Global Mining Investing $69.95, 2 Volume e-Book Set. Buy here.
Author, Andrew Sheldon

Global Mining Investing is a reference eBook to teach investors how to think and act as investors with a underlying theme of managing risk. The book touches on a huge amount of content which heavily relies on knowledge that can only be obtained through experience...The text was engaging, as I knew the valuable outcome was to be a better thinker and investor.

While some books (such as Coulson’s An Insider’s Guide to the Mining Sector) focus on one particular commodity this book (Global Mining Investing) attempts (and does well) to cover all types of mining and commodities.

Global Mining Investing - see store

Click here for the Book Review Visit Mining Stocks

Download Table of Contents and Foreword

Friday, December 05, 2008

SMH highlights poor ASX disclosure compliance

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About 6-8 months ago I drew attention to the poor state of disclosure for ASX stocks, particularly the smaller stocks that the ASX could not be bothered with. It strikes me as ludicrous that the ASX, an exchange operator and private company would be charged with responsibility for regulating company announcements. I've had a bad time because of poor disclosure going back many economic cycles...it has always been the same deal. ASX self-regulation, and from ASIC 'lack of resources'. They used to say the same about the police, or the police would say about themselves. My experience includes:
1. Matrix Resources - operated for 8 months without any news on excessive mining costs
2. Gleneagle Gold - understated mining costs, downplayed issues
3. Minotaur Resources - huge opportunity cost for me because I bought this stock (14c) & option (5c) to watch them go to $2.40 several months later because they discovered the size resource I had expected. Would have made me a millionaire. I sold because after 3 months I figured they didn't find anything...but no...they had time to drill a 700m hole and not report the fact that they had encountered any mineralisation until the results were in. Compare that with the oil industry's policy. They practically tell you every metre of progress. Newsworthy? I'd say so. A $3mil company might be worth $2 billion.
4. Matilda Resources - this was another stock that promised a lot and didn't convey or account for its lack of results.

This article from the ASX highlights some more incidents by companies doing what they do best - ignoring the interest of shareholders. They all do it to some extent. Are they custodians of shareholder interests, or some interests at the expense of others. There is a minefield of issues that have to be investigated, including announcements, the content of announcements, secret deals, director equity divestment & trading, use of short selling. There is room for self-serving conduct through CFD platforms in the like which I suggest are not even monitored, and easily avoided.
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Andrew Sheldon www.sheldonthinks.com

Sunday, November 30, 2008

Gold stocks - emerging producers

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One gold stock I have been watching lately is Perseus Mining. It has 2 attractive gold projects in Africa that are generating very attractive drilling results. In this market the company is having a lot of trouble gaining funding. Its probable it will be taken over at some point, and a capital raising will likely provide the opportunity. They still need funds, and the weak AUD has just made things that harder.
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Andrew Sheldon www.sheldonthinks.com

Saturday, October 25, 2008

Lihir Gold (LGL)

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So what's good in gold stocks?
I would suggest in this first phase we want to be investing in mature gold producers with a significant resource base and output. We are looking at pure gold producers. Lihir Gold was particularly attractive when oil prices were high because although it was off-grid, it was generating geothermal energy. With oil prices at $US62/barrel, it has lost that cost advantage. I have not done any research on this company, but because its a mature mine, its likely to be a little bit more pricey (unit cost per ounce wise) now because its a deeper mine, but that's ok because gold prices are going to do very well. The appeal is that it is likely to be higher unit cost, its an estblished producer and its close to support levels. I will follow up with further readings. The other good news is that its no longer a one-mine company. It is taking steps to diversify. Our target entry price on this stock is $1.36, but place your order because I think it will not close at those levels.
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Andrew Sheldon www.sheldonthinks.com

Gold stocks people...gold stocks...in this closing Oct week

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Gold prices have come off a bit over the last few months. This might scare a few people, but actually its only positioning gold stocks for a very strong rally. Consider that since the $A is trading at $0.6236, the gold price in $A terms is $1230/oz, that's significantly higher than any prices we saw when gold prices hit their low of $745/oz, and the $A was in the 0.90s. The difference this time is that there is no immediate reason to think that the $A will fully recover because the $A is foremost a diversified minerals producer. So weak base metals and weaker coal & iron ore prices after those commodities are re-contracted in April will mean a subdued $A, which means FANTASTIC metal prices in Australian dollar terms, particularly gold, silver and platinum. We don't have much silver and platinum, but we have a significant amount of gold, so gold stocks hit by the equity market sell off are going to make a lot of sense.
Interested in gold stocks - check out my reports.
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Andrew Sheldon www.sheldonthinks.com

Wednesday, October 08, 2008

Never a better time to buy precious metal stocks

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Now is the time to buy gold, silver and platinum stocks. The question is which one. Today and tomorrow are your best days to buy, even though gold might not break out of its consolidation pattern for another few weeks. It will break out, either up or down, and there is no way its going down. This type of chart pattern suggests it will make a move to $1400/oz. See my early post on this, and for information on the types of stocks you should be buying, take a look at my report.
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Andrew Sheldon www.sheldonthinks.com

Tuesday, October 07, 2008

Pan Australian (PNA.ASX) close to buy

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PNA is close to an entry point. This company controls a recently opened copper-gold mine in Laos. The project is a large mine. Copper prices have been hit hard by recent economic weakness, and the collapse of the metal price complex. I do believe we are close to a point of support. Stocks like PNA will offer good trading off their lows, though I would only be looking at gold stocks to offer sustained upside. They have been suffering too because of broader asset deflation, but they will come good. We saw in the 1970s that gold prices fell 50% before they put in a glorious rise. Gold prices are performing fine. I think we have to wait for asset deflation to finish before we see increases. So PNA looks like a good buy at 36c, though it might fall as low as 30c in any days trading. I think we will be looking at another bad day on Wall Street on Weds night, followed by a recovery Thurs.
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Andrew Sheldon www.sheldonthinks.com

Monday, October 06, 2008

Mincor Resources (MCR.ASX) at $1.00

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Mincor finally reached $1.00. In fact I was able to pick up some at 97c. Generally stocks will approach a support, and might not even touch or pull up short of target. Two weeks ago Mincor reached $1.03 before rallying to $1.35. Recent weakness brought them back to $0.93 this morning, but they look like closing today well up from their low, and likely above $1.00. I am expecting a stronger Dow overnight. In fact a strong week.
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Andrew Sheldon www.sheldonthinks.com

Wednesday, September 17, 2008

Mincor Resources (MCR.ASX) wait for $1.00 entry

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Mincor is getting very close to my preferred entry price. One wonders if it will ever get there. Market sentiment is pretty bad, but as I break apart these arguments that say we are headed for another Great Depression, I continue to maintain that the market is not at that point yet. I believe that there is another rally in this market.
The fundamentals for Mincor look very good. Firstly the company produces 16,500 tonnes of nickel concentrate, it controls a large mine which is generating good cashflows, even if nickel prices are falling. There are some salient features:
1. The company last year generated earnings of $64 million, or around 16c per share, so at $1 share price thats a yield of 16%, before consideration of the nickel price falls since.
2. Nickel prices have bottomed based on my technical analysis. They have fallen to a solid support level
3. The company is under-geared. They have no debt, and $112 million in cash despite having capital expenditure requirements of around $36mil per annum for their Mittal mine. This means that their capital resources are under-utilised
4. The company is is a very good position to make an acquisition, or itself be the target of an acquisition. The share register is open. J.P. Morgan is the largest shareholder at 12%. From its perspective, there could not be a better opportunity to invest in this company, both for its nickel production assets, its strategy, plus the promise of using its $112 million cash kitty.
5. The mine has a good mine life expectancy, and the company is increasing resources

I will generate more analysis on this company over time.
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Andrew Sheldon www.sheldonthinks.com

Tuesday, September 16, 2008

Precious Metals Australia (PNA.ASX)

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Precious Metals Australia (PMA.ASX) has positive exposure to two of the better metals in the market - copper and gold. More importantly, as the company moves closer to mining its Laos mining project it has been sold off along with the broad market. This stock will offer a very good market entry as it drops down to support between 47-50c.
Its probable that the collapse of AIG will provide the impetus for the market after the recent collapse of Fannie & Fred Mae, the absorption of Merril Lynch, and the collapse of Lehman Bros. Interestingly a Macquarie Bank executive told me about the problems with Lehman a month ago, so its interesting how slow things unfold. So much for market disclosure.
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Andrew Sheldon www.sheldonthinks.com

Sunday, August 17, 2008

Red 5 - little progress made

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Looking at the cash balance of Red 5, its readily apparent that little progress has been made to develop a mine. I dare say the reason is the lack of skilled labour in the Philippines to carry out projects. Why? Well a lot of the miners in the Philippines might be experiencing a loss of staff to countries like Australia, Canada and elsewhere. They still have $30mil in the bank. A current capitalisation at $39 millio, gives a market value of just $10 mil for the gold project. Very attractive financially. The problem however is that they will need to look like they are doing something, which means spending money on exploration. It will take years for the shortage of geoscientists, plant and materials to be corrected.
So they will spend down that money on exploration, so in 2 years they will be doing another capital raising to replace lost funds, as well as extra funds to correct the shortfall caused by inflation, so say they have $20mil, then they will likely need to raise another $15-20mil, at a time when their share price is 4c. That means another 375 million shares of dilution (to raise $15mil) minimum. That will send their issued capital to over 1 billion shares. Not a compelling investment story at this time. I would come back and have another look in 18 months.
Sorry to the investors who are being lead astray by the high commodity prices and the 'promise' of attractive projects. The issue is scale. But even the large scale projects are going to struggle unless they are already in production. Commodities are going to do very well in future, partially carried by costs, partly by tight supply. The solution of course is to trade commodities for the time being, and switch back into miners at some point in future.
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Andrew Sheldon www.sheldonthinks.com

Thursday, July 31, 2008

Why mining stocks make less sense

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One of the prices you pay for living overseas is the lost access to information. Its apparent to me that spec mining companies are facing considerable problems commissioning mines. Serious problems securing technical staff and retaining them. The mining industry does not talk about it knowing that it will impact on their share prices. Things just get delayed indefinitely. So their share prices continue to sag. It is the larger companies which are able to attract the best staff, and small mining companies are left with poorly trained foreigners. I see the signs for geologists in the windows of recruiting agencies in the Philippines. Its a global problem and large companies are best positioned to ride it out. Those sectors attracting most of the people are those commodities with high prices and large scale projects. These include oil & gas, uranium, coal, iron ore, alumina and gold. For these reasons I would not be investing in specs for the next few years. I will not be closing down this blog, but I will be focusing on potentially large scale projects which have the capacity to attract foreign funding and good staff. eg. MLX, WVL.
I would advise people to focus on the larger companies and commodities trading, whether through futures, options or CFDs for exposure to this sector. I actually saw this problem emerging back in 2005, but I must say I did not appreciate the severity of it. The reason of course is because I'm not on the ground doing field visits any more, and only reading Australian newspapers online. My father was telling me Australia needs 20,000 mining engineers, but only has 6,000. I guess that is a forecast for the next 5 years, but its implications remain clear. Small scale mining will be starved of funds and staff. A project that would normally take 2 years to commission will take 7 years and 3 times the cost at the small end of the market.
These small companies will not say why they are being undervalued but that is the reason. I thought the credit squeeze was raising risk premiums, but its for the most part the tight labour market. For example RED 5 raised $35 million for its project funding, yet you don't see any evidence that they are performing any construction work. On the country, I get the impression that they are more likely holding back information, so they can put a nice drill intersection announcement in their quarterlies. Its all delay tactics. In the meantime share prices keep tumbling and they have to go back to the market for more funds. Also you can't trust the quality of the work performed by these companies. They are using people that would not otherwise get a job in a weaker market. I don't see things improving for years. That is why fund managers are so keen on commodities despite a subdued outlook, even the industrial commodities are looking good. Its just just a speculative bubble, supply is very tight. The tightness runs right up the supply chain. It does not help that you have geoscientists opting to take lifestyle choices at a time of tight supply, by choosing to set up their own company rather than be a salary man. I think a lot of these small companies will merge. This is paradoxical because prices are high. Serious inflation ahead is not going to help.
I was just about to buy a lot of AAM because they are finally talking about building a treatment plant. They have $5mil in cash, $1 billion of gold in the ground, thats $10mil value for a $1bil of gold, but lets not forget the costs, delays, plant constraints to get it out, and heaps more capital raisings. When you consider these issues, I think this mine is not going to be commissioned for another 4-5 years, and they will be good buying around 3c. We live in faith because the dynamics of this market are like nothing we have seen in the past. Living overseas I was blind to it. Really it will be some time before money is made in this market. There is a huge backlog of critical plant as well, even if you could get your plant designed. This of course doesn't stop you from trading these stocks.
Commodities trading is the way to go. Unfortunately that limits you to palladium, platinum, copper, nickel, lead, zinc, tin, alumina, aluminium, gold and silver. Agricultural commodities too. Countries around the world are going to pay a price for their lax land utilisation in future. The Philippines and IndoChina would have to be the worst offenders. These countries seriously need to open up their land sectors. Anyone interested in farming in the Philippines Property Report. A day away from completion!
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Andrew Sheldon www.sheldonthinks.com

Thursday, June 19, 2008

Matrix Metals (MRX) set to rally

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I am expecting a good rally in Matrix in the near-term, so I bought some at 6.8c yesterday. The compelling reasons for the rally will be:
1. The near-completion of the capacity expansion. The company is expanding copper production by 60%, at nominal capital cost.
2. The company is also drilling a VERY attractive anomaly, and I am expecting good results from that, and I dare say the market will be as well.

The negatives driving this stock down are the weaker global economy, which is of course impacting on the copper price outlook. The other point of weakness is the strong $A. We can expect the $A to remain strong as well since the RBA has to contend with the inflationary impacts of those strong capital inflows.
I am looking at minimum for a rally up to around 8c, though depending on the results it might do even better. It will take time to boost reserves. I think this is a good long term stock, but this is a market to trade it rather than invest in it.
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Andrew Sheldon www.sheldonthinks.com

Tuesday, June 10, 2008

Weaker market for the next few weeks

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I take the few that there will be a significant shake out of spec stocks in the next few weeks as we close out the tax year. We can expect people to take their losses so that they can apply them in future years. This applies particularly to fund managers. I also think the prospect of rising interest rates will impact on stocks before its underlying motive (higher inflation) justifies higher prices for gold stocks.
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Andrew Sheldon www.sheldonthinks.com

Thursday, May 22, 2008

Trading - a moment of reflection

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Traders will have made a nice profit in recent weeks. Several stocks recommended in recent times have performed nicely. Metals X (MLX.ASX) and Windimurra Vanadium (WVL). Pike River Coal are doing ok as well, and you might be inclined to sell those too, since they are metallurgical rather than thermal coal, though there is more upside if you want to wait until after the end of the tax year (Jun 30th). The reality is metallurgical coals are always going to be in tight supply since they are not very abundant. I also believe Pike River Coal is a possible takeover target. Its not a natural investment for its parent company, and the recent IPO might be a precursor to a sale of the parent's stake.
My focus is on the gold & silver stocks, though I like some stocks in other metals, eg. Nickel. Red 5 has started to move, up about 30% in the last few weeks. A1 Minerals too is starting to stur, though I feel this stock could have delays entering into a toll treating agreement. Hard to know when a deal will be done here.
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Andrew Sheldon www.sheldonthinks.com

Aviva Corporation (AVA.ASX)

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Anyone who reads my analysis of new IPOs on the ASX will still be shuddering from my comments on the various coal floats on offer. Not that they are all bad. The problem is they are a ‘flash in the pan’, profiting from the current high coal prices. There are some decent new floats out there like Pike River Coal in NZ. The other opportunity is a coal-power stock Aviva Corporation. Canadians might actually prefer their competitor for this independent power tender - CIC Energy, listed in Toronto. Their project is also experiencing delays, but is more advanced. Given the power shortages in Botswana and South Africa – its more than likely both projects will eventually proceed. Eskom is really playing catch-up.

There are power outages and new projects are hungry for power supplies. Just to highlight how bad the countries power shortages are: “Free State farmers were on Thursday asked by Eskom to cut their power consumption by 10%, mainly during peak hours”. "Power supply in both countries remains very tight. Regular load shedding and reduced supplies are forecast to continue for the next 5 years. Not a great state of affairs in a minerals boom for a major commodities exporter.

Another problem for miners in Southern Africa is the high Rand. This might actually cool new mining capacity. This and the constrained port export capacity, mean that there should also be ample short term coal for domestic power production. But new power stations need to be built on sustainable supplies of low grade coal which don’t have export potential. Low grade means high water, high ash coal that requires washing and can only be transported short distances. These types of projects offer captive, cheap coal supplies because they barely have an alternative market. In these tenders coal supply and power station development and management is being offered as a single contract.

Both CIC Energy of Canada and Aviva Corp of Australia are front-runners for power purchasing agreements which would help underwrite the financing of their combined 1500MW power stations based on their own delineated coal supplies. See Article A2. Aviva has outlined a 1 billion tonne resource, though the coal will require washing to reduce ash to 30%.

CIC Energy is actually proposing a larger 5,000MW project based on Botswana's Mmamabula coal field. CIC has agreements in principle to supply power to both Botswana and South Africa, but negotiations have snagged over the price of the power, the cost of the project and engineering constraints.

One gets the impression that Eskom is delaying the bidding despite political pressure to ensure it attracts competitive bids from several consortia. It has a large amount of capacity to negotiate with. I am wondering if Aviva is a serious bidder for early development, or whether it might be delayed. For security of supply reasons I think both parties will be winners, it’s just that the more competitive bidder will secure more capacity. Reading its ASX announcements “The drilling campaign is expected to be completed by the end of August, with final coal quality test results expected by the end of October”. CIC Energy is also struggling securing power plant components, so there is some scope for delays. Last week, CIC Energy announced that the schedule for the Mmamabula project would be delayed by about six months. It said strong demand for power plant builds, and the prevailing engineering resource constraints, were increasing lead times for power plant equipment and construction services. So CIC is also facing delays. See Article 1 and Article 1A. For info on the competitor see Article 2.
Source: Article 3. If you read the following statement you will get the impression that Eskom is between a rock and a hard place in its current coal procurement negotiations – see article 4.

Aviva has the advantage I suggest of exposure to another promising project - a proposed coal-fired power station in Western Australia where the arguments are even more compelling. This exposure might however be of concern to Eskom. Aviva has 118mil shares on issue at 87c = $100mil, plus $22mil in cash reserves. Major shareholders already control 83% of the company’s stock.
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Andrew Sheldon www.sheldonthinks.com

Wednesday, May 14, 2008

Profiting from the next gold boom

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You might be asking yourself how high is the gold price going to go. I recall years ago (around the year 2000) people saying that gold would never recover from $290/oz, that there was just no use for the metal. Since the gold standard had been abandoned, what were all the central banks to do with gold. I think there are a number of problems with this argument:
1. Gold has been a monetary unit for 5000 years
2. Just because governments have abandoned gold, it does not mean people have. In fact I would suggest any attempt by the central banks to abandon gold just makes it more valuable.
3. No other commodity shares gold's characteristics - silver comes close, but gold 'shines' because any years production or consumption is a fraction of total inventories, making pricing of the metal more stable. The speculative demand for gold today is really just because central bankers dont play homage to gold.
I produced this report to provide an analysis of where I think gold prices are heading, and the timetable for the gold boom. I have used several indicators to outline where I think gold is heading. Further details here.
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Andrew Sheldon www.sheldonthinks.com

Wednesday, May 07, 2008

New service - information

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Just a notice for those who may not have realised.
I have provided a complete list of Australian Stock Exchange listed companies involved in basic materials (including metals & mining) at the bottom of this blog. It provides details on:
1. Company name
2. ASX Stock Code
3. Sector, eg. Metals, Energy, Building
4. Specific materials they pursue, say U (uranium), W (tungsten), Sn (tin), Au (gold)
5. Stage of development, eg. Exploring, emerging (identified commercial target), construction, production, mothballed
6. Location - this lists the countries or states in which they have an interest
7. Website - most companies have one

Anyone who purchases an ebook from my website is entitled to a free excel version of this data, so they can add detail to it.
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Andrew Sheldon www.sheldonthinks.com

Tuesday, May 06, 2008

Citadel Resource Group (CGG.ASX)

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This is a company that was listed recently which escaped my attention. It has released some compelling drilling results lately suggesting it is delineating a large-scale resource. The Jabal Sayid project is located in Saudi Arabia. Drilling results include:
- 200m @ 2.5% Cu plus 13m @ 4.9g/t Au (BDH4007)
- 87m @ 1.5% Cu (BDH 4006)
- 34m @ 5.2% Zn and 64m @ 1.4% Cu (BDH4005)
- 39m @ 2.6% Cu (BDH2023)
- 22m @ 2.0 g/t Au (BDH1025)
There is a lot of institutional support for this company and its not hard to understand why. The high grade ore (31Mt at 2.3% copper), large scale of the mine. The recent listing has provided the company with $29mil of working capital. The company is still cheap, but its not compelling value since the IPO has focused attention on the stock. There was also a sizeable vendor consideration to this stock. The project is well advanced with the final bankable feasibility study currently being prepared. Mine commissioning is expected within 4 years. The underground decline is already 4km long (based on 1:9 slope, thats 420m deep). Saudi Arabia has some compelling benefits - there is no personal income tax, only a 20% corporate income tax. Energy costs are very cheap - 15c/litre for diesel and 2.5c/kWh for electricity.
This mine will be a low cost operation. Modelling by the company suggests an operating cost of $0.96/lb copper and a $US300mil plant. Production is likely to be 75,000tpa, increasing to 100,000tpa.
Shares on Issue
480m (listed)
398m (escrowed for 2 years)
247m (CMCI subject to EGM)
1125m Total, so the company has a market value of around $260mil. Based on the long development lead time, I would suggest this company will be trading sideways for a long time. The structure is called a 'channel' and it will eventually break out. Until then they have a lot of money to spend. So trade this stock between 20-30c support-resistance levels.
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Andrew Sheldon www.sheldonthinks.com

North Qld Metal (NQM.ASX)

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North Qld Metal (NQM 60%) and Hermskirk Consolidated (40%) purchased the Pajingo gold mine in Dec'07. The project holds 465,000oz of gold resources. Its currently producing 5400oz/mth, or 62,000oz per annum. The mining cost is $US550/oz. Based on the companies 144mil shares at 29.5c, they are worth $33mil. The company currently has around 5 years of production left with scope to increase it. The company is currently generating $16.7mil in earnings from its 60% stake, giving it a PER of just under 3x earnings. We do however need to consider the short 5-6-year mine life vs the upside in the gold price, and possibly the discovery of additional resources. The $25mil (NQM's share $15mil) acquisition was funded from cash and the issue of shares to Newmont, so NQM currently has no borrowings. The acquisition included a 300ktpa treatment plant, included all surface plant and underground mining equipment plus 830km2 of highly prospective exploration tenements. The company will resume exploration in Jun'08. I can see a small company being able to extract extra value out of this project, plus some added resources, and an increase in the gold price. The company has a NPV of $60mil based on a 12% discount factor, current earnings of $16mil per year for 5 years, or 11.6c earnings per share. I think NQM is worth a trade off its 27c support. Gold is about to move and exploration might yield further upside. I can't see them rising above their previous high of 55c without a significant discovery.
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Andrew Sheldon www.sheldonthinks.com

Leyshon Resources (LRL.ASX or AIM)

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Leyshon Resources (LRL) is dual-listed on the Australian Stock Exchange and Alternative Investment Market (AIM). The stock is currently at support, and given its gold-zinc exposure we can expect this company to attrack some support in coming weeks. LRL is developing a gold-zinc mine in China. The project has not yet been approved, but critical plant components have already been ordered anf negotiations for financing are already underway. The plant will cost $US45 million to develop. The company has cash reserves of $A12.9 million ($US11mil), which will be required for working capital. I would suggest finalisation of the debt financing is imminent. A roughly $15-20mil equity raising could not be far off, with a good share going to institutions. For Paul Atherley's sake I hope the bankers have short memories - one is reminded of the Murchison United (MUR) attempted acquisition of a project in Europe years ago. It didn't quite get there. The company was buried by a currency hedge for its Renison tin project, now controlled by Metals X. Well I guess they all know him :)
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Andrew Sheldon www.sheldonthinks.com

Thursday, May 01, 2008

Gold finally reaches support level $US850/oz

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As forecast several weeks ago, gold has finally fallen back to reach the $US850/oz support level. It will be worthwhile buying I believe at this level, though you can wait for support/consolidation to prove the point. Its a pretty solid level as discussed on my Commodities blog. So now is a good time to get into gold stocks. Long suffering spec buyers should find some joy soon.
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Andrew Sheldon www.sheldonthinks.com

Friday, April 18, 2008

Admiralty Resources (ADY.ASX)

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I first discovered this stock years ago - in 2001 - from memory. I was working for WHI Securities and very much liked the idea of raising capital for the company. The company owned a world-class potash, borax, lithium project in the Atacama Desert of Chile. My boss was against the idea, and last I heard they went off and found capital in the USA. My boss didn't like the manager. I actually thought the executive director was ok, just not the seasoned executive you might expect.
The problem I had with the company was that the company was competing in the international market with salt producers in the US, and since I saw a weaker USD, it was inevitable that they would face alot of competition. Well in the last 5-6 years the USD has totally collapsed. Mind you the company today is a little different since they also have an iron ore project, which I know nothing about, not even its location.
Looking at the chart I think this stock is going to 10c. That may correspond to the low I see in the USD of Y85, or perhaps just further news of softening demand for industrial minerals. Anyway it seems likely that the low in the USD might offer a good entry back into that company, if not a little later.
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Andrew Sheldon www.sheldonthinks.com

Wednesday, April 16, 2008

Metals X Ltd (MLX.ASX) - a favourite

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The price action and the following chart has me thinking that MRX is about to embark on a monumental rally. This company has a world-class nickel project to rival Minara Resources and it has a tin mine in Tasmania at a time when tin prices are reaching new highs of $US21,000/tonne. What is not to like about it.
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Andrew Sheldon www.sheldonthinks.com

Spec stocks are finally coming good

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Well its conclusive, the specs are finally coming good. A number of stocks are challenging their 'subdued' trading ranges. Some major stocks like PNA are breaking out to new highs, whilst most of the specs are wallowing at lows. But now we are seeing them break out of their 'channels', marking their move to higher levels. It was just a matter of time. So I expect the gold, copper, silver stocks to do particularly well over the next few months.
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Andrew Sheldon www.sheldonthinks.com

IPOs -- see my new site

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Hi all, just a reminder to check out my Stag Party IPO website for a critique of the latest IPOs compliments from ASIC....or 'IPdonts' as I prefer to call them. It would be nice to think you could be given the data to make a solid judgement. But read them because I dissect the companies more closely because the data is all there for me. See http://asx-ipo.blogspot.com.
One of the coal stocks described drew my attention back to Pike River Coal, a stock I looked at 6-8months ago. One to watch, now up to $1.25.
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Andrew Sheldon www.sheldonthinks.com

Tuesday, April 15, 2008

Windamurra Vanadium (WVL.ASX)

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My brother was telling me about this company. In fact I have known about this company for some time. Windimurra Vanadium Ltd control a very good vanadium project.
Vanadium metal is an additive used in steel, typically applied as ferro-vanadium. I have not researched it of late, but I can gather what stage it is at from my background and the price action where its at. The stock has rallied to $2.80 in March'06, and since then it has trended sideways in a consollidation channel between $1.50-$2.50. That makes a great range for traders, however its not a buy now, but is in fact likely to challenge its aupport. I see it going back to $1.50. Stocks in these trading channels can go sideways for a long time, but when they finally break out, they do very well. The longer they consolidate, the further they go, whether up nor down. The question is which. Honestly, I dont know. I've not looked at the vanadium market for some time. I doubt doubt prices are high. The issue is whether the industry needs another vanadium supplier given that Xstrata has alot of pricing power. I remember Xstrata acquiring a vanadium project years ago very cheap in the same situation. The market slumped, and they had a right of refusal to develop the deposit. They acquired the project at the bottom of the market. I would tend to be negative on this project, despite its obvious value. Why?
1. Xstrata could play a blocking strategy in the market by increasing capacity, using the forthcoming market weakness to acquire the project cheaply as it did before
2. Its a small market, and I suspect there are other projects around the world.
3. Demand will likely weaken in future, though I think Xstrata is the bigger issue.
The stock does need more research. Reluctant to do it because its not the type of stock to hold for the time. Anyway, it might be worth monitoring the price action.
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Andrew Sheldon www.sheldonthinks.com

Sunday, April 13, 2008

NorthWest Resources (NWR.ASX)

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Here is another stock that is disappointing the market. NWR has plugged from 15c to 10.5c today on the basis of its announcement today that it will need to perform more drilling of its orebody extensions to upgrade its resource. That seems like an over-reaction. The company has $9 million in cash, and the company is capitalised at just $13mil, thats putting just a value of $4mil on its idle treatment plant and 230,000oz of high grade gold that must be worth a quid at $A1000/oz. Most mines go 4-6g/t, but this one is 23g/t. They have several prospective structures. I see the delays as just a sign of the difficulties contracting mine services in the current environment. I am suspicious about this project in several respects:
1. I am accustomed to being disappointed on refurbishments of 2nd hand plants. Is it going to be a case of turning on the electricity, or does the plant require a major overhaul. It strikes me as poor disclosure that such details are not released to the market. The biggestr problem with these plants is rust if they have been using saline process water, as they are inclined to do in the desert. On that basis I am sceptical.
2. Might they have a nuggetty gold effect, where the consultants worry that they might not have as much gold as they think.
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Andrew Sheldon www.sheldonthinks.com

Tuesday, April 08, 2008

Marengo Mining (MGO.ASX) - sell

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This company is developing a billion tonne copper-molybdenum resource in PNG. Drilling into this large deposit reveals that the project has a typical grade of around 0.5% copper equivalent over large widths. These are supported by higher grade material of 0.9-1.3%Cu equivalent over several widths of 2070m. I do have a concern with this project – that is the absence of gold and the lack of homogeneity in the ore grades. Based on drilling results there seems to be a significant depth to the overburden of anywhere between 20-130 metres. For this reason I would be inclined to sell this stock, notwithstanding the potential for neighbouring deposits to offer support in the long term.

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Andrew Sheldon www.sheldonthinks.com

Metals X Ltd (MLX.ASX) - the start of great things

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Metals X Ltd (MLX) rose 10% today - the likely reasons are the strong prices for tin (over $20,000/tonne) and Rentails tin project updates .
The outlook for nickel doesn't look anywhere near as good, but its Australian nickel project promises to be a great performer too when its finally commissioned.
I very much like this stock. The outlook for nickel prices dont look so good, though stainless steel consumption can be expected to be strong in the long term. Timing is the critical issue, so follow the charts because there is alot of leverage to come from a re-rating of this company. Just look at the market capitalisation of Minara Resources (MRE.ASX) and you will get a feel for the upside, notwithstanding the need for a Chinese capital injection.

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Andrew Sheldon www.sheldonthinks.com

Wednesday, April 02, 2008

A new blog specialising in IPOs

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Everyone I have established a new blog which will be used to specifically assess new mining sector listings on the Australian Stock Exchange (ASX). Traders love Initial Public Offerings (IPOs) because of their capacity to deliver significant profits in a small period of time. The task of this website will be to give you some clues as to the best & worst of them.
I also hope to introduce you to some of the factors to watch when you assess these companies.
So please take a look at my latest blog http://asx-ipo.blogspot.com.
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Andrew Sheldon www.sheldonthinks.com

Monday, March 17, 2008

RED 5 Ltd (RED.ASX)

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Part of being a good mining analyst and/or investor is actually acticipating news. So lets consider the news with respect to this company. Red is developing a gold mine in NE Mindanao, the southern island of the Philippines. The area is very prospective, but work has focused on the ore resource below the old pit. Drilling intersections have been very attractive, with even commercial zinc grades encountered at depth. The orebody been tested (SMDD117) to a depth of 900.7m, 200m below the previous deepest intersection of 7m at 11.7g/t and 5.8% Zn near the southern margin of the Resource. Commercial mineralisation was not found suggesting further understanding is required of the deeper ore.
So now the good news:
1. The company is waiting for consultants to complete its Environmental Impact Statement (EIS) which will allow the Philippines government to sign off on it and the mine plan as a condition for the mining license. The need to outsource has taken some time, and rest assured the Philippines government is slow as well. Gloria! Hopefully she hurries up as I'd say she is just about to lose the presidency.
2. The feasibility study was based on a gold price of $US650/oz, thats almost $US400/oz less than the current price. Given my expectation that the gold price is going higher and mining companies have the capacity to lock in future revenues, there is huge upside in the value of this company.
3. In the previous quarter the company was busy drilling to convet 60% of the inferred resource into the 'indicated' category to give it a higher level of confidence.
At the current stock price of 7.5c, the 660 million shares on issue are worth $49.4mil. Considering that the company is sitting on $35mil in cash, you might say they look cheap. Of course those funds are earmarked for capital development, but project feasibility doesn't get much better. At a gold price of $US850/oz the project has an internal rate of return of 84%. I am generally happy if I see a return of >25%.
So you can expect some upside when the company completes its EIS and updates its feasibility study with the new resource figures and a higher gold price. The final good news will be the Philippines government granting mining title.
Post-capital raising I suspect the project NPV is around $250 million, and that ignores the upside in reserves and the gold price. Based on its value of $50mil, the stock appears to be exceedingly undervalued given it will be mining in 18mths - subject of course to mine title being granted in a reasonable time period.
Looking at the weekly stock chart we get the sense that that this stock is in a channel, but looking back over 1o years on the monthly chart we can see that there is in fact an uptrend. Both charts provide confidence in the 7c support level.
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Andrew Sheldon www.sheldonthinks.com

Dioro Exploration (DIO.ASX)

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Dioro is not my favourite stock but its one worth keeping an eye on. The problem it has is that its always operated on a small gold inventory, and its always held a minority stake it its Frogs Leg project in WA. I think it recently purchased the Hampton Hill gold mine with 3 years reserves left. It also intends to increase reserves. I always see this stock has having trouble getting ahead. The capital raising to fund exploration after 5+ years of production being a case in point. But yes, you can expect this company to finally get ahead, but its not my favourite entry. At the very least it makes sense to wait for a better entry.
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Andrew Sheldon www.sheldonthinks.com

Austindo Resources (ARX.ASX)

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This company has had its share of problems, though it is likely to get a re-rating as it moves towards production. I cant imagine the developing heading is more than a few hundred metres away from gold production, so patient investors should hang in there. I can see this stock reaching previous resistance at 3.5c in about 18mths time if the stock is not beset by further problems. That is unlikely I think given that lessons should have been learned.
This is a stock for patient investors but it will get there. It is not coincidence that there is a certain symmetry to this pattern. My experience tells me that such patterns tend to be followed. All psychological I dare say, but the facts do support this movement, as will a stronger gold price. See my gold price forecast. I will update soon!
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Andrew Sheldon www.sheldonthinks.com

Bendigo Mining (BDG.ASX)

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Bendigo Mining is good to break out this week. I recommended this stock on the 26th Feb, because it had reached a support. Since then it has gone sideways. It is very close to breaking out, and a breach of 35c should be confirmation for it to gather momentum.
I am expecting this stock to rally to 42c resistance, then I expect it will settle back to support at 37-39c. Should be a good trade. The weekly chart gives me even greater confidence in a breakout. Current price is 32c.
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Andrew Sheldon www.sheldonthinks.com

CBH Resources (CBH.ASX) good trade

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CBH Resources is looking very good for a trade off the current support level. There is upside to 50c. Its not a gold stock but its rapidly expanding output. Mind you - I suggest a trade only since a stronger $A and constrained prices, albeit at high levels with higher costs limit the upside, not to mention the development lead time. They are also sitting on a lot of cash earmarked for project development, so the next year is not looking great, but it should get some benefits from a resource recovery. I think a takeover is unlikely since they already have a tie-in with Toho Zinc (Japan), but I'm not sure if they are contracted to supply them. The relationship seems to have diminished based on announcements several months ago. Keep looking its not gold.
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Andrew Sheldon www.sheldonthinks.com

Friday, March 14, 2008

The outlook for specs

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A reader has asked me my opinion on the outlook specs, given the current weakness, and its significance. A great many people have been surprised by the weakness in the specs, given the strong performance of commodity prices. I have already stated some reasons why specs have not risen, but I summarise here:

1. Higher gold price: There is a tendency to value gold in USD terms because for traders commodities are denominated in USD terms. The USD is however not a fixed, tangible value like commodities. We can see from the gold price has gone up in real terms from the following chart, but the increase in the USD price is mostly because of a weaker USD. In terms of pounds, yen, the gold price has moved less significantly. But rest assured its going higher.

2. Project delays: The spec end of the market tends to rely more on outsourced consultants to get their projects prepared, so they need to sit in queues whilst their contractors deal with other clients. Consider the fact that a lot of geologists become traders, fund managers, investors in times like these because they have wives who don’t like to work in the bush, and certainly not PNG. Others go off and set up their own companies. Same for consultants, so labour markets are tight. Large companies have the capacity to pay more, offer higher benefits because they have the cashflows and larger projects. They are more inclined to have their own drilling rigs on-site.

3. Fund manager criteria: Fund managers tend to have minimum criteria in terms of liquidity (trading volumes), market capitalization, project diversification, which eliminates a lot of the smaller stocks. They want to hold a ‘significant amount’ of stock, and a great many specs have disappointed, eg. Gleneagle, Highlands, Perseverence, Lafayette, Bendigo just to name a few.

4. Role of commodities trading: Two years ago I attended a commodities trading seminar in Tokyo. At the time I heard very little criticism of commodities trading. Why? The market is volatile, so its easy to make large gains quickly (or lose). There is no project risk. It is a new market for fund managers, but in the current market, the ‘China factor’ and weak USD, this activity is booming. They can trade options, futures, CFDs (contracts for difference) and spot indices as well. The implication is that this trading is dwarfing trading activity in the physical market, even in the more liquid markets like gold, silver and copper. Lastly, commodities trading allows you to get the same volatility as specs using leverage. No project risk, and less specific information. Its very easy for a fund to set up, without the huge research department filled with analysts to cover stocks, let alone small spec stocks. In that context its easy to understand the lack of interest.

5. Investors: The spec investor has disappeared to some extent. Increasingly moms and dads are taking the low-risk, low maintenance route to wealth/asset management, and are placing their funds with investment funds. Banks & financial planning are huge growth industries.

6. Stock valuations: I don’t think you can simply say that stocks are cheap because they are trading at discounts to cash backing, if you consider where the funds are going….that is exploration, which is unlikely to see some value for years, and given the risk, its more likely to turn to nothing. It is not a good idea to invest in specs without a good understanding of the project merit. For 1st phase exploration I would only invest if their first hole gave >50-metre intersection of 5g/t, as I might then expect further excitement in the stock. But only if it was close to the surface, and I would tend to trade the stock. A narrow, high grade intersection might also appeal, but I want to see >40g/t and proof of continuity, or a series of such lodes. More likely I will want to see more evidence. I am going to feel more secure if they have indicated reserves, because we are closer to financial closure. There are a great many cheap stocks like that. But yes, quality specs are cheap, which is why I recommend buying.
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Andrew Sheldon www.sheldonthinks.com

Monday, March 10, 2008

Silver Mines Ltd (SVL.ASX)

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Silver Mines Ltd is a stock to keep a watch on. There are several reasons why I like this stock. There has been very little modern exploration in this area of NSW for silver, and the Mole Granite area in particular. Most silver exploration in the area has focused on the Drake area, and to some extent around Hillgrove. The company is testing a number of anomalies but activity will centre on the Webbs Consol mine. This project is speculative at this time despite the VERY high grades received. The other positive aspect of this project is the VERY high grade would easily justify the trucking of ore to Texas, Qld (just 40km away) to Macmin's operating mine.
Given that I expect silver prices to perform at least as well as gold, and this project need not require any significant mine infrastructure, and will be a very selective high grade operation, as soon as this project demonstrates continuity of high grade ores to 200m, I would be inclined to jump on this stock, as you can be sure a toll treating arrangement with Macmin would not be far off. For more info see Google Finance and my stock forum.
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Andrew Sheldon www.sheldonthinks.com

Abra Mining (AII.ASX) - Another promising base metals project

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Abra Mining is shaping up as a very promising lead-silver project in Western Australia based on drilling results to date. Consider the following drilling results which suggest the wide zones of mineralisation are broadening into several wider zones at depth.
AB50 - 37.0m @ 4.3% Pb and 19.6 g/t Ag from 296.0 metres and 273.1m @ 6.2% Pb and 5.3 g/t Ag from 374.2 metres
AB48 - 155.0m @ 5.2% Pb and 21 g/t Ag from 266.0 metres
AB47 - 93.0m @ 3.1% Pb and 4.1 g/t Ag from 502.0 metres
AB45 - 89.3m @ 2.5% Pb and 5.4 g/t Ag from 355.7 metres, 76.0m @ 4.1% Pb and 7.9 g/t Ag from 487.0 metres, 56.0m @ 3.4% Pb, 14.9 g/t Ag, 0.4 g/t Au, 0.3% Cu from 612.0m and 37m @ 0.5% Cu, 0.7 g/t Au and 6.5 g/t Ag from 670.0 metres

Based on these drilling results it seems somewhat premature for Abra to seek a joint venture without further testing the resource. It would have been more prudent to test the resource further to the north (Area 2) since they could be sitting on a resource as significant as Broken Hill. A JV agreement was reached in Dec'07 with Hunan Nonferrous Metals Holdings Group Co (HNG), which allows the HNG to receive 10mil stock at 34c - close to the current market price - plus a further 10mil stock options at 39c upon executing the JV agreement. Wow! I dont think I have ever seen such a generous agreement in favour of a farm-in partner. Shareholders are about to lose alot of value, in what was otherwise a company-making project. The back-end of the deal is reasonable, but I wonder what measures have been taken to prevent HNG just satisfying itself with its 10mil shares at a good price. AII might find itself diluting project equity with other partner. Poor consideration of contingencies by my thinking.
Should HNG step up as expected, it will fund all exploration activity through to feasibility study, as well as fully funding the capital development through to production. A 6Mtpa treatment plant is envisaged. HNG will be able to recover a portion of its costs from Abra's share of mine revenues. HNG already has interests in Australia since its involved in developing the Browns Base Metals Deposit in the Northern Territory with Compass Resources.

Fortuitously Abra & its JV partners control the total 60km strike length of the Jillawarra Sub-basin, which hosts the main Abra base metals deposit. In the adjoining Jillawarra JV, Abra can earn a 70% interest from Apex Minerals (another favourite stock) by spending $1.35million. After a recent capital raising AII has $4.5mil in cash. Abra has 130mil shares on issue at 32c worth $40.5mil. The stock is currently trading at support, however should that support break (as I expect), then the stock is likely to fall to a 25c support. Despite the free-carried nature of this agreement, it will take Abra some time to develop this deep underground mine (600m+), so Goldstream Mining likely serves as a good model of how to trade this stock. I think it will go sideways for at least the next year with rallies between 25-45c based on previous support & resistance. So I see this stock as a buy at 25c.
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Andrew Sheldon www.sheldonthinks.com

Sunday, March 09, 2008

Another good week to buy

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Based on my Market Commentary I think this week is going to be another good week to buy mining stocks, particularly the specs. I have been reflecting on the reasons why there is a disconnect between commodity specs and commodity prices. Put another way - Why are commodity-based spec companies, whether small or emerging producers priced so low when commodity prices are at record highs.
I have come to the conclusion that its:
1. Asset deflation - specs are more exposed to sell downs because of the lack of liquidity
2. Projects are less tangible - In a credit or confidence crunch there is a rush towards tangibility, even though gold is high, gold equities are still not held. Risk premiums are under threat, demand is in question.
3. There is little good news - just commodity prices are strong

The implication is that - at some point commodity stocks will do very well - and those companies with large resource inventories will do particularly well. I am expecting the Dow Jones to weaken this week, but I think it will recover to 12,000 points. See my Market Commentary.
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Andrew Sheldon www.sheldonthinks.com

Azure Minerals (AZS.ASX) - presentation

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Azure Minerals will be presenting at the following AMEC Investor Briefings:
1. Adelaide - Saturday March 15th at the Stamford Plaza Adelaide at 11am presented by Anthony Rovira (Executive Chairman)
2. Sydney - Saturday March 29th at the Sydney Harbour Marriott at 9:35am presented by Patrick Manouge (Exploration Manager)
3. Melbourne - Saturday May 10th at the Melbourne Marriott Hotel at 12:20pm presented by Anthony Rovira (Executive Chairman)

The invitations for free registration for each city are located on the homepage of the Azure Minerals website - see www.azureminerals.com.au.

This company has some attractive project interests, though I do think they are a long way from earnings, so premature to buy them. But just its a good opportunity to learn about the company. Need to kiss a few toads to know what a princess looks like.

Wednesday, February 27, 2008

Gold Aura (ASX-GOA)

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Some time ago I recommended Gold Aura (GOA) as a speculative buy on the basis of its Croydon project. The potential remains, but has been somewhat diminished by more recent results. The suite of minerals and grades returned are attractve, though the ore widths are narrow and at considerable depth. A great deal of money would be required to outline a target, so you can place this one on the 'warch and see' list. Further information at Google Finance and my discussion forum.
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Andrew Sheldon www.sheldonthinks.com

Gryphon Minerals (GRY.ASX)

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Gryphon Minerals is a high calibre gold stock with a great suite of projects. I suspect for the near-term this company will not perform well. It still has alot of work to do on its projects, so I can see alot of dilution ahead and slow progress. For this reason I am inclined to suggest investors wait on the side. There has been some very positive exploration results, but given a value-comparison with other stocks, Gryphon looks over-valued, so I would not be surprised to see it fall back to the 38c support. They do however remain cashed up with $5.2mil in the bank. Some of this will need to be spent moving to 100% equity in their flagship project in the West African state of Burkina Faso. See Google Finance for more info and my discussion forum.
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Andrew Sheldon www.sheldonthinks.com

Macmin Limited (MMN)

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Macmin wshould be good for a trade at the current support level. The company is the only pure silver producer in Australia, and with silver prices at record levels and heading higher, it would have to be compelling reason for a rally. This mine should have a future given the outlook for silver, but I question whether the reserve base is there. Clearly they do as well since they have just raised $20mil. The company also has a 14% stake in New Guinea Gold Corporation, a TSX-listed company which holds various gold-Mo interests in PNG. Looking at the tenure of the exploration results to date, they really need to go out on thin limb. But there might be a good rally in them yet.
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Andrew Sheldon www.sheldonthinks.com

IMX Resources (IXR), previously Goldstream Mining (GDM.ASX)

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IXR Resources, previously called Goldstream Mining, has always has a suite of world-class assets so its surprising that it has over the last 8 years that I have known the company, they have done very little with them. Part of the problem I think has to lie with the executives, and there seems to be some recognition of that because the board has had a reshuffle in recent times. I'm not aware of the problem, but I suspect that their JV partners did not have to meet financial commitments, so they placed a low priority on their projects. There has long been a complaint about South African companies tying up resources...maybe this was a contrived arrangement to do just that, a scheme that would satisfy those wanting 'Black Empowerment'. I dont know. Performance is what matters, and they haven't delivered. In a mining boom might we expect a better board?
Well the company is being restructured as IMX Resources, and they intend to farm-out their iron ore project to a Chinese company to establish a cashflow. They intend to retain their listed investments, which are worth around $US85mil"
1. They have 39.5% stake in Uranex (UNX.ASX) - a uranium explorer
2. They have a 51% stake in Continental Nickel, a Toronto-listed company (TSX:CNI)

IXR has some 164mil shares on issue at 57c worth $93mil. The implication is that the company is trading at the value of its listed investments. The board makes the argument that these assets are worth more to shareholders in the IXR Group - clearly that is not the case since these listed securities are worth $85mil according to the latest presentation (check figures), so its great assets are worth $5-8mil. Mind you one of the stocks is vendor securities - so they can't be sold for 2 years (that would be newly listed Uranex). As you can see from the chart volatility IMX makes for great trading. I would be inclined to recommend it to investors as well at this point because of the low value places on the projects, and the fact that one is getting close to development.
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Andrew Sheldon www.sheldonthinks.com

Tuesday, February 26, 2008

Glengarry Resources (GGY.ASX)

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Glengarry Resources (GGY.ASX) is perhaps one of the best stocks I have some across at an exploration stage for some time. They are delineating what looks like a very attractive orebody. There are a number of attractive features:
1. The width & consistency of copper grades
2. The high grade intersections they are making - makes me think the original inferred resource will be upgraded - by 40 to 60% - but thats a guesstimate based on the drilling results.
3. Mineralisation close to the service - This will make it easy for them to mine this orebody by openpit, and later sink a decline to chase the main ore zone
4. The occurrence of moderate grade molybdenum at depth, with the positive news that the grades are increasing. One of the deepest holes recorded 35m at 2.09% copper so the mineralisation shows no sign of abating at a depth of 200m. Given the nature of the orebody the company should be able to mine to a depth of 300-350m using open cut techniques.
This is a very attractive orebody, and I suspect this company is going to be taken over. The question is whom by? Well given the open-endedness of the orebody at depth, might Xstrata be interested? But my best guess would be Kagara Zinc, whose Balcoona operations are nearby and they aready have a 19% (blocking?) stake in the company.
The company is not short of cash since they have $5.3mil in the bank, plus $1.5mil in investments so no need to worry about an issue this year. The company has 286mil shares on issue at 10c thats $28.6mil market capitalisation. I think thats very cheap, though I wouldn't necessarily expect the market to get excited just yet. I would suggest though now could be exactly the time to buy with a resource upgrade expected in March, and I suggest there will be financial backers lurking around wanting to put some money into it.
Most importantly this stock is cheap, they are supported by a major backer (Kagara Zinc) and they have cash resources. I suspect the next capital raising will be a convertible note issue, likely to Kagara, and finally an equity issue after feasibility (early 2009). Its the wait that gives me reason to pause. Although 10c is a support, the 8-8.2c level is a far stronger support, so I would be waiting for that level to be reached. This is a company for traders and investors since I believe this mine will have a life in excess of 10-15 years based on the geometry of the deposit and the prospectivity of the region. The open-cut will help fund underground development access, thus avoiding the burden of additional capital raisings down the track.
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Andrew Sheldon www.sheldonthinks.com

Sub-Sahara Resources (SBS-ASX)

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Sub-Sahara Resources strikes me as one of the better buys on the market. It has an array of gold interests in Africa, which I suspect will be better appreciated by a Canadian company in the coming years - in the form of a takeover bid. Anvil Mining is another potential suitor having taken a strategic 20% stake in the company. Perhaps just as a take over defence for a 'friend'. The company is capitalised at $35mil, with 500mil shares trading at 7c. Its assets include:
1. Zara JV with Dragon Mining: A 69% stake in the Koka project in Eritrea. It has a 1Moz resource at an attractive grade of 6.3g/t, and the orebody is still open.
2. Nyanzaga JV with Barrick Gold:The Tusker gold deposit remains at the indicated/ inferred level with resources totalling 4.5Moz of gold grading 1.15g/t from 123Mt of ore. SBS has a free-carried stake of 30% to the point of feasibility study. This is a very low grade gold resource but the large size of the deposit will likely justify development at a higher gold price.
3. Lake Victoria JV with Currie Rose Resources: Targeting a 1Moz deposit.
4. Nyakufuru JV with Resolute Mining (<70%):>Resolute is earning up to 70% stake in this project. So far they have identified a 200x800m gold anomaly.

The company has 501 million shares at 7c worth $35million. It has $2.3mil in cash as well as equity interest in Sunridge Gold Corp worth $A12.4million. The market appears to be attaching little value on the company's gold interests. I do not however believe these values are out of place with the generally subdued pricing for junior gold stocks. The Zara gold project is a very attractive project and there is exploration upside here. This season SBS added to 250,000 oz of resources to this project. There are some very high grade zones.
For further info on this stock see Google Finance or my discussion forum.
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Andrew Sheldon www.sheldonthinks.com

Dioro Exploration (DIO.ASX)

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Dioro Exploration is a modest-size gold producer from its Frog's Leg project in WA in a 50/50% JV with La Mancha. In addition the company recently purchased the South Kal project from Harmony Gold Mines. This project included 3 years mineable reserves, the Hampton treatment plant. The project is expected to generate cashflows of $52mil at a total cost of $A690/oz. The company has $25mil in cash to help fund the acquisition, however it also intends to spend $10mil on exploration in 2008 to increase the reserves at Frogs Leg.
The attached chart would suggest that $1.40 is a technical entry into this stock, but based on the fundamentals, I think $1.20 is more likely to prove the actual support level. Dioro's share of reserves at Frog's Leg stands at just 350,000 oz, though this has been the case for years. Only now the company is making a concerted effort to lift reserves, to give greater confidence to the longevity of its cashflows, such that a greater value can be placed on its shared mine infrastructure. For a further info on Dioro see Google Finance or my discussion forum.
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Andrew Sheldon www.sheldonthinks.com

CBH Resources (CBH.ASX) and Perilya Mines (PEM.ASX)

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CBH Resources is a growing producer of base metals with a number of advanced projects throughout Australia, as well as some $178mil in cash to fund capital expenditure which will expand their earnings power. There is no question that those plans look less appealing than they did 12mths ago since metal prices fell. But with such great projects, still high prices, 24% hedging in place and huge cash reserves, CBH have alot of capacity to expand mine life through more exploration. Their asset holdings are strategically very strong. With a market capitalisation of $353 million, and $179mil in cash, their mine holding are undervalued.
I think it is very likely that discussions between Perilya Mines (PEM.ASX) and CBH will result in a merger of the two companies. There are a number of reasons to think this transaction will proceed:
1. Both companies share alot of synergies
2. The executives of both companies have a long history
3. The CBH & Perilya operations at Broken Hill are closely intertwined, and the East-West spread of operations even makes sense since Perilya in Perth based and CBH is in Sydney.
4. A merged entity would command a significantly greater market premium that the separate entities.
See my discussion forum for these two companies - Perilya and CBH Resources.
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Andrew Sheldon www.sheldonthinks.com

Monday, February 25, 2008

Azumah Resources (AZM.ASX)

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About a year ago I downgraded my expectations of this stock. The results to date have been slightly better than I expected, nevertheless the company remains on my watch list only. They have $3.1 million in cash. Whilst I have little doubt there will be a mine in this area, I dont think it will be such a lucrative entry into the market without some more promising discoveries. See Google Finance or my Google forum.
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Andrew Sheldon www.sheldonthinks.com

Austindo Resources (ARX.ASX)

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Austindo Resources is developing a 70,000 oz per annum gold mine a few hours drive from Jakarta in West Java, Indonesia. After early problems the project seems to be back on track. In the latest quarterly report the company highlights the fact that underground development has reached the 600m mark, with a further 180m of development required. Most of the plant is already onsite. The company has cash reserves on hand of $12mil after raising $20mil late last year. In the last quarterly the company acknowledges that costs are rising. On that note there is some doubt as to whether the banks will require any additional equity cover. The cash reserves seem rather tight, and given the previous problems there might yet be another capital raising. With 3.7 billion shares on issue - which must be a record - the company doesn't need the extra dilution. The flipside is that they have at around another 6mth before they need to raise that capital, and I thus think the issue is likely to come at a time of rising gold prices. For this reason, I see the current weakness in the stock as a buying opportunity, and I do think the current price support will hold. The project might be experiencing a cost blow-out, but then gold prices are more than compensating. For further info see Google Finance or my discussion forum.
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Andrew Sheldon www.sheldonthinks.com

Ashburton Minerals Ltd (ATN.ASX)

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Ashburton is another stock I would be inclined to place on my watchlist, but have no particular interest in at the moment. They have discovered a 4km long structure in Brazil with anomalous gold. Its too soon to judge its commercial significance. Updates can be read at Google Finance or my Google Forum.
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Andrew Sheldon www.sheldonthinks.com

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Japan Foreclosed Property 2010 eBook - Download here a copy of the table of contents or purchase from online store for just $US19.95.

List of ASX Listed Mining Stocks

3D RESOURCES LTDDDDMetalswww.3dresources.com.au/
A-CAP RESOURCES LTDACBMetalswww.acap.com.au
A1 MINERALS LTDAAMMetalsAuEmergingWAwww.a1minerals.com.au/
ABM RESOURCES NLABUMetalswww.abmresources.com.au
ABRA MINING LTDAIIMetalsAuEmergingAfricawww.abramining.com.au/
ACCENT RESOURCES NLACSMetalswww.accentresources.com.au/
ACCLAIM EXPLORATION NLAEXMetalsNiEmergingWAwww.acclaimexploration.com.au/
ACONCAGUA RESOURCES LTDANUMetalswww.aconcagua.com.au/
ACTIVEX LIMITEDAIV??www.activex.com.au/
ADAMUS RESOURCES LTDADUMetalsAuProducerAfricawww.adamusresources.com.au/
ADELAIDE BRIGHTON LIMITEDABCBuildingCementProducerSAwww.adbri.com.au/
ADELAIDE RESOURCES LTDADNMetalsSAwww.adelaideresources.com.au/
ADITYA BIRLA MINERALS LIMITEDABYEnergyCoalExplorerAustraliawww.adityabirlaminerals.com.au/
ADMIRALTY RESOURCES NL.ADYMetalsAlkalisEmergingChilewww.ady.com.au/
ADVANCED MAGNESIUM LTDANMMetalsMgwww.am-technologies.com.au
AIM RESOURCES LTDAIMMetalsCuEmergingAfricawww.aimresources.com.au/
ALBIDON LTDALBMetalsNiEmergingZambiawww.albidon.com
ALKANE RESOURCES LTDALKMetalsAu, Zr, rare earthsEmergingNSWwww.alkane.com.au/
ALLEGIANCE MINING NLAGMMetalsNiEmergingTAS???
ALLIANCE RESOURCES LTDAGSMetalsAuwww.allianceresources.com.au/
ALLIED GOLD LTDALDMetalsAuwww.alliedgold.com.au/
ALLOY RESOURCES LTDAYRMetalsAu, CuExplorerLaoswww.alloyres.com/
ALLSTATE EXPLORATIONS NLALXMetalswww.beaconsfieldgold.com.au
ALTERA RESOURCES LTDAEAMetalsCu, Pb, ZnExplorerWAwww.alteraresources.com.au/
ALUMINA LTDAWCMetalsAlProducerWorldwidewww.aluminaltd.com/
AMCOR LIMITEDAMCPackagingPlastic. PaperProducerWorldwidewww.amcor.com
AMEX RESOURCES LIMITEDAXZwww.amex.net.au/
AMMTEC LIMITEDAECServicesLabOperatingAustraliawww.ammtec.com.au
AMPELLA MINING LTDAMXMetalsZn, AuEmergingGhanawww.ampella.com.au/
ANCHOR RESOURCES LIMITEDAHRwww.anchorresources.com/
ANDEAN RESOURCES LTDANDMetalsAuEmergingArgentinawww.andean.com.au/
ANEKA TAMBANG (PERSERO) PTATMMetalsAuProducerIndonesia
ANGLO AUSTRALIAN RESOURCES NLAARwww.anglo.com.au/
ANGLOGOLD ASHANTI LTDAGGMetalsAuProducerWorldwidewww.anglogold.com/
ANVIL MINING LTDAVMMetalsCu, AgProducerAfricawww.anvilmining.com
APEX MINERALS NLAXMMetalsAuEmergingChinawww.apexminerals.com/
APOLLO MINERALS LTDAONMetalsU, Fe, Cu, Pb, ZnExplorerAustraliawww.apollominerals.com.au/
AQUARIUS PLATINUM LTDAQPMetalsPt, PdProducerAfricawww.aquariusplatinum.com
ARAGON RESOURCESAAGMetalsAu, U, NiExplorerWAaragonresources.com.au/
ARAFURA RESOURCES LTDARUMetalsU, REEs, PExplorerWAwww.arafuraresources.com.au/
ARCHER EXPLORATION LTDAXEMetalsU, Au, CuExplorerSAwww.archerexploration.com.au
ARGENT MINERALS LTDARDMetalsAg, Pb, ZnExplorerNSWwww.argentminerals.com.au/
ARGO EXPLORATION LTDAXTMetalsAu, Cu, UExplorerSAwww.argoexploration.com.au/
ARGONAUT RESOURCES NLAREMetalsAu, Cu, Ag, ZnExplorerLaos, SAwww.argonautresources.com/
ARGOSY MINERALS INCAGYMetalsNi, Pb, Cu, Zn, PtEmergingBurundi, Canadawww.argosyminerals.com
ARTEMIS RESOURCES LTDARVMetalsAuExplorerWAwww.artemisresources.com.au/
ASHBURTON MINERALS LTDATNMetalsAuEmergingBrazilwww.ashburton-minerals.com.au/
ASTRO DIAMOND MINES N.L.AROGemstonesDiamondsExplorerWAwww.aro.com.au/
ASTRON LTDATRMetalsZrProcessingChinaNA
ATHENA RESOURCES LTDAHNMetalsAuExplorerWAwww.athenaresources.com.au
ATLANTIC GOLD NLATVMetalsAu, diamondsExplorerCanadawww.atlanticgold.com.au/
ATLAS IRON LTDAGOMetalsFeEmergingAustraliawww.atlasiron.com.au/
ATTICUS RESOURCES LTDACZMetalsAuExplorerWAwww.atticusres.com.au
AUDAX RESOURCES LTDADXMetalsAu, Zn, Cu, PbExplorerWAwww.audax.com.au/
AUGUR RESOURCES LTDAUKMetalsCu, Au, Ni, CoExplorerNSWwww.augur.com.au
AUGUSTUS MINERALS LTDAUJMetalsAuExplorerWA, East Europewww.augustusminerals.com.au
AURIUM RESOURCES LTDAGUMetalsU, AuExplorerWAwww.aurium.com.au/
AURORA MINERALS LTDARMMetalsAuProducerAustraliawww.auroraminerals.com/
AUROX RESOURCES LTDAXOMetalsFe, VEmergingWAwww.aurox.com.au
AUSDRILL LIMITEDASLServicesDrillingOperatingWorldwidewww.ausdrill.com.au/
AUSQUEST LTDAQDMetalsFe, NiExplorerWAwww.ausquest.com.au/
AUSSIE Q RESOURCES LTDAQRMetalsMo, CuExplorerQldwww.aussieqresources.com/
AUSTINDO RESOURCES CORP. NLARXMetalsAuProducerIndonesiawww.austindoresources.com.au/
AUSTPAC RESOURCES NLAPGMetalsTechnology, TiExplorerAustraliawww.austpacresources.com
AUSTRAL AFRICA RESOURCES LTDAAFMetalsUExplorerNTwww.newworldalloys.com
AUSTRAL GOLD LTDAGDMetalsAu, Pb, Zn, diamondsExplorerChile, WAwww.australgold.com.au/
AUSTRALASIA GOLD LTDAAOMetalsAuExplorerSA, NSW, NZwww.australasiagold.com.au/
AUSTRALASIAN RESOURCES LTDARHMetalsFeEmergingAustraliawww.austresources.com.au/
AUSTRALIA ORIENTAL MINERALS NLAOMMetalsAu, Sn, Pb, ZnExplorerNSWwww.aominerals.com.au/
AUSTRALIAN GOLD INVESTMENTS LTDAGVMetalsAuExplorerWAwww.agil.com.au
AUSTRALIAN MINES LTDAUZMetalsNi, AuMothballedWAwww.australianmines.com.au
AUSTRALIAN MOTOR FINANCE GROUP LTDAGQMetalsPt, Ni, PdExplorerRSAwww.bushveld-platinum.com/
AUSTRALIAN ZIRCON NLAZCMetalsZrProducerVictoriawww.auzircon.com.au
AUSTRALIS MINING CORPORATION LIMITEDAUV??
AUZEX RESOURCES LTDAZXMetalsMo, W, SnExplorerNSW, NZ, Qldwww.auzex.com
AVALON MINERALS LTDAVIMetalsCu, Pb, ZnExplorerWAwww.avalonminerals.com.au
AVANCO RESOURCES LTDAVBMetalsCu, AuExplorerBrazilwww.avancoresources.com/
AVIVA CORPORATION LIMITEDAVAEnergyCoalEmergingBotswanawww.avivacorp.com.au
AVOCA RESOURCES LTDAVOMetalsAuProducerWAwww.avocaresources.com.au/
AVONLEA MINERALS LTDAVZMetalsAu, Pb, Cu, ZnExplorerQldwww.avonleaminerals.com/
AXG MINING LTDAXCMetalsUExplorerWAwww.axgmining.com.au/
AXIOM MINING LTDAVQMetalsAu, Cu, Zn, PbExplorerLaos, Vietnam, Qldwww.axiom-mining.com/
AZUMAH RESOURCES LTDAZMMetalsAuEmergingAfricawww.azumahresources.com.au/
AZURE MINERALS LTDAZSMetalsAu, Mo, CuEmergingMexicowww.azureminerals.com.au/
BALKANS GOLD LTDBNLMetalsAuEmergingEast Europewww.balkansgold.com.au/
BANNERMAN RESOURCES LIMITEDBMNEnergyUEmergingNamibia, Botswanawww.bannermanresources.com.au
BARRA RESOURCES LTDBARMetalsCuEmergingSAwww.barraresources.com.au/
BASS METALS LTDBSMMetalsAu, Pb, ZnExplorerTAS, Qldwww.bassmetals.com.au/
BASSARI RESOURCES LTDBSRMetalsAuExplorerSenegalwww.bassari.com.au
BATAVIA MINING LTDBTVMetalsAuEmergingNTwww.bataviamining.com.au/
BATHURST RESOURCES LTDBTUMetalsNi, Au, Pb, Cu, ZnExplorerWAwww.bathurstresources.com.au
BAUXITE RESOURCES LTDBAUMetalsAlExplorerWAwww.bauxiteresources.com.au
BC IRON LTDBCIMetalsFeEmergingWAwww.bciron.com.au/
BEACON MINERALS LTDBCNMetalsAu, Cu, Mo, NiExplorerWA, Qldwww.beaconminerals.com/
BEACONSFIELD GOLD NLBCDMetalsAuProducerTASwww.beaconsfieldgold.com.au/
BEADELL RESOURCES LTDBDRMetalsAuExplorerAustralia, Brazilwww.beadellresources.com.au/
BELLAMEL MINING LTDBMMMetalsAuEmergingWAwww.bellamelmining.com/
BELLEVUE RESOURCES LIMITEDBVEDiversifiedETFOperatingAustraliawww.bellevueresources.com.au
BEMAX RESOURCES LTDBMXMetalsSandsProducerVictoriawww.bemax.com.au/
BENDIGO MINING LTDBDGMetalsAuEmergingVictoriawww.bmnl.com.au/
BHP BILLITON LTDBHPMetalsDiversifiedProducerWorldwidewww.bhpbilliton.com
BLACK RANGE MINERALS LTDBLRMetalsU, Cu, ExplorerUSA, Australiawww.blackrangeminerals.com/
BLACKHAM RESOURCES LTDBLKMetalsAuExplorerWAwww.blackhamresources.com.au
BLINA DIAMONDS NLBDIGemstonesDiamondsEmergingWAwww.blinadiamonds.com.au
BLUESCOPE STEEL LIMITEDBSLBuildingSteelProducerWorldwidewww.bluescopesteel.com/
BMA GOLD LTDBMOMetalsAuEmergingQldwww.bmagold.com.au/
BOLNISI GOLDBSGMetalswww.bolnisigold.com.au/
BONAPARTE DIAMOND MINES NLBONGemstonesDiamondsEmergingAfricawww.bonaparte.com.au/
BONDI MINING LTDBOMMetalsCu, Au, NiExplorerNSWwww.bondimining.com.au/
BORAL LIMITED.BLDBuildingCementProducerAustraliawww.boral.com.au/
BOTSWANA METALS LTDBMLMetalsNi, AuExplorerBotswanawww.botswanametals.com.au/
BOUGAINVILLE COPPER LTDBOCMetalsCu, AuMothballedPNGwww.bougainvillecopper.com.pg/
BOULDER STEEL LTDBGDMetalsCr, steelOperatingWorldwidewww.bouldersteel.com.au
BREAKAWAY RESOURCES LTDBRWMetalsAu, Ni, CuExplorer??www.breakawayresources.com.au/
BRICKWORKS LIMITEDBKWBuildingBricksProducerAustraliawww.brickworks.com.au/
BROCKMAN RESOURCES LTDBRMMetalsNi, CuExplorerWAwww.brockman.com.au
BRUMBY RESOURCES LTDBMYMetalsAu, Pb, Zn, CuExplorerWAwww.brumbyresources.com.au/
BUKA GOLD LTDBKGMetalsAuEmergingGympiewww.bukagold.com.au/
BUREY GOLD LTDBYRMetalsAu, UExplorerFiji, Africawww.bureygold.com/
BUXTON RESOURCES LTDBUXMetalsAuExplorerWAwww.buxtonresources.com.au
CAPE LAMBERT IRON ORE LTDCFEMetalsFeEmergingAustraliawww.capelam.com.au
CAPITAL MINING LTDCMYMetalsDiversifiedExplorerAustraliawww.capitalmining.com.au/
CAPRAL LTDCAAMetalsAlProducerVictoriawww.capral.com.au
CARBINE RESOURCES LTDCRBMetalsAuRe-emergentWAwww.carbineresources.com.au/
CARNAVALE RESOURCES LTDCAVMetalsCu, AuExplorerBrazilwww.carnavaleresources.de/
CARPENTARIA EXPLORATION LTDCAPMetalsCu, AuExplorerQld, NSWwww.carpentariaex.com.au
CARRICK GOLD LTDCRKMetalsAuEmergingwww.carrickgold.com/
CASTLE MINERALS LTDCDTMetalsAu, CuExplorerAfricawww.castleminerals.com.au/
CASTLEMAINE GOLDFIELDS LTDCGTMetalsAuExplorerVictoriawww.axd.com.au
CATALYST METALS LTDCYLMetalsCu, Au, UExplorerWAwww.catalystmetals.com.au/
CAZALY RESOURCES LTDCAZMetalsFe, AuExplorerWAwww.cazalyresources.com.au/
CBH RESOURCES LTDCBHMetalsCu, Pb, Zn, AuProducerAustraliawww.cbhresources.com.au/
CENTAMIN EGYPT LTDCNTMetalsAuProducerEgyptwww.centamin.com/
CENTAURUS RESOURCES LTDCURMetalsAu, Cu, Pb, ZnExplorerNSWwww.centaurus.com.au/
CENTRAL ASIA RESOURCES LTD.CVRMetalsAu, CuEmergingCentral Asiawww.centralasia.com.au/
CENTRAL WEST GOLD NLCWGMetalsAu, Ag, Cu, Pb, ZnExplorerNSW??
CENTREX METALS LTDCXMMetalsFeExplorerSAwww.centrexmetals.com.au/
CGA MINING LTDCGXMetalsAu, CuEmergingPhilippineswww.cgamining.com/
CHALICE GOLD MINES LTDCHNMetalsAuExplorerWAwww.chalicegold.com/
CHAMELEON MINING NLCHMMetals????Australia??
CHESSER RESOURCES LTDCHZMetalsU, Cu, Au, NiExplorerAustraliawww.chesserresources.com.au/
CHINA STEEL AUSTRALIA LIMITEDCNHBuildingSteelOperatingChinawww.cnsteel.com.au
CHINA WEST INTERNATIONAL HOLDINGS LIMITEDCWHBuildingVariousOperatingAsiawww.cwestinternational.com/
CHINA YUNNAN COPPER AUSTRALIA LTDCYUMetalsCu, Au, UExplorerQldwww.cycal.com.au
CHONGHERR INVESTMENTS LTDCDHBuildingStoneProducerQldwww.chongherr.com.au/
CHROME CORPORATION LTDCCIMetalsCr, steelProducerRSAwww.chromecorp.com
CITIGOLD CORPORATION LTDCTOMetalsAuProducerQldwww.citigold.com/
CITROFRESH INTERNATIONAL LIMITEDCTFTechnologyFoodOperatingWorldwidewww.citrofresh.com
CLANCY EXPLORATION LTDCLYMetalsCu, AuExplorerNSWwww.clancyexploration.com
CLONCURRY METALS LTDCLUMetalsAu, Pb, Cu, ZnExplorerQldwww.cloncurrymetals.com.au/
CLUFF RESOURCES PACIFIC NLCFRGemstonesSn, diamond, sapphiresProducingQld, NSWwww.cluff.com.au/
COAL OF AFRICA LIMITEDCZAEnergy, alloysCoal, Ni-alloysEmergingRSAwww.coalofafrica.com/
COBAR CONSOLIDATED RESOURCES LTDCCUMetalsAu, Zn, Pb, Ag, CuExplorerCobar, NSWwww.ccrltd.com.au/
COEUR D'ALENE MINES CORPORATION.CXC??www.coeur.com/
COLONIAL RESOURCES LTDCLNMetalsAuExplorerWAwww.colonialresources.com.au/
COLORPAK LIMITEDCKLPackagingVariousOperatingAustraliawww.colorpak.com.au
COMET RESOURCES LTDCRLMetalsCu, Au, FeExplorerNSW, WAwww.cometres.com.au
COMPASS RESOURCES NLCMRMetalsU, Pb, Zn, Ag, AuEmergingNTwww.compassnl.com.au
CONQUEST MINING LTDCQTMetalsCu, Au, AgExplorerQldwww.conquestmining.com.au/
CONSOLIDATED GLOBAL INVESTMENTS LTDCGIMetalsAuExplorerWA???
CONSOLIDATED RUTILE LTDCRTMetalsSandsProducerAustraliawww.consrutile.com.au
CONSOLIDATED TIN MINES LTDCSDMetalsTinExplorerQldwww.consolidatedtinmines.com.au/
CONTACT URANIUM LIMITEDCTSEnergyUraniumEmergingPeru, Kyrgyzstanwww.contactresources.com.au
CONTINENTAL CAPITAL LTDCNFMetalsDiversifiedHolding CoWA, Philippineswww.continentalgoldfields.com.au/
CONVERGENT MINERALS LTDCVGMetalsAuExplorerQldwww.convergentminerals.com.au/
COPPER RANGE LTDCRJMetalsAu, Cu, Pb, ZnExplorerSAwww.copperrange.com.au/
COPPER STRIKE LTDCSEMetalsCuEmergingQldwww.copperstrike.com.au/
COPPERCO LTDCUOMetalsCuEmergingQldwww.copperco.com.au/
COPPERMOLY LTDCOYMetalsAu, Mo, CuEmergingPNGwww.coppermoly.com.au/
CORTONA RESOURCES LTDCRCMetalsAuExplorerWAwww.cortonaresources.com.au/
COUGAR METALS NLCGMMetalsAu, NiExplorerBrazil, WAwww.cougarmetals.com.au/
COZIRON RESOURCES LTDCZRMetalsCoal, Pb, Zn, FeExplorerIndonesiawww.coziron.com/
CPI GROUP LIMITEDCPIPackagingPaperOperatingAustraliawww.cpigroup.com.au
CRESCENT GOLD LTDCREMetalsAuProducerWAwww.crescentgold.com/
CUDECO LTDCDUMetalsCuEmergingQldwww.cudeco.com.au/
CULLEN RESOURCES LTDCULMetalsAu, Cu, NiExplorerWAwww.cullenresources.com.au/
D'AGUILAR GOLD LTDDGRMetalsAuEmergingAustraliawww.daguilar.com.au/
DART MINING NLDTMMetalsAu, Pb, ZnExplorerVictoriawww.dartmining.com.au/
DE GREY MINING LTDDEGMetalsPb, Zn, CuExplorerWAwww.degreymining.com.au/
DIAMONEX LIMITEDDONGemstonesDiamondsEmergingBotswanawww.diamonex.com.au
DIATREME RESOURCES LIMITEDDRXMineral SandsBase Metals, AuExplorerAustraliawww.diatreme.com.au/
DIORO EXPLORATION NLDIOMetalsAuProducerWAwww.dioro.com.au/
DISCOVERY METALS LTDDMLMetalsAu, NiEmergingBotswana, WAwww.discoverymetals.com.au
DMC MINING LTDDMMMetalsPb, Zn, CuExplorerNSWwww.dmcmining.com.au
DOMINION MINING LTDDOMMetalsAu, CuProducerWorldwidewww.dml.com.au/
DRAGON MINING LTDDRAMetalsAuProducerSwedenwww.dragon-mining.com.au/
DRAGON MOUNTAIN GOLD LTDDMGMetalsAuwww.dragonmountain.com.au/
DRAKE RESOURCES LTDDRKMetalsAu, Ag, CuExplorerNSWwww.drakeresources.com.au/
DRUMMOND GOLD LTDDGOMetalsAuExplorerQldwww.drummondgold.com.au/
DWYKA RESOURCES LIMITEDDWYGemstonesDiamondsProducerSwazilandwww.dwykadiamonds.com
DYNASTY METALS AUSTRALIA LIMITEDDMAEnergyCSM, UExplorerBotswana, WAwww.dynastymetals.com.au/
DYNO NOBEL LIMITEDDXLBuildingExplosivesProducerWorldwidewww.dynonobel.com
EAGLE EYE METALS LTDEYEMetalsNi, Au, Pb, ZnExplorerWAwww.eagleeyemetals.com/
EAGLE NICKEL LTDENLMetals, EnergyNi, Mo, UExplorerWAwww.empiregoldcorp.com/
EAST COAST MINERALS NLECMMetalsNiExplorerWA??
EASTERN CORPORATION LIMITEDECUEnergyCoal, CSMExplorerQldwww.easterncorp.com.au
ECHO RESOURCES LTDEARMetalsAu, Ni, CuExplorerQld, WAwww.echoresources.com.au/
ELDORE MINING CORPORATION LTDEDMMetalsAuExplorerFijiwww.eldore.com/
ELECKRA MINES LTDEKMMetalsAu, UExplorerWAwww.electramines.com.au/
ELEMENTAL MINERALS LTDELMMetalsAu, Pb, Zn, CuExplorerWAwww.elementalminerals.com.au/
ELLENDALE RESOURCES NLELLEnergy, GemstonesU, DiamondsExplorerWAwww.ellendaleresources.com/
EMERGENT RESOURCES LTDEMGMetals, EnergyU, Au, Cu, Zn, PtExplorerSA, NSWwww.emergentresources.com.au
EMMERSON RESOURCES LTDERMMetalsCu, AuExplorerNTwww.emmersonresources.com.au
EMPIRE RESOURCES LTDERLMetalsU, Cu, AuExplorerSA, WAwww.resourcesempire.com.au/
EMU NICKEL NLEMUMetalsNiExplorerWAwww.emunickel.com.au
ENVIROGOLD LTDEVGMetalsAu, Pb, Cu, ZnProducerDominican Rep, Peru, Chinawww.envirogold.com
EQUIGOLD NLEQIMetalsAuProducerAusr, West Africawww.equigold.com.au/
EQUINOX MINERALS LTDEQNMetalsAu, CuEmergingZambiawww.equinoxminerals.com
EROMANGA HYDROCARBONS NLERHEnergyOil & GasProducerQldwww.erohydro.com
EUREKA ENERGY LIMITEDEKAEnergyOil & GasExplorerTexaswww.eurekaenergy.com.au
EUROGOLD LTDEUGMetalsAuEmergingUkrainewww.eurogold.com.au/
EXCALIBUR MINING CORPORATION LTDEXMMetalsAu, CuEmergingQldwww.excaliburmining.com.au
EXCO RESOURCES LTDEXSMetalsCuEmergingQldwww.excoresources.com.au/
EXTRACT RESOURCESEXTMetalsUEmergingNamibiawww.extractresources.com
FAIRSTAR RESOURCES LTDFASMetalsAu, U, Ni, Pb, ZnExplorerWAwww.fairstarresources.com/
FALCON MINERALS LTDFCNMetalsAu, U, Ni, Pb, ZnExplorerWAwww.falconminerals.com.au/
FERRAUS LTDFRSMetalsFe, Ni, MgExplorerWAwww.ferraus.com
FERROWEST LTDFWLMetalsFeExplorerWAwww.ferrowest.com.au/
FINDERS RESOURCES LTDFNDMetalsAu, Ag??Indonesiawww.findersresources.com
FIRESTONE ENERGY LTDFSEMetals??ExplorerAfrica??
FLETCHER BUILDING LIMITEDFBUBuildingSteelOperatingNZwww.fletcherbuilding.com
FLINDERS DIAMONDS LIMITEDFDLGemstonesDiamondsExplorerSAwww.flindersdiamonds.com
FOCUS MINERALS LTDFMLMetalsAuExplorerWAwww.focusminerals.com.au/
FOREST ENTERPRISES AUSTRALIA LIMITEDFEAAgricultureTimberOperatingTASwww.forestenterprise.com
FORTESCUE METALS GROUP LTDFMGMetalsFeEmergingWAwww.fmgl.com.au
FOX RESOURCES LTDFXRMetalsNi, CuProducerWAwww.foxresources.com.au/
FRONTIER RESOURCES LTDFNTMetalsVariousExplorerPNGwww.frontierresources.com.au/
FUSION RESOURCES LIMITEDFSNEnergyUEmergingQldwww.fusionresources.com.au
GALAXY RESOURCES LTDGXYMetalsAuExplorerWAwww.galaxyresources.com.au/
GATEWAY MINING LTDGMLMetalsAuExplorerWAwww.gatewaymining.com.au/
GBM RESOURCES LTDGBZMetalsAuExplorerQldwww.gbmr.com.au
GENESIS MINERALS LTDGMDMetalsNi, Au, U, Pb, ZnExplorerWAwww.genesisminerals.com.au/
GEOPACIFIC RESOURCES NLGPRMetalsAuExplorerFijiwww.geopacific.com.au/
GINDALBIE METALS LTDGBGMetalsFeEmergingWAwww.gindalbie.com.au
GIPPSLAND LTDGIPMetalsTaEmergingEgyptwww.gippslandltd.com.au
GIRALIA RESOURCES NLGIRMetalsAuExplorerAustraliawww.giraliaresources.com.au/
GLADIATOR RESOURCES LIMITEDGLAEnergyUExplorerWAwww.gladiatorresources.com.au/
GLENEAGLE GOLD LTDGLNMetalsAuMothballedAustraliawww.gleneaglegold.com.au
GLENGARRY RESOURCES LTDGGYMetalsCuEmergingQldwww.glengarrynl.com.au/
GLOBAL GEOSCIENCE LTDGSCMetalsAu, CuExplorerPeruwww.globalgeo.com.au
GLOBAL GOLD HOLDINGS LTDGGHMetalsAuTraderMalaysiawww.globalgold.com.au
GLOBAL IRON LTDGFEMetalsFeExplorerWAwww.globaliron.com.au
GLOBAL NICKEL INVESTMENTS LTDGNIMetalsNiExplorerWAwww.globalnickel.com.au/
GME RESOURCES LTDGMEMetalsNiEmergingWAwww.gmeresources.com.au
GOLD AURA LTDGOAMetalsAu, Cu, Zn, PbExplorerQld, PNGwww.goldaura.com.au/
GOLD BULLION SECURITIES LTDGOLMetalsAuETFAustraliawww.goldbullion.com.au/
GOLDEN CROSS RESOURCES LTDGCRMetalsCu, AuEmergingNSWwww.goldencross.com.au/
GOLDEN DEEPS LTD.GEDMetalsAuExplorerMadagascarwww.goldendeeps.com
GOLDEN RIM RESOURCES LTDGMRMetalsAu, Cu, UExplorerFijiwww.goldenrim.com.au
GOLDEN STATE RESOURCES LTDGDNMetalsNiEmergingWAwww.goldenstate.com.au/
GOLDEN TIGER MINING NLGTXMetalsAuExplorerChinawww.goldentiger.com.au/
GOLDEN WEST RESOURCES LTDGWRMetalsFeExplorerWAwww.goldenwestresources.com/
GOLDMINEX RESOURCES LTDGMXMetalsNi, Au, CuExplorerPNG, WAwww.goldminex.com.au
GOLDSEARCH LTDGSEMetalsAu, CuExplorerNSW, Qldwww.goldsearch.com.au/
GOLDSTAR RESOURCES NLGDRMetalsAuExplorerVictoria, WAwww.goldstarnl.com.au/
GOLDSTREAM MINING LTDGDMwww.goldstreammining.com.au/
GONDWANA RESOURCES LIMITEDGDAMetalsAuExplorerWA
GOSFORD QUARRY HOLDINGS LIMITEDGQHBuildingQuarryProducerNSW
GRAND GULF ENERGY LIMITEDGGE
GRANGE RESOURCES LTD.GRRMetalsFeEmergingWAwww.grangeresources.com.au
GRAYNIC METALS LTDGYNMetalsPb, Zn, CuExplorerWA, NSWwww.graynicmetals.com.au
GREAT AUSTRALIAN RESOURCES LTDGAUMetalsPt, Pd, Ni, CrExplorerRSAwww.greataustralian.com.au/
GREAT GOLD MINESGNLwww.greatgoldmines.com.au/
GREAT SOUTHERN LIMITEDGTPAgricultureTimberOperatingAustraliawww.great-southern.com.au
GREAT WESTERN EXPLORATION LIMITED.GTE
GREATER BENDIGO GOLD MINES LTDGBMMetalsAuExplorerVictoriawww.gbgm.com.au/
GREATER PACIFIC GOLD LTDGPNMetalsV, Ti, U, AuExplorerNT, WAwww.gpgold.com.au/
GREEN ROCK ENERGY LIMITEDGRKEnergyGeothermalEmergingSAwww.greenrock.com.au
GREENLAND MINERALS AND ENERGY LTDGGGMetalsAuEmergingGreenlandwww.ggg.gl
GRYPHON MINERALS LTDGRYMetalsAu, NiEmergingAfrica, WAwww.gryphonminerals.com.au/
GTI RESOURCES LIMITEDGTRwww.gtiresources.com.au/
GULF MINES LIMITEDGLMwww.gulfmines.com.au/
GULF RESOURCES LIMITEDGLFwww.gulfresources.com.au/
GULLEWA LTDGULMetalsETFAustraliawww.gullewa.com
GUNNS LIMITEDGNSAgricultureTimberProducerTASwww.gunns.com.au
GUNSON RESOURCES LTDGUNMetalsCu, AuProducerAustraliawww.gunson.com.au/
HADDINGTON RESOURCES LTDHDNMetals, EnergyTa, U, Sands, coalProducerWAwww.haddington.com.au/
HAMPTON HILL MINING NLHHMMetalsAu, U, Pb, Zn, CuExplorerWAwww.hamptonhill.com.au/
HANNANS REWARD LTDHNRMetals, EnergyAu, Ni, Fe, UExplorerWAwww.hannansreward.com/
HAOMA MINING NLHAOMetalsAuEmergingWA, Qldwww.haoma.com.au/
HAVILAH RESOURCES NLHAVMetals. EnergyAu, GeothermalExplorerSAwww.havilah-resources.com.au/
HAWK RESOURCES LTDHFCMetalsWExplorerVictoriawww.hawkresources.com.au
HAWTHORN RESOURCES LTDHAWMetalsAuExplorerWAwww.greatgoldmines.com.au
HAZELWOOD RESOURCES LTDHAZMetalsNi, WExplorerWAwww.hazelwood.com.au/
HEEMSKIRK CONSOLIDATED LTDHSKMetals??ProducerCanada, Spainwww.heemskirk.com/
HELIX RESOURCES LTDHLXMetalsAu, Fe, U, Zn, PbExplorerWA, SAwww.helix.net.au/
HEMISPHERE RESOURCES LTDHEMMetalsAu, Ni, UExplorerWAwww.hemisphereresources.com.au/
HERALD RESOURCES LTDHERMetalsAu, Pb, ZnProducerSA, Indonesiawww.herald.net.au
HERITAGE GOLD NZ LTDHTMMetalsAuExplorerNZwww.heritagegold.co.nz/
HERON RESOURCES LTDHRRMetalsNiEmergingWAwww.heronresources.com.au/
HIGHLANDS PACIFIC LTDHIGMetalsNi, AuProducerPNGwww.highlandspacific.com/
HILL END GOLD LTDHEGMetalsAuEmergingNSWwww.hillendgold.com.au/
HILLGROVE RESOURCES LTDHGOMetalsAu, Cu, Zn, PbProducerSAwww.hillgroveresources.com.au/
HITEC ENERGY LTDHTEMetalsMgOxideEmergingIndiawww.hitec-energy.com.au/
HODGES RESOURCES LTDHDGMetalsMoExplorerVictoriawww.hodgesresources.com.au
HUDSON RESOURCES LIMITEDHRSGemstonesDiamondsExplorerGreenlandwww.hudsonresources.ca/
ICON RESOURCES LTDIIIMetalsAu, Zn, Ni, FeExplorerNSWwww.iconresources.com.au/
IGDX HOLDINGS LTDIGXMetalsAuTraderMalaysia, HKwww.igdx.com.au/
ILUKA RESOURCES LTDILUMetalsSandsProducerWA, Victoriawww.iluka.com
IMAGE RESOURCES NLIMAMetalsAu, Sands, Ni, UWAwww.imageres.com.au/
IMDEX LTDIMDMetals, EnergyCSM, metalsServicesAustraliawww.imdex.com.au
IMPACT MINERALS LTDIPTMetals, EnergyU, Au, Pb, Zn, Ni, Pt, PdExplorerAustralia, Botswanawww.impactminerals.com.au/
IMPERIAL CORPORATION LIMITEDIMPEnergyGasProducerUSAwww.imperialone.com.au
IMX RESOURCES NLIXRMetalsNi, Pt, AuEmergingAustralia, Tanzaniawww.goldstreammining.com.au
INCITEC PIVOT LIMITEDIPLAgricultureFertiliserProducerAustraliawww.incitecpivot.com.au
INDEPENDENCE GROUP NLIGOMetalsNi, AuProducerWAwww.independencegroup.com.au/
INDIA RESOURCES LTDIRLMetalsCu, Zn, PbEmergingIndiawww.indiaresources.com.au
INDO MINES LTDIDOMetalsAuExplorerIndonesia, Peru, Australiawww.indomines.com.au/
INDOPHIL RESOURCES NLIRNMetalsAu, Cu, Zn, PbEmergingPhilippineswww.indophil.com/
INDUSTRIAL MINERALS CORPORATION LTDIDMMetalsSandsEmergingUSAwww.industrialmineralscorp.com.au/
INTEC LTDINLMetalsCu, Zn, PbProducerTASwww.intec.com.au/
INTEGRA MINING LTDIGRMetalsAuProducerWAwww.integramining.com.au/
INTERMET RESOURCES LTDITTMetalsAu. Cu, U, Pb, ZnExplorerSAwww.intermetresources.com.au
INTERMIN RESOURCES LTDIRCMetalsAuOperatingWA
INTERNATIONAL GOLDFIELDS LTD..IGCMetalsPd, PtExplorerRSAwww.internationalgoldfields.com/
INTREPID MINES LTDIAUMetalsAuProducerAustralia, Canada, Mexico, Argentinawww.intrepidmines.com
INVESTIKA LTDIVKMetalsNi, Cu, Pb, ZnExplorerIndonesia, Chilewww.investika.com
IRON MOUNTAIN MINING LTDIRMMetalsFeExplorerWAwww.ironmountainmining.com.au/
IRON ORE HOLDINGS LTDIOHMetalsFeExplorerWAwww.ironoreholdings.com/
IRONBARK GOLD LTDIBGMetalsZn, Pb, AuExplorerGreenlandwww.ironbarkgold.com.au/
IRONCLAD MINING LTDIFEMetalsFeExplorerSAwww.ironcladmining.com/
JABIRU METALS LTDJMLMetalsCu, Pb, ZnProducerWA
JACKSON MINERALS LTDJAKMetalsU, Cu, Ni, Ag, AuEmergingArgentina, Australiawww.jacksongold.com.au/
JAGUAR MINERALS LTDJAGMetals??????www.jaguarminerals.com.au/
JAMES HARDIE INDUSTRIES N.V.JHXBuildingFibre CementProducerWorldwidewww.jameshardie.com
JAMESON RESOURCES LTDJALMetals??Explorer??www.jamesonresources.com.au
JERVOIS MINING LTDJRVMetalsAu, Ni, CoExplorerWA, NSWwww.jervois.com.au/
JINDALEE RESOURCES LTDJRLMetalsNi, UExplorerWA, NTwww.jindalee.net/
JUBILEE MINES NLJBMMetalsNiProducerWAwww.jubileemines.com.au
JUPITER ENERGY LIMITEDJPREnergyBiodiesel, Oil & GasEmergingMalaysia, Australiawww.jupiterenergy.com.au
JUPITER MINES LTDJMSMetalsFe, Zn, Ni, Pb, AuExplorerWAwww.jupitermines.com/
JUTT HOLDINGS LTDJUTMetalsAu, Zn, Pb, NiExplorerWAwww.juttholdings.com
KAGARA LTDKZLMetalsZn, PbProducerQldwww.kagara.com.au
KAIRIKI ENERGY LIMITEDKIKEnergyOil & GasExplorerPhilippineswww.kairikienergy.com/
KALGOORLIE-BOULDER RESOURCES LTDKALMetalsAu, Ni, Pb, ZnExplorerAustraliawww.kalgoorlieboulderres.com.au/
KANGAROO METALS LTDKMLMetalsCu, Ag, AuExplorerQldwww.kangaroometals.com.au
KASBAH RESOURCES LTDKASMetalsTinExplorerMoroccowww.kasbahresources.com
KENTOR GOLD LTDKGLMetalsAu????www.kentorgold.com/
KING ISLAND SCHEELITE LTDKISMetalsWMothballedTASwww.kingislandscheelite.com.au/
KING SOLOMON MINES LTDKSOMetalsAu, Pb, Cu, ZnExplorerChinawww.kingsolomonmines.com
KINGS MINERALS NLKMNMetalsAu, Cu, Zn, Pb, MoExplorerAustralia, Mexicowww.kingsminerals.com/
KINGSGATE CONSOLIDATED LTD.KCNMetalsAuProducerThailandwww.kingsgate.com.au/
KINGSROSE MINING LTDKRMMetalsAuExplorerWAkingsrosemining.com.au
KORAB RESOURCES LIMITEDKOREnergyUExplorerNTwww.korabresources.com.au/
KRUCIBLE METALS LTDKRBMetalsCu, Pb, Zn, Au, Ag, UExplorerQldwww.kruciblemetals.com.au/
LACHLAN STAR LIMITEDLSA????????
LAFAYETTE MINING LTDLAFMetalsAu, Cu, Zn, AgProducerPhilippineswww.lafayettemining.com/
LAKE RESOURCES N.L.LKEMetalsAu, CuExplorerPakistan, Argentinawww.lakeresources.com.au/
LATIN GOLD LTDLATMetalsAuExplorerPeru, Chilewww.latingold.com.au/
LATROBE MAGNESIUM LTDLMGMetalsMgEmergingVictoriawww.latrobemagnesium.com/
LEFROY RESOURCES LTDLEFMetalsLi, KExplorerChile, Peruwww.lefroyresources.com.au/
LEGEND MINING LTDLEGMetalsAu, Zn, Pb, Ni, CuExplorerWAwww.legmin.com.au/
LEYSHON RESOURCES LTDLRLMetalsAu, CuEmergingChinawww.leyshonresources.com/
LIBERTY RESOURCES LTDLBYMetalsAuExplorerWAwww.libertygold.com.au/
LIHIR GOLD LTD.LGLMetalsAuProducerPNGwww.lihir.com.pg/
LINCOLN MINERALS LTDLMLMetalsU, Pb, Zn, Cu, Ni, FeExplorerSAwww.lincolnminerals.com.au/
LINDIAN RESOURCES LTDLINMetalsFe, Au, PtExplorerAustraliawww.lindianresources.de/
LINQ RESOURCES FUNDLRFMetalsSmall stockETFWorldwidewww.linqresources.com/
LION SELECTION LTDLSTMetalsAu, CuETFAustralia, Africawww.lionselection.com.au/
LIONTOWN RESOURCES LTDLTRMetalsAu, NiExplorerWA, Qldwww.ltresources.com.au/
LODESTAR MINERALS LTDLSRMetalsAu, NiExplorerWAwww.lodestarminerals.com.au/
LODESTONE EXPLORATION LTDLODMetalsAuExplorerQldwww.lodestonex.com/
LONRHO MINING LIMITEDLOMGemstonesDiamondsExplorerRSAwww.narediamonds.com/
LYNAS CORPORATION LTDLYCMetalsREEsEmergingChina, WAwww.lynascorp.com
MACARTHUR COAL LIMITEDMCCEnergyCoalProducerQldwww.macarthurcoal.com.au/
MACMIN SILVER LTDMMNMetalsAgProducerQldwww.macmin.com.au/
MACQUARIE HARBOUR MINING LTDMHMMetalsAu, Sn, Cu, Pb, ZnExplorerTASwww.mhml.com.au/
MAGMA METALS LTDMMBMetalsNi, CuExplorerCanada, Australiawww.magmametals.com.au/
MAGNA MINING NLMANMetalsDiversifiedExplorerNamibiawww.magnamining.com.au/
MAGNETIC RESOURCES NLMAUMetals, EnergyAu, Ni, UExplorerWAwww.magres.com.au/
MAGNUM MINING AND EXPLORATION LTDMGUMetalsTiExplorerPhilippines, Namibiawww.mmel.com.au/
MALACHITE RESOURCES NLMARMetalsAu, Cu, Ag, Pb, ZnExplorerNSWwww.malachite.com.au/
MAMBA MINERALS LIMITEDMAB????????www.mamba.com.au/
MANTLE MINING CORPORATION LTDMNMMetalsAu, Cu, UExplorerQld, Victoriawww.mantlemining.com/
MARATHON RESOURCES LTDMTNMetalsAu, Cu, Pb, Zn, UExplorerSAwww.marathonresources.com.au/
MARENGO MINING LTDMGOMetalsCu, MoEmergingPNGwww.marengomining.com/
MATILDA MINERALS LTDMALMetalsSandsProducerNT, Qldwww.matildaminerals.com/
MATRIX METALS LTDMRXMetalsCuProducerQldwww.matrixmetals.com.au/
MAVUZI RESOURCESMAVMetalswww.mavuziresources.com.au/
MAWSON WEST LTDMWEMetalsCu, AuExplorerWA, Zambia, Congowww.mawsonwest.com.au/
MAXIMUS RESOURCES LTDMXRMetalsU, Au, Pt, Ni, FeExplorerSA, WAwww.maximusresources.com/
MEDUSA MINING LTDMMLMetalsAuEmergingPhilippineswww.medusamining.com.au/
METALLICA MINERALS LTDMLMMetalsNiProducerQldwww.metallicaminerals.com.au/
METALS AUSTRALIA LTDMLSMetalsZn, UExplorerNamibiawww.metalsaustralia.com.au/
METALS FINANCE CORPMFCMetalsVariousFinancierWorldwidewww.metalsfinance.com/
METALS X LTDMLXMetalsSn, NiProducerTAS, WAwww.metalsx.com.au/
METEORIC RESOURCES NLMEIwww.meteoric.com.au/
METEX RESOURCES LTDMEEMetalsAuWAwww.metex.com.au/
METMINCO LTDMNCMetals, EnergyAu, UExplorerWAwww.metminco.com.au/
MIDAS RESOURCES LTDMDSMetalsAu, CuEmergingChinawww.midasresources.com.au/
MIDWEST CORPORATION LTDMISMetalsFe finesProducerWAwww.midwestcorp.com.au/
MIDWINTER RESOURCES NLMWNMetalsAuExplorerWAwww.midwinterresources.com.au/
MIL RESOURCES LTDMGKMetalsFeExplorerPNGwww.mgil.com.au/
MILLENNIUM MINERALS LTDMOYMetalsMo, AuExplorerWAwww.wedgetail.net.au/
MILLEPEDE INTERNATIONAL LIMITEDMPD
MINARA RESOURCES LTDMREMetalsNi, CoProducerWAwww.minara.com.au/
MINCOR RESOURCES NLMCRMetalsNi, CoProducerWAwww.mincor.com.au/
MINDAX LIMITEDMDXwww.mindax.com.au/
MINEMAKERS LTDMAKMetalsP, salt, W, Fl, Fe, Ni, AuExplorerWAwww.minemakers.com.au/
MINERAL COMMODITIES LTDMRCMetalsSandsEmergingRSAwww.mineralcommodities.com.au/
MINERAL DEPOSITS LTDMDLMetalsSandsEmergingSenegalwww.mineraldeposits.com.au/
MINERAL SANDS LTDMSNMetalsSandsExplorerNSW, Qld, Victoriawww.minsands.com.au/
MINERAL SECURITIESMXXDiversifiedVariousHolding CoWorldwidewww.mineralsecurities.com.au/
MINERALS CORPORATION LIMITEDMSCBuildingKaolinProducerQld, WAwww.mineralscorp.com.au/
MINING PROJECTS GROUP LTDMPJMetalsAu, Pb, Zn, CuEmergingWAwww.miningprojectsgroup.com.au/
MINOTAUR EXPLORATION LTDMEPMetalsAu, Cu, U, Pb, ZnExplorerSAwww.minotaurexploration.com.au/
MINTAILS LIMITEDMLIEnergyCoalProducerAustraliawww.mintails.com.au/
MIRABELA NICKEL LTDMBNMetalsNiEmergingBrazilwww.mirabelanickel.com.au/
MITHRIL RESOURCES LTDMTHMetalsNi, SandsEmergingWAwww.mithrilresources.com.au/
MOLY MINES LTDMOLMetalsMoEmergingAustraliawww1.molymines.com/
MONARCH GOLD MINING COMPANY LTDMONMetalsAuProducerAustraliawww.monarchgold.com.au/
MONARO MINING NLMROMetalsAu, U, Pb, Zn, CuExplorerKyrgyz, Australiawww.monaromining.com/
MONAX MINING LTDMOXMetalsAu, Cu, Zn, PbExplorerSAwww.monaxmining.com.au/
MONTEZUMA MINING COMPANY LTDMZMMetalswww.montezumamining.com.au/
MONTO MINERALS LTDMOOMetalsTiEmergingQldwww.montominerals.com/
MORNING STAR GOLD N.L.MCOMetalsAuExplorerVictoriawww.morningstargold.com.au/
MOUNT BURGESS MINING NLMTBMetalsCu, Pb, ZnExplorerAfricawww.mountburgess.com/
MOUNT GIBSON IRON LTDMGXMetalsFeProducerWAwww.mtgibsoniron.com.au/
MOUNT MAGNET SOUTH NLMUMMetalsAu, Pb, Zn, CuExplorerWAwww.mountmagnet.com.au/
MUNDO MINERALS LTDMUNMetalsAuExplorerBrazil, Peruwww.mundominerals.com/
MURCHISON METALS LTDMMXMetalsFeProducerWAwww.mml.net.au/
MURCHISON UNITED NLMURMetalsUExplorerGuinea, Mauritaniawww.munl.com.au/
MUTINY GOLD LTDMYGMetalsAuExplorerVictoriawww.mutinygold.com.au/
NATIONAL CAN INDUSTRIES LIMITEDNCIPackagingCansOperatingAustraliawww.natcan.com.au/
NAVIGATOR RESOURCES LTDNAVMetalsAuProducerWAwww.navigatorresources.com.au/
NEWCREST MINING LTDNCMMetalsAu, CuProducerNSW, WAwww.newcrest.com.au/
NEWLAND RESOURCES LTDNRLMetalsCoal, AuHolding CoQldwww.newlandresources.com/
NEWMONT MINING CORPORATION.NEMMetalsAuProducerWorldwidewww.newmont.com/
NEWPORT MINING LTDNMNMetalsAu, Cu, U, Pb, ZnExplorerSAwww.newport-mining.com.au/
NEX METALS EXPLORATION LTDNMEMetalsAu, Ni, Pt, CuExplorerWAwww.nexmetals.com/
NGM RESOURCES LTDNGMMetalswww.ngmresources.com.au/
NICKELORE LTDNIOMetalsAu, Cu, Ni, PtExplorerWAwww.halcyongroup.com.au/
NIMRODEL RESOURCES LTDNMRMetalsCu, AuExplorerNSWwww.nimrodel.com.au/
NKWE PLATINUM LTDNKPMetalsPtExplorerRSAwww.nkweplatinum.com/
NOAH RESOURCES NLNOAMetalsSn, W, Mo, AuExplorerAustralia??
NORTH AUSTRALIAN DIAMONDS LTDNADGemstonesDiamondsExplorerWA, NTwww.nadl.com.au/
NORTH QUEENSLAND METALS LTDNQMMetalsAuEmergingQldwww.nqm.com.au/
NORTHERN IRON LTDNFEMetalsFeEmergingNorwaywww.northerniron.com.au/
NORTHERN MINING LTDNMIMetalsAu, Ni, Zn, PbExplorerWA, NT, Polandwww.northernmining.com.au/
NORTHERN STAR RESOURCES LTDNSTMetalsAu, Pt, Pb, Cu, ZnExplorerWAwww.nsrltd.com/
NORTHWEST RESOURCES LTDNWRMetalsAuEmergingWAwww.nw-resources.com.au/
NORTON GOLD FIELDS LTDNGFMetalsAuRe-emergingWAwww.nortongoldfields.com.au/
NUENERGY CAPITAL LIMITEDNGYEnergyOil & GasExplorerAustralia??
NUFARM LIMITEDNUFAgriculturePesticidesOperatingAustraliawww.nufarm.com/
NULLARBOR HOLDINGS LTDNLBMetalsVariousExplorerWorldwide??
NUPLEX INDUSTRIES LIMITED.NPXPackagingResinsOperatingNZwww.nuplex.co.nz/
OCEANAGOLD CORPORATIONOGCMetalsAuProducerAustralia, Philippineswww.oceanagold.com.au/
OLYMPIA RESOURCES LTDOLYMetals, EnergySands, UExplorerAustralia, Indonesiawww.olympiaresources.com/
OM HOLDINGS LTDOMHMetalsMnProducerNTwww.omholdingsltd.com/
ONESTEEL LIMITEDOSTBuildingSteelProducerWorldwidewww.onesteel.com/
ORD RIVER RESOURCES LTDORDMetalsFewww.ord.com.au/
ORICA LIMITEDORIBuildingExplosivesProducerWorldwidewww.orica.com/
ORIENT RESOURCE HOLDINGS LIMITEDORHBuildingSteelOperatingAsia Pacificwww.orientresources.com.au/
OROCOBRE LTDOREMetalsLi, Au, Cu, AgExplorerArgentinawww.orocobre.com.au/
OROPA LTDORPMetalsAuEmergingIndonesia, Indiawww.oropa.com.au/
OROYA MINING LTDOROMetalsAi, Pb, ZnExplorerNSW, Victoriawww.oroya.com.au/
OVERLAND RESOURCES LTDOVRMetalsNi, Cu, Pt, Pb, Zn, AuExplorerNSW, NZwww.overlandresources.com/
OVERSEAS & GENERAL LIMITEDOGLAgricultureTimberOperatingFiji, Malaysiawww.overseas-general.com/
OXIANA LTDOXRMetalsCu, AuProducerLaoswww.oxiana.com.au/
PACIFIC MINING LTDPFMMetalsVariousHolding CoAustralia??
PACIFIC ORE LTDPSFMetalsAu, CuExplorerNT, Mongoliawww.trajanminerals.com.au/
PACRIM ENERGYPREMetals, EnergyAu, oil & gasExplorerUSA, PNG, Australiawww.pacrimenergy.com.au/
PACMAG METALS LTDPMHMetalsMg, ??ExplorerWorldwidewww.pacmag.com.au/
PAN AUSTRALIAN RESOURCES LTDPNAMetalsCu, AuExplorerLaoswww.panaustralian.com.au/
PAN PALLADIUM LTDPPDMetals???
PANAEGIS GOLD MINES LTDPAUMetalsAuExplorerVictoriawww.panaegisgold.com.au/
PAPERLINX LIMITEDPPXPackagingPaperOperatingAustraliawww.paperlinx.com.au/
PAPYRUS AUSTRALIA LIMITEDPPYPackagingPaperProducerAustraliawww.papyrusaustralia.com.au
PARADIGM METALS LTDPDMMetals????????
PARAMOUNT MINING CORPORATION LTDPCPGemstonesDiamondsExplorerGhana, RSA, WAwww.paramountmining.com/
PEAK RESOURCES LTDPEKMetals, EnergyAu, Ni, , Zn, PbExplorerWAwww.peakresources.com.au/
PEEL EXPLORATION LTDPEXMetalsAu, Ni, Pt, CuExplorerNSWwww.peelex.com.au/
PEGASUS METALS LTDPUNMetals, EnergyAu, U, Pb, Zn, CuExplorerWAwww.pegasusmetals.com.au/
PELICAN RESOURCES LTDPELMetalsAu, Ni, FeExplorerWA, Philippineswww.pelicanresources.com.au/
PELSART RESOURCES NLPRN
PENINSULA MINERALS LTDPENMetalsAu, U, NiExplorerFiji, Tanzania, Australiawww.peninsulaminerals.com.au/
PENRICE SODA HOLDINGS LIMITEDPSHChemicalsSoda AshOperatingAustraliawww.penrice.com.au/
PEPINNINI MINERALS LTDPNNMetalsU, Ni, Au, Cu, Pb, ZnSA, Qldwww.pepinnini.com.au/
PERILYA LTDPEMMetalsCu, Zn, PbProducerNSWwww.perilya.com.au/
PERSEVERENCE MININGPSVMetalsAuVictoriawww.perseverance.com.au/
PERSEUS MINING LTDPRUMetalsAuEmergingAfricawww.perseusmining.com.au/
PHOENIX COPPER LTDPNXMetalsCu, AuExplorerSAwww.phoenixcopper.com.au/
PIKE RIVER COAL LIMITEDPRCEnergyCoalEmergingNZwww.pike.co.nz/
PIONEER NICKEL LTDPIOMetalsCu, Au, NiExplorerWAwww.pioneernickel.com.au/
PLATINA RESOURCES LTDPGMMetalsPt, Pd, AuEmergingNSW, WAwww.platinaresources.com.au/
PLATINUM AUSTRALIA LTDPLAMetalsPt, Pd, AuEmergingWA, RSAwww.platinumaus.com.au/
PLATSEARCH NLPTSMetalsAu, Pt, Pb, Cu, ZnExplorerSA, Qld, NSWwww.platsearch.com.au/
PLENTEX LTDPRMMetalsMo, U, FlExplorerQldwww.plentex.com.au/
PLUTON RESOURCES LIMITEDPLV
POLARIS METALS NLPOLMetalsFeEmergingWAwww.polarismetals.com.au/
PORTMAN LTDPMMMetalsFeProducerWAwww.portman.com.au/
POSEIDON NICKEL LTDPOSMetalsNi, AuExplorerWA, Ghanawww.poseidon-nickel.com.au/
PRAIRIE DOWNS METALS LTDPDZMetalsCu, Pb, ZnEmergingWAwww.prairiedownsmetals.com.au/
PRIMARY RESOURCES LTDPRZMetalsAu, CuExplorerNSWwww.primaryresources.com.au
PRIME MINERALS LTDPIMMetalsU, Au, Ti, VExplorerWAwww.primeminerals.com.au/
PRO-PAC PACKAGING LIMITEDPPGPackagingVariousOperatingAustraliawww.pro-pac.com.au/
PROSPERITY RESOURCES LTDPSPMetalsAuExplorerWA, Indonesiawww.prosperity.net.au/
PROTO RESOURCES & INVESTMENTS LTDPRWMetalsAu, Pb, Zn, CuExplorerWA, TASwww.protoresources.com.au/
QUANTUM RESOURCES LTDQURMetalsU, Au, Zn, Pb, CuExplorerWA, NTwww.qur.com.au/
QUAY MAGNESIUM LTDQMGMetalsMg-alloyOperatingChinawww.quaymagnesium.com/
QUEENSLAND GOLD AND MINERALS LTDQGMMetalsCu, Au, Pb, Zn, NiExplorerAustraliawww.qgm.com.au/
QUEENSLAND MINING CORPORATION LTDQMNMetalsCuProducerQldqueenslandminingcorporation.com.au/
QUEENSLAND ORES LTDQOLMetalsSn, WEmergingQldwww.qol.com.au/
RAMELIUS RESOURCES LTDRMSMetalsTa, Cu, AuExplorerWAwww.rameliusresources.com.au/
RAND MINING NLRNDMetalsAuRe-emergingWAwww.randmining.com.au/
RANGE RESOURCES LTDRRSMetals, EnergyVariousExplorerSomaliawww.rangeresources.com.au/
RANGE RIVER GOLD LTDRNGMetalsAuMothballedWAwww.rangeriver.com.au/
RED 5 LTDREDMetalsAuEmergingPhilippineswww.red5ltd.com/
RED EMPEROR RESOURCES NLRMPMetalsCuExplorerWAwww.red-emperor.com/
RED HILL IRON LTDRHIMetalsFeExplorerWAwww.redhilliron.com.au/
RED METAL LTDRDMMetalsCu, U, b, Zn, AuExplorerSAwww.redmetal.com.au/
RED RIVER RESOURCES LTDRVRMetalsFeExplorerWAwww.redriverresources.com.au/
REDBANK MINES LTDRBMMetalsCu, AuExplorerFiji, WAwww.redbankmines.com.au/
REDSTONE RESOURCES LTDRDSMetalsCu, U, b, Zn, AuExplorerWAwww.redstone.com.au/
REED RESOURCES LTDRDRMetalsVEmergingWAwww.reedresources.com/
REEDY LAGOON CORPORATION LTDRLCMetals???ExplorerAustraliawww.reedylagoon.com.au/
REGAL RESOURCES LTDRERMetalsAuProducerWAwww.regalresources.com.au/
REGIS RESOURCES LTDRRLMetalsAu, NiExplorerWAwww.regisresources.com/
RENISON CONSOLIDATED MINES NLRSNMetalsAuRe-direction??www.rcm.com.au/
REPUBLIC GOLD LTDRAUMetalsAu, WExplorerQldwww.republicgold.com.au/
RESOLUTE MINING LTDRSGMetalsAuProducerAfricawww.resolute-ltd.com.au/
RESOURCE AND INVESTMENT NLRNIGemstonesDiamondsExplorerRSA, WA, Angola, Brazilwww.rninl.com.au/
RESOURCE BASE LTDRBXMetalsAuExplorerNSWwww.resourcebase.com.au/
RESOURCE MINING CORPORATION LTDRMIMetalsFeExplorerPNG, WAwww.resmin.com.au/
REVERE MINING LTDRVMMetalsAuExplorerWAwww.reveremining.com.au/
REWARD MINERALS LTDRWDMetalsPotashEmergingWAwww.rewardminerals.com/
REX MINERALS LTDRXMMetalsAuExplorerNSW, Victoriawww.rexminerals.com.au/
RIMFIRE PACIFIC MINING NLRIMGemstones, MetalsPt, diamonds, AuExplorerNSWwww.rimfire.com.au/
RIO TINTO LIMITEDRIODiversifiedVariousProducerWorldwidewww.riotinto.com/
RMA ENERGY LTDRMTMetalsCoal, U, SnExplorerQld, NSWwww.rmaenergyltd.com/
ROBUST RESOURCES LTDROLMetalsVariousExplorerNSWwww.robustresources.com.au/
ROX RESOURCES LTDRXLMetalsPb, ZnExplorerLaoswww.roxresources.com.au/
ROYAL RESOURCES LTDROYMetals, EnergyU, V, Fe, Pd, AuExplorerUSA, WAwww.royalresources.com.au/
ROYALCO RESOURCES LTDRCOMetalsAuRoyaltiesPhilippineswww.royalco.com.au/
RUBICON RESOURCES LTDRBRMetalsAu, Pb, Zn, CuExplorerWAwww.rubiconresources.com.au/
RURALAUS INVESTMENTS LIMITEDRURAgricultureTimberOperatingWAwww.ruralaus.com.au/
RUSINA MINING NLRMLMetalsNi, CrEmergingPhilippineswww.rusina.com.au/
SABRE RESOURCES LTDSBRMetals, EnergyNi, UExplorerWA, Tanzaniawww.sabresources.com/
SALLY MALAY MINING LTDSMYMetalsNiProducerWAwww.sallymalay.com/
SANDFIRE RESOURCES NLSFRMetalsCu, Pb, Zn, AuExplorerWA, NTwww.sandfire.com.au/
SARACEN MINERAL HOLDINGS LTDSARMetalsAuEmergingWAwww.saracen.com.au/
SCIMITAR RESOURCES LIMITEDSIMEnergyUExplorerSAwww.scimitarresources.com.au/
SCOTGOLD RESOURCES LTDSGZMetalsAu, AgExplorerScotlandwww.scotgoldresources.com/
SEGUE RESOURCES LTDSEGMetalsNi, Cu, AuExplorerWA, NTwww.segueresources.com/
SHAW RIVER RESOURCES LTDSRRMetalsNi, Cu, AuExplorerWAwww.shawriver.com.au/
SHIELD MINING LTDSHXMetalsU, Cu, Au, Pb, ZnExplorerMadagascar, Mauritaniawww.shieldmining.com/
SIERRA MINING LTDSRMMetalsCu, AuExplorerPNG, Philippineswww.sierramining.com.au/
SIGNATURE BRANDS LTDSBLMetals??RedirectionAustralia
SILVER LAKE RESOURCES LTDSLRMetalsAuExplorerWAwww.silverlakeresources.com.au/
SILVER MINES LTDSVLMetalsAgExplorerNSWwww.silverminesltd.com.au/
SILVER SWAN GROUP LTDSWNMetalsAgExplorerSAwww.silverswangroup.com.au/
SIMS GROUP LTD.SGMMetalsScrapOperatingWorldwidewww.sims-group.com/
SINO GOLD MINING LTDSGXMetalsAuProducerChinawww.sinogold.com.au/
SINOVUS MINING LTDSNVMetalsAu, Ag, MnExplorerChinawww.sinovusmining.com/
SIPA RESOURCES LTDSRIMetalsExplorerAustraliawww.sipa.com.au/
SOUTH BOULDER MINES LTDSTBMetalswww.southbouldermines.com.au/
SOUTHERN CROSS EXPLORATION N.L.SXXMetals Au, MnExplorerNT, Victoria, Philippines, Iranwww.scxnl.com/
SOUTHERN CROSS GOLDFIELDS LTDSXGMetalsAu, NiExplorerWAwww.scross.com.au/
SOUTHERN GOLD LTDSAUMetalsAuExplorerSA, Cambodiawww.southerngold.com.au/
SOVEREIGN METALS LTDSVMMetals, EnergyCu, Au, UExplorerWA, Qldwww.sovereignmetals.com.au/
SPHERE INVESTMENTS LTDSPHMetalsFeEmergingAfricawww.sphereinvestments.com.au/
SPITFIRE RESOURCES LTDSPIMetalsMnEmergingWAwww.spitfireresources.com/
ST BARBARA LTDSBMMetalsAuProducerWAwww.stbarbara.com.au/
STELLAR RESOURCES LTDSRZMetals, EnergyU, Au, Pb, Cu, ZnExplorerNSW, TAS, SAwww.stellarresources.com.au/
STIRLING MINERALS LTDSMZMetalsAu, Pb, Cu, ZnExplorerNSWwww.stirlingminerals.com.au/
STONEHENGE METALS LTDSHEMetalsPb, Zn, Ag, Ni, Cu, SnExplorerTAS, Indonesiawww.stonehengemetals.com.au/
STRAITS RESOURCES LTDSRLMetals, EnergyCoal, Cu, AuProducerNSW, WA, Indonesiawww.straits.com.au/
STRATEGIC MINERALS CORPORATION NLSMCMetalsAuEmergingQldwww.stratmin.com.au/
STRIKE RESOURCES LTDSRKMetalsFeExplorerAustralia, Peru, Indonesiawww.strikeresources.com.au/
SUB-SAHARA RESOURCES NLSBSMetalsAuEmergingAfricawww.subsahara.com.au/
SUMMIT RESOURCES LTDSMMMetals, EnergyU, VEmergingQldwww.summitresources.com.au/
SUNDANCE RESOURCES LTDSDLMetalsFe, Cu, Au, Pb, ZnExplorerWest Africawww.sundanceresources.com.au/
SUPERIOR RESOURCES LTDSPQMetalsCu, Pb, ZnExplorerQld
SYLVANIA RESOURCES LTDSLVMetalsPt, PdExplorerRSAwww.sylvaniaresources.com/
SYMEX HOLDINGS LIMITEDSYMChemicalsSoapOperatingAustraliawww.symex.com.au/
SYNDICATED METALS LTDSMDMetalsCu, Au, Mo, Pb, Zn, UExplorerQld, WAwww.syndicatedmetals.com
SYNERGY METALS LTDSMLMetalsAuExplorerVictoriawww.synergymetals.com.au/
SYRAH RESOURCES LTDSYRMetalsCuExplorerQldwww.syrahresources.com.au/
TAKORADI LTDTKGMetalsCu, AuExplorerWorldwide
TALISMAN MINING LTDTLMMetalsFe, Au, Pb, Zn, CuExplorerWAwww.talismanmining.com.au/
TAMAYA RESOURCES LTDTMRMetalsCu, AuProducerChilewww.tamayaresources.com/
TANAMI GOLD NLTAMMetalsCu, AuEmergingNT, Victoria, Philippines, Iranwww.tanami.com.au/
TASMAN GOLDFIELDS LTDTGXMetalsAuExplorerNZ, NSWwww.tasmangoldfields.com.au/
TASMAN RESOURCES NLTASMetalsAu, Cu, Pb, Zn, AgExplorerSAwww.tasmanresources.com.au/
TASMANIA MINES LTDTMMMetalsFeProducerTAS
TAWANA RESOURCES NLTAWMetalsGemstonesDiamondsWAwww.tawana.com.au/
TECTONIC RESOURCES NLTTRMetalsCu, Au, NiExplorerWAwww.tectonicres.com.au/
TERRAIN MINERALS LTDTMXMetalsAuExplorerWAwww.terrainminerals.com.au/
TERRAMIN AUSTRALIA LTD.TZNMetalsPb, ZnEmergingSpainwww.terramin.com.au/
TERRITORY RESOURCES LTDTTYMetalsFeEmergingNTwww.territoryiron.com.au/
TERRITORY URANIUM COMPANY LIMITEDTUCEnergyU, Au, Pb, ZnExplorerNTwww.territoryuranium.com.au/
TFS CORPORATION LIMITEDTFCAgricultureTimberOperatingWAwww.tfsltd.com.au/
THOR MINING PLCTHRMetalsMo. W, UEmergingNTwww.thormining.com/
THUNDELARRA EXPLORATION LTDTHXMetalsCu, Pb, ZnProducerQldwww.thundelarra.com/
TIANSHAN GOLDFIELDS LTDTGFMetalsAuEmergingChinawww.tianshangoldfields.com.au/
TIARO COAL LIMITEDTCMEnergyCoalEmergingQldwww.tiarocoal.com.au/
TIGER RESOURCES LTDTGSMetalsCu, Co, Au#ExplorerCongo, Brazilwww.tigerresources.de/
TIMBERCORP LIMITEDTIMAgricultureTimberOperatingNSW, Victoriawww.timbercorp.com.au/
TNG LTDTNGMetalsAu, CuExplorerNTwww.tngltd.com.au/
TRAFFORD RESOURCES LTDTRFMetalsAuExplorerSA, WAwww.traffordresources.com/
TRAKA RESOURCES LIMITEDTKL????????www.trakaresources.com.au/
TRANSIT HOLDINGS LTDTRHMetalsFe, Au, Pb, Zn, CuExplorerWAwww.transitholdings.com.au/
TRI ORIGIN MINERALS LTDTRO????????www.trioriginminerals.com.au/
TRIBUNE RESOURCES NLTBRMetalsAuRe-emergingAustraliawww.tribune.com.au
TROY RESOURCES NLTRYMetalsAuProducerAustraliawww.try.com.au/
TRUSCOTT MINING CORPORATION LTDTRMMetalsAuExplorerNT, WAwww.truscottmining.com.au/
UNION RESOURCES LTDUCLMetalsZn, PbEmergingIranwww.unionresources.com.au/
UNITED MINERALS CORPORATION NLUMC??????????
UNIVERSAL RESOURCES LTDURLMetalsCuEmergingQldwww.universalresources.com.au/
URAMET MINERALS LTDURMMetalsU, Pb, ZnExplorerNTwww.uramet.com.au/
URAN LIMITEDURA??????????
VECTOR RESOURCES LTDVECMetals??ExplorerWAwww.vectorresources.com.au/
VENTURE MINERALS LIMITEDVMSEnergyUExplorerAustraliawww.ventureminerals.com.au/
VENUS RESOURCES LIMITEDVNSGemstonesDiamondsExplorerWAwww.venusresources.com.au/
VIETNAM INDUSTRIAL INVESTMENTS LIMITEDVIIBuildingSteelOperatingVietnamwww.vii.net.au/
VIEW RESOURCES LTDVREMetalsNi, AuEmergingWAwww.viewresources.com.au/
VITAL METALS LTDVMLMetalsW, MoEmergingQldwww.vitalmetals.com.au/
VULCAN RESOURCES LTDVCNMetalsNi, Cu, Pb, Zn, AuEmergingWA, Finlandwww.vulcanresources.com.au/
WARWICK RESOURCES LTDWRKMetalsCu, Au, U, Cr, Pb, ZnExplorerWAwww.warwickresources.com.au/
WASHINGTON RESOURCES LTDWRLMetalsU, WExplorerNT, WAwww.washingtonresources.com.au/
WATTYL LIMITEDWYLBuildingPaintOperatingAustraliawww.wattyl.com.au/
WCP RESOURCES LTDWCPMetalsCu, Au, Pt, U, Pb, ZnExplorerSAwww.wcpd.com.au/
WARALIAN METALS LTDWMEEnergyUExplorerNamibiawww.wametals.com.au/
WEST WITS MINING LTDWWIMetalsAuExplorerRSAwww.westwitsmining.com/
WESTERN AREAS NLWSAMetalsNiProducerWAwww.westernareas.com.au/
WESTERN DESERT RESOURCES LTDWDRMetalsU, Au, Pb, Zn, CuExplorerNTwww.westerndesertresources.com.au/
WESTERN METALS LTDWMTMetalsCu, Pb, ZnExplorerAustralia, Tanzania, USA, Peruwww.westernmetals.com.au/
WESTERN PLAINS RESOURCES LTDWPGMetalsFeExplorerSAwww.westernplainsgold.com.au/
WESTGOLD RESOURCES LTDWGRMetalsCu, Au, Pt, U, Pb, ZnExplorerSAwww.westgold.com.au/
WESTONIA MINES LTDWEZMetalsAuExplorerWAwww.westoniamines.com.au/
WHITE CLIFF NICKEL LTDWCNMetalsNi, AuExplorerWAwww.wcnickel.com.au/
WHITE ENERGY COMPANY LTDWECMetals, EnergyNi, clean coalTechAustraliawww.whiteenergyco.com.au/
WILLMOTT FORESTS LIMITEDWFLAgricultureTimberOperatingVictoriawww.willmottforests.com.au/
WINDIMURRA VANADIUM LTDWVLMetalsVEmergingWAwww.pmal.com.au/
WINDY KNOB RESOURCES LTDWKRMetalsAu, NiExplorerWAwww.windyknobresources.com.au/
WOLF MINERALS LTDWLFMetalsSn, WExplorerNSWwww.wolfminerals.com.au/
XENOLITH RESOURCES LIMITEDXENEnergyUExplorerAustralia, Canada
YTC RESOURCES LTDYTCMetalsCu, Au, SnExplorerNSWwww.ytcresources.com/
ZAMBEZI RESOURCES LTDZRLMetals, EnergyCu, Au, UExplorerZambiawww.zambeziresources.com/
ZAMIA GOLD MINES LTDZGMMetalsAuExplorerQldwww.zamiagold.com.au/
ZEDEX MINERALS LTDZDXMetalsAuExplorerAsia Pacificwww.zedex.com.au/
ZIMPLATS HOLDINGS LTDZIMMetalsPt, PdProducerZimbabwewww.zimplats.com/
ZINC CO AUSTRALIA LTDZNCMetalsZn, W, MoExplorerMalaysia, Australiawww.zincco.com.au/
ZINIFEX LTDZFXMetalsZn, PbSmelter, ProducerNSWwww.zincco.com.au/