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

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Wednesday, December 11, 2013

Gryphon Minerals (GRY.ASX) - technical buy like few others

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On the 3rd Dec 2013 I made this chart for Gryphon Minerals and displayed it for my Facebook readers. The stock was up 11% yesterday to 15c, before settling at 14.5c. The breakout has occurred, and I'm expecting more upside in this stock because its pure gold exposure of the best type - emerging gold miner needing a re-rating.
I won't reiterate what I've already said about this stock, but you might also visit my market and commodities pages.

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Monday, November 18, 2013

Acacia Coal (ASX.AJC) - turning point

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There is a stock I recommended about 2 months ago at 1.1c called Acacia Coal (AJC.ASX). It has rallied up to 1.5c in the last few day, before falling back to 1.3c, where I bought some more stock. This company is capitalised at at $12 million. The company has around $4.5mil in cash, giving them an enterprise value of $7.5 million. So what do you get for your money. Well, they have an appealing coking coal project in the Emerald region of Queensland. This is prime coking coal territory.

The company has 60Mt identified coking coal resources, and it has scope to increase this. It has negotiated access to a coal loading facility, and is well-set to find a coal buyer who is willing to finance development of the project. This looks like very good exposure to the coal market at a time when we are destined to see:
1. Stronger demand for coal
2. Price recovery
3. Return of interest to resource stocks
4. Governments commitment to end carbon tax, Mineral Resource Rent Tax

Ideally, I might prefer a thermal coal stock, but I suspect they are capable of producing a thermal product as well. You can view the company's latest presentation here. Technically this stock appears ready to break-out of their long downtrend. I suspect that the motivation for that break will be an updated resource calculation, or perhaps an announcement of a farm-in partner. I'm looking for a break above 1.5c. 

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Thursday, October 17, 2013

Gryphon Resources (GRY.ASX) - the 2nd rally in this stock imminent

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One of our favourite stocks has some into play again. Perhaps you have been following our stock guidance at our Facebook page. Feel free to ask questions on this page. I would however recommend buying our Global Mining Investing eBook, so that I'm not constantly asking the same questions. Buying the book means I only need to answer the rare question not answered in the book. These issues are answered in subsequent updates of the book. Our goal of course is to correct the failings of the public & private education system, which have effectively made students passive dependents, having 'dumbed down' their intellectual efficacy. By reading, absorbing and ultimately following our journey, our intent is to leverage people's intellectual development in a way where they can see personal benefits, whilst benefiting from personal support. I'm 'holding your hand' while we take this journey.
I hope you take this opportunity because its best to get in on 'ground floor'. This is actually our 4th journey. Some time ago I was telling people to buy:
1. Gippsland Ltd  at 6c, we sold at 1.4c
2. Union Resources - we anticipated a takeover at 14c, it finally came after 3 months, taking the stock to a disappointing 33c, for lack of alternative bidders.
3. Gryphon Resources - We like gold at this time. We traded GRY from 13c to 25c earlier this year. We waited for a support at 13c (last week), at which price we simply bought more. So we now believe we have seen a botttom in GRY. A better chart at 4Traders shows the trend (from a double bottom) even better.

The other reason to buy gold stocks, and we particularly like GRY, is that gold is close to its long-term support, as we explain on our Market Commentary blog.

Today, the stock was up 12% on opening, and we expect this to be another sustained rally. We hope you can follow the journey with us, and learn along the way. Only purchases of the $75 book will be offered further stock guidance. Rest assured its a great stock, but of course that is a risk you take. No investment is without risk. But its more risky to you than me since I understand mining. You can trust me; but 'faith' is not knowledge. The book is to 'manage risk', and avoiding responsibility to think is not a 'value proposition'. Governments and welfare states have a habit of disappearing. Those lessons are as old as Ancient Rome. So check out the following chart, and look back at our track record! All the best! 



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Monday, September 30, 2013

Clean Seas Tuna (CSS.ASX) - 7.5c an exit level

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After a solid rally to 7.5c from 1c, we would recommend taking profits on Clean Seas Tuna because:
1. Technically 7.5c is an important resistance level
2. The market cap of $56mil is very high for a stock to support
3. The company is destined to raise money at these levels, and expansion will mean delays, so expect dilution
4. Also expect artificial support to allow an underwriter of the issue to exit the stock

Great story; but only sustained earnings will keep them so...so don't be the sucker who surrendered all their profits. I'm expecting an issue at 4c support level, so expect them to pull back to that level. The underwriter has probably already been announced...but there might be a Japanese trading company or 'buyer' of product who is prepared to underwrite the issue. As we follow the Japanese sushi market, we were actually suggesting people buy this stock, as they had a shortage of sushi in Japan. i.e. Sushi is popular these days globally. 

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Wednesday, September 25, 2013

Electricity grid stability - growing renewable energy production might require a grid stabiliser solution

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Occasionally Canadians ask me for advice on Canadian mining stocks. As it turns out today, I have a stock tip which might appeal to Canadians, though its not in mining. Previously I was a coal analyst, and one of my tasks was to work with a power consultancy, so I developed some understanding of power transmission as well as my background in coal-fired power generation. In addition, living in NZ I did a personally was commissioned to write a consulting report on NZ Renewable Energy, wherein I needed to learn about renewable power issues. Well, combine that with my love of Japan, and you see it gets interesting.
Japan is building a large battery power storage facility in order to accommodate all the renewable energy power generation in Hokkaido. Sumitomo is the builder of the facility, however there are other companies which do this. These can be very large contracts, and they can be dispersed around the country.
These battery facilities basically allow unstable, unreliable, volatile influxes of power to be directed into the battery facility, and modulated to the voltage of the main grid. The implication is that the 'irregularity' of wind and solar electricity supplies can be modulated before it goes into the grid. This ensures the ensure grid remains stable. These types of facilities will need to be built if renewable sources become significant. So Hokkaido is a centre of renewables, so they build a 'hub' there to serve private developers needing to export surpluses. An interesting issue is 'who bears the cost' of such 'ancillary plant'. In this case, it seems to be Tepco. Perhaps they are trying to recoup some credibility after the nuclear meltdown. But in Western countries, which like 'user pays', the question is whether people will accept it.

These 'Vanadium-Bromide' batteries have this capacity for being easily charged, recharged, of having good environmental credentials, and low-cost materials, as well as good cycle life. They don't have optimal power density, however they are among the best batteries around for this purpose as an industrial solution. Smaller countries are more likely to go for smaller batteries from a company like ZBB I suspect; though maybe they will manage their grid stability in other ways. The problem is perhaps the prospect of newer battery technologies. I'm pretty confident we will be looking at a 'technology leap' to carbon nanotube batteries in years to come. In any respect, for a speculative play, ZBB Energy Corp might make sense as a 'trade'. The company is trading at its lows now. If I am correct, and I don't know the specifics of the global market, then you'd think that grid stability issues are likely in those countries with variable wind and solar. i.e. Not deserts with no clouds, or in places with constant breeze, and not countries with no money, like the Pacific Islands.
Denmark and NZ are probable target markets for this type of development. NZ's population is not really growing though, so not there. Turkey, South Korea, China are possible markets. Look into ZBB. I've not looked at this stock for sometime. They were doing tests with some companies. Not sure where they are, or their target market. They were looking at 'container' size installations for regional markets. So it seems they feel the 'user' will be picking up the tab for installing these units rather than the grid manager.

Of course it remains to be seen if this is a sustainable solution given the slow lead time for these units. Are these a solution for households? I don't think so. I'd see more solar PV cells and wind turbines in future; but for a cheap battery solution offering greater power density, I suspect carbon nanotubes are 'the next thing'.

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Thursday, August 29, 2013

GRY to find support at 20c

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Gryphon Minerals is looking like a good turn-around story. I originally purchased these at 18c; they were oversold to 13c, at which point I bought a lot more. Now they have in the last few days reached 25c, at which point I sold half, because they were at resistance, and they were trading well-above their moving average. They did publish great drilling results, but the 'high grades' were 'consistently' over just 1-metre wide drill sections, so not so great. They look more impressive when the company averages them over a wider interval, but my thinking is that wider mineralised zones are more likely to be pervasive and thus 'continuous', or sustainable if you like it. This type of news is like an orgasm, so the response was analogous. Regardless, its a good company. On Friday they were sold down to 20.5c, where I had a buy order ready to re-enter the stock...here's why. Resistance on the upside becomes support on the downside. That is pretty strong resistance, so I expect it to hold. The fundamentals of the stock remain very good, even if gold price is vulnerable in the short term. The gold price is on the top-end of a down-trend, so I believe it will fall in order to test its previously established support, as well as giving further support to the long-term uptrend. That would offer another long as well as short term buy point. I'm in at 20.5c for short term trade, whilst retaining stock for long term.When you have supports like this; they can under-shoot, over-shoot, or touch the support/resistance. I like to buy some before, after the support. It touched on Friday, and it will probably do the same today. We might then expect a rally off that support. Just watch that gold price! Not to worry, long term looks good. If you are busy, don't place yourself in psychiatric ward by trading in lunch hours.


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Monday, August 26, 2013

Good takeover targets among Australian ASX gold companies

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When investing one is presented with a barrage of information. The critical investor of course just doesn't passively accept the information presented, lest they be psychologically confounded by the volatility or eventual unsustainability of any investment. "The truth will set them free". In the process of learning to analyse stocks, you will of course confront articles like this on prospective takeover targets in the gold sector. Of course I should be writing articles like this, but since I'm busy 'spreading myself too thinly', probably like you, I'm destined to 'leverage' off their efforts...as you should be doing. I did write the following article about the makings of a good gold stock, so feel free to leverage off it.
So when I bring my critical eyes to their list of prospective takeover stocks, I do the following:
1. I look at the disposition of the stock
2. Look at whether it provides the optimal upside
3. Whether the premise of the author holds, including for all stocks

Now, the problem I have with this list is that 'cash' can actually be a bad thing. What is the point of having $200 million of cash on your balance sheet in a recovering market. Unless this company takes over something soon, its going to be paying too much for assets (to use that cash), or the flipside (if it doesn't), its going to be under-utilising its cash. If they are planning to get into production, I would prefer they use bank money and repay from project revenues, or from an equity raising at a much higher gold & stock price. For this reason, I would argue the following:
1. Focus Minerals is not a takeover takeover target, but more likely an acquirer. True to form, it has actually just acquired Crescent Gold in WA. Now, this does not preclude them from being a target. Of course, if they are an acquirer, then they are 'shifting' the nature of their business very quickly, which can be a source of vulnerability to suitors trying to catch up. I frankly think they would be too messy for a target. But if they are 'acquired', its more likely to be a merger (because of the size of their project interests), and that of course is not a hostile takeover, so no asset premium, no competitive bid...and cash is not required for their projects; but maybe for the partner's projects. Irrespective...its not an optimal exposure. Now, as an acquirer, with governments looking to increase tax, and costs so high in Australia, I'd be looking at Africa or Asia for acquisition. Got any clues? I suspect this company is well-managed because it seems on scant review to achieve targets. Its nice that they were able to raise $225mil from Shandong Gold at 5c, given that their share price is now 1.6c. Kind of weird that a Chinese company would decide to invest in Australian mines.Perhaps for technical expertise....but weird! Glad they don't manage my money. But then there might be some exploration promise in those resources. Its simply too complex company to understand (i.e. waste my time), and analysts will think likewise. Of course you can twist people's arm with a 'mine visit'. We all like to travel. Gets people out of the office. The company only made a net profit after tax of $7mil in the year, so market capitalisation of $147mil looks nominally low given their cash holdings. Clearly the Chinese think they can greatly expand resources. Clearly the market distrusts this company, its complexity, and did not like the dilution from the placement. I frankly think this is a good stock to trade.
2. Gryphon Minerals is a takeover target for a number of reasons. It is a substantial emerging miner, it has a large acreage position in Africa, it offers low-cost ounces, its largely funded for mine development, and its hellishly cheap. If the market was seeing the upside in the gold price, or at least the 'stability' of the gold price, as it consolidates for its next move, they would realise that the present value of their ounces in the ground is about a billion dollars. Not bad for a company capitalised at $90 million with $60mil in cash. This ignores of course there 2nd promising project in Mauritania, the upside from mine expansion, further exploration upside and the prospect of higher grade ounces being mined earlier to bring cashflows forward (i.e. Better net present value).
3. Perseus Mining (PRU.ASX) is another good company. I was a shareholder in this company a long time ago. This company is similar to GRY in terms of geological setting. It is more likely to attract the interests of major companies. Its project is appealing, so it will not have trouble raising cash, with some $63mil in cash (and bullion) like GRY. It similarly has a large acreage in Africa. The difference is the PRU is a 'miner' producing 250,000oz per annum. The project cash costs are quite high for the quarter at $US1100/oz. This gives a lot of leverage to higher gold prices, however since I don't see substantially higher prices for some time, I'd prefer an emerging gold producer like GRY, which will better time its development schedule to benefit from a gold price rally. The company has hedging in place, however its a small commitment, and I don't see it having any significant impact on earnings since it will be erased in the next few years. The big difference compared to GRY is the low average grade of the ore, i.e. 1.5g/t compared to 2.2g/t for GRY if I'm not mistaken. This however might be improved by further exploration.
4. Ramelius Resources (RMS.ASX) is a miner with a spread of interests in Australia. The company is capitalised at $135mil, it has $54mil in cash, however it suffers from the same problem as 'Focus' - a lack of focus.
5. Saracen Minerals (SAR.ASX) is a less appealing miner because of its focus on WA, the secondary pickings of its resource base. I would have some challenge trying to assess the commercial viability of the 19 deposits that make up its 4.1Moz. I do however note that its hedge position will prove 'unattractive' for investors looking for upside, but at the same time, it will prove financially lucrative because whilst gold can be expected to make rallies, technically, I expect it to go sideways for the next few years. The other problem is that, with just $13mil in cash and $22mil in debt, its facing UG development costs and capital costs. I'd prefer a simply proposition of 'all easily accessible' open cuttable ore, which is why I would give primacy to stocks like Gryphon. The final problem is the spectre of ore coming from far-afield to a centralised plant. You then have to wonder about the commercial viability of this ore. I think you could come away from a field trip without even knowing given there are 19 deposits. Analysts like simply propositions. There are good reasons for this - they will otherwise be buried in detail, but also its not very efficient use of time. Such stocks, as noted however, have value, but in the midst of a gold market recovery, you have to wonder if this is your front-line stock. I'm inclined to say no. Clearly the company is aware of the 'complexity' by arguing in their presentation that "although only the two key medium term projects of Whirling Dervish and Red October will be discussed in this presentation as they make up the bulk of the gold production for the next 3 years". The positive news of course is that they are actually producing. The latter considerations mean that Saracen is unlikely an acquirer or takeover. It will have its hands full with its consolidated interests in Western Australia. **
6. Resolute Mining (RSG.ASX) has a spread of Australian and African interests; so it can be considered a 'mature' example of what GRY and PRU can become. In fact, GRY and PRU are possible merger partners, or takeover targets for Resolute Mining. They are a low-cost miner, they again have a track record of acquiring mines (Noble Resources). They are good stocks, as 'acquirers', but also a reasonable target.
7. Silver Lake Resources (SLR.ASX) has gold interests in Australia. The share price of the company has collapsed in recent times from over $3 to just $0.95. The company is a consolidator of depleted mine assets; hoping to unlock value, as well as acquiring other underloved assets. I'm not going to waste my time trying to understand its plethora of interests. You might get excited about its cash in bank, but what if it was all committed to 'flogging a dead horse'. Apparent resources might well turn out not to be mineable. This is where I prefer virgin, single-operations. It is apparent that they are having to go underground to develop resources. That's another negative as you will need to appraise the amount of development needed.

What I think is an interest fact is the Resolute's Golden Pride mine is due to close this year in Tanzania. I would think there is some appeal in attempting to find an explorer in the vicinity of this mine which might offer resources to toll treat through this plant, or which Resolute can otherwise takeover. Let me know when you find that gem.

So in conclusion, we would consider Gryphon Resources to be the stand-out target for a takeover, by Resolute or a Canadian company, but possibly just a farm-in by a Chinese company with money to throw around. There is also the prospect of another pan-African resource house being formed from PRU, GRY and/or RSG. PRU is also a target, but perhaps not for the next 2 years, as gold prices consolidate (i.e. range trade). There will be good rallies in this stock to trade though because of its thin margins (i.e. low grades).

My apologies for not looking further afield for prospective 'targets'. I personally want to research more emerging miners. By all means email me if you have any ideas.** Prior to this edit, I implied that Saracen had interests in Indonesia. This has since been corrected. I was distracted from researching this particular company.

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Tuesday, August 06, 2013

The outlook for Gryphon Minerals (GRY.ASX)

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Gryphon Minerals (GRY.ASX) moves inextricably closer to financial closure on its gold project in Burkino Faso, Africa. The company is looking at 150,000oz per annum of gold production, and the timing could not have been better, which is why the following chart should give people guidance on buying for a technical break-out. This pattern is called a descending triangle, or a descending wedge. Which way will it break? Well, I'm confident it will be up, but let's do some maths:
1. Gold price consolidating around trend lows - upside here
2. Emerging gold producer deserving of a re-rating - after all, its $5/oz of exploration expenditure will turn into $500/oz of possible revenue - at least (depending on the gold price). All this will be mined over 15 years, so you need to apply appropriate present value calculations, so let's say conservatively $200 present value of gold for 4mil oz. That's a present value of $800mil for a $64mil company...and there is a lot of upside in resources, production schedules, resources, the positive exploration in Mauritania.
3. Low-cost gold production - surface mining, some high grade material, competitive low-cost labour in Africa.
4. Positive gold fundamentals - Very low interest rates, high asset prices (property, equities), QE-parties at the Fed, high debt levels, stagnant markets
5. Possible increase in gold output
6. Possible merger to give greater industry profile, i.e. Takeover by Kinross Mining would be an example, to create Pan-African miner.

From the following chart it is apparent that support is at 15.5c. My advice is - don't be greedy and be prepared to pay 16c, and if they go to 15c, then buy more. Now, is there any reason they could go lower, as I've indicated in the chart. Well, they I neglected to mention that they have cut costs to conserve cash. Its possible the recent poor trading conditions and inflation have undermined their cash balance, but they still have $52mil in cash, investments, a Mauritania gold project they could farm-out, and a large resource which will become 'bankable' in coming months. So I see no reason for dilution for the next 6 months. By this time, we will probably see some upside in gold prices, and some project developments. Based on this chart I'm expecting a break-out in mid-late September 2013. A nice rally in gold off base line lows will of course be a game-changer, as this company is precisely the type of target that those 'aggressive' mid-range fund managers like. There is already one on the books based in London. 

Source of chart is Google Finance; but my chart interpretation of the 3mth chart.

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Thursday, June 27, 2013

Beacon Hill Resources (AIM.BHR) - great stock for UK investors

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I used to work as a coal market analyst, so I have a good idea of coal stock dynamics, even if I have been out of the industry for some time. I would therefore argue that I have found a good coal story for everyone. The stock has appeal for several reasons:
1. The stock holds a very large coking coal resource in Mozambique
2. The company has a 0.5Mt rail allocation, though you can expect this to expand as rail loops are added.
3. There is a bottleneck in the port - which allows only 2Mtpa for non-major users. Not sure how that allocation will be assigned. I will need to find out....so you will have to ask me. But rest assured the Mozambique governments wants to build exports. Its just a question of time.
4. The stock is listed in Australia and on the Alternative Investment Market (AIM) 2nd board of the London Stock Exchange (LSE).

Unquestionably I would have some stock in this if I was a resident of the UK. The stock's name is Beacon Hill Resources (code LON:BHR). I'd argue this stock has been oversold. The ultimate target market for this coking coal is India, which has a robust steel industry. Its a nation that relies on Australia for premium coals, so I expect them to be able to get some lucrative contracts there. I suspect you can probably expect 500% profit, but given the industrial market it will take some time. Its actually a great stock for your super fund. Indian coals are very high in ash, not good coking properties. The coke index of this coal is high - around 9. Indian producers will no likely want to diversify away from Australian dependency, i.e. after floods, but most importantly to turn those pesky Australians into price-takers.

Unfortunately the market for this stock in Australia is too illiquid. The price in Aust should be 5c. but few shares listed there, so its around 11-12c. So if you are a UK resident, this stock is a great story. The company has cash of $21mil after recent raising and its 1.5bil shares are capitalised at $36mil. There is some risk I suspect with port access/allocation delays, but not a major issue for patient shareholders. Logistics can be an issue for coal companies, though I don't think it will be an obstacle for them to move to 1.5Mtpa of saleable coking coal. They will likely stockpile a high-ash 'waste' thermal coal for use as domestic power station feedstock, however I believe that is merely a plan at this point.
News in UK - see here

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Gryphon Minerals (GRY.ASX) - great time to invest - but you can also trade it short term

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Some time ago we recommended Gryphon Minerals (GRY.ASX) as a short term trade. This stock however is a great story, and given that gold is so 'cheap', we suggest that today is the day to start accumulating stock. The reason is:
1. The 'bottom-up strategic value of a great corporation described in my previous blog.
2. The absence of downside - the company at 13.5c is capitalised at $52mil - the company has $62mil in cash, not to mention 4Moz of gold in the ground conservatively worth $2-3billion depending on the gold price. This is a great company, so there is no reason to think its not going to get finance, or be able to produce gold. What were you told about risk is inverse to return, and that 'small companies' are risky....its nonsense. Risk = ignorance. Understand mining and you understand how to make money. Mining is an industry that will never go away....not as long as your bastard kids keep breeding and wanting ipads (aka tantalum, copper, nickel, tin, aluminium, et al).
3. Gold is near its historic support levels - the market will know this, so don't attempt to pick the bottom with your only trade. Find 3 trade entry points, and stick to your plan. So what is the low in gold prices - check this chart - you will see that gold is looking at a retracement to $1090/oz. Now, the global markets have today as much debt as they did after WWII. Now, that's ok because markets are destined to be debased by inflationary Quantitative Easing, which is going to cause a recovery in gold.

This is the plan. If you see a significant collapse in gold prices below what I've saying, then you should sell your shares..but not too cheap because they are trading at below cash value already. Its kind of what you might regard as a 'win-win'. Mind you in the process of writing this, they are now 13.5c buyer..but you will still get a chance, as gold is still $1200/oz, down $40/oz today, but its still got to go to $1090/oz, right!

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Thursday, May 16, 2013

What makes a good and bad gold mining stock

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A recent reader of my Global Mining Investing book asked me whether an investment in A1 Consolidated Gold Ltd (AYC:ASX) made sense as an investment. He was 'on the fence'. In this instance, I was a negative for a number of reasons:


Given the name, I knew this project was going to be in the Victorian goldfields, and to be fair, there are some risk avoidance considerations built into this points, but fundamentally, this is not the first place to invest, even if you were to make money. We don't just want to make a profit. If there is a gold boom, we need optimised exposure, or the most upside, so if our gold price forecast is wrong, we still make money.

The problem I see with this company is that they offer:
1. Marginal grades of 5-6g/t for underground mining
2. Risk of under-capitalisation - an upset could cripple them, with a lot of share capital dilution. This project might have a roof collapse which sends them bankrupt, or just results in a great deal of delay and dilution. The boom could pass you by whilst you wait for them to raise capital and commission a mine.
3. Messy small scale 'selective' mining - so they will unlikely get many ounces of gold without a lot of development. Basically you have to mess with a lot of waste to get ore, even if its higher grade.
4. Small companies like this tend to attract less capable geologists who can't get work elsewhere. In fairness, Victoria is a better 'lifestyle' place to work than WA, so this criteria is offered for guidance only. These companies tend to use outside consultants who can be hard to procure in 'booms', which is not currently a problem, and not likely to be so.
5. Seems to be low resource - There is not the type of upside offered as say a mineral explorer in WA.
6. Risk of discontinuous, unrealiable, pinch & swell ore zones
7. Risk of nuggetty gold - This distribution of gold is notoriously hard to predict grade, which means the project will not be trusted by banks, and investors until bulk mining performed, by which time, the investor can only waste for the 'tragic news'. Too risky.
8. UG - better to be surface - I don't know how deep the mining is, but why bother with UG when there are plenty of cheaper gold resources in Africa under-loved. Now, GRY has just struck 4m @ 35-45g/t, and has $62mil in cash and 4Moz of gold besides. So this type of company sitting on a small resource does not make sense.
9. Better to be in Africa with large tracts of land where you find a resource then, like GRY, you find ore 45g/t, then you prioritise that. GRY has probably 100km of prospective strike length to explore...plenty of scope for gold discovery. In Victoria, they might have large tracts, but is it all prospective? Even so, there has already been a great deal of exploration, so less prospective.
10. They are too early stage. They only have a few hundred thousand ounces. Gold is under-loved, so there are even miners like Millenium (MOY.ASX) which are better buying, since its producing. GRY is even better, even though it is not yet mining.

I suggest lookin for companies pursuing projects hosting more favourable geology like Archean type greenstones which are under-explored (Africa, outback Aust & Canada), or porphyry copper-gold projects (Central Asia, Latin-Sth America, PNG, Ring of Fire cordilleras), or skarns, as they are the best propositions.
Vein type deposits won't give you leverage for your money. I like North West Resources (NWR.ASX) - antimony/gold, but still its too small scale, and again its under-capitalised. You might invest them when everything else has moved. These types of companies are left behind....last ones to go in the boom.
Anywhere in African greenstone beltsAlso PNG, Latin-Sth America, Central Asia cordilleras is good too

Investing is strategic. Too many geologists get caught up in 'interesting geology'..much to the annoyance of executives. Mining is about making money...not looking at fascinating rocks. Academic universities like Macquarie University tend to instil these non-commercial values. Fortunately I learned how to make money before I went there.


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Wednesday, May 15, 2013

Investment advice in a stagnant market with currency debasement - go where the currency is 'hard and fast'

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An old colleague asked me for some financial advice...
Sheldo, I notice that you post a lot of news about the ASX, shares and investing? I am currently unemployed (6 months) yet sitting on some funds from a recent inheritance. I wondered if we could start some dialogue on how to invest money without losing my house and then my balls!!!
Do you intend to learn during your hiatus, or do you just want to outsource funds management? The reason I ask is because I write books about 'active investing', not passive funds management. So I can recommend a stock, but I'd prefer you to get the logic. This is philosophy to me, not just making money. I say 'Risk is managed, not avoided'. So rather than say 'I'm unemployed', I'd prefer you to say, "I'm going to study how to invest' or manage risk..which I say is growing knowledge. To which I would respond, buy my book at www.miningstocks.sheldonthinks.com and I'll offer support as you develop your knowledge. If you don't need some of this money in the next year, today is a good day to buy GRY.ASX at 20.5c. Say $10K worth. If gold price goes as low as $1000/oz, then just build the position. Gold has upside to $2400/oz last time I looked, but given the Dow it might be more like $2800/oz. I think you will know very soon if gold is going to break that $1380-1400/oz level. The US govt says it will end QE. Either way, you have upside. Understand I want to write books, and I write books to sell. Its counter-productive to 're-write history' so to speak...but if you read the book (450pp), and come back with issues/questions, then that is a basis for me to revise the book, and you need only ask me for free updates, or I'll send them. Fair deal. The book challenges 'Modern Portfolio Theory' so its interesting. More importantly, it gives you 30yrs of investing experience in one place which you can share with your children...or are you really gay, and are just coming on to me? :)

Now, the other aspect of what I do is advice people on another type of investment, and that's emerging market property. I am going there in a week if you care to join me. That's the Philippines. To advise that, I need more info. Again this is active, and its probable I would suggest a condo in Manila or outside of it....depending on how much money you have....he...you might have inherited a shoe box of love letters. You'll need to pay cash, so you might prefer to wait until you have a job, depending on your savings. I'd need to look at forex rate as well. But your property portfolio there is a source of leverage. I have a $20 book for that.  A little dated for politics and finance context, but still good buying.

Basically incomes & rents have been rising in the Philippines along with property prices, so yields still good. This is because of lower interest rates, high rates of urbanisation, high 2% birth rate, high remittances to the Philippines. You can make it partially a lifestyle property as well. Sit next to me on the plane and we can yatter on for the 10 hour flight. 

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Thursday, May 09, 2013

Why you don't need a super fund - Gryphon Minerals (GRY.ASX) prove the point

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Now, some of you are probably deciding whether you should go to university and study business or accounting. I can't criticise that since I studied geology and mining engineering, but I also studied accounting , finance and economics. At the end of the day, economics and accounting are not very useful sciences without much 'life experience'. Accounting at least gives you some capacity to 'quantitatively' appraise a stock. But the type of stocks that are suitable for quantitative appraisal are simply not very interesting to me. The reason is that financial ratios are not conceptual or for that matter contextually. They are well-suited for a diversified portfolio of assets. Why would I want to tie myself to others portfolio of assets when as a small investor I have the flexibility to invest in 'best offerings'. This is the 'liquidity trap' of super funds. They cannot so readily invest in small companies like you or I, so in a sense, they present a conflict of interest for small investors like you or I. So why would you diminish your investment returns by committing yourself to low-yielding big companies which offer the liquidity they demand? Good question.

Consider the following stock - Gryphon Minerals (GRY.ASX) - its up another 5% today, though they did fall 10% on opening because gold softened $20/oz overnight. Clearly the market is expecting some consolidation in gold, and not a collapse. Gryphon Minerals will be a substantial producer when it commissions its mine in about 12-14 months. No further capital will be required I suspect given they have their 30% equity in cash. i.e. $62 mil of the $200mil capex. Maybe they will want some extra cash for working capital, but I wouldn't expect a heavy capital raising, and it will be well-supported by institutions, who are making their way onto the register as we speak. i.e. Genesis, a London based fund, with a similar investment strategy to me, is already in there...great minds think alike. 


Historically many funds, which unthinking mortals tend to passively outsource their money to, tend to take position in stocks as I'm selling out. Interestingly, the reason is the lack of liquidity of these small stocks...as I mentioned earlier. Yes they wait until the share price goes up and adequate liquidity arises. Kinda silly right? I've already made 200-300% before these funds invest. I personally think investing is 'supremely too much fun to pay others to do....but you have to learn to love it...otherwise you are motivated by fear, and end up hating a bank. That's not sensible...not that they do not deserve your derision. I prefer to love their idiocy. 
Of course Gryphon Minerals have far more liquidity than some other stocks that I support; like UCL Resources, which is another stock I recently invested in, which made a 200% return after jumping as much in a single day, thanks to an anticipated takeover.


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Wednesday, May 08, 2013

Gryphon Minerals (GRY.ASX) breaks from downtrend

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Gryphon Minerals (GRY.ASX) were up 20% this morning as investors returned to gold stocks. We have liked this stock for the last few months because of the upside, its gold exposure, its project interests and its cash position. At the very least that resistance will become support, but it remains to be seen whether it will be tested.


Gryphon promises to be an appealing gold producer in just over a year thanks to its proven and inferred resource base in Africa of over 4Mil oz. The company is cashed up with $62mil, which means that any capital raising is destined to be to finance its other exploration efforts, i.e. Non-substantial. The implication is the prospect of very little dilution from your current equity exposure to $5.6 billion of gold, equal to around $2.4 billion in cashflow over the life of the mine. Converting that into a NPV and discounting for a number of risks, you might expect this company to be worth around $1 billion....before consideration of the commodity (gold) price risk. But this company, which will justify a market capitalisation of $1 billion in a year (after successfully commissioning its project) is worth just $90 million today. So investors seem to be pricing in a gold price of just $800/oz. Given that gold prices rose to the equivalent of $2400/oz in current dollar terms in 1980, you might wonder why markets are so conservative. The reason is of course the spectre of 'global growth'. The argument is that gold is appealing as 'hedge against inflation'.
The deflationary global labour price disparity means that inflation is well under control; at least the type reflected in food, oil, and general product prices. Of course those types of 'speculative investment' assets are not included in this calculation, despite being 'products'. i.e. Gold is a product too...but given that it offers no 'yield' and 'has little industrial use', it is actually the last store of value to rise in value. Gold has been strong for two reasons:
1. All other asset classes are priced higher
2. Gold prices are appealing given forecasts of where gold prices are expected to go
3. The outlook for yields on other asset classes is deteriorating

Now, with interest rates at very low levels, clearly bonds are abysmal investments. This is one of the biggest markets, so you might ask whether the very small gold market has appeal, and of course the answer is yes, simply because any rise interest rates will undermine equities. i.e. Rising bond yields will not help their value, so gold is still appealing. This is ultimately why people are sceptical that the global outlook is positive. Growth until now has been restored through monetary 'QE' stimulus.

So, reflecting on this, we are inclined to see the recent sell-off in gold as either 'technical' over-selling, or manipulation of the market, so that market pundits can acquire positions. We actually expect gold prices to perform even better, and we also expect several other positive events for Gryphon Minerals:
1. Takeover by another African producer wanting to diversify with pan-African risk
2. Expansion of resources given its large acreage along structural corridors
3. Doubling of gold production - this will bring forward cashflows, reducing the applicable discount factor
4. Development of other project interests - no appraisal has been made of these interests given the already substantive upside.

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Sunday, April 28, 2013

Shift from Millennium Minerals to Gryphon Minerals (GRY.ASX) - nice upside

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We have just seen a rally in the gold price and a corresponding recovery in gold stocks. I took this opportunity to take some profits on a small producer, feeling that it had got ahead of itself, and had room for a correction. There was no strong reason for the pull-back in gold. It was technical to a point; and thereafter it was manipulation by a fund to lock in a low price. The strong factors for gold:
1. Very low interest rates - negative real rates
2. High asset prices based on yields
3. End of US stimulus; addition of Japanese stimulus
4. Iran and North Korea as potential issues

So my trading action today inolved, based on the following charts selling MOY.ASX because its a gold producer which has rallied from 1.5c to 2c. Now, in fairness, it still has upside, but in the medium term its earnings are going to be curtailed by the terms of its JV agreement with North West Resources (NWR.ASX), where it will be splitting the revenues. This will diminish earnings. The chart suggests a pull-back to 1.7-1.8c, so I'll expect that.


In the meantime, another one of my favourite stocks, Gryphon Minerals (GRY.ASX) has pulled back considerably in recent times. This stock has significant appeal because it will be a low-cost gold producer. It has 3Moz and a lot of upside. It will of course benefit from low interest rates, and a subdued market to commission a plant, and it is destined to report a revised resource in the next quarter, along with a decision-to-proceed with a mine. The more Iran and North Korea beat their chest, the more one is inclined to expect some imminent action. These countries will not be allowed to develop nuclear weapons. The implications are clear for global monetary policy. The company has $62.8 million in cash, so given the need for 1/3rd equity, it has essentially enough funding to finance the $200mil capex for the plant. It is envisaged to produce 150,000 oz per annum for 5 years, at an average grade of 2.38g/t.
The financial analysis of the company suggests a net present value of $321 million for a rather conservative $1500/oz gold price. Even if you accept the $121million NPV based on a gold price of $1300/oz, you'd have to concede that this is a good investment given:
1. The conservative case gives you upside in terms of economies of scale, i.e. plant expansion and more gold discoveries in the 1200km2 license area.
2. The positive exposure to gold at a time when there is an imminent risk of military action and Quantitative Easings (QE).
3. The company has $62million in cash, a resource base of 4Moz (worth $2.8 million in undiscounted cashflow). The company is capitalised at just $84million, giving the project only a nominal value of $20mil.

The added upside is the prospect of a merger with a similar sized Canadian or Australian producer with the intent of raising the profile and liquidity of the stock to fund managers, as well as diversifying sovereign risk, only adds to the appeal. The prospect of only minimal capital dilution in future as well as the resource upside and exploration appeal is truly good value. The company also has other projects it could divest in future to raise further cash. More likely is the prospect of using mine cashflow to expand these projects. I like this company a lot, so I just bought more of them at 20.5c.

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Saturday, April 27, 2013

The dynamics of global commodity supply and cost

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This company specialises in the production of iron ore supply cost curves. I don't know this company, however I spent a lot of time when I came out of university working for a company, Barlow Jonker, generating lots of these curves for the coal industry. The problem with such curves is:
1. Context - like with financial ratios you need to be aware of the context of each mine contributing capacity to the curve. How do these mines differ? Now, you can do things to overcome these obstacles, i.e. Not simply saying that a mine can supply at cost, but you can identify other constraints on these miners and include them in your formula, i.e. They can only supply power stations with certain coal quality specifications. These are really complicated algorithms. It gets even tougher when you have mines producing different blends, and if the fix depends on variability in the ore or product prices. The reality however is that the 'blends' are fixed by contractual undertakings. Another issue is 'destination'. It is one thing to say you have produced a cost curve, but one needs to know to what destination. If to Asia, one needs to consider the characteristics of the port (panamax, capesize), as well as the freight rates that will impact on competitiveness of different routes. The freight market is pretty volatile, so you might wonder how useful these curves are. Of course shippers will fix rate for some sense of certainty. Power stations and steel plants also have an important control over supply because they like 'stable' or certain quality coal or iron ore to ensure predictable furnace geochemistry. But what about those other buyers, like cement plants who are far more flexible in their fuel use? They drive the market in every which way, and they don't care about quality; its the price for 'useful heat content'.
2. Prices - Prices are set at the margin. This is another indicator of how difficult it can one to use cost curves. Consider however that many investors are interested in only the long-run supply cost curve to establish the long run outlook for mines. Of course if they are interested in the long-run, they are interested in the trends.
3. Future proofing - Is it possible to build future assumptions into a cost curve, so that they can become useful indicators. i.e. The curve might become dated if a company announces a new mine, or the closure of one. The problem is less the prospect of a new mine, but the prospect of price changes at the margin causing the deferment, not just of one mine, but 5-10% of the market capacity. What if brownfields capacity is identified in that time. There is a certain utility to such curves, but you mind wonder at just how complex their models would have to be. If you are a senior mining executives, I wonder if you look at the detail.

You might be forgiven for thinking that supply-cost curves are just economic rationalism. The problem is many people just look at the curve....and not the data, and what the data means. Anyway, if you want to explore these types of issues, I suggest looking at the following website - as supply-cost curves are their 'speciality'. Iron ore markets are a little simpler in terms of their dynamics.

We discuss supply-cost curves in our book Global Mining Investing eBook. The book is pitched at investors who want to be active custodians of their savings. We book is focused on mining, so it should appeal to:
1. Active investors who want to specialise in a sector - mining is a good sector because of its cyclical price volatility and range of commodities. This approach is for people who are keen to learn; who take pride in their mental efficacy. 
2. Geoscientists who want to leverage their knowledge of science, finance, mining to achieve non-salary income. I would argue that you can use your savings more effectively than a non-industry person. The popular misconception is that diversification is risk management. Not necessarily; but I can assure you is that 'diversification is opportunity cost'. 

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Tuesday, April 23, 2013

Union Resources - takeover comes as expected - locked in 180% gain

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On a number of occasions - the last time being November 2012 - we have strongly recommended Union Resources as a takeover target, and therefore a great stock to just buy and to through away the keys until a takeover bid arose. That day has come by 6 months later. This has in the last day caused the stock to rise 180%. We bought this stock for 14c, and on the day of the takeover it was 11c in a weak market. Today its 31c, and truth be told, if markets were logical, it should probably be worth 50-odd cents. The problem as I see it is that shareholders are not going to get a good deal simply because in this market 'cash is king'. People will accept cash, even if its not a good price. Its not a good price because:
1. Mermaid offshore phosphate deposit in Namibia was bought from Minemakers (same share) for $US25mil; valuing the stock at around 41c a share. Correction: The takeover price values the company at $A32million, which is $6mil over and above the valuation of the Minemakers purchase price. 
2. The bid places no value on the company's shareholding in the Iran project; one of the largest undeveloped lead-zinc deposits in the world.

Now, you can wait for a higher offer, but there is the risk that it won't come. This is an unconditional cash offer; so my understanding is that it can be withdrawn after the expiry of the offer. The question for you is not so much the risk of missing out, but the opportunity cost of holding when a higher offer might not come. This is a statistical question because the market has been hit, so it might be more prudent to take this opportunity to take the cash to prepare yourself for the next buy.

The problem as I see it is that the takeover suitor does not necessarily need control of the project. They can creep along and get it slowly at a lower price. Having said that, they might raise it to tidy up lose ends. The question is - is it worth the risk as a shareholder? The last thing you want is to be one of the 10% equity holders holding stock when they move to compulsory acquisition. Now, much depends on how the directors respond to the offer. My problem is that:
1. The directors seem to be saying its a huge premium. That does not give me confidence. Indeed, its kind of misleading if they now come out and say its poor value.
2. I'm wondering if the company executives have a blocking stake of 10% to force a higher shareholding.

I have reluctantly taken the offer because:
1. Its cash and its a good time to re-invest
2. Its a bad market - and the company needs to raise working capital
3. The capital requirements for the company are onerous

But prospective sellers should consider that the upside is another 200% profit, i,e. for a total 400% gain if the directors are able to get a higher price. I frankly think the company is worth $1.50, but until Iran is the subject of a revolution, and shareholders discover that value, I don't see anyone offering that type of money. The lack of cash is a big factor for selling for me. I don't want to be diluted after the expiry of the offer. By al means wait for the offer. I might be a little cynical selling early because I've just become accustomed to the 'big boys' getting all the profits because they can rely on the lack of access to capital for small companies. You have to save your criticism for the governments who make this type of 'boom-bust' economy possible, which is ultimately the source of the tragic market conditions which allows big companies to win the day.

Interested in how you can make 200% profits like this more often. Well, this is actually a disappointing gain given the upside in this stock, and the spectre of a takeover in bad market conditions, however we do try to please. We first suggest learning how to become an active investor. You can become one of an elite group of investors who make exceptional profits by developing 'active minds' to manage risk, or really to dissipate risk, rather than to accept it, and 'diversifying' away from great returns. This only serves the fund managers who make commissions and the large multi-nationals who win on the 'divide and rule' strategy. If you like our active investment strategy - join us on Facebook or our Google Plus Community. Feel free to ask questions.

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Monday, April 22, 2013

Orica an appealing exposure to mine services - look for that entry

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Orica Ltd (ORI.ASX) is a particularly interesting company because its one of those mine service companies which differs from others in several respects:
1. There are not too many explosive manufacturers that provide a down-the-hole delivery services. i.e. Yes, they actually charge the holes with 'prill' or ammonium nitrate and detonate the charge.
2. They benefit from the economies of scale and rapid expansion in 'volumes' which I describe in an article on mine service contractors. See this article.
3. They are benefiting from the development of larger scale BIF iron ore, copper-gold, copper-Molybdenum, coal mining operations globally.
4. They are involved in a highly concentrated service industry

If we examine the Orica chart over the long term its apparent that this company has been trending sideways ever since the global financial crisis started in late 2008. Now, the dividend yield is currently a very appealing 4% and the stock is actually off its lows.

Now, back in 2001 I made a lot of money using a secured leveraged equity product on Orica. This product was obtained through a company called Leverage Equities Ltd, however there are other companies like Macquarie Bank, which do this as well. Now, it entails them attaching a put option to your equity acquisition, and your downside is effectively underwritten. It is actually a very nice way to invest at certain 'great stock' plays or at certain points in the equity market cycle.



Now from the chart above, it is apparent that the commodities boom was great for Orica. Well, understand that Orica, as a producer of explosives and down-the-hole deliverer of those explosives, did not benefit so much from the 'price premium' for metals and coal, but mostly the volume increases. For the reasons highlighted in the previous blog post, this next cycle, will see Orica benefit more than it did in 2001, when I first bought into Orica. This is a clear indicator for investors to take two strategies:
1. You can trade the stock in the consolidation channel shown from 2010-2013. Currently its a good time to buy, and you can do that through CFDs like www.cmcmarkets.com, and sell when they reach the top of the channel. The stock pays a 4% dividend, so you could also opt for a put option at that point. 
2. You can set an alert at the top of that 'consolidation channel', and when you get that signal, look for a break-out, as that will in all likelihood signal the start of a new minerals boom. It might not start for another 2-3 years, but you have a nice 'signal'. You can set an alert and forget about it. maybe you might want to set a hyperlink to this article.

The cost of that leveraged equity was about $25,000. The profit to be gained was truly phenomenon. My entry price was around $3.70 if I remember correctly. The reason I bought this was because of two coincidental events:
1. A representative from Leveraged Equities came to our company. I was working for a boutique mining finance company at the time. So they gave us a presentation to promote their product.
2. Then later in the day, a representative of Orica came to our sister company, a retail stock broker, and gave us a presentation on the company. It was readily apparent at the time that Orica was a turnaround story. I jumped on. 

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Sunday, April 21, 2013

Mining service companies offer good profit outlook - choose wisely

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One of our roles as investors is to critique others research; but an additional role is to add-value to others research without plagiarising it, since we respect their intellectual property, as we would expect them to respect ours. Now, I came across this article by TheBull.com.au describing the financial fundamentals of a number of mining service companies. I have not examined their calculations because its not a sector that I follow; however it is actually good exposure to this next phase of the mining boom. If you recall me saying, this next phase will be about 'volume' or 'capacity' increases; as opposed to strong real price rises. 
China and India will need more ore, but the supply-cost curve will be flatter, as they pay less for those more tonnes, but demand higher volumes. The reason why the supply curve will be flatter is because:
1. There will be many more mines
2. New capacity will be incremental to existing capacity, whether expansion of existing mine capacity or satellite capacity using existing railways, ports, etc. 
3. The spectre of pass-through of cost advantages to buyers resulting from these economies of scale at the tail-end of the supply cost curve, as they attempt to be competitive
4. There will be fewer factors to differentiate between projects
5. Cost savings through consolidation of miners. i.e. In the price spike in the 2000s, there was a rapid rise in the number of miners, particularly in the iron ore sector, which was already highly consolidated. This prompted miners to sponsor new market entrants, to give them more bargaining power looking forward. Now the majors are going to embark on another phase of consolidation. It will anger China of course, and that will probably demand some kickback for a party official. Yes, I know, its against Communist Party policy. Rest assured; it will be all worked out. 

Now, why is this good for mine services companies? Well, the reason why its good is because:

1. Mine service contractors struggled to provide cost-competitive services in the price boom because the spike to exploration caused a shortage of parts & equipment, rigs, as well as labour.
2. Mine services are actually more profitable than exploration services, since mining is continuous, so more easily supported. 
3. A flat supply-cost curve means its easier for mine service companies costs to be absorbed by miners as simply a 'pass through' to the consumer. 
4. The prospect of 'tough times' now means that consolidation in the sector will result in better profit margins moving forward.
5. The cost of capital for debt-financing has never been cheaper
6. We have already mentioned the very favourable growth in 'volumes'. Mine service companies are paid to mine 'volumes' as opposed to the contained metal content.

That is a lot of benefits. Of course some projects are better than others. i.e. You would expect a mine services company to prefer large mining operations, say coal, iron ore, because they have a 20+ year mine life, so easier to leverage their services and debt finance. Remember interest rates are going to be low for a long time yet. Of course these companies still have to be good managers, and you will want to watch their profit margins to ensure they are good analysts of their costs. Leverage is a two-edged sword. 

So this brings us to the research performed by The Bull - see this article. I never liked the accounting; I prefer the strategy and conceptual side rather than the number-crushing. Thanks to The Bull! 

Now, you might wonder which of these companies offers the best exposure; and whether you should invest now. The market is going through a 'correction' at the moment, so you might want to wait for a technical entry into these stocks - or others. These are mostly drilling contractors, however you might want to look at providers of other services to mines like:
1. Recruiting companies that specialise in mining - since recruiters are paid really well - though they have suffered a shake-out of profit margins as well. 
2. Security companies 
3. Catering companies
4. Transport companies, i.e. regional airlines servicing the mines, or bulk ore handling groups (you will need to look internationally). 
5. Regional media groups. i.e. A Western Australian newspaper group.
6. Explosives providers - A company like Orica does not just manufacture explosives, it provides a down the hole delivery service. i.e. This is a value-add service. I have made a special topic of this company

It is hard in most of these areas to get 'specific' exposure to mining. This tends to leave you looking at mining contractors, or regional service providers benefiting from the 'trickle down, like newspapers. Just ask yourself where the greatest upside and growth lies. I would think its with the mining contractors. Recruiting has low barriers to entry, so margins can be undermined. Once you get a good contractor, you won't change for a price reason; you will change by default, unless its a substantial point of disadvantage, and no contract is the same, so its hard to undermine the competitive position of a contractor. Its harder than signing up for a new cell phone contract, but you can see how they bog you down in details. Where do you think they learned how to 'complicate' the process....from dealing with companies. 

So back to what makes a good entry? Well, you will want a company who displays high margins, but you will not want a company who has high debts because they are fully leveraged, so there is no upside in terms of expanding earnings as the market volumes recover. You will want a low PE; but you would not want to compromise on the leverage upside. Cash on hand is not necessarily a good thing because it could be construed as under-utilised resources, or funds for acquisition. They may use these funds for acquisition, and that would be good news at this time. A takeover in uncertain times is always good if its a contrarian investment. 
Lastly, one will want to know what 'work in progress' might change the nature of these financial ratios. Such ratios can be dangerous because they can conceal an important context, which might not be alluded to with ratios, or it might be a conceptual consideration not readily quantified. This is the problem with ratios. Financially, use your technicals to pick entries. 

So when would you expect to sell such investments? Well, that would be:
1. When they are a technical sell
2. When interest rates start rising substantially - a long way off
3. When and if your stock is a takeover target - wait for alternative bids, and seek out the smaller companies which might in fact be the target rather than the predator
4. When global economic activity or equity markets again look peakish

The implication is that these mine service companies will be good long term investments when they bottom. You can happily put them in your super fund. I would not leverage a leveraged enterprise though using contracts for difference unless you have the diversification to do so. The last thing you want is a contractor dispute. It is preferable for this reason to have a stock with a diversity of projects, with no single over-investment in one project. Its actually good to have a regional focus since that is an economy of scale; and miners are price-takers anyway. This would not be the case however if your region of interest is all high-cost mining capacity (i.e, at the tail-end of the mine cost curve), as they will all be priced out of the market at the same time. i.e. Let's say that most iron ore miners are close to the cost, and you buy a mining contractor exposed to a suite of miners 2000kms inland. This is a 'transport cost penalty', so unless they have an offsetting advantage like premium ore grade and economies of scale from thick ore horizons and bulk mining and train freighting advantages, and say a backhaul, then you will find that this is a critically vulnerable stock to failure at times of metal price vulnerability. A likely ghost town scenario. 

When you see a bottom in this vulnerable market, you might consider mine service contractors. Just be weary about the timing as this financial uncertainty is undermining confidence, and therefore spending. But don't wait too late, use technical indicators. Its a long term strategy, so use a 1month 20-day period for an entry, then a relatively long term moving average as an exit signal. Mining contractors only go broke if mining ceases; otherwise their earnings are more sheltered than actual miners.

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Calculation of mine profitability using disclosed C1, C2, C3 mine cost data

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In our book 'Global Mining Investing' we offer some explanation of how to create mine cost calculations so that you can calculate the earnings of a company. Well, in this blog I want to provide some additional resources so that you can in fact practice with your appraisal of mining company earnings.

Consider Millenium Minerals (MOY.ASX). The company has just released its earnings for the March 2013 quarter. They were $10million, or $40 million annualised. This compares favourably with a market capitalisation of $60mil (according to Google Finance); however you might want to confirm that. It addition they have $11mil of cash and bullion on hand, so effectively worth $50 million. Now, you have to consider the impact of:
1. Mine expansion - generally justified by successful resource drilling - or extended mine life
2. Future capital raisings - to cover large capital expenditure like a mine expansion
3. Gold price outlook - price recently fell, but appears to be consolidating
4. Hedge book - a new mine will have some hedging to consider
5. Mining costs - High costs make the company sensitive to gold price fall, but greater upside to a recovery in gold prices.

But I identify this company to provide a case study in how to appraise mine costs and revenues, because it offers you all the information. When you buy most equities, you will have no idea what their commercial viability is because you don't see their 'unconsolidated' operational accounts. This is not the case if you buy miners because:
1. Prices are evident
2. Mine operating costs are disclosed - This is because they are 'price takers' (there are many producers in the market) - so you are more readily able to appraise them
3. Price outlooks can be forecast up to 1-3 years out - whether hedged or open to forecast

These are of course compelling reasons to invest in mining stocks. So what are our sources of information:
1. Quarterly report - see here offers the quarterly cost, production levels, etc.
2. Mine cost model - see here for base metals, here for copper, and here for gold (Oz Mineral's Prominent Hill project)
3. Google Finance - for the latest number of shares and market capitalisation - you should confirm this number with the Quarterly Cashflow reporting because unlisted shares are often not included, and this will also tell you their cash holdings.

Here is another gold project which you could model to test your skills establishing the value of companies. This is an emerging gold miner in New Zealand, listed on the NZX and ASX, called New Talisman Mining. I did not look at their broader corporate interests.

Of course if is desirable if you can model these spreadsheets on Google Documents or Excel. I will eventually do this for a stock so that people can access it, or share it. 

Asian property markets outperforming Japan Foreclosed Guide Philippines Property Guide
Profit from mining with Global Mining Investing eBook   Global Mining Investing Community.

Sunday, March 31, 2013

Linking projects to opportunities

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This YouTube video on the prospect of a Japanese 'pyramidal city' based on modern engineering methods highlights where innovation is going to take us in terms of design, planning and materials. These structures will need new, stronger, light-weight materials, and that means:
1. Japan - a country which pushes modern technology
2. Australia - a country with large resources of materials and a safe geopolitical regime close to Japan, and more broadly Asia.

The intersection of these ideas is:
1. Raw material providers like Archer Exploration (AXE.ASX) - which holds a large tract of graphite flake which can be converted into carbon nanotubes - the envisages building blocks for these structures.
2. Technological developers in academia and research fields
3. Financial sponsors like Mitsubishi Materials who possess advanced skills in material processing.
4. Project developers such as architects, engineering corporations and ultimately property developers looking for new low-cost solutions.

The contemporary problem is the high cost of land in central Tokyo, the restrictions on development, and the need for new low-cost building materials to keep costs down, and to allow massive new structures. Its about capturing or optimising the benefits that are to be derived from material science. Every advance in the past ultimately made use of new materials. Ultimately it is a large project such as this which is destined to underwrite the large-scale development of carbon nano-tubes.

These developers take time. Projects need to be proven up, technologies need a commercial process to separate and refine materials, and they ultimately need to be fabricated cheaply into useful components. It starts with relationships which will take years to develop. You might ask - does Japan need more office/residential space? Or is this just a pipe dream? Japan is experiencing zero population growth, however there is a fair rate of population increase resulting from people moving to the largest cities. They do however tend to move to the outer city because they can't afford to live in the inner city. Are we thus going to see wealthy people leaving existing housing to live and work in a 'modern city'? Well, this might well be the case, and as technologies do, it might even drive down the cost of housing in central Tokyo.

Anyway, the City in a Pyramid is an engineering concept which I dare say will have its day in time. The developers Shimizu are in the right place at the right time. Might the Abe-led government going to sponsor such development? We will see; however this is not a problem or solution that tends to impact other nations; at least not at this point. What is more, one has to question whether its a false economy for a lot of cities. Consider that the high cost of most city property arises from restrictions on development, i.e. Auckland has very high property costs because of restrictions on fringe development. This is common for most cities. Japanese cities, like Paris (France) are restricted in terms of building heights, with the added issue of small land lots, making assemblage of a 'building plot' hard in a culture which does not like to sell land. Perhaps these technologies are destined to be motivated by other concerns. The steel age might not be over just yet. 

Asian property markets outperforming Japan Foreclosed Guide Philippines Property Guide
Profit from mining with Global Mining Investing eBook   Global Mining Investing Community.

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Are you aware that you can buy a house & lot in Japan for as little as $10,000. Surprising but true! Japan has a plethora of cheap properties subject to auction by the courts. Some are in rural areas subject to depopulation, but there are plenty of properties in the cities too. I bought a dormitory 1hr from Tokyo for just $US30,000. Below are listed some of the current opportunities to buy VERY CHEAP foreclosed properties in Japan. I bought foreclosed properties in Japan and now I reveal all in this 120-page report. eg. The information you need to know, strategies to apply, where to get help, and the tools to use.

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/