march 2016 -...
TRANSCRIPT
GOLD NICKELCOPPER IRON ORE
Au NiCu Fe
PCF Resources ThermometerMarch 2016
PCF Resources Thermometer 2
Contents
SECTION PAGE
Executive Summary 3
PCF Group 150 4
Consensus Commodity Price Forecasts 6
Gold Thermometer 7
Copper Thermometer 13
Nickel Thermometer 18
Iron Ore Thermometer 23
PCF Corporate Advisory
PCF Capital Group
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Liam TwiggerManaging Director
Darren MartinExecutive Director
Graeme TestarDirector
Mike SperinckTechnical Director
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Liam TwiggerManaging Director
3PCF Resources Thermometer
Executive Summary
We are pleased to present the March edition of the PCF Resources Thermometer including the PCF Group 150, a ranking of the top 150 ASX listed resources companies (excluding oil and gas), by market capitalisation.
During the month of February the value of the PCF Group 150 increased by A$16.7 billion (+9%) to A$208.3 billion, with approximately 75% of companies experiencing market capitalisation uplifts.....is this the bottom?
Gold companies were the greatest beneficiaries with share prices for the producers rallying on average 42% and the developers increasing on average 25%, driven by the spot gold price increasing from A$1,578 to A$1,734 during the course of the month.
A number of the majors released their annual results in February, which served as a reminder of the decline in commodity prices experienced across the board throughout the second half of CY15.
Updated strategies were presented with the common themes focussed on streamlining portfolios and plans to address balance sheet weakness. The question remains, will we see a serious level of M&A?
Information presented in this document references data as at 29 February 2016. Explanatory Notes on page 28 may be of assistance when interpreting information contained throughout this document.
SNAPSHOT
PCF Group 150 • Market value of PCF Group 150 was A$208.3 billion, up A$16.7 billion (+9%) from January.
Price Performance
• All sectors, with the exception of Iron Ore, experienced positive share price movements month on month.
• The Gold producers were the strongest performers, rising 42% on average. • The stand out share price performance for the month of February was Millennium Minerals which
experienced a 176% share price lift following the announcement of strong 2016 guidance, an exploration update and the accelerated debt repayment enabling it to clear its balance sheet of debt.
Peer Company Valuations
• Average peer valuation performances for the month of February were as follows:• In the Gold sector, both producers and explorers experienced positive valuation uplifts due
to strong share price and underlying commodity price performance;• Copper and Nickel company valuations increased month on month. This is the first time since
the November 2015 Edition that Nickel valuations have increased; and • Iron Ore company valuations fell, despite the strong underlying commodity’s price
performance.
Liquidity & Short Positions
• Liquidity levels in the Gold sector increased significantly during the month of February. All companies experienced an increase, bar Gryphon, Excelsior and Austral.
• The Copper sector as a whole experienced an increase in liquidity levels month on month, led by Oz Minerals, whose liquidity was boosted by constant news flow.
• Nickel sector liquidity rose month on month, with Independence and Panoramic showing notable increases.
• In Iron Ore, Atlas’ liquidity rose substantially on the back of its half-year results. Overall the sector’s liquidity level increased month on month.
• Short positions remained relatively stable month on month, with no noteworthy changes.
Transaction Metrics
• During the month of February a number of project level transactions were announced, including, but not limited to: • Riedel Resources’ sale of the Millrose Gold Project to Bowlance Nominees (WA) Limited;• Salt Lake Mining Pty Ltd’s sale of the Widgiemooltha & Carr Boyd exploration projects; and• NuLegacy Gold Corporation’s acquisition of Barrick’s interest in the Redhill property.
• In February a number of project level transactions were completed, including, but not limited to: • McEwen Mining Inc’s acquisition of the Afgan-Kobeh Project from NV Gold Corporation;• Kingsgate Consolidated’s sale of the Challenger Gold Mine;• Metals X’s acquisition of the Comet Gold Project from Silver Lake Resources; and• Orion Gold NL’s sale of the Walhalla Mining Tenement to A1 Consolidated Gold.
PCF Resources Thermometer 4
By Market Capitalisation. Rank Mkt Cap (A$M) % Rank Mkt Cap (A$M) %
Feb Jan Company 29-Feb-16 31-Jan-16 Change Feb Jan Company 29-Feb-16 31-Jan-16 Change
1 1 BHP Billiton Limited (ASX:BHP) $79,909.6 $77,983.4 2.5% 51 68 Lucapa Diamond Company Ltd (ASX:LOM) $109.3 $74.8 46.0%
2 2 Rio Tinto Ltd. (ASX:RIO) $67,994.5 $63,910.5 6.4% 52 50 Grange Resources Limited (ASX:GRR) $105.3 $100.7 4.6%
3 3 Newcrest Mining Limited (ASX:NCM) $13,413.9 $9,872.7 35.9% 53 60 TNG Limited (ASX:TNG) $103.6 $85.7 20.8%
4 5 South32 Ltd (ASX:S32) $6,654.7 $5,190.7 28.2% 54 46 Magnis Resources Limited (ASX:MNS) $102.4 $123.2 (16.9%)
5 4 Fortescue Metals Group Limited (ASX:FMG) $6,352.1 $5,386.9 17.9% 55 51 Universal Coal plc (ASX:UNV) $101.3 $98.8 2.6%
6 6 Alumina Ltd. (ASX:AWC) $3,873.4 $2,980.6 30.0% 56 111 Millennium Minerals Limited. (ASX:MOY) $100.3 $36.4 175.5%
7 7 Iluka Resources Ltd. (ASX:ILU) $2,817.9 $2,273.5 23.9% 57 61 Alkane Resources Limited (ASX:ALK) $99.4 $84.9 17.1%
8 8 Evolution Mining Limited (ASX:EVN) $2,566.5 $2,125.3 20.8% 58 80 Blackham Resources Limited (ASX:BLK) $97.4 $60.5 60.8%
9 9 Northern Star Resources Limited (ASX:NST) $2,340.8 $1,776.1 31.8% 59 90 Kingsgate Consolidated Limited (ASX:KCN) $96.1 $50.3 91.1%
10 12 OZ Minerals Limited (ASX:OZL) $1,529.5 $1,144.1 33.7% 60 69 Kazakhstan Potash Corp. Ltd (ASX:KPC) $93.9 $73.0 28.6%
11 13 Independence Group NL (ASX:IGO) $1,309.2 $1,120.0 16.9% 61 57 General Mining Corporation Ltd (ASX:GMM) $88.8 $91.7 (3.1%)
12 11 Regis Resources Limited (ASX:RRL) $1,289.4 $1,174.5 9.8% 62 59 RAND Mining Ltd. (ASX:RND) $87.2 $87.2 0.0%
13 10 New Hope Corporation Limited (ASX:NHC) $1,105.3 $1,371.2 (19.4%) 63 54 Yancoal Australia Ltd (ASX:YAL) $85.5 $94.5 (9.5%)
14 14 Syrah Resources Limited (ASX:SYR) $1,024.8 $883.4 16.0% 64 58 Berkeley Resources Ltd. (ASX:BKY) $85.5 $87.3 (2.1%)
15 16 ST Barbara Ltd. (ASX:SBM) $928.3 $732.8 26.7% 65 91 Altura Mining Limited (ASX:AJM) $85.4 $50.0 70.9%
16 15 Sandfire Resources NL (ASX:SFR) $895.2 $786.6 13.8% 66 75 Atrum Coal NL (ASX:ATU) $84.9 $68.1 24.7%
17 17 Saracen Mineral Holdings Limited (ASX:SAR) $773.0 $570.8 35.4% 67 84 Axiom Mining Limited (ASX:AVQ) $84.5 $55.0 53.7%
18 21 Whitehaven Coal Limited (ASX:WHC) $564.3 $420.7 34.1% 68 67 Bougainville Copper Ltd. (ASX:BOC) $84.2 $76.2 10.5%
19 19 Western Areas Limited (ASX:WSA) $485.5 $440.0 10.3% 69 70 Austral Gold Limited (ASX:AGD) $83.8 $71.8 16.7%
20 20 Orocobre Limited (ASX:ORE) $452.8 $422.5 7.2% 70 71 Finders Resources Limited (ASX:FND) $81.3 $71.2 14.3%
21 18 Metals X Limited (ASX:MLX) $444.2 $455.9 (2.6%) 71 52 Coal of Africa Limited (ASX:CZA) $80.9 $96.4 (16.0%)
22 22 Aquarius Platinum Limited (ASX:AQP) $384.9 $369.8 4.1% 72 55 Tiger Resources Ltd. (ASX:TGS) $80.8 $83.7 (3.4%)
23 31 Resolute Mining Limited (ASX:RSG) $359.3 $208.5 72.3% 73 63 Kingsrose Mining Limited (ASX:KRM) $80.7 $80.7 0.0%
24 28 Gold Road Resources Limited (ASX:GOR) $356.8 $272.8 30.8% 74 81 Excelsior Gold Limited (ASX:EXG) $73.7 $59.6 23.8%
25 26 Zimplats Holdings Ltd. (ASX:ZIM) $349.8 $312.1 12.1% 75 73 Blackgold International Hold. Ltd (ASX:BGG) $69.3 $69.3 0.0%
26 24 Cudeco Limited (ASX:CDU) $348.5 $348.5 0.0% 76 53 Australian Pacific Coal Limited (ASX:AQC) $69.1 $95.0 (27.3%)
27 23 Paladin Energy Ltd (ASX:PDN) $316.9 $359.7 (11.9%) 77 62 Elemental Minerals Limited (ASX:ELM) $69.1 $82.1 (15.8%)
28 27 Pilbara Minerals Limited (ASX:PLS) $311.7 $290.2 7.4% 78 78 Focus Minerals Limited (ASX:FML) $68.5 $64.0 7.1%
29 29 Terramin Australia Limited (ASX:TZN) $260.3 $251.3 3.6% 79 74 Vimy Resources Limited (ASX:VMY) $62.8 $68.5 (8.3%)
30 34 Doray Minerals Limited (ASX:DRM) $258.3 $184.5 40.0% 80 85 MZI Resources Ltd. (ASX:MZI) $62.1 $54.7 13.5%
31 25 Lynas Corporation Limited (ASX:LYC) $251.2 $331.4 (24.2%) 81 82 Aditya Birla Minerals Limited (ASX:ABY) $61.1 $59.5 2.6%
32 30 Galaxy Resources Limited (ASX:GXY) $217.4 $223.7 (2.9%) 82 98 Red 5 Limited (ASX:RED) $60.9 $43.4 40.4%
33 48 Dacian Gold Limited (ASX:DCN) $209.1 $112.5 85.9% 83 76 Talisman Mining Ltd (ASX:TLM) $60.9 $66.9 (8.9%)
34 32 Mount Gibson Iron Limited (ASX:MGX) $196.4 $201.9 (2.7%) 84 79 Reward Minerals Limited (ASX:RWD) $59.6 $63.3 (5.8%)
35 40 Perseus Mining Limited (ASX:PRU) $195.9 $145.6 34.5% 85 184 Base Resources Limited (ASX:BSE) $56.3 $17.5 222.3%
36 43 Ramelius Resources Limited (ASX:RMS) $187.1 $125.5 49.1% 86 89 Sheffield Resources Limited (ASX:SFX) $56.0 $51.5 8.9%
37 36 Tribune Resources Limited (ASX:TBR) $180.4 $170.3 5.9% 87 112 Gascoyne Resources Limited (ASX:GCY) $53.6 $34.0 57.6%
38 45 Beadell Resources Ltd (ASX:BDR) $179.7 $123.8 45.2% 88 33 Arrium Limited (ASX:ARI) $52.9 $196.8 (73.1%)
39 38 CI Resources Limited (ASX:CII) $178.0 $156.0 14.1% 89 64 Leigh Creeek Energy Limited (ASX:LCK) $51.9 $79.5 (34.8%)
40 35 Energy Resources of Australia Ltd. (ASX:ERA) $176.0 $178.6 (1.4%) 90 86 NKWE Platinum Ltd (ASX:NKP) $51.1 $53.8 (5.0%)
41 41 Avanco Resources Limited (ASX:AVB) $172.0 $142.5 20.7% 91 92 Highlands Pacific Limited (ASX:HIG) $51.0 $49.7 2.6%
42 47 Silver Lake Resources Limited (ASX:SLR) $163.6 $115.7 41.3% 92 72 Tanami Gold NL (ASX:TAM) $50.5 $69.3 (27.1%)
43 39 Newfield Resources Limited (ASX:NWF) $150.4 $150.4 0.0% 93 94 Havilah Resources NL (ASX:HAV) $50.4 $44.6 13.2%
44 56 Neometals Limited (ASX:NMT) $145.4 $92.2 57.6% 94 103 Avenira Limited (ASX:AEV) $50.3 $41.9 20.0%
45 66 Troy Resources Limited (ASX:TRY) $144.8 $76.7 88.9% 95 99 Nagambie Resources Limited (ASX:NAG) $48.3 $43.1 12.0%
46 37 Peninsula Energy Limited (ASX:PEN) $144.7 $161.0 (10.1%) 96 109 Pacific Niugini Ltd (ASX:PNR) $48.1 $36.8 30.8%
47 42 Wolf Minerals Limited (ASX:WLF) $141.7 $133.6 6.1% 97 88 Altona Mining Limited (ASX:AOH) $47.6 $52.9 (10.1%)
48 65 Medusa Mining Limited (ASX:MML) $127.8 $79.0 61.8% 98 96 Danakali Limited (ASX:DNK) $47.5 $43.9 8.0%
49 44 Toro Energy Limited (ASX:TOE) $120.3 $124.3 (3.2%) 99 95 Capral Limited (ASX:CAA) $46.5 $44.1 5.4%
50 49 Dome Gold Mines Limited (ASX:DME) $111.9 $111.9 0.0% 100 83 Iron Road Limited (ASX:IRD) $44.8 $58.2 (23.0%)
PCF GROUP 150Top 150 ASX Listed Resource Companies - 29 February 2016
Source: Bloomberg
5PCF Resources Thermometer
New Entrants• 85 - Base Resources Limited (ASX:BSE)• 110 - Wollongong Coal Limited (ASX:WLC)• 112 - Sumatra Copper & Gold plc (ASX:SUM)• 117 - Tanga Resources Limited (ASX:TRL)• 128 - Haoma Mining NL (ASX:HAO)• 129 - Kalnorth Gold Mines Ltd (ASX:KGN)• 131 - Gryphon Minerals Ltd (ASX:GRY)• 140 - Cauldron Energy Limited (ASX:CXU)• 141 - Burey Gold Limited (ASX:BYR)• 142 - Mineral Deposits Ltd (ASX:MDL)• 146 - Stonewall Resources Limited (ASX:SWJ)• 147 - Metaliko Resources Limited (ASX:MKO)• 148 - Cardinal Resources Limited (ASX:CDV)• 150 - Tasman Resources Ltd (ASX:TAS)
Rank Mkt Cap (A$M) % Rank Mkt Cap (A$M) %
Feb Jan Company 29-Feb-16 31-Jan-16 Change Feb Jan Company 29-Feb-16 31-Jan-16 Change
101 102 Xanadu Mines Ltd. (ASX:XAM) $44.5 $42.3 5.3% 126 136 MacPhersons Resources Limited (ASX:MRP) $31.4 $25.4 23.8%
102 131 Azure Minerals Limited (ASX:AZS) $43.6 $27.4 59.1% 127 115 African Energy Resources Limited (ASX:AFR) $30.4 $32.2 (5.6%)
103 93 Intrepid Mines Limited (ASX:IAU) $43.5 $46.3 (6.0%) 128 247 Haoma Mining NL (ASX:HAO) $30.4 $11.4 166.7%
104 97 Talga Resources Limited (ASX:TLG) $43.2 $43.9 (1.7%) 129 435 Kalnorth Gold Mines Ltd (ASX:KGN) $30.4 $4.0 660.9%
105 107 Paringa Resources Limited (ASX:PNL) $41.8 $40.3 3.8% 130 124 Peak Resources Limited (ASX:PEK) $30.2 $29.8 1.4%
106 77 OM Holdings Limited (ASX:OMH) $41.1 $66.0 (37.8%) 131 168 Gryphon Minerals Ltd. (ASX:GRY) $30.1 $19.7 53.1%
107 104 Audalia Resources Limited (ASX:ACP) $40.6 $40.6 0.0% 132 138 Gulf Industrials Ltd (ASX:GLF) $30.0 $24.5 22.2%
108 105 Mineral Commodities Limited (ASX:MRC) $40.5 $40.5 0.0% 133 116 Lithium Australia NL (ASX:LIT) $29.8 $31.4 (5.2%)
109 106 Aguia Resources Limited (ASX:AGR) $40.4 $40.4 0.0% 134 117 Northern Minerals Limited (ASX:NTU) $28.7 $31.4 (8.5%)
110 220 Wollongong Coal Limited (ASX:WLC) $39.6 $13.8 187.0% 135 121 Hot Chili Limited (ASX:HCH) $28.6 $30.4 (5.9%)
111 100 Orinoco Gold Limited (ASX:OGX) $39.0 $40.2 (2.9%) 136 127 Poseidon Nickel Limited (ASX:POS) $28.4 $28.4 0.0%
112 159 Sumatra Copper & Gold plc (ASX:SUM) $38.5 $21.0 83.3% 137 110 Triton Minerals Limited (ASX:TON) $27.8 $36.6 (24.1%)
113 101 Atlas Iron Limited (ASX:AGO) $37.4 $42.7 (12.5%) 138 137 Tigers Realm Coal Limted (ASX:TIG) $27.8 $25.1 10.7%
114 108 Heron Resources Limited (ASX:HRR) $37.4 $37.4 0.0% 139 120 Champion Iron Limited (ASX:CIA) $27.8 $30.7 (9.7%)
115 113 Equatorial Resources Limited (ASX:EQX) $37.3 $33.6 11.1% 140 153 Cauldron Energy Limited (ASX:CXU) $27.1 $22.0 23.5%
116 123 Stanmore Coal Limited (ASX:SMR) $36.7 $30.0 22.2% 141 188 Burey Gold Limited (ASX:BYR) $27.0 $16.9 60.0%
117 199 Tanga Resources Limited (ASX:TRL) $34.8 $15.9 118.3% 142 156 Mineral Deposits Ltd. (ASX:MDL) $27.0 $21.8 23.8%
118 118 Chalice Gold Mines Limited (ASX:CHN) $33.9 $31.1 9.1% 143 148 Sundance Resources Limited (ASX:SDL) $26.4 $23.1 14.3%
119 133 Panoramic Resources Limited (ASX:PAN) $33.7 $26.4 28.0% 144 114 White Energy Company Limited (ASX:WEC) $26.3 $32.8 (20.0%)
120 132 Copper Strike Ltd. (ASX:CSE) $33.7 $26.7 26.0% 145 130 Kibaran Resources Limited (ASX:KNL) $26.2 $27.9 (6.1%)
121 119 Unity Mining Limited (ASX:UML) $33.1 $30.9 7.4% 146 181 Stonewall Resources Limited (ASX:SWJ) $25.8 $18.2 41.7%
122 122 S2 Resources Limited (ASX:S2R) $32.4 $30.2 7.1% 147 254 Metaliko Resources Limited (ASX:MKO) $25.2 $11.0 128.0%
123 149 World Titanium Resources Ltd. (ASX:WTR) $32.2 $23.0 40.0% 148 160 Cardinal Resources Limited (ASX:CDV) $25.1 $20.8 20.8%
124 134 Mincor Resources NL (ASX:MCR) $32.0 $26.4 21.4% 149 140 Hastings Technology Metals Ltd (ASX:HAS) $24.6 $24.2 1.6%
125 128 Citigold Corporation Limited (ASX:CTO) $31.8 $28.3 12.5% 150 166 Tasman Resources Ltd. (ASX:TAS) $24.5 $19.8 23.3%
New Exits • Prairie Mining Limited. (ASX:PDZ)• Gindalbie Metals Ltd (ASX:GBG)• Western Mining Network Limited (ASX:WMN)• Bannerman Resources Limited (ASX:BMN)• Strategic Minerals Corp. NL (ASX:SMC)• Cradle Resources Limited (ASX:CXX)• Greenland Minerals & Energy Ltd (ASX:GGG)• Arafura Resources Limited (ASX:ARU)• Amex Resources Ltd (ASX:AXZ)• Geopacific Resources Limited (ASX:GPR)• Resource Generation Limited (ASX:RES)• Graphitecorp Ltd (ASX:GRA)• Metro Mining Ltd (ASX:MMI)• Hillgrove Resources Ltd. (ASX:HGO)
Winners and Losers - Market Capitalisation Performance
PCF Resources Thermometer 6
Source: Bloomberg Consensus Estimates - Median / High / Low as at 1 March 2016.
Consensus Commodity Price Forecasts
Gold (US$/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)
$1,244$1,100 $1,167 $1,150 $1,095
$0
$500
$1,000
$1,500
$2,000
Spot 2016 2017 2018 2019
$14.95 $14.80 $15.78 $16.00 $16.70
$0
$5
$10
$15
$20
$25
$30
Spot 2016 2017 2018 2019
$2.13 $2.16 $2.38 $2.49 $2.34
$0.00
$1.00
$2.00
$3.00
$4.00
Spot 2016 2017 2018 2019
$3.86 $4.27$5.07
$6.12
$4.89
$0.00
$4.00
$8.00
Spot 2016 2017 2018 2019
$0.80 $0.77$0.87 $0.91 $0.85
$0.00
$0.50
$1.00
$1.50
Spot 2016 2017 2018 2019
$0.80 $0.82 $0.86 $0.89 $0.86
$0.00
$0.50
$1.00
$1.50
Spot 2016 2017 2018 2019
$49.62$42.00 $44.00 $45.00 $45.00
$0.00
$20.00
$40.00
$60.00
$80.00
Spot 2016 2017 2018 2019
$32.00$39.90
$45.00$50.00
$0
$25
$50
$75
Spot 2016 2017 2018
$0.71 $0.70 $0.73 $0.75 $0.77
$0.00
$0.25
$0.50
$0.75
$1.00
Spot 2016 2017 2018 2019
$33.84 $39.00$52.53
$60.00 $60.00
$0
$50
$100
Spot 2016 2017 2018 2019
7PCF Resources Thermometer
GOLDThermometer
PCF Resources Thermometer 8
6% 11% 10%
25%17% 15% 17%
45%40%
21%
91%
62%
-6%
36% 32% 33%
15%
35%49%
40%
10%
72%
35% 41%
27%
39%
89%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Pric
e Pe
rfor
man
ce
176%
-6%
16% 18%7%
0%
22% 17%
73%81%
56%
-30%
64%
-13%
60% 60%
46%
-19%
17%
43%33%
99%85%
14%
89%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Pric
e Pe
rfor
man
ce
221% 132% 111%117%
-37%
2%12%
-2%
-38%
-77%
46%
-30%
72%
-46%-37%
-24%
22%
65%
51%
-55%
4%
-30%
35%
70%59%
-20% -23%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Pric
e Pe
rfor
man
ce
752%229% 132%246%121%
Gold Producers- Relative Performance
1 Month Share Price Performance - Average 42%
3 Month Share Price Performance - Average 55%
12 Month Share Price Performance - Average 61%
9PCF Resources Thermometer
-6%
16% 18%
-20%
0%
67%
4%
-13%
98%
10%
32%
60%
30%
7%
-19%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Pric
e Pe
rfor
man
ce
109% 113%
6% 11% 10%
33% 25%
11%
60%
9%
30%
86%
24%
7%
31%
53%
13%
-27%
-5%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Pric
e Pe
rfor
man
ce
-37%
2%12%
-72%
-7%
43%
-11%
-46%
30%
-17%
40%
0%
40%
65%
-35%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Pric
e Pe
rfor
man
ce
293%243%
Gold - Developers & Explorers - Relative Performance
1 Month Share Price Performance - Average 25%
3 Month Share Price Performance - Average 34%
12 Month Share Price Performance - Average 40%
PCF Resources Thermometer 10
$61
$53
$51
$22
$19
$15
$10
$8 $8 $7 $6
$5
-$1
-$2
-$10
$0
$10
$20
$30
$40
$50
$60
$70
Dacia
n
Gold
Roa
d
Exce
lsior
Blac
kham
Tana
mi G
old
Anov
a
Crus
ader
Azum
ah
Havi
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ABM
Wes
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can
Gryp
hon
Focu
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Chal
ice
February Resource Metric
January Average $13/oz
February Average $16/oz
Peer Company ValuationsProducers - EV / Resource (A$/oz AuEq)
Producers - EV / Reserve (A$/oz AuEq)
Explorers & Developers - EV / Resources (A$/oz AuEq)
1. OceanaGold - Based on gold assets only and includes Haile (Romarco acquisition) and Waihi. 2. Evolution - Resources and Reserves include the Cowal, Mungari and Phoenix Gold acquisitions. 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 - Based on Gold and Tin Divisions, includes the Mt Henry, Grosvenor, Georges Reward and Comet Gold Project 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. Saracen - Does not include Thunderbox Nickel.9. Havilah - Based on Portia, North Portia and Kalkaroo only. Converted to AuEq.
$237
$211
$178
$177
$159
$133
$125
$123
$103
$95
$83
$78
$71
$65
$48
$42
$39
$35
$35
$34
$30
$25
$20
$15
$11
$0
$50
$100
$150
$200
$250
Nort
hern
Sta
r
Dora
y
Evol
utio
n
PanT
erra
Regi
s
Oce
anaG
old
St B
arba
ra
Alka
ne
Troy
Sara
cen
Aure
lia
Mill
eniu
m
New
cres
t
Ram
eliu
s
Med
usa
Aust
ral
Bead
ell
Red
5
Alac
er
Tera
nga
Reso
lute
Silv
er L
ake
Met
als X
King
sgat
e
Pers
eus
February Resource MetricJanuary Average $66/ozFebruary Average $86/oz
$741
$601
$500
$472
$422
$422
$375
$350
$296
$294
$277
$266
$177
$164
$152
$138
$92
$88
$86
$70
$70
$64
$35
$0$100$200$300$400$500$600$700$800
Nort
hern
Sta
r
Mill
eniu
m
Regi
s
Sara
cen
Evol
utio
n
Oce
anaG
old
Troy
Dora
y
Ram
eliu
s
Alka
ne
Aure
lia
St B
arba
ra
Med
usa
Bead
ell
Aust
ral
Silv
er L
ake
New
cres
t
Red
5
Met
als X
Reso
lute
Alac
er
Tera
nga
King
sgat
e
Pers
eus
February Reserve MetricJanuary Average $223/ozFebruary Average $312/oz
$1,4
17
11PCF Resources Thermometer
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
King
sgat
e
Bead
ell
Troy
Med
usa
Regi
s
Pers
eus
Nort
hern
Sta
r
Sara
cen
New
cres
t
Evol
utio
n
Oce
anaG
old
Gold
Roa
d
Reso
lute
Alac
er
Silv
er L
ake
St B
arba
ra
Met
als X
Alka
ne
Tera
nga
Gryp
hon
% Change Decrease
% Change Increase
1.5% January Average
1.5% February 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 22/01/2016 to 23/02/2016.
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Tera
nga
Bead
ell
Troy
Silv
er L
ake
Nort
hern
Sta
r
Regi
s
Ram
eliu
s
Mill
eniu
m
Alac
er
Dora
y
Pers
eus
New
cres
t
St B
arba
ra
Evol
utio
n
Med
usa
King
sgat
e
Blac
kham
Reso
lute
Dacia
n
Sara
cen
Met
als X
Gold
Roa
d
Gryp
hon
ABM
Red
5
Oce
anaG
old
Alka
ne
Wes
t Afri
can
Azum
ah
Aure
lia
Exce
lsior
Chal
ice
Crus
ader
Anov
a
Havi
lah
Tana
mi G
old
PanT
erra
Focu
s
Aust
ral
% Change Decrease
% Change Increase
4.9% January Average
10.8% February Average
PCF Resources Thermometer 12
Gold Transaction Metrics - Resource and Reserve Multiples
Development (US$/oz AuEq)
Care & Maintenance (US$/oz AuEq)
Exploration (US$/oz AuEq)
Operation (US$/oz AuEq)
$15
$13
$9*
$31*
$23*
$0
$5
$10
$15
$20
$25
$30
$35
5 yr average 3 yr average 1 yr average
$68$79 $85
$174$164
$283*
$0
$50
$100
$150
$200
$250
$300
5 yr average 3 yr average 1 yr average
$54
$29
$13*
$84
$72 $72*
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
5 yr average 3 yr average 1 yr average
$21
$15
$5
$0
$5
$10
$15
$20
$25
5 yr average 3 yr average 1 yr average
1. Completed transactions only*Denotes metric is derived from four transaction results or less
Resource Reserve
N/a
13PCF Resources Thermometer
COPPERThermometer
PCF Resources Thermometer 14
-6%
2%
-19%
32%
-8%
-40%-49%
-9%-19%
25%
-43%
-23%
8%
-5%
5%
-20% -20%-15% -19% -20%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Pric
e Pe
rfor
man
ce
-37%
-21%-11% -8%
-71%
-53%
2%
-41%
32%
-74%
-41%
30%
3% 5%
-85%
-21%-32% -33%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Pric
e Pe
rfor
man
ce
141%133%
6% 3%
-10%
21%
59%
-30%
-8% -2% -2%
34%
-8% -5%
14%
40%
2% 0%
-9% -8% -12%-20%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Pric
e Pe
rfor
man
ceCopper Stocks Relative Performance
1 Month Share Price Performance - Average 3%
3 Month Share Price Performance - Average -13%
12 Month Share Price Performance - Average -7%
15PCF Resources Thermometer
Peer Company Valuations
EV / Resource (A$/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.
$0.2
37
$0.0
90
$0.0
77
$0.0
73
$0.0
52
$0.0
38
$0.0
28
$0.0
16
$0.0
15
$0.0
07
$0.0
04
$0.0
02
$0.0
01
$0.0
01
-$0.
009
-$0.05
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
Sand
fire
Azur
e
Tige
r
Aeris
Avan
co
Hillg
rove
Oz M
in
Stav
ely
KGL
Hot C
hili
Synd
icat
ed
Vent
urex
Rega
l
Alto
na Rex
Intr
epid
February Resource Metric
January Average $0.064/lb
February Average $0.077/lb
$0.5
93
$0.9
05
$0.5
56
$0.1
96
$0.1
22
$0.1
09
$0.0
81
$0.0
58
$0.0
36
$0.0
09
$0.0
05
$0.0
03
-$0.
009
-$0.20
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
Sand
fire
Avan
co
Aeris
Tige
r
Oz M
in
Hillg
rove
KGL
Hot C
hili
Vent
urex
Alto
na Rex
Intr
epid
February Reserve Metric
January Average $0.152/lb
February Average $0.173/lb
PCF Resources Thermometer 16
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Oz M
in
Sand
fire
Tige
r
Rex
Aeris
% Change Decrease
% Change Increase
0.7% January Average
0.8% February Average
Copper Sector Liquidity / Shorts
Copper Sector Liquidity
Copper Sector Short Positions
Note: Bar chart illustrates monthly share turnover as a percentage of total shares on issue, from largest to smallest. An increase in share turnover (month-on-month) is represented by a light blue bar on top of the prior month’s share turnover (being the dark blue bar). A decrease in share liquidity (month-on-month) is represented by the red bar (representing the prior month’s share turnover) falling to the dark blue bar component (being the current month’s turnover).
Note: Bar chart illustrates reported short positions as a percentage of total shares on issue, from largest to smallest result. An increase in short positions (month-on-month) is represented by a light blue bar on top of the prior month’s short positions (being the dark blue bar). A decrease in short positions (month-on-month) is represented by the red bar (representing the prior month’s short positions) falling to the dark blue bar component (being the current month’s short positions). Compares data from 22/01/2016 to 23/02/2016.
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Oz M
in
Sand
fire
Azur
e
Talis
man
Alto
na
Intr
epid
Tige
r
Rex
Rega
l
Aeris KG
L
Thun
dela
rra
Hillg
rove
Synd
icat
ed
Avan
co
Hot C
hili
Vent
urex
Stav
ely
% Change Decrease% Change Increase2.4% January Average3.1% February Average
17PCF Resources Thermometer
Copper Transaction Metrics - Resource and Reserve Multiples
Development (US$/lb CuEq)
Care & Maintenance (US$/lb CuEq)
Exploration (US$/lb CuEq)
Operation (US$/lb CuEq)
$0.026
$0.020
$0.003
$0.000
$0.005
$0.010
$0.015
$0.020
$0.025
$0.030
5 yr average 3 yr average 1 yr average
$0.045$0.051
$0.016*
$0.163
$0.141*
$0.000
$0.020
$0.040
$0.060
$0.080
$0.100
$0.120
$0.140
$0.160
$0.180
5 yr average 3 yr average 1 yr average
$0.191 $0.190 $0.195*
$0.367
$0.394
$0.264*
$0.000
$0.050
$0.100
$0.150
$0.200
$0.250
$0.300
$0.350
$0.400
$0.450
5 yr average 3 yr average 1 yr average
$0.034*
$0.008* $0.008*
$0.192* $0.192* $0.192*
$0.000
$0.050
$0.100
$0.150
$0.200
$0.250
5 yr average 3 yr average 1 yr average
1. Completed transactions only*Denotes metric is derived from four transaction results or less
N/a
Resource Reserve
PCF Resources Thermometer 18
NICKELThermometer
19PCF Resources Thermometer
-6% -4%
12%17%
-19%
6%
-31%
-52%
-23% -27%
-50%
-6%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Pric
e Pe
rfor
man
ce
-37% -40%
-62%
-21%-5%
-55%
-75% -83%-73%
-60%
-83%
-51%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Pric
e Pe
rfor
man
ce
6%
-1%
53%
93%
2%
17% 21% 28%
0%
22%
0%10%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Pric
e Pe
rfor
man
ceNickel Stocks Relative Performance
1 Month Share Price Performance - Average 25%
3 Month Share Price Performance - Average -17%
12 Month Share Price Performance - Average -57%
PCF Resources Thermometer 20
Peer Company Valuations
EV / Resource (A$/lb NiEq)
EV / Reserve (A$/lb NiEq)
$0.6
16
$0.4
81
$0.1
59
$0.0
73
$0.0
69
$0.0
28
$0.0
25
$0.0
13
$0.0
05
$0.0
01
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
Inde
pend
ence
Wes
tern
Are
as
High
land
s
Rox
Pose
idon
Duke
ton
Min
cor
Pano
ram
ic
Segu
e
Cass
ini
February Resource Metric
January Average $0.126/lb
February Average $0.147/lb
$1.0
19
$0.9
73
$0.5
83
$0.3
87
$0.1
97
$0.0
69
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
Wes
tern
Are
as
Inde
pend
ence
Pose
idon
High
land
s
Min
cor
Pano
ram
ic
February Reserve Metric
January Average $0.459/lb
February Average $0.538/lb
1. Nickel Metrics derived from:- Panoramic - Savannah, Copernicus and Lanfranchi Nickel Projects.- Independence - Tropicana, Long, Jaguar, Stockman and Nova - converted into a NiEq.- 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.
21PCF Resources Thermometer
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Wes
tern
Are
as
Inde
pend
ence
Pano
ram
ic
Min
cor
% Change Decrease
% Change Increase
4.4% January Average
3.8% February Average
Nickel Sector Liquidity / Shorts
Nickel Sector Liquidity
Nickel 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 22/01/2016 to 23/02/2016.
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
Inde
pend
ence
Wes
tern
Are
as
Pano
ram
ic
Pose
idon
Duke
ton
Min
cor
Rox
Cass
ini
Segu
e
High
land
s
% Change Decrease
% Change Increase
3.9% January Average
6.2% February Average
PCF Resources Thermometer 22
Nickel Transaction Metrics - Resource and Reserve Multiples
Development (US$/lb NiEq)
Care & Maintenance (US$/lb NiEq)
Exploration (US$/lb NiEq)
Operation (US$/lb NiEq)
$0.035*
$0.010*
$0.000
$0.005
$0.010
$0.015
$0.020
$0.025
$0.030
$0.035
$0.040
5 yr average 3 yr average 1 yr average
$0.636* $0.636*
$0.000
$0.100
$0.200
$0.300
$0.400
$0.500
$0.600
$0.700
5 yr average 3 yr average 1 yr average
$0.222*
$0.000
$0.050
$0.100
$0.150
$0.200
$0.250
5 yr average 3 yr average 1 yr average
$0.065 $0.065
$0.015*
$0.000
$0.010
$0.020
$0.030
$0.040
$0.050
$0.060
$0.070
5 yr average 3 yr average 1 yr average
1. Completed transactions only*Denotes metric is derived from four transaction results or less2. Nickel Development metrics are based on Sirius Resources‘s purchase of 30% of Nova & Lundin Mining’s purchase of Eagle Mine.
N/a N/a N/a
N/a N/a N/a
N/a N/a N/a
N/a N/a N/a
Resource Reserve
23PCF Resources Thermometer
IRON OREThermometer
PCF Resources Thermometer 24
-37%-23%
-69%
-93%-79%
-85%
-65%-46% -53%
-18%
-33%
-13%
-49%
-28%
-83%-73%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
Pric
e Pe
rfor
man
ceIron Ore Stocks Relative Performance
1 Month Share Price Performance - Average -5%
3 Month Share Price Performance - Average -32%
12 Month Share Price Performance - Average -56%
6%17%
-60%
-13%
31%
-20%
17%
30%
-13%
18%
0% 5%
-23%
-3%
-36%
0%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
Pric
e Pe
rfor
man
ce
-6%
16%
-60%
-33%
-56%
-43%
-13% -13%
-46%
4%
-41%-24% -23%
-5%
-63%
-33%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
Pric
e Pe
rfor
man
ce
25PCF Resources Thermometer
Peer Company Valuations
EV / Resource (A$/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.
$1.7
5
$1.3
2
$0.4
4
$0.2
0
$0.1
1
$0.0
6
$0.0
5
$0.0
3
$0.0
3
$0.0
2
-$0.
07
-$0.
09
-$2.50
-$2.00
-$1.50
-$1.00
-$0.50
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
FMG
Amex
Crus
ader
Atla
s
Cozir
on
Taw
ana
Iron
Road
Sund
ance
Flin
ders
Gind
albi
e
Cent
auru
s
Gran
ge
BC Ir
on
Mt G
ibso
n
February Resource Metric
January Average $0.18/t
February Average $0.10/t
$4.8
3
-$2.
56
$1.0
5
$0.3
1
$0.1
4
$0.1
3
$0.1
1
-$0.
18
-$0.
22
-$3.00
-$2.00
-$1.00
$0.00
$1.00
$2.00
$3.00
FMG
Atla
s
Sund
ance
Iron
Road
Gind
albi
e
Cent
auru
s
BC Ir
on
Gran
ge
Mt G
ibso
nFebruary Reserve Metric
January Average $0.20/t
February Average $0.19/t
-$35
.83
$10.
71
PCF Resources Thermometer 26
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
FMG
Mt G
ibso
n
BC Ir
on
Sund
ance
Atla
s
Gran
ge% Change Decrease
% Change Increase
2.6% January Average
2.7% February Average
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
Atla
s
FMG
BC Ir
on
Sund
ance
Crus
ader
Mt G
ibso
n
Taw
ana
Gind
albi
e
Cent
auru
s
Gran
ge
Flin
ders
Cozir
on
Amex
Iron
Road
% Change Decrease
% Change Increase
2.5% January Average
3.7% February Average
Iron Ore Sector Liquidity / Shorts
Iron Ore Sector Liquidity
Iron Ore Sector Short Positions
Note: Bar chart illustrates monthly share turnover as a percentage of total shares on issue, from largest to smallest. An increase in share turnover (month-on-month) is represented by a light blue bar on top of the prior month’s share turnover (being the dark blue bar). A decrease in share liquidity (month-on-month) is represented by the red bar (representing the prior month’s share turnover) falling to the dark blue bar component (being the current month’s turnover).
Note: Bar chart illustrates reported short positions as a percentage of total shares on issue, from largest to smallest result. An increase in short positions (month-on-month) is represented by a light blue bar on top of the prior month’s short positions (being the dark blue bar). A decrease in short positions (month-on-month) is represented by the red bar (representing the prior month’s short positions) falling to the dark blue bar component (being the current month’s short positions). Compares data from 22/01/2016 to 23/02/2016.
27PCF Resources Thermometer
Iron Ore Transaction Metrics - Resource and Reserve Multiples
Development (US$/dmt Fe)
Care & Maintenance (US$/dmt Fe)
Exploration (US$/dmt Fe)
Operation (US$/dmt Fe)
$0.50$0.47*
$0.32*
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
5 yr average 3 yr average 1 yr average
$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
5 yr average 3 yr average 1 yr average
$8.37
$6.37*
$28.95
$24.00*
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
5 yr average 3 yr average 1 yr average
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
5 yr average 3 yr average 1 yr average
1. Completed transactions only*Denotes metric is derived from four transaction results or less
No transactions recorded
N/a N/a N/a N/a
Resource Reserve
N/a
N/a
PCF Resources Thermometer 28
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 29 February 2016.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.
29PCF Resources Thermometer
Company List
Gold Producers
• Alacer Gold Corp• Alkane Resources Ltd• Aurelia Metals Ltd• Austral Gold Ltd• Beadell Resources Ltd• Doray Minerals Ltd• 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• 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• Havilah Resources Ltd• Tanami Gold NL• West African Resources Ltd
Copper
• Aeris Resources Ltd (previously Straits Resources Ltd)
• 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• Syndicated Metals Ltd• Talisman Mining 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• Western Areas Ltd
Iron Ore
• Amex Resources Ltd• Atlas Iron Ltd• BC Iron Ltd• Centaurus Metals Ltd• Coziron Resources Ltd• Crusader Resources Ltd• Flinders Mines Ltd• Fortescue Metals Group Ltd
• Gindalbie Metals Ltd• Grange Resources Ltd• Iron Road Ltd• Mt Gibson 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.
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