Gresham Group 150

Darren Martin July 2013 Gresham Advisory Partners [email protected] +61 8 9486 7077 +61 412 144 719

ASX RESOURCES - GRESHAM GROUP 150 After presenting the soft indicators last month, we’re only presenting hard facts for FY13 in the July edition of ‘Gresham Group 150’ , a ranking of the top 150 ASX listed resources companies (excluding oil and gas), by market capitalisation. The fortunes of the resources sector were in stark contrast to the ASX All Ordinaries for the twelve months to 30 June 2013. Whilst the ASX All Ordinaries was up 15.5% the ASX/S&P 200 Resources Index fell 9.3% (Gresham Group 150 down 13% for the year). The market value of the Gresham Group 150 constituents started the financial year at $367 billion, rose to $416 billion in January and then fell away to finish at $319 billion - down 13% for the year. In this edition we have ranked the performance of the Gresham Group 150 companies by share price and market capitalisation for the 12 month period to 30 June 2013 (only includes companies currently in the Gresham Group 150 and excludes dividends/capital returns). The star performer for the year was Sirius (+3,547%), with only 21 other companies providing positive share price appreciation and 31 companies market capitalisation appreciation during the year. Separately, we have prepared a rise and fall table comparing each company’s rank at 30 June 2013 vs 30 June 2012. Some of the movements will be driven by members of the FY13 valedictory list on page 9.

FY2013 Top 10 FY2013 Top 10 - Share Price Appreciation - Market Capitalisation Appreciation Sirius 3,547.1% Base Sirius 5,333.6% Base Metals Peel 323.1% Base Metals Peel 396.9% Base Metals Aeon 208.8% Base Metals Sumatra Copper & 354.7% Gold Matsa 187.0% Gold Aeon 251.7% Base Metals Sumatra Copper & Gold 146.3% Gold Matsa 194.9% Gold Precious 113.6% Base Metals Precious Metal 113.6% Base Metals Capral 50.0% Aluminium Hot Chili 78.4% Base Metals Endocoal 38.9% Coal Wolf Minerals 61.2% Tungsten Poseidon 30.0% Base Metals Capral 52.7% Aluminium Alumina 24.7% Aluminium Gujarat NRE 52.0% Coal

We still remain open to receive applications for the position described on the back page of this report. Gresham Advisory Partners Limited

Edition 29 1 Gresham Group 150

Top 150 ASX Listed Resource Companies - June 2013 By Market Capitalisation

Mkt Cap (A$m) % Mkt Cap (A$m) %

Jun May Company 30-Jun-13 31-May-13 Change Jun May Company 30- Jun-13 31-May-13 Change

1 1 BHP Billiton Limited (ASX:BHP) $167,003.5 $185,689.6 (10.1%) 51 52 Limited (ASX:) $163.7 $179.6 (8.9%)

2 2 Ltd. (ASX:RIO) $96,787.7 $101,974.5 (5.1%) 52 42 Gold One International Limited (ASX:GDO) $163.5 $255.9 (36.1%)

3 4 Limited (ASX:FMG) $9,465.9 $10,431.2 (9.3%) 53 48 Metals X Limited (ASX:MLX) $161.9 $206.5 (21.6%)

4 3 Newcrest Limited (ASX:NCM) $7,562.7 $11,118.0 (32.0%) 54 59 Jupiter Mines Ltd. (ASX:JMS) $159.7 $148.3 7.7%

5 5 Ltd. (ASX:ILU) $4,166.5 $4,687.9 (11.1%) 55 64 Blackgold International Hold. Ltd (ASX:BGG) $146.5 $128.8 13.8%

6 6 New Hope Corporation Limited (ASX:NHC) $2,965.1 $3,230.9 (8.2%) 56 60 Hot Chili Limited (ASX:HCH) $144.3 $145.7 (1.0%)

7 7 Alumina Ltd. (ASX:AWC) $2,764.1 $2,904.4 (4.8%) 57 98 Inova Resources Limited (ASX:IVA) $143.2 $72.5 97.4%

8 8 Whitehaven Coal Limited (ASX:WHC) $2,359.0 $2,338.4 0.9% 58 54 Troy Resources Limited (ASX:TRY) $140.1 $157.7 (11.2%)

9 9 Regis Resources Limited (ASX:RRL) $1,427.9 $2,005.0 (28.8%) 59 63 Limited (ASX:GXY) $134.4 $134.4 0.0%

10 11 OZ Minerals Limited (ASX:OZL) $1,242.6 $1,227.4 1.2% 60 65 Elemental Minerals Limited (ASX:ELM) $131.3 $125.5 4.6%

11 10 PanAust Limited (ASX:PNA) $1,106.9 $1,449.5 (23.6%) 61 58 Greenland Minerals and Energy Ltd (ASX:GGG) $128.7 $151.6 (15.1%)

12 14 Zimplats Holdings Ltd. (ASX:ZIM) $916.0 $914.9 0.1% 62 69 Focus Minerals Limited (ASX:FML) $127.9 $109.6 16.7%

13 13 Sandfire Resources NL (ASX:SFR) $796.9 $993.0 (19.7%) 63 51 Intrepid Mines Limited (ASX:IAU) $125.1 $180.7 (30.8%)

14 12 Corporation Limited (ASX:LYC) $735.3 $1,098.0 (33.0%) 64 67 Aditya Birla Minerals Limited (ASX:ABY) $120.6 $120.6 0.0%

15 15 Aquila Resources Limited (ASX:AQA) $733.0 $897.7 (18.3%) 65 68 Holdings Limited (ASX:IOH) $117.7 $112.8 4.3%

16 16 Ltd (ASX:PDN) $732.5 $858.1 (14.6%) 66 57 Alkane Resources Limited (ASX:ALK) $113.7 $152.8 (25.6%)

17 20 Yancoal Ltd (ASX:YAL) $715.8 $696.0 2.9% 67 62 Norton Gold Fields Limited (ASX:NGF) $112.0 $142.2 (21.2%)

18 19 Limited (ASX:AGO) $677.7 $705.0 (3.9%) 68 66 Azimuth Resources Limited (ASX:AZH) $112.0 $124.9 (10.3%)

19 21 Sphere Minerals Limited (ASX:SPH) $676.6 $676.6 0.0% 69 55 Tiger Resources Ltd. (ASX:TGS) $111.3 $155.2 (28.3%)

20 23 Energy Resources of Australia Ltd. (ASX:ERA) $618.7 $610.9 1.3% 70 74 Bathurst Resources Ltd (ASX:BTU) $104.9 $101.1 3.7%

21 18 Independence Group NL (ASX:IGO) $526.3 $752.2 (30.0%) 71 80 Kingsrose Mining Limited (ASX:KRM) $103.9 $93.6 10.9%

22 27 Mount Gibson Iron Limited (ASX:MGX) $507.1 $539.8 (6.1%) 72 79 Perilya Ltd. (ASX:PEM) $92.3 $96.1 (4.0%)

23 24 Western Areas Limited (ASX:WSA) $457.0 $602.8 (24.2%) 73 76 Mincor Resources NL (ASX:MCR) $90.3 $97.9 (7.7%)

24 22 Sirius Resources NL (ASX:SIR) $418.3 $658.9 (36.5%) 74 78 Atrum Coal NL (ASX:ATU) $90.0 $97.7 (7.9%)

25 17 CuDeco Ltd. (ASX:CDU) $409.8 $753.5 (45.6%) 75 87 Amex Resources Limited (ASX:AXZ) $87.3 $79.4 10.0%

26 25 Limited (ASX:EVN) $403.6 $570.0 (29.2%) 76 71 Astron Corporation Limited (ASX:ATR) $87.0 $104.1 (16.5%)

27 28 Resolute Mining Limited (ASX:RSG) $398.6 $521.5 (23.6%) 77 85 Red 5 Limited (ASX:RED) $84.0 $84.0 0.0%

28 31 BC Iron Limited (ASX:BCI) $398.2 $367.1 8.5% 78 70 Guildford Coal Limited (ASX:GUF) $82.6 $108.0 (23.5%)

29 26 Beadell Resources Ltd (ASX:BDR) $394.1 $566.3 (30.4%) 79 72 Kangaroo Resources Limited (ASX:KRL) $82.4 $103.0 (20.0%)

30 32 Indophil Resources NL (ASX:IRN) $318.8 $360.9 (11.7%) 80 82 ABM Resources NL (ASX:ABU) $78.8 $91.9 (14.3%)

31 35 Limited (ASX:AQP) $314.6 $314.6 0.0% 81 75 Tigers Realm Coal Limited (ASX:TIG) $78.6 $99.6 (21.1%)

32 38 Syrah Resources Limited (ASX:SYR) $301.4 $297.0 1.5% 82 97 Toro Energy Limited (ASX:TOE) $77.1 $72.9 5.7%

33 30 Medusa Mining Limited (ASX:MML) $291.9 $477.9 (38.9%) 83 88 Capral Limited (ASX:CAA) $77.0 $79.0 (2.5%)

34 37 Summit Resources Limited (ASX:SMM) $276.8 $305.2 (9.3%) 84 61 Mirabela Nickel Ltd. (ASX:MBN) $75.4 $144.7 (47.9%)

35 40 OM Holdings Limited (ASX:OMH) $256.0 $258.5 (1.0%) 85 99 World Titanium Resources Ltd. (ASX:WTR) $74.6 $71.6 4.2%

36 43 Western Desert Resources Limited (ASX:WDR) $248.4 $253.8 (2.1%) 86 77 Altona Mining Limited (ASX:AOH) $71.4 $97.9 (27.0%)

37 33 Northern Star Resources Limited (ASX:NST) $248.2 $347.9 (28.7%) 87 84 Peninsula Energy Limited (ASX:PEN) $70.9 $85.6 (17.2%)

38 47 Gujarat NRE Coking Coal Limited (ASX:GNM) $233.9 $213.3 9.7% 88 101 Endocoal Limited (ASX:EOC) $70.1 $70.1 0.0%

39 41 Papillon Resources Limited (ASX:PIR) $226.2 $257.8 (12.3%) 89 83 Saracen Mineral Holdings Limited (ASX:SAR) $68.5 $86.3 (20.7%)

40 36 Silver Lake Resources Limited (ASX:SLR) $225.5 $307.0 (26.5%) 90 86 Resources Limited (ASX:CFE) $68.0 $82.0 (17.1%)

41 34 Ltd. (ASX:SBM) $219.6 $329.5 (33.3%) 91 106 Cokal Limited (ASX:CKA) $65.8 $63.7 3.2%

42 50 Base Resources Limited (ASX:BSE) $213.5 $199.5 7.0% 92 81 Discovery Metals Ltd. (ASX:DML) $65.7 $92.5 (28.9%)

43 39 Sundance Resources Limited (ASX:SDL) $212.0 $285.7 (25.8%) 93 103 Tribune Resources Limited (ASX:TBR) $65.4 $67.3 (2.8%)

44 29 Perseus Mining Limited (ASX:PRU) $199.2 $490.0 (59.3%) 94 133 Rex Minerals Limited. (ASX:RXM) $63.3 $47.2 34.0%

45 44 Kingsgate Consolidated Limited (ASX:KCN) $192.5 $248.1 (22.4%) 95 105 Avanco Resources Limited (ASX:AVB) $62.4 $65.7 (5.1%)

46 46 Grange Resources Limited (ASX:GRR) $185.0 $219.7 (15.8%) 96 102 Sihayo Gold Limited (ASX:SIH) $61.7 $68.4 (9.9%)

47 56 Coalspur Mines Limited (ASX:CPL) $182.8 $153.5 19.0% 97 117 Sumatra Copper & Gold plc (ASX:SUM) $60.7 $56.0 8.4%

48 49 Ltd. (ASX:BOC) $172.5 $200.5 (14.0%) 98 110 Finders Resources Limited (ASX:FND) $60.4 $58.6 3.1%

49 45 Mineral Deposits Ltd. (ASX:MDL) $171.3 $229.7 (25.5%) 99 100 Citigold Corporation Limited (ASX:CTO) $59.5 $70.4 (15.4%)

50 53 Gindalbie Metals Ltd. (ASX:GBG) $163.9 $178.8 (8.3%) 100 92 Equatorial Resources Limited (ASX:EQX) $57.5 $75.5 (23.8%) Includes ASX Resource companies excluding oil and gas

2 Mkt Cap (A$m) % Mkt Cap (A$m) %

Jun May Company 30-Jun-13 31-May-13 Change Jun May Company 30- Jun-13 31-May-13 Change

101 104 Hillgrove Resources Ltd. (ASX:HGO) $57.3 $66.5 (13.8%) 126 123 Highlands Pacific Limited (ASX:HIG) $42.6 $52.9 (19.4%)

102 91 PanTerra Gold Limited (ASX:PGI) $57.0 $76.1 (25.0%) 127 127 Berkeley Resources Ltd. (ASX:BKY) $42.2 $49.3 (14.5%)

103 95 Doray Minerals Limited (ASX:DRM) $56.7 $73.1 (22.3%) 128 124 YTC Resources Limited (ASX:YTC) $42.0 $52.4 (19.8%)

104 115 Resource Generation Limited (ASX:RES) $55.5 $56.9 (2.5%) 129 121 CI Resources Limited (ASX:CII) $41.5 $53.9 (23.0%)

105 111 Coziron Resources Limited (ASX:CZR) $53.6 $58.5 (8.3%) 130 138 Indochine Mining Limited (ASX:IDC) $41.3 $44.8 (7.9%)

106 162 Northern Iron Limited (ASX:NFE) $53.3 $36.3 46.7% 131 137 Altura Mining Limited (ASX:AJM) $40.9 $45.4 (10.0%)

107 94 Poseidon Nickel Limited (ASX:POS) $53.2 $73.7 (27.8%) 132 140 Centrex Metals Limited (ASX:CXM) $40.8 $43.9 (7.1%)

108 108 Bandanna Energy Limited (ASX:BND) $52.8 $60.8 (13.0%) 133 166 Accent Resources N.L. (ASX:ACS) $40.7 $34.4 18.4%

109 89 Flinders Mines Limited. (ASX:FMS) $52.8 $78.3 (32.6%) 134 154 Precious Metal Resources Limited (ASX:PMR) $40.0 $38.3 4.4%

110 109 Panoramic Resources Limited (ASX:PAN) $52.1 $59.1 (11.8%) 135 135 Kasbah Resources Limited (ASX:KAS) $39.6 $45.5 (13.0%)

111 90 Gryphon Minerals Ltd. (ASX:GRY) $52.1 $78.1 (33.3%) 136 148 Red Hill Iron Limited (ASX:RHI) $39.5 $39.5 0.0%

112 107 Deep Yellow Limited (ASX:DYL) $51.5 $62.4 (17.5%) 137 143 Jameson Resources Limited (ASX:JAL) $39.3 $42.8 (8.3%)

113 96 NuCoal Resources Limited (ASX:NCR) $50.0 $73.0 (31.6%) 138 131 Sheffield Resources Limited (ASX:SFX) $39.0 $48.3 (19.3%)

114 125 Unity Mining Limited (ASX:UML) $49.8 $51.2 (2.7%) 139 155 Chalice Gold Mines Limited (ASX:CHN) $38.9 $37.6 3.3%

115 112 Iron Road Limited (ASX:IRD) $49.5 $58.2 (15.0%) 140 114 Ramelius Resources Limited (ASX:RMS) $37.2 $57.4 (35.2%)

116 129 Limited (ASX:SWJ) $48.5 $48.5 0.0% 141 153 Aeon Metals Limited (ASX:AQR) $36.6 $38.3 (4.5%)

117 120 White Energy Company Limited (ASX:WEC) $48.4 $54.9 (11.8%) 142 177 Atlantic Ltd (ASX:ATI) $36.4 $31.0 17.5%

118 184 Northern Minerals Limited (ASX:NTU) $48.3 $29.6 63.5% 143 118 Blackthorn Resources Limited (ASX:BTR) $36.1 $55.9 (35.3%)

119 132 Moly Mines Ltd. (ASX:MOL) $48.1 $48.1 0.0% 144 136 Peak Resources Limited (ASX:PEK) $35.8 $45.5 (21.2%)

120 93 Millennium Minerals Limited. (ASX:MOY) $48.1 $74.3 (35.3%) 145 139 Arafura Resources Limited (ASX:ARU) $35.7 $44.1 (19.0%)

121 116 Sherwin Iron Limited (ASX:SHD) $46.7 $56.7 (17.7%) 146 185 West African Resources, Ltd. (ASX:WAF) $35.3 $29.4 20.0%

122 122 Matsa Resources Limited (ASX:MAT) $44.4 $53.2 (16.5%) 147 126 Excelsior Gold Limited (ASX:EXG) $35.2 $49.7 (29.1%)

123 145 Investigator Resources Limited (ASX:IVR) $43.6 $42.0 4.0% 148 128 MacPhersons Resources Limited (ASX:MRP) $34.9 $48.6 (28.2%)

124 113 Wolf Minerals Limited (ASX:WLF) $43.6 $57.4 (24.1%) 149 141 Venture Minerals Ltd. (ASX:VMS) $34.5 $43.1 (20.0%)

125 119 Peel Mining Limited (ASX:PEX) $42.9 $55.2 (22.4%) 150 146 Alliance Resources Ltd. (ASX:AGS) $34.1 $40.9 (16.7%) Source: Capital IQ New Entrants - June Exits - June 106 Northern Iron Limited (ASX:NFE) Cerro Resources NL (ASX:CJO) 118 Northern Minerals Limited (ASX:NTU) Ampella Mining Limited (ASX:AMX) 133 Accent Resources N.L. (ASX:ACS) Tanami Gold NL (ASX:TAM) 134 Precious Metal Resources Limited (ASX:PMR) Indo Mines Limited (ASX:IDO) 139 Chalice Gold Mines Limited (ASX:CHN) Carabella Resources Limited (ASX:CLR) 141 Aeon Metals Limited (ASX:AQR) Phoenix Gold Limited (ASX:PXG) 142 Atlantic Ltd (ASX:ATI) Aspire Mining Limited (ASX:AKM) 146 West African Resources, Ltd. (ASX:WAF) Cockatoo Coal Limited (ASX:COK) Based on market capitalisation as at 30 June vs 31 May 2013

Group 150 Leaders and Laggers - Market Capitalisation Performance - June 120% Leaders 97.4% 100%

80% 63.5% Laggers 60% 46.7% 40% 34.0% 20.0% 20% 0% (20%) (40%) (38.9%) (36.5%) (60%) (47.9%) (45.6%) (59.3%) (80%) Inova Northern Northern Iron Rex Minerals West African Perseus Mirabela CuDeco Medusa Sirius * Included material placement, Mineralsacquisition and/or * option conversion during month Res.

3 Gresham Group 150

Group 150 Market Capitalisation

-31.6% 467 319 $700 360 -11.3% 567 606 605 -43.7% 589 604591 367 -13.1% $600 572 10 10 9 581567 565 23 10 22 22 10 -22.6% 8 22 21 9 538 413 522 529 525 8 21 20 178 503 19 8 510 5 486 146 494485 7 18 $500 13 6 471467 18 8 475 5 14 5 154 147 151 150 148 17 459 12 5 14 156 145 150 142 437 7 442 449 113 13 125 142 15 6 430431 112 138 6 6 411 14 156 413416411 115 133 15 14 6 136 102 113 121 135 5 14 376 372385384 94 94 4 $400 108 110 120 13 367357 8 360 354 110 110 5 348 4 104 94 345 83 112 118 105 101 11 104 4 10 80 81 78 83 3 319 168 167 165 97 9 94 63 5 154 165 160 158 160 83 79 88 152 162 161 86 81 76 83 69 59 58 52 $300 138 141 139 151 154 75 48 132 131 138 138 131 129 125 123 122 123 124 117 118 113 121 105 109 102 67 105 104 98 99 106 103 $200 91 97

Market Valuation (A$b) - Group 150 - Group (A$b) Valuation Market 257 240 229 243 227 233 238 252 246 256 253 244 240 $100 213 210 223 206 217 221 212 201 200 198 200 197 193 186 186 183 192 184 189 170 167 170 169 176 182 183 174 174 186 167

$0 Jul-10 Jul-11 Jul-12 Jan-11 Jan-12 Jan-13 Oct-10 Oct-11 Oct-12 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Apr-10 Apr-11 Apr-12 Apr-13 Feb-10 Feb-11 Feb-12 Feb-13 Sep-10 Sep-11 Sep-12 Mar-10 Mar-11 Mar-12 Dec-09 Mar-13 Dec-10 Dec-11 Dec-12 Nov-10 Nov-11 Nov-12 Aug-10 Aug-11 Aug-12 May-10 May-11 May-12 May-13

BHPBilliton Rio Tinto Company 3 - 50 Company 51 - 100 Company 101 - 150

ASX Index Performance - June Group 150 Mkt Cap - By Commodity

All Ordinaries (2.8%) Zinc $0.0 b

S&P/ASX 200 (2.5%) Vanadium

Uranium $2.0 b

Tungsten $0.0 b S&P/ASX200 A-REIT (2.4%) Total Value of Tin $0.1 b Gresham Group 150 S&P/ASX 200 Consumer Dis. (1.2%) Silver $0.0 b at 30 June 2013 S&P/ASX 200 Consumer Staples (0.4%) = $319 billion Platinum $1.2 b S&P/ASX 200 Energy (5.8%) Nickel $1.7 b S&P/ASX 200 Financials (0.0%) Molybdenum $0.1 b S&P/ASX 200 Financial-x-A-REIT 0.4% Manganese $0.3 b S&P/ASX 200 Health Care 1.4% Iron Ore $14.1 b S&P/ASX 200 Industrials (3.3%) Industrial Min $6.5 b

S&P/ASX 200 Information Tech. (6.0%) Gold $13.7 b

S&P/ASX 200 Materials (10.3%) Diversified $264.2 b

S&P/ASX 200 RESOURCES (10.1%) Copper $4.9 b

S&P/ASX 200 Telec Services 0.8% Coal $7.4 b

S&P/ASX 200 Utilities (3.6%) Aluminum $2.8 b

-15% -10% -5% 0% 5% $0 b $50 b $100 b $150 b $200 b $250 b $300 b

Merger & Acquisitions - Announced in June 2013 Percent Premium - Premium - Date Value Consideration Target Acquirer Sought 1 Day Prior 1 Month Prior Announced (A$m) Offered (%) (%) (%)

21-June-2013 BHP Iron Ore (Jimblebar) Pty Ltd Mitsui & Co Ltd. / Itochu Corporation 1,632.98 - - - Cash

18-June-2013 Whitehaven Coal Limited (ASX:WHC) Farallon Capital Management LLC 350.05 11.66 40.30 29.84 Cash Source: Capital IQ Announced Australian Resources (excluding oil and gas) Mergers and Acquisitions >A$10m

4 2013 Financial Year - Top Performers (Within Current Gresham Group 150)

Top 20 - Share Price Appreciation 350% 3547% 323%

300%

250%

209% 200% 187%

w 146% 150% FY13 Share Price Appreciation 114%

100%

50% 50% 39% 30% 25% 24% 20% 10% 9% 8% 8% 7% 5% 5% 4% 0%

Aluminium Gold Ind. Minerals Coal Base Metals Iron Ore Uranium

Top 20 - Market Capitalisation Appreciation

600% 5334%

500%

397% 400% 355%

300% 252%

195% 1 200%

114% FY 13 Market Capitalisation Appreciation Capitalisation FY 13 Market 100% 78% 61% 53% 52% 47% 43% 40% 39% 39% 31% 21% 20% 14% 14% 0%

Aluminium Gold Ind. Minerals Coal Base Metals Iron Ore Tungsten

Source: Capital IQ

5 Gresham Group 150

FY 2013 - Change in Market Capitalisation

Relative size and performance in terms of market capitalisation of the Gresham Group 150 for FY2013. The average of the group was a 20% decrease in market value (exluding Sirius) - only 31 companies recorded an increase in market value during FY13.

FMG NCM

WHC RRL OZL

ILU

PNA ZIM SFR LYC AQA

FY 2013 Change IGO MGX WSA SIR CDU in Market Cap PDN -100%

AQP SYR MML SMM OMH WDR -80% EVN -60%

YAL SDL PRU KCN GRR CPL BOC NST -40% NHC -20% BGG HCH IVA TRY GXY ELM RSG MDL GNM 0% NGF AZH TGS BTU KRM PEM GGG 20% AGO GBG ABU TIG TOE CAA MBN WTR AOH MCR 40% BCI PIR FML PEN TBR RXM AVB SIH SUM FND ORE AXZ 60%

IAU CTO CZR NFE POS BND FMS PAN SLR EOC 80% SPH ATR GDO EQX GRY WEC NTU MOL MOY SHD BDR SAR 100% ABY MAT BKY YTC CII IDC AJM AWC DYL RED HGO SBM CFE IVR CXM RHI JAL SFX CHN +5000% MLX PGI NCR IOH GUF WLF ACS RMS CKA BTR PEK ARU ERA DRM UML IRN PEX PMR AQR Treemap excludes BSE JMS WAF MRPVMS ALK KRL DML BHP Billiton (-0.2%) and Rio RES IRD HIG KAS ATI EXG AGS Tinto (-7.2%)

6 Gresham Group 150 Members - FY13 Performance Share Price Performance Market Capitalisation Performance

# Company % # Company % # Company % # Company % 1 Sirius 3547.1% 76 Aquila -40.5% 1 Sirius 5333.6% 76 PanAust -32.3% 2 Peel 323.1% 77 Unity -40.8% 2 Peel 396.9% 77 Jameson -33.7% 3 Aeon 208.8% 78 Peak -40.9% 3 Sumatra Copper & Gold 354.7% 78 Bougainville Cop. -33.8% 4 Matsa 187.0% 79 Berkeley -41.3% 4 Aeon 251.7% 79 Independence -34.5% 5 Sumatra Copper & Gold 146.3% 80 Iron Road -42.0% 5 Matsa 194.9% 80 YTC -34.8% 6 Precious Metal 113.6% 81 Millennium -42.1% 6 Precious Metal 113.6% 81 Millennium -35.7% 7 Capral 50.0% 82 Yancoal -42.6% 7 Hot Chili 78.4% 82 Tiger -36.4% 8 Endocoal 38.9% 83 Atlantic -42.7% 8 Wolf Minerals 61.2% 83 Galaxy -37.0% 9 Poseidon 30.0% 84 Kasbah -42.9% 9 Capral 52.7% 84 Hillgrove -37.3% 10 Alumina 24.7% 85 Western Areas -42.9% 10 Gujarat NRE 52.0% 85 Western Areas -37.4% 11 BC Iron 24.2% 86 Astron Ltd. -43.7% 11 BC Iron 47.5% 86 Fortescue -38.0% 12 Hot Chili 19.8% 87 Altona -43.8% 12 Alumina 43.4% 87 Atlantic -38.1% 13 Gujarat NRE 9.7% 88 Greenland M&E -43.8% 13 Western Desert 40.1% 88 PanTerra -38.7% 14 Toro Energy 8.8% 89 Whitehaven -44.6% 14 Endocoal 38.9% 89 Aquila -40.5% 15 Tribune 8.3% 90 Sihayo Gold -45.9% 15 Coziron 38.8% 90 ABM -40.9% 16 CI Resources 7.5% 91 Mount Gibson -45.9% 16 Poseidon 30.7% 91 Berkeley -41.2% 17 Sheffield 7.4% 92 Doray -46.5% 17 Sheffield 20.8% 92 Yancoal -42.6% 18 Chalice Gold 4.8% 93 OZ Minerals -47.8% 18 Tigers Realm 20.0% 93 Sihayo Gold -42.7% 19 Amex 4.8% 94 PanTerra -48.3% 19 Base 14.5% 94 Kasbah -42.8% 20 Moly Mines 4.2% 95 Altura -48.6% 20 Amex 14.3% 95 Altona -43.0% 21 Sphere Minerals 3.3% 96 Alliance -50.0% 21 Astron Ltd. 12.7% 96 Whitehaven -43.9% 22 Avanco 1.8% 97 Hillgrove -51.3% 22 Toro Energy 8.8% 97 Norton Gold -43.9% 23 BHP Billiton -0.3% 98 Northern Minerals -52.0% 23 Tribune 8.4% 98 Jupiter Mines -44.7% 24 World Titanium -3.8% 99 White Energy -52.4% 24 CI Resources 7.5% 99 Mount Gibson -45.7% 25 Base -5.8% 100 Mineral Deposits -52.7% 25 Sphere Minerals 6.5% 100 OZ Minerals -47.9% 26 Zimplats -7.0% 101 Perilya -52.9% 26 OM Holdings 6.3% 101 Venture -48.0% 27 New Hope -7.1% 102 Indochine -55.5% 27 Moly Mines 4.2% 102 Altura -48.6% 28 Aquarius -7.1% 103 Resolute -55.6% 28 Syrah 3.3% 103 Lynas -49.3% 29 Rio Tinto -7.3% 104 Lynas -55.6% 29 West African Res. 2.9% 104 Alliance -50.0% 30 Western Desert -7.9% 105 Jupiter Mines -55.7% 30 Avanco 1.8% 105 White Energy -52.4% 31 Centrex -10.6% 106 Intrepid -56.3% 31 Iron Road 0.6% 106 Red Hill -52.6% 32 Iluka -11.7% 107 Newcrest -56.3% 32 BHP Billiton -0.2% 107 Mineral Deposits -52.7% 33 Syrah -12.4% 108 Red Hill -56.7% 33 Deep Yellow -0.8% 108 Perilya -52.9% 34 OM Holdings -12.5% 109 Coalspur -57.1% 34 Peninsula -1.7% 109 Resolute -53.5% 35 West African Res. -14.3% 110 Rex Minerals -57.3% 35 Aquarius -3.8% 110 MacPhersons -53.7% 36 Summit -15.3% 111 Red 5 -57.4% 36 Papillon -4.8% 111 Intrepid -53.8% 37 Tigers Realm -16.7% 112 Venture -57.9% 37 World Titanium -5.7% 112 Coalspur -55.7% 38 Accent -16.7% 113 MacPhersons -60.0% 38 Zimplats -7.0% 113 Newcrest -56.3% 39 Blackgold -17.5% 114 Bathurst -60.5% 39 Rio Tinto -7.2% 114 Arafura -56.8% 40 Iron Ore Hold. -18.0% 115 Galaxy -60.7% 40 Doray -8.2% 115 Inova -56.9% 41 Aditya Birla -18.1% 116 Troy -60.8% 41 Northern Minerals -8.8% 116 Rex Minerals -57.3% 42 Beadell -20.0% 117 Evolution -61.4% 42 New Hope -11.0% 117 Red 5 -57.4% 43 Sherwin -21.7% 118 Alkane -61.4% 43 Iluka -11.6% 118 Troy -59.8% 44 Indophil -22.1% 119 Focus -62.2% 44 Beadell -12.3% 119 Highlands Pacific -59.9% 45 Northern Star -24.0% 120 Atlas Iron -63.1% 45 Finders -13.7% 120 Bathurst -60.3% -100% 46 Orocobre -24.7% 121 Arafura -64.0% 46 Orocobre -14.0% 121 Evolution -61.3% 47 ERA -24.8% 122 Highlands Pacific -65.2% 47 Metals X -15.3% 122 Alkane -61.4% -80% 48 Wolf Minerals -25.4% 123 Inova -65.8% 48 Summit -15.3% 123 St Barbara -61.8% 49 Mincor -25.6% 124 Mirabela -66.9% 49 Elemental -16.4% 124 Atlas Iron -62.9% -60% 50 Cokal -25.6% 125 Panoramic -67.2% 50 Accent -16.7% 125 Silver Lake -63.6% 51 Regis -26.1% 126 Medusa -68.0% 51 Blackgold -17.5% 126 Panoramic -64.2% 52 Citigold -26.7% 127 Cape Lambert -68.3% 52 Unity -17.9% 127 Mirabela -66.9% -40% 53 Peninsula -27.3% 128 Kingsrose -69.1% 53 Sherwin -18.1% 128 Medusa -68.0% 54 Deep Yellow -28.3% 129 Grange -69.2% 54 Iron Ore Hold. -18.1% 129 Guildford -68.2% -20% 55 Sandfire -28.5% 130 Kangaroo -70.4% 55 Aditya Birla -18.1% 130 Cape Lambert -68.7% 56 Elemental -29.5% 131 Bandanna -70.6% 56 Regis -19.4% 131 Kingsrose -68.8% 0% 57 Azimuth -29.7% 132 Gold One -72.0% 57 Citigold -19.9% 132 Grange -69.2% 58 Paladin -30.0% 133 Nucoal -72.9% 58 Focus -20.0% 133 Gindalbie -70.1% 20% 59 Papillon -31.3% 134 Kingsgate -73.9% 59 Investigator -20.2% 134 Kangaroo -70.4% 60 Investigator -31.6% 135 St Barbara -74.6% 60 Northern Star -21.2% 135 Bandanna -70.6% 40% 61 Metals X -32.4% 136 Gindalbie -75.0% 61 Peak -21.4% 136 Gold One -71.8% 62 Finders -32.7% 137 Equatorial -75.3% 62 Indophil -21.9% 137 Nucoal -72.9% 60% 63 PanAust -33.2% 138 Guildford -76.1% 63 Greenland M&E -22.7% 138 Kingsgate -73.8% 64 Bougainville Cop. -33.8% 139 Ramelius -77.3% 64 Azimuth -24.6% 139 Equatorial -74.7% 80% 65 Resource Gen. -33.9% 140 Flinders -77.7% 65 ERA -24.8% 140 Blackthorn -75.7% 66 Jameson -34.3% 141 Silver Lake -78.8% 66 Cokal -25.6% 141 Ramelius -77.2% 100% 67 Independence -34.5% 142 Sundance -79.1% 67 Mincor -25.6% 142 Flinders -77.7% 68 Excelsior -34.6% 143 Saracen -79.3% 68 Excelsior -26.0% 143 Gryphon -78.0% +5000% 69 Coziron -35.3% 144 Gryphon -80.9% 69 Sandfire -26.4% 144 Sundance -78.9% 70 Tiger -36.5% 145 Blackthorn -80.9% 70 Centrex -27.8% 145 Saracen -79.3% 71 ABM -36.8% 146 Perseus -82.5% 71 Resource Gen. -28.4% 146 Perseus -82.5% 72 YTC -37.3% 147 Northern Iron -86.6% 72 Chalice Gold -29.3% 147 Northern Iron -84.5% 73 CuDeco -37.3% 148 Discovery -90.4% 73 Paladin -29.9% 148 Discovery -89.4% 74 Fortescue -38.0% 149 Atrum - 74 Indochine -31.3% 149 Atrum - 75 Norton Gold -40.3% 150 Stonewall - 75 CuDeco -31.7% 150 Stonewall -

7 Gresham Group 150

Gresham Group 150 Members - FY13 vs FY12 Ranking

RANK Mkt Cap (A$m) % RANK Mkt Cap (A$m) %

FY13 FY12 Chg Company 30-Jun-13 30-Jun-12 Change FY13 FY12 Chg Company 30-Jun-13 30-Jun-12 Change

1 1 - BHP Billiton Limited (ASX:BHP) $167,003.5 $167,456.2 (0.3%) 51 77 26 Orocobre Limited (ASX:ORE) $163.7 $190.4 (14.0%)

2 2 - Rio Tinto Ltd. (ASX:RIO) $96,787.7 $104,341.1 (7.2%) 52 36 -16 Gold One International Limited (ASX:GDO) $163.5 $580.7 (71.8%)

3 4 1 Fortescue Metals Group Limited (ASX:FMG) $9,465.9 $15,257.6 (38.0%) 53 75 22 Metals X Limited (ASX:MLX) $161.9 $191.1 (15.3%)

4 3 -1 Limited (ASX:NCM) $7,562.7 $17,294.7 (56.3%) 54 55 1 Jupiter Mines Ltd. (ASX:JMS) $159.7 $289.2 (44.8%)

5 5 - Iluka Resources Ltd. (ASX:ILU) $4,166.5 $4,714.0 (11.6%) 55 82 27 Blackgold International Hold. Ltd (ASX:BGG) $146.5 $177.6 (17.5%)

6 7 1 New Hope Corporation Limited (ASX:NHC) $2,965.1 $3,330.0 (11.0%) 56 123 67 Hot Chili Limited (ASX:HCH) $144.3 $80.9 78.4%

7 9 2 Alumina Ltd. (ASX:AWC) $2,764.1 $1,927.7 43.4% 57 47 -10 Inova Resources Limited (ASX:IVA) $143.2 $332.5 (56.9%)

8 6 -2 Whitehaven Coal Limited (ASX:WHC) $2,359.0 $4,204.7 (43.9%) 58 44 -14 Troy Resources Limited (ASX:TRY) $140.1 $348.7 (59.8%)

9 11 2 Regis Resources Limited (ASX:RRL) $1,427.9 $1,771.3 (19.4%) 59 69 10 Galaxy Resources Limited (ASX:GXY) $134.4 $213.2 (37.0%)

10 8 -2 OZ Minerals Limited (ASX:OZL) $1,242.6 $2,385.3 (47.9%) 60 91 31 Elemental Minerals Limited (ASX:ELM) $131.3 $157.1 (16.4%)

11 12 1 PanAust Limited (ASX:PNA) $1,106.9 $1,636.1 (32.3%) 61 88 27 Greenland Minerals and Energy Ltd (ASX:GGG) $128.7 $166.6 (22.7%)

12 21 9 Zimplats Holdings Ltd. (ASX:ZIM) $916.0 $984.9 (7.0%) 62 90 28 Focus Minerals Limited (ASX:FML) $127.9 $159.9 (20.0%)

13 17 4 Sandfire Resources NL (ASX:SFR) $796.9 $1,082.8 (26.4%) 63 57 -6 Intrepid Mines Limited (ASX:IAU) $125.1 $270.8 (53.8%)

14 13 -1 Lynas Corporation Limited (ASX:LYC) $735.3 $1,449.2 (49.3%) 64 98 34 Aditya Birla Minerals Limited (ASX:ABY) $120.6 $147.3 (18.1%)

15 15 - Aquila Resources Limited (ASX:AQA) $733.0 $1,231.3 (40.5%) 65 100 35 Iron Ore Holdings Limited (ASX:IOH) $117.7 $143.6 (18.1%)

16 18 2 Paladin Energy Ltd (ASX:PDN) $732.5 $1,044.2 (29.9%) 66 53 -13 Alkane Resources Limited (ASX:ALK) $113.7 $294.1 (61.4%)

17 14 -3 Yancoal Australia Ltd (ASX:YAL) $715.8 $1,247.7 (42.6%) 67 71 4 Norton Gold Fields Limited (ASX:NGF) $112.0 $199.7 (43.9%)

18 10 -8 Atlas Iron Limited (ASX:AGO) $677.7 $1,827.3 (62.9%) 68 95 27 Azimuth Resources Limited (ASX:AZH) $112.0 $148.6 (24.6%)

19 30 11 Sphere Minerals Limited (ASX:SPH) $676.6 $635.0 6.6% 69 84 15 Tiger Resources Ltd. (ASX:TGS) $111.3 $175.1 (36.4%)

20 25 5 Energy Resources of Australia Ltd. (ASX:ERA) $618.7 $823.2 (24.8%) 70 59 -11 Bathurst Resources Ltd (ASX:BTU) $104.9 $264.4 (60.3%)

21 26 5 Independence Group NL (ASX:IGO) $526.3 $803.4 (34.5%) 71 46 -25 Kingsrose Mining Limited (ASX:KRM) $103.9 $332.6 (68.8%)

22 22 - Mount Gibson Iron Limited (ASX:MGX) $507.1 $933.5 (45.7%) 72 73 1 Perilya Ltd. (ASX:PEM) $92.3 $196.0 (52.9%)

23 29 6 Western Areas Limited (ASX:WSA) $457.0 $729.6 (37.4%) 73 106 33 Mincor Resources NL (ASX:MCR) $90.3 $121.4 (25.6%)

24 509 485 Sirius Resources NL (ASX:SIR) $418.3 $7.7 5333.6% 74 Atrum Coal NL (ASX:ATU) $90.0 Listed 24 July 2012

25 35 10 CuDeco Ltd. (ASX:CDU) $409.8 $599.9 (31.7%) 75 129 54 Amex Resources Limited (ASX:AXZ) $87.3 $76.2 14.5%

26 19 -7 Evolution Mining Limited (ASX:EVN) $403.6 $1,043.0 (61.3%) 76 128 52 Astron Corporation Limited (ASX:ATR) $87.0 $77.2 12.7%

27 24 -3 Resolute Mining Limited (ASX:RSG) $398.6 $856.5 (53.5%) 77 72 -5 Red 5 Limited (ASX:RED) $84.0 $197.1 (57.4%)

28 58 30 BC Iron Limited (ASX:BCI) $398.2 $270.0 47.5% 78 61 -17 Guildford Coal Limited (ASX:GUF) $82.6 $259.9 (68.2%)

29 39 10 Beadell Resources Ltd (ASX:BDR) $394.1 $449.5 (12.3%) 79 56 -23 Kangaroo Resources Limited (ASX:KRL) $82.4 $278.2 (70.4%)

30 40 10 Indophil Resources NL (ASX:IRN) $318.8 $409.1 (22.1%) 80 103 23 ABM Resources NL (ASX:ABU) $78.8 $123.2 (36.0%)

31 50 19 Aquarius Platinum Limited (ASX:AQP) $314.6 $327.1 (3.8%) 81 147 66 Tigers Realm Coal Limited (ASX:TIG) $78.6 $65.5 20.0%

32 54 22 Syrah Resources Limited (ASX:SYR) $301.4 $291.7 3.3% 82 138 56 Toro Energy Limited (ASX:TOE) $77.1 $70.9 8.8%

33 23 -10 Medusa Mining Limited (ASX:MML) $291.9 $912.4 (68.0%) 83 187 104 Capral Limited (ASX:CAA) $77.0 $50.4 52.7%

34 51 17 Summit Resources Limited (ASX:SMM) $276.8 $327.0 (15.3%) 84 66 -18 Mirabela Nickel Ltd. (ASX:MBN) $75.4 $227.9 (66.9%)

35 62 27 OM Holdings Limited (ASX:OMH) $256.0 $240.9 6.3% 85 125 40 World Titanium Resources Ltd. (ASX:WTR) $74.6 $79.1 (5.7%)

36 83 47 Western Desert Resources Limited (ASX:WDR) $248.4 $177.3 40.1% 86 101 15 Altona Mining Limited (ASX:AOH) $71.4 $125.3 (43.0%)

37 52 15 Northern Star Resources Limited (ASX:NST) $248.2 $314.8 (21.2%) 87 135 48 Peninsula Energy Limited (ASX:PEN) $70.9 $72.2 (1.7%)

38 92 54 Gujarat NRE Coking Coal Limited (ASX:GNM) $233.9 $153.9 52.0% 88 186 98 Endocoal Limited (ASX:EOC) $70.1 $50.5 38.9%

39 63 24 Papillon Resources Limited (ASX:PIR) $226.2 $237.5 (4.8%) 89 48 -41 Saracen Mineral Holdings Limited (ASX:SAR) $68.5 $330.1 (79.3%)

40 32 -8 Silver Lake Resources Limited (ASX:SLR) $225.5 $618.9 (63.6%) 90 68 -22 Cape Lambert Resources Limited (ASX:CFE) $68.0 $217.1 (68.7%)

41 37 -4 ST Barbara Ltd. (ASX:SBM) $219.6 $574.6 (61.8%) 91 120 29 Cokal Limited (ASX:CKA) $65.8 $88.4 (25.6%)

42 78 36 Base Resources Limited (ASX:BSE) $213.5 $186.5 14.5% 92 31 -61 Discovery Metals Ltd. (ASX:DML) $65.7 $621.2 (89.4%)

43 20 -23 Sundance Resources Limited (ASX:SDL) $212.0 $1,006.4 (78.9%) 93 157 64 Tribune Resources Limited (ASX:TBR) $65.4 $60.3 8.4%

44 16 -28 Perseus Mining Limited (ASX:PRU) $199.2 $1,135.7 (82.5%) 94 97 3 Rex Minerals Limited. (ASX:RXM) $63.3 $148.3 (57.3%)

45 28 -17 Kingsgate Consolidated Limited (ASX:KCN) $192.5 $733.6 (73.8%) 95 154 59 Avanco Resources Limited (ASX:AVB) $62.4 $61.3 1.8%

46 34 -12 Grange Resources Limited (ASX:GRR) $185.0 $600.5 (69.2%) 96 110 14 Sihayo Gold Limited (ASX:SIH) $61.7 $107.6 (42.7%)

47 41 -6 Coalspur Mines Limited (ASX:CPL) $182.8 $408.7 (55.3%) 97 387 290 Sumatra Copper & Gold plc (ASX:SUM) $60.7 $13.3 354.7%

48 60 12 Bougainville Copper Ltd. (ASX:BOC) $172.5 $260.7 (33.8%) 98 139 41 Finders Resources Limited (ASX:FND) $60.4 $70.0 (13.7%)

49 43 -6 Mineral Deposits Ltd. (ASX:MDL) $171.3 $361.7 (52.7%) 99 133 34 Citigold Corporation Limited (ASX:CTO) $59.5 $74.3 (19.9%)

50 38 -12 Gindalbie Metals Ltd. (ASX:GBG) $163.9 $548.9 (70.1%) 100 67 -33 Equatorial Resources Limited (ASX:EQX) $57.5 $227.4 (74.7%)

Includes ASX Resource companies excluding oil and gas

8 Gresham Group 150 Members - FY13 vs FY12 Ranking (continued)

RANK Mkt Cap (A$m) % RANK Mkt Cap (A$m) %

FY13 FY12 Chg Company 30-Jun-13 30-Jun-12 Change FY13 FY12 Chg Company 30-Jun-13 30-Jun-12 Change

101 119 18 Hillgrove Resources Ltd. (ASX:HGO) $57.3 $91.3 (37.3%) 126 111 -15 Highlands Pacific Limited (ASX:HIG) $42.6 $106.3 (59.9%)

102 116 14 PanTerra Gold Limited (ASX:PGI) $57.0 $93.0 (38.7%) 127 136 9 Berkeley Resources Ltd. (ASX:BKY) $42.2 $71.7 (41.2%)

103 150 47 Doray Minerals Limited (ASX:DRM) $56.7 $61.8 (8.2%) 128 149 21 YTC Resources Limited (ASX:YTC) $42.0 $64.4 (34.8%)

104 126 22 Resource Generation Limited (ASX:RES) $55.5 $77.6 (28.4%) 129 214 85 CI Resources Limited (ASX:CII) $41.5 $38.6 7.6%

105 213 108 Coziron Resources Limited (ASX:CZR) $53.6 $38.6 38.8% 130 159 29 Indochine Mining Limited (ASX:IDC) $41.3 $60.1 (31.3%)

106 45 -61 Northern Iron Limited (ASX:NFE) $53.3 $344.1 (84.5%) 131 124 -7 Altura Mining Limited (ASX:AJM) $40.9 $79.5 (48.6%)

107 210 103 Poseidon Nickel Limited (ASX:POS) $53.2 $40.7 30.7% 132 169 37 Centrex Metals Limited (ASX:CXM) $40.8 $56.4 (27.8%)

108 81 -27 Bandanna Energy Limited (ASX:BND) $52.8 $179.7 (70.6%) 133 192 59 Accent Resources N.L. (ASX:ACS) $40.7 $48.9 (16.7%)

109 65 -44 Flinders Mines Limited. (ASX:FMS) $52.8 $236.8 (77.7%) 134 322 188 Precious Metal Resources Ltd (ASX:PMR) $40.0 $18.7 113.6%

110 99 -11 Panoramic Resources Limited (ASX:PAN) $52.1 $145.6 (64.2%) 135 140 5 Kasbah Resources Limited (ASX:KAS) $39.6 $69.2 (42.8%)

111 64 -47 Gryphon Minerals Ltd. (ASX:GRY) $52.1 $236.8 (78.0%) 136 121 -15 Red Hill Iron Limited (ASX:RHI) $39.5 $83.4 (52.6%)

112 183 71 Deep Yellow Limited (ASX:DYL) $51.5 $51.9 (0.8%) 137 160 23 Jameson Resources Limited (ASX:JAL) $39.3 $59.2 (33.7%)

113 79 -34 NuCoal Resources Limited (ASX:NCR) $50.0 $184.5 (72.9%) 138 236 98 Sheffield Resources Limited (ASX:SFX) $39.0 $32.3 20.8%

114 155 41 Unity Mining Limited (ASX:UML) $49.8 $60.7 (17.9%) 139 173 34 Chalice Gold Mines Limited (ASX:CHN) $38.9 $55.0 (29.3%)

115 190 75 Iron Road Limited (ASX:IRD) $49.5 $49.2 0.6% 140 89 -51 Ramelius Resources Limited (ASX:RMS) $37.2 $162.9 (77.2%)

116 Stonewall Resources Limited (ASX:SWJ) $48.5 Recapitalised Nov 2012 141 436 295 Aeon Metals Limited (ASX:AQR) $36.6 $10.4 251.7%

117 112 -5 White Energy Company Limited (ASX:WEC) $48.4 $101.7 (52.4%) 142 162 20 Atlantic Ltd (ASX:ATI) $36.4 $58.8 (38.1%)

118 179 61 Northern Minerals Limited (ASX:NTU) $48.3 $53.0 (8.8%) 143 94 -49 Blackthorn Resources Limited (ASX:BTR) $36.1 $148.9 (75.7%)

119 201 82 Moly Mines Ltd. (ASX:MOL) $48.1 $46.2 4.2% 144 203 59 Peak Resources Limited (ASX:PEK) $35.8 $45.6 (21.4%)

120 132 12 Millennium Minerals Limited. (ASX:MOY) $48.1 $74.8 (35.7%) 145 122 -23 Arafura Resources Limited (ASX:ARU) $35.7 $82.8 (56.8%)

121 167 46 Sherwin Iron Limited (ASX:SHD) $46.7 $57.0 (18.1%) 146 228 82 West African Resources, Ltd. (ASX:WAF) $35.3 $34.3 2.9%

122 363 241 Matsa Resources Limited (ASX:MAT) $44.4 $15.1 194.9% 147 196 49 Excelsior Gold Limited (ASX:EXG) $35.2 $47.6 (26.0%)

123 174 51 Investigator Resources Limited (ASX:IVR) $43.6 $54.7 (20.2%) 148 131 -17 MacPhersons Resources Limited (ASX:MRP) $34.9 $75.3 (53.7%)

124 262 138 Wolf Minerals Limited (ASX:WLF) $43.6 $27.0 61.2% 149 146 -3 Venture Minerals Ltd. (ASX:VMS) $34.5 $66.3 (48.0%)

125 473 348 Peel Mining Limited (ASX:PEX) $42.9 $8.6 396.9% 150 142 -8 Alliance Resources Ltd. (ASX:AGS) $34.1 $68.2 (50.0%)

Source: Capital IQ

FY13 Valedictory List During the 12 months to 30 June 2013, a number of members in the Gresham Group 150 at 30 June 2012 were merged or acquired including:

• Gloucester Coal Ltd. (ASX:GCL) - merged with Yancoal Australia Limited • CGA Mining Limited (ASX:CGX) - acquired by B2Gold Corp • Brockman Resources Limited (ASX:BRM) - acquired by Wah Nam International Holdings Limited • Integra Mining Ltd. (ASX:IGR) - acquired by Silver Lake Resources • Coalworks Limited (ASX:CWK) - acquired by Whitehaven Coal Limited • Rocklands Richfield Limited (ASX:RCI) - acquired by Linyi Mining Group Co., Ltd. • Marengo Mining Limited (ASX:MGO) - redomicile to Canada

9 Gresham Group 150

Base Metals - Sector Performance Share Price Performance - June 2013 100% Copper Nickel Zinc 75%

50% 34.0%

25% 4.4% 0.0% 3.1% 1.2% 0% -1.0% -4.5% -5.1% -7.7% -4.0% -14.0% -13.8% -11.7% -13.0% -25% -19.4% -19.7% -23.6%-22.4% -24.2% -27.0% -28.9% -28.3% -30.0% -27.8% Average - (12%) -36.5% -35.3% -50% Share Price Performance -46.9% -47.9% Average - (20%)

-75% Average - (27%)

-100%

Share Price Performance - Since 31 December 2012 100% 163%

75%

50% 34.3%

25% 10.4%

0%

-8.3% -14.7% -25% -19.8% -16.5% -17.5% -27.3% -23.5% -32.6%

Share Price Performance -38.8% -50% -40.7%-44.1% -46.7% -45.4% -48.5% -48.0% Average-52.6% - (23%)-53.5% -51.4%-51.3% -58.3% -75% -64.0% -64.7%

-82.1% -82.9% -100% -91.7% Average - (47%) Average - (74%)

Share Price Performance - Since 30 June 2012 100% 209% 323% 114% 3547% Average - 477% 75%

50% 30.0% 25% 19.8% 1.8% 0%

-25% -18.1% -22.1% -25.6%

Share Price Performance -28.5% -32.7% -33.2% -33.8%-37.3% -36.5% -34.5% -50% -43.8% -42.9% -47.8% -51.3% -52.9% Average - 4% -57.3% -75% -65.2% -66.9%-67.2% Average-80.9% - (67%) -100% -90.4%

10 Coal - Sector Performance Share Price Performance - June 2013 50%

18.8% 13.8% 9.7% 3.4% 3.2% 0.0% 0.9% 2.9% 0% -2.5% -7.9% Average - (5%) -8.3% -8.2% -13.0% -11.8% -20.0% -23.5% -21.1% -31.6%

-50% Share Price Performance

-100%

Share Price Performance - Since 31 December 2012 50% 237%

10.3% 3.0% 0.0% 0%

-4.3% -6.3% -15.4% -15.2% Average - (16%) -28.0% -31.4% -32.8% -34.8% -34.3% -50% Share Price Performance -60.0% -58.9% -60.4% -71.7% -77.0%

-100%

Share Price Performance - Since 30 June 2012 50% 38.9%

9.7% 0.0% 0%

-7.1% -17.5% -16.7% -25.6% -34.3% -33.9% -50% -44.6% -42.6% Share Price Performance -52.4% -57.1% -60.5% Average - (37%)

-70.6% -70.4% -72.9% -76.1%

-100%

11 Gresham Group 150

Diversified - Sector Performance Industrial Minerals - Sector Performance Share Price Performance - June 2013 100% 100.0% 75%

50% 75%

25% 50% 9.1% 7.0% 4.6% 4.2% 0.0% 1.5% 0% 25% -8.9% Average - 6% -11.1% -25% -16.5% -19.0% -21.2%-21.5% 0% -25.6% -23.0% -25.5% Share Price Performance Share Price Performance Average - (11%) -5.1% -33.0% -10.0% -10.1% -50% -25% -21.6% -20.0%

-75% -50%

-75% Altura BHP Billiton Inova Metals X Rio Tinto YTC Share Price Performance - Since 31 December 2012 100% 75% 61.7%

75% 50% 34.2%

21.3% 50% 25% 10.8% 7.5%

25% 0% -5.1% -16.1% 0% -25%

Share Price Performance Share Price Performance -26.9% -31.4% -34.8% -33.6% -15.4% -50% -42.7% -41.8% Average - (16%) -25% -20.7% -46.8% -55.1%-55.0% -32.4% -75% -50% Average - (37%) -44.8% -51.4% -59.6% -75% Altura BHP Billiton Inova Metals X Rio Tinto YTC Share Price Performance - Since 30 June 2012 100% 75%

75% 50%

50% 25% 7.5% 7.4%

25% 0% -5.8% -3.8% -11.7% -12.4% -25% 0% Share Price Performance Share Price Performance -24.7% -0.3% -29.5% -7.3% -50% -43.7% -40.9% -25% Average - (31%) -52.7%-52.0% -55.6% -32.4% -60.7% -61.4%-64.0% -37.3% -75% -50% Average - (32%) -48.6%

-65.8% -75% Altura BHP Billiton Inova Metals X Rio Tinto YTC 12 Gold - Sector Performance Share Price Performance - June 2013 100%

75%

50%

25% 17% 20% 11% 3% 0% 0% 0% -2% -3% -10% -12% -10% -11% -25% -14% -15% -14% -16% -13% -22% -22% -21% -24%-21% -28% -25% -27% Share Price Performance -31% -29%-29% -31% -32%-29% -29% -36%-33% -35% -35% -33% -50% -39% Average - (19%) -59% -75%

-100%

Share Price Performance - Since 31 December 2012 100%

75%

50%

25% 13% 7% 2% 0% 1% 0% -1%

-25% -18%-20% Share Price Performance

-37% -34% -36% -50% -41% -40% -43% -49% -48% -50% -47% -55% -56%-53% -59% -58% -61% -58% -65% -62% -61% -63% -75% -67% -67% -70% -69% -75% -71% -72% -75% Average - (47%) -79% -82% -100%

Share Price Performance - Since 30 June 2012 100% 187% 146%

75%

50%

25% 5% 8% 0%

-11% -14% -25% -20% Share Price Performance -27% -24% -26% -30% -31% -37% -35% -50% -42% -40% -41% -46% -48% -46% -55%-56% -56% -57% -56% -61% -62% -60% -61% -75% -72% -69% -68% Average - (37%) -74% -77% -75% -81% -82% -79% -79% -100%

13 Gresham Group 150

Iron ore - Sector Performance Share Price Performance - June 2013 50% 46.7%

18.4% 10.0% 8.4% 7.7% 4.3% 0.0% 0.0% 0% -3.9% -2.1% -7.1% -8.3% -8.3% -6.1% -9.3% -11.6% -18.3% -16.7% -15.8% Average - (5%) -17.7% -23.8% -25.8% -32.6% -50% Share Price Performance

-100%

Share Price Performance - Since 31 December 2012 50%

15.8% 7.1% 3.3% 0.6% 0.0% 0% -3.9% -4.2% -9.3%

-21.7% -26.7% -30.5% -28.6% -34.6% Average - (32%)

-50% -46.4% -44.3% Share Price Performance -54.3% -58.4% -58.6% -56.0% -64.3% -63.6%

-79.6% -81.4%

-100%

Share Price Performance - Since 30 June 2012 50%

24.2%

4.8% 3.3% 0%

-10.6% -7.9% -16.7% -18.0% -21.7%

-35.3% -40.5% -38.0% -50% -42.0%

Share Price Performance -45.9% -55.7% -56.7% -63.1% -68.3% -69.2% Average - (41%) -75.3% -75.0% -77.7% -79.1% -86.6% -100%

14 Moly, Tin, Tungsten, Vanadium Uranium - Sector Performance - Sector Performance Share Price Performance - June 2013 50% 30%

20%

10% 5.7% 25% 1.3% 17.5% 0%

-10% 0.0% -9.3% 0% -14.5% -15.1% -14.6% -20% -16.7% -17.5% -17.2% Average - (11%) Share Price Performance -13.0% Share Price Performance -30% Average - (8%) -25% -20.0% -24.1% -40%

-50%

-50% Moly Mines Kasbah Venture Wolf Minerals Atlantic

Share Price Performance - Since 31 December 2012 50% 30%

20%

10% 25%

0%

-10% -5.9%

0% -15.0% -20% -16.7% -2.1% -17.5% -7.4%

Share Price Performance Share Price Performance -30% Average - (29%) -32.7% -25% -40% -38.5% -26.7% -44.0% Average - (23%) -50% -47.4% -45.9% -37.5% -42.9% -50% Moly Mines Kasbah Venture Wolf Minerals Atlantic

Share Price Performance - Since 30 June 2012 50% 30%

20%

25% 8.8% 10%

4.2% 0% 0% -10%

-20% -15.3% -25%

Share Price Performance -25.4% Share Price Performance -24.8% -30% -28.3% -27.3% -30.0%

-42.9% -42.7% Average - (28%) -50% -40% -41.3% Average - (33%) -43.8% -57.9% -50% -50.0%

-75% Moly Mines Kasbah Venture Wolf Minerals Atlantic

15 Gresham Group 150

Consensus Commodity Price Forecasts - As at 8 July 2013

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

$2,500 $40 $27.00 $27.00 $27.50 $2,000 $26.40 $24.50 $1,478 $1,475 $1,400 $1,500 $1,380 $30 $1,500 $1,221 $18.83 $20 $1,000 $500 $10 $0 $0 Spot 2013 2014 2015 2016 2017 Spot 2013 2014 2015 2016 2017 Copper (US$/lb) Nickel (US$/lb)

$5.00 $12.00 $9.07 $9.53 $3.40 $3.30 $8.16 $4.00 $3.08 $3.28 $3.14 $3.04 $7.51 $7.69 $8.00 $6.04 $3.00 $2.00 $4.00 $1.00 $0.00 $0.00 Spot 2013 2014 2015 2016 2017 Spot 2013 2014 2015 2016 2017 Zinc (US$/lb) Lead (US$/lb)

$1.50 $1.50 $1.18 $1.12 $1.12 $1.09 $1.02 $1.00 $1.00 $1.04 $0.93 $0.99 $0.92 $1.00 $0.83 $1.00

$0.50 $0.50

$0.00 $0.00 Spot 2013 2014 2015 2016 2017 Spot 2013 2014 2015 2016 2017 Iron Ore Fines 62% (US$/mt) Uranium (US$/lb)

$150 $122.60 $125.00 $100 $80.00 $114.00 $72.19 $106.00 $100.00 $100.00 $71.00 $75 $60.63 $100 $46.18 $39.55 $50 $50 $25

$0 $0 Spot 2013 2014 2015 2016 2017 Spot 2013 2014 2015 2016 2017 AUD:USD NYMEX (US$/bbl)

$1.25 $150 $0.91 $0.91 $0.94 $0.92 $0.90 $103.60 $100.00 $102.50 $98.00 $1.00 $95.30 $89.00 $100 $0.75 $0.50 $50 $0.25 $0.00 $0 Spot 2013 2014 2015 2016 Spot 2013 2014 2015 2016 2017

Source: Bloomberg Consensus Estimates - Median / High / Low

16 Recent Resources Transactions

GRESHAM ADVISORY PARTNERS - OFFICE OPPORTUNITY • Executive / Manager • Suit outstanding professionals from investment banking , CA corporate finance and M&A law • Opportunity in Perth Office Gresham Advisory is one of the largest and highest ranking independent corporate advisors working in the Australian market. Since its establishment in 1985 Gresham has grown in reputation for providing high value added strategic advice to a broad range of clients and has successfully advised on some of Australia’s largest corporate transactions. As a result of continued growth, Gresham is seeking a talented executive to join the team. Working with senior and experienced investment bankers you will work on a range of transactions across mergers, acquisitions and divestments, strategic reviews, corporate restructurings and capital market advice. The successful candidate will have the following experience and attributes: • Up to 3 - 4 years experience ideally from investment banking, CA corporate finance or M&A law • Outstanding academic results • Excellent verbal and written presentation skills • Exceptional analytical skills These roles will allow you to work with senior, experienced investment bankers across a range of sectors and on high profile transactions. Applicants should email their resume, a covering letter and university transcripts to Nicolle Harwood-Nash on [email protected] Early submission of applications is encouraged.

Gresham Advisory Partners Limited A.B.N. 97 003 344 269

Level 17, 167 Macquarie Street, Level 39, 120 Collins Street, Level 3, 28 The Esplanade, Sydney NSW 2000 Melbourne VIC 3000 Perth WA 6000

Telephone: 61 2 9221 5133 Telephone: 61 3 9664 0300 Telephone: 61 8 9486 7077 Facsimile: 61 2 9221 6814 Facsimile: 61 3 9650 7722 Facsimile: 61 8 9486 7024

Website: www.gresham.com.au

Terms and Conditions Information contained in this publication The opinions, advice, recommendations and other information contained in this publication, whether express or implied, are published or made by Gresham Advisory Partners Limited (ABN 88 093 611 413), Australian financial services license (247113), and by its officers and employees (collectively “Gresham Advisory Partners”) in good faith in relation to the facts known to it at the time of preparation. Gresham Advisory Partners has prepared this publication without consideration of the investment objectives, financial situation or particular needs of any individual investor, and you should not rely on the publication for the purpose of making a financial decision. 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. Disclaimer and limitation of liability To the maximum extent permitted by law, Gresham Advisory Partners will not be liable in any way for any loss or damage suffered by you through use or reliance on this information. Gresham Advisory Partners’ liability for negligence, breach of contract or contravention of any law, which cannot be lawfully excluded, is limited, at Gresham Advisory Partners’ option and to the maximum extent permitted by law, to resupplying this information or any part of it to you, or to paying for the resupply of this information or any part of it to you. No warranties made as to content Gresham Advisory Partners makes no warranty, express or implied, concerning this publication. The publication provided by us on an “AS IS” basis at your sole risk. Gresham Advisory Partners expressly disclaims, to the maximum extent permitted by law, any implied warranty of merchantability or fitness for a particular purpose, including any warranty for the use or the results of the use of the publication with respect to its correctness, quality, accuracy, completeness, or reliability. Copyright Copyright in this publication is owned by Gresham Advisory Partners. You may use the information in this publication for your own personal use, but you must not (without Gresham Advisory Partners’ consent) alter, reproduce or distribute any part of this publication, transmit it to any other person or incorporate the information into any other document. General matters These Terms and Conditions are governed by the law in force in the State of Victoria, and the parties irrevocably submit to the non-exclusive jurisdiction of the courts of Victoria and courts of appeal from them for determining any disputes concerning the Terms and Conditions. If the whole or any part of a provision of these Terms and Conditions are void, unenforceable or illegal in a jurisdiction it is severed for that jurisdiction. The remainder of the Terms and Conditions have full force and effect and the validity or enforceability of that provision in any other jurisdiction is not affected. This clause has no effect if the severance alters the basic nature of the Terms and Conditions or is contrary to public policy. If Gresham Advisory Partners do not act in relation to a breach by you of these Terms and Conditions, this does not waive Gresham Advisory Partners’ right to act with respect to subsequent or similar breaches.

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