PCF Resources Thermometer January 2019 Contents

SECTION PAGE

Executive Summary 3

PCF Group 150 4

Consensus Commodity Price Forecasts 8

Gold Thermometer 9

Copper Thermometer 16

Nickel Thermometer 22

Zinc Thermometer 27

Iron Ore Thermometer 32

PCF Capital Group

PCF Corporate Advisory MinesOnline.com FutureGold

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PCF Resources Thermometer 2 Executive Summary

We are pleased to present the January 2019 edition of the PCF Resources Thermometer. At the close of 31 December 2018, the value of the PCF150 was A$417 billion, up ~A$21 billion or ~5% from November, and the value of the PCF150C was C$235 billion, up ~C$12 billion or ~5% from October.

Over the course of the calendar year, the market value of the PCF150 increased marginally by ~A$1 billion. As at 31 December 2018, BHP and Rio Tinto accounted for ~39% and ~28% of the total market value of the PCF150 respectively, with the remaining 148 companies accounting for ~33%. Excluding BHP and Rio Tinto, the PCF150 lost ~A$4 billion or ~3% year on year.

The performance1 of the PCF150 for the 2018 calendar year is demonstrated in the chart shown below:

A$500B A$450B A$400B 133 133 130 123 124 126 128 116 120 115 A$350B 123 118 107 A$300B A$250B 173 177 151 155 153 159 169 169 175 163 164 A$200B 145 154 A$150B A$100B 142 146 141 137 145 147 148 144 138 142 140 135 138 A$50B A$0B Dec-17 Jan-18 Feb -1 8 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep -1 8 Oct-18 Nov-18 Dec-18

PCF150 excluding BHP & Rio Tinto BHP Rio Tinto

SNAPSHOT

• The market value of the PCF Group 150 at 31 December 2018 was A$417 billion, an increase of ~5% from last month’s value of A$396 billion. PCF Group 150 • The market value of the PCF Group 150C at 31 December 2018 was C$235 billion, an increase of ~5% from last month’s value of C$223 billion.

• On average, gold producers were up about 6% for the month, whilst explorers and developers were flat month on month. Price • Copper companies were down about 9% for the month, while Nickel companies were down Performance ~6% for the month and Zinc companies down ~8% month on month. • Iron ore companies were down ~4% month on month.

• Gold stock liquidity was down for the month at ~4%. Gold stock short positions were flat month on month, with ~1% of stock shorted. • Copper stock liquidity was flat for the month at ~2%. Copper stock short positions were flat for the month, with ~2% of stock shorted. Liquidity • Nickel stock liquidity for the month was about ~4%, down from last month. Nickel stock short & Short positions were flat for the month, with ~3% of stock shorted. Positions • Zinc stock liquidity for the month was about ~3%, down from last month. Zinc stock short positions were flat for the month, with ~1% of stock shorted. • Iron ore stock liquidity was down for the month at ~1%. Short positions on iron ore stocks were flat for the month at ~1%.

• BCI Minerals Limited (ASX:BCI) (BCI) announced that it has completed the sale of its Kumina Notable Project (Kumina) to Mineral Resources Limited (ASX:MRL) (MinRes) for A$35M. BCI acquired Kumina in 2017 for less than A$9M, following which BCI undertook a modest 6-month Transactions exploration program to defined a JORC 2012 compliant Maiden Mineral Resource. PCF advised BCI on the sale of Kumina.

1. PCF150 values have been recalculated using updated S&P Global Data to ensure accurate tracking of market movements. As such, values may not match those from previous issues of the Resources Thermometer. PCF Resources Thermometer 3 PCF GROUP 150 Top 150 ASX Listed Resource Companies - 31 December 2018 By Market Capitalisation.

Rank Mkt Cap (A$M) % Rank Mkt Cap (A$M) %

Dec Nov Company 31-Dec-18 30-Nov-18 Change Dec Nov Company 31-Dec-18 30-Nov-18 Change

1 1 BHP Billiton Group (ASX:BHP) $163,908.3 $153,997.5 6.4% 51 41 Altura Mining Limited (ASX:AJM) $254.9 $364.1 (30.0%)

2 2 Rio Tinto Ltd. (ASX:RIO) $115,276.0 $106,982.5 7.8% 52 52 Stanmore Coal Limited (ASX:SMR) $252.8 $252.8 0.0%

3 4 South32 Limited (ASX:S32) $16,882.9 $15,706.7 7.5% 53 46 ioneer Limited (ASX:INR) $249.8 $338.0 (26.1%)

4 3 Newcrest Mining Limited (ASX:NCM) $16,723.2 $15,917.7 5.1% 54 59 Grange Resources Limited (ASX:GRR) $231.5 $214.1 8.1%

5 5 Fortescue Metals Group Limited (ASX:FMG) $12,926.3 $12,383.6 4.4% 55 58 Terramin Australia Limited (ASX:TZN) $224.4 $215.0 4.3%

6 6 Alumina Limited (ASX:AWC) $6,620.7 $6,419.2 3.1% 56 48 Tribune Resources Limited (ASX:TBR) $223.1 $291.6 (23.5%)

7 9 Evolution Mining Limited (ASX:EVN) $6,262.2 $5,328.8 17.5% 57 54 Metro Mining Limited (ASX:MMI) $221.5 $228.4 (3.0%)

8 7 Wash. H. S. Pattinson & Co Ltd (ASX:SOL) $5,958.5 $6,276.9 (5.1%) 58 60 West African Resources Limited (ASX:WAF) $215.9 $207.2 4.2%

9 10 Northern Star Resources Limited (ASX:NST) $5,908.6 $5,102.8 15.8% 59 55 Highfield Resources Limited (ASX:HFR) $212.5 $227.4 (6.5%)

10 8 Incitec Pivot Limited (ASX:IPL) $5,276.9 $6,088.6 (13.3%) 60 57 Tungsten Mining NL (ASX:TGN) $204.1 $218.7 (6.7%)

11 12 Yancoal Australia Limited (ASX:YAL) $5,176.1 $4,082.2 26.8% 61 61 Bathurst Resources Limited (ASX:BRL) $198.0 $206.7 (4.2%)

12 11 Whitehaven Coal Limited (ASX:WHC) $4,285.6 $4,226.0 1.4% 62 63 Danakali Limited (ASX:DNK) $195.7 $199.6 (2.0%)

13 13 Iluka Resources Limited (ASX:ILU) $3,218.5 $3,408.5 (5.6%) 63 68 Panoramic Resources Limited (ASX:PAN) $185.4 $174.3 6.4%

14 14 Coronado Global Resources Inc. (ASX:CRN) $2,957.5 $2,967.2 (0.3%) 64 64 Bellevue Gold Limited (ASX:BGL) $183.4 $199.1 (7.9%)

15 15 Mineral Resources Limited (ASX:MIN) $2,903.2 $2,861.9 1.4% 65 65 Magnis Resources Limited (ASX:MNS) $180.3 $189.5 (4.8%)

16 16 OZ Minerals Limited (ASX:OZL) $2,841.4 $2,796.2 1.6% 66 69 Tawana Resources NL (ASX:TAW) $179.2 $173.4 3.3%

17 17 New Hope Corporation Limited (ASX:NHC) $2,834.6 $2,784.7 1.8% 67 71 Universal Coal Plc (ASX:UNV) $175.0 $169.8 3.1%

18 18 St Barbara Limited (ASX:SBM) $2,464.2 $2,327.9 5.9% 68 70 Pantoro Limited (ASX:PNR) $171.7 $171.7 0.0%

19 20 Regis Resources Limited (ASX:RRL) $2,451.5 $2,150.9 14.0% 69 74 Aeon Metals Limited (ASX:AML) $164.5 $152.7 7.7%

20 21 Saracen Mineral Holdings Limited (ASX:SAR) $2,403.4 $2,026.1 18.6% 70 75 Cardinal Resources Limited (ASX:CDV) $163.5 $152.0 7.5%

21 19 Independence Group NL (ASX:IGO) $2,255.6 $2,243.8 0.5% 71 66 Sheffield Resources Limited (ASX:SFX) $163.5 $178.6 (8.5%)

22 22 Pilbara Minerals Limited (ASX:PLS) $1,090.3 $1,465.4 (25.6%) 72 81 Doray Minerals Limited (ASX:DRM) $163.0 $138.5 17.7%

23 27 Sandfire Resources NL (ASX:SFR) $1,065.9 $1,021.2 4.4% 73 51 Flinders Mines Limited (ASX:FMS) $153.3 $261.4 (41.3%)

24 23 Lynas Corporation Limited (ASX:LYC) $1,055.1 $1,397.9 (24.5%) 74 76 Millennium Minerals Limited (ASX:MOY) $143.0 $150.5 (5.0%)

25 26 OM Holdings Limited (ASX:OMH) $906.1 $1,024.0 (11.5%) 75 80 CI Resources Limited (ASX:CII) $136.4 $138.7 (1.7%)

26 25 Galaxy Resources Limited (ASX:GXY) $884.3 $1,100.3 (19.6%) 76 78 Heron Resources Limited (ASX:HRR) $135.3 $145.0 (6.7%)

27 28 Resolute Mining Limited (ASX:RSG) $874.9 $719.6 21.6% 77 77 AVZ Minerals Limited (ASX:AVZ) $130.3 $149.2 (12.7%)

28 24 Orocobre Limited (ASX:ORE) $844.8 $1,129.8 (25.2%) 78 67 Finders Resources Limited (ASX:FND) $130.1 $177.5 (26.7%)

29 29 Zimplats Holdings Limited (ASX:ZIM) $667.4 $670.6 (0.5%) 79 72 Argosy Minerals Limited (ASX:AGY) $129.3 $161.6 (20.0%)

30 32 Mount Gibson Iron Limited (ASX:MGX) $603.7 $575.5 4.9% 80 73 Energy Resources of Australia Ltd (ASX:ERA) $126.8 $155.3 (18.3%)

31 30 Aurelia Metals Limited (ASX:AMI) $590.2 $620.5 (4.9%) 81 86 Consolidated Tin Mines Limited (ASX:CSD) $126.8 $126.8 0.0%

32 35 Gold Road Resources Limited (ASX:GOR) $570.4 $548.4 4.0% 82 85 Neometals Limited (ASX:NMT) $125.1 $127.8 (2.1%)

33 38 Dacian Gold Limited (ASX:DCN) $562.4 $467.9 20.2% 83 82 Catalyst Metals Limited (ASX:CYL) $122.9 $134.8 (8.9%)

34 31 Western Areas Limited (ASX:WSA) $547.0 $596.2 (8.3%) 84 88 Rand Mining Limited (ASX:RND) $120.9 $117.3 3.1%

35 33 Syrah Resources Limited (ASX:SYR) $517.1 $560.1 (7.7%) 85 84 Agrimin Limited (ASX:AMN) $116.0 $128.0 (9.3%)

36 34 Jupiter Mines Limited (ASX:JMS) $489.7 $558.3 (12.3%) 86 102 Newfield Resources Limited (ASX:NWF) $113.4 $93.0 21.9%

37 37 Champion Iron Limited (ASX:CIA) $477.8 $527.7 (9.5%) 87 83 Hastings Technology Metals Ltd (ASX:HAS) $112.8 $132.3 (14.7%)

38 36 Kidman Resources Limited (ASX:KDR) $441.2 $535.4 (17.6%) 88 91 Poseidon Nickel Limited (ASX:POS) $111.0 $108.4 2.4%

39 42 Perseus Mining Limited (ASX:PRU) $434.7 $362.2 20.0% 89 113 Red 5 Limited (ASX:RED) $110.6 $86.9 27.3%

40 39 Atlas Iron Limited (ASX:AGO) $432.9 $432.9 0.0% 90 79 Orminex Limited (ASX:ONX) $110.4 $142.7 (22.6%)

41 40 New Century Resources Limited (ASX:NCZ) $418.3 $413.3 1.2% 91 90 Australian Mines Limited (ASX:AUZ) $106.9 $109.7 (2.6%)

42 44 Nickel Mines Limited (ASX:NIC) $367.8 $360.9 1.9% 92 89 Image Resources NL (ASX:IMA) $105.3 $114.3 (7.9%)

43 43 Westgold Resources Limited (ASX:WGX) $342.4 $361.3 (5.2%) 93 87 Peel Mining Limited (ASX:PEX) $103.4 $122.1 (15.3%)

44 45 Paladin Energy Limited (ASX:PDN) $314.5 $349.5 (10.0%) 94 95 TNG Limited (ASX:TNG) $101.2 $100.9 0.2%

45 49 Metals X Limited (ASX:MLX) $292.9 $286.0 2.4% 95 93 Mayur Resources Limited (ASX:MRL) $100.6 $104.3 (3.6%)

46 53 Silver Lake Resources Limited (ASX:SLR) $281.9 $241.3 16.8% 96 92 Alkane Resources Limited (ASX:ALK) $98.7 $106.3 (7.1%)

47 47 Clean TeQ Holdings Limited (ASX:CLQ) $279.9 $309.7 (9.6%) 97 131 MC Mining Limited (ASX:MCM) $98.6 $70.4 40.0%

48 50 Base Resources Limited (ASX:BSE) $272.6 $278.4 (2.1%) 98 99 Lucapa Diamond Co Limited (ASX:LOM) $95.8 $95.8 0.0%

49 62 Ramelius Resources Limited (ASX:RMS) $266.6 $203.5 31.0% 99 94 Vango Mining Limited (ASX:VAN) $95.3 $104.3 (8.6%)

50 56 TerraCom Limited (ASX:TER) $266.0 $226.2 17.6% 100 109 Salt Lake Potash Limited (ASX:SO4) $94.1 $89.9 4.7%

Source: S+P Market Intelligence

PCF Resources Thermometer 4 Rank Mkt Cap (A$M) % Rank Mkt Cap (A$M) %

Dec Nov Company 31-Dec-18 30-Nov-18 Change Dec Nov Company 31-Dec-18 30-Nov-18 Change

101 100 Boss Resources Limited $93.5 $95.1 (1.7%) 126 120 First Graphene Limited (ASX:FGR) $72.1 $82.0 (12.1%)

102 104 CuDeco Limited (ASX:CDU) $92.0 $92.0 0.0% 127 147 Tigers Realm Coal Limited (ASX:TIG) $71.7 $60.9 17.6%

103 98 Talga Resources Limited (ASX:TLG) $91.6 $98.0 (6.5%) 128 146 Mineral Commodities Limited (ASX:MRC) $71.6 $61.1 17.2%

104 135 Emerald Resources NL (ASX:EMR) $91.3 $68.3 33.7% 129 122 Nzuri Copper Limited (ASX:NZC) $71.0 $79.9 (11.1%)

105 101 Oklo Resources Limited (ASX:OKU) $88.5 $93.6 (5.5%) 130 143 BBX Minerals Limited (ASX:BBX) $70.2 $63.5 10.6%

106 117 Prairie Mining Limited (ASX:PDZ) $88.1 $84.9 3.8% 131 172 Gascoyne Resources Limited (ASX:GCY) $69.6 $46.9 48.4%

107 112 Eastern Goldfields Limited (ASX:EGS) $87.6 $87.6 0.0% 132 133 Lithium Power International Ltd (ASX:LPI) $68.3 $69.6 (1.9%)

108 115 Paringa Resources Limited (ASX:PNL) $87.1 $86.3 0.8% 133 118 Xanadu Mines Limited (ASX:XAM) $68.0 $84.2 (19.2%)

109 125 Beadell Resources Limited (ASX:BDR) $85.4 $75.3 13.3% 134 111 Northern Minerals Limited (ASX:NTU) $67.2 $87.9 (23.5%)

110 140 Medusa Mining Limited (ASX:MML) $84.2 $64.4 30.6% 135 183 Explaurum Limited (ASX:EXU) $65.0 $42.4 53.4%

111 103 Zeta Resources Limited (ASX:ZER) $83.6 $92.2 (9.4%) 136 141 Dome Gold Mines Limited (ASX:DME) $64.2 $64.2 0.0%

112 97 Highlands Pacific Limited (ASX:HIG) $79.8 $100.5 (20.7%) 137 145 Titan Minerals Limited (ASX:TTM) $64.1 $61.5 4.2%

113 107 Greenland Minerals & Energy Ltd (ASX:GGG) $79.3 $90.6 (12.5%) 138 171 Aspire Mining Limited (ASX:AKM) $63.2 $46.9 34.6%

114 150 Echo Resources Limited (ASX:EAR) $78.8 $58.3 35.1% 139 144 Winmar Resources Limited (ASX:WFE) $63.0 $63.0 0.0%

115 121 Canyon Resources Limited (ASX:CAY) $78.4 $81.9 (4.2%) 140 106 MOD Resources Limited (ASX:MOD) $62.1 $90.7 (31.5%)

116 96 Artemis Resources Limited (ASX:ARV) $77.9 $100.6 (22.6%) 141 139 Nkwe Platinum Limited (ASX:NKP) $61.8 $64.5 (4.2%)

117 114 Aeris Resources Limited (ASX:AIS) $77.8 $86.4 (10.0%) 142 132 Piedmont Lithium Limited (ASX:PLL) $60.7 $69.9 (13.2%)

118 116 DGR Global Limited (ASX:DGR) $76.6 $85.8 (10.7%) 143 148 Queensland Bauxite Limited (ASX:QBL) $59.7 $59.7 0.0%

119 105 Deep Yellow Limited (ASX:DYL) $76.4 $91.5 (16.5%) 144 130 Breaker Resources NL (ASX:BRB) $59.6 $71.5 (16.6%)

120 124 Mincor Resources NL (ASX:MCR) $76.0 $77.1 (1.4%) 145 134 Legend Mining Limited (ASX:LEG) $59.3 $69.5 (14.7%)

121 110 Red River Resources Limited (ASX:RVR) $75.9 $88.2 (13.9%) 146 137 Kalium Lakes Limited (ASX:KLL) $59.0 $65.6 (10.1%)

122 119 KGL Resources Limited (ASX:KGL) $75.5 $83.3 (9.4%) 147 129 Kogi Iron Limited (ASX:KFE) $58.9 $72.0 (18.2%)

123 108 Adriatic Metals PLC (ASX:ADT) $75.2 $90.2 (16.7%) 148 128 Toro Energy Limited (ASX:TOE) $56.2 $73.5 (23.5%)

124 127 Wollongong Coal Limited (ASX:WLC) $74.9 $74.9 0.0% 149 156 BC Iron Limited (ASX:BCI) $55.7 $53.7 3.7%

125 123 Myanmar Metals Limited (ASX:MYL) $73.1 $79.5 (7.9%) 150 152 Blackham Resources Limited (ASX:BLK) $55.0 $57.7 (4.7%)

New Entrants New Exits

• 131 Gascoyne Resources Limited (ASX:GCY) • Bounty Mining Limited (ASX:B2Y) • 135 Explaurum Limited (ASX:EXU) • European Lithium Limited (ASX:EUR) • 138 Aspire Mining Limited (ASX:AKM) • Ardea Resources Limited (ASX:ARL) • 149 BC Iron Limited (ASX:BCI) • Galena Mining Limited (ASX:G1A) • 150 Blackham Resources Limited (ASX:BLK) • Bardoc Gold Limited (ASX:BDC)

Winners and Losers - Market Capitalisation Performance

PCF Resources Thermometer 5

PCF GROUP 150C Top 150 TSX & TSX-V Listed Resource Companies - 31 December 2018 By Market Capitalisation.

Rank Mkt Cap (C$M) % Rank Mkt Cap (C$M) %

Dec Nov Company 31-Dec-18 30-Nov-18 Change Dec Nov Company 31-Dec-18 30-Nov-18 Change

1 1 Nutrien Ltd. (TSX:NTR) $39,283.6 $41,896.8 (6.2%) 51 56 Wesdome Gold Mines Limited (TSX:WDO) $597.8 $496.6 20.4%

2 2 Barrick Gold Corporation (TSX:ABX) $21,518.7 $19,767.4 8.9% 52 42 Lucara Diamond Corporation (TSX:LUC) $586.8 $749.4 (21.7%)

3 3 Franco-Nevada Corporation (TSX:FNV) $17,840.5 $17,145.4 4.1% 53 46 Nemaska Lithium Inc. (TSX:NMX) $576.1 $677.3 (14.9%)

4 4 Teck Resources Limited (TSX:TECK.B) $16,897.6 $15,472.0 9.2% 54 57 Equinox Gold Corp. (TVX:EQX) $528.2 $471.2 12.1%

5 6 Wheaton Precious Metals Corp. (TSX:WPM) $11,832.3 $9,261.6 27.8% 55 54 Maverix Metals Inc. (TVX:MMX) $521.3 $517.0 0.8%

6 5 Goldcorp Incorporated (TSX:G) $11,625.6 $10,712.6 8.5% 56 62 LeaGold Mining Corporation (TSX:LMC) $492.6 $418.6 17.7%

7 7 First Quantum Minerals Limited (TSX:FM) $7,552.4 $8,345.9 (9.5%) 57 60 Silvercorp Metals Inc. (TSX:SVM) $480.9 $437.0 10.0%

8 9 Kirkland Lake Gold Ltd. (TSX:KL) $7,463.8 $5,774.0 29.3% 58 61 Golden Star Resources Limited (TSX:GSC) $472.2 $430.9 9.6%

9 8 Cameco Corporation (TSX:CCO) $6,126.9 $6,241.7 (1.8%) 59 53 Altius Minerals Corporation (TSX:ALS) $464.4 $554.1 (16.2%)

10 11 Kinross Gold Corporation (TSX:K) $5,501.0 $4,500.8 22.2% 60 63 Gold Standard Ventures Corp (TSX:GSV) $444.3 $413.1 7.5%

11 10 Turquoise Hill Resources Limited (TSX:TRQ) $4,527.7 $4,789.3 (5.5%) 61 72 Teranga Gold Corporation (TSX:TGZ) $433.6 $346.4 25.2%

12 12 Lundin Mining Corporation (TSX:LUN) $4,137.1 $4,247.0 (2.6%) 62 67 Continental Gold Inc. (TSX:CNL) $424.3 $396.0 7.1%

13 13 B2Gold Corporation (TSX:BTO) $3,970.5 $3,254.0 22.0% 63 70 Mtn Province Diamonds Inc. (TSX:MPVD) $409.5 $354.9 15.4%

14 17 OceanaGold Corporation (TSX:OGC) $3,080.0 $2,393.5 28.7% 64 55 Sierra Metals Inc. (TSX:SMT) $395.5 $503.4 (21.4%)

15 16 Pan American Silver Corp. (TSX:PAAS) $3,055.6 $2,620.2 16.6% 65 69 Atlantic Gold Corporation (TVX:AGB) $390.8 $360.0 8.6%

16 15 Yamana Gold Inc. (TSX:YRI) $3,047.4 $2,629.7 15.9% 66 73 Endeavour Silver Corporation (TSX:EDR) $383.8 $322.5 19.0%

17 21 Endeavour Mining Corporation (TSX:EDV) $2,407.2 $1,784.4 34.9% 67 59 Lithium Americas Corp. (TSX:LAC) $382.4 $448.0 (14.7%)

18 14 Ivanhoe Mines Limited (TSX:IVN) $2,395.1 $2,678.1 (10.6%) 68 58 Denison Mines Corp. (TSX:DML) $371.2 $453.7 (18.2%)

19 19 IAMGOLD Corporation (TSX:IMG) $2,342.7 $1,880.3 24.6% 69 71 PolyMet Mining, Corp. (TSX:POM) $356.0 $346.9 2.6%

20 23 Pretium Resources Incorporated (TSX:PVG) $2,122.7 $1,733.7 22.4% 70 68 Sabina Gold & Silver Corp. (TSX:SBB) $354.1 $364.9 (3.0%)

21 24 Detour Gold Corporation (TSX:DGC) $2,021.6 $1,730.6 16.8% 71 66 Energy Fuels Inc. (TSX:EFR) $353.8 $396.9 (10.9%)

22 26 SSR Mining Inc. (TSX:SSRM) $1,984.1 $1,695.5 17.0% 72 64 Trevali Mining Corporation (TSX:TV) $344.9 $403.1 (14.4%)

23 27 Alamos Gold Inc. (TSX:AGI) $1,921.0 $1,667.0 15.2% 73 82 SilverCrest Metals Inc. (TVX:SIL) $341.1 $244.6 39.4%

24 30 Osisko Gold Royalties Ltd. (TSX:OR) $1,871.1 $1,559.6 20.0% 74 74 Premier Gold Mines Limited (TSX:PG) $327.0 $318.8 2.5%

25 20 Nevsun Resources Limited (TSX:NSU) $1,812.5 $1,800.4 0.7% 75 77 Roxgold Inc. (TSX:ROXG) $303.1 $299.4 1.3%

26 28 Novagold Resources Inc. (TSX:NG) $1,750.8 $1,582.8 10.6% 76 78 Victoria Gold Corp. (TVX:VIT) $289.4 $280.1 3.3%

27 29 Centerra Gold Inc. (TSX:CG) $1,711.1 $1,576.8 8.5% 77 79 Corvus Gold Inc. (TSX:KOR) $280.9 $274.6 2.3%

28 22 Hudbay Minerals Inc. (TSX:HBM) $1,687.8 $1,761.0 (4.2%) 78 65 Cobalt 27 Capital Corp. (TVX:KBLT) $279.9 $398.7 (29.8%)

29 31 Tahoe Resources Inc. (TSX:THO) $1,557.2 $1,472.6 5.7% 79 84 Guyana Goldfields Inc. (TSX:GUY) $277.6 $234.3 18.5%

30 32 First Majestic Silver Corporation (TSX:FR) $1,554.7 $1,235.8 25.8% 80 87 Argonaut Gold Inc. (TSX:AR) $277.4 $216.9 27.9%

31 25 Labrador Iron Ore Royalty Corp (TSX:LIF) $1,551.4 $1,701.8 (8.8%) 81 76 Fission Uranium Corporation (TSX:FCU) $262.3 $310.9 (15.6%)

32 18 Largo Resources Limited (TSX:LGO) $1,491.9 $1,924.9 (22.5%) 82 80 Nevada Copper Corporation (TSX:NCU) $254.8 $261.5 (2.5%)

33 33 Sandstorm Gold Ltd. (TSX:SSL) $1,154.2 $1,013.6 13.9% 83 81 Capstone Mining Corporation (TSX:CS) $243.7 $251.7 (3.1%)

34 38 Torex Gold Resources Inc. (TSX:TXG) $1,103.1 $885.7 24.5% 84 75 Northern Dynasty Minerals Ltd. (TSX:NDM) $238.2 $313.4 (24.0%)

35 37 Seabridge Gold Inc. (TSX:SEA) $1,093.5 $945.4 15.7% 85 88 Harte Gold Corporation (TSX:HRT) $230.8 $215.8 6.9%

36 34 Lundin Gold Inc. (TSX:LUG) $1,063.7 $1,012.5 5.1% 86 96 Ascot Resources Ltd. (TVX:AOT) $230.2 $183.0 25.8%

37 36 Katanga Mining Limited (TSX:KAT) $991.8 $953.7 4.0% 87 85 NGEx Resources Inc. (TSX:NGQ) $227.9 $227.9 0.0%

38 40 SEMAFO Inc. (TSX:SMF) $960.6 $781.5 22.9% 88 108 Midas Gold Corporation (TSX:MAX) $225.1 $147.9 52.2%

39 41 MAG Silver Corporation (TSX:MAG) $855.4 $768.1 11.4% 89 83 RNC Minerals (TSX:RNX) $214.2 $241.0 (11.1%)

40 35 NexGen Energy Ltd. (TSX:NXE) $844.0 $992.6 (15.0%) 90 105 Barkerville Gold Mines Ltd. (TVX:BGM) $202.6 $153.9 31.6%

41 39 Ero Copper Corp. (TSX:ERO) $831.3 $825.4 0.7% 91 90 Excelsior Mining Corporation (TSX:MIN) $199.4 $210.5 (5.3%)

42 45 Fortuna Silver Mines Inc. (TSX:FVI) $799.7 $682.9 17.1% 92 91 Alphamin Resources Corporation (TVX:AFM) $196.6 $204.4 (3.8%)

43 47 Osisko Mining Inc. (TSX:OSK) $789.6 $648.1 21.8% 93 92 Asanko Gold Inc. (TSX:AKG) $196.5 $196.5 0.0%

44 44 TMAC Resources Inc. (TSX:TMR) $771.3 $707.2 9.1% 94 95 New Pacific Metals Corp. (TVX:NUAG) $192.6 $186.0 3.6%

45 50 Alacer Gold Corp. (TSX:ASR) $740.5 $608.2 21.7% 95 86 Cornerstone Capital Res Inc. (TVX:CGP) $190.6 $218.8 (12.9%)

46 49 Dundee Precious Metals Inc. (TSX:DPM) $642.6 $610.5 5.3% 96 89 Avesoro Resources Inc. (TSX:ASO) $187.6 $213.7 (12.2%)

47 48 North American Palladium Ltd (TSX:PDL) $634.9 $639.4 (0.7%) 97 110 Imperial Metals Corporation (TSX:III) $187.2 $146.1 28.1%

48 51 Eldorado Gold Corporation (TSX:ELD) $633.2 $601.5 5.3% 98 109 White Gold Corp. (TVX:WGO) $184.9 $147.6 25.2%

49 43 China Gold Intl Res Corp. Ltd. (TSX:CGG) $626.3 $713.5 (12.2%) 99 97 Stornoway Diamond Corporation (TSX:SWY) $184.3 $174.1 5.9%

50 52 New Gold Inc. (TSX:NGD) $607.7 $596.1 1.9% 100 103 Lumina Gold Corp. (TVX:LUM) $179.5 $157.9 13.7%

Source: S+P Market Intelligence

PCF Resources Thermometer 6 Rank Mkt Cap (C$M) % Rank Mkt Cap (C$M) %

Dec Nov Company 31-Dec-18 30-Nov-18 Change Dec Nov Company 31-Dec-18 30-Nov-18 Change

101 94 Sherritt International Corporation (TSX:S) $178.8 $192.7 (7.2%) 126 113 Bonterra Resources Inc. (TVX:BTR) $119.2 $142.2 (16.2%)

102 112 Pure Gold Mining Inc. (TVX:PGM) $166.6 $143.6 16.1% 127 114 Almonty Industries Inc. (TSX:AII) $117.9 $141.5 (16.7%)

103 116 Great Panther Silver Limited (TSX:GPR) $164.1 $138.7 18.3% 128 137 Rupert Resources Limited (TVX:RUP) $116.1 $102.8 13.0%

104 115 Belo Sun Mining Corporation (TSX:BSX) $162.3 $140.9 15.2% 129 150 Westhaven Ventures Inc. (TVX:WHN) $114.7 $83.3 37.8%

105 100 Filo Mining Corporation (TVX:FIL) $159.7 $163.3 (2.2%) 130 133 Abitibi Royalties Inc. (TVX:RZZ) $114.4 $110.4 3.6%

106 119 Gabriel Resources Ltd. (TVX:GBU) $158.2 $124.9 26.6% 131 106 Critical Elements Corporation (TVX:CRE) $114.2 $149.1 (23.4%)

107 98 Amerigo Resources Ltd. (TSX:ARG) $157.8 $164.8 (4.3%) 132 131 Auryn Resources Inc. (TSX:AUG) $112.9 $112.0 0.8%

108 117 K92 Mining Inc. (TVX:KNT) $152.4 $130.6 16.7% 133 135 Titan Mining Corporation (TSX:TI) $112.2 $110.1 1.9%

109 101 Maya Gold and Silver Inc. (TSX:MYA) $149.7 $163.0 (8.2%) 134 132 Silver Bear Resources Plc (TSX:SBR) $110.9 $110.9 0.0%

110 93 Taseko Mines Limited (TSX:TKO) $148.5 $196.4 (24.4%) 135 158 Orca Gold Inc. (TVX:ORG) $108.5 $79.8 35.9%

111 107 Minaurum Gold Inc. (TVX:MGG) $148.3 $148.3 0.0% 136 127 Bear Creek Mining Corporation (TVX:BCM) $107.2 $113.4 (5.5%)

112 129 Probe Metals Inc. (TVX:PRB) $146.0 $112.8 29.4% 137 130 GoldMining Inc. (TSX:GOLD) $105.6 $112.4 (6.0%)

113 99 Itafos (TVX:IFOS) $142.1 $163.4 (13.0%) 138 118 Garibaldi Resources Corporation (TVX:GGI) $105.0 $126.7 (17.1%)

114 104 Ur-Energy Inc. (TSX:URE) $141.6 $156.0 (9.2%) 139 152 Almaden Minerals Limited (TSX:AMM) $101.6 $82.6 23.0%

115 134 Alexco Resource Corporation (TSX:AXR) $137.2 $110.2 24.5% 140 146 Star Diamond Corporation (TSX:DIAM) $99.2 $89.1 11.3%

116 111 First Mining Gold Corp. (TSX:FF) $136.7 $145.1 (5.8%) 141 138 Chesapeake Gold Corp. (TVX:CKG) $97.5 $101.8 (4.2%)

117 124 NioCorp Developments Ltd. (TSX:NB) $136.6 $118.1 15.6% 142 155 Alio Gold Inc. (TSX:ALO) $97.4 $80.5 21.1%

118 122 Gran Colombia Gold Corporation (TSX:GCM) $135.8 $121.8 11.5% 143 163 Americas Silver Corporation (TSX:USA) $96.8 $77.3 25.3%

119 102 Copper Mountain Mining Corp (TSX:CMMC) $135.5 $161.8 (16.3%) 144 145 Entree Resources Ltd. (TSX:ETG) $96.0 $92.5 3.8%

120 140 International Tower Hill Mines Ltd. (TSX:ITH) $132.8 $97.2 36.5% 145 149 Rubicon Minerals Corporation (TSX:RMX) $93.5 $84.5 10.6%

121 123 Regulus Resources Inc. (TVX:REG) $123.8 $121.2 2.1% 146 147 Bluestone Resources Inc. (TVX:BSR) $90.0 $88.5 1.7%

122 128 Marathon Gold Corporation (TSX:MOZ) $122.9 $113.3 8.5% 147 154 Metalla Royalty & Streaming Ltd (TVX:MTA) $89.8 $81.9 9.6%

123 120 EMX Royalty Corporation (TVX:EMX) $121.6 $124.8 (2.6%) 148 148 Aurania Resources Ltd. (TVX:ARU) $89.6 $84.8 5.7%

124 206 Lydian International Limited (TSX:LYD) $120.9 $49.1 146.2% 149 126 eCobalt Solutions Inc. (TSX:ECS) $88.0 $115.2 (23.6%)

125 125 Orezone Gold Corporation (TVX:ORE) $119.9 $115.7 3.6% 150 153 Tinka Resources Limited (TVX:TK) $87.3 $82.0 6.5%

New Entrants New Exits

• 124 Lydian International Limited (TSX:LYD) • Millennial Lithium Corp. (TVX:ML) • 135 Orca Gold Inc. (TVX:ORG) • Great Bear Resources Limited (TVX:GBR) • 139 Almaden Minerals Limited (TSX:AMM) • Noront Resources Ltd. (TVX:NOT) • 142 Alio Gold Inc. (TSX:ALO) • Neo Lithium Corporation (TVX:NLC) • 143 Americas Silver Corporation (TSX:USA) • Advantage Lithium Corp. (TVX:AAL) • 147 Metalla Royalty and Streaming Limited (TVX:MTA) • Rusoro Mining Limited (TVX:RML) • 150 Tinka Resources Limited (TVX:TK) • Evrim Resources Corporation (TVX:EVM)

Winners and Losers - Market Capitalisation Performance

PCF Resources Thermometer 7

Consensus Commodity Price Forecasts

Gold (US$/oz) Silver (US$/oz)

$1, 600 $22

$1, 500 $20 $17.87 $17.19 $1, 400 $1,302 $1,315 $18 $16.21 $1,281 $1,271 $15.47 $1, 300 $16

$1, 200 $14

$1, 100 $12 Spot 2019 2020 2021 Spot 2019 2020 2021 Copper (US$/lb) Nickel (US$/lb)

$5.00 $10. 00 $6.76 $7.05 $4.00 $8.00 $6.36 $3.11 $3.23 $3.00 $4.81 $2.70 $6.00 $3.00 $4.00 $2.00 $2.00

$1.00 $0.00 Spot 2019 2020 2021 Spot 2019 2020 2021 Zinc (US$/lb) Lead (US$/lb)

$2.00 $2.00

$1.24 $1.50 $1.14 $1.20 $1.18 $1.50 $1.01 $1.01 $1.01 $0.91 $1.00 $1.00

$0.50 $0.50

$0.00 $0.00 Spot 2019 2020 2021 Spot 2019 2020 2021 Iron Ore Fines 62% (US$/MT) Uranium (US$/lb)

$90. 00 $60 $45.49 $72.70 $50 $38.71 $63.94 $70. 00 $62.31 $33.13 $59.72 $40 $28.70 $30 $50. 00 $20 $10 $30. 00 $0 Spot 2019 2020 2021 Spot 2019 2020 2021 AUD:USD WTI - NYMEX (US$/bbl)

$1.00 $120

$100

$0.70 $0.70 $80 $0.75 $0.69 $0.69 $56.06 $50.34 $54.19 $60 $45.41

$40

$0.50 $20 Spot 2019 2020 2021 Spot 2019 2020 2021

Source: Consensus Estimates - Median / High / Low as at 31 December 2018.

PCF Resources Thermometer 8

GOLD Thermometer

PCF Resources Thermometer 9 Gold Producers - Relative Performance 1 Month Share Price Performance - Average 6% 70%

48% 50%

31% 30% 30% 27% 23% 22% 22% 20% 20% 19% 18%18% 16% 17% 13% 14% 6% 10% 5% 5% 3% 0% 0%

0% -10% -5% -5% -6% -5% -4% -12% -14% -16% -16% -17% -30% -23%

-50% -50%

3 Month Share Price Performance - Average 1% 80%

57% 60% 46% 39% 40% 35% 30% 23% 24% 12% 20% 14% 12% 6% 11% 11% 10% 8% 8% 6% 8% 0% 0% -2% -2% -9% -7% -11% -20% -14% -14% -20% -20% -21% -26% -28% -31% -40% -29%

-60% -52% -54%

12 Month Share Price Performance - Average 4% 200%

157% 150%

100% 74% 73% 57% 53% 51% 46% 50% 39% 22% 23% 15% 12% 12% 12% 0% 0% 6% 0% 1% 0% -2% -4% -7% -11% -7% -7% -18% -50% -31% -43% -42% -50%-50% -60% -60% -72% -68% -100%

N.B. Where no % is shown, there is no reportable performance for that period i.e. due to delisting or not yet being listed. PCF Resources Thermometer 10

Gold Developers & Explorers - Relative Performance 1 Month Share Price Performance - Average -0% 70%

53% 50% 50%

26% 30% 24% 24% 19% 17% 16% 11% 11% 11% 9% 7% 6% 7% 8% 10% 5% 4% 2% 4% 0% 0% 0% 0% 0% 0% 0% 0%

0% -4% -3% -4% -4% -10% -8% -8% -7% -6% -10% -12% -10%-12% -15% -15%-15% -17% -17% -17% -20% -20% -19% -23% -30% -30% -35%

-50%

3 Month Share Price Performance - Average -7% 100%

78% 80%

60% 57%

40% 31% 24% 19% 14% 14% 20% 12% 13% 13% 8% 4% 3% 3% 3% 0% 0% 0% 0% 0% 0% 0% -2% -3% -5% -4% -1% -9% -10%-10% -11% -14% -12% -13% -20% -16% -17% -15%-17% -15% -20% -22% -20% -21%-22% -24% -25% -29% -29% -40% -32% -33% -38% -41% -48% -60%

12 Month Share Price Performance - Average -25%

100% 90%

80% 71%

60% 55%

40% 35% 30% 29%

20% 5% 0% 0% 0% 0% 0% -2% -1% -7% -7% -12% -11% -20% -15% -15% -14% -18% -20% -20% -19% -22% -25% -25% -26% -27% -25% -27% -28% -30% -33% -40% -35% -39% -43% -47% -45% -47% -48% -51% -60% -51% -54% -60% -60% -68% -67% -80% -71% -77% -79% -87% -89% -100%

N.B. Where no % is shown, there is no reportable performance for that period i.e. due to delisting or not yet being listed. PCF Resources Thermometer 11

Gold Peer Company Valuations ASX Producers - EV / Resource (A$/oz AuEq) 400 December Resource Metric $375 December Average $123/oz 350 November Average $117/oz

300 $283 $273 $271 $253

250 $237 $218 $192 200 $165

150 $127 $125 $111 $92 $87 100 $84 $62 $61 $61 $56 $56 $55 $51 $51 $49 $31 $27 50 $27 $21 $21 $11 $11 $10 $3 0 Troy Rand Silver Regis Doray Red 5 Crater Alacer Austral Dacian Aurelia Beadell Tribune Medusa Perseus Saracen Resolute Evolution Newcrest Ramelius Westgold Millenium Blackham Kingsgate West Wits Gascoyne St Barbara St Centennial Coolgardie Oceanagold Northern Star

ASX Producers - EV / Reserve (A$/oz AuEq) 1,400 December Reserve Metric $1,258 December Average $383/oz 1,200 November Average $353/oz

1,000 $948 $792 $792

800 $725 $696 $591 $591 600 $556 $490 $490 $486 $483 $466 $453 $365 $365 400 $350 $306 $306 $264 $231 $220 $212 $212 $185 $185 $163 $159 $146 $138

200 $117 $111 $102 $57 $49

0 Troy Rand Silver Regis Doray 5 Red Alacer Aurelia Dacian Austral Beadell Tribune Pantoro Medusa Perseus Saracen Resolute Evolution Newcrest Ramelius Westgold Millenium Blackham Kingsgate Gascoyne St Barbara St Coolgardie Oceanagold Northern Star

ASX Explorers & Developers - EV / Resources (A$/oz AuEq)

200 December Resource Metric $177 180 December Average $29/oz

160 November Average $27/oz

140 $120 120 $104

100 $84

80 $63 $59 $58 $58 $57

60 $47 $46 $42 $40 $37 $36 $36 $32 $32 $30 $29

40 $27 $24 $23 $23 $22 $22 $21 $20 $19 $19 $17 $16 $14 $14 $12 $12 $11 $11 $11 $9 $9 $8 20 $7 $5 $5 $3 $3 $3 $2 $2 $2 $2 $2 $2 $1 0 Kin NTM Bligh Echo Tietto Stone Korab Kairos Amani Antipa Anova Vector Saturn Sihayo Bardoc Bassari Calidus Tanami Citigold Prodigy Horizon Breaker Carbine Ausgold Azumah Matador Emerald De Grey Cardinal OreCorp Bellevue Kingston Crusader Capricorn Metminco Nusantara Geopacific Explaurum Gold Road Gold Kalamazoo Egan StreetEgan Rim Golden Genesis MinGenesis West African West Genesis Res Genesis Middle Island Macphersons Strategic Minerals Strategic Eastern Goldfields Eastern

PCF Resources Thermometer 12

Gold Peer Company Valuations TSX/TSX-V Producers - EV / Resource (C$/oz AuEq) 500 December Resource Metric December Average C$81/oz 450 November Average C$74/oz 400

350

300

250

200

150

100

0 Alio K92 Aura Core Fiore Sage Harte Cerro Torex Canaf TM AC Alacer Tahoe Detour Jaguar Barrick Galane Atlantic Orvana B2Gold Kinross Alamos Pretium Premier Dundee Guyana Miranda Roxgold Avesoro Majestic Teranga Reunion LeaGold Bonterra Centerra Galantas Eldorado Goldcorp Argonaut SEMAFO Mandalay New Gold New Wesdome Caledonia Anaconda IAMGOLD Barkerville Red Eagle Red Goldgroup Endeavour Candelaria Mangazeya Golden Star Golden OceanaGold Kirkland Lake Kirkland Superior Gold Superior RNC Minerals Golden Queen Golden Colombia Gran

TSX/TSX-V Producers - EV / Reserve (C$/oz AuEq)

2,000 December Reserve Metric

1,800 December Average C$410/oz November Average C$337/oz 1,600

1,400

1,200

1,000

800

600

400

200

0 Alio Aura Fiore Tor ex T MA C Alacer Tahoe Detour Jaguar Barrick Galane Atlantic Orvana B2Gold Kinross Alamos Pretium Premier Dundee Guyana Roxgold Avesoro Teranga LeaGold Bonterra Centerra Eldorado Goldcorp Argonaut SEMAFO Mandalay New Gold New Wesdome Anaconda IAMGOLD Barkerville Red Eagle Endeavour Mangazeya Golden Star Golden OceanaGold Kirkland Lake Superior Gold Superior Golden Queen Golden Gran Colombia TSX/TSX-V Explorers & Developers - EV / Resources (C$/oz AuEq) 160 December Resource Metric December Average C$23/oz 140 November Average C$19/oz

120

100

0 Ki lo Otis Th or Orc a Pr ize Helio As cot Teras Aury n M id as AT AC M ap le Algold Ex pl o r Amarc Canuc Rupert Tri Star Lundin Sabina Savary Atlanta Corvus Cantex AX MIN Gabriel Canarc Lumina Go wes t Unigold Banyan Terraco R e ds ta r Sarama Amaril lo Bu l lm an Waseco Rubicon Dynacor Volcanic Maritime Allegiant Orezone Granada Freegold C li f fm o nt Be l o S un Gunpoint Red Pine Red Eastmain Pinecrest California Novagold M ara t h on Bayhorse East Asia Co nq u es t Candente Bl u es t on e Gold TNR Comstock Kesselrun Pure Gold Pure Columbus Nighthawk Edgewater INV Metals INV White Gold White IDM Mining Sandspring First Mining First New Carolin New Fortune Bay Fortune Black Dragon Black Intl Tower Hill Tower Intl Granite Creek Granite GV M M in er al s Gold Standard Gold Minera Alamos Minera New Dimension New GTA Resources GTA Treasury Metals Treasury WPC Resources WPC Resource Capital Resource Northern Superior Northern Spanish Mountain Spanish M on e t a P orc u pi ne PCF Resources Thermometer 13

Gold Sector Liquidity / Shorts

Gold Sector Liquidity

50.0% % Change Decrease % Change Increase 45.0% 4.6% November Average 3.7% December Average 40.0%

35.0%

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0% Kin Troy Echo NTM Rand Regis Silver Red 5 Fo cu s Stone Korab Tietto Doray Kairos Crater Alacer Anova Antipa Saturn Sihayo Vector Dacian Bassari Austral Aurelia Calidus Spitfire Tanami Beadell Citigold Carbine Tribune Perseus Breaker Saracen Ausgold Pantoro De Grey Medusa Azumah Cardinal Emerald OreCorp Bellevue Orminex Kingston Resolute Matador Ramelius Evolution Newcrest Westgold Kingsgate Gasco yne Blackham Capricorn Ston ewall Millenium West Wits West Metminco Nusantara Gold Road St BarbaraSt Geopacific Explaurum Kalamazoo Golden Rim Oceanagold Res Genesis Genesis Min West African West Macphersons Middle Island Northern Star Northern

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).

Gold Sector Short Positions

6.0% % Change Decrease

% Change Increase

5.0% 1.1% November Average

1.0% December Average

4.0%

3.0%

2.0%

1.0%

0.0% Kin Troy Regis Silver Alacer Antipa Dacian Aurelia Beadell Perseus Breaker Saracen Cardinal Bellevue Resolute Ramelius Evolution Newcrest Westgold Gascoyne Blackham Gold Road St Barbara Oceanagold West African Northern Star

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 30/11/2018 to 31/12/2018.

PCF Resources Thermometer 14

Gold Transaction Metrics - Resource and Reserve Multiples

Transaction multiples based on gold price of US$1,281/oz - 31 December 2018

Exploration (US$/oz AuEq) Development (US$/oz AuEq)

$16 $15 $100 $90 $86 $14 $81 $81 $12 $80 $12 $11 $70 $10 $60

$8 $50 $40 $40 $6 $32 $34 $30 $4 $20 $2 $10

$0 $0 1 yr average 3 yr average 5 yr average 1 yr average 3 yr average 5 yr average

Operation (US$/oz AuEq) Care & Maintenance (US$/oz AuEq)

$300 $45 $40 $251 $252 $40 $250 $241 $35 $30 $200 $30 $27 $25 $150 $106 $113 $20 $17 $14 $100 $15 $11 $10 $50 $5

$0 $0 1 yr average 3 yr average 5 yr average 1 yr average 3 yr average 5 yr average

Resource Reserve

1. Transaction metrics are derived from transactions normailised to account for movements in commodity prices - refer notes on page 3. 2. Completed transactions only *Denotes metric is derived from four transaction results or less PCF Resources Thermometer 15

COPPER Thermometer

PCF Resources Thermometer 16 Copper Stocks Relative Performance

1 Month Share Price Performance - Average -9% 10% 4% 2% 0% 0% 0% 0% -2% -3% -3% -4% -5% -10% -7% -9% -10% -11%

-20%

-30% -27% -29% -30%

-40%

-50%

3 Month Share Price Performance - Average -11% 40% 35%

30%

20%

10% 6%

-10% -5% -6% -8% -7% -9% -10% -7% -12% -11% -20% -10% -13% -18%

-30% -27% -25%

-40%

-50%

-60% -57%

12 Month Share Price Performance - Average -19% 80%

60% 55%

40%

20% 0% 0% -1% -3% -7% -7% -4% -20% -10% -17% -19% -22% -40% -31% -31% -30% -42% -60% -57%

-80% -75%

-100%

N.B. Where no % is shown, there is no reportable performance for that period i.e. due to delisting or not yet being listed.

PCF Resources Thermometer 17

Copper Peer Company Valuations

ASX EV / Resource (A$/lb CuEq)

0.70 December Resource Metric December Average $0.129/lb $0.599 0.60 November Average $0.138/lb $0.541

0.50

0.40

0.30

0.20 $0.149 $0.143 $0.132 $0.123

0.10 $0.082 $0.066 $0.058 $0.023 $0.008 $0.005 $0.004 $0.004 $0.001 0.00 Rex KGL Aeris Nzuri Stavely Finders Havilah Caravel Sandfire Hot Chili Hot Hillgrove Intrepid Venturex Oz Minerals Oz Thundelarra

ASX EV / Reserve (A$/lb CuEq)

0.90 November Reserve Metric

$0.823 December Average $0.279/lb 0.80 November Average $0.292/lb

0.70 $0.612

0.60 $0.570

0.50 $0.439 $0.419 0.40

0.30

0.20 $0.082 0.10 $0.075 $0.021 $0.014 $0.011 $0.001 0.00 Rex Aeris Nzuri Havilah Finders Intrepid Hot Chili Hot Sandfire Hillgrove Venturex Oz Minerals Oz

PCF Resources Thermometer 18

Copper Peer Company Valuations

TSX/TSX-V EV / Resource (C$/lb CuEq)

1.00 December Resource Metric December Average C$.067/lb 0.90 November Average C$.065/lb 0.80

0.70

0.60

0.50

0.40

0.30

0.20

0.10

0.00 Filo Lara Coro Atico Getty Albert NGEx Surge Eskay Libero Rosita ExGen Vulcan Engold Spruce Azarga Minsud Abacus Taranis ePower Nevada Gespeg Cardero Lorraine Newport Amerigo Altiplano Cordoba Quaterra Redzone Excelsior Bearc law TH EM AC Woodjam Philippine Candente Worldwide Los Andes Los Searchlight Doubleview Yellowhead Copper Fox Copper White Metal White GPM Metals GPM Kapuskasing Metals Creek Metals St. Augustine St. Copper North Copper Great Atlantic Great Turquoise Hill Turquoise Pacific Booker Pacific Chilean Metals Chilean Discovery-Corp TSX/TSX-V EV / Reserve (C$/lb CuEq)

0.35 December Reserve Metric December Average C$.100/lb 0.30 November Average C$.093/lb

0.25

0.20

0.15

0.10

0.05

0.00 Coro Atico Getty NGEx Abacus Nevada Excelsior THEMAC Yellowhead Copper Fox Copper St. AugustineSt. Turquoise Hill Turquoise Pacific Booker Pacific

PCF Resources Thermometer 19

Copper Sector Liquidity / Shorts

Copper Sector Liquidity

16.0% % Change Decrease % Change Increase 14.0% 2.4% November Average 1.7% December Average 12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0% Rex KGL Aeris Regal Altona Oz Min Stavely Havilah Caravel Intrepid Sandfire Hot Chili Hillgrove Venturex

Thundelarra

Copper Sector Short Positions

4.0% % Change Decrease

% Change Increase 3.5% 2.0% November Average

3.0% 1.8% December Average

2.5%

2.0%

1.5%

1.0%

0.5%

0.0% Tiger Oz Min Sandfire

PCF Resources Thermometer 20

Copper Transaction Metrics - Resource and Reserve Multiples

Transaction multiples based on copper price of US$2.70/lb - 31 December 2018

Exploration (US$/lb CuEq) Development (US$/lb CuEq)

$0.025 $0.045 $0.021 $0.039 $0.040 $0.020 $0.034 $0.035 $0.034

$0.030 $0.027 $0.015 $0.025 $0.021 $0.009 $0.020 $0.017 $0.010 $0.009 $0.015

$0.005 $0.010 $0.005

$0.000 $0.000 1 yr average 3 yr average 5 yr average 1 yr average 3 yr average 5 yr average

Operation (US$/lb CuEq) Care & Maintenance (US$/lb CuEq)

$0.250 $0.180 $0.163 $0.213 $0.160

$0.200 $0.140

$0.120 $0.150 $0.100

$0.102 $0.080 $0.100 $0.093 $0.060

$0.040 $0.050 $0.026 N/a $0.020 N/a N/a $0.007 $0.000 $0.000 1 yr average 3 yr average 5 yr average 1 yr average 3 yr average 5 yr average

N/a

Resource Reserve

NICKEL Thermometer

PCF Resources Thermometer 22 Nickel Stocks Relative Performance

1 Month Share Price Performance - Average -6% 20% 13% 10% 6% 2% 1% 2% 0% 0% -1% -5% -10% -8% -12% -13% -20% -18% -21% -24% -30%

-40%

-50%

3 Month Share Price Performance - Average -18% 30%

20% 17% 14% 10%

-10% -9% -9% -20% -15% -18% -18% -21% -25% -24% -30% -25% -32% -40% -33% -37%

-50%

-60%

12 Month Share Price Performance - Average -20% 30% 20% 20%

10% 0% 0% -1% -4% -10% -7% -6% -14% -20% -17% -20% -30% -30% -40% -36% -38%

-50% -45% -48%

-60%

N.B. Where no % is shown, there is no reportable performance for that period i.e. due to delisting or not yet being listed. PCF Resources Thermometer 23

Nickel Peer Company Valuations

EV / Resource (A$/lb NiEq)

2.00 December Resource Metric December Average $0.257/lb

1.80 $1.728 November Average $0.300/lb 1.60

1.40

1.20

1.00

0.80

0.60

0.40 $0.228 $0.216 $0.184 $0.161 0.20 $0.143 $0.057 $0.049 $0.046 $0.013 $0.006 0.00 Rox Mincor Cassini Talisman Duketon Highlands Poseidon Panoramic Nickel Mines Nickel Western Areas Independence

EV / Reserve (A$/lb NiEq)

3.50 November Reserve Metric December Average $1.046/lb 3.00 November Average $1.093/lb $2.570 2.50

2.00

1.50 $1.409

1.00 $0.902 $0.835 $0.475 0.50 $0.087 0.00 Mincor Poseidon Highlands Panoramic Western Areas Independence

PCF Resources Thermometer 24

Nickel Sector Liquidity / Shorts

Nickel Sector Liquidity

20.0% % Change Decrease 18.0% % Change Increase

16.0% 5.2% November Average 4.3% December Average 14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0% Rox Cassini Mincor Duketon Talisman Poseidon St George Highlands Panoramic Nickel Mines Nickel Independence Western Areas

Nickel Sector Short Positions

% Change Decrease 6.0% % Change Increase 3.1% November Average 3.3% December Average 5.0%

4.0%

3.0%

2.0%

1.0%

0.0% Panoramic Independence Western Areas

PCF Resources Thermometer 25

Nickel Transaction Metrics - Resource and Reserve Multiples

Transaction multiples based on nickel price of US$4.81/lb - 31 December 2018

Exploration (US$/lb NiEq) Development (US$/lb NiEq)

$0.012 $0.011 $0.180 $0.161 $0.010 $0.160 $0.009 $0.140 $0.008 $0.120

$0.100 $0.006 $0.080

$0.004 $0.060

$0.040 $0.002 N/a $0.020 N/a N/a

$0.000 $0.000 1 yr average 3 yr average 5 yr average 1 yr average 3 yr average 5 yr average

Operation (US$/lb NiEq) Care & Maintenance (US$/lb NiEq)

$0.600 $0.180 $0.166 $0.160 $0.500 $0.479 $0.479 $0.140

$0.400 $0.120

$0.100 $0.300 $0.246 $0.246 $0.080

$0.200 $0.060 $0.035 $0.040 $0.100 N/a $0.020 N/a N/a

$0.000 $0.000 1 yr average 3 yr average 5 yr average 1 yr average 3 yr average 5 yr average

Resource Reserve

PCF Resources Thermometer 26

ZINC Thermometer

PCF Resources Thermometer 27 Zinc Stocks Relative Performance

1 Month Share Price Performance - Average -8% 40% 33% 30%

20%

10% 1% 0% 0% 0% -10% -5% -7% -6% -14% -20% -21% -20% -21% -30% -29%

-40%

-50%

3 Month Share Price Performance - Average -17% 40% 33% 30%

20%

10%

-10% -5% -9% -15% -20% -16% -17% -17% -20% -30% -25% -24% -31% -40% -35%

-50%

-60%

12 Month Share Price Performance - Average -40% 0%

-10% -7%

-14% -20% -20% -25% -30% -27% -30%

-40% -37% -42% -50% -48%

-60% -61% -62% -63% -70%

N.B. Where no % is shown, there is no reportable performance for that period i.e. due to delisting or not yet being listed. PCF Resources Thermometer 28

Zinc Peer Company Valuations

EV / Resource (A$/lb ZnEq)

0.05 December Resource Metric $0.047 $0.046 December Average $0.022/lb 0.05 November Average $0.025/lb 0.04 $0.036 0.04

0.03 $0.029 $0.027

0.03

0.02

0.01 $0.009 $0.005 0.01 $0.002

0.00 Azure Heron Ironbark Red River Red New Century Superior Lake Superior Zinc of Ireland of Zinc Australia Metals EV / Reserve (A$/lb ZnEq)

0.14 December Reserve Metric December Average $0.094/lb 0.12 $0.116 November Average $0.101/lb $0.105

0.10

0.08 $0.061 0.06

0.04

0.02

0.00 Heron Red River Red New Century

PCF Resources Thermometer 29

Zinc Sector Liquidity / Shorts

Zinc Sector Liquidity

14.0% % Change Decrease % Change Increase 12.0% 4.1% November Average 2.5% December Average 10.0%

8.0%

6.0%

4.0%

2.0%

0.0% Azure Heron Ironbark Red River Red Metalicity New Century Superior Lake Zinc of Ireland of Zinc Symbol Mining Symbol Metals Australia

Zinc Sector Short Positions

% Change Decrease 2.5% % Change Increase 1.19% November Average 1.18% December Average 2.0%

1.5%

1.0%

0.5%

0.0% Red River Red New Century

PCF Resources Thermometer 30

Zinc Transaction Metrics - Resource and Reserve Multiples

Transaction multiples based on zinc price of US$1.14/lb - 31 December 2018

Exploration (US$/lb ZnEq) Development (US$/lb ZnEq)

$0.008 $0.007 $1.200

$0.007 $0.006 $1.000 $0.006

$0.005 $0.800

$0.004 $0.600

$0.003 $0.400 $0.002 No transactions recorded $0.200 $0.001 N/a

$0.000 $0.000 1 yr average 3 yr average 5 yr average 1 yr average 3 yr average 5 yr average

Operation (US$/lb ZnEq) Care & Maintenance (US$/lb ZnEq)

$0.060 $0.055 $1.200 $0.052

$0.050 $1.000

$0.040 $0.800

$0.030 $0.600

$0.019 $0.020 $0.017 $0.400 No transactions recorded

$0.010 $0.200 N/a

$0.000 $0.000 1 yr average 3 yr average 5 yr average 1 yr average 3 yr average 5 yr average

Resource Reserve

PCF Resources Thermometer 31

IRON ORE Thermometer

PCF Resources Thermometer 32 Iron Ore Stocks Relative Performance

1 Month Share Price Performance - Average -4%

20%

10% 8% 4% 5% 5% 0% 0% 0% 0% 0%

-10% -7% -12% -13% -20%

-30%

-40% -41% -50%

3 Month Share Price Performance - Average -6% 30%

16% 20% 8% 7% 10% 5% 0% 0% 0% -2% -10% -9% -13% -20% -18% -19% -30%

-40%

-50% -45%

-60%

12 Month Share Price Performance - Average -16%

60% 45% 40%

19% 20% 10%

-8% -7% -20% -14% -18% -23% -24% -30% -40%

-60% -54%

-71% -80%

N.B. Where no % is shown, there is no reportable performance for that period i.e. due to delisting or not yet being listed.

PCF Resources Thermometer 33

Iron Ore Peer Company Valuations

EV / Resource (A$/dmt 100Fe)

4.00 December Resource Metric

$3.69 December Average $0.838/t 3.50 November Average $0.790/t

3.00

2.50

2.00 $1.70

1.50

1.00 $0.74 $0.53 $0.49 0.50 $0.23 $0.07 $0.06 $0.03 0.00 Atlas BCI Iron Coziron Flinders Minerals Fortescue Sundance Mt Gibson Champion Centaurus

EV / Reserve (A$/dmt 100Fe)

18.00 December Reserve Metric

$15.93 December Average $6.131/t 16.00 November Average $5.871/t 14.00 $12.67

12.00

10.00 $9.61

8.00

6.00

4.00 $3.14

2.00 $1.03 $0.43 $0.12 0.00 Atlas Mt Gibson Sundance Centaurus Fortescue BCI Minerals Champion Iron Champion

PCF Resources Thermometer 34

Iron Ore Sector Liquidity / Shorts

Iron Ore Sector Liquidity 18.0% % Change Decrease 16.0% % Change Increase 2.6% November Average 14.0% 1.3% December Average

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0% FMG Atlas Grange Coziron Flinders Gindalbie Iron Road Centaurus Mt Gibson BCI Minerals BCI

Iron Ore Sector Short Positions

4.0% % Change Decrease

% Change Increase 3.5% 1.3% November Average

1.0% December Average 3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0% FMG Sundance Mt Gibson

Iron Ore Transaction Metrics - Resource and Reserve Multiples

Transaction multiples based on iron ore price of US$73/t - 31 December 2018

Exploration (US$/dmt Fe) Development (US$/dmt Fe)

$0.300 $0.282 $1.200

$0.250 $1.000

$0.200 $0.800

$0.145 $0.150 $0.600

$0.100 $0.400

$0.050 $0.200 N/a N/a N/a

$0.000 $0.000 1 yr average 3 yr average 5 yr average 1 yr average 3 yr average 5 yr average

Operation (US$/dmt Fe) Care & Maintenance (US$/dmt Fe)

$16.000 $4.000 $3.629 $13.642 $14.000 $3.500

$12.000 $3.000

$10.000 $2.500 $1.960 $8.000 $2.000

$6.000 $1.500

$4.000 $1.000 $1.764 N/a $2.000 N/a $0.500 $0.152 $0.152 $0.000 $0.000 1 yr average 3 yr average 5 yr average 1 yr average 3 yr average 5 yr average

Resource Reserve

Explanatory Notes

Information presented in this pack references data to 31 December 2018. The following notes may be of assistance when interpreting information contained throughout this pack.

Market Analysis

• 1, 3 and 12 month share price performance in percentage terms is illustrated Price for each sector along with relevant commodity price and index performance for Performance comparison purposes • Market-based valuation metrics (or ‘peer’ metrics) are calculated based upon: • end-of-month market capitalisation (MC) data; Peer Company Valuations • 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 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 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’ 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 Short Positions 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 left hand side of the bar chart • Transaction Metrics relate to completed asset (or project) transactions. Corporate- level transactions (such as ‘change of control’ transactions), as well as Options and Transaction JV/Farm-In style transactions do not form part of this analysis Metrics • Announced transactions still in progress and yet to complete do not form part of this analysis

PCF notes that reference to metal equivalents (AuEq, CuEq, NiEq, ZnEq) 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.

PCF notes that historical PCF150, PCF150C and peer company metric values may be recalculated based on updated data by S&P Global to ensure accurate measurement of market and company movements.

PCF Resources Thermometer 37 Explanatory Notes

Company List • Austral Gold Ltd • Gascoyne Resources Ltd • Ramelius Resources Ltd • Aurelia Metals Ltd • Kingsgate Consolidated Ltd • Rand Mining Ltd • Alacer Gold Corporation • Medusa Mining Ltd • Regis Resources Ltd • Beadell Resources Ltd • Millenium Minerals Ltd • Resolute Mining Ltd • Blackham Resources Ltd • Newcrest Mining Ltd • Saracen Mineral Holdings Ltd • Crater Gold Mining Ltd • Northern Star Resources Ltd • St Barbara Ltd Gold Producers • Coolgardie Minerals Ltd • Oceanagold Corporation • Silver Lake Resources Ltd • Centennial Mining Ltd • Orminex Ltd • Tribune Resources Ltd • Dacian Gold Ltd • Pantoro Ltd • Troy Resources Ltd • Doray Minerals Ltd • Perseus Mining Ltd • Westgold Resources Ltd • Evolution Mining Ltd • Red 5 Ltd • West Wits Mining Ltd

• Amani Gold Ltd • Echo Resources Limited • Middle Island Resources Ltd • Ausgold Ltd • Egan Street Resources Ltd • Metminco Ltd • Anova Metals Ltd • Eastern Goldfields Ltd • Macphersons Resources Ltd • Azumah Resources Ltd • Emerald Resources NL • Matador Mining Ltd • Antipa Minerals Ltd • Explaurum Ltd • NTM Gold Ltd • Bardoc Gold Ltd • Focus Minerals Ltd • Nusantara Resources Ltd • Bligh Resources Ltd • Genesis Resources Ltd • OreCorp Ltd • Bellevue Gold Ltd • Genesis Minerals Ltd • Prodigy Gold NL Gold Explorers/ • Breaker Resources NL • Golden Rim Resources Ltd • Stone Resources Australia Ltd Developers • Bassari Resources Ltd • Gold Road Resources Ltd • Sihayo Gold Ltd • Calidus Resources Ltd • Geopacific Resources Ltd • Strategic Minerals Corporation NL • Crusader Resources Ltd • Horizon Gold Ltd • Saturn Metals Ltd • Cardinal Resources Ltd • Kairos Minerals Ltd • Stonewall Resources Ltd • Capricorn Metals Ltd • Kin Mining Ltd • Tanami Gold NL • Carbine Resources Ltd • Korab Resources Ltd • Tietto Minerals Ltd • Citigold Corporation Ltd • Kingston Resources Ltd • Vector Resources Ltd • De Grey Mining Ltd • Kalamazoo Resources Ltd • West African Resources Ltd

• Aeris Resources Ltd • Hillgrove Resources Ltd • Rex Minerals Ltd • Altona Mining Ltd • Hot Chili Ltd • Sandfire Resources NL • Avanco Resources Ltd • Intrepid Mines NL • Stavely Minerals Ltd Copper • Caravel Minerals Ltd • KGL Resources Ltd • Syndicated Metals Ltd • Finders Resources Ltd • Oz Minerals Ltd • Thundelarra Ltd • Havilah Resources Ltd • Nzuri Copper Ltd • Venturex Resources Ltd

• Cassini Resources Ltd • Nickel Mines Ltd • Rox Resources Ltd • Duketon Mining Ltd • Mincor Resources NL • St George Mining Ltd Nickel • Highlands Pacific Ltd • Panoramic Resources Ltd • Talisman Mining Ltd • Independence Group NL • Poseidon Nickel Ltd • Western Areas Ltd

• Azure Minerals Ltd • Metals Australia Ltd • Superior Lake Resources Ltd • Metalicity Ltd • New Century Resources Ltd • Zinc of Ireland NL Zinc • Heron Resources Ltd • Red River Resources Ltd

• Amex Resources Ltd • Crusader Resources Ltd • Iron Road Ltd • Atlas Iron Ltd • Flinders Mines Ltd • Mt Gibson Iron Ltd • BCI Minerals Ltd • Fortescue Metals Group Ltd • Sundance Resources Ltd Iron Ore • Centaurus Metals Ltd • Gindalbie Metals Ltd • Coziron Resources Ltd • Grange Resources Ltd

1. Abbreviated company names have been used throughout this presentation in the interest of visual reference.

PCF Resources Thermometer 38 Level 3, 8 Colin Street, West Perth Western Australia, Australia, 6005 Tel +61 8 9486 7111 Email: [email protected]

www.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 This publication is only made available to persons who are wholesale clients within the meaning of section 761G of the Corporations Act 2001. This publication is supplied on the condition that it is not passed on to any person who is a retail client within the meaning of section 761G of the Corporations Act 2001. 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. Copyright Copyright in this publication is owned by PCF. You may use the information in this publication for your own personal use, but you must not (without PCF’s consent) alter, reproduce or distribute any part of this publication, transmit it to any other person or incorporate the information into any other document.