PCF Capital's Resources Thermometer - October 2015

GOLD NICKELCOPPER IRON ORE
Au NiCu Fe
PCF Resources Thermometer
October 2015

PCF Resources Thermometer 2
Contents
SECTION PAGE
Executive Summary 3
PCF Group 150 4
CEO/Executive Chairman Remuneration FY15 6
Consensus Commodity Price Forecasts 8
Gold Thermometer 9
Copper Thermometer 15
Nickel Thermometer 20
Iron Ore Thermometer 25
PCF Corporate Advisory
PCF Capital Group
• Public market takeovers
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divestment
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funding
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solutions
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Liam Twigger
Managing Director
Darren Martin
Executive Director
Graeme Testar
Director
Trevor Benson
Director
Mike Sperinck
Technical Director
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Joint Venture Partner

3PCF Resources Thermometer
Executive Summary
We are pleased to present the October edition of the PCF ResourcesThermometer including the PCFGroup150, a ranking of the
top 150 ASX listed resources companies (excluding oil and gas), by market capitalisation.
September resulted in another month of negative territory, as the value of the PCF Group 150 decreased by A$22.4 billion or 8%
to A$257.0 billion. BHP Billiton declined $15.1 billion (-11.4%) and Rio Tinto $6.1 billion (-10.2%) respectively.
With the recent release of 30 June 2015 annual reports, we have prepared an analysis of the remuneration for the key executive,
for the 12 month period to 30 June 2015 for each member of the PCF Group 150. Analysis excludes companies with anything
other than a 30 June year end.
Information presented in this document references data as at 30 September 2015. Explanatory Notes on page 30 may be of
assistance when interpreting information contained throughout this document.
SNAPSHOT
PCF Group 150
• Market value of PCF Group 150 was A$257.0 billion, down A$22.4 billion (-8.0%) from August.
• Of the top 25 companies, positive increments were only recorded by the gold producers!!
Price
Performance
• Positive share price movements were highlights for the Gold and Iron Ore sectors, whilst the Copper
and Nickel sectors overall were in the red.
• Azure Minerals was the stand out following a significant high grade silver discovery at its Alacran
Project in Mexico and a well-supported capital raising - share price up 230% for the month.
• Analyst optimism remains positive, as evidenced by the trajectory of the commodity price forecast
curves, although they appear to be flattening - refer page 8.
Peer Company
Valuations
• Reflective of underlying price or specific corporate activity, average peer valuations for Gold improved
whilst Nickel decreased. Copper and Iron Ore sector valuations remained relatively flat in September.
Liquidity &
Short Positions
• Gold liquidity increased dramatically, reflective of the sector interest.
• In Copper, the notable movement was a lift in Azure Mineral’s liquidity post the capital raising.
• In Nickel, there was a material fall in the liquidity levels of both Independence and Segue.
• Overall short positions remained stable month on month for all sectors, with the only notable
movement being the fall in short positions in Independence.
Transaction
Metrics
• September was a quiet month in terms of project level transaction announcements, with the following:
• Aditya Birla announced the sale of its Mt Gordon Copper Project.
• Sphere Minerals’granting of an option to purchase an 80% interest in its Askaf Magnetite Project.
• Project level transactions that completed during the month of September included:
• Centaurus Metals’sale of the Candonga Iron Ore Project.
• Metals X’s acquisition of the Mt Henry Gold Project.
• Anglo American’s sale of the Mantoverde & Mantos Blancos Copper Projects.
• Caeneus Minerals terminated the binding agreement with Poseidon Nickel in relation to the Silver
Swan nickel mine.
Total Payments (excluding Equity Based Payments)
Sample 107 Companies
Average $626,649
Median $438,000
Max $4,589,000
Total Compensation (including Equity Based Payments)
Sample 108 Companies
Average $824,489
Median $561,291
Max $6,934,000
NumberNumber

By Market Capitalisation.
Rank Mkt Cap (A$M) % Rank Mkt Cap (A$M) %
Sep Aug Company 30-Sep-15 31-Aug-15 Change Sep Aug Company 30-Sep-15 31-Aug-15 Change
1 1 BHP Billiton Limited (ASX:BHP) $117,133.0 $132,244.2 (11.4%) 51 56 Atrum Coal NL (ASX:ATU) $111.8 $110.8 0.9%
2 2 Rio Tinto Ltd. (ASX:RIO) $86,821.7 $92,899.9 (6.5%) 52 55 Beadell Resources Ltd (ASX:BDR) $111.8 $111.8 0.0%
3 3 Newcrest Mining Limited (ASX:NCM) $9,734.7 $8,584.9 13.4% 53 47 Lynas Corporation Limited (ASX:LYC) $111.6 $129.0 (13.5%)
4 4 South32 Ltd (ASX:S32) $7,266.9 $8,092.1 (10.2%) 54 54 Toro Energy Limited (ASX:TOE) $104.0 $113.8 (8.6%)
5 5 Fortescue Metals Group Limited (ASX:FMG) $5,667.1 $5,947.4 (4.7%) 55 57 RAND Mining Ltd. (ASX:RND) $102.3 $105.3 (2.9%)
6 6 Alumina Ltd. (ASX:AWC) $3,239.8 $3,676.2 (11.9%) 56 58 Dome Gold Mines Limited (ASX:DME) $97.3 $101.8 (4.4%)
7 7 Iluka Resources Ltd. (ASX:ILU) $2,600.1 $3,111.0 (16.4%) 57 53 Alkane Resources Limited (ASX:ALK) $97.3 $113.9 (14.5%)
8 9 Evolution Mining Limited (ASX:EVN) $1,807.9 $1,467.1 23.2% 58 112 Lucapa Diamond Company Ltd (ASX:LOM) $95.9 $43.4 121.1%
9 10 Northern Star Resources Limited (ASX:NST) $1,602.1 $1,212.1 32.2% 59 68 Troy Resources Limited (ASX:TRY) $94.3 $79.8 18.2%
10 8 New Hope Corporation Limited (ASX:NHC) $1,466.8 $1,483.4 (1.1%) 60 65 Axiom Mining Limited (ASX:AVQ) $92.6 $89.0 4.1%
11 15 Independence Group NL (ASX:IGO) $1,293.9 $779.8 65.9% 61 49 Panoramic Resources Limited (ASX:PAN) $91.8 $122.5 (25.0%)
12 12 OZ Minerals Limited (ASX:OZL) $1,004.5 $1,141.0 (12.0%) 62 85 Neometals Limited (ASX:NMT) $91.6 $63.6 44.0%
13 11 Whitehaven Coal Limited (ASX:WHC) $918.3 $1,195.3 (23.2%) 63 73 Universal Coal plc (ASX:UNV) $91.0 $73.3 24.1%
14 16 Regis Resources Limited (ASX:RRL) $892.1 $727.2 22.7% 64 61 Triton Minerals Limited (ASX:TON) $90.4 $96.0 (5.9%)
15 14 Sandfire Resources NL (ASX:SFR) $845.4 $950.5 (11.1%) 65 63 Northern Minerals Limited (ASX:NTU) $89.7 $89.7 0.0%
16 18 Sphere Minerals Limited (ASX:SPH) $676.6 $676.6 0.0% 66 91 Ramelius Resources Limited (ASX:RMS) $85.3 $56.8 50.0%
17 17 Syrah Resources Limited (ASX:SYR) $566.9 $682.2 (16.9%) 67 69 Reward Minerals Limited (ASX:RWD) $82.1 $79.7 3.0%
18 19 Zimplats Holdings Ltd. (ASX:ZIM) $554.3 $662.0 (16.3%) 68 62 Vimy Resources Limited (ASX:VMY) $82.0 $93.4 (12.2%)
19 21 Metals X Limited (ASX:MLX) $528.2 $476.3 10.9% 69 87 Elemental Minerals Limited (ASX:ELM) $81.4 $61.0 33.3%
20 29 ST Barbara Ltd. (ASX:SBM) $519.9 $267.4 94.4% 70 83 Berkeley Resources Ltd. (ASX:BKY) $79.4 $66.7 18.9%
21 20 Western Areas Limited (ASX:WSA) $501.9 $644.3 (22.1%) 71 59 Medusa Mining Limited (ASX:MML) $79.0 $100.8 (21.6%)
22 22 Saracen Mineral Holdings Limited (ASX:SAR) $396.4 $348.8 13.6% 72 74 Silver Lake Resources Limited (ASX:SLR) $78.1 $73.1 6.9%
23 26 Cudeco Limited (ASX:CDU) $307.1 $307.1 0.0% 73 64 Finders Resources Limited (ASX:FND) $78.0 $88.1 (11.5%)
24 31 Gold Road Resources Limited (ASX:GOR) $302.0 $236.8 27.5% 74 77 Highlands Pacific Limited (ASX:HIG) $77.3 $70.9 9.1%
25 25 Terramin Australia Limited (ASX:TZN) $293.4 $320.1 (8.3%) 75 70 Mirabela Nickel Limited (ASX:MBN) $77.2 $77.2 0.0%
26 23 Paladin Energy Ltd (ASX:PDN) $291.1 $333.8 (12.8%) 76 81 Kingsrose Mining Limited (ASX:KRM) $77.1 $68.1 13.2%
27 28 Orocobre Limited (ASX:ORE) $281.7 $273.2 3.1% 77 78 Atlas Iron Limited (ASX:AGO) $74.8 $69.4 7.7%
28 27 Wolf Minerals Limited (ASX:WLF) $267.1 $299.5 (10.8%) 78 71 Austral Gold Limited (ASX:AGD) $71.8 $76.6 (6.2%)
29 24 Arrium Limited (ASX:ARI) $255.5 $323.1 (20.9%) 79 84 NKWE Platinum Ltd (ASX:NKP) $71.7 $66.3 8.1%
30 30 Aquarius Platinum Limited (ASX:AQP) $218.5 $263.6 (17.1%) 80 105 Tanami Gold NL (ASX:TAM) $71.7 $47.0 52.5%
31 35 Tribune Resources Limited (ASX:TBR) $199.9 $184.9 8.1% 81 80 ABM Resources NL (ASX:ABU) $70.4 $68.7 2.5%
32 36 Resolute Mining Limited (ASX:RSG) $198.9 $170.0 17.0% 82 109 Dacian Gold Limited (ASX:DCN) $67.3 $46.1 45.8%
33 33 Mount Gibson Iron Limited (ASX:MGX) $190.9 $190.9 0.0% 83 46 Cockatoo Coal Limited (ASX:COK) $67.0 $134.1 (50.0%)
34 37 Peninsula Energy Limited (ASX:PEN) $173.4 $166.5 4.2% 84 76 Tiger Resources Ltd. (ASX:TGS) $65.2 $70.9 (8.1%)
35 50 Coal of Africa Limited (ASX:CZA) $173.4 $122.0 42.1% 85 75 Sheffield Resources Limited (ASX:SFX) $64.5 $71.2 (9.4%)
36 66 Pilbara Minerals Limited (ASX:PLS) $168.5 $82.4 104.5% 86 95 Aguia Resources Limited (ASX:AGR) $64.2 $54.3 18.2%
37 34 Energy Resources of Australia Ltd. (ASX:ERA) $165.7 $186.4 (11.1%) 87 92 Phoenix Gold Limited (ASX:PXG) $63.5 $56.4 12.5%
38 32 Perseus Mining Limited (ASX:PRU) $161.4 $201.2 (19.7%) 88 67 White Energy Company Limited (ASX:WEC) $62.4 $82.1 (24.0%)
39 43 Kingsgate Consolidated Limited (ASX:KCN) $161.0 $143.1 12.5% 89 121 Iron Road Limited (ASX:IRD) $61.1 $40.2 52.2%
40 39 Newfield Resources Limited (ASX:NWF) $156.5 $156.5 0.0% 90 99 Alliance Resources Ltd. (ASX:AGS) $58.2 $52.1 11.6%
41 38 Magnis Resources Limited (ASX:MNS) $143.9 $165.7 (13.2%) 91 72 Talisman Mining Ltd (ASX:TLM) $56.5 $74.3 (24.0%)
42 40 Avanco Resources Limited (ASX:AVB) $140.0 $154.8 (9.5%) 92 90 Focus Minerals Limited (ASX:FML) $56.2 $57.6 (2.4%)
43 44 Wollongong Coal Limited (ASX:WLC) $137.9 $137.9 0.0% 93 113 Atherton Resources Ltd (ASX:ATE) $55.9 $43.4 29.0%
44 48 CI Resources Limited (ASX:CII) $137.5 $127.1 8.2% 94 107 Red 5 Limited (ASX:RED) $53.9 $46.3 16.4%
45 41 OM Holdings Limited (ASX:OMH) $132.0 $146.7 (10.0%) 95 86 Tigers Realm Coal Limted (ASX:TIG) $52.9 $62.7 (15.7%)
46 60 Doray Minerals Limited (ASX:DRM) $131.8 $99.5 32.4% 96 97 Audalia Resources Limited (ASX:ACP) $53.0 $52.7 0.5%
47 42 TNG Limited (ASX:TNG) $124.7 $146.1 (14.6%) 97 79 Kazakhstan Potash Corp. Ltd (ASX:KPC) $52.0 $69.3 (25.0%)
48 51 Grange Resources Limited (ASX:GRR) $115.7 $121.5 (4.8%) 98 168 Resource Generation Limited (ASX:RES) $51.2 $23.3 120.0%
49 52 Yancoal Australia Ltd (ASX:YAL) $114.3 $119.3 (4.2%) 99 96 Sundance Resources Limited (ASX:SDL) $49.8 $52.9 (5.9%)
50 45 Bougainville Copper Ltd. (ASX:BOC) $112.3 $136.4 (17.6%) 100 88 Danakali Limited (ASX:DNK) $48.8 $61.0 (20.0%)
PCF GROUP 150
Top 150 ASX Listed Resource Companies - 30 September 2015
Source: Bloomberg

New Entrants
• 98 - Resource Generation Limited (ASX:RES)
• 121 - Minemakers Limited (ASX:MAK)
• 126 - Orinoco Gold Limited (ASX:OGX)
• 127 - Azure Minerals Limited (ASX:AZS)
• 135 - Australian Bauxite Limited (ASX:ABX)
• 145 - Altura Mining Limited (ASX:AJM)
• 146 - Sumatra Copper & Gold plc (ASX:SUM)
• 147 - Pacific Niugini Limited (ASX:PNR)
Rank Mkt Cap (A$M) % Rank Mkt Cap (A$M) %
Sep Aug Company 30-Sep-15 31-Aug-15 Change Sep Aug Company 30-Sep-15 31-Aug-15 Change
101 94 Mineral Commodities Limited (ASX:MRC) $48.6 $54.7 (11.1%) 126 177 Orinoco Gold Limited (ASX:OGX) $36.8 $21.5 71.4%
102 116 Intrepid Mines Limited (ASX:IAU) $48.1 $42.6 13.0% 127 257 Azure Minerals Limited (ASX:AZS) $36.3 $10.1 261.3%
103 123 Gindalbie Metals Ltd. (ASX:GBG) $47.9 $38.9 23.1% 128 131 Equatorial Resources Limited (ASX:EQX) $36.1 $34.8 3.6%
104 82 Mineral Deposits Ltd. (ASX:MDL) $47.7 $67.4 (29.2%) 129 124 Summit Resources Limited (ASX:SMM) $36.0 $38.1 (5.7%)
105 98 Capral Limited (ASX:CAA) $47.5 $52.2 (9.1%) 130 103 Poseidon Nickel Limited (ASX:POS) $35.3 $47.4 (25.5%)
106 89 Aditya Birla Minerals Limited (ASX:ABY) $47.0 $59.5 (21.1%) 131 117 Hot Chili Limited (ASX:HCH) $33.6 $42.0 (20.0%)
107 100 Paringa Resources Limited (ASX:PNL) $46.1 $51.8 (10.9%) 132 133 Flinders Mines Limited. (ASX:FMS) $33.2 $33.2 0.0%
108 93 Mincor Resources NL (ASX:MCR) $46.1 $55.5 (16.9%) 133 141 Hillgrove Resources Ltd. (ASX:HGO) $32.9 $31.0 6.1%
109 102 Cokal Limited (ASX:CKA) $45.9 $49.4 (7.1%) 134 126 Siburan Resources Limited (ASX:SBU) $32.8 $37.7 (13.0%)
110 101 Altona Mining Limited (ASX:AOH) $45.5 $50.8 (10.5%) 135 155 Australian Bauxite Limited (ASX:ABX) $32.3 $26.7 21.1%
111 137 Xanadu Mines Ltd. (ASX:XAM) $45.0 $32.6 37.9% 136 145 African Energy Resources Limited (ASX:AFR) $32.2 $30.4 6.1%
112 104 BC Iron Limited (ASX:BCI) $44.1 $47.1 (6.3%) 137 110 Base Resources Limited (ASX:BSE) $32.1 $45.1 (28.7%)
113 132 Amex Resources Limited (ASX:AXZ) $43.6 $33.5 30.0% 138 139 Excelsior Gold Limited (ASX:EXG) $31.8 $31.8 0.0%
114 140 Galaxy Resources Limited (ASX:GXY) $43.6 $31.3 39.3% 139 136 Kibaran Resources Limited (ASX:KNL) $31.0 $34.4 (9.8%)
115 130 Havilah Resources NL (ASX:HAV) $43.6 $35.3 23.3% 140 148 Champion Iron Limited (ASX:CIA) $30.7 $29.7 3.3%
116 106 Citigold Corporation Limited (ASX:CTO) $43.1 $46.6 (7.4%) 141 144 Tian Poh Resources Limited (ASX:TPO) $30.6 $30.6 0.0%
117 118 Prairie Mining Limited (ASX:PDZ) $42.3 $41.5 1.8% 142 142 MZI Resources Ltd. (ASX:MZI) $30.0 $30.8 (2.6%)
118 125 Leigh Creeek Energy Limited (ASX:LCK) $41.5 $38.0 9.1% 143 149 Chalice Gold Mines Limited (ASX:CHN) $29.7 $29.7 0.0%
119 114 Talga Resources Limited (ASX:TLG) $40.9 $43.0 (4.8%) 144 150 Hastings Rare Metals Ltd (ASX:HAS) $29.6 $28.8 2.7%
120 122 Geopacific Resources Limited (ASX:GPR) $40.0 $39.7 0.8% 145 262 Altura Mining Limited (ASX:AJM) $29.4 $11.7 150.0%
121 162 Minemakers Limited (ASX:MAK) $39.9 $24.7 61.5% 146 159 Sumatra Copper & Gold plc (ASX:SUM) $29.2 $25.7 13.6%
122 119 Heron Resources Limited (ASX:HRR) $39.4 $41.1 (4.0%) 147 161 Pacific Niugini Ltd (ASX:PNR) $28.9 $25.5 13.5%
123 147 Blackham Resources Limited (ASX:BLK) $37.7 $29.8 26.7% 148 138 Guildford Coal Limited (ASX:GUF) $28.5 $31.8 (10.3%)
124 115 Cauldron Energy Limited (ASX:CXU) $37.7 $42.7 (11.8%) 149 111 Blackgold International Hold. Ltd (ASX:BGG) $28.4 $44.4 (36.0%)
125 108 Western Mining Network Ltd (ASX:WMN) $37.1 $46.1 (19.6%) 150 120 Valence Industries Limited (ASX:VXL) $27.9 $40.4 (31.0%)
Winners and Losers - Market Capitalisation Performance
261.3%
150.0%
121.1% 120.0%
104.5%
(50.0%)
(36.0%) (31.0%) (29.2%) (28.7%)
(100.0%)
(50.0%)
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%
300.0%
Azure Minerals
Limited
(ASX:AZS)
Altura Mining
Limited
(ASX:AJM)
Lucapa
Diamond
Company
Limited
(ASX:LOM)
Resource
Generation
Limited
(ASX:RES)
Pilbara Minerals
Limited
(ASX:PLS)
Cockatoo Coal
Limited
(ASX:COK)
Blackgold
International
Holdings Limited
(ASX:BGG)
Valence
Industries
Limited
(ASX:VXL)
Mineral Deposits
Ltd. (ASX:MDL)
Base Resources
Limited
(ASX:BSE)
New Exits
• Sirius Resources NL (ASX:SIR) - Acquired by Independence Group NL
• Sipa Resources Limited (ASX:SRI)
• Rutila Resources Limited (ASX:RTA)
• Greenland Minerals and Energy Limited (ASX:GGG)
• Zeta Resources Limited (ASX:ZER)
• Gulf Industrials Limited (ASX:GLF)
• Ironbark Zinc Limited (ASX:IBG)
• Energia Minerals Limited (ASX:EMX)

PCF GROUP 150
PCF Group 150 Members - CEO/Executive Chairman Remuneration FY15
Source: Bloomberg
# Company Ticker Name Position Salary Bonus
Other Payments
(Inc Super)
Total Payments
Equity Based
Payments
Total Reported
Compensation
1 BHP Billiton ASX:BHP Mackenzie, Andrew CEO 1,700,000 2,319,000 570,000 4,589,000 2,345,000 6,934,000
2 Rio Tinto ASX:RIO Walsh, Sam CEO December Year End - - -
3 Newcrest ASX:NCM Biswas, Sandeep CEO 2,275,000 1,658,000 201,000 4,134,000 1,519,000 5,653,000
4 South32 ASX:S32 Kerr, Graham CEO 179,000 121,000 28,000 328,000 662,000 990,000
5 Fortescue ASX:FMG Power, Neville CEO 1,972,500 956,250 31,705 2,960,455 3,031,762 5,992,217
6 Alumina ASX:AWC Wasow, Peter CEO December Year End - - -
7 Iluka ASX:ILU Robb, David CEO December Year End - - -
8 Evolution ASX:EVN Klein, Jacob CEO 985,017 700,000 168,783 1,853,800 780,403 2,634,203
9 Northern Star ASX:NST Beament, William CEO 633,733 208,495 120,180 962,408 231,599 1,194,007
10 New Hope ASX:NHC Stephan, Shane CEO 1,209,630 -24,967 79,553 1,264,216 43,056 1,307,272
11 Independence ASX:IGO Bradford, Peter CEO 757,217 - 40,869 798,086 165,311 963,397
12 OZ Minerals ASX:OZL Cole, Andrew CEO Dec - - - - -
13 Whitehaven ASX:WHC Flynn, Paul CEO 1,275,518 926,250 36,012 2,237,780 180,678 2,418,458
14 Regis ASX:RRL Clark, Mark CEO 550,000 - 57,362 607,362 - 607,362
15 Sandfire ASX:SFR Simich, Karl CEO 1,100,000 310,255 - 1,410,255 -780,155 630,100
16 Sphere Minerals ASX:SPH Romcke, Jonathan CEO December Year End - - -
17 Syrah ASX:SYR Kumova, Tolga CEO 181,818 - 18,800 200,618 2,790,186 2,990,804
18 Zimplats ASX:ZIM Mhembere, Alex CEO Not Disclosed - - -
19 Metals X ASX:MLX Cook, Peter CEO 580,948 93,575 49,080 723,603 52,051 775,654
20 St Barbara ASX:SBM Vassie, Robert CEO 631,217 447,200 235,644 1,314,061 41,717 1,355,778
21 Western Areas ASX:WSA Lougher, Daniel CEO 780,180 341,000 99,465 1,220,645 562,311 1,782,956
22 Saracen ASX:SAR Finlayson, Raleigh CEO 628,679 172,566 104,830 906,075 290,608 1,196,683
23 CuDeco ASX:CDU Hutchison, Peter CEO Account Delayed - - -
24 Gold Road ASX:GOR Murray, Ian Executive Chairman 374,517 - 109,431 483,948 74,559 558,507
25 Terramin ASX:TZN Janes, Martin CEO December Year End - - -
26 Paladin ASX:PDN Borshoff, John (Retired) CEO 1,382,000 - 210,000 1,592,000 48,000 1,640,000
27 Orocobre ASX:ORE Seville, Richard Executive Chairman 570,888 - 40,571 611,459 438,093 1,049,552
28 Wolf Minerals ASX:WLF Clark, Russell CEO 450,000 214,682 77,400 742,082 63,492 805,574
29 Arrium ASX:ARI Roberts, Andrew CEO 1,418,282 - 211,169 1,629,451 -64,370 1,565,081
30 Aquarius ASX:AQP Nel, Jean CEO 164,638 - - 164,638 598,195 762,833
31 Tribune ASX:TBR Billis, Anthony CEO 165,001 - 35,000 200,001 122,417 322,418
32 Resolute ASX:RSG Sullivan, Peter (Retired) CEO 545,458 373,960 136,371 1,055,789 617,899 1,673,688
33 Mount Gibson ASX:MGX Beyer, Jim CEO 662,475 123,221 37,876 823,572 170,769 994,341
34 Peninsula ASX:PEN Simpson, John CEO 720,000 - - 720,000 140,500 860,500
35 Coal of Africa ASX:CZA Brown, David CEO 481,250 - - 481,250 131,485 612,735
36 Pilbara Minerals ASX:PLS Young, John CEO 168,400 - - 168,400 - 168,400
37 ERA ASX:ERA Sutton, Andrea CEO December Year End - - -
38 Perseus ASX:PRU Quartermaine, Jeffrey CEO 687,500 167,375 94,477 949,352 135,747 1,085,099
39 Kingsgate ASX:KCN Foulis, Greg CEO 15,000 - 38,859 53,859 - 53,859
40 Newfield ASX:NWF Ho, Anthony CEO 100,000 - -589 99,411 - 99,411
41 Magnis ASX:MNS Houllis, Frank CEO 249,677 - 23,006 272,683 189,225 461,908
42 Avanco ASX:AVB Polglase, Anthony CEO December Year End - - -
43 Wollongong Coal ASX:WLC Singh, Jasbir CEO 116,250 - 10,947 127,197 - 127,197
44 CI Resources ASX:CII Lai, Ah Hong CEO 160,234 45,550 46,662 252,446 - 252,446
45 OM Holdings ASX:OMH Low, Ngee Tong CEO December Year End - - -
46 Doray ASX:DRM Kelly, Allan CEO 450,000 81,000 50,446 581,446 162,741 744,187
47 TNG ASX:TNG Burton, Paul CEO 407,031 108,000 70,349 585,380 178,866 764,245
48 Grange ASX:GRR Zhao, Honglin CEO December Year End - - -
49 Yancoal ASX:YAL Schmidt, Reinhold CEO December Year End - - -
50 Bougainville Cop. ASX:BOC Taylor, Peter CEO December Year End - - -
51 Atrum ASX:ATU Chisholm, James Executive Chairman 174,750 - - 174,750 3,646 178,396
52 Beadell ASX:BDR Bowler, Peter CEO December Year End - - -
53 Lynas ASX:LYC Lacaze, Amanda CEO 1,181,552 300,000 78,781 1,560,333 272,568 1,832,901
54 Toro Energy ASX:TOE Guthrie, Vanessa CEO 351,043 - 27,358 378,401 185,673 564,074
55 RAND Mining ASX:RND Billis, Anthony CEO 82,500 - 17,500 100,000 61,208 161,208
56 Dome Gold ASX:DME McCarthy, John CEO 135,000 - 92,250 227,250 - 227,250
57 Alkane ASX:ALK Chalmers, David CEO 360,000 - 34,200 394,200 - 394,200
58 Lucapa ASX:LOM Wetherall, Stephen CEO December Year End - - -
59 Troy ASX:TRY Purvis, Martin CEO 475,000 - 49,684 524,684 17,461 542,145
60 Axiom ASX:AVQ Mount, Ryan CEO September Year End - - -
61 Panoramic ASX:PAN Harold, Peter CEO 553,500 151,217 78,158 782,875 201,290 984,165
62 Neometals ASX:NMT Reed, Christopher CEO 365,000 160,000 32,761 557,761 101,312 659,073
63 Universal ASX:UNV Weber, Anton CEO 384,900 - - 384,900 - 384,900
64 Triton ASX:TON Boyle, Bradley CEO 180,000 - 16,200 196,200 41,500 237,700
65 Northern Minerals ASX:NTU Bauk, George CEO 456,287 - 32,262 488,549 299,477 788,026
66 Ramelius ASX:RMS Zeptner, Mark CEO 437,500 - 35,273 472,773 147,230 620,003
67 Reward Minerals ASX:RWD Ruane, Michael CEO December Year End - - -
68 Vimy Resources ASX:VMY Young, Michael CEO 422,012 - 24,999 447,011 123,709 570,720
69 Elemental ASX:ELM Sanders, John CEO December Year End - - -
70 Berkeley ASX:BKY Atherley, Paul CEO - - - - 438,667 438,667
71 Medusa ASX:MML Davis, Geoffrey CEO 541,287 - 79,184 620,471 - 620,471
72 Silver Lake ASX:SLR Tonkin, Luke CEO 480,210 297,753 45,257 823,220 289,363 1,112,583
73 Finders ASX:FND Cahill, Barry CEO December Year End - - -
74 Highlands Pacific ASX:HIG Gooding, John CEO December Year End - - -
75 Mirabela Nickel ASX:MBN Belanger, Maryse CEO December Year End - - -

# Company Ticker Name Position Salary Bonus
Other Payments
(Inc Super)
Total Payments
Equity Based
Payments
Total Reported
Compensation
76 Kingsrose ASX:KRM Huffadine, Scott CEO 350,000 - 23,070 373,070 -15,423 357,647
77 Atlas Iron ASX:AGO Flanagan, David CEO 350,758 - 33,322 384,080 - 384,080
78 Austral Gold ASX:AGD Kasaneva, Stabro COO 405,838 881,620 - 1,287,458 - 1,287,458
79 NKWE ASX:NKP Li, Abraham CEO 300,000 - - 300,000 - 300,000
80 Tanami ASX:TAM McMahon, Gerard Chairman 100,000 - 9,500 109,500 - 109,500
81 ABM ASX:ABU Holden, Darren CEO 304,728 60,938 77,465 443,131 - 443,131
82 Dacian Gold ASX:DCN Williams, Rohan CEO 403,000 - 35,000 438,000 162,737 600,737
83 Cockatoo Coal ASX:COK Kane, Peter CEO 80,513 - 4,696 85,209 - 85,209
84 Tiger ASX:TGS Griffiths, Michael CEO December Year End - - -
85 Sheffield ASX:SFX McQuitty, Bruce CEO 240,000 - 22,800 262,800 - 262,800
86 Aguia ASX:AGR Reid, Justin CEO 43,800 - - 43,800 78,300 122,100
87 Phoenix Gold ASX:PXG Rogers, Dale Executive Chairman 152,194 - 10,040 162,234 7,681 169,915
88 White Energy ASX:WEC Flannery, Brian CEO 1,000,000 - 107,344 1,107,344 148,084 1,255,428
89 Iron Road ASX:IRD Stocks, Andrew CEO 365,297 - 52,873 418,170 24,945 443,115
90 Alliance ASX:AGS Johnston, Stephen CEO 328,000 - 37,494 365,494 - 365,494
91 Talisman ASX:TLM Lethridge, Gary CEO 281,138 - 26,708 307,846 147,292 455,138
92 Focus ASX:FML Yang, Wanghong Interim CEO December Year End - - -
93 Atherton ASX:ATE James, Anthony CEO 100,000 - 9,500 109,500 - 109,500
94 Red 5 ASX:RED Williams, Mark CEO 446,325 276,000 61,823 784,148 42,439 826,587
95 Tigers Realm ASX:TIG Balka, Peter Interim CEO December Year End - - -
96 Audalia ASX:ACP Lim, Soo Kok Executive Chairman 80,000 - 33,453 113,453 - 113,453
97 Kazakhstan ASX:KPC Cheung, Kwan CEO December Year End - - -
98 Resource Gen. ASX:RES Jury, Paul CEO 597,700 - 120,191 717,891 534,834 1,252,725
99 Sundance ASX:SDL Casello, Giulio CEO December Year End - - -
100 Danakali ASX:DNK Donaldson, Paul CEO December Year End - - -
101 Min. Commodities ASX:MRC Caruso, Mark CEO December Year End - - -
102 Intrepid ASX:IAU Lowe, Scott CEO December Year End - - -
103 Gindalbie ASX:GBG O’Neill, Michael CEO 261,328 - 49,114 310,442 - 310,442
104 Mineral Deposits ASX:MDL Sennitt, Robert CEO December Year End - - -
105 Capral ASX:CAA Dragicevich, Anthony CEO December Year End - - -
106 Aditya Birla ASX:ABY Patnaik, Neela CEO 74,400 - 57,468 131,868 - 131,868
107 Paringa ASX:PNL Gay, David CEO 358,466 119,489 33,806 511,761 249,962 761,723
108 Mincor ASX:MCR Moore, David CEO 564,412 - 45,036 609,448 - 609,448
109 Cokal ASX:CKA Lynch, Peter CEO 253,982 - - 253,982 - 253,982
110 Altona ASX:AOH Cowden, Alistair CEO 485,479 200,000 28,802 714,281 308,684 1,022,965
111 Xanadu ASX:XAM Wheatley, Mark Executive Chairman December Year End - - -
112 BC Iron ASX:BCI Ball, Morgan CEO 686,749 58,684 170,123 915,556 83,986 999,542
113 Amex ASX:AXZ Collard, Matthew CEO 390,000 - 76,500 466,500 - 466,500
114 Galaxy ASX:GXY Tse, Anthony CEO December Year End - - -
115 Havilah ASX:HAV Giles, Christopher CEO July Year End - - -
116 Citigold ASX:CTO Lynch, Mark Executive Chairman - - 460,428 460,428 - 460,428
117 Prairie ASX:PDZ Stoikovich, Benjamin CEO 432,531 164,204 - 596,735 175,712 772,447
118 Leigh Creek ASX:LCK Shearwood, David CEO 214,766 - 20,137 234,903 - 234,903
119 Talga ASX:TLG Thompson, Mark CEO 321,500 - 57,312 378,812 - 378,812
120 Geopacific ASX:GPR Heeks, Ronald CEO December Year End - - -
121 Minemakers ASX:MAK Lawrenson, Cliff CEO 550,000 - 66,421 616,421 - 616,421
122 Heron ASX:HRR Taylor, Wayne CEO 356,227 - 45,875 402,102 78,998 481,100
123 Blackham ASX:BLK Dixon, Bryan CEO 222,150 - - 222,150 - 222,150
124 Cauldron ASX:CXU Sage, Tony Executive Chairman 120,000 - - 120,000 362,634 482,634
125 West. Mining ASX:WMN Clower, Chris Executive Chairman 97,500 - - 97,500 - 97,500
126 Orinoco ASX:OGX Papendieck, Mark CEO December Year End - - -
127 Azure ASX:AZS Rovira, Tony CEO 300,000 40,875 28,500 369,375 46,832 416,207
128 Equatorial ASX:EQX Welborn, John CEO 400,000 - 37,297 437,297 - 437,297
129 Summit ASX:SMM O'Hara, Brendan (Retired) Executive Chairman - 94,340 6,727 101,067 867 101,934
130 Poseidon ASX:POS Singleton, David CEO 542,586 - 111,771 654,357 182,685 837,042
131 Hot Chili ASX:HCH Easterday, Christian CEO 342,000 - 41,040 383,040 - 383,040
132 Flinders ASX:FMS Gordon, Ian CEO 421,031 - 30,000 451,031 59,955 510,986
133 Hillgrove ASX:HGO McClare, Steven CEO December Year End - - -
134 Siburan ASX:SBU Ong, Noel CEO 73,504 - 8,031 81,535 - 81,535
135 Aust. Bauxite ASX:ABX Levy, Ian CEO December Year End - - -
136 African Energy ASX:AFR Tabeart, Fraser CEO 335,126 - - 335,126 58,469 393,595
137 Base ASX:BSE Carstens, Tim CEO 406,800 337,796 87,165 831,761 221,953 1,053,714
138 Excelsior ASX:EXG Hamlyn, David CEO 330,833 25,000 33,804 389,637 348,738 738,375
139 Kibaran ASX:KNL Spinks, Andrew CEO 188,479 - 17,905 206,384 765,550 971,934
140 Champion ASX:CIA O’Keeffe, William CEO 142,657 - 14,293 156,950 96,250 253,200
141 Tian Poh ASX:TPO Poh, Kay Ping CEO December Year End - - -
142 MZI ASX:MZI Matthews, Trevor CEO 452,272 - 41,664 493,936 389,949 883,885
143 Chalice Gold ASX:CHN Goyder, Timothy CEO 333,585 - 4,164 337,749 31,691 369,440
144 Hastings ASX:HAS Lew, Charles Executive Chairman 91,498 - - 91,498 125,313 216,811
145 Altura ASX:AJM Brown, James CEO 362,485 199,500 86,734 648,719 67,138 715,857
146 Sumatra Cop & Gld ASX:SUM Fowler, David CEO December Year End - - -
147 Pacifice Niugini ASX:PNR Cmrlec, Paul CEO - - 365,640 365,640 4,701 370,341
148 Guildford ASX:GUF Avery, Michael CEO 289,181 - - 289,181 - 289,181
149 Blackgold ASX:BGG Peng, Yuguo CEO December Year End - - -
150 Valence ASX:VXL Darby, Christopher CEO 333,071 - - 333,071 96,084 429,155

Source: Bloomberg Consensus Estimates - Median / High / Low as at 2 October 2015.
Consensus Commodity Price Forecasts
Gold (US$/oz) Silver (US$/oz)
Copper (US$/lb) Nickel (US$/lb)
Zinc (US$/lb) Lead (US$/lb)
Iron Ore Fines 62% (US$/MT) Uranium (US$/lb)
AUD:USD NYMEX (US$/bbl)
$1,112 $1,175 $1,170 $1,213 $1,250
$0
$500
$1,000
$1,500
$2,000
Spot 2015 2016 2017 2018
$14.54 $16.00 $16.00
$17.80 $19.00
$0
$5
$10
$15
$20
$25
$30
Spot 2015 2016 2017 2018
$2.30
$2.57 $2.63
$2.88 $3.07
$0.00
$1.00
$2.00
$3.00
$4.00
Spot 2015 2016 2017 2018
$4.57
$5.67 $6.01
$6.69
$8.06
$0.00
$4.00
$8.00
$12.00
Spot 2015 2016 2017 2018
$0.76
$0.93 $1.00 $1.02 $1.03
$0.00
$0.50
$1.00
$1.50
$2.00
Spot 2015 2016 2017 2018
$0.75
$0.82
$0.90 $0.92 $0.93
$0.00
$0.50
$1.00
$1.50
Spot 2015 2016 2017 2018
$56.04 $55.75 $55.50
$63.00
$68.50
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
Spot 2015 2016 2017 2018
$36.70 $38.66
$48.00
$60.00
$64.64
$0
$25
$50
$75
Spot 2015 2016 2017 2018
$0.70 $0.70 $0.70 $0.73 $0.75
$0.00
$0.25
$0.50
$0.75
$1.00
Spot 2015 2016 2017 2018
$45.24
$50.40
$59.00
$65.00
$70.00
$0
$50
$100
Spot 2015 2016 2017 2018

GOLD
Thermometer

-10%
-2% 0%
2%
-15%
-64%
-6%
0%
4%
0%
23%
13%
-22%
5% 10%
13%
32%
-16%
-20% -20%
13%
50%
16% 23%
17% 14% 7%
94%
-8%
18%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
PricePerformance
-18%
-5%
4% 2%
-15%
-94%
0%
-24%
-9%
-7%
9%
4%
-54%
-13%
-2%
21%
-34%
-46%
-29%
23%
57%
-26%
65%
2%
16% 11%
84%
-23%
-12%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
PricePerformance
245%
-32%
-8%
15%
39%
15%
-96%
15%
-65%
-10%
-15%
93%
0%
-54%
33%
-1%
20%
-13%
-79%
-9%
17%
-14%
15%
-30%
39%
-60%
-21%
-57%
-120%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
PricePerformance
536%260%114%
Gold Producers
- Relative Performance
1 Month Share Price Performance - Average 7%
3 Month Share Price Performance - Average -4%
1. St Barbara has been excluded from the 12 month average calculation due to its share price performance being an outlier.
2. Millenium has been excluded from the 3 month average calculation due to its share price performance being an outlier.
3. Ramelius has been excluded from the 12 month average calculation due to its share price performance being an outlier.

-18%
-5%
4%
-18%
5%
18% 23%
0%
-18%
63%
-11%
-4%
4%
-22% -24% -24%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
PricePerformance
114%
-10%
-2% 0%
2%
31% 30% 27%
0%
-7%
46%
0%
-2%
28%
-2%
-19%
53%
-7%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
PricePerformance
-32%
-8%
15%
-37%
7%
-28%
27%
-16%
-53%
5%
-53%
47%
-64%
-92%
-35%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
PricePerformance
239%112%
Gold - Developers & Explorers
- Relative Performance
1. Tanami Gold has been excluded from the 12 month average calculation due to its share price performance being an outlier.

$41
$29
$26
$23
$21
$16
$13
$9
$8
$6
$4
$0
-$6
-$9
-$20
-$10
$0
$10
$20
$30
$40
$50
GoldRoad
ABM
TanamiGold
Excelsior
Dacian
RNI
Anova
Crusader
Blackham
WestAfrican
Azumah
Gryphon
Focus
Chalice
September Resource Metric
August Average $11/oz
September Average $13/oz
Peer Company Valuations
Producers - EV / Resource (A$/oz AuEq)
Producers - EV / Reserve (A$/oz AuEq)
Explorers & Developers - EV / Resources (A$/oz AuEq)
1. OceanaGold - metrics are derived from their gold assets only.
2. Evolution - metrics include both the Cowal and Mungari acquisitions and are based on the indicated pro forma cash and debt balances.
3. Northern Star - does not include the Central Tanami acquisition (Tanami Gold) or the Kailis/King of the Hills acquisition (St Barbara).
4. St Barbara – Includes Kailis /King of the Hills Gold Projects.
5. Metals X - Includes Gold assets only. Includes the Mt Henry Gold Project acquisition (completed 16 September 2015), excludes Grosvenor and Georges Reward acquisitions.
6. Crusader - a producing iron ore company, its gold metrics are derived from its Borborema and Juruena Gold Projects.
7. Tanami - Excludes the 25% interest attributable to NST with regards to the Central Tanami Project.
8. RNI - Includes Grosvenor.
$188
$164
$161
$113
$107
$100
$87
$77
$71
$60
$58
$54
$51
$50
$38
$34
$33
$32
$30
$28
$22
$22
$21
$20
$15
$11
$4
$0
$50
$100
$150
$200
Evolution
PanTerra
NorthernStar
Regis
Doray
Alkane
StBarbara
Troy
Aurelia
OceanaGold
Endeavour
Newcrest
Saracen
Alacer
Austral
Millenium
Beadell
Red5
Medusa
MetalsX
Ramelius
Kingsgate
Resolute
Teranga
Phoenix
SilverLake
Perseus
$463
$427
$289
$280
$248
$237
$220
$216
$191
$173
$163
$146
$135
$133
$131
$114
$100
$98
$82
$67
$66
$63
$59
$51
$12
$0
$100
$200
$300
$400
$500
$600
$700
NorthernStar
Evolution
Regis
Troy
Alkane
Aurelia
OceanaGold
Millenium
Saracen
Doray
StBarbara
Medusa
Austral
Beadell
Endeavour
MetalsX
Ramelius
Alacer
Newcrest
Kingsgate
SilverLake
Teranga
Red5
Resolute
Phoenix
Perseus
September Reserve Metric
$961

0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Kingsgate
Regis
NorthernStar
Beadell
Saracen
Perseus
Newcrest
Medusa
Troy
OceanaGold
Resolute
Evolution
SilverLake
GoldRoad
StBarbara
Alacer
MetalsX
Alkane
ABM
Doray
Teranga
Endeavour
Gryphon
PanTerra
Azumah
% Change Decrease
% Change Increase
1.8% August Average
1.7% September Average
Gold Sector Liquidity / Shorts
Gold Sector Liquidity
Gold Sector Short Positions
Note: Bar chart illustrates monthly share turnover as a percentage of total shares on issue, from largest to smallest. An increase in share turnover (month-on-month) is represented by a light blue bar on top of the
prior month’s share turnover (being the dark blue bar). A decrease in share liquidity (month-on-month) is represented by the red bar (representing the prior month’s share turnover) falling to the dark blue bar
component (being the current month’s turnover).
Note: Bar chart illustrates reported short positions as a percentage of total shares on issue, from largest to smallest result. An increase in short positions (month-on-month) is represented by a light blue bar on
top of the prior month’s short positions (being the dark blue bar). A decrease in short positions (month-on-month) is represented by the red bar (representing the prior month’s short positions) falling to the dark
blue bar component (being the current month’s short positions). Compares data from 25/08/2015 to 24/09/2015.
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Medusa
Evolution
NorthernStar
Perseus
Beadell
Regis
Ramelius
StBarbara
SilverLake
Newcrest
Alacer
Doray
Saracen
Blackham
Teranga
GoldRoad
MetalsX
Resolute
Aurelia
OceanaGold
Dacian
Troy
Kingsgate
Endeavour
Phoenix
TanamiGold
Anova
ABM
RNI
PanTerra
Red5
Chalice
Gryphon
Millenium
Azumah
Alkane
Focus
WestAfrican
Excelsior
Crusader
Austral
% Change Decrease
% Change Increase
6.3% August Average

Gold Transaction Metrics
- Resource and Reserve Multiples
Development (US$/oz AuEq)
Care & Maintenance (US$/oz AuEq)
Exploration (US$/oz AuEq)
Operation (US$/oz AuEq)
$18
$17
$23*
$38
$31*
$0
$5
$10
$15
$20
$25
$30
$35
$40
5 yr average 3 yr average 1 yr average
$67
$83
$122*
$159
$173
$242*
$0
$50
$100
$150
$200
$250
$300
$57
$37
$30*
$84
$80
$52*
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$24
$19
$11
$0
$5
$10
$15
$20
$25
$30
1. Completed transactions only
*Denotes metric is derived from four transaction results or less
Resource Reserve
N/a

COPPER
Thermometer

-18%
-10%
-39%
-19% -22%
-16%
-7%
16%
-17%
-27%
-21%
-6%
-40%
-50%
10%
-29%
-19%
-25%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
PricePerformance
230%
-32%
-23%
-7%
-39%
32%
-71%
-64%
-54%
-37%
-15%
-45%
-68%
-8%
-52%
20%
-45%
-32%
-77%
-57%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
PricePerformance
-10%
1%
-11%
-10%
6%
-20%
13%
-12% -12%
3%
-2% -11% -13%
0%
15% 8%
-8%
0%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
PricePerformance
230%
Copper Stocks Relative Performance
1. Azure has been excluded from the 1 & 3 month average calculation due to its share price performance being an outlier.

EV / Resource (A$/lb CuEq)
EV / Reserve (A$/lb CuEq)
1. Azure Minerals EV/Resource metric attributes 100% of the Promontorio Project. Rio Tinto has an option to earn up to 80% of the Project over 6 years.
$0.216
$0.117
$0.068
$0.056
$0.053
$0.039
$0.024
$0.023
$0.018
$0.015
$0.007
$0.002
$0.001
$0.000
-$0.012
-$0.05
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
Sandfire
Azure
Tiger
Hillgrove
Stavely
Straits
Syndicated
Avanco
OzMin
KGL
HotChili
Regal
Venturex
Rex
Altona
Intrepid
August Average $0.067/lb
September Average $0.074/lb
$0.555
$0.841
$0.315
$0.159
$0.130
$0.105
$0.067
$0.037
$0.006
$0.006
-$0.002
-$0.012
-$0.20
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
Sandfire
Avanco
Tiger
Straits
Hillgrove
OzMin
HotChili
Venturex
Rex
Altona
Intrepid

0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
OzMin
Tiger
Sandfire
Rex
Intrepid
Hillgrove
Straits
% Change Decrease
% Change Increase
0.9% August Average
Copper Sector Liquidity / Shorts
Copper Sector Liquidity
Copper Sector Short Positions
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Azure
Sandfire
OzMin
Tiger
Intrepid
Hillgrove
Altona
Stavely
Thundelarra
Avanco
Straits
HotChili
KGL
Rex
Regal
Venturex
Syndicated
% Change Decrease
% Change Increase
3.7% August Average

Copper Transaction Metrics
Development (US$/lb CuEq)
Care & Maintenance (US$/lb CuEq)
Exploration (US$/lb CuEq)
Operation (US$/lb CuEq)
$0.025
$0.021
$0.000
$0.005
$0.010
$0.015
$0.020
$0.025
$0.030
$0.045
$0.058
$0.165
$0.000
$0.020
$0.040
$0.060
$0.080
$0.100
$0.120
$0.140
$0.160
$0.180
$0.191
$0.180
$0.107*
$0.355
$0.399
$0.299*
$0.000
$0.050
$0.100
$0.150
$0.200
$0.250
$0.300
$0.350
$0.400
$0.450
$0.044*
$0.027*
$0.009*
$0.000
$0.005
$0.010
$0.015
$0.020
$0.025
$0.030
$0.035
$0.040
$0.045
$0.050
N/a N/a N/a
N/a
Resource Reserve
N/aN/a

NICKEL
Thermometer

-18%
-13%
-40%
-19% -16%
-39%
-57%
-39%
-57%
0% 0%
-22%
-33%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
PricePerformance
-32% -36%
-82%
-42%
58%
-38%
-57% -56%
-74%
-55%
-82%
-50%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
PricePerformance
181%
-10%
3%
-16%
0%
9%
-24%
-17%
-25% -26%
19%
0%
-24%
-22%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
PricePerformance
Nickel Stocks Relative Performance
1. Talisman has been excluded from the 12 month average calculation due to its share price performance being an outlier.

EV / Resource (A$/lb NiEq)
EV / Reserve (A$/lb NiEq)
$1.132
$0.509
$0.457
$0.262
$0.102
$0.079
$0.054
$0.054
$0.021
$0.012
$0.001
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
Talisman
Independence
WesternAreas
Highlands
Rox
Poseidon
Mincor
Panoramic
Duketon
Segue
Cassini
$0.974
$0.783
$0.637
$0.428
$0.426
$0.299
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
WesternAreas
Independence
Highlands
Poseidon
Mincor
Panoramic
1. Nickel Metrics derived from:
- Panoramic - Savannah, Copernicus and Lanfranchi Nickel Projects.
- Independence - Tropicana, Long, Jaguar, Stockman and Nova - converted into a NiEq. Based on pro forma cash and debt as per Acquisition Scheme booklet released to the ASX on the 31/07/2015.
- Rox - Fisher East Project.
- Highlands - JV interest in the Ramu Nickel Project.
- Poseidon - All projects, excluding Windarra Gold Tailings.
- Mincor - All Projects, excluding Tottenham Copper-Gold Project.
- Talisman - Based on historical Resource quoted for the Sinclair Project by Glencore.

0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
WesternAreas
Independence
Panoramic
Mincor
% Change Decrease
% Change Increase
2.3% August Average
Nickel Sector Liquidity / Shorts
Nickel Sector Liquidity
Nickel Sector Short Positions
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
WesternAreas
Independence
Mincor
Segue
Panoramic
Talisman
Poseidon
Cassini
Rox
Duketon
Highlands
% Change Decrease
% Change Increase
7.6% August Average

Nickel Transaction Metrics
Development (US$/lb NiEq)
Care & Maintenance (US$/lb NiEq)
Exploration (US$/lb NiEq)
Operation (US$/lb NiEq)
$0.035*
$0.010* $0.010*
$0.000
$0.005
$0.010
$0.015
$0.020
$0.025
$0.030
$0.035
$0.040
$0.636* $0.636*
$0.000
$0.100
$0.200
$0.300
$0.400
$0.500
$0.600
$0.700
$0.222*
$0.000
$0.050
$0.100
$0.150
$0.200
$0.250
$0.075 $0.075
$0.153*
$0.000
$0.020
$0.040
$0.060
$0.080
$0.100
$0.120
$0.140
$0.160
$0.180
2. Nickel Development metrics are based on Sirius Resources‘s purchase of 30% of Nova & Lundin Mining’s purchase of Eagle Mine.
N/a N/a N/a
N/a N/a N/a
N/a N/a N/a
N/a N/a N/a
Resource Reserve

IRON ORE
Thermometer

-32% -28%
-49%
-93%
-86%
-94%
-40%
-53%
2%
-50% -48%
-3%
-17%
-38%
-68%
-93%
-76% -73%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
PricePerformance
Iron Ore Stocks Relative Performance
-10%
0%
30%
8%
-6%
50%
0%
-7%
4%
0%
-5%
23%
-5%
52%
0%
50%
-6%
-20%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
PricePerformance
-18%
-5%
14%
-77%
-22%
0%
-18%
23%
-25%
-5%
60%
-17%
62%
-13%
-40%
-24%
0%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
PricePerformance
400%
1. Coziron has been excluded from the 3 month average calculation due to its share price performance being an outlier.

EV / Resource (A$/dmt Fe)
EV / Reserve (A$/dmt Fe)
1. FMG’s metrics are significantly higher than those of its‘peer’group and have therefore been excluded from the calculation of the‘Average A$/dmt’metric in each category.
2. FMG’s metrics are based on its Solomon and Chichester Hubs only and excludes development properties.
3. Crusader’s Iron Ore metrics are derived from its Posse Iron Ore Project.
4. BC Iron’s metrics are based on Buckland and Nullagine (75%) only, Iron Valley has been excluded.
5. Mount Gibson’s metrics have been excluded from the calculation of the‘Average A$/dmt’metric.
$2.06
$1.61
$0.66
$0.50
$0.47
$0.21
$0.08
$0.06
$0.06
$0.05
$0.03
$0.00
-$0.05
-$0.09
-$2.33
-$2.50
-$2.00
-$1.50
-$1.00
-$0.50
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
FMG
Amex
Crusader
NorthernIron
Atlas
Coziron
Tawana
IronRoad
Sundance
Gindalbie
Flinders
Centaurus
Equatorial
Grange
BCIron
MtGibson
August Average $0.20/t
September Average $0.22/t
$4.95
$2.21
$1.20
$0.38
$0.27
$0.18
$0.13
-$0.07
-$0.17
-$0.19
-$2.50
-$2.00
-$1.50
-$1.00
-$0.50
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
FMG
NorthernIron
Atlas
Sundance
Gindalbie
IronRoad
Centaurus
Equatorial
Grange
BCIron
MtGibson
August Average $0.48/t
September Average $0.44/t
$10.96
-$32.58

0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
FMG
MtGibson
BCIron
Sundance
Atlas
Gindalbie
Grange% Change Decrease
% Change Increase
3.8% August Average
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
FMG
Atlas
BCIron
MtGibson
Equatorial
Gindalbie
Sundance
Flinders
Centaurus
Tawana
Grange
NorthernIron
Crusader
Amex
IronRoad
Coziron
% Change Decrease
% Change Increase
4.3% August Average
Iron Ore Sector Liquidity / Shorts
Iron Ore Sector Liquidity
Iron Ore Sector Short Positions

Iron Ore Transaction Metrics
Development (US$/dmt Fe)
Care & Maintenance (US$/dmt Fe)
Exploration (US$/dmt Fe)
Operation (US$/dmt Fe)
$0.48
$0.47*
$0.32*
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$7.41
$3.00*
$17.35*
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
$8.37 $7.85
$2.72*
$28.95
$25.96
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
No transactions recorded
N/a N/a N/a N/a
Resource Reserve
N/a
N/a

Market Analysis
Price
Performance
• 1, 3 and 12 month share price performance in percentage terms is illustrated
for each sector along with relevant commodity price and index performance for
comparison purposes
Peer Company
Valuations
• Market-based valuation metrics (or‘peer’metrics) are calculated based upon:
• end-of-month market capitalisation (MC) data;
• most recent balance date net debt (cash) figures to determine enterprise
value (EV); and
• most recent published Mineral Resources or Ore Reserves (where appropriate)
Liquidity
• Liquidity is calculated as the number of shares traded in the month as a
percentage of total shares on issue. Liquidity bar charts illustrate the change in
liquidity from the previous to the current month
• Companies are presented in order with the most liquid company in the current
month on the LHS of the bar chart
Short Positions
• ‘Short’data is sourced from the ASIC published short position data
• Short Positions are calculated as the number of shares traded and reported as a
‘short sale’in the month, as a percentage of total shares on issue. Short Position
bar charts illustrate the change in Short Positions from the previous to the current
month
• Companies are presented in order with the most‘shorted’company in the current
month on the LHS of the bar chart
Transaction
Metrics
• Transaction Metrics relate to completed asset (or project) transactions. Corporate-
level transactions (such as‘change of control’transactions), as well as Options and
JV/Farm-In style transactions do not form part of this analysis
• Announced transactions still in progress and yet to complete do not form part of
this analysis
Information presented in this pack references data to 30 September 2015.
The following notes may be of assistance when interpreting information contained throughout this pack.
Explanatory Notes
PCF notes that reference to metal equivalents (AuEq, CuEq, NiEq) does not comply with JORC (2012) Guidelines.
Metal equivalents are used throughout this pack to provide a level of comparative analysis between companies
with assets of varying commodity types.

Company List
Gold Producers
• Alacer Gold Corp
• Alkane Resources Ltd
• Aurelia Metals Ltd
• Austral Gold Ltd
• Beadell Resources Ltd
• Doray Minerals Ltd
• Endeavour Mining Corp
• Evolution Mining Ltd
• Kingsgate Consolidated Ltd
• Medusa Mining Ltd
• Metals X Ltd²
• Millenium Minerals Ltd
• Newcrest Mining Ltd
• Northern Star Resources Ltd
• OceanaGold Corp
• PanTerra Gold Ltd
• Perseus Mining Ltd
• Phoenix Gold Ltd
• Ramelius Resources Ltd
• Red 5 Ltd
• Regis Resources Ltd
• Resolute Mining Ltd
• Saracen Mineral Holdings Ltd
• Silver Lake Resources Ltd
• St Barbara Ltd
• Teranga Gold Corp
• Troy Resources Ltd
Gold Explorers/
Developers
• ABM Resources NL
• Anova Metals Ltd
• Azumah Resources Ltd
• Blackham Resources Ltd
• Chalice Gold Mines Ltd
• Crusader Resources Ltd2
• Dacian Gold Ltd
• Excelsior Gold Ltd
• Focus Minerals Ltd
• Gold Road Resources Ltd
• Gryphon Minerals Ltd
• RNI NL
• Tanami Gold NL
• West African Resources Ltd
Copper
• Altona Mining Ltd
• Avanco Resources Ltd
• Azure Minerals Ltd
• Hillgrove Resources Ltd
• Hot Chili Ltd
• Intrepid Mines NL
• KGL Resources Ltd
• Oz Minerals Ltd
• Regal Resources Ltd
• Rex Minerals Ltd
• Sandfire Resources NL
• Stavely Minerals Ltd
• Straits Resources Ltd
• Syndicated Metals Ltd
• Thundelarra Ltd
• Tiger Resources Ltd
• Venturex Resources Ltd
Nickel
• Cassini Resources Ltd
• Duketon Mining Ltd
• Highlands Pacific Ltd
• Independence Group NL
• Mincor Resources NL
• Panoramic Resources Ltd
• Poseidon Nickel Ltd
• Rox Resources Ltd
• Segue Resources Ltd
• Talisman Mining Ltd
• Western Areas Ltd
Iron Ore
• Amex Resources Ltd
• Atlas Iron Ltd
• BC Iron Ltd
• Centaurus Metals Ltd
• Coziron Resources Ltd
• Crusader Resources Ltd
• Equatorial Resources Ltd
• Flinders Mines Ltd
• Fortescue Metals Group Ltd
• Gindalbie Metals Ltd
• Grange Resources Ltd
• Iron Road Ltd
• Mt Gibson Iron Ltd
• Northern Iron Ltd
• Sundance Resources Ltd
• Tawana Resources NL
Explanatory Notes
1. Abbreviated company names have been used throughout this presentation in the interest of visual reference.
2. Crusader Resources Ltd and Metals X Ltd are included in the gold analysis due to their gold assets from which they appear to derive significant market value

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Western Australia, Australia, 6005
Tel +61 8 9486 7111
Email admin@pcfcapital.com.au
This publication has been prepared by PCF Capital Group Pty Ltd (“PCF“). The publication has been prepared solely for the internal use of PCF clients and may not be relied upon for
any other purpose. It cannot be reproduced, copied or provided to a third party without the prior written consent of PCF.
To whom this information is provided
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No warranties made as to content
The information contained in this presentation is provided for information purposes only. Accordingly, it is provided on the basis of no liability whatsoever to PCF, or the directors,
officers and employees of PCF who will not be responsible for any damages arising from any use made of the information herein. While all care has been taken in its preparation, this
information has not been independently audited and PCF, or the directors, officers and employees of PCF make no representation and give no warranty or undertaking, express or
implied, nor assume any responsibility for the authenticity, origin, validity, accuracy or completeness, or for any errors or omissions contained in the information. The assumptions
that were made in its preparation were based on publicly available information which has not been verified by PCF, or formally audited.
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PCF Capital's Resources Thermometer - October 2015

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