Gresham "Group 150" - February 2012

FEBRUARY 2012

Gresham Group 150

February 2012
Darren Martin
Gresham Advisory Partners
dmartin@gresham.com.au
+61 8 9486 7077
+61 412 144 719

ASX RESOURCES - GRESHAM GROUP 150
We are pleased to present the first edition of ‘Gresham Group 150’ for 2012, a ranking of the top 150 ASX listed resources
companies (excluding oil and gas), by market capitalisation.
Some of the nerves of late 2011 appear to have settled early in 2012, with January recording a solid performance for resource
stocks. The market value of the Gresham Group 150 constituents increased ~$50 billion, or 11.7% from $410.9 to $458.9
billion during the month.
The ASX/S&P 200 Resources Index increased 10.7% for the month, while both the ASX All Ordinaries and ASX/S&P 200 Index
increased 5.2% and 5.1% respectively. The positive sentiment also flowed through to corporate activity with an increase in
the number of announced transactions during December/January, and appears to be continuing into February.
In this edition we have ranked the performance of the Group 150 companies by share price and market capitalisation for the
12 month period to 31 December 2011 (only includes companies currently in the Group 150 and excludes dividends/capital
returns). Interestingly only 24 companies recorded a positive increment in share price over the 12 months and 49 companies
increased their market capitalisation.
2011 Top 10 2011 Top 10
- Share Price Appreciation - Market Capitalisation Appreciation
Azimuth 141.5% Gold African Iron 1168.9% Iron Ore
Rocklands 106.5% Coal Base 276.9% Mineral Sands
Northern Star 101.3% Gold Carabella 259.0% Coal
ABM 89.7% Gold Metrocoal 247.9% Coal
Alcyone 88.1% Silver Azimuth 229.7% Gold
Flinders 86.7% Iron Ore Evolution 227.0% Gold
Iluka 69.6% Mineral Sands Kangaroo 210.7% Coal
Metrocoal 64.4% Coal Cokal 186.4% Coal
Western Desert 62.7% Iron Ore Gold One 175.2% Gold
Gold One 56.9% Gold Alcyone 171.5% Silver

Gresham Advisory Partners Limited

Gresham Advisory Partners is a leading Australian mergers and acquisitions/corporate advisory
Edition 21 business and one of Australia’s largest and highest ranking independent corporate advisors.

1

Group 150
Top 150 asX LisTed resource companies - January
By Market Capitalisation
Mkt Cap (A$m) % Mkt Cap (A$m) %

Jan Dec Company 31-Jan-12 31-Dec-11 Change Jan Dec Company 31-Jan-12 31-Dec-11 Change

1 1 BHP Billiton Ltd. (ASX:BHP) $199,563.1 $183,270.0 8.9% 51 53 Gryphon Minerals Ltd. (ASX:GRY) $454.1 $396.7 14.5%

2 2 Rio Tinto Ltd. (ASX:RIO) $128,713.7 $112,902.2 14.0% 52 44 Mirabela Nickel Ltd. (ASX:MBN) $452.4 $550.8 (17.9%)

3 3 Newcrest Mining Ltd. (ASX:NCM) $25,794.5 $22,610.8 14.1% 53 47 Jupiter Mines Ltd. (ASX:JMS) $442.9 $488.1 (9.3%)

4 4 Fortescue Metals Group Ltd. (ASX:FMG) $15,724.7 $13,295.9 18.3% 54 57 Troy Resources Limited (ASX:TRY) $410.3 $377.5 8.7%

5 5 Iluka Resources Ltd. (ASX:ILU) $7,639.7 $6,463.7 18.2% 55 56 Cockatoo Coal Limited (ASX:COK) $391.2 $381.0 2.7%

6 6 New Hope Corp. Ltd. (ASX:NHC) $4,675.2 $4,591.2 1.8% 56 61 Cape Lambert Resources Limited (ASX:CFE) $389.1 $326.9 19.0%

7 7 OZ Minerals Limited (ASX:OZL) $3,429.8 $3,146.9 9.0% 57 55 Kingsrose Mining Limited (ASX:KRM) $384.4 $382.8 0.4%

8 8 Alumina Ltd. (ASX:AWC) $3,123.4 $2,720.8 14.8% 58 50 Indophil Resources NL (ASX:IRN) $377.0 $440.8 (14.5%)

9 9 Whitehaven Coal Limited (ASX:WHC) $2,819.1 $2,616.5 7.7% 59 59 Summit Resources Ltd. (ASX:SMM) $370.6 $357.5 3.7%

10 10 Atlas Iron Limited (ASX:AGO) $2,773.5 $2,415.6 14.8% 60 62 Guildford Coal Limited (ASX:GUF) $369.3 $322.9 14.4%

11 11 Aquila Resources Ltd. (ASX:AQA) $2,479.1 $2,409.1 2.9% 61 60 Bandanna Energy Limited (ASX:BND) $354.1 $327.7 8.1%

12 15 Lynas Corporation Limited (ASX:LYC) $2,270.8 $1,791.0 26.8% 62 58 Ramelius Resources Ltd. (ASX:RMS) $349.3 $357.7 (2.3%)

13 12 Extract Resources Ltd. (ASX:EXT) $2,147.4 $2,129.8 0.8% 63 67 Northern Star Resources Ltd. (ASX:NST) $337.9 $276.3 22.3%

14 13 PanAust Limited (ASX:PNA) $2,093.2 $1,900.8 10.1% 64 85 Metminco Limited. (ASX:MNC) $332.4 $200.9 65.4%

15 14 Aston Resources Limited (ASX:AZT) $1,962.8 $1,862.5 5.4% 65 69 Perilya Ltd. (ASX:PEM) $315.4 $253.9 24.2%

16 17 Regis Resources Limited (ASX:RRL) $1,747.2 $1,482.7 17.8% 66 65 Brockman Resources Limited (ASX:BRM) $309.9 $295.4 4.9%

17 16 Gloucester Coal Ltd. (ASX:GCL) $1,684.1 $1,745.0 (3.5%) 67 71 Noble Mineral Resources Ltd. (ASX:NMG) $292.8 $251.2 16.6%

18 21 Paladin Energy, Ltd. (ASX:PDN) $1,537.3 $1,144.6 34.3% 68 90 Azimuth Resources Limited (ASX:AZH) $292.5 $189.2 54.5%

19 19 Mount Gibson Iron Ltd. (ASX:MGX) $1,531.8 $1,212.5 26.3% 69 63 Metals X Limited (ASX:MLX) $291.1 $311.4 (6.5%)

20 31 Resolute Mining Ltd. (ASX:RSG) $1,344.0 $800.0 68.0% 70 68 Panoramic Resources Ltd. (ASX:PAN) $290.9 $255.6 13.8%

21 23 Perseus Mining Ltd. (ASX:PRU) $1,313.0 $1,094.0 20.0% 71 64 Ampella Mining Limited (ASX:AMX) $288.4 $305.9 (5.7%)

22 24 Evolution Mining Limited (ASX:EVN) $1,275.8 $1,051.5 21.3% 72 77 Galaxy Resources (ASX:GXY) $284.5 $227.9 24.8%

23 20 Sundance Resources Ltd. (ASX:SDL) $1,260.9 $1,153.9 9.3% 73 93 African Iron Limited (ASX:AKI) $283.5 $178.1 59.2%

24 22 Aquarius Platinum Ltd. (ASX:AQP) $1,242.6 $1,097.2 13.2% 74 73 Northern Iron Limited (ASX:NFE) $281.2 $236.8 18.8%

25 18 Zimplats Holdings Ltd. (ASX:ZIM) $1,146.3 $1,290.6 (11.2%) 75 79 Aditya Birla Minerals Limited (ASX:ABY) $278.9 $216.2 29.0%

26 25 Sandfire Resources (ASX:SFR) $1,106.9 $993.2 11.4% 76 84 Kagara Ltd (ASX:KZL) $275.6 $203.7 35.3%

27 27 Coalspur Mines Limited (ASX:CPL) $1,087.2 $887.0 22.6% 77 70 BC Iron Limited (ASX:BCI) $273.4 $252.6 8.3%

28 30 Kingsgate Consolidated Limited (ASX:KCN) $1,078.3 $803.0 34.3% 78 72 Tiger Resources Ltd. (ASX:TGS) $271.8 $245.0 11.0%

29 32 Ivanhoe Australia Limited (ASX:IVA) $1,041.2 $784.4 32.7% 79 88 Equatorial Resources Limited (ASX:EQX) $267.6 $191.0 40.1%

30 29 Medusa Mining Limited (ASX:MML) $1,020.1 $840.6 21.3% 80 66 Bougainville Copper Ltd. (ASX:BOC) $264.7 $280.7 (5.7%)

31 26 Western Areas NL (ASX:WSA) $992.1 $914.9 8.4% 81 73 Iron Ore Holdings Limited (ASX:IOH) $258.5 $228.4 13.2%

32 28 Independence Group NL (ASX:IGO) $918.5 $878.9 4.5% 82 73 Alkane Resources Limited (ASX:ALK) $254.2 $243.5 4.4%

33 36 Silver Lake Resources Limited (ASX:SLR) $808.4 $663.0 21.9% 83 78 Focus Minerals Limited (ASX:FML) $242.0 $220.4 9.8%

34 35 CGA Mining Limited (ASX:CGX) $800.3 $663.6 20.6% 84 81 Rex Minerals Limited. (ASX:RXM) $241.2 $214.3 12.5%

35 40 Energy Resources of Australia Ltd. (ASX:ERA) $797.3 $634.2 25.7% 85 73 Aspire Mining Limited (ASX:AKM) $235.8 $229.6 2.7%

36 37 Gindalbie Metals Ltd. (ASX:GBG) $779.7 $654.9 19.0% 86 83 Red 5 Ltd. (ASX:RED) $233.1 $208.0 12.0%

37 41 ST Barbara Ltd. (ASX:SBM) $761.9 $631.7 20.6% 87 80 Marengo Mining Limited (ASX:MGO) $230.6 $215.5 7.0%

38 33 Gold One International Limited (ASX:GDO) $686.4 $721.7 (4.9%) 88 89 Greenland Minerals and Energy Ltd (ASX:GGG) $226.9 $189.5 19.8%

39 42 Discovery Metals Ltd. (ASX:DML) $683.1 $579.2 17.9% 89 86 Base Resources Limited (ASX:BSE) $221.0 $200.3 10.3%

40 34 CuDeco Ltd. (ASX:CDU) $679.5 $677.4 0.3% 90 82 Straits Resources Limited (ASX:SRQ) $219.2 $211.1 3.8%

41 38 Grange Resources Limited (ASX:GRR) $675.3 $646.0 4.5% 91 108 Orocobre Limited (ASX:ORE) $199.7 $131.1 52.4%

42 43 Intrepid Mines Limited (ASX:IAU) $667.6 $571.0 16.9% 92 91 Gujarat NRE Coking Coal Limited (ASX:GNM) $193.6 $178.7 8.3%

43 39 Sphere Minerals Limited (ASX:SPH) $635.0 $635.0 0.0% 93 87 Murchison Metals Limited (ASX:MMX) $193.3 $192.5 0.5%

44 45 Flinders Mines Limited. (ASX:FMS) $537.3 $510.0 5.4% 94 92 Cokal Limited (ASX:CKA) $192.7 $178.6 7.9%

45 49 Saracen Mineral Holdings Limited (ASX:SAR) $510.8 $445.5 14.7% 95 99 OM Holdings Limited (ASX:OMH) $190.8 $160.7 18.8%

46 48 Integra Mining Ltd. (ASX:IGR) $503.5 $452.8 11.2% 96 95 Tanami Gold NL (ASX:TAM) $189.2 $174.9 8.2%

47 54 Beadell Resources Ltd (ASX:BDR) $490.1 $394.7 24.2% 97 100 Carabella Resources Limited (ASX:CLR) $185.9 $156.0 19.2%

48 51 Mineral Deposits Ltd. (ASX:MDL) $475.3 $424.4 12.0% 98 106 Arafura Resources Limited (ASX:ARU) $184.0 $134.3 37.0%

49 46 Kangaroo Resources Limited (ASX:KRL) $463.6 $498.0 (6.9%) 99 94 Nucoal Resources Limited (ASX:NCR) $182.2 $175.7 3.7%

50 52 Bathurst Resources Ltd (ASX:BTU) $455.2 $420.6 8.2% 100 102 Norton Gold Fields Limited (ASX:NGF) $178.4 $148.7 20.0%
Includes ASX Resource companies excluding oil and gas

2

FEBRUARY 2012

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

Jan Dec Company 31-Jan-12 31-Dec-11 Change Jan Dec Company 31-Jan-12 31-Dec-11 Change

101 105 ABM Resources NL (ASX:ABU) $176.5 $146.6 20.3% 126 140 Coalworks Limited (ASX:CWK) $111.8 $89.5 25.0%

102 101 Hillgrove Resources Ltd. (ASX:HGO) $170.6 $154.8 10.3% 127 127 Doray Minerals Limited (ASX:DRM) $111.6 $103.3 8.0%

103 111 Papillon Resources Limited (ASX:PIR) $170.4 $123.7 37.8% 128 130 Hot Chili Limited (ASX:HCH) $111.4 $97.7 14.0%

104 112 Gold Road Resources Limited (ASX:GOR) $169.6 $120.9 40.3% 129 116 Azumah Resources Ltd (ASX:AZM) $111.4 $115.6 (3.7%)

105 96 Blackgold International Hold. Ltd (ASX:BGG) $169.4 $174.2 (2.7%) 130 124 YTC Resources Limited (ASX:YTC) $109.7 $104.7 4.8%

106 97 Astron Ltd. (ASX:ATR) $154.2 $166.6 (7.4%) 131 119 Pacific Niugini Ltd (ASX:PNR) $109.2 $109.2 0.0%

107 122 Cobar Consolidated Resources Ltd (ASX:CCU) $151.1 $106.6 41.7% 132 117 Rocklands Richfield Limited (ASX:RCI) $108.1 $115.3 (6.2%)

108 103 FeOre Limited (ASX:FEO) $148.2 $148.2 0.0% 133 166 Alliance Resources Ltd. (ASX:AGS) $107.5 $71.6 50.0%

109 107 Mincor Resources NL (ASX:MCR) $145.8 $132.2 10.3% 134 159 Peninsula Energy Limited (ASX:PEN) $106.8 $76.9 38.9%

110 114 White Energy Company Limited (ASX:WEC) $143.8 $120.1 19.7% 135 113 Robust Resources Limited (ASX:ROL) $105.6 $120.4 (12.3%)

111 98 Atlantic Ltd (ASX:ATI) $140.4 $164.9 (14.9%) 136 144 PanTerra Gold Limited (ASX:PGI) $105.3 $86.8 21.3%

112 126 Altona Mining Limited (ASX:AOH) $137.5 $103.7 32.5% 137 - World Titanium Resources Ltd. (ASX:WTR) $104.4 - -

113 118 Kula Gold Limited (ASX:KGD) $131.8 $112.6 17.0% 138 133 Western Desert Resources Ltd (ASX:WDR) $104.3 $92.8 12.4%

114 109 Kentor Gold Limited (ASX:KGL) $131.7 $127.5 3.3% 139 152 Reed Resources Ltd. (ASX:RDR) $103.2 $80.7 27.9%

115 104 Deep Yellow Ltd. (ASX:DYL) $129.8 $146.7 (11.5%) 140 136 Highlands Pacific Limited (ASX:HIG) $102.8 $92.5 11.1%

116 123 Dragon Mountain Gold Ltd (ASX:DMG) $129.8 $104.9 23.7% 141 137 Sylvania Platinum Limited (ASX:SLP) $99.4 $91.9 8.2%

117 147 African Energy Resources Limited (ASX:AFR) $125.7 $84.9 48.1% 142 128 Metrocoal Ltd. (ASX:MTE) $99.2 $101.3 (2.1%)

118 110 Crescent Gold Limited (ASX:CRE) $123.7 $123.7 0.0% 143 142 Crusader Resources Limited (ASX:CAS) $99.1 $88.1 12.5%

119 115 Moly Mines Ltd. (ASX:MOL) $123.2 $119.3 3.2% 144 131 Red Hill Iron Ltd (ASX:RHI) $98.8 $96.6 2.3%

120 120 Stanmore Coal Limited (ASX:SMR) $121.5 $108.3 12.2% 145 145 Toro Energy Ltd (ASX:TOE) $97.5 $85.8 13.6%

121 125 Alcyone Resources Ltd (ASX:AYN) $117.9 $104.6 12.7% 146 162 Citigold Corporation Limited (ASX:CTO) $96.1 $75.1 27.9%

122 148 South Boulder Mines Ltd. (ASX:STB) $117.5 $83.2 41.2% 147 164 Ironbark Zinc Ltd. (ASX:IBG) $95.8 $73.7 30.0%

123 121 Ausgold Limited (ASX:AUC) $113.8 $106.6 6.7% 148 132 Resource Generation Limited (ASX:RES) $95.4 $95.4 0.0%

124 129 Finders Resources Limited (ASX:FND) $113.7 $98.0 16.1% 149 138 Dragon Mining Limited (ASX:DRA) $94.0 $91.7 2.5%

125 154 ZYL Limited (ASX:ZYL) $112.4 $80.6 39.4% 150 139 Voyager Resources Limited (ASX:VOR) $93.7 $91.1 2.9%
Source: Capital IQ

new enTranTs - January eXiTs - January
125 ZYL Limited (ASX:ZYL) MHM Metals Limited (ASX:MHM) Major Exits in December included:
133 Alliance Resources Ltd. (ASX:AGS) Tribune Resources Limited (ASX:TBR) Coal and Allied - acquired
134 Peninsula Energy Limited (ASX:PEN) Mungana Goldmines Ltd (ASX:MUX) MacArthur Coal - acquired
137 World Titanium Resources Ltd. (ASX:WTR) Centrex Metals Limited (ASX:CXM) Adamus Resources - acquired
139 Reed Resources Ltd. (ASX:RDR) Australasian Resources Ltd (ASX:ARH)
146 Citigold Corporation Limited (ASX:CTO) Cerro Resources NL (ASX:CJO)
147 Ironbark Zinc Ltd. (ASX:IBG) IMX Resources Ltd. (ASX:IXR)
Based on market capitalisation as at 31 January vs 31 December

Group 150 Leaders and LaGGers - markeT capiTaLisaTion performance - January
Leaders

Laggers

* Included material placement, acquisition and/or option conversion during month

3

Group 150
Group 150 markeT capiTaLisaTion
-1.7%
458.9
+27.5%
-19.1%
Market Valuation (A$b) - Group 150

asX indeX performance - January Group 150 mkT cap - by commodiTy

merGer & acquisiTions - announced in december & January
Percent Premium - Premium -
Date Value Consideration
Target Acquirer Sought 1 Day Prior 1 Month Prior
Announced (A$m) Offered
(%) (%) (%)

24-Jan-2012 Phillips River Mining Limited (ASX:PRH) Silver Lake Resources Limited (ASX:SLR) 20.9 100 56.6 18.2 Equity

22-Jan-2012 Rift Valley Resources Limited (ASX:RFV) Bright Star Resources Limited (ASX:BUT) 15.4 100 71.1 62.5 Equity

13-Jan-2012 Stonewall Mining (Pty) Limited Meridien Resources Limited (ASX:MRJ) 35.8 100 - - Cash; Equity

10-Jan-2012 African Iron Limited (ASX:AKI) Exxaro Resources Limited (JSE:EXX) 277.9 100 27.5 37.8 Cash

9-Jan-2012 Grosvenor Gold Pty Limited Resource and Investment NL (ASX:RNI) 47.4 100 - - Combinations

30-Dec-2011 Zanthus Resources, Buddadoo Metals & KingX Coziron Resources Ltd. (ASX:CZR) 25.0 100 - - Equity

28-Dec-2011 KBL Mining Limited, Mineral Hill Mine NSE Guangdong Guangxin Mining Group Co. Ltd 80.0 25 - - Cash

23-Dec-2011 Atlas Iron Limited, Yerecoin magnetite project Cliffs Natural Resources Inc. (NYSE:CLF) 18.0 100 - - Cash

16-Dec-2011 Balla Balla Magnetite Project Forge Resources Ltd. (ASX:FRG) 40.0 100 - - Cash

12-Dec-2011 Brockman Resources Limited (ASX:BRM) Wah Nam International Australia Pty. Ltd. 198.0 45 34.4 35.6 Cash; Equity

11-Dec-2011 Aston Resources Limited (ASX:AZT) Whitehaven Coal Limited (ASX:WHC) 2,431.5 100 12.7 0.0 Equity

11-Dec-2011 Boardwalk Resources Pty Limited Whitehaven Coal Limited (ASX:WHC) 697.8 100 - - Cash; Equity
Source: Capital IQ
Announced Australian Resources (excluding oil and gas) Mergers and Acquisitions >A$10m

4

FEBRUARY 2012

2011 - Top performers (wiThin currenT Group 150)
Top 20 - Share Price Appreciation
150%
141%

125%
CY 11 Share Price Appreciation

106%
101%
100%
90% 88% 87%

75% 70%
e

64% 63%
57%

50%
41%
33%
27% 27% 27%
25% 22%
17% 15% 13%
10%

0%

Top 20 - Market Capitalisation Appreciation
1200% 1169%

1000%
CY 11 Market Capitalisation Appreciation

800%

600%

400%
e

277% 259% 248% 230% 227% 211%
186% 175% 171%
200% 150% 138%
111% 111% 107%
87% 70% 58% 56% 52%

0%

Source: Capital IQ

5

Group 150
Group 150 members - 12 monTh performance To 31 december 2011
Share Price Performance Market Capitalisation Performance
# Company % # Company % # Company % # Company %
1 Azimuth 141.5% 76 Metals X -28.8% 1 African Iron 1168.9% 76 Whitehaven -21.1%
2 Rocklands 106.5% 77 Perseus -29.0% 2 Base 276.9% 77 Resource Gen. -23.3%
3 Northern Star 101.3% 78 Cockatoo Coal -29.2% 3 Carabella 259.0% 78 Perseus -23.5%
4 ABM 89.7% 79 Gloucester -29.4% 4 Metrocoal 247.9% 79 Dragon -24.4%
5 Alcyone 88.1% 80 Rio Tinto -29.4% 5 Azimuth 229.7% 80 Gryphon -24.5%
6 Flinders 86.7% 81 Medusa -31.2% 6 Evolution 227.0% 81 Iron Ore Hold. -24.5%
7 Iluka 69.6% 82 Sundance -31.3% 7 Kangaroo 210.7% 82 Grange -25.7%
8 Metrocoal 64.4% 83 Crusader -32.5% 8 Cokal 186.4% 83 Sundance -26.0%
9 Western Desert 62.7% 84 Hillgrove -32.8% 9 Gold One 175.2% 84 Newcrest -26.9%
10 Gold One 56.9% 85 Tanami Gold -33.0% 10 Alcyone 171.5% 85 BHP Billiton -27.1%
11 Regis 40.8% 86 Ironbark Zinc -33.3% 11 Voyager 149.7% 86 PanAust -27.7%
12 Dragon Mountain 33.3% 87 Kentor Gold -33.3% 12 Northern Star 137.7% 87 Kingsgate -27.8%
13 Silver Lake 27.0% 88 Aquila -34.7% 13 Rocklands 111.1% 88 Hillgrove -28.1%
14 Voyager 26.8% 89 Fortescue -34.7% 14 Western Desert 110.5% 89 Cockatoo Coal -29.3%
15 Hot Chili 26.7% 90 CGA -35.6% 15 ABM 106.8% 90 Metals X -30.9%
16 Base 21.9% 91 Iron Ore Hold. -36.4% 16 Flinders 86.8% 91 Medusa -31.0%
17 New Hope 16.7% 92 Gryphon -36.7% 17 Iluka 69.5% 92 Rio Tinto -32.7%
18 Resolute 14.7% 93 OZ Minerals -36.8% 18 ZYL 57.7% 93 Tanami Gold -33.0%
19 Astron 13.0% 94 Ausgold -37.1% 19 Silver Lake 56.4% 94 Kentor Gold -33.3%
20 Pacific Niugini 10.0% 95 Perilya -40.2% 20 Hot Chili 52.1% 95 Ironbark Zinc -33.3%
21 PanTerra 7.1% 96 Azumah -42.3% 21 Atlas Iron 49.7% 96 Aquila -34.7%
22 Troy 7.0% 97 Citigold -43.3% 22 Focus 45.2% 97 Fortescue -34.7%
23 Astron Ltd. 5.9% 98 Altona -43.3% 23 Regis 43.7% 98 CGA -35.6%
24 Guildford 2.7% 99 Toro Energy -45.0% 24 Dragon Mountain 40.9% 99 Equatorial -35.8%
25 African Iron -0.2% 100 Kula -45.4% 25 Noble 36.1% 100 Stanmore Coal -37.5%
26 Ramelius -0.5% 101 Intrepid -45.8% 26 Cobar 26.1% 101 Citigold -39.8%
27 Kingsrose -0.7% 102 Marengo -46.3% 27 Mineral Deposits 26.0% 102 Azumah -40.1%
28 Papillon -0.9% 103 Stanmore Coal -47.0% 28 Resolute 23.9% 103 Reed -40.9%
29 Doray -1.1% 104 Mount Gibson -47.2% 29 PanTerra 23.0% 104 OZ Minerals -43.5%
30 Sphere Minerals -1.3% 105 Kingsgate -47.6% 30 Sphere Minerals 21.9% 105 Toro Energy -44.4%
31 Carabella -2.2% 106 Aditya Birla -48.5% 31 Gold Road 21.6% 106 Intrepid -44.9%
32 Focus -3.8% 107 Lynas -49.3% 32 Doray 17.0% 107 Greenland M&E -45.1%
33 ZYL -4.1% 108 Mirabela -50.9% 33 Papillon 15.8% 108 Kula -45.4%
34 St Barbara -4.9% 109 Galaxy -51.4% 34 Pacific Niugini 15.2% 109 Marengo -45.8%
35 Cape Lambert -5.0% 110 Equatorial -51.6% 35 Ramelius 14.9% 110 Bandanna -46.3%
36 Mineral Deposits -6.2% 111 Peninsula -52.0% 36 New Hope 14.0% 111 Mount Gibson -47.2%
37 Discovery -7.7% 112 Rex Minerals -52.4% 37 Norton Gold 13.9% 112 Peninsula -47.2%
38 Norton Gold -7.9% 113 Independence -52.5% 38 YTC 13.7% 113 Ivanhoe -47.5%
39 Atlas Iron -8.5% 114 Indophil -53.2% 39 Astron 13.1% 114 Lynas -47.7%
40 Cobar -8.5% 115 Panoramic -54.9% 40 Altona 12.8% 115 Aditya Birla -48.5%
41 BC Iron -9.2% 116 Alumina -55.0% 41 Troy 8.4% 116 Gindalbie -49.6%
42 Alkane -9.5% 117 Bandanna -55.2% 42 Crescent 8.2% 117 Mirabela -50.9%
43 Extract -9.8% 118 Ampella -55.4% 43 Saracen 7.8% 118 Nucoal -50.9%
44 Finders -10.3% 119 Summit -55.4% 44 Guildford 7.3% 119 African Energy -50.9%
45 Beadell -10.4% 120 Nucoal -55.7% 45 Kingsrose 7.3% 120 Rex Minerals -51.3%
46 YTC -10.6% 121 African Energy -55.9% 46 Cape Lambert 6.6% 121 Panoramic -51.8%
47 Saracen -10.7% 122 Aquarius -56.3% 47 CuDeco 2.4% 122 Jupiter Mines -52.6%
48 Noble -11.1% 123 Reed -57.0% 48 Astron Ltd. 1.8% 123 Ampella -54.4%
49 Western Areas -14.7% 124 Brockman -58.4% 49 Gloucester 0.6% 124 Alumina -55.0%
50 Bathurst -18.1% 125 Bougainville Cop. -58.6% 50 Alkane -2.2% 125 Summit -55.4%
51 Cokal -18.4% 126 Alliance -58.8% 51 Atlantic -3.5% 126 Aquarius -55.5%
52 Gold Road -18.4% 127 Deep Yellow -60.0% 52 St Barbara -4.9% 127 Orocobre -56.3%
53 CuDeco -18.7% 128 Ivanhoe -60.2% 53 Beadell -5.3% 128 Northern Iron -58.3%
54 Sandfire -18.9% 129 Gindalbie -61.2% 54 Coalspur -6.1% 129 Brockman -58.4%
55 Red 5 -19.0% 130 Orocobre -61.4% 55 Finders -6.6% 130 Bougainville Cop. -58.6%
56 Atlantic -19.4% 131 Greenland M&E -61.9% 56 Discovery -6.7% 131 Alliance -58.8%
57 Zimplats -19.5% 132 Northern Iron -62.1% 57 Extract -6.9% 132 Sylvania -58.9%
58 Crescent -20.0% 133 Mincor -64.2% 58 Bathurst -7.3% 133 Metminco -59.7%
59 Red Hill -20.0% 134 Jupiter Mines -64.7% 59 Coalworks -9.8% 134 Deep Yellow -59.9%
60 Whitehaven -21.3% 135 Murchison -65.9% 60 Aspire -10.1% 135 Sth Boulder -61.4%
61 Coalspur -21.5% 136 Sth Boulder -67.8% 61 BC Iron -10.4% 136 Kagara -64.5%
62 Evolution -22.2% 137 Kagara -68.5% 62 Indophil -11.8% 137 Mincor -64.9%
63 Robust -22.5% 138 Highlands Pacific -68.6% 63 Western Areas -14.9% 138 Murchison -65.4%
64 Aspire -22.9% 139 Metminco -70.4% 64 Crusader -15.7% 139 Paladin -68.0%
65 BHP Billiton -23.9% 140 Paladin -72.2% 65 Integra -16.4% 140 Highlands Pacific -68.7%
66 Sylvania -24.7% 141 Arafura -75.3% 66 Robust -17.2% 141 ERA -70.1%
67 Coalworks -24.9% 142 Moly Mines -75.4% 67 Sandfire -17.3% 142 Moly Mines -74.1%
68 Integra -25.2% 143 OM Holdings -77.2% 68 Ausgold -17.4% 143 Gujarat NRE -74.9%
69 Grange -25.8% 144 Gujarat NRE -77.5% 69 Perilya -18.0% 144 Arafura -75.2%
70 Dragon -25.8% 145 ERA -83.4% 70 Galaxy -18.1% 145 OM Holdings -77.2%
71 Newcrest -26.4% 146 White Energy -89.0% 71 Red 5 -18.6% 146 White Energy -88.6%
72 Resource Gen. -27.5% 147 Straits - 72 Tiger -18.8% 147 Straits -
73 Kangaroo -27.5% 148 Blackgold - 73 Zimplats -19.5% 148 Blackgold -
74 Tiger -27.7% 149 FeOre - 74 Red Hill -20.0% 149 FeOre -
75 PanAust -28.1% 150 World Titanium - 75 Independence -20.3% 150 World Titanium -

6

FEBRUARY 2012

base meTaLs - secTor performance
Share Price Performance - January 2012

Copper Nickel Zinc
Share Price Performance

Share Price Performance - Since 30 June 2011

Share Price Performance - Hi / Low / Current

7

Group 150
coaL - secTor performance



8

FEBRUARY 2012

diversified - secTor performance indusTriaL mineraLs - secTor performance






9

Group 150
GoLd - secTor performance

168% 109%


10

FEBRUARY 2012

iron ore - secTor performance



11

Group 150
pLaTinum - secTor performance uranium - secTor performance






12

FEBRUARY 2012

consensus commodiTy price forecasTs - January
Gold (US$/oz) Silver (US$/OZ)
$3,500 $50
$3,000 $37.25
$40 $33.18 $34.03
$2,500 $1,975 $29.50
$1,737 $1,823
$1,610 $30 $23.25
$2,000 $1,400
$1,500 $20
$1,000
$10
$500
$0 $0
Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015

Copper (US$/lb) Nickel (US$/lb)
$10.43 $11.04
$6.00 $12.00 $9.57 $9.53
$8.92
$5.00 $3.77 $3.90 $3.78 $3.86 $3.58
$4.00 $8.00
$3.00
$2.00 $4.00
$1.00
$0.00 $0.00
Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015

Zinc (US$/lb) Lead (US$/lb)
$2.00 $2.00
$1.28 $1.34
$1.50 $1.13 $1.50 $1.13 $1.20
$1.09 $1.00 $1.00
$0.96 $0.96
$1.00 $1.00

$0.50 $0.50

$0.00 $0.00
Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015

Iron Ore Fines 62% (US$/mt) Uranium (US$/lb)
$200 $100
$142.40 $151.00 $151.50
$135.00 $68.00 $70.00
$150 $120.00 $75 $59.00
$52.00
$100 $50

$50 $25

$0 $0
Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015

AUD:USD NYMEX (US$/bbl)
$1.25 $1.07 $1.02 $150
$0.97 $110.50 $114.00 $115.00
$0.88 $0.85 $98.48 $100.00
$1.00
$100
$0.75
$0.50
$50
$0.25
$0.00 $0
Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015

Source: Bloomberg Consensus Estimates - Median / High / Low

13

recenT resources TransacTions

Group 150
Mergers and Acquisitions
2011 2011 2010 2009

GRAM
2009 2009 2008

Advised Advised Bathurst Advised BHP Advised BG Advised Guandong Advised Allied Gold Advised Gem
Wesfarmers on Resources on Billiton on its Group on its $1bn Rising on its $216m on its $54m Diamonds on its
the sale of acquisition of $204m offer for takeover offer for cornerstone acquisition of $300m acquisition
Premier Coal to Galilee Resources United Minerals Pure Energy investment in Pan Australian of Kimberley
Yancoal Australia. from Eastern Corporation. Resources Aust. Solomons Gold. Diamonds.
Limited. Limited.

Takeover Defence
2011 2010 2010 2010 2009 2009 2007

Advised Aragon Advised Polaris Advised Indophil Advised Advised Energy Advised Brandrill Advised Summit
Resources on $69m Metals NL on on $545m Centaurus Metals on its $86m Limited on its Resources on its
takeover offer by $178m takeover recommended Resources on its proportional takeover $45m takeover A$1.2bn takeover
Westgold offer by Mineral offer from Zijin $20m merger offer by China offer by Ausdrill by Paladin Energy.
Resources. Resources with Glengarry Guangdong Nuclear Limited.
Limited. Resources. Power Group.

Strategic Advisory, Joint Ventures and Capital Markets
2010 2010 2009 2008 2009/08 2008 2008

Advised BHP Introduced Advised BHP Advised Advised Iluka on its Advised Advised Iluka
Billiton on its Denham Capital to Billiton on the Bannerman $114m Murchison Metals Resources on its
US$116bn iron Trans Tasman disposal of the Resources on its institutional on its joint venture $54m Narama coal
ore production Resources resulting Yabulu Nickel financing with placement and with Mitsubishi. divestment to
joint venture with in NZ iron sands refinery. Resource Capital $353m accelerated Xstrata.
Rio Tinto. investment. Funds. right issue.

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

Level 17, 167 Macquarie Street, Level 10, 1 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

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14

Gresham "Group 150" - February 2012

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