Gresham "Group 150" - April 2011

APRIL 2011

1

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

March provided a steady result for the Group 150 with the cumulative market value decreasing 0.3% to 603.8 billion from $605.4 billion at the end of February. The entry point into the Group 150 also fell slightly to $123.9 million, down from $127.7 million for the previous month. The ASX/S&P 200 Resources Index increased 1.4% for the month, outperforming both the ASX All Ordinaries and ASX/S&P 200 Index which both increased 0.1%.

March was a subdued month for M&A, with only one public market takeover being announced but we did witness two recent deals where the bidders walked away from announced schemes of arrangement. In the Mantra Resources situation, the scheme is back on foot following a price renegotiation and the situation involving BC Iron is currently being considered by the Takeovers Panel.

“Winners” for March (in terms of growth in market capitalisation) were: Alkane (+63.5%), Elemental (+58.6%), Straits (+46.6%), Aspire (+45.3%) and Hunnu Coal (+40.4%). The recent tragic events in Japan heavily impacted the uranium companies, with all members within the Group 150 recording heavy falls in their respective share prices.

Having attended Mines and Money - Hong Kong, which we expect will soon become the major mining conference in Asia, we remain of the view that 2011 will see an increased level of activity, likely involving scrip exchange transactions. Conducting another straw poll (similar to the one we completed at Indaba) amongst some of the 2,000 delegates, the favoured commodities remain gold, iron ore, copper and anything in Mongolia!

The current commodity price environment provides challenges to management to identify and execute value accretive transactions. In this edition, we review the current price against the past 10 years for a selection of commodities. Adjusting for inflation, our study demonstrated that copper, silver and gold are currently trading at all time highs and at levels equivalent to 2-3 times the 10 year average. In the case of the silver and copper the current price is 6 to 6.5 times the 10 year low. The base metal spectrum is fairing slightly better, with nickel, zinc and lead trading at levels around 50% of their 10 year high but still around 1.5 times above the 10 year average.

These observations suggest unless there is a clear path to unlock latent value, it will take a brave management team to undertake a cash based transaction, especially in gold, silver or copper and it is more likely any transaction will involve a scrip exchange. An alternative view may be held by the commodity bulls or the global economies seeking to secure long term supply.

Gresham Advisory Partners Limited

Gresham Group 150

April 2011

Edition 13

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 - marchBy Market Capitalisation

Group 150

2

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

Mar Feb Company 31-Mar-11 28-Feb-11 Change Mar Feb Company 31-Mar-11 28-Feb-11 Change

1 1 BHP Billiton Ltd. (ASX:BHP) $257,343.5 $255,564.9 0.7% 51 51 OceanaGold Corporation (ASX:OGC) $700.0 $694.5 0.8%

2 2 Rio Tinto Ltd. (ASX:RIO) $165,297.9 $166,377.0 (0.6%) 52 50 Allied Gold Ltd. (ASX:ALD) $656.6 $698.3 (6.0%)

3 3 Newcrest Mining Ltd. (ASX:NCM) $30,462.3 $29,023.0 5.0% 53 56 Bougainville Copper Ltd. (ASX:BOC) $641.7 $633.7 1.3%

4 4 Fortescue Metals Group Ltd. (ASX:FMG) $19,954.7 $20,670.1 (3.5%) 54 61 Ampella Mining Limited (ASX:AMX) $608.9 $527.7 15.4%

5 5 Coal & Allied Industries Ltd. (ASX:CNA) $10,350.3 $10,260.3 0.9% 55 64 Gryphon Minerals Ltd. (ASX:GRY) $602.1 $515.4 16.8%

6 6 Alumina Ltd. (ASX:AWC) $6,002.8 $5,807.6 3.4% 56 52 Gujarat NRE Coking Coal Limited (ASX:GNM) $589.6 $663.9 (11.2%)

7 9 Iluka Resources Ltd. (ASX:ILU) $5,525.9 $4,408.2 25.4% 57 57 Resolute Mining Ltd. (ASX:RSG) $581.7 $616.7 (5.7%)

8 8 OZ Minerals Limited (ASX:OZL) $5,165.5 $5,246.4 (1.5%) 58 55 Northern Iron Limited (ASX:NFE) $579.7 $638.6 (9.2%)

9 7 Equinox Minerals Ltd. (ASX:EQN) $4,940.3 $5,455.2 (9.4%) 59 59 Discovery Metals Ltd. (ASX:DML) $550.8 $546.4 0.8%

10 10 New Hope Corp. Ltd. (ASX:NHC) $4,134.5 $4,026.6 2.7% 60 79 Aspire Mining Limited (ASX:AKM) $536.0 $369.0 45.3%

11 12 Riversdale Mining Ltd. (ASX:RIV) $3,912.6 $3,668.8 6.6% 61 66 Beadell Resources Ltd (ASX:BDR) $528.8 $491.5 7.6%

12 16 Lynas Corporation Limited (ASX:LYC) $3,803.3 $3,241.9 17.3% 62 65 Sphere Minerals Limited (ASX:SPH) $514.0 $514.0 0.0%

13 15 Aquila Resources Ltd. (ASX:AQA) $3,496.2 $3,256.6 7.4% 63 96 Alkane Resources Limited (ASX:ALK) $512.5 $313.4 63.5%

14 13 MacArthur Coal Ltd. (ASX:MCC) $3,473.9 $3,536.8 (1.8%) 64 63 Cockatoo Coal Limited (ASX:COK) $497.9 $518.2 (3.9%)

15 14 Whitehaven Coal Limited (ASX:WHC) $3,303.5 $3,342.3 (1.2%) 65 68 Panoramic Resources Ltd. (ASX:PAN) $470.0 $470.0 0.0%

16 17 Atlas Iron Limited (ASX:AGO) $3,042.5 $3,050.8 (0.3%) 66 74 Aditya Birla Minerals Limited (ASX:ABY) $463.8 $416.8 11.3%

17 11 Paladin Energy, Ltd. (ASX:PDN) $2,807.5 $3,849.5 (27.1%) 67 72 Arafura Resources Limited (ASX:ARU) $459.9 $452.6 1.6%

18 18 Aquarius Platinum Ltd. (ASX:AQP) $2,497.1 $3,006.8 (17.0%) 68 69 Metminco Limited. (ASX:MNC) $455.5 $467.8 (2.6%)

19 19 PanAust Limited (ASX:PNA) $2,327.0 $2,385.6 (2.5%) 69 67 CuDeco Ltd. (ASX:CDU) $449.6 $471.5 (4.6%)

20 21 Mount Gibson Iron Ltd. (ASX:MGX) $2,154.3 $2,176.0 (1.0%) 70 85 Kingsrose Mining Limited (ASX:KRM) $448.2 $344.7 30.0%

21 23 Aston Resources Limited (ASX:AZT) $1,930.7 $1,820.3 6.1% 71 71 Jabiru Metals Limited (ASX:JML) $442.6 $459.2 (3.6%)

22 20 Extract Resources Ltd. (ASX:EXT) $1,794.2 $2,317.9 (22.6%) 72 82 Mineral Deposits Ltd. (ASX:MDL) $441.2 $357.9 23.3%

23 25 Gloucester Coal Ltd. (ASX:GCL) $1,544.9 $1,613.7 (4.3%) 73 62 Kagara Ltd (ASX:KZL) $435.8 $527.3 (17.4%)

24 22 Energy Resources of Australia Ltd. (ASX:ERA) $1,516.4 $1,949.3 (22.2%) 74 75 Rex Minerals Limited. (ASX:RXM) $435.5 $410.3 6.1%

25 26 Ivanhoe Australia Limited (ASX:IVA) $1,390.2 $1,364.0 1.9% 75 58 Murchison Metals Limited (ASX:MMX) $433.7 $599.3 (27.6%)

26 28 Medusa Mining Limited (ASX:MML) $1,317.6 $1,325.2 (0.6%) 76 92 Ramelius Resources Ltd. (ASX:RMS) $416.1 $330.3 26.0%

27 30 Perseus Mining Ltd. (ASX:PRU) $1,309.6 $1,248.4 4.9% 77 108 Elemental Minerals Limited (ASX:ELM) $409.9 $258.5 58.6%

28 24 Zimplats Holdings Ltd. (ASX:ZIM) $1,291.7 $1,759.9 (26.6%) 78 70 Metals X Limited (ASX:MLX) $409.7 $464.3 (11.8%)

29 27 Sundance Resources Ltd. (ASX:SDL) $1,262.5 $1,342.6 (6.0%) 79 78 Integra Mining Ltd. (ASX:IGR) $391.3 $379.0 3.2%

30 31 Western Areas NL (ASX:WSA) $1,215.0 $1,186.3 2.4% 80 100 Guildford Coal Limited (ASX:GUF) $389.4 $292.6 33.1%

31 29 Kingsgate Consolidated Limited (ASX:KCN) $1,175.1 $1,268.1 (7.3%) 81 77 Moly Mines Ltd. (ASX:MOL) $384.2 $395.2 (2.8%)

32 32 Intrepid Mines Limited (ASX:IAU) $1,066.7 $1,103.1 (3.3%) 82 83 Silver Lake Resources Limited (ASX:SLR) $372.1 $357.8 4.0%

33 37 Gindalbie Metals Ltd. (ASX:GBG) $1,061.5 $1,047.4 1.3% 83 98 Tiger Resources Ltd. (ASX:TGS) $364.4 $304.7 19.6%

34 41 Coalspur Mines Limited (ASX:CPL) $1,051.2 $942.7 11.5% 84 109 Hunnu Coal Limited (ASX:HUN) $361.9 $257.7 40.4%

35 33 Sandfire Resources (ASX:SFR) $1,017.4 $1,079.7 (5.8%) 85 81 Saracen Mineral Holdings Limited (ASX:SAR) $361.6 $359.2 0.7%

36 38 CGA Mining Limited (ASX:CGX) $1,016.5 $1,039.8 (2.2%) 86 73 South Boulder Mines Ltd. (ASX:STB) $361.3 $436.4 (17.2%)

37 42 White Energy Company Limited (ASX:WEC) $971.7 $905.8 7.3% 87 105 Gold One International Limited (ASX:GDO) $343.1 $274.4 25.0%

38 44 Regis Resources Limited (ASX:RRL) $970.1 $883.0 9.9% 88 89 Perilya Ltd. (ASX:PEM) $338.8 $338.6 0.1%

39 35 Mirabela Nickel Ltd. (ASX:MBN) $963.5 $1,051.9 (8.4%) 89 80 Flinders Mines Limited. (ASX:FMS) $336.8 $364.1 (7.5%)

40 40 Independence Gold NL (ASX:IGO) $914.5 $947.8 (3.5%) 90 95 Troy Resources NL (ASX:TRY) $331.9 $319.4 3.9%

41 34 Mantra Resources Limited (ASX:MRU) $905.3 $1,056.9 (14.3%) 91 91 Adamus Resources Ltd. (ASX:ADU) $331.7 $331.4 0.1%

42 39 Minara Resources Ltd. (ASX:MRE) $894.6 $982.3 (8.9%) 92 94 Conquest Mining Limited (ASX:CQT) $324.7 $321.9 0.9%

43 47 Brockman Resources Limited (ASX:BRM) $857.2 $796.4 7.6% 93 76 Greenland Minerals and Energy Ltd (ASX:GGG) $314.4 $407.5 (22.8%)

44 43 Jupiter Mines Ltd. (ASX:JMS) $817.7 $892.1 (8.3%) 94 104 Catalpa Resources Limited (ASX:CAH) $314.1 $274.9 14.3%

45 54 Bathurst Resources Ltd (ASX:BTU) $760.7 $640.9 18.7% 95 84 Cape Lambert Resources Limited (ASX:CFE) $311.7 $354.5 (12.1%)

46 45 Grange Resources Limited (ASX:GRR) $755.1 $852.5 (11.4%) 96 118 Carabella Resources Limited (ASX:CLR) $308.3 $231.6 33.1%

47 49 Bandanna Energy Limited (ASX:BND) $754.9 $730.6 3.3% 97 90 Marengo Mining Limited (ASX:MGO) $308.1 $338.0 (8.8%)

48 46 Summit Resources Ltd. (ASX:SMM) $719.3 $808.7 (11.1%) 98 87 Indophil Resources NL (ASX:IRN) $304.1 $339.4 (10.4%)

49 53 ST Barbara Ltd. (ASX:SBM) $709.8 $657.7 7.9% 99 101 Equatorial Resources Limited (ASX:EQX) $302.3 $291.3 3.8%

50 48 OM Holdings Limited (ASX:OMH) $702.9 $761.6 (7.7%) 100 93 Nucoal Resources NL (ASX:NCR) $289.9 $325.4 (10.9%)

Includes ASX Resource companies excluding oil and gas

APRIL 2011

3

new enTranTs - march eXiTs - march127 NKWE Platinum Ltd. (ASX:NKP)142 YTC Resources Limited (ASX:YTC)145 Mungana Goldmines Ltd (ASX:MUX)146 Reed Resources Ltd. (ASX:RDR)148 Altona Mining Limited (ASX:AOH)149 Dragon Mining Limited (ASX:DRA)150 Iron Road Limited (ASX:IRD)

Based on market capitalisation as at 31 March vs 28 February

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

Mar Feb Company 31-Mar-11 28-Feb-11 Change Mar Feb Company 31-Mar-11 28-Feb-11 Change

101 97 Galaxy Resources (ASX:GXY) $278.5 $310.6 (10.3%) 126 107 Berkeley Resources Ltd. (ASX:BKY) $176.0 $233.6 (24.7%)

102 88 Mincor Resources NL (ASX:MCR) $275.8 $339.0 (18.6%) 127 Sus. NKWE Platinum Ltd. (ASX:NKP) $171.2 $251.8 (32.0%)

103 129 Straits Resources Limited (ASX:SRQ) $264.3 $180.3 46.6% 128 125 WPG Resources Ltd (ASX:WPG) $170.6 $194.4 (12.2%)

104 113 Noble Mineral Resources Ltd. (ASX:NMG) $262.8 $245.5 7.0% 129 135 Astron Ltd. (ASX:ATR) $168.4 $165.7 1.6%

105 99 Orocobre Limited (ASX:ORE) $262.2 $300.2 (12.7%) 130 143 Australasian Resources Ltd (ASX:ARH) $168.1 $150.4 11.8%

106 111 Iron Ore Holdings Limited (ASX:IOH) $261.4 $250.0 4.6% 131 127 Pluton Resources Limited (ASX:PLV) $163.5 $186.9 (12.5%)

107 86 Deep Yellow Ltd. (ASX:DYL) $253.7 $343.9 (26.2%) 132 133 IMX Resources Ltd. (ASX:IXR) $161.5 $172.0 (6.1%)

108 123 Focus Minerals Limited (ASX:FML) $251.9 $209.2 20.4% 133 139 Azumah Resources Ltd (ASX:AZM) $160.9 $158.2 1.7%

109 114 Highlands Pacific Limited (ASX:HIG) $240.1 $243.6 (1.4%) 134 131 Robust Resources Limited (ASX:ROL) $159.7 $174.0 (8.2%)

110 102 BC Iron Limited (ASX:BCI) $232.1 $288.0 (19.4%) 135 142 Stanmore Coal Limited (ASX:SMR) $155.8 $150.8 3.3%

111 110 Platinum Australia Limited (ASX:PLA) $231.5 $255.1 (9.3%) 136 134 Papillon Resources Limited (ASX:PIR) $147.6 $165.9 (11.0%)

112 112 Tanami Gold NL (ASX:TAM) $229.7 $247.9 (7.3%) 137 137 African Iron Limited (ASX:AKI) $144.0 $163.2 (11.8%)

113 117 Hillgrove Resources Ltd. (ASX:HGO) $226.2 $234.1 (3.4%) 138 136 Kentor Gold Limited (ASX:KGL) $143.3 $164.5 (12.9%)

114 132 Resource Generation Limited (ASX:RES) $226.1 $173.2 30.5% 139 146 Sihayo Gold Limited (ASX:SIH) $141.5 $144.6 (2.1%)

115 126 Atlantic Ltd (ASX:ATI) $219.4 $193.0 13.7% 140 141 Kangaroo Resources Limited (ASX:KRL) $139.9 $151.1 (7.4%)

116 116 Northern Energy Corporation Ltd (ASX:NEC) $217.5 $239.5 (9.2%) 141 145 Golden West Resources Limited (ASX:GWR) $139.3 $146.0 (4.6%)

117 119 Red 5 Ltd. (ASX:RED) $211.8 $231.0 (8.3%) 142 175 YTC Resources Limited (ASX:YTC) $138.9 $107.2 29.6%

118 106 African Energy Resources Limited (ASX:AFR) $211.5 $269.2 (21.4%) 143 140 Resource and Investment NL (ASX:RNI) $136.2 $153.0 (11.0%)

119 124 Exco Resources Ltd. (ASX:EXS) $204.4 $201.0 1.7% 144 147 Cobar Consolidated Resources Ltd (ASX:CCU) $135.2 $142.5 (5.1%)

120 120 FerrAus Ltd. (ASX:FRS) $198.3 $224.2 (11.6%) 145 156 Mungana Goldmines Ltd (ASX:MUX) $134.2 $125.6 6.8%

121 121 Continental Coal Limited (ASX:CCC) $192.1 $226.1 (15.0%) 146 159 Reed Resources Ltd. (ASX:RDR) $133.3 $123.7 7.8%

122 130 Kula Gold Limited (ASX:KGD) $185.9 $174.6 6.5% 147 138 Nyota Minerals Limited (ASX:NYO) $129.0 $160.1 (19.4%)

123 103 Peninsula Energy Limited (ASX:PEN) $185.7 $281.1 (33.9%) 148 191 Altona Mining Limited (ASX:AOH) $127.5 $96.5 32.1%

124 122 Blackgold Intern. Holdings Ltd (ASX:BGG) $184.5 $216.0 (14.6%) 149 172 Dragon Mining Limited (ASX:DRA) $123.9 $109.6 13.0%

125 144 Cerro Resources NL (ASX:CJO) $183.2 $147.7 24.0% 150 170 Iron Road Limited (ASX:IRD) $123.9 $111.4 11.2%

Group 150 Leaders and LaGGers - markeT capiTaLisaTion performance - marchLeaders

Laggers

Source: Capital IQ

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

Giralia Resources NL (ASX:GIR)International Coal Holdings Limited (ASX:ICL)Sylvania Resources Ltd. (ASX:SLV)Centrex Metals Limited (ASX:CXM)Alliance Resources Ltd. (ASX:AGS)Bannerman Resources Limited (ASX:BMN)Toro Energy Ltd (ASX:TOE)

Group 150

4

Group 150 secTor markeT capiTaLisaTion - march

merGer & acquisiTions - announced in march

Date Announced Target Acquirer Value

(A$m)

Percent Sought

(%)

Premium - 1 Day Prior

(%)

Premium - 1 Month Prior

(%)

Consideration Offered

14-Mar-2011 Auzex Resources Limited (ASX:AZX) GGG Resources plc (AIM:GGG) 81.5 92 50.3 34.2 Equity

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

Group 150 markeT capiTaLisaTion

asX indeX performance - march

Mar

ket C

apit

alis

atio

n (A

$b)

APRIL 2011

5

US$0

US$5

US$10

US$15

US$20

US$25

US$30

US$35

US$40

Feb 01 Feb 02 Feb 03 Feb 04 Feb 05 Feb 06 Feb 07 Feb 08 Feb 09 Feb 10 Feb 11

Silv

er P

rice

-US$

/oz

Silver US$/oz - nom Silver US$/oz - real

Real

Nominal

US$33.87

US$5.20

US$33.87

Silver - High/Low/Current

US$0.00

US$0.50

US$1.00

US$1.50

US$2.00

US$2.50

US$3.00

US$3.50

US$4.00

US$4.50

US$5.00


Copp

er P

rice

-US$

/lb

Copper US$/lb - nom Copper US$/lb - real

Real

Nominal

US$4.47

US$0.77

US$4.47

Copper - High/Low/Current

commodiTy prices - currenT prices aT 10 year hiGhs

Source: Bloomberg, Capital IQ

US$0

US$500

US$1,000

US$1,500


Gol

d Pr

ice

-US$

/oz

Gold US$/oz - nom Gold US$/oz - real

Real

Nominal

US$1,433

US$324

US$1,411

Gold - High/Low/Current

Copper - 10 Year Prices(real vs nominal) High/Low and Current

Gold - 10 Year Prices (real vs nominal) High/Low and Current

Silver - 10 Year Prices(real vs nominal) High/Low and Current

Copper US$/lb - real % Current

Current US$4.47

10 Year High US$4.47 100%

10 Yearr Low US$0.77 582%

12 Months Ago US$3.28 137%

10 Year Average US$2.28 196%

Gold US$/oz - real % Current

Current US$1,410

10 Year High USS$1,432 98%

10 Yearr Low US$324 435%

12 Months Ago US$1,140 124%

10 Year Average US$690 204%

Silver US$/oz - real % Current

Current US$33.87

10 Year High US$33.87 100%




The current commodity price environment provides challenges to management to identify and execute value accretive transactions. Below, we review the current price for a selection of commodities against the past 10 years.

Adjusting for inflation, our study demonstrated that copper, silver and gold are currently trading at all time highs and at levels equivalent to 2-3 times the 10 year average. In the case of the silver and copper the current price is 6 to 6.5 times the 10 year low.

Group 150

6

US$0.00

US$0.20

US$0.40

US$0.60

US$0.80

US$1.00

US$1.20

US$1.40

US$1.60

US$1.80

US$2.00


Lead

Pric

e -U

S$/l

b

Lead US$/lb - nom Lead US$/lb - real

Real

Nominal

US$1.77

US$0.22

US$1.15

Lead - High/Low/Current

US$0.00

US$0.50

US$1.00

US$1.50

US$2.00

US$2.50


Zinc

Pric

e -U

S$/l

b

Zinc USC/lb - nom Zinc USC/lb - real

Real

Nominal

US$2.19

US$0.41

US$1.12

Zinc - High/Low/Current

US$0.00

US$5.00

US$10.00

US$15.00

US$20.00

US$25.00

US$30.00


Nic

kel P

rice

-US$

/lb

Nickel US$/lb - nom Nickel US$/lb - real

Real

Nominal

US$24.57

US$2.50

US$13.08

Nickel - High/Low/Current

commodiTy prices - currenT prices aT 10 year hiGhs

Source: Bloomberg, Capital IQ

Nickel - 10 Year Prices(real vs nominal) High/Low and Current

Zinc - 10 Year Prices (real vs nominal) High/Low and Current

Lead - 10 Year Prices(real vs nominal) High/Low and Current

Nickel US$/lb - real % Current

Current US$13.08





Zinc US$/lb - real % Current

Current US$1.12





Lead US$/lb - real % Current

Current US$1.15





The base metal spectrum is fairing slightly better, with nickel, zinc and lead trading at levels around 50% of their 10 year high but still around 1.5 times above the 10 year average.

APRIL 2011

7

Share Price Performance - March 2011

Share Price Performance - Since 31 December 2010

Share Price Performance - Since 30 June 2010

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

APRIL 2011

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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

APRIL 2011

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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




uranium - secTor performance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

Shar

e Pric

e Per

form

ance

APRIL 2011

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consensus commodiTy price forecasTs - March

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)

$1,434 $1,444 $1,331 $1,231 $1,134

$0

$500

$1,000

$1,500

$2,000

$2,500

Spot 2011 2012 2013 2014

$37.68$29.50

$22.00 $20.00 $19.44

$0$10$20$30$40$50$60

Spot 2011 2012 2013 2014

$4.28 $4.42 $4.60$3.87 $3.71

$0.00$1.00$2.00$3.00$4.00$5.00$6.00

Spot 2011 2012 2013 2014

$11.84 $11.57 $11.00$9.75 $10.29

$0.00

$4.00

$8.00

$12.00

$16.00

Spot 2011 2012 2013 2014

$1.07 $1.09 $1.11 $1.11 $1.09

$0.00

$0.50

$1.00

$1.50

Spot 2011 2012 2013 2014

$1.22 $1.16 $1.20 $1.12 $1.07

$0.00

$0.50

$1.00

$1.50

$2.00

Spot 2011 2012 2013 2014

$14.42 $13.62 $13.72

$9.07 $10.36

$0.00$2.50$5.00$7.50

$10.00$12.50$15.00$17.50$20.00

Spot 2011 2012 2013 2014

$60.00 $65.00 $63.25 $60.00 $53.00

$0

$25

$50

$75

$100

Spot 2011 2012 2013 2014

$1.03 $0.99 $0.98$0.85 $0.90

$0.00$0.25$0.50$0.75$1.00$1.25$1.50

Spot 2011 2012 2013 2014

$107.23$92.50 $100.00 $109.70 $110.00

$0

$50

$100

$150

$200

Spot 2011 2012 2013 2014

Group 150

14

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

Level 17, 167 Macquarie Street,

Sydney NSW 2000

Telephone: 61 2 9221 5133

Facsimile: 61 2 9221 6814

Level 10, 1 Collins Street,

Melbourne VIC 3000

Telephone: 61 3 9664 0300

Facsimile: 61 3 9650 7722

Level 3, 28 The Esplanade,

Perth WA 6000

Telephone: 61 8 9486 7077

Facsimile: 61 8 9486 7024

Website: www.gresham.com.au

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

Advised BHP Billiton on its

$204m offer for United Minerals

Corporation.

Advised BG Group on its $1bn takeover offer for

Pure Energy Resources Limited.

Advised IAMGOLD Corporation on its $265m acquisition

of Gallery Gold.

Advised Gem Diamonds on its

$300m acquisition of Kimberley Diamonds.

Advised Polaris Metals NL on

$178m takeover offer by Mineral

Resources Limited.

Advised Tethyan on its $220m

competing takeover offer by Crosby and Antogafasta/Barrick.

Advised Iluka on its $114m

institutional placement and

$353m accelerated right issue.

Advised Bannerman

Resources on its financing with

Resource Capital Funds.

Advised Iluka Resources on its

$54m Narama coal divestment to

Xstrata.

Advised Murchison Metals

on its joint venture with Mitsubishi.

2010

2010

Advised BHP Billiton on its

US$116bn iron ore production

joint venture with Rio Tinto.

2010

Introduced Denham Capital to

Trans Tasman Resources resulting

in NZ iron sands investment.

2010

2009

Advised Indophil on $545m

recommended offer from Zijin

2010

Advised BHP Billiton on the disposal of the Yabulu Nickel

refinery.

2009

Advised Allied Gold on its $54m

acquisition of Australian

Solomons Gold.

2009

Advised Brandrill Limited on its

$45m takeover offer by Ausdrill

Limited.

2009

2008

Advised Kalahari Minerals on its

$140m proposed merger with

Extract Resources.

2008

Advised Centaurus

Resources on its $20m merger

with Glengarry Resources.

2010

2009/08

2008

Advised Summit Resources on its

A$1.2bn takeover by Paladin Energy.

2007

2008

2006

2007

2008

Advised Guandong Rising on its $216m

cornerstone investment in Pan

Aust.

GRAM2009

Advised Energy Metals on its $86m

proportional takeover offer by China

Guangdong Nuclear Power Group.

2009

Mergers and Acquisitions

Takeover Defence

Strategic Advisory, Joint Ventures and Capital Markets

recenT resources TransacTions

Takeover Defence

Strategic Advisory, Joint Ventures and Capital Markets

Mergers and Acquisitions

Gresham "Group 150" - April 2011

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