territory identified
a pretax net present value at a 10% discount rate of
A$109.4 million, an internal rate of return of 58.0%
and a payback period of 1.8 years.

3. Oz Metals
49th
Edition – 3rd
April 2016
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
Precious Metals
A pre-feasibility study of the Urucum North
underground project, part of Beadell Resources'
Tucano gold mine in Brazil, outlined a pretax net
present value at a 5% discount rate of US$49 million,
an internal rate of return of 30% and a payback
period of four years.
Gascoyne Resources said a pre-feasibility study on
its Dalgaranga gold operation in Western Australia
confirmed that it is one of the highest margin
undeveloped gold projects in Australia. Assuming a
base case gold price of US$1,200 per ounce, the
study pegged net present value at an 8% discount
rate of A$193m and an internal rate of return of 90%.
Kingsgate Consolidated lowered its 2016 gold
production guidance for its Chatree mine in Thailand
to between 95,000 oz and 105,000 oz, from between
125,000 oz and 135,000 oz, saying that permitting
delays have constrained access to various ore
bodies, which has put undue pressure on an ageing
mining fleet and impacted the mine plan.
Specialty Metals
Model 3. Source: Tesla Motors
Lithium Americas Corp. signed a definitive
agreement with Sociedad Quimica y Minera de Chile
SA to enter into a 50/50 joint venture over the
Cauchari-Olaroz lithium project in Argentina.
Lithium Australia withdrew from the nonbinding
memorandum of understanding with European
Metals Holdings over the Cinovec lithium-tin project
in the Czech Republic.
Magnis Resources bankable feasibility study for its
wholly owned Nachu graphite project in Tanzania
pegged a post-tax net present value at a 10%
discount rate at US$1.69 billion with an internal rate
of return at 98%.
Elcora Advanced Materials Corp., Northern Graphite
Corp., Nouveau Monde Mining Enterprises, Metals
of Africa, Coulometrics LLC and a private industry
partner said they are jointly acquiring a micronizing
and spheronizing mill to produce spherical graphite.
Mining Projects Group Ltd reached an agreement to
acquire the Wodgina East lithium-tantalum project
located near Global Advanced Metals' Wodgina
tantalum mine in Western Australia.
Sayona Mining secured two lithium-prospective
tenements in Western Australia, expanding the
company's lithium tenements in the Pilgangoora
district to five.
Segue Resources entered into an option and
purchase agreement to acquire Next Advancements
Pty Ltd, which owns three exploration license
applications that are prospective for tantalum-lithium
minerals, covering around 220 square kilometers at
Morrissey Hill in Western Australia's Gascoyne
region.
Funding, JV, Mergers & Acquisitions
After reportedly lining up US$1 billion in debt funding,
an Indonesian consortium plans to offer about US$2
billion to acquire up to 80% of Newmont Mining local
unit PT Newmont Nusa Tenggara, Bloomberg News
reported March 31, citing "people with knowledge of
the matter." Details of the bid are still being finalized,
and an offer could be made as early as next week,
although there is no certainty that a firm offer will be
tabled, the sources added.
China's Zijin Mining Group reinforced its eagerness
to acquire foreign mining assets by allocating 8
billion Chinese yuan to 10 billion yuan for overseas
M&A deals this year, with President Wang Jianhua
saying late last year that the company's next deal
could be "as big as US$5 billion."

4. Oz Metals
49th
Edition – 3rd
April 2016
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
SEMAFO executed a US$120 million credit facility
with Macquarie Bank Ltd., which will be put toward
the development of the Natougou gold project in
Burkina Faso.
Classic Minerals said has entered an agreement to
sell its mining interest at the Doherty's gold project to
Perth, Australia-based Accelerated Mining Pty Ltd.
for a total consideration of A$4 million. Accelerated
Mining will pay A$500,000 upon signing and A$3.5
million on or before June 23. By signing the
agreement, Classic Minerals granted Accelerated
Mining the right to explore, mine, process and sell
gold ore from the project, subject to a 7.5% net
smelter royalty to the seller on ore mined by the
buyer. Classic Minerals will retain 100% ownership
of the tenement and will be responsible for
maintaining commitments on all rents, expenditures
and rehabilitation.
Kidman Resources has signed a binding heads of
agreement to sell its Gunga West gold project near
Kalgoorlie to Metals X for up to A$2.5 million. Under
the agreement, Metals X will pay A$1.5 million in
cash up front, a further A$500,000 upon the
production of 10,000 oz of gold from the project, and
a final payment of A$500,000 upon the production of
30,000 oz. Gunga West hosts a resource of 73,000
oz of gold grading 1.7 g/t of gold. However,
Kidman's agreement to acquire the about 1 million-
ounce Mount Holland goldfield for A$3.5 million,
combined with strong exploration results and
development progress being made at the company's
nearby Burbanks mine, means that Gunga West has
effectively been classed as a noncore asset for
Kidman.
Renaissance Minerals executed a joint venture
agreement with Emerald Resources, allowing the
latter to earn up to a 51% interest in Renaissance's
Cambodian gold projects.
For further information, please contact: J-François Bertincourt, +61 406 998 779, jf@terrastudio.biz
First quartile
Second Quartile
Third Quartile
DugaldRiver
McArthurRiver
GeorgeFisher
Cannington
Century
Skorpion
Mehdiabad
Antamina
0
0
ZincEquivalentGrade(%)
Zinc Equivalent Metal Content (million tonnes)
Polymetallic Mines and Projects: Grade vs. Size
Epithermal, CRD/Mantos, MVT, SEDEX, VMS
Mines
Projects