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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.

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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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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/