gresham "group 150" - february 2012
DESCRIPTION
ASX Resources - Gresham Group 150 - February 2012TRANSCRIPT
FEBRUARY 2012
1
ASX RESOURCES - GRESHAM GROUP 150We 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 $458.9 billion during the month. The ASX/S&P 200 Resources Index increased 10.7% for the month, while both the ASX All Ordinaries and ASX/S&P 200 Index increased 5.2% and 5.1% respectively. The positive sentiment also flowed through to corporate activity with an increase in the number of announced transactions during December/January, and appears to be continuing into February.In this edition we have ranked the performance of the Group 150 companies by share price and market capitalisation for the 12 month period to 31 December 2011 (only includes companies currently in the Group 150 and excludes dividends/capital returns). Interestingly only 24 companies recorded a positive increment in share price over the 12 months and 49 companies increased their market capitalisation.
2011 Top 10 - Share Price Appreciation
2011 Top 10 - Market Capitalisation Appreciation
Azimuth 141.5% Gold African Iron 1168.9% Iron Ore
Rocklands 106.5% Coal Base 276.9% Mineral Sands
Northern Star 101.3% Gold Carabella 259.0% Coal
ABM 89.7% Gold Metrocoal 247.9% Coal
Alcyone 88.1% Silver Azimuth 229.7% Gold
Flinders 86.7% Iron Ore Evolution 227.0% Gold
Iluka 69.6% Mineral Sands Kangaroo 210.7% Coal
Metrocoal 64.4% Coal Cokal 186.4% Coal
Western Desert 62.7% Iron Ore Gold One 175.2% Gold
Gold One 56.9% Gold Alcyone 171.5% Silver
Gresham Advisory Partners Limited
Gresham Group 150
February 2012
Edition 21
Darren MartinGresham Advisory [email protected]+61 8 9486 7077+61 412 144 719
Gresham Advisory Partners is a leading Australian mergers and acquisitions/corporate advisory business and one of Australia’s largest and highest ranking independent corporate advisors.
Top 150 asX LisTed resource companies - January By Market Capitalisation
Group 150
2
Mkt Cap (A$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 $148.7 20.0%
Includes ASX Resource companies excluding oil and gas
FEBRUARY 2012
3
new enTranTs - January eXiTs - January125 ZYL Limited (ASX:ZYL)133 Alliance Resources Ltd. (ASX:AGS)134 Peninsula Energy Limited (ASX:PEN)137 World Titanium Resources Ltd. (ASX:WTR)139 Reed Resources Ltd. (ASX:RDR)146 Citigold Corporation Limited (ASX:CTO)147 Ironbark Zinc Ltd. (ASX:IBG)Based on market capitalisation as at 31 January vs 31 December
Mkt Cap (A$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 $91.1 2.9%
Group 150 Leaders and LaGGers - markeT capiTaLisaTion performance - JanuaryLeaders
Laggers
Source: Capital IQ
* Included material placement, acquisition and/or option conversion during month
MHM Metals Limited (ASX:MHM)Tribune Resources Limited (ASX:TBR)Mungana Goldmines Ltd (ASX:MUX)Centrex Metals Limited (ASX:CXM)Australasian Resources Ltd (ASX:ARH)Cerro Resources NL (ASX:CJO)IMX Resources Ltd. (ASX:IXR)
Major Exits in December included:Coal and Allied - acquiredMacArthur Coal - acquiredAdamus Resources - acquired
Group 150
4
Date Announced Target Acquirer Value
(A$m)
Percent Sought
(%)
Premium - 1 Day Prior
(%)
Premium - 1 Month Prior
(%)
Consideration 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$10m
458.9
merGer & acquisiTions - announced in december & January
Group 150 markeT capiTaLisaTion
asX indeX performance - January
+27.5%
Group 150 mkT cap - by commodiTy
Mar
ket V
alua
tion
(A$b
) - G
roup
150
-1.7%
-19.1%
FEBRUARY 2012
5
1169%
277% 259% 248% 230% 227% 211% 186% 175% 171% 150% 138%111% 111% 107% 87% 70% 58% 56% 52%
0%
200%
400%
600%
800%
1000%
1200%
141%
106%101%
90% 88% 87%
70%64% 63%
57%
41%33%
27% 27% 27%22%
17% 15% 13%10%
0%
25%
50%
75%
100%
125%
150%
2011 - Top performers (wiThin currenT Group 150)
Source: Capital IQ
Top 20 - Share Price Appreciation
Top 20 - Market Capitalisation Appreciation
CY 11
Shar
e Pric
e App
recia
tion
e
CY 11
Mar
ket C
apita
lisat
ion
Appr
ecia
tion
e
Group 150
6
Group 150 members - 12 monTh performance To 31 december 2011Share 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 -
FEBRUARY 2012
7
Share Price Performance - January 2012
Share Price Performance - Since 30 June 2011
Share Price Performance - Hi / Low / Current
base meTaLs - secTor performance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Copper Nickel Zinc
Group 150
8
Share Price Performance - January 2012
Share Price Performance - Since 30 June 2011
Share Price Performance - Hi / Low / Current
coaL - secTor performance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
FEBRUARY 2012
9
Share Price Performance - January 2012
Share Price Performance - Since 30 June 2011
Share Price Performance - Hi / Low / Current
diversified - secTor performance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
indusTriaL mineraLs - secTor performance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Group 150
10
109%168%
Share Price Performance - January 2012
Share Price Performance - Since 30 June 2011
Share Price Performance - Hi / Low / Current
GoLd - secTor performance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
FEBRUARY 2012
11
Share Price Performance - January 2012
Share Price Performance - Since 30 June 2011
Share Price Performance - Hi / Low / Current
iron ore - secTor performance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Group 150
12
Share Price Performance - January 2012
Share Price Performance - Since 30 June 2011
Share Price Performance - Hi / Low / Current
pLaTinum - secTor performance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
uranium - secTor performance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
Shar
e Pric
e Per
form
ance
FEBRUARY 2012
13
consensus commodiTy price forecasTs - January
Source: Bloomberg Consensus Estimates - Median / High / Low
Gold (US$/oz) Silver (US$/OZ)
Copper (US$/lb) Nickel (US$/lb)
Zinc (US$/lb) Lead (US$/lb)
Iron Ore Fines 62% (US$/mt) Uranium (US$/lb)
AUD:USD NYMEX (US$/bbl)
$1,737 $1,823 $1,975 $1,610 $1,400
$0$500
$1,000$1,500$2,000$2,500$3,000$3,500
Spot 2012 2013 2014 2015
$33.18 $34.03 $37.25
$29.50 $23.25
$0
$10
$20
$30
$40
$50
Spot 2012 2013 2014 2015
$3.77 $3.90 $3.78 $3.86 $3.58
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
Spot 2012 2013 2014 2015
$8.92 $9.57 $9.53 $10.43 $11.04
$0.00
$4.00
$8.00
$12.00
Spot 2012 2013 2014 2015
$0.96 $0.96 $1.09 $1.13
$1.28
$0.00
$0.50
$1.00
$1.50
$2.00
Spot 2012 2013 2014 2015
$1.00 $1.00 $1.13 $1.20 $1.34
$0.00
$0.50
$1.00
$1.50
$2.00
Spot 2012 2013 2014 2015
$142.40 $151.00 $151.50 $135.00
$120.00
$0
$50
$100
$150
$200
Spot 2012 2013 2014 2015
$52.00 $59.00
$68.00 $70.00
$0
$25
$50
$75
$100
Spot 2012 2013 2014 2015
$1.07 $1.02 $0.97 $0.88 $0.85
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
Spot 2012 2013 2014 2015
$98.48 $100.00 $110.50 $114.00 $115.00
$0
$50
$100
$150
Spot 2012 2013 2014 2015
Group 150
14
Gresham Advisory Partners LimitedA.B.N. 97 003 344 269
Level 17, 167 Macquarie Street,
Sydney NSW 2000
Telephone: 61 2 9221 5133
Facsimile: 61 2 9221 6814
Level 10, 1 Collins Street,
Melbourne VIC 3000
Telephone: 61 3 9664 0300
Facsimile: 61 3 9650 7722
Level 3, 28 The Esplanade,
Perth WA 6000
Telephone: 61 8 9486 7077
Facsimile: 61 8 9486 7024
Website: www.gresham.com.au
Terms and ConditionsInformation contained in this publicationThe 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 providedThis 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 liabilityTo 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 contentGresham 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 merchant-ability 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.CopyrightCopyright 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 mattersThese 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.
Strategic Advisory, Joint Ventures and Capital Markets
Takeover Defence
recenT resources TransacTions
Mergers and Acquisitions
Advised BHP Billiton on its
$204m offer for United Minerals
Corporation.
Advised BG Group on its $1bn takeover offer for
Pure Energy Resources Limited.
Advised Bathurst Resources on acquisition of
Galilee Resources from Eastern
Limited.
Advised Gem Diamonds on its
$300m acquisition of Kimberley Diamonds.
2010 2009
Advised Allied Gold on its $54m
acquisition of Australian
Solomons Gold.
2009
Advised Wesfarmers on
the sale of Premier Coal to
Yancoal Australia.
2011 20082011
Advised Guandong Rising on its $216m
cornerstone investment in Pan
Aust.
GRAM2009
Advised Polaris Metals NL on
$178m takeover offer by Mineral
Resources Limited.
Advised Aragon Resources on $69m
takeover offer by Westgold
Resources.
2010
Advised Indophil on $545m
recommended offer from Zijin
2010
Advised Brandrill Limited on its
$45m takeover offer by Ausdrill
Limited.
2009
Advised Centaurus
Resources on its $20m merger
with Glengarry Resources.
2010
Advised Summit Resources on its
A$1.2bn takeover by Paladin Energy.
20072011
Advised Energy Metals on its $86m
proportional takeover offer by China
Guangdong Nuclear Power Group.
2009
Advised Iluka on its $114m
institutional placement and
$353m accelerated right issue.
Advised Bannerman
Resources on its financing with
Resource Capital Funds.
Advised Iluka Resources on its
$54m Narama coal divestment to
Xstrata.
Advised Murchison Metals
on its joint venture with Mitsubishi.
Advised BHP Billiton on its
US$116bn iron ore production
joint venture with Rio Tinto.
2010
Introduced Denham Capital to
Trans Tasman Resources resulting
in NZ iron sands investment.
2010
Advised BHP Billiton on the disposal of the Yabulu Nickel
refinery.
2009 2008 2009/08 2008 2008