Gresham Group 150 - December 2010

1. DECEMBER 2010
Group 150
December 2010
Darren Martin
Gresham Advisory Partners
dmartin@gresham.com.au
+61 8 9486 7077
+61 412 144 719
ASX RESOURCES - GROUP 150
We are pleased to present the December edition of ‘Group 150’, a ranking of the top 150 ASX listed resources companies (excluding
oil and gas), by market capitalisation.
The market value of the Group 150 at the end of November was $572 billion, up 1.4% from October. The entry point into the Group
150 was further extended during November with $110.1 million being the new threshold, up 37% from the $80.2 million required in
the inaugural edition of Gresham Group 150 in March 2010. The ASX/S&P 200 Resources Index rose 1.1% in the month, while the ASX
All Ordinaries and ASX/S&P 200 Index decreased 1.2% and 1.7% respectively.
In this edition of the Group 150 we provide comment on the uranium markets and provide an overview of the relative market rating
of the ASX listed uranium peers using Enterprise Value/lb of resource.
Improved market sentiment within the uranium sector, encouraged by the recovery in spot uranium prices and recent corporate
activity has lead to strong share price performance by the producers and explorers in the past few months.
Following the GFC, lower global energy demand, the reduced priority of carbon emission / trading schemes, and the unwinding of
investment holdings and speculative funds led to a weakening uranium price, with spot prices falling to as low as US$40.50/lb (from
a peak of c.US$138/lb in July 2007).
Uranium prices have remained at or below US$50 for a majority of the time since January 2009. This has led to difficulties in meeting
mining breakeven points, particularly for new supply. We note that industry commentators suggest an incentive price of c.US$60-
US$80/lb may be the level required to support most future production.
Recent spot price improvements have notably been driven by the return of non-discretionary trading activity by China and existing
producers seeking to meet term contract commitments. However, exuberance over the potential for sustained stock-building by
China and other nations, as well as the return of speculative demand, has thus far been kept in check.
New reactor capacity is the process of coming on-line and significant planned builds/expansions are being scheduled. Global nuclear
power demand is expected to rise from 375GWe (from 443 operating plants as at 2010), to c.530GWe capacity from 590 operating
plants in 2020. Emerging countries are expected to drive demand, particularly China.
The World Nuclear Association expect China’s uranium demand to rise to 20ktpa by 2020 to produce 85GWe (9 times current capacity)
The finely balanced supply/demand situation means the market is susceptible to both demand and supply side shocks, so we expect
to see volatility in spot prices in the short to medium term. However, in terms of the prospects for the next generation of uranium
producers, of keener interest will be the direction of term prices, which are beginning to firm in the low – mid US$60’s. 2011 promises
to be a very interesting year for the industry.
Gresham Advisory Partners Limited
Gresham Advisory Partners is a leading Australian mergers and acquisitions/corporate advisory
Edition 9 business and one of Australia’s largest and highest ranking independent corporate advisors.
1

2. Group 150
Top 150 ASX LiSTed reSource compAnieS - november
By Market Capitalisation
Mkt Cap (A$m) % Mkt Cap (A$m) %
Nov Oct Company 30-Nov-10 31-Oct-10 Change Nov Oct Company 30-Nov-10 31-Oct-10 Change
1 1 BHP Billiton Ltd. (ASX:BHP) $237,750.6 $233,318.4 1.9% 51 42 OM Holdings Limited (ASX:OMH) $706.5 $809.2 (12.7%)
2 2 Rio Tinto Ltd. (ASX:RIO) $161,294.8 $162,227.9 (0.6%) 52 66 Ampella Mining Limited (ASX:AMX) $644.0 $456.0 41.2%
3 3 Newcrest Mining Ltd. (ASX:NCM) $30,340.7 $30,550.0 (0.7%) 53 58 Bougainville Copper Ltd. (ASX:BOC) $641.7 $521.4 23.1%
4 4 Fortescue Metals Group Ltd. (ASX:FMG) $19,669.1 $19,447.2 1.1% 54 122 Jupiter Mines Ltd. (ASX:JMS) $603.0 $149.5 303.3%
5 5 Coal & Allied Industries Ltd. (ASX:CNA) $9,745.1 $9,697.5 0.5% 55 65 Allied Gold Ltd. (ASX:ALD) $594.1 $473.2 25.5%
6 7 OZ Minerals Limited (ASX:OZL) $4,955.0 $4,927.4 0.6% 56 54 Gujarat NRE Coking Coal Limited (ASX:GNM) $578.7 $578.7 0.0%
7 6 Alumina Ltd. (ASX:AWC) $4,855.9 $4,953.5 (2.0%) 57 64 Straits Resources Ltd. (ASX:SRL) $564.0 $476.0 18.5%
8 8 New Hope Corp. Ltd. (ASX:NHC) $4,051.5 $4,076.4 (0.6%) 58 53 Resolute Mining Ltd. (ASX:RSG) $551.0 $589.1 (6.5%)
9 9 Equinox Minerals Ltd. (ASX:EQN) $4,002.3 $3,949.6 1.3% 59 78 CuDeco Ltd. (ASX:CDU) $540.9 $347.5 55.7%
10 10 MacArthur Coal Ltd. (ASX:MCC) $3,578.8 $3,599.7 (0.6%) 60 51 Murchison Metals Limited (ASX:MMX) $538.3 $675.6 (20.3%)
11 13 Paladin Energy, Ltd. (ASX:PDN) $3,527.5 $2,945.4 19.8% 61 56 Kagara Ltd (ASX:KZL) $527.3 $537.9 (2.0%)
12 11 Andean Resources Ltd. (ASX:AND) $3,503.4 $3,477.2 0.8% 62 63 Indophil Resources NL (ASX:IRN) $525.7 $476.2 10.4%
13 12 Whitehaven Coal Limited (ASX:WHC) $3,327.2 $3,435.8 (3.2%) 63 61 Giralia Resources NL (ASX:GIR) $524.2 $495.4 5.8%
14 17 Riversdale Mining Ltd. (ASX:RIV) $3,228.9 $2,530.4 27.6% 64 77 Discovery Metals Ltd. (ASX:DML) $521.8 $354.8 47.1%
15 14 Iluka Resources Ltd. (ASX:ILU) $3,149.4 $2,807.4 12.2% 65 68 Sphere Minerals Limited (ASX:SPH) $514.0 $426.7 20.5%
16 15 Aquila Resources Ltd. (ASX:AQA) $3,141.8 $2,786.6 12.7% 66 67 Bandanna Energy Limited (ASX:BND) $512.5 $451.2 13.6%
17 20 Lynas Corp. Ltd. (ASX:LYC) $2,584.9 $2,427.5 6.5% 67 59 Northern Iron Limited (ASX:NFE) $504.1 $517.5 (2.6%)
18 16 Aquarius Platinum Ltd. (ASX:AQP) $2,464.5 $2,719.2 (9.4%) 68 57 Cockatoo Coal Limited (ASX:COK) $494.7 $528.6 (6.4%)
19 18 Energy Resources of Australia Ltd. (ASX:ERA) $2,264.1 $2,481.5 (8.8%) 69 62 Panoramic Resources Ltd. (ASX:PAN) $459.5 $484.1 (5.1%)
20 21 PanAust Limited (ASX:PNA) $2,127.7 $2,201.0 (3.3%) 70 73 Integra Mining Ltd. (ASX:IGR) $457.6 $385.6 18.7%
21 23 Extract Resources Ltd. (ASX:EXT) $2,114.3 $1,861.3 13.6% 71 72 Gryphon Minerals Ltd. (ASX:GRY) $426.3 $388.7 9.7%
22 22 Mount Gibson Iron Ltd. (ASX:MGX) $2,100.2 $2,186.8 (4.0%) 72 70 Arafura Resources Limited (ASX:ARU) $410.4 $404.0 1.6%
23 25 Atlas Iron Limited (ASX:AGO) $1,596.7 $1,355.6 17.8% 73 69 Silver Lake Resources Limited (ASX:SLR) $397.2 $414.7 (4.2%)
24 27 Zimplats Holdings Ltd. (ASX:ZIM) $1,561.8 $1,318.6 18.4% 74 91 Conquest Mining Limited (ASX:CQT) $373.3 $275.8 35.4%
25 29 Aston Resources Limited (ASX:AZT) $1,517.7 $1,254.0 21.0% 75 74 Aditya Birla Minerals Limited (ASX:ABY) $369.8 $380.7 (2.9%)
26 24 Gloucester Coal Ltd. (ASX:GCL) $1,459.2 $1,481.7 (1.5%) 76 71 Metals X Limited (ASX:MLX) $355.1 $389.2 (8.8%)
27 26 Ivanhoe Australia Limited (ASX:IVA) $1,435.1 $1,329.6 7.9% 77 79 Beadell Resources Ltd (ASX:BDR) $348.3 $342.1 1.8%
28 28 Perseus Mining Ltd. (ASX:PRU) $1,327.8 $1,259.7 5.4% 78 76 Mincor Resources NL (ASX:MCR) $344.0 $357.1 (3.7%)
29 34 Medusa Mining Limited (ASX:MML) $1,220.7 $1,044.8 16.8% 79 92 Adamus Resources Ltd. (ASX:ADU) $339.9 $272.9 24.6%
30 31 Citadel Resource Group Limited (ASX:CGG) $1,183.8 $1,148.3 3.1% 80 86 Moly Mines Ltd. (ASX:MOL) $333.6 $297.0 12.3%
31 38 Gindalbie Metals Ltd. (ASX:GBG) $1,103.0 $896.8 23.0% 81 159 Bathurst Resources Ltd (ASX:BTU) $324.2 $93.3 247.5%
32 30 White Energy Company Limited (ASX:WEC) $1,075.3 $1,167.4 (7.9%) 82 85 Saracen Mineral Holdings Limited (ASX:SAR) $322.4 $300.2 7.4%
33 32 Western Areas NL (ASX:WSA) $1,049.4 $1,058.4 (0.9%) 83 75 NKWE Platinum Ltd. (ASX:NKP) $320.7 $358.0 (10.4%)
34 33 Sandfire Resources (ASX:SFR) $1,017.5 $1,055.2 (3.6%) 84 84 Dominion Mining Limited (ASX:DOM) $313.7 $308.5 1.7%
35 35 Kingsgate Consolidated Limited (ASX:KCN) $1,013.9 $1,013.9 0.0% 85 87 Troy Resources NL (ASX:TRY) $306.3 $293.0 4.5%
36 36 CGA Mining Limited (ASX:CGX) $1,006.5 $975.9 3.1% 86 80 Rex Minerals Limited. (ASX:RXM) $303.9 $330.5 (8.0%)
37 48 Intrepid Mines Limited (ASX:IAU) $989.1 $715.9 38.2% 87 95 Cape Lambert Resources Limited (ASX:CFE) $301.3 $256.6 17.4%
38 44 Sundance Resources Ltd. (ASX:SDL) $975.6 $785.9 24.1% 88 82 Catalpa Resources Limited (ASX:CAH) $296.4 $323.9 (8.5%)
39 43 Independence Gold NL (ASX:IGO) $970.9 $798.4 21.6% 89 96 Deep Yellow Ltd. (ASX:DYL) $292.7 $253.3 15.6%
40 37 Avoca Resources Ltd. (ASX:AVO) $961.6 $952.5 1.0% 90 83 Jabiru Metals Limited (ASX:JML) $292.6 $309.1 (5.3%)
41 39 Minara Resources Ltd. (ASX:MRE) $893.5 $887.7 0.7% 91 49 Mineral Deposits Ltd. (ASX:MDL) $291.3 $697.0 (58.2%)
42 60 Coalspur Mines Limited (ASX:CPL) $869.1 $504.7 72.2% 92 93 Kingsrose Mining Limited (ASX:KRM) $281.7 $270.2 4.3%
43 47 Mantra Resources Limited (ASX:MRU) $867.3 $755.2 14.8% 93 105 Ramelius Resources Ltd. (ASX:RMS) $279.4 $209.8 33.2%
44 45 Grange Resources Limited (ASX:GRR) $864.1 $783.4 10.3% 94 94 Gold One International Limited (ASX:GDO) $274.3 $270.1 1.6%
45 40 OceanaGold Corporation (ASX:OGC) $851.2 $867.1 (1.8%) 95 89 Galaxy Resources (ASX:GXY) $272.5 $279.2 (2.4%)
46 41 ST Barbara Ltd. (ASX:SBM) $830.3 $810.8 2.4% 96 98 Orocobre Limited (ASX:ORE) $270.8 $221.6 22.2%
47 50 Regis Resources Limited (ASX:RRL) $826.9 $678.2 21.9% 97 90 Highlands Pacific Limited (ASX:HIG) $267.2 $277.4 (3.7%)
48 46 Mirabela Nickel Ltd. (ASX:MBN) $813.5 $776.7 4.7% 98 97 Iron Ore Holdings Limited (ASX:IOH) $266.9 $232.9 14.6%
49 55 Brockman Resources Limited (ASX:BRM) $774.9 $576.4 34.4% 99 99 Berkeley Resources Ltd. (ASX:BKY) $263.0 $220.2 19.4%
50 52 Summit Resources Ltd. (ASX:SMM) $751.5 $642.0 17.1% 100 88 Perilya Ltd. (ASX:PEM) $259.9 $283.5 (8.3%)
Includes ASX Resource companies excluding oil and gas
2

3. DECEMBER 2010
Mkt Cap (A$m) % Mkt Cap (A$m) %
Nov Oct Company 30-Nov-10 31-Oct-10 Change Nov Oct Company 30-Nov-10 31-Oct-10 Change
101 102 Tiger Resources Ltd. (ASX:TGS) $256.7 $217.7 17.9% 126 123 Alliance Resources Ltd. (ASX:AGS) $153.5 $146.7 4.6%
102 81 Metminco Limited. (ASX:MNC) $251.0 $326.3 (23.1%) 127 124 Focus Minerals Limited (ASX:FML) $151.7 $146.0 3.9%
103 111 Greenland Minerals and Energy Ltd (ASX:GGG) $247.6 $194.1 27.6% 128 135 Noble Mineral Resources Ltd. (ASX:NMG) $147.0 $123.1 19.4%
104 101 Flinders Mines Limited. (ASX:FMS) $245.7 $218.4 12.5% 129 131 Astron Ltd. (ASX:ATR) $146.3 $132.8 10.2%
105 109 Guildford Coal Limited (ASX:GUF) $236.9 $198.0 19.6% 130 126 Golden West Resources Limited (ASX:GWR) $145.2 $140.2 3.6%
106 100 Tanami Gold NL (ASX:TAM) $223.1 $219.2 1.8% 131 117 Atlantic Ltd (ASX:ATI) $140.3 $168.8 (16.9%)
107 113 Hunnu Coal Limited (ASX:HUN) $218.4 $185.1 18.0% 132 134 Stanmore Coal Limited (ASX:SMR) $139.2 $127.5 9.2%
108 106 Northern Energy Corporation Ltd (ASX:NEC) $211.9 $208.0 1.9% 133 132 Robust Resources Limited (ASX:ROL) $138.6 $131.9 5.1%
109 104 Red 5 Ltd. (ASX:RED) $210.8 $210.4 0.2% 134 121 Chalice Gold Mines Ltd. (ASX:CHN) $138.5 $151.0 (8.3%)
110 112 Alkane Resources Limited (ASX:ALK) $207.9 $193.0 7.7% 135 142 Sihayo Gold Limited (ASX:SIH) $138.2 $116.2 18.9%
111 107 Marengo Mining Limited (ASX:MGO) $207.1 $199.5 3.8% 136 141 IMX Resources Ltd. (ASX:IXR) $136.5 $117.1 16.6%
112 115 Nucoal Resources NL (ASX:NCR) $206.0 $181.8 13.3% 137 125 Hillgrove Resources Ltd. (ASX:HGO) $135.2 $144.8 (6.6%)
113 120 FerrAus Ltd. (ASX:FRS) $203.6 $152.2 33.8% 138 128 Norton Gold Fields Limited (ASX:NGF) $133.9 $137.1 (2.3%)
114 110 BC Iron Limited (ASX:BCI) $193.1 $196.3 (1.6%) 139 140 Dragon Mining Limited (ASX:DRA) $128.7 $118.0 9.1%
115 130 Aspire Mining Limited (ASX:AKM) $191.5 $134.1 42.8% 140 129 Red Hill Iron Ltd (ASX:RHI) $125.2 $135.7 (7.7%)
116 114 Exco Resources Ltd. (ASX:EXS) $190.6 $181.9 4.8% 141 154 Australasian Resources Ltd (ASX:ARH) $123.8 $99.6 24.3%
117 116 Continental Coal Limited (ASX:CCC) $189.5 $177.1 7.0% 142 148 Morning Star Gold NL (ASX:MCO) $122.5 $104.5 17.2%
118 - Kula Gold Limited (ASX:KGD) $189.2 - - 143 127 Bendigo Mining Ltd. (ASX:BDG) $122.3 $140.2 (12.8%)
119 118 Azumah Resources Ltd (ASX:AZM) $182.9 $161.3 13.4% 144 152 Bannerman Resources Limited (ASX:BMN) $121.0 $101.9 18.7%
120 108 Sylvania Resources Ltd. (ASX:SLV) $178.1 $199.4 (10.7%) 145 156 Citigold Corporation Limited (ASX:CTO) $120.6 $95.5 26.3%
121 119 Mungana Goldmines Ltd (ASX:MUX) $175.8 $153.1 14.8% 146 138 Macquarie Harbour Mining Ltd (ASX:MHM) $115.0 $119.6 (3.8%)
122 103 Platinum Australia Limited (ASX:PLA) $168.6 $211.9 (20.4%) 147 153 Pluton Resources Limited (ASX:PLV) $112.2 $99.4 12.9%
123 136 Nyota Minerals Limited (ASX:NYO) $165.5 $122.3 35.3% 148 145 Chesser Resources Limited (ASX:CHZ) $111.5 $108.3 3.0%
124 158 Equatorial Resources Limited (ASX:EQX) $161.0 $93.7 71.8% 149 157 Venture Minerals Ltd. (ASX:VMS) $110.5 $94.6 16.8%
125 137 Toro Energy Ltd (ASX:TOE) $159.2 $120.6 32.0% 150 139 Centrex Metals Limited (ASX:CXM) $110.1 $119.5 (7.9%)
Source: Capital IQ
new enTrAnTS - november eXiTS - november
81 Bathurst Resources Ltd (ASX:BTU) Centennial Coal Co. Ltd. (ASX:CEY)
118 Kula Gold Limited (ASX:KGD) Kentor Gold Limited (ASX:KGL)
124 Equatorial Resources Limited (ASX:EQX) Elemental Minerals Limited (ASX:ELM)
141 Australasian Resources Ltd (ASX:ARH) Talisman Mining Ltd (ASX:TLM)
144 Bannerman Resources Limited (ASX:BMN) Magma Metals Ltd. (ASX:MMW)
145 Citigold Corporation Limited (ASX:CTO) WPG Resources Ltd (ASX:WPG)
147 Pluton Resources Limited (ASX:PLV) Resource Generation Limited (ASX:RES)
149 Venture Minerals Ltd. (ASX:VMS) Thundelarra Exploration Ltd. (ASX:THX)
Based on market capitalisation as at 31 November 2010 vs 31 October2010
Group 150 LeAderS And LAGGerS - mArkeT cApiTALiSATion performAnce - november
Leaders Laggers
* Included placement, acquisition and/or material option conversion during month
3

4. Group 150
Group 150 mArkeT cApiTALiSATion ASX indeX performAnce - november
Group 150 SecTor mArkeT cApiTALiSATion - november
Market Capitalisation (A$b)
merGer & AcquiSiTionS - Announced in november
Percent Premium - Premium -
Date Value Consideration
Target Acquirer Sought 1 Day Prior 1 Month Prior
Announced (A$m) Offered
(%) (%) (%)
23-Nov-2010 Argent Minerals Ltd (ASX:ARD) US Nickel Limited (ASX:USN) 15.3 73 6.7 15.3 Equity
11-Nov-2010 Straits Resources Ltd. (ASX:SRL) PTT Mining Limited. 438.9 100 - - Cash
10-Nov-2010 Brockman Resources Limited (ASX:BRM) Wah Nam International Aust Pty. Ltd. 696.8 77 39.1 70.8 Equity
10-Nov-2010 FerrAus Ltd. (ASX:FRS) Wah Nam International Aust Pty. Ltd. 217.1 80 48.3 65.8 Equity
Source: Capital IQ
Announced Australian Resources (excluding oil and gas) Mergers and Acquisitions >A$10m
4

5. DECEMBER 2010
urAnium - mArkeT fundAmenTALS
Supply
The uranium market appears finely balanced in the medium term. Post GFC, lower global energy demand, reduced priority of
carbon emission / trading schemes, and the unwinding of investment holdings or speculative funds led to substantial uranium
price erosion, with prices falling to as low as US$40.50/lb (from a peak of c.US$138/lb in July 2007).
Uranium prices have remained at or below US$50 for 88% of the time since Jan 2009. This has led to difficulties in meeting
mining breakeven points, particularly for new supply.
We note that most commentators suggest a price of c.US$60-US$80/lb may be the level required to support most future
production.
The finely balanced supply/demand situation means the market is susceptible to both demand and supply side shocks.
Recent spot price improvements have notably been driven by the return of non-discretionary trading activity by China. However,
exuberance over the potential for sustained stock-building by China and other nations, as well as the return of speculative
demand, has thus far been kept in check.
Shocks are more likely to be from the supply side, which may include:
• Lower than expected production by existing producers
• In Q2 and Q3 2010, ERA announced lower than expected production from its Ranger mine, forcing it to buy on spot
to meet commitments. ERA’s operational issues appear to remain unresolved thus may threaten future incremental
supply/reduce spot uranium availability.
• Rossing mine has reported “subdued grades”, impacting uranium supply in 2010 and potentially beyond.
• After playing a primary role suppressing prices in the past, Kazakhstan is showing greater supply discipline by revising
down production this year. However, an improved business and political risk environment is expected to improve
Kazakhstan’s responsiveness to changes in demand/spot prices in future.
• Secondary supply diminishing: US/Russian agreement expiring 2013 and unlikely to be renewed.
• Olympic Dam: Project slated to deliver sizable volumes, timing is uncertain.
• Cigar Lake: Has faced numerous setbacks (was due to come on-stream in 2008). Future uncertain.
Demand
There have been limited new reactor openings since 1990. However, new capacity is the process of coming on-line and significant
planned builds/expansions are being scheduled.
Global demand is expected to rise from 375GWe (from 443 operating plants as at 2010), to c.530GWe capacity from 590 operating
plants in 2020. Emerging countries are expected to drive demand, particularly China
To illustrate the potential impact China’s demand alone may have, it is understood that the return of Chinese non discretionary
demand since July has been the driving factor behind the recent recovery in uranium spot prices to 12 month highs.
China is believed to be building stockpiles of uranium for new reactors. It is expected to import 5kt in 2010 (more than twice
what it consumes).
The World Nuclear Association expect China’s uranium demand to rise to 20ktpa by 2020 to produce 85GWe (9 times current
capacity)
Producers are also reported to be buying in the spot market to deliver into term contracts.
5

6. Group 150
urAnium – mArkeT rATinG
Sentiment has improved based on a view that the long-awaited push by China to position itself in the industry may have begun.
Market sentiment within the uranium sector has improved markedly in the last few months, encouraged by the recovery in spot
uranium prices. The strengthening uranium spot price has been supported by a record 41 uranium spot market trades in October,
totalling 5.6Mlb according to UxC Consulting (previous monthly record was 32 in May 09).
The chart below supports the uranium related miners/explorers having outperformed the market since June 2010.
Recent months have also seen increased corporate activity in the sector from strategic and financial investors including, Paladin’s
offer for NGM, Hanlong’s funding agreement with Marenica Energy, Berkeley’s placement to RCF and on-going discussions with
Severstal and A-Cap’s MOU with KORES.
Uranium Peers - Share Price Performance since 30 June 2010
Share Price Performance - Since June 2010
24.01
Peer multiples (A$ EV/lb U3O8)
EV/lb U3O8 (A$)
Source: Capital IQ, Company reports. Net Debt (for Enterprise Value calculation) taken as at 30 June 2010
6

7. DECEMBER 2010
bASe meTALS - SecTor performAnce
Share Price Performance - November 2010
Copper Nickel Zinc
Share Price Performance
Share Price Performance - Since 30 June 2010
Share Price Performance
Share Price Performance - Since 1 Jan 2010
Share Price Performance
7

8. Group 150
coAL - SecTor performAnce
Share Price Performance - November 2010
Share Price Performance
Share Price Performance - Since 30 June 2010
Share Price Performance
Share Price Performance - Since 1 Jan 2010
Share Price Performance
8

9. DECEMBER 2010
diverSified - SecTor performAnce induSTriAL minerALS - SecTor performAnce
Share Price Performance - November 2010
Share Price Performance
Share Price Performance
Share Price Performance - Since 30 June 2010
Share Price Performance
Share Price Performance
Share Price Performance - Since 1 Jan 2010
Share Price Performance
Share Price Performance
9

10. Group 150
GoLd - SecTor performAnce
Share Price Performance - November 2010
Share Price Performance
Share Price Performance - Since 30 June 2010
Share Price Performance
Share Price Performance - Since 1 Jan 2010
Share Price Performance
10

11. DECEMBER 2010
iron ore - SecTor performAnce
Share Price Performance - November 2010
Share Price Performance
Share Price Performance - Since 30 June 2010
Share Price Performance
Share Price Performance - Since 1 Jan 2010
Share Price Performance
11

12. Group 150
urAnium - SecTor performAnce
Share Price Performance - November 2010
Share Price Performance
Share Price Performance - Since 30 June 2010
Share Price Performance
Share Price Performance - Since 1 Jan 2010
Share Price Performance
12

13. DECEMBER 2010
conSenSuS commodiTy price forecASTS - november
Gold (US$/oz) Silver (US$/OZ)
$2,500 $35 $27.21
$2,000 $30 $21.89
$1,372 $21.00 $19.81
$1,350 $1,300 $25 $18.32
$1,500 $1,150
$1,000 $20
$1,000 $15
$10
$500 $5
$0 $0
Spot 2011 2012 2013 2014 Spot 2011 2012 2013 2014
Copper (US$/lb) Nickel (US$/lb)
$5.00 $3.95 $16.00
$3.73 $3.78 $3.65 $3.80
$10.17 $10.49 $11.02
$4.00 $12.00 $9.60 $9.25
$3.00
$8.00
$2.00
$1.00 $4.00
$0.00 $0.00
Spot 2011 2012 2013 2014 Spot 2011 2012 2013 2014
Zinc (US$/lb) Lead (US$/lb)
$1.50 $1.20 $2.00
$1.07 $1.02 $1.10
$0.94 $1.17
$1.50 $1.08
$1.00 $0.99 $0.98 $1.00
$1.00
$0.50
$0.50
$0.00 $0.00
Spot 2011 2012 2013 2014 Spot 2011 2012 2013 2014
Tin (US$/lb) Uranium (US$/lb)
$17.50 $100
$15.00 $10.84 $9.86 $75 $59.90 $61.50 $57.85 $60.00
$12.50 $9.04 $8.48 $53.00
$7.97
$10.00
$50
$7.50
$5.00 $25
$2.50
$0.00 $0
Spot 2011 2012 2013 2014 Spot 2011 2012 2013 2014
AUD:USD NYMEX (US$/bbl)
$1.25 $0.96 $0.96 $200
$0.88 $0.84
$1.00 $0.78 $150 $105.50 $95.00
$0.75 $85.02 $85.00 $92.50
$100
$0.50
$0.25 $50
$0.00 $0
Spot 2011 2012 2013 2014 Spot 2011 2012 2013 2014
Source: Bloomberg Consensus Estimates - Median / High / Low
13

14. recenT reSourceS TrAnSAcTionS
Group 150
Mergers and Acquisitions
Mergers and Acquisitions
2010 2009
GRAM
2009 2009 2008 2008 2006
Advised BHP Advised BG Advised Guandong Advised Allied Gold Advised Kalahari Advised Gem Advised IAMGOLD
Billiton on its Group on its $1bn Rising on its $216m on its $54m Minerals on its Diamonds on its Corporation on its
$204m offer for takeover offer for cornerstone acquisition of $140m proposed $300m acquisition $265m acquisition
United Minerals Pure Energy investment in Pan Australian merger with of Kimberley of Gallery Gold.
Corporation. Resources Aust. Solomons Gold. Extract Resources. Diamonds.
Limited.
TakeoverDefence
Takeover Defence
2010 2010 2010 2009 2009 2007 2007
Advised Polaris Advised Indophil Advised Advised Energy Advised Brandrill Advised Summit Advised Tethyan on
Metals NL on on $545m Centaurus Metals on its $86m Limited on its Resources on its its $220m
$178m takeover recommended Resources on its proportional takeover $45m takeover A$1.2bn takeover competing takeover
offer by Mineral offer from Zijin $20m merger offer by China offer by Ausdrill by Paladin Energy. offer by Crosby and
Resources with Glengarry Guangdong Nuclear Limited. Antogafasta/Barrick.
Limited. Resources. Power Group.
Strategic Advisory, JointJoint Ventures and Capital Markets
Strategic Advisory, 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
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.
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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.
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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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