gresham "group 150" - november 2010

NOVEMBER 2010

1

ASX RESOURCES - GROUP 150We are pleased to present the November 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 September was $545 billion, up 7.6% from September and an incredible 56.9% increase from $360 billion since 30 June 2009. The entry point into the Group 150 for October was $103 million versus $95 million for September. The ASX/S&P 200 Resources Index rose 5.1% in the month, while the ASX All Ordinaries and ASX/S&P 200 Index increased 2.1% and 1.7% respectively.

During October we witnessed a resurrection in resource sector M&A, with a special shine on copper. Activity involving the “bellwether metal” included Equinox’s offer for Citadel, Kingsgate’s offer for Laguna, Perilya’s offer for GlobeStar Mining and Kagara’s offer for Copper Strike, as well as Sandfire and LS-Nikko mutually agreeing to terminate the heads of agreement. While both primary and secondary copper supply remains constrained, we would not be surprised to see this level of M&A activity continue. In this edition of the Group 150 we provide an overview of the relative market rating of the ASX listed copper peers using Enterprise Value/lb of copper resource, adjusted for the cost of near term “committed” development expenditure.

Market fundamentals remain strong with China currently consuming ~40% of the world’s copper production while only holding ~6% of the worlds reserves domestically which is likely to support prices at current, if not higher levels.

Copper finished the month at US$8,225/t, up 26% from US$6,515 at 30 June 2010. At these price levels, any sound operating mine even a 4th quartile producer should be generating reasonable levels of cashflow.

While the MRRT remains a potential impost for the domestic resources sector, we have witnessed a resurgence of risk capital returning to the sector with numerous miners having executed successful capital raisings in the past 2 months. West African gold and companies with offshore coal projects have been the major beneficiaries of recent equity raisings. During October both Paladin and Western Areas refinanced corporate bonds to extend the debt maturity profiles.

The average market value of domestic focussed companies since the proposed MRRT was announced has increased 55.5% compared to international focussed peers increasing by 74.1%. Global diversified companies have increased in value by nearly 100% during the same period.

Gresham Advisory Partners Limited

Group 150

November 2010

Edition 8

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 - ocToberBy Market Capitalisation

Group 150

2

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

Oct Sep Company 31-Oct-10 30-Sep-10 Change Oct Sep Company 31-Oct-10 30-Sep-10 Change

1 1 BHP Billiton Ltd. (ASX:BHP) $233,318.4 $216,565.4 7.7% 51 43 Murchison Metals Limited (ASX:MMX) $675.6 $722.7 (6.5%)

2 2 Rio Tinto Ltd. (ASX:RIO) $162,227.9 $150,608.4 7.7% 52 50 Summit Resources Ltd. (ASX:SMM) $642.0 $571.2 12.4%

3 3 Newcrest Mining Ltd. (ASX:NCM) $30,550.0 $30,327.2 0.7% 53 52 Resolute Mining Ltd. (ASX:RSG) $589.1 $540.2 9.1%

4 4 Fortescue Metals Group Ltd. (ASX:FMG) $19,447.2 $16,207.5 20.0% 54 55 Gujarat NRE Coking Coal Limited (ASX:GNM) $578.7 $538.3 7.5%

5 5 Coal & Allied Industries Ltd. (ASX:CNA) $9,697.5 $9,027.3 7.4% 55 57 Brockman Resources Limited (ASX:BRM) $576.4 $526.7 9.4%

6 7 Alumina Ltd. (ASX:AWC) $4,953.5 $4,416.7 12.2% 56 63 Kagara Ltd (ASX:KZL) $537.9 $460.1 16.9%

7 6 OZ Minerals Limited (ASX:OZL) $4,927.4 $4,541.1 8.5% 57 67 Cockatoo Coal Limited (ASX:COK) $528.6 $412.5 28.1%

8 8 New Hope Corp. Ltd. (ASX:NHC) $4,076.4 $4,192.7 (2.8%) 58 56 Bougainville Copper Ltd. (ASX:BOC) $521.4 $533.4 (2.2%)

9 9 Equinox Minerals Ltd. (ASX:EQN) $3,949.6 $4,105.3 (3.8%) 59 58 Northern Iron Limited (ASX:NFE) $517.5 $526.0 (1.6%)

10 11 MacArthur Coal Ltd. (ASX:MCC) $3,599.7 $3,430.8 4.9% 60 74 Coalspur Mines Limited (ASX:CPL) $504.7 $350.7 43.9%

11 10 Andean Resources Ltd. (ASX:AND) $3,477.2 $3,444.3 1.0% 61 61 Giralia Resources NL (ASX:GIR) $495.4 $486.4 1.9%

12 12 Whitehaven Coal Limited (ASX:WHC) $3,435.8 $3,040.9 13.0% 62 51 Panoramic Resources Ltd. (ASX:PAN) $484.1 $555.5 (12.9%)

13 15 Paladin Energy, Ltd. (ASX:PDN) $2,945.4 $2,579.1 14.2% 63 68 Indophil Resources NL (ASX:IRN) $476.2 $393.8 20.9%

14 17 Iluka Resources Ltd. (ASX:ILU) $2,807.4 $2,502.9 12.2% 64 62 Straits Resources Ltd. (ASX:SRL) $476.0 $472.1 0.8%

15 13 Aquila Resources Ltd. (ASX:AQA) $2,786.6 $2,647.5 5.3% 65 60 Allied Gold Ltd. (ASX:ALD) $473.2 $509.7 (7.2%)

16 14 Aquarius Platinum Ltd. (ASX:AQP) $2,719.2 $2,594.1 4.8% 66 59 Ampella Mining Limited (ASX:AMX) $456.0 $517.4 (11.9%)

17 18 Riversdale Mining Ltd. (ASX:RIV) $2,530.4 $2,466.2 2.6% 67 80 Bandanna Energy Limited (ASX:BND) $451.2 $295.8 52.5%

18 16 Energy Resources of Australia Ltd. (ASX:ERA) $2,481.5 $2,536.8 (2.2%) 68 64 Sphere Minerals Limited (ASX:SPH) $426.7 $440.4 (3.1%)

19 19 Centennial Coal Co. Ltd. (ASX:CEY) $2,434.0 $2,437.9 (0.2%) 69 65 Silver Lake Resources Limited (ASX:SLR) $414.7 $427.3 (2.9%)

20 20 Lynas Corp. Ltd. (ASX:LYC) $2,427.5 $2,261.8 7.3% 70 76 Arafura Resources Limited (ASX:ARU) $404.0 $328.4 23.0%

21 21 PanAust Limited (ASX:PNA) $2,201.0 $1,920.2 14.6% 71 71 Metals X Limited (ASX:MLX) $389.2 $375.6 3.6%

22 22 Mount Gibson Iron Ltd. (ASX:MGX) $2,186.8 $1,889.2 15.8% 72 73 Gryphon Minerals Ltd. (ASX:GRY) $389.1 $362.1 7.5%

23 24 Extract Resources Ltd. (ASX:EXT) $1,861.3 $1,486.6 25.2% 73 66 Integra Mining Ltd. (ASX:IGR) $385.6 $415.8 (7.3%)

24 23 Gloucester Coal Ltd. (ASX:GCL) $1,481.7 $1,755.6 (15.6%) 74 72 Aditya Birla Minerals Limited (ASX:ABY) $380.7 $365.1 4.3%

25 25 Atlas Iron Limited (ASX:AGO) $1,355.6 $1,252.8 8.2% 75 75 NKWE Platinum Ltd. (ASX:NKP) $358.0 $345.5 3.6%

26 28 Ivanhoe Australia Limited (ASX:IVA) $1,329.6 $1,190.9 11.6% 76 69 Mincor Resources NL (ASX:MCR) $357.1 $383.2 (6.8%)

27 26 Zimplats Holdings Ltd. (ASX:ZIM) $1,318.6 $1,237.8 6.5% 77 70 Discovery Metals Ltd. (ASX:DML) $354.8 $380.5 (6.8%)

28 27 Perseus Mining Ltd. (ASX:PRU) $1,259.7 $1,221.8 3.1% 78 82 CuDeco Ltd. (ASX:CDU) $347.5 $274.6 26.5%

29 30 Aston Resources Limited (ASX:AZT) $1,254.0 $1,167.4 7.4% 79 90 Beadell Resources Ltd (ASX:BDR) $342.1 $236.3 44.8%

30 32 White Energy Company Limited (ASX:WEC) $1,167.4 $1,108.7 5.3% 80 79 Rex Minerals Limited. (ASX:RXM) $330.5 $302.6 9.2%

31 34 Citadel Resource Group Limited (ASX:CGG) $1,148.3 $935.1 22.8% 81 99 Metminco Limited. (ASX:MNC) $326.3 $204.6 59.5%

32 31 Western Areas NL (ASX:WSA) $1,058.4 $1,117.8 (5.3%) 82 77 Catalpa Resources Limited (ASX:CAH) $323.9 $327.1 (1.0%)

33 37 Sandfire Resources (ASX:SFR) $1,055.2 $911.3 15.8% 83 87 Jabiru Metals Limited (ASX:JML) $309.1 $248.4 24.4%

34 36 Medusa Mining Limited (ASX:MML) $1,044.8 $917.3 13.9% 84 88 Dominion Mining Limited (ASX:DOM) $308.5 $247.4 24.7%

35 29 Kingsgate Consolidated Limited (ASX:KCN) $1,013.9 $1,172.6 (13.5%) 85 78 Saracen Mineral Holdings Limited (ASX:SAR) $300.2 $307.5 (2.4%)

36 35 CGA Mining Limited (ASX:CGX) $975.9 $929.3 5.0% 86 84 Moly Mines Ltd. (ASX:MOL) $297.0 $271.5 9.4%

37 38 Avoca Resources Ltd. (ASX:AVO) $952.5 $907.1 5.0% 87 81 Troy Resources NL (ASX:TRY) $293.0 $290.4 0.9%

38 41 Gindalbie Metals Ltd. (ASX:GBG) $896.8 $777.8 15.3% 88 91 Perilya Ltd. (ASX:PEM) $283.5 $236.3 20.0%

39 33 Minara Resources Ltd. (ASX:MRE) $887.7 $946.1 (6.2%) 89 83 Galaxy Resources (ASX:GXY) $279.2 $274.4 1.7%

40 39 OceanaGold Corporation (ASX:OGC) $867.1 $858.3 1.0% 90 95 Highlands Pacific Limited (ASX:HIG) $277.4 $225.4 23.1%

41 42 ST Barbara Ltd. (ASX:SBM) $810.8 $761.7 6.4% 91 104 Conquest Mining Limited (ASX:CQT) $275.8 $186.1 48.2%

42 40 OM Holdings Limited (ASX:OMH) $809.2 $804.3 0.6% 92 86 Adamus Resources Ltd. (ASX:ADU) $272.9 $264.2 3.3%

43 47 Independence Gold NL (ASX:IGO) $798.4 $677.2 17.9% 93 85 Kingsrose Mining Limited (ASX:KRM) $270.2 $269.3 0.3%

44 46 Sundance Resources Ltd. (ASX:SDL) $785.9 $677.5 16.0% 94 93 Gold One International Limited (ASX:GDO) $270.1 $233.8 15.5%

45 45 Grange Resources Limited (ASX:GRR) $783.4 $708.5 10.6% 95 92 Cape Lambert Resources Limited (ASX:CFE) $256.6 $234.7 9.3%

46 44 Mirabela Nickel Ltd. (ASX:MBN) $776.7 $722.0 7.6% 96 102 Deep Yellow Ltd. (ASX:DYL) $253.3 $197.0 28.6%

47 54 Mantra Resources Limited (ASX:MRU) $755.2 $545.7 38.4% 97 96 Iron Ore Holdings Limited (ASX:IOH) $232.9 $213.9 8.9%

48 53 Intrepid Mines Limited (ASX:IAU) $715.9 $548.3 30.6% 98 103 Orocobre Limited (ASX:ORE) $221.6 $186.7 18.7%

49 48 Mineral Deposits Ltd. (ASX:MDL) $698.0 $633.7 10.1% 99 100 Berkeley Resources Ltd. (ASX:BKY) $220.2 $202.9 8.5%

50 49 Regis Resources Limited (ASX:RRL) $678.2 $623.1 8.8% 100 98 Tanami Gold NL (ASX:TAM) $219.2 $211.4 3.7%

Includes ASX Resource companies excluding oil and gas

NOVEMBER 2010

3

new enTrAnTS - ocTober eXiTS - ocTober117 Atlantic Ltd (ASX:ATI)130 Aspire Mining Limited (ASX:AKM)133 Elemental Minerals Limited (ASX:ELM)136 Nyota Minerals Limited (ASX:NYO)138 Macquarie Harbour Mining Limited (ASX:MHM)145 Chesser Resources Limited (ASX:CHZ)146 Kentor Gold Limited (ASX:KGL)

Based on market capitalisation as at 31 October 2010 vs 30 September 2010

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

Oct Sep Company 31-Oct-10 30-Sep-10 Change Oct Sep Company 31-Oct-10 30-Sep-10 Change

101 89 Flinders Mines Limited. (ASX:FMS) $218.4 $245.7 (11.1%) 126 112 Golden West Resources Limited (ASX:GWR) $140.2 $156.4 (10.4%)

102 105 Tiger Resources Ltd. (ASX:TGS) $217.7 $181.8 19.7% 127 137 Bendigo Mining Ltd. (ASX:BDG) $140.2 $107.0 31.0%

103 97 Platinum Australia Limited (ASX:PLA) $211.9 $213.6 (0.8%) 128 123 Norton Gold Fields Limited (ASX:NGF) $137.1 $134.3 2.1%

104 108 Red 5 Ltd. (ASX:RED) $210.4 $161.3 30.4% 129 127 Red Hill Iron Ltd (ASX:RHI) $135.7 $126.0 7.7%

105 94 Ramelius Resources Ltd. (ASX:RMS) $209.8 $228.8 (8.3%) 130 191 Aspire Mining Limited (ASX:AKM) $134.1 $59.6 125.0%

106 129 Northern Energy Corporation Ltd (ASX:NEC) $208.0 $122.0 70.5% 131 122 Astron Ltd. (ASX:ATR) $132.8 $137.3 (3.3%)

107 124 Marengo Mining Limited (ASX:MGO) $199.5 $129.3 54.3% 132 125 Robust Resources Limited (ASX:ROL) $131.9 $125.7 4.9%

108 101 Sylvania Resources Ltd. (ASX:SLV) $199.4 $208.2 (4.2%) 133 159 Elemental Minerals Limited (ASX:ELM) $128.1 $83.6 53.2%

109 120 Guildford Coal Limited (ASX:GUF) $198.0 $136.8 44.7% 134 142 Stanmore Coal Limited (ASX:SMR) $127.5 $102.5 24.4%

110 111 BC Iron Limited (ASX:BCI) $196.3 $158.2 24.1% 135 138 Noble Mineral Resources Ltd. (ASX:NMG) $123.1 $106.3 15.8%

111 119 Greenland Minerals and Energy Ltd (ASX:GGG) $194.1 $137.7 41.0% 136 157 Nyota Minerals Limited (ASX:NYO) $122.3 $125.1 (2.2%)

112 106 Alkane Resources Limited (ASX:ALK) $193.0 $173.1 11.5% 137 139 Toro Energy Ltd (ASX:TOE) $120.6 $106.1 13.7%

113 117 Hunnu Coal Limited (ASX:HUN) $185.1 $143.4 29.1% 138 - Macquarie Harbour Mining Ltd (ASX:MHM) $119.6 $50.8 135.4%

114 107 Exco Resources Ltd. (ASX:EXS) $181.9 $171.5 6.1% 139 133 Centrex Metals Limited (ASX:CXM) $119.5 $116.3 2.8%

115 113 Nucoal Resources NL (ASX:NCR) $181.8 $152.5 19.2% 140 130 Dragon Mining Limited (ASX:DRA) $118.0 $121.7 (3.0%)

116 144 Continental Coal Limited (ASX:CCC) $177.1 $137.6 28.7% 141 135 IMX Resources Ltd. (ASX:IXR) $117.1 $113.2 3.4%

117 - Atlantic Ltd (ASX:ATI) $168.8 $52.2 223.4% 142 149 Sihayo Gold Limited (ASX:SIH) $116.1 $97.5 19.1%

118 118 Azumah Resources Ltd (ASX:AZM) $161.3 $140.3 15.0% 143 126 Magma Metals Ltd. (ASX:MMW) $113.5 $125.2 (9.3%)

119 115 Mungana Goldmines Ltd (ASX:MUX) $153.1 $150.7 1.6% 144 134 WPG Resources Ltd (ASX:WPG) $112.0 $114.4 (2.1%)

120 109 FerrAus Ltd. (ASX:FRS) $152.2 $161.1 (5.5%) 145 174 Chesser Resources Limited (ASX:CHZ) $108.3 $70.4 53.8%

121 121 Chalice Gold Mines Ltd. (ASX:CHN) $151.0 $135.2 11.7% 146 164 Kentor Gold Limited (ASX:KGL) $106.7 $80.6 32.4%

122 147 Jupiter Mines Ltd. (ASX:JMS) $149.5 $98.0 52.6% 147 132 Resource Generation Limited (ASX:RES) $106.0 $116.9 (9.3%)

123 116 Alliance Resources Ltd. (ASX:AGS) $146.7 $146.7 0.0% 148 143 Morning Star Gold NL (ASX:MCO) $104.5 $101.9 2.6%

124 110 Focus Minerals Limited (ASX:FML) $146.0 $160.3 (8.9%) 149 128 Talisman Mining Ltd (ASX:TLM) $103.4 $123.1 (16.0%)

125 114 Hillgrove Resources Ltd. (ASX:HGO) $144.8 $152.1 (4.8%) 150 140 Thundelarra Exploration Ltd. (ASX:THX) $103.2 $105.7 (2.4%)

Group 150 LeAderS And LAGGerS - mArkeT cApiTALiSATion performAnce - ocTober

Leaders Laggers

Source: Capital IQ

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

Reed Resources Ltd. (ASX:RDR)Australasian Resources Ltd (ASX:ARH)Crescent Gold Limited (ASX:CRE)Citigold Corporation Limited (ASX:CTO)Bathurst Resources Ltd (ASX:BTU)Terramin Australia Ltd. (ASX:TZN)Kangaroo Resources Limited (ASX:KRL)

Group 150

4

Group 150 SecTor mArkeT cApiTALiSATion - ocTober

merGer & AcquiSiTionS - Announced in ocTober

Date Announced Target Acquirer Value

(A$m)

Percent Sought

(%)

Premium - 1 Day Prior

(%)

Premium - 1 Month Prior

(%)

Consideration Offered

25-Oct-2010 Laguna Resources NL (ASX:LRC) Kingsgate Consolidated Ltd (ASX:KCN) 22.4 100 33.7 82.3 Equity

25-Oct-2010 Citadel Resource Group Ltd (ASX:CGG) Equinox Minerals Ltd. (ASX:EQN) 1,204.0 100 19.7 32.1 Combinations

20-Oct-2010 Dominion Mining Limited (ASX:DOM) Kingsgate Consolidated Ltd (ASX:KCN) 370.2 100 33.0 44.6 Equity

12-Oct-2010 Copper Strike Ltd. (ASX:CSE) Kagara Ltd (ASX:KZL) 14.2 99 15.8 37.5 Cash

8-Oct-2010 Northern Energy Corp Ltd (ASX:NEC) Arkdale Pty. Ltd. 183.2 95 34.5 70.5 Cash

Source: Capital IQ Announced Australian Resources (excluding oil and gas) Mergers and Acquisitions >A$10m

Group 150 mArkeT cApiTALiSATion

ASX indeX performAnce - ocTober

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NOVEMBER 2010

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Sep-1990 Jan-1994 May-1997 Sep-2000 Jan-2004 May-2007 Sep-2010 Jan-2014 May-2017 Sep-2020

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Copper (A) LME stockpiles Copper LME (Nominal) Foward Curve (USc/ln)

Forward Curve

copper – A beLLweTher meTALDuring October we witnessed a resurrection in resource sector M&A, with a particular special shine on copper. Activity in the sector included Equinox’s offer for Citadel, Kingsgate’s offer for Laguna and Kagara’s offer for Copper Strike and Perilya’s offer for GlobeStar Mining, as well as Sandfire and LS-Nikko mutually agreeing to terminate the heads of agreement. While both primary and secondary copper supply remains constrained, we would not be surprised to see this level of M&A activity continue.

Copper finished the month at US$8,225/t, up 26% from US$6,515 at 30 June 2010. Global copper market fundamentals remain strong with China currently consuming ~40% of the world’s copper production while only holding ~6% of the worlds reserves domestically.

Market commentators consider of the base metals, copper has the best fundamentals, with the markets forecast to move to a deficit in CY2011 and hence support the copper price for the 1 - 2 years.

The charts below provide an overview of the copper market and relative market rating of the ASX listed copper peers.

Source: Gresham, Company ReportsSource: IRESS, Company reports. Trading as at 1 November 2010. Net Debt (for Enterprise Value calculation) taken as at 30 June 2010 with the exception of Aditya Birla Minerals (31 March 2010 ) and Hillgrove (31 July 2010)

20 Year Relative Movements & Copper Forward Curve

Cu Resource (billion lb)

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Additional bar represents cost of near term “committed” development expenditure

Group 150

6

Group 150 - “mrrT impAcT” - bASed on projecT/S LocATion

Only 148 companies in October, September and August data set as Astron Resources and Guildford Coal were new IPO’s during the periodOnly 149 companies in July data set as Guildford Coal was new IPO’s during the period

Monthly Performance Overseas Domestic Overseas/ Domestic Total

End of October

Spread of "Group 150" by Project/s Location 53 77 18 148

- Simple Average Return 74.1% 55.5% 99.5%

End of September



End of August



End of July



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While the MRRT remains a potential impost for the domestic resources sector, we have witnessed a resurgence of risk capital returning to the resources sector. Numerous miners have executed successful capital raisings in the past 2 months as the risk appetite of investors has improved. West African gold and companies with offshore coal projects have been the major beneficiaries of recent equity raisings. During October both Paladin and Western Areas refinanced corporate bonds to extend the debt maturity profiles.

The average market value of domestic focussed companies since the proposed MRRT was announced has increased 55.5% compared to international focussed peers increasing by 74.1%. Global diversified companies have increased in value by nearly 100% during the same period.

NOVEMBER 2010

7

Share Price Performance - October 2010

Share Price Performance - Since 30 June 2010

Share Price Performance - Since 1 Jan 2010

bASe meTALS - SecTor performAnce

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Copper Nickel Zinc

Group 150

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coAL - SecTor performAnce

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NOVEMBER 2010

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diverSified - SecTor performAnce

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induSTriAL minerALS - SecTor performAnce

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Group 150

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GoLd - SecTor performAnce

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NOVEMBER 2010

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iron ore - SecTor performAnce

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Group 150

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urAnium - SecTor performAnce

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NOVEMBER 2010

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conSenSuS commodiTy price forecASTS - ocTober

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)

Tin (US$/lb) Uranium (US$/lb)

AUD:USD NYMEX (US$/bbl)

$1,340 $1,313 $1,250 $1,150 $1,084

$0

$500

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$2,500

Spot 2011 2012 2013 2014

$23.84$20.13 $20.00 $19.81 $18.32

$0$5

$10$15$20$25$30

Spot 2011 2012 2013 2014

$3.78 $3.67 $3.91 $3.65 $3.80

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

Spot 2011 2012 2013 2014

$10.48 $10.40 $11.02$9.60 $9.25

$0.00

$4.00

$8.00

$12.00

$16.00

Spot 2011 2012 2013 2014

$1.13 $1.07$1.19

$1.02 $1.10

$0.00

$0.50

$1.00

$1.50

Spot 2011 2012 2013 2014

$1.14 $1.07 $1.17$0.98 $1.00

$0.00

$0.50

$1.00

$1.50

$2.00

Spot 2011 2012 2013 2014

$11.91$9.69 $8.70

$6.80

$0.00$2.50$5.00$7.50

$10.00$12.50$15.00

Spot 2011 2012 2013 2014

$52.50$62.00 $60.00 $60.00

$0

$25

$50

$75

$100

Spot 2011 2012 2013 2014

$0.97 $0.95 $0.87 $0.85 $0.80

$0.00

$0.25

$0.50

$0.75

$1.00

$1.25

Spot 2011 2012 2013 2014

$81.50 $84.00 $93.00 $105.00 $95.00

$0

$50

$100

$150

$200

Spot 2011 2012 2013 2014

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.

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 IAMGOLD Corporation on its $265m acquisition

of Gallery Gold.

Advised Gem Diamonds on its

$300m acquisition of Kimberley Diamonds.

Advised Polaris Metals NL on

$178m takeover offer by Mineral

Resources Limited.

Advised Tethyan on its $220m

competing takeover offer by Crosby and Antogafasta/Barrick.

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.

2010

2010

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

2009

Advised Indophil on $545m

recommended offer from Zijin

2010

Advised BHP Billiton on the disposal of the Yabulu Nickel

refinery.

2009

Advised Allied Gold on its $54m

acquisition of Australian

Solomons Gold.

2009

Advised Brandrill Limited on its

$45m takeover offer by Ausdrill

Limited.

2009

2008

Advised Kalahari Minerals on its

$140m proposed merger with

Extract Resources.

2008

Advised Centaurus

Resources on its $20m merger

with Glengarry Resources.

2010

2009/08

2008

Advised Summit Resources on its

A$1.2bn takeover by Paladin Energy.

2007

2008

2006

2007

2008

Advised Guandong Rising on its $216m

cornerstone investment in Pan

Aust.

GRAM2009

Advised Energy Metals on its $86m

proportional takeover offer by China

Guangdong Nuclear Power Group.

2009

Mergers and Acquisitions

Takeover Defence

Strategic Advisory, Joint Ventures and Capital Markets

recenT reSourceS TrAnSAcTionS

Takeover Defence

Strategic Advisory, Joint Ventures and Capital Markets

Mergers and Acquisitions

gresham "group 150" - november 2010

Business