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Black Pearl Limited Partnership (“Black Pearl")
Black Pearl is a special purpose vehicle formed to invest in the Black Pearl beach placer iron sands project in West Java, Indonesia. The Black Pearl concession area is 15,000 ha of which 1,600 ha has been drilled. JORC compliant mineral resources stand at 572 million tonnes grading 11% Fe.

The first phase of development to produce 5 million tonnes of iron ore concentrate has been completed and the first shipment was transported to China in December 2014. Off-take agreements have been signed with a number of Chinese steel mills for the full planned production of 20 million tonnes per annum.

Polar Silver Resources Limited/ZAO Argentum ("Polar Silver")
Polar Silver is a private company which holds a 50% indirect interest in the Prognoz silver project, 444km north of Yakutsk in Russia ("Prognoz"). An NI 43-101 compliant report by independent consultants Micon International Limited ("Micon") in July 2009, estimated an indicated resource of 5.86 million tonnes of ore grading 773 g/t silver containing 146 million ounces silver and inferred resources of 9.64 million tonnes of ore grading 473g/t silver containing 147 million ounces silver at Prognoz. An NI 43-101 compliant preliminary economic assessment by Micon envisages a mine producing an average of 13 million ounces of silver per annum over a 16 year mine life.

Bilboes Gold Limited ("Bilboes")
Bilboes is a private gold mining company which owns four previously producing oxide mines in Zimbabwe. The oxide mines have been restarted and are currently producing at the rate of approximately 10,000 ounces per annum.

In addition Bilboes has JORC compliant Indicated Mineral Resources of 29.3 million tonnes grading 2.12 g/t in the underlying sulphide mineralisation and Inferred Mineral Resources of 30.0 million tonnes grading 2.03 g/t. Contained gold in the combined Indicated and Inferred sulphide resources totals 3,964,000 ounces of gold. The mineralisation is open along strike and at depth so there is good potential for these mineral resources to be increased. A feasibility study is underway to investigate a mine producing 100,000 to 200,000 ounces per annum, initially from open pit.

Ivanhoe Mines Limited ("Ivanhoe")
Ivanhoe (formerly Ivanplats Limited) is a company listed on the Toronto Stock Exchange which holds the Kamoa copper project (95% owned) and Kipushi zinc mine (68% owned) both in the Democratic Republic of Congo (“DRC”) and the Platreef nickel, platinum, palladium, copper and gold project (90% owned) in South Africa.

The 95% owned Kamoa Project is located in the Kolwezi District of Katanga Province, approximately 25 kilometres west of the town of Kolwezi, the DRC’s copper mining hub. A Canadian National Instrument 43-101 (“NI 43-101”) compliant report by independent technical consultants AMEC was published in December 2012. Using a 1% copper grade cut-off, Indicated Mineral Resources were estimated at 739 million tonnes grading 2.67% copper containing 19.7 million tonnes of copper. The resource statement also included 4.4 million tonnes of copper in Inferred Mineral Resources so that the combined contained copper of 24.1 million tonnes establishes Kamoa as the largest high-grade copper discovery in Africa and one of the largest in the world. Construction of a box cut for the initial portal of the underground mine commenced in July 2014.

The 90% owned Platreef Project is on the Northern Limb of the PGM-bearing Bushveld Complex, north of the town of Mokopane and approximately 280 kilometres northeast of Johannesburg. A revised NI 43-101 compliant report by independent technical consultants AMEC, was published in March 2013. Indicated Mineral Resources were estimated at 214 million tonnes grading 4.1 grams per tonne (g/t) 4PE (platinum, palladium, gold and rhodium), 0.34% nickel and 0.17% copper, at a 2.0 g/t 4PE cut-off grade and at a cumulative, average true thickness of 24 metres. In addition, the estimate includes Inferred Mineral Resources of 415 million tonnes grading 3.5 g/t 4PE, 0.33% nickel and 0.16% copper, at an average true thickness of 18.0 metres. The combined Indicated and Inferred resources contain 75.7 million ounces of 4PE. The Mining Right was granted in November 2014.

The Kipushi zinc/polymetallic mine in the DRC (68% owned) produced 60 million tonnes of ore at 11% zinc and 7% copper between 1925-1993. It also produced 12,673 tonnes of lead and approximately 278 tonnes of germanium between 1956 and 1978. Ivanhoe has dewatered the existing shaft and is undertaking a drilling programme in order to extend the known mineralisation and define the mineral resources to NI 43-101 standards.

Gobi Coal & Energy Limited ("Gobi")
Gobi is an emerging coking coal producer based in Mongolia. Gobi Coal owns 100% of three open cut coal development projects in south western Mongolia. The Company's projects contain approximately 322 million tonnes of Joint Ore Reserves Committee (“JORC”) resources and include more than 500,000 hectares of tenements.

Gobi’s first project, Shinejinst, contains approximately 95 million tonnes of JORC reserves and 229 million tonnes of JORC resources and it has completed site works in anticipation of the start of production which will depend on a recovery of the price of coking coal delivered to the Mongolian/Chinese border. At full production, Shinejinst is planned to produce approximately 5 million tonnes per annum of high quality, semi-soft coking coal product.

Metals Exploration plc ("Metals Exploration")
Metals Exploration is an AIM listed company which owns the Runruno gold project in the Philippines. Work to date has defined mineral resource of 1.39 million ounces (Moz) of gold, and 25.6 million pounds (Mlb) of molybdenum with 1,050,000oz gold reporting to the Measured and Indicated categories and 900,000oz gold within the Mining Proven & Probable Reserve category. Full construction commenced in July 2013 for a mine producing approximately 100,000 ounces of gold per annum. Commissioning and first production is scheduled for mid 2015.

Global Oil Shale Group plc ("GOS")
GOS is a private oil shale explorer and developer whose key assets are the Julia Creek oil shale project in Queensland Australia which has a JORC Compliant Indicated Resource of 240 million barrels published in May 2013 and an Inferred Resource of 1.9 billion barrels of shale oil and the Tarfaya project in Morocco containing JORC compliant measured resources of 308 million barrels of shale oil. GOS has undertaken a preliminary economic assessment on Tarfaya which envisages a first phase development, producing 100 barrels of oil equivalent per day and a second phase raising total production to 26,500 barrels of oil equivalent per day.

China Polymetallic Mining Limited (“CPM”)
CPM is an emerging Chinese mining company listed on the Hong Kong Stock Exchange. The Company’s investment is via a special purpose vehicle, Five Stars B.S. Limited Partnership. CPM has a number of development projects in the Yunan province of China. The first of these, the Shizishan lead-zinc-silver mine, started production in 2011 and reached its full production rate of 2,000 tonnes per day in December 2012. The Shizishan Mine has JORC compliant resources totalling 9.3 million tonnes grading 256g/t silver, 9.4% lead and 6.0% zinc for contained metal of 77 million ounces silver, 878,500 tonnes lead and 563,000 tonnes zinc. In 2013 it produced 1.68 million ounces of silver, 23,643 tonnes lead and 17,757 tonnes zinc in concentrate.

CPM’s second project, the Dakuangshan silver lead-zinc mine, started commercial production in December 2012 and produced 42,000 ounces of silver, 905 tonnes lead and 1,838 tonnes zinc in concentrate in 2013.

Ironstone Resources Limited ("Ironstone")
Ironstone is a private Canadian company which owns the Clear Hills Iron Ore/Vanadium Project ("Clear Hills") in Alberta, Canada. Clear Hills currently has an NI 43-101 compliant Indicated Mineral Resource of 557.7Mt at 33.3% iron and 0.2% vanadium and an Inferred Mineral Resource of 94.7Mt at 34.1% iron.

In conjunction with pyrotechnology experts HATCH of Toronto, Ironstone is developing a proprietary metallurgical process to refine the ore into direct reduced iron. Once demonstrated commercially, this process could be applied not only to Clear Hills but also to other significant iron ore deposits globally.

Ferrous Resources Limited ("Ferrous")
Ferrous is a private company with five iron-ore projects in the iron quadrilateral region in Minas Gerais state and one in Bahia state in Brazil. It has JORC compliant resources of 5.1 billion tonnes of iron ore.

Production of iron ore product totalled 5.1 million tonnes in 2013 from two of its mines, Emesa and Viga. In June 2013 Ferrous completed a feasibility study to increase production at Viga to 15 million tonnes of product per annum for which it has already received the requisite permits.


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