This document provides a summary of metals markets and major company news. It discusses the following: - Gold prices reaching a two-year high in US and Australian dollars. - Chinese hedge funds being linked to drops in copper prices through short selling strategies. - BHP Billiton reporting record production for iron ore, metallurgical coal, and manganese ores, but drops in copper, aluminum, and nickel output. - Freeport-McMoRan earmarking $17 billion for investments in its Indonesian operations, including a $2 billion copper smelter.

1. Oz Metals
16th
Edition – 24th
Jan 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$ GOLD REACHING A 2-YEAR HIGH!
Base Metals & Precious Metals Fundamentals
Sources: COMEX, LME, RBA, SHFE
$50
$55
$60
$65
$70
Jan-14 Apr-14 Jul-14
CIFPriceofChineseImports
Bauxite
US$/t $A/t
$2.3
$2.6
$2.9
$3.2
$3.5
$3.8
$4.1
0
100
200
300
400
500
600
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
ThousandTonnes
Copper
SHFE COMEX LME
US$ A$
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
Gold
A$
US$
$15.0
$17.5
$20.0
$22.5
$25.0
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
Silver
A$
US$
$6
$9
0
100
200
300
400
500
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
$/lb
ThousandTonnes
Nickel
LME US$ A$
$0.70
$0.80
$0.90
$1.00
$1.10
$1.20
$1.30
0
200
400
600
800
1,000
1,200
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
$/lb
ThousandTonnes
Zinc
SHFE LME US$ A$

2. Oz Metals
16th
Edition – 24th
Jan 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
Thomson Reuters - Chinese hedge funds, once again linked
to a powerful sell-off in copper were probably replaying an
aggressive short-selling strategy they have also used to
target iron ore and coal, according to industry sources. This
indicates the growing clout of the secretive Chinese funds in
global commodity markets as they tap their home-ground
advantage in the world's biggest consumer of copper and
other commodities. Chinese funds such as Shanghai Chaos
Investment Co and Zhejiang Dunhe Investment Co are said
by traders to be behind at least three big drops in copper in
a year, one in March last year when the metal fell more than
8% in three days. Neither of these two funds returned calls
seeking comment on the latest market moves. Other funds
involved include Flowinvest China Commodities Trading,
Yihui Investment and Shanghai Discovering Investment,
market sources said.
Minería Chilena - The vice president of Chile's state mining
company Empresa Nacional de Minera, Jaime Pérez de
Arce, said he intends to slowly make the company profitable
again after posting an US$80 million loss in 2014, Pérez de
Arce said the company plans to tackle the losses by
reducing costs at its main smelter, Paipote.
El Comercio - The sharp decline in copper prices in January
has raised doubts among analysts about the development of
the Quellaveco and La Granja copper projects in Peru,
owned by Anglo American and Rio Tinto, respectively.
Reuters - The copper, aluminum and tin output of China hit
a record in December 2014, according to figures from the
National Bureau of Statistics. The production of zinc and
lead in the country, meanwhile, contracted during the month
as low prices and increased environmental requirements
prompted some operations to stop.
The deficit in the global refined zinc market narrowed to
255,000 tonnes in the first 11 months of 2014, compared to
the 277,000 tonnes recorded in the first 10 months of the
year, according to the International Lead and Zinc Study
Group. The refined lead market, meanwhile, was in balance.
Bloomberg - Gold futures closed above US$1,300/oz for the
first time since August 2014 after the European Central
Bank announced plans to buy €60 billion of assets a month
through September 2016. "The size of the package was a
positive surprise for the gold market, and we are seeing an
increase in safe-haven buying after the plunge in the euro,"
said David Meger, director of metal trading at HighRidge
Futures LLC.
SNL - In the six months to 31 Dec 2014, BHP Billiton total
iron ore output increased 16% to a record 113.4 million
tonnes, while metallurgical coal output rose 21% to a record
26.3 million tonnes. Production of manganese ores during
the period rose 7% to a record 4.6 million tonnes.
Meanwhile, total copper output during the half dropped 4%
to 813,100 tonnes, while energy coal output tumbled 3% to
about 36.5 million tonnes. Aluminum and nickel output
slumped 16% and 11% year over year to 517,000 tonnes
and 69,900 tonnes, respectively. In November 2014, BHP
Billiton said the review of its Nickel West operations in
Western Australia was complete and the preferred option —
the sale of the business — was not achieved on an
acceptable basis.
SNL - While mining majors such as Freeport-McMoRan and
Newmont Mining have been busy bemoaning the
implementation of a ban on exports of raw minerals in
Indonesia in early 2014, their Chinese counterparts have
been quietly pouring money into the base metals-rich
Southeast Asian nation in a bid to build processing plants
and secure access to strategic resources. However, many
such Chinese initiatives have come up against speed
bumps, according to analysts closely following their
progress.
Bloomberg - Freeport-McMoRan earmarked US$17 billion in
investments for its Indonesian operations. The company's
PT Freeport Indonesia unit will build a smelter in East Java
that will cost over US$2 billion and process 2 million tonnes
of copper concentrate per year. The miner will also spend
US$15 billion to develop underground copper and gold
deposits its Grasberg mine complex in Papua, Indonesia,
the report added, citing Maroef Sjamsuddin, president
director of Freeport Indonesia.
Gold Fields anticipates attributable gold equivalent
production of 556,000 ounces for the fourth quarter, at all-in
sustaining costs of US$1,030 per ounce. For the full year,
Gold Fields' gold equivalent production is expected to be
about 20,000 ounces higher than the original guidance of
2.2 million ounces, at all-in sustaining costs of US$1,060/oz.
The West Australian - BHP Billiton Ltd. flagged an after-tax
impairment of up to US$350 million from the value of its
Nickel West operations, following the mining giant's failure
to find a buyer for the troubled division.
Unclassified
Mining.com - Japanese scientists have developed a process
that uses salmon sperm, also known as milt, to mine and
reprocess rare earth elements (REEs) from ore and
materials such as magnets and electronic waste. Currently
the extraction REEs is costly and potentially environmentally
damaging. But the new method proposed by the University
of Tokyo team, could provide a clean and cost effective
alternative.

3. Oz Metals
16th
Edition – 24th
Jan 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
SNL - Mining in space is tipped to become a reality within
the next decade as NASA aims to have the first person on
Mars by 2030. Currently, it is extremely expensive to
transport the resources required to colonize a planet in
space. Researchers are now looking into the possibility of
mining these resources from asteroids, as well as from
planets such as Mars.
Australian Companies
The West Australian - Ivernia Inc. will place its Paroo Station
lead operation in Western Australia on care and
maintenance next month — the third closure of the mine
since 2007 — due to falling metal prices. The closure will
result in the layoff of over 200 jobs.
Pacific Niugini received approvals for its Nicolsons project's
mining proposal and mine closure plan from the Department
of Mines and Petroleum, paving the way for the
recommencement of operations and production from the
underground gold mine in Western Australia.
Mawson West has placed its Dikulushi copper-silver mine in
the Democratic Republic of the Congo on care and
maintenance. The company made the decision alongside its
lenders, Trafigura and Galena Resources Fund, after
reviewing Dikulushi as well as the preproduction-stage
Kapulo copper property. As part of a wider corporate review,
the Perth-based miner also plans to reduce staff at the
Kapulo project in a bid to adjust corporate structure and
costs.
Bloomberg - Metals X CEO Peter Cook said that the
company is aiming to produce about 8,000 tonnes of tin-in-
concentrate in 2015 from its Renison mine in Tasmania — a
bit more than the 7,000 tonnes produced in 2014 — and that
Metals X is looking to develop a nearby project, which may
provide a further 5,000 tonnes a year.
The Australian - Saracen Mineral Holdings Managing
Director Raleigh Finlayson is bullish on advancing the
Thunderbox gold project in Western Australia. "I couldn't
think of a better time to be developing a gold project — it is
a perfect trifecta of diesel-fuel, labor and commodity price at
the moment," Finlayson said.
Transactions, Mergers & Acquisitions
Leyshon cancels deal to buy majority stake in South Korean
tungsten company. Leyshon Resources said that it will no
longer go through with its planned acquisition of a 50.1%
interest in private Korean company International Tungsten
Services Ltd, citing declining tungsten prices. The deal
failed to meet Leyshon's financial return targets due to the
"expanding project timetable."
Panoramic Resources Ltd. said that Rio Tinto will proceed
with a deal to earn a 70% stake in its Thunder Bay North
platinum group metal project in Ontario. Following
completion of the first phase of the agreement, Rio Tinto
Exploration Canada Inc. has now committed to spending
C$20 million over the next five years to earn its interest in
the project.
Bauxite Sector
Source: Bloomberg, SNL
Lithium-Tantalum Sector
Source: SNL
Copper Developers & Explorers
Source: SNL
Copper Producers
Source: SNL
Code Company Name
Close
Price
Week
r
YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABX Australian Bauxite 0.270 ▼ (4%) (11%) 34 2 33
BAU Bauxite Resources 0.105 ▲ 7% 7% 24 31 (6)
MLM Metallica Minerals 0.060 ▲ 9% 9% 10 1 9
MMI Metro Mining 0.040 ▲ 8% 48% 12 8 4
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AJM Altura Mining 0.047 ▼ (2%) (28%) 22 3 37
GXY Galaxy Resources 0.027 ▲ 8% 8% 29 3 95
ORE Orocobre 2.84 ▲ 1% 2% 375 26 350
PLS Pilbara Minerals Ltd. 0.040 ▼ (17%) (5%) 25 3 22
RDR Reed Resources 0.033 ▼ (3%) (13%) 16 7 NA
Code Company Name
Close
Price
Week
r
YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ARE Argonaut Resources 0.012 ▼ (14%) (25%) 5 2 2
AVB Avanco Resources 0.077 ▲ 4% 1% 128 32 96
AVI Avalon Minerals 0.020 ▼ (31%) 0% 3 1 2
AZS Azure Minerals 0.018 ▼ (5%) (25%) 15 1 14
CDU CuDeco 1.41 ▲ 4% (28%) 343 9 333
CVV Caravel Minerals 0.012 ▼ (8%) 50% 9 1 NA
ENR Encounter Resources 0.14 ▼ (10%) 4% 18 4 14
ERM Emmerson Resources 0.034 ▲ 21% 10% 13 2 11
FND Finders Resources 0.14 ▼ (3%) (7%) 93 8 77
GCR Golden Cross Resources 0.078 — 0% 11% 7 2 5
GPR Geopacific Resources 0.046 ▼ (18%) (12%) 15 3 15
HAV Havilah Resources 0.145 — 0% 4% 23 1 21
HCH Hot Chili 0.17 ▲ 22% 3% 57 13 55
HMX Hammer Metals 0.082 ▲ 1% 0% 7 1 6
IAU Intrepid Mines 0.13 ▼ (7%) (7%) 46 10 (102)
IRN Indophil Resources 0.30 — 0% 0% 355 215 146
KDR Kidman Resources 0.050 — 0% (25%) 6 3 3
KGL KGL Resources 0.19 ▼ (8%) (18%) 26 7 12
MEP Minotaur Exploration 0.13 ▲ 4% (14%) 23 5 NA
MNC Metminco 0.007 — 0% (13%) 13 8 10
MTH Mithril Resources 0.006 ▲ 20% (14%) 3 2 1
PEX Peel Mining 0.060 ▼ (12%) (13%) 8 3 5
RDM Red Metal 0.07 ▼ (15%) (16%) 12 2 10
RER Regal Resources 0.043 — 0% (7%) 8 2 5
RTG RTG Mining 0.790 ▲ 25% 36% 88 11 82
RXM Rex Minerals 0.11 ▼ (12%) 0% 24 3 22
SMD Syndicated Metals 0.027 ▲ 8% (16%) 7 2 5
SRI Sipa Resources 0.040 ▲ 3% 8% 24 4 20
SUH Southern Hemisphere 0.040 — 0% (7%) 10 2 7
THX Thundelarra Resources 0.105 ▼ (9%) (5%) 34 7 26
XAM Xanadu Mines 0.091 ▼ (9%) (9%) 33 4 34
Code Company Name
Close
Price
Week
r
YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
ABY Aditya Birla Minerals 0.20 — 0% 0% 61 137 (43) NA
AOH Altona Mining 0.23 ▼ (2%) (6%) 120 18 105 2.9x
HGO Hillgrove Resources 0.38 ▼ (7%) (17%) 55 16 70 1.7x
KBL KBL Mining 0.030 — 0% 0% 12 7 27 1.7x
MWE Mawson West 0.020 ▼ (43%) (60%) 4 48 32 NM
OZL OZ Minerals 3.45 ▲ 11% (1%) 1,047 364 892 4.9x
PNA PanAust 1.33 ▲ 9% (6%) 847 130 1,087 NA
SFR Sandfire Resources 4.22 ▲ 11% (7%) 658 58 761 3.5x
SRQ Straits Resources 0.004 — 0% (20%) 5 13 128 17.3x
TGS Tiger Resources 0.11 ▼ (8%) (15%) 126 37 269 NA
985 CST Mining 0.044 ▲ 2% 0% 1,192 136 99 0.2x
1208 MMG 2.31 ▲ 6% (4%) 12,219 137 25,141 4.1x
3993 China Molybdenum 5.00 ▲ 2% 11% 57,766 1,883 61,826 NA

4. Oz Metals
16th
Edition – 24th
Jan 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
Nickel Sector
Source: SNL
Gold Producers
Source: SNL
Gold Developers & Explorers
Source: SNL
Tin Sector
Source: SNL
Zinc & Poly-metallic Sector
Source: SNL
For further information, please contact:
J-François Bertincourt
m +61 406 998 779
jf@terrastudio.biz
au.linkedin.com/in/jfbertincourt
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
IGO Independence Group 4.70 ▲ 10% 6% 1,101 57 1,072 7.6x
MBN Mirabella Nickel 0.029 — 0% 0% 27 31 64 NA
MCR Mincor Resources 0.67 ▲ 2% 15% 126 26 104 3.3x
PAN Panoramic Resources 0.48 ▲ 22% 13% 153 64 97 2.0x
WSA Western Areas 4.05 ▲ 15% 8% 942 231 929 6.4x
AVQ Axiom Mining 0.014 ▲ 8% (7%) 47 2 45 NM
CZI Cassini Resources 0.12 ▼ (12%) (4%) 13 8 6 NM
LEG Legend Mining 0.009 ▲ 13% 29% 18 7 11 NA
MAT Matsa Resources 0.160 ▼ (6%) (6%) 23 3 21 NM
MLM Metallica Minerals 0.060 ▲ 9% 9% 10 1 9 NA
PIO Pioneer Resources 0.017 ▲ 6% 31% 10 1 9 NM
POS Poseidon Nickel 0.11 — 0% (8%) 75 4 106 NM
SEG Segue Resources 0.008 ▲ 60% 60% 16 1 15 NM
SGQ St George Mining 0.067 ▲ 3% 6% 7 1 6 NA
SIR Sirius Resources 2.78 ▲ 18% 9% 949 59 890 NM
TLM Talisman Mining 0.14 ▼ (13%) (13%) 18 16 2 NM
WIN Winward Resources 0.11 ▼ (13%) (34%) 9 6 3 NM
Code Company Name
Close
Price
Week
r
YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
AGD Austral Gold 0.10 — 0% (23%) 48 NA 113 8.8x
ALK Alkane Resources 0.25 ▲ 11% 14% 104 16 88 13.0x
AMI Aurelia Metals 0.27 ▲ 8% 13% 93 22 178 NM
BDR Beadell Resources 0.35 ▼ (5%) 53% 276 10 337 NA
DRM Doray Minerals 0.54 ▼ (8%) 13% 122 16 122 3.8x
EVN Evolution Mining 1.00 ▲ 14% 54% 711 32 841 4.1x
IGO Independence Group 4.70 ▲ 10% 6% 1,101 57 1,072 7.6x
KCN Kingsgate Consolidated 0.79 — 0% 20% 177 54 277 NM
KRM Kingsrose Mining 0.29 ▼ (2%) 14% 104 7 110 NM
LSA Lachlan Star 0.024 ▼ (20%) 20% 4 2 22 NA
MIZ Minera Gold 0.003 — 0% 0% 8 0 13 NA
MLX Metals X 1.04 ▲ 6% 32% 433 57 376 5.4x
MML Medusa Mining 0.85 — 0% 31% 177 13 172 2.8x
MOY Millennium Minerals 0.040 ▲ 8% 8% 9 2 47 NA
NCM Newcrest Mining 13.80 ▲ 6% 27% 10,578 141 14,639 NM
NGF Norton Gold Fields 0.19 — 0% 48% 172 38 273 NA
NST Northern Star Resources 2.10 ▲ 6% 41% 1,244 82 1,167 14.0x
OGC OceanaGold Corp. 2.63 ▲ 14% 30% 792 NA 923 4.7x
PGI PanTerra Gold 0.016 ▼ (6%) (11%) 14 5 85 NA
PRU Perseus Mining 0.37 ▲ 7% 42% 195 37 159 6.8x
RMS Ramelius Resources 0.135 ▲ 23% 165% 63 12 53 NM
RRL Regis Resources 2.00 ▼ (5%) 4% 1,000 7 1,033 NM
RSG Resolute Mining 0.43 ▲ 12% 60% 273 19 NA NA
SAR Saracen Mineral Holdings 0.42 ▲ 12% 63% 329 36 307 7.3x
SBM St Barbara 0.20 ▲ 5% 86% 97 79 357 NM
SLR Silver Lake Resources 0.30 ▼ (2%) 54% 151 24 140 NM
TBR Tribune Resources 3.20 ▼ (2%) 21% 160 11 175 10.1x
TRY Troy Resources 0.72 ▲ 6% 57% 141 43 138 NM
UML Unity Mining 0.011 — 0% 57% 13 7 NA NA
Code Company Name
Close
Price
Week
r
YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABU ABM Resources 0.34 ▲ 10% 17% 93 10 83
AWV Anova Metals 0.040 ▲ 11% 48% 10 1 9
AZM Azumah Resources 0.036 ▲ 13% 80% 14 4 12
BLK Blackham Resources 0.098 ▲ 9% 92% 14 1 14
BOK Black Oak Minerals 0.38 ▲ 25% 39% 16 3 19
BSR Bassari Resources 0.019 ▲ 19% 58% 22 - 22
CHN Chalice Gold Mines 0.14 ▲ 17% 33% 40 44 (5)
CHZ Chesser Resources 0.03 ▲ 7% (11%) 7 1 8
DCN Dacian Gold 0.40 ▲ 25% 43% 29 11 18
EXC Exterra Resources 0.013 — 0% 0% 2 1 2
EXG Excelsior Gold 0.084 ▲ 22% 38% 39 2 38
FML Focus Minerals 0.009 ▼ (10%) 29% 82 81 82
GCY Gascoyne Resources 0.12 ▲ 9% 69% 20 1 19
GMR Golden Rim Resources 0.008 ▼ (11%) 60% 10 1 11
GOR Gold Road Resources 0.38 ▲ 15% 55% 226 10 216
GRY Gryphon Minerals 0.084 ▲ 11% 31% 34 34 NA
IDC Indochine Mining 0.012 ▼ (14%) 0% 15 0 17
KGD Kula Gold 0.055 ▲ 22% 25% 14 3 14
MSR Manas Resources 0.021 ▲ 24% 50% 9 6 7
MUX Mungana Goldmines 0.10 ▼ (5%) (24%) 23 5 18
MYG Mutiny Gold 0.058 ▲ 2% 32% 40 3 37
OBS Orbis Gold 0.63 ▲ 7% 13% 157 5 153
OGX Orinoco Gold 0.070 ▲ 8% 19% 10 1 11
PNR Pacific Niugini 0.057 ▲ 2% 14% 18 3 15
PXG Phoenix Gold 0.140 ▲ 17% 43% 52 9 42
RED Red 5 0.110 — 0% 20% 84 38 45
RNI Resource & Investment 0.080 ▲ 7% 7% 39 5 54
RNS Renaissance Minerals 0.070 ▲ 13% 8% 28 2 26
SIH Sihayo Gold 0.010 — 0% 25% 11 0 8
TAM Tanami Gold 0.018 ▲ 13% 29% 21 1 28
WAF West African Resources 0.105 ▲ 5% 5% 28 3 27
WPG WPG Resources 0.043 ▼ (4%) 13% 11 5 6
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
CSD Consolidated Tin Mines 0.060 ▲ 25% 46% 17 0 18
ELT Elementos 0.007 ▼ (13%) (13%) 5 1 5
KAS Kasbah Resources Limited 0.060 ▲ 11% 11% 27 4 21
MLX Metals X Limited 1.04 ▲ 6% 32% 433 57 376
MOO Monto Minerals 0.002 — 0% 0% 3 1 2
SRZ Stellar Resources Limited 0.026 ▲ 13% (10%) 8 4 NA
VMS Venture Minerals Limited 0.039 ▲ 15% 26% 11 7 5
Code Company Name
Close
Price
Week r YTD r
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AQR Aeon Metals 0.100 ▲ 16% 0% 30 5 37
DGR DGR Global 0.034 ▼ (3%) 6% 14 0 15
HRR Heron Resources 0.13 ▲ 4% 4% 47 33 16
IBG Ironbark Zinc 0.096 ▲ 7% 20% 42 2 40
IPT Impact Minerals 0.026 ▲ 4% 8% 15 1 NA
IVR Investigator Resources 0.018 ▼ (10%) 13% 8 3 5
MRP MacPhersons Resources 0.140 ▲ 33% 12% 44 7 37
MTA Metals of Africa 0.140 ▲ 33% 12% 44 8 36
PNX Phoenix Copper 0.027 ▼ (18%) (10%) 10 3 7
RDM Red Metal 0.068 ▼ (15%) (16%) 12 8 4
RVR Red River Resources 0.16 ▲ 3% 45% 28 9 19
RXL Rox Resources 0.028 ▲ 12% 0% 24 3 21
TZN Terramin Australia 0.140 ▲ 12% 27% 197 5 246
VXR Venturex Resources 0.004 — 0% (20%) 6 1 5