Metals & Mining Sector Profile

Overview The Metals & Mining sector is the largest industry sector by number of companies with around 650 companies involved in mineral exploration, development and production in over 100 countries. The sector comprises several of the world’s largest diversified resource companies, including global giants such as BHP Billiton and , as well as a representation of potential future industry leaders in the mid-tier producers and junior miners. The sector has always been reliant on equity markets to provide capital required for the capital intensive development of mineral projects or the funding of higher risk exploration to locate new deposits. Investors in the Australian market have supported over 290 new junior resource floats since 2009.

Reasons to list Metals & Mining companies S&P/ASX 300 Metals and Mining vs S&P/ASX 200 on ASX 300 • Access to capital:

– A global market with a wide range of institutional and 250 retail investors –  has the world’s sixth largest pool of l 200 investment fund assets* Leve • A natural destination for international mining capital - 150

a developed market in one of the world’s major mining Index regions

• Peer Group: list alongside key industry players 100 • Opportunities for SMEs: a broad service offering for early stage and mature companies 50 1 7 3 5 2 6 4 0 * Source: Investment Company Institute, Worldwide Mutual Fund Jul 11 Jul 13 Jul 15 Jul 12 Jul 16 Jul 14 Jul 10 Jan 1 Jul 07 Jul 05 Jul 06 Jul 09 Jan 1 Jan 1 Jul 08 Jan 1 Jan 1 Jan 1 Jan 1 Jan 0 Jan 05 Jan 06 Jan 09

Market Data, Q1 2016 Jan 08

S&P/ASX 300 Metals and Mining S&P/ASX 200

Source: Bloomberg, June 2016 Recent IPOs ASX COMPANY NAME SECTOR LISTING CAPITAL MARKET LEAD CODE DATE RAISED CAPITALISATION MANAGER/S (A$ M) ON LISTING (A$ M) S32 Ltd Diversified Metals & Mining May-15 - 11,991.8 n/a MMG MMG Ltd Diversified Metals & Mining Dec-15 - 81.3 n/a S2R S2 Resources Ltd Diversified Metals & Mining Oct-15 - 41.5 Scheme of Arrangement between Sirius Resources NL and Independence Group NL DKM Duketon Mining Ltd Diversified Metals & Mining Aug-14 7.0 16.5 Hartleys AGB Atlantic Gold Corporation Diversified Metals & Mining Aug-14 - 12.6 Scheme of arrangement with Atlantic Gold NL GPX Graphex Mining Ltd Diversified Metals & Mining Jun-16 7.0 10.2 Palladion Partners Pty Ltd and RM Corporate Finance Pty Ltd LPI Lithium Power Diversified Metals & Mining Jun-16 8.0 9.2 Sequoia Corporate Finance International Ltd Pty Ltd ARS Alt Resources Ltd Gold Dec-15 2.2 8.6 Novus Capital Limited SMG Soon Mining Ltd Gold Mar-16 4.5 6.4 n/a TPO Tian Poh Resources Ltd Diversified Metals & Mining Nov-14 2.4 6.0 n/a ERX Emperor Range Group Ltd Diversified Metals & Mining Nov-14 4.5 4.5 Novus Capital GFI Global Fortune Investment Ltd Diversified Metals & Mining Feb-16 4.0 4.0 n/a Metals & Mining Sector Profile

Top 100 Stocks

ASX COMPANY MARKET SUB-INDUSTRY^ COUNTRY OF CODE NAME CAPITALISATION INCORPORATION (A$ M)^ BHP BHP Billiton Ltd 98,643.9 Diversified Metals & Mining Australia RIO Rio Tinto Ltd 77,823.4 Diversified Metals & Mining Australia NCM Ltd 18,495.9 Gold Australia AAI Alcoa Inc 17,227.9 Aluminum United States FMG Ltd 12,642.0 Steel Australia AGG AngloGold Ashanti Ltd 10,979.1 Gold South Africa S32 South32 Ltd 10,008.7 Diversified Metals & Mining Australia BSL Bluescope Steel Ltd 4,627.9 Steel Australia EVN Ltd 4,125.8 Gold Australia AWC Alumina Ltd 4,017.4 Aluminum Australia NST Northern Star Resources Ltd 3,188.1 Gold Australia OGC Oceanagold Corporation 2,954.4 Gold Canada ILU Ltd 2,889.0 Diversified Metals & Mining Australia IGO Independence Group NL 2,169.4 Diversified Metals & Mining Australia OZL OZ Minerals Ltd 2,048.7 Diversified Metals & Mining Australia RRL Regis Resources Ltd 1,889.5 Gold Australia SGM Ltd 1,710.0 Steel Australia SBM Ltd 1,698.2 Gold Australia SAR Saracen Mineral Holdings Ltd 1,365.4 Gold Australia SYR Syrah Resources Ltd 1,310.9 Diversified Metals & Mining Australia ORE Ltd 1,016.0 Diversified Metals & Mining Australia AQG Alacer Gold Corp. 995.5 Gold Canada RSG Resolute Mining Ltd 983.4 Gold Australia SFR Sandfire Resources NL 983.3 Diversified Metals & Mining Australia MLX Metals X Ltd 774.7 Gold Australia WSA Western Areas Ltd 734.2 Diversified Metals & Mining Australia PLS Minerals Ltd 660.1 Diversified Metals & Mining Australia PRU Perseus Mining Ltd 642.6 Gold Australia GXY Ltd 637.9 Diversified Metals & Mining Australia GOR Gold Road Resources Ltd 577.8 Gold Australia BDR Beadell Resources Ltd 469.5 Gold Australia TGZ Teranga Gold Corporation 458.8 Gold Canada DCN Dacian Gold Ltd 456.9 Gold Australia MNS Magnis Resources Ltd 396.1 Diversified Metals & Mining Australia TBR Tribune Resources Ltd 393.3 Gold Australia ZIM Zimplats Holdings Ltd 371.3 Precious Metals & Minerals Guernsey DRM Doray Minerals Ltd 357.0 Gold Australia MGX Mount Gibson Iron Ltd 338.5 Steel Australia SLR Silver Lake Resources Ltd 319.9 Gold Australia RMS Ramelius Resources Ltd 297.0 Gold Australia CII CI Resources Ltd 295.9 Diversified Metals & Mining Australia TZN Terramin Australia Ltd 269.4 Diversified Metals & Mining Australia LYC Corporation Ltd 261.6 Diversified Metals & Mining Australia EGS Eastern Goldfields Ltd 252.1 Gold Australia GMM General Mining Corporation Ltd 246.8 Diversified Metals & Mining Australia NMT Neometals Ltd 244.9 Diversified Metals & Mining Australia BLK Blackham Resources Ltd 215.8 Diversified Metals & Mining Australia AJM Altura Mining Ltd 203.2 Diversified Metals & Mining Australia MOY Millennium Minerals Ltd 193.0 Gold Australia TRY Troy Resources Ltd 184.0 Gold Australia RND Rand Mining Ltd 174.4 Gold Australia GCY Gascoyne Resources Ltd 156.6 Gold Australia MML Medusa Mining Ltd 155.8 Gold Australia AVB Avanco Resources Ltd 154.8 Diversified Metals & Mining Australia ABY Aditya Birla Minerals Ltd 136.3 Diversified Metals & Mining Australia GRR Grange Resources Ltd 133.1 Steel Australia LOM Lucapa Diamond Company Ltd 132.5 Precious Metals & Minerals Australia FND Finders Resources Ltd 124.6 Diversified Metals & Mining Australia WLF Wolf Minerals Ltd 124.5 Diversified Metals & Mining Australia ATU Atrum Coal NL 121.7 Steel Australia FML Focus Minerals Ltd 116.0 Gold Australia ALK Alkane Resources Ltd 109.3 Gold Australia BCK Brockman Mining Ltd 109.0 Diversified Metals & Mining Bermuda PAN Panoramic Resources Ltd 107.1 Diversified Metals & Mining Australia BSE Base Resources Ltd 106.2 Diversified Metals & Mining Australia AEV Avenira Ltd 104.8 Diversified Metals & Mining Australia PNR Pantoro Ltd 101.1 Diversified Metals & Mining Australia BYR Burey Gold Ltd 99.7 Gold Australia AGO Ltd 99.3 Steel Australia AVQ Axiom Mining Ltd 99.3 Diversified Metals & Mining Hong Kong WAF West African Resources Ltd 98.1 Gold Australia TNG TNG Ltd 97.7 Diversified Metals & Mining Australia XAM Xanadu Mines Ltd 97.1 Diversified Metals & Mining Australia CIA Champion Iron Ltd 96.5 Steel Australia CDV Cardinal Resources Ltd 94.4 Gold Australia BOC Ltd 92.2 Diversified Metals & Mining SFX Sheffield Resources Ltd 90.8 Diversified Metals & Mining Australia RTG RTG Mining Inc 89.9 Gold Virgin Islands (British) NWF Newfield Resources Ltd 89.1 Gold Australia PSC Prospect Resources Ltd 87.8 Diversified Metals & Mining Australia TAM Tanami Gold NL 87.0 Gold Australia IRD Iron Road Ltd 86.4 Steel Australia AQC Australian Pacific Coal Ltd 86.4 Steel Australia CAA Capral Ltd 85.4 Aluminum Australia TGS Tiger Resources Ltd 82.6 Diversified Metals & Mining Australia SVL Silver Mines Ltd 81.7 Silver Australia MZI MZI Resources Ltd 81.0 Diversified Metals & Mining Australia TLM Talisman Mining Ltd 80.8 Gold Australia AOH Altona Mining Ltd 80.5 Diversified Metals & Mining Australia DNK Danakali Ltd 79.5 Diversified Metals & Mining Australia GSC Global Geoscience Ltd 77.8 Diversified Metals & Mining Australia IMD Imdex Ltd 77.1 Diversified Metals & Mining Australia FMS Flinders Mines Ltd 76.6 Steel Australia AGD Austral Gold Ltd 76.6 Precious Metals & Minerals Australia GRY Gryphon Minerals Ltd 76.3 Gold Australia OGX Orinoco Gold Ltd 74.9 Gold Australia ORR Orecorp Ltd 74.6 Diversified Metals & Mining Australia ELM Elemental Minerals Ltd 73.7 Diversified Metals & Mining Australia MCR Mincor Resources NL 73.6 Diversified Metals & Mining Australia KDR Kidman Resources Ltd 73.6 Diversified Metals & Mining Australia

^ Bloomberg. Ranked by market capitalisation at 30 June 2016, aggregated across global markets. May exclude companies with suspended securities or subject to poor liquidity where market capitalisation cannot be determined. .

Value Traded – S&P/ASX 300 Metals and Mining Index

60

50 ) 40

30 traded (A$ b

lue 20 Va

10

0 7 Jul 11 Jul 13 Jul 15 Jul 12 Jul 14 Jul 10 Jan 11 Jul 07 Jul 09 Jan 13 Jan 15 Jul 08 Jan 12 Jan 16 Jan 14 Jan 10 Jan 0 Jan 09 Jan 08

Source: IRESS, July 2016 Top 10 Secondary Issuers in 2015-16*

ASX CODE COMPANY NAME SUB-INDUSTRY^ CAPITAL RAISED (A$ M) SYR Syrah Resources Ltd Diversified Metals & Mining 409.5 SPH Sphere Minerals Ltd Steel 205.1 EVN Evolution Mining Ltd Gold 180.3 ORE Orocobre Ltd Diversified Metals & Mining 167.7 CDU Cudeco Ltd Diversified Metals & Mining 128.1 PLS Ltd Diversified Metals & Mining 124.1 GOR Gold Road Resources Ltd Gold 114.1 PRU Perseus Mining Ltd Gold 94.6 AWC Alumina Ltd Aluminum 89.8 AGO Atlas Iron Ltd Steel 87.2

* YTD June 2016 ^ Bloomberg Source: ASX

Total Capital Raised by Metals and Mining Companies 20

15 b)

10 alue raised (A$ V

50

0 2011 2013 2015 2012 2014 2010 2007 2005 2006 2009 2008 June 2016 IPO Capital Raised Secondary Capital Raised YTD

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