Gresham "Group 150" - August 2011

AUGUST 2011

1

ASX RESOURCES - GROUP 150We are pleased to present the August edition of ‘Group 150’, a ranking of the top 150 ASX listed resources companies (excluding oil and gas), by market capitalisation.

This edition has been held up by the attendance (and paced recovery) at Diggers and Dealers and the new spectator sport of watching the global markets melt at record rates. Whilst sentiment at Diggers and Dealers was positive overall for resources, the political topic of sovereign risk linked to MRRT and carbon tax were central topics for discussion during the day and early parts of the evening. There appeared to be an increased proportion of “dealers” in attendance, which increased the level of competition in the late night boat races which will surely flow to Kalgoorlie economy.

The most common question in the past four weeks relates to views on the direction of the market and in the current environment, it would be a brave investor to catch the falling knife and predict the bottom of the current plunge. That said, the performance of the ASX in the final session of trading yesterday did see a rebound of approximately 5% or $15 billion, but this is only relatively minor given the $100 billion lost in the past week. Ongoing global weakness is likely to see the signal from Wall Street to Bernanke that it wants QE3 gets louder. The overnight announcement in relation to interest rates seems to have provided a floor…but will this be enough?

In this edition we have included the current forward curves for gold, silver, copper, nickel, oil and the AUD:USD exchange rate. Separately the consensus commodity price forecasts have been rolled forward 12 months.

July was again a challenging month for resource stocks and was the fifth consecutive months the value of the Group 150 has fallen. The market value of the Group 150 at the end of July was $538.5 billion and the entry point into the Group 150 for July was $119.0 million versus $109.9 million for June. The ASX/S&P 200 Resources Index decreased 2.2% for the month, while both the ASX All Ordinaries and ASX/S&P 200 Index decreased 3.4% and 4.0% respectively.

Gresham Advisory Partners Limited

Gresham Group 150

August 2011

Edition 17

Darren MartinGresham Advisory [email protected]+61 8 9486 7077+61 412 144 719

Gresham Advisory Partners is a leading Australian mergers and acquisitions/corporate advisory business and one of Australia’s largest and highest ranking independent corporate advisors.

Top 150 asX LisTed resource companies - JuLy By Market Capitalisation

Group 150

2

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

Jul Jun Company 31-Jul-11 30-Jun-11 Change Jul Jun Company 31-Jul-11 30-Jun-11 Change

1 1 BHP Billiton Ltd. (ASX:BHP) $220,502.2 $239,646.9 (8.0%) 51 49 Alkane Resources Limited (ASX:ALK) $536.7 $578.4 (7.2%)

2 2 Rio Tinto Ltd. (ASX:RIO) $153,603.4 $159,967.2 (4.0%) 52 57 Guildford Coal Limited (ASX:GUF) $530.2 $463.2 14.5%

3 3 Newcrest Mining Ltd. (ASX:NCM) $30,255.8 $28,848.2 4.9% 53 45 Kangaroo Resources Limited (ASX:KRL) $515.2 $635.4 (18.9%)

4 4 Fortescue Metals Group Ltd. (ASX:FMG) $19,646.2 $19,770.7 (0.6%) 54 60 Brockman Resources Limited (ASX:BRM) $501.0 $419.9 19.3%

5 5 Coal & Allied Industries Ltd. (ASX:CNA) $8,877.5 $9,134.7 (2.8%) 55 64 Ampella Mining Limited (ASX:AMX) $494.0 $383.1 28.9%

6 6 Iluka Resources Ltd. (ASX:ILU) $7,378.9 $6,971.8 5.8% 56 56 Aditya Birla Minerals Limited (ASX:ABY) $466.9 $477.9 (2.3%)

7 8 Alumina Ltd. (ASX:AWC) $5,319.6 $5,148.8 3.3% 57 58 OM Holdings Limited (ASX:OMH) $464.4 $461.9 0.5%

8 13 MacArthur Coal Ltd. (ASX:MCC) $4,697.5 $3,307.9 42.0% 58 66 Cockatoo Coal Limited (ASX:COK) $452.2 $376.0 20.3%

9 9 New Hope Corp. Ltd. (ASX:NHC) $4,458.3 $4,333.8 2.9% 59 62 Metminco Limited. (ASX:MNC) $438.8 $402.2 9.1%

10 10 OZ Minerals Limited (ASX:OZL) $4,414.1 $4,274.9 3.3% 60 61 Kagara Ltd (ASX:KZL) $437.9 $403.9 8.4%

11 12 Lynas Corporation Limited (ASX:LYC) $3,684.3 $3,393.0 8.6% 61 63 Gold One International Limited (ASX:GDO) $412.6 $396.3 4.1%

12 14 Atlas Iron Limited (ASX:AGO) $3,347.5 $3,080.9 8.7% 62 67 Ramelius Resources Ltd. (ASX:RMS) $401.3 $373.6 7.4%

13 15 Whitehaven Coal Limited (ASX:WHC) $3,253.6 $2,879.0 13.0% 63 68 Integra Mining Ltd. (ASX:IGR) $400.4 $370.3 8.1%

14 16 Aquila Resources Ltd. (ASX:AQA) $2,508.3 $2,684.2 (6.6%) 64 65 Bougainville Copper Ltd. (ASX:BOC) $393.0 $381.0 3.2%

15 17 PanAust Limited (ASX:PNA) $2,434.9 $2,238.1 8.8% 65 121 Indophil Resources NL (ASX:IRN) $388.2 $176.8 119.6%

16 22 Aston Resources Limited (ASX:AZT) $2,208.9 $1,791.7 23.3% 66 72 Kingsrose Mining Limited (ASX:KRM) $382.3 $351.4 8.8%

17 21 Paladin Energy, Ltd. (ASX:PDN) $2,036.3 $1,958.5 4.0% 67 73 Summit Resources Ltd. (ASX:SMM) $381.5 $348.8 9.4%

18 18 Aquarius Platinum Ltd. (ASX:AQP) $1,988.8 $2,209.8 (10.0%) 68 116 Sphere Minerals Limited (ASX:SPH) $381.3 $181.6 109.9%

19 20 Extract Resources Ltd. (ASX:EXT) $1,964.1 $1,985.5 (1.1%) 69 76 Perilya Ltd. (ASX:PEM) $375.6 $333.6 12.6%

20 19 Mount Gibson Iron Ltd. (ASX:MGX) $1,948.6 $1,991.9 (2.2%) 70 86 Cape Lambert Resources Limited (ASX:CFE) $369.6 $278.7 32.6%

21 23 Gloucester Coal Ltd. (ASX:GCL) $1,887.0 $1,409.2 33.9% 71 69 Panoramic Resources Ltd. (ASX:PAN) $368.6 $362.3 1.7%

22 34 Sundance Resources Ltd. (ASX:SDL) $1,508.1 $976.1 54.5% 72 70 Silver Lake Resources Limited (ASX:SLR) $363.1 $357.8 1.5%

23 24 Zimplats Holdings Ltd. (ASX:ZIM) $1,346.5 $1,345.5 0.1% 73 80 Troy Resources NL (ASX:TRY) $356.3 $306.2 16.4%

24 25 Medusa Mining Limited (ASX:MML) $1,323.3 $1,240.5 6.7% 74 71 Rex Minerals Limited. (ASX:RXM) $350.3 $354.9 (1.3%)

25 28 Perseus Mining Ltd. (ASX:PRU) $1,319.6 $1,115.1 18.3% 75 78 Hunnu Coal Limited (ASX:HUN) $339.6 $331.7 2.4%

26 29 Kingsgate Consolidated Limited (ASX:KCN) $1,201.8 $1,082.2 11.1% 76 75 Mineral Deposits Ltd. (ASX:MDL) $339.1 $345.2 (1.8%)

27 26 Independence Group NL (ASX:IGO) $1,187.0 $1,142.4 3.9% 77 77 Murchison Metals Limited (ASX:MMX) $338.9 $333.5 1.6%

28 30 Regis Resources Limited (ASX:RRL) $1,176.5 $1,071.5 9.8% 78 81 Tiger Resources Ltd. (ASX:TGS) $332.2 $301.1 10.3%

29 32 Sandfire Resources (ASX:SFR) $1,165.6 $1,053.2 10.7% 79 74 Metals X Limited (ASX:MLX) $326.7 $348.2 (6.2%)

30 33 Ivanhoe Australia Limited (ASX:IVA) $1,071.9 $1,004.9 6.7% 80 91 Adamus Resources Ltd. (ASX:ADU) $315.5 $254.6 23.9%

31 31 Western Areas NL (ASX:WSA) $1,055.0 $1,060.4 (0.5%) 81 82 Elemental Minerals Limited (ASX:ELM) $311.8 $288.6 8.0%

32 27 Coalspur Mines Limited (ASX:CPL) $959.5 $1,121.2 (14.4%) 82 79 Aspire Mining Limited (ASX:AKM) $299.7 $307.8 (2.6%)

33 38 Bandanna Energy Limited (ASX:BND) $935.8 $794.5 17.8% 83 99 Noble Mineral Resources Ltd. (ASX:NMG) $299.2 $231.5 29.2%

34 37 Mirabela Nickel Ltd. (ASX:MBN) $934.4 $860.2 8.6% 84 97 Equatorial Resources Limited (ASX:EQX) $295.8 $237.6 24.5%

35 41 Intrepid Mines Limited (ASX:IAU) $929.7 $739.5 25.7% 85 88 Saracen Mineral Holdings Limited (ASX:SAR) $295.4 $263.4 12.1%

36 39 Energy Resources of Australia Ltd. (ASX:ERA) $875.5 $782.0 12.0% 86 59 Gujarat NRE Coking Coal Limited (ASX:GNM) $292.3 $426.1 (31.4%)

37 35 CGA Mining Limited (ASX:CGX) $820.2 $946.5 (13.3%) 87 94 Conquest Mining Limited (ASX:CQT) $291.6 $242.0 20.5%

38 36 Minara Resources Ltd. (ASX:MRE) $783.5 $871.2 (10.1%) 88 93 Catalpa Resources Limited (ASX:CAH) $276.9 $242.2 14.3%

39 40 Gindalbie Metals Ltd. (ASX:GBG) $739.1 $781.2 (5.4%) 89 87 Arafura Resources Limited (ASX:ARU) $270.5 $268.6 0.7%

40 43 Bathurst Resources Ltd (ASX:BTU) $719.3 $684.5 5.1% 90 98 Tanami Gold NL (ASX:TAM) $266.2 $233.6 14.0%

41 42 Jupiter Mines Ltd. (ASX:JMS) $718.1 $694.3 3.4% 91 84 Moly Mines Ltd. (ASX:MOL) $265.6 $286.7 (7.4%)

42 50 White Energy Company Limited (ASX:WEC) $676.5 $576.9 17.3% 92 83 BC Iron Limited (ASX:BCI) $264.3 $287.9 (8.2%)

43 55 Discovery Metals Ltd. (ASX:DML) $636.0 $526.7 20.7% 93 89 Straits Resources Limited (ASX:SRQ) $256.6 $259.7 (1.2%)

44 51 Resolute Mining Ltd. (ASX:RSG) $629.0 $547.1 15.0% 94 100 Carabella Resources Limited (ASX:CLR) $255.3 $230.0 11.0%

45 47 Northern Iron Limited (ASX:NFE) $621.8 $594.9 4.5% 95 103 Flinders Mines Limited. (ASX:FMS) $254.9 $218.5 16.7%

46 46 Grange Resources Limited (ASX:GRR) $605.6 $605.4 0.0% 96 85 Greenland Minerals and Energy Ltd (ASX:GGG) $250.3 $285.0 (12.2%)

47 44 ST Barbara Ltd. (ASX:SBM) $595.9 $636.6 (6.4%) 97 102 FerrAus Ltd. (ASX:FRS) $249.6 $225.9 10.5%

48 52 Gryphon Minerals Ltd. (ASX:GRY) $560.9 $542.9 3.3% 98 110 WPG Resources Ltd (ASX:WPG) $246.5 $199.4 23.6%

49 54 Beadell Resources Ltd (ASX:BDR) $555.9 $529.2 5.0% 99 92 Cokal Limited (ASX:CKA) $239.2 $253.9 (5.8%)

50 53 CuDeco Ltd. (ASX:CDU) $537.4 $529.3 1.5% 100 106 Nucoal Resources NL (ASX:NCR) $236.1 $210.2 12.3%

Includes ASX Resource companies excluding oil and gas

AUGUST 2011

3

new enTranTs - JuLy eXiTs - JuLy123 Metrocoal Ltd. (ASX:MTE)136 Norton Gold Fields Limited (ASX:NGF)138 Crusader Resources Limited (ASX:CAS)146 ABM Resources NL (ASX:ABU)147 Australasian Resources Ltd (ASX:ARH)148 Mungana Goldmines Ltd (ASX:MUX)150 Centrex Metals Limited (ASX:CXM)

Based on market capitalisation as at 31 July vs 30 June

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

Jul Jun Company 31-Jul-11 30-Jun-11 Change Jul Jun Company 31-Jul-11 30-Jun-11 Change

101 96 Focus Minerals Limited (ASX:FML) $234.0 $240.8 (2.9%) 126 132 YTC Resources Limited (ASX:YTC) $161.6 $140.3 15.2%

102 101 Exco Resources Ltd. (ASX:EXS) $231.8 $228.3 1.5% 127 118 African Energy Resources Limited (ASX:AFR) $161.6 $180.7 (10.6%)

103 104 Iron Ore Holdings Limited (ASX:IOH) $222.6 $215.9 3.1% 128 129 Azumah Resources Ltd (ASX:AZM) $157.7 $152.1 3.7%

104 95 Galaxy Resources (ASX:GXY) $219.9 $240.9 (8.7%) 129 142 Stanmore Coal Limited (ASX:SMR) $153.4 $126.9 20.8%

105 90 Marengo Mining Limited (ASX:MGO) $218.9 $258.7 (15.4%) 130 127 Peninsula Energy Limited (ASX:PEN) $151.2 $154.9 (2.4%)

106 114 Gold Road Resources Limited (ASX:GOR) $217.2 $185.9 16.8% 131 115 Sylvania Resources Ltd. (ASX:SLP) $146.1 $185.3 (21.1%)

107 108 South Boulder Mines Ltd. (ASX:STB) $216.9 $208.4 4.1% 132 141 Alcyone Resources Ltd (ASX:AYN) $144.8 $127.7 13.4%

108 105 Orocobre Limited (ASX:ORE) $214.4 $212.3 1.0% 133 134 Blackgold International Hold. Ltd (ASX:BGG) $144.0 $144.0 0.0%

109 109 Hillgrove Resources Ltd. (ASX:HGO) $206.4 $202.4 2.0% 134 133 Northern Star Resources Ltd. (ASX:NST) $140.4 $140.2 0.1%

110 124 Highlands Pacific Limited (ASX:HIG) $205.8 $164.7 25.0% 135 139 Indo Mines Limited (ASX:IDO) $137.9 $131.0 5.3%

111 125 Ausgold Limited (ASX:AUC) $201.4 $163.6 23.2% 136 161 Norton Gold Fields Limited (ASX:NGF) $137.1 $96.0 42.8%

112 112 Northern Energy Corporation Ltd (ASX:NEC) $196.0 $196.6 (0.3%) 137 143 Northern Minerals Limited (ASX:NTU) $135.4 $126.5 7.1%

113 130 Red 5 Ltd. (ASX:RED) $192.6 $147.6 30.4% 138 151 Crusader Resources Limited (ASX:CAS) $134.3 $106.7 25.9%

114 122 Deep Yellow Ltd. (ASX:DYL) $191.7 $169.1 13.3% 139 144 Finders Resources Limited (ASX:FND) $133.9 $119.9 11.7%

115 107 Atlantic Ltd (ASX:ATI) $187.0 $209.0 (10.5%) 140 126 Resource and Investment NL (ASX:RNI) $132.3 $161.0 (17.8%)

116 120 Kula Gold Limited (ASX:KGD) $180.2 $180.2 0.0% 141 136 Territory Resources Limited (ASX:TTY) $131.0 $132.6 (1.2%)

117 117 Mincor Resources NL (ASX:MCR) $178.8 $181.6 (1.5%) 142 135 Industrial Minerals Corporation Ltd. (ASX:IDM) $130.8 $136.1 (3.8%)

118 113 Astron Ltd. (ASX:ATR) $178.2 $191.9 (7.1%) 143 140 Robust Resources Limited (ASX:ROL) $129.1 $128.7 0.3%

119 111 Resource Generation Limited (ASX:RES) $176.1 $197.2 (10.7%) 144 149 IMX Resources Ltd. (ASX:IXR) $128.7 $110.3 16.7%

120 131 Cobar Consolidated Resources Ltd (ASX:CCU) $171.7 $142.9 20.1% 145 145 Continental Coal Limited (ASX:CCC) $126.8 $117.7 7.7%

121 119 NKWE Platinum Ltd. (ASX:NKP) $171.2 $180.6 (5.2%) 146 171 ABM Resources NL (ASX:ABU) $125.4 $92.1 36.1%

122 138 Altona Mining Limited (ASX:AOH) $171.2 $132.2 29.5% 147 177 Australasian Resources Ltd (ASX:ARH) $121.6 $84.1 44.7%

123 153 Metrocoal Ltd. (ASX:MTE) $169.7 $104.2 62.8% 148 158 Mungana Goldmines Ltd (ASX:MUX) $119.8 $100.1 19.7%

124 146 African Iron Limited (ASX:AKI) $165.4 $115.1 43.7% 149 128 Platinum Australia Limited (ASX:PLA) $119.7 $153.0 (21.8%)

125 123 Cerro Resources NL (ASX:CJO) $165.2 $165.2 0.0% 150 157 Centrex Metals Limited (ASX:CXM) $119.0 $100.2 18.8%

Group 150 Leaders and LaGGers - markeT capiTaLisaTion performance - JuLyLeaders

Laggers

Source: Capital IQ

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

Equinox Minerals Ltd. (ASX:EQN)Riversdale Mining Ltd. (ASX:RIV)Allied Gold Mining PLC (ASX:ALD)Reed Resources Ltd. (ASX:RDR)Papillon Resources Limited (ASX:PIR)Tribune Resources Limited (ASX:TBR)Rocklands Richfield Limited (ASX:RCI)

Group 150

4

538.5

merGer & acquisiTions - announced in JuLy

Date Announced Target Acquirer Value

(A$m)

Percent Sought

(%)

Premium - 1 Day Prior

(%)

Premium - 1 Month Prior

(%)

Consideration Offered

28-Jul-2011 ULY-TAU K LLP Red October Resources Limited (ASX:ROS) 39.9 51 - - Combinations

27-Jul-2011 Cable Sands (W.A.) Pty Ltd. Mineral Commodities Ltd. (ASX:MRC) 101.0 100 - - Cash

27-Jul-2011 Galina Iron Limited Waratah Resources Limited (ASX:WGO) 17.9 100 - - Combinations

15-Jul-2011 Sundance Resources Ltd. (ASX:SDL) Hanlong Mining Investment Pty Ltd. 1,164.3 81 25.0 42.9 Cash

11-Jul-2011 MacArthur Coal Ltd. (ASX:MCC) Peabody Energy Corp. ; ArcelorMittal 4,022.5 84 36.0 38.1 Cash

9-Jul-2011 Bannerman Resources Limited (ASX:BMN) Hanlong Mining Investment Pty Ltd. 153.2 100 59.0 107.5 Cash

5-Jul-2011 Copper Strike Ltd., Einasleigh Copper Project Kagara Ltd (ASX:KZL) 19.1 100 - - Cash; Equity

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

Group 150 markeT capiTaLisaTion

asX indeX performance - JuLy

+49.6%

Group 150 mkT cap - By commodiTy

Mar

ket V

alua

tion

(A$b

) - G

roup

150

+15.3%

AUGUST 2011

5

3.963.97

4.01 4.003.99

3.973.96

3.953.93

3.913.90

3.883.87

3.84

3.823.80

3.793.77

3.763.74

3.733.71

3.65

3.70

3.75

3.80

3.85

3.90

3.95

4.00

4.05

Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16

forward curves (as aT 8 auGusT 2010)

Source: Bloomberg

Gold, 100 oz - USD/troy oz

Silver - USD/troy oz

Gold

Forw

ard

Curv

e (US

D/tro

y oz)

Silv

er Fo

rwar

d Cu

rve (

USD

/troy

oz)

e

Copper - USD/lb

Copp

er Fo

rwar

d Cu

rve (

USD

/lb)

e

Group 150

6

forward curves (as aT 8 auGusT 2010)

Source: Bloomberg

Nickel - USD/tonne

AUD : USD

Forw

ard

Curv

e - A

UD: U

SDW

TI Fo

rwar

d Cu

rve (

USD

/ bar

rel)

e

WTI - USD/bbl

21,21421,240 21,26021,192

21,12921,060

20,996

20,885

20,757

20,652

20,54920,453

20,354

20,246

20,102

19,99419,922

19,85019,778

19,706

19,600

19,800

20,000

20,200

20,400

20,600

20,800

21,000

21,200

21,400

Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16

Nick

el Fo

rwar

d Cu

rve (

USD/

tonn

e)

AUGUST 2011

7

Share Price Performance - July 2011

Share Price Performance - Since 31 December 2010

52 Week Hi / Low / Current

Base meTaLs - secTor performance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

Copper Nickel Zinc

Group 150

8




coaL - secTor performance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

AUGUST 2011

9




diversified - secTor performance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

indusTriaL mineraLs - secTor performance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

Group 150

10




GoLd - secTor performance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

AUGUST 2011

11




iron ore - secTor performance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

Group 150

12




pLaTinum - secTor performance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

uranium - secTor performance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

AUGUST 2011

13

consensus commodiTy price forecasTs - JuLy

Source: Bloomberg Consensus Estimates - Median / High / Low

Gold (US$/oz) Silver (US$/OZ)

Copper (US$/lb) Nickel (US$/lb)

Zinc (US$/lb) Lead (US$/lb)

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

AUD:USD NYMEX (US$/bbl)

$1,628 $1,463 $1,350 $1,270 $1,113

$0

$500

$1,000

$1,500

$2,000

$2,500

Spot 2012 2013 2014 2015

$39.88 $32.65 $29.00

$25.00 $27.74

$0

$10

$20

$30

$40

$50

$60

Spot 2012 2013 2014 2015

$4.46 $4.50 $3.97 $3.71

$3.02

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

Spot 2012 2013 2014 2015

$11.34 $10.43 $9.90 $9.44 $8.39

$0.00

$4.00

$8.00

$12.00

$16.00

Spot 2012 2013 2014 2015

$1.13 $1.10 $1.20

$1.09 $1.01

$0.00

$0.50

$1.00

$1.50

Spot 2012 2013 2014 2015

$1.19 $1.20 $1.25 $1.07 $1.00

$0.00

$0.50

$1.00

$1.50

$2.00

Spot 2012 2013 2014 2015

$12.75 $14.06

$11.00 $10.36 $11.57

$0.00$2.50$5.00$7.50

$10.00$12.50$15.00$17.50$20.00

Spot 2012 2013 2014 2015

$51.75 $65.00 $60.00 $64.00

$50.00

$0

$25

$50

$75

$100

Spot 2012 2013 2014 2015

$1.09 $1.05 $1.00 $0.94 $0.95

$0.00

$0.25

$0.50

$0.75

$1.00

$1.25

Spot 2012 2013 2014 2015

$95.70 $103.00 $110.00 $115.00 $102.00

$0

$50

$100

$150

$200

Spot 2012 2013 2014 2015

Group 150

14

Gresham Advisory Partners LimitedA.B.N. 97 003 344 269

Level 17, 167 Macquarie Street,

Sydney NSW 2000

Telephone: 61 2 9221 5133

Facsimile: 61 2 9221 6814

Level 10, 1 Collins Street,

Melbourne VIC 3000

Telephone: 61 3 9664 0300

Facsimile: 61 3 9650 7722

Level 3, 28 The Esplanade,

Perth WA 6000

Telephone: 61 8 9486 7077

Facsimile: 61 8 9486 7024

Website: www.gresham.com.au

Terms and ConditionsInformation contained in this publicationThe opinions, advice, recommendations and other information contained in this publication, whether express or implied, are published or made by Gresham Advisory Partners Limited (ABN 88 093 611 413), Australian financial services license (247113), and by its officers and employees (collectively “Gresham Advisory Partners”) in good faith in relation to the facts known to it at the time of preparation. Gresham Advisory Partners has prepared this publication without consideration of the investment objectives, financial situation or particular needs of any individual investor, and you should not rely on the publication for the purpose of making a financial decision. To whom this information is providedThis publication is only made available to persons who are wholesale clients within the meaning of section 761G of the Corporations Act 2001. This publication is supplied on the condition that it is not passed on to any person who is a retail client within the meaning of section 761G of the Corporations Act 2001.Disclaimer and limitation of liabilityTo the maximum extent permitted by law, Gresham Advisory Partners will not be liable in any way for any loss or damage suffered by you through use or reliance on this information. Gresham Advisory Partners’ liability for negligence, breach of contract or contravention of any law, which cannot be lawfully excluded, is limited, at Gresham Advisory Partners’ option and to the maximum extent permitted by law, to resupplying this information or any part of it to you, or to paying for the resupply of this information or any part of it to you.No warranties made as to contentGresham Advisory Partners makes no warranty, express or implied, concerning this publication. The publication provided by us on an “AS IS” basis at your sole risk. Gresham Advisory Partners expressly disclaims, to the maximum extent permitted by law, any implied warranty of merchant-ability or fitness for a particular purpose, including any warranty for the use or the results of the use of the publication with respect to its correctness, quality, accuracy, completeness, or reliability.CopyrightCopyright in this publication is owned by Gresham Advisory Partners. You may use the information in this publication for your own personal use, but you must not (without Gresham Advisory Partners’ consent) alter, reproduce or distribute any part of this publication, transmit it to any other person or incorporate the information into any other document.General mattersThese Terms and Conditions are governed by the law in force in the State of Victoria, and the parties irrevocably submit to the non-exclusive jurisdiction of the courts of Victoria and courts of appeal from them for determining any disputes concerning the Terms and Conditions.If the whole or any part of a provision of these Terms and Conditions are void, unenforceable or illegal in a jurisdiction it is severed for that jurisdiction. The remainder of the Terms and Conditions have full force and effect and the validity or enforceability of that provision in any other jurisdiction is not affected. This clause has no effect if the severance alters the basic nature of the Terms and Conditions or is contrary to public policy.If Gresham Advisory Partners do not act in relation to a breach by you of these Terms and Conditions, this does not waive Gresham Advisory Partners’ right to act with respect to subsequent or similar breaches.

Advised BHP Billiton on its

$204m offer for United Minerals

Corporation.

Advised BG Group on its $1bn takeover offer for

Pure Energy Resources Limited.

Advised IAMGOLD Corporation on its $265m acquisition

of Gallery Gold.

Advised Gem Diamonds on its

$300m acquisition of Kimberley Diamonds.

Advised Polaris Metals NL on

$178m takeover offer by Mineral

Resources Limited.

Advised Tethyan on its $220m

competing takeover offer by Crosby and Antogafasta/Barrick.

Advised Iluka on its $114m

institutional placement and

$353m accelerated right issue.

Advised Bannerman

Resources on its financing with

Resource Capital Funds.

Advised Iluka Resources on its

$54m Narama coal divestment to

Xstrata.

Advised Murchison Metals

on its joint venture with Mitsubishi.

2010

2010

Advised BHP Billiton on its

US$116bn iron ore production

joint venture with Rio Tinto.

2010

Introduced Denham Capital to

Trans Tasman Resources resulting

in NZ iron sands investment.

2010

2009

Advised Indophil on $545m

recommended offer from Zijin

2010

Advised BHP Billiton on the disposal of the Yabulu Nickel

refinery.

2009

Advised Allied Gold on its $54m

acquisition of Australian

Solomons Gold.

2009

Advised Brandrill Limited on its

$45m takeover offer by Ausdrill

Limited.

2009

2008

Advised Kalahari Minerals on its

$140m proposed merger with

Extract Resources.

2008

Advised Centaurus

Resources on its $20m merger

with Glengarry Resources.

2010

2009/08

2008

Advised Summit Resources on its

A$1.2bn takeover by Paladin Energy.

2007

2008

2006

2007

2008

Advised Guandong Rising on its $216m

cornerstone investment in Pan

Aust.

GRAM2009

Advised Energy Metals on its $86m

proportional takeover offer by China

Guangdong Nuclear Power Group.

2009

Mergers and Acquisitions

Takeover Defence

Strategic Advisory, Joint Ventures and Capital Markets

recenT resources TransacTions

Takeover Defence

Strategic Advisory, Joint Ventures and Capital Markets

Mergers and Acquisitions

Documents

Gresham "Group 150" - August 2011