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Four Seasons, Hong Kong29 October 2009A unique opportunity to hear the latest business strategies and outlooks

from a selection of emerging market leaders in the small and mid cap

segment of the Australian market.

ASX Small to Mid Caps

Welcome to ASX Small to Mid Caps, an event that aims to showcase some of our leading small and

mid cap companies and at the same time provide a valuable snapshot of the significant opportunity

for investment in the Australian equity market.

Following on from the success of the inaugural Hong Kong conference in October last year, this event

is the fifth in the global series and the second of its kind in Hong Kong. The development of the global

series will continue into 2010, with the hosting of the conference in North America and Europe.

ASX Small to Mid Caps is brought about by the co-operation of the Australian Securities Exchange,

the broker community and the listed companies involved, all of whom are strong believers in the

considerable investment fundamentals of the Australian market.

The support from the broker and investment banking community in Hong Kong has continued with

major international brokers, investment banks and other organisations offering their support to the

event, and extending invitations to their respective clients.

The companies involved in the event, with capitalisations below A$1.5 billion, represent an important

sector of the Australian market that does not always get the international exposure it deserves.

Importantly, from the Hong Kong investor perspective it will be an opportunity to meet a broad

representation of companies from a variety of sectors in one single event.

A clear take-out from the day will be the excellent exposure investment in the Australian equity market

provides to the ongoing and projected growth of emerging economies in the Asia-Pacific region

exposure which is importantly provided within a stable and reputable market environment.

In addition to ASX Small to Mid Caps, throughout this week ASX have also run a series of seminars in

both Hong Kong and China working with our event partners to promote ASX listing opportunities from

the China region.

We would like to thank all of our event supporters and our participating ASX listed companies in

helping to make this event such a great success and we look forward to seeing you again in 2010.

Robert Elstone

Managing Director and CEOAustralian Securities Exchange

Welcome

Wednesday 28 October

7:30pm 9:30pm Pre-Event Welcome Reception at Blue Bar in the Four Seasons Hotel

(for ASX listed companies only)

Thursday 29 October

8:15am Registration and early morning tea

8:45am Welcome address: Phil Ingram, Senior Trade Commissioner for the

Australian Trade Commission Hong Kong, and ASX

9:00am Elders Limited

9:25am Photon Group Limited

9:50am Nuplex Industries Limited

10:15am Industrea Limited

10:40am OM Holdings Ltd

11:05am Morning Tea

11:25am Pike River Coal Limited

11:50am Eastern Star Gas Limited

12:15pm Jabiru Metals Limited

12:40pm Western Areas NL

1:05pm Lunch

1:45pm Atlas Iron Limited

2:10pm Platinum Australia Limited

2:35pm Grange Resources Limited

3:00pm Kagara Ltd

3:25pm Afternoon Tea

3:45pm Indophil Resources NL

4:10pm Nexus Energy Limited

4:35pm Brockman Resources Limited

5:00pm St Barbara Limited

5:25pm ASX wrap up

5:30pm Close of conference

8:00am 5:30pm One-on-One meetings

6:00pm 9:00pm ASX Financial Markets reception and wine tasting: RED Bar and Restaurant

4th floor, Two IFC, 8 Finance Street, Central, Hong Kong

Join us and sample some of Australias award winning wines

Agenda

Venue details

Four Seasons Hotel

8 Finance Street, Central, Hong Kong, China

t (852) 3196-8888 f (852) 3196-8899

The welcome address and presentations by ASX listed

companies are being held in Victoria 1 (level 2) of the Four

Seasons Hotel.

One-on-one meetings

One-on-one meetings between Investors and ASX listed

companies are being held in Victoria 3 and 4 (level 2) and

Boardrooms 1 3 (level 5). For each meeting scheduled

you will be informed of the room name via our online

booking agenda. To book or make changes to any

one-on-one meetings, please report to Sara Lewis at the

One-on-one Concierge Desk on level 2. Sara will check

availability and schedule a meeting for you.

Name badges

You should have been issued with a name badge on

registration. If you have not received one, please report

to the Registration Desk.

Access to company presentations post-event

Company presentations and videos will be made

available following the conference at

www.asx.com.au/smalltomidcaps/hongkong

ASX contact details

Sara LewisEvent Manager, ASX

+61 439 419 033 or [email protected]

Andrew MusgraveRegional Manager, Asia


Eddie GrieveManager, Listings and Capital Access, ASX


ASX Financial Markets Reception

Thursday 29th October, 6.00pm 9.00pm

The ASX Financial Markets reception will be held

immediately following the conference at RED Bar and

Restaurant, overlooking the breathtaking backdrop of

Victoria Harbour and Kowloon Peninsula. The reception will

provide a further networking opportunity for all investors,

event supporters and ASX Listed Companies and will

include a tasting of some of Australias award winning wines

brought to you by MICHAELDATTA Vineyards (MDV).

MICHAELDATTA Vineyards (MDV) is all about growing

great fruit and producing high quality wines from its single

vineyard, old vines in Eden Valley, South Australia. MDV

consists of the oldest registered Riesling vines in South

Australia (at more than 110 years old).

Map and directions to Red Bar

4th floor, Two IFC, 8 Finance Street, Central, Hong Kong

1 Take the escalator in the Four Seasons lobby up to the

IFC mall.

2 Continue straight ahead, passing Escada and Valentino.

3 Once at Giuseppe Zanotti, take the escalator on the left

hand side up to podium level 3.

4 Once on podium level 3, turn left.

5 Take the escalator on the left hand side to podium level

4 and turn left.

General Information

9.00AM ELDERS LIMITEDMalcolm Jackman, Chief Executive Officer

Born and educated in New

Zealand, Malcolm has a BSc in

Pure Mathematics and a BCom

in Accounting. He spent his early

career as an officer in the Royal

New Zealand Navy, retiring as a

Lieutenant Commander, before

joining the staffing services and recruitment industry in 1984

performing a variety of senior roles in New Zealand, Australia

and North America including CEO of Manpower Australia

and New Zealand.

He joined the publicly listed Coates Hire in 2003 as CEO,

and oversaw a period of rapid and sustained growth as

the company consolidated its position in the Australian

equipment rental market as well as rationalising their

overseas operations. In early 2008 Coates was acquired

by a consortium of Carlyle and National Hire. Malcolm was

appointed to lead the merged group and managed the

integration before stepping down in July 2008.

In September 2008 he was appointed as the CEO of

Futuris. In April 2009 the Company changed its name to

Elders Limited.

27 Currie Street, Adelaide

South Australia, 5000

t +61 8 8425 4821

e [email protected]

w www.elders.com.au

9.25AM PHOTON GROUP LIMITEDMatthew Bailey, Chief Executive Officer

Matt began his career in 1986

at The Bailey Group as a

Sales Representative and then

progressed to Staff Leadership,

Account Management and

eventually CEO at the age of 26.

Matts sales and marketing savvy

coupled with his motivational and leadership skills, ensured

a successful partnership with each client and contributed to

The Bailey Groups amazing growth.

In March 2004 The Bailey Group was sold to Photon Group

as its tenth company and Matt then joined Photon as CEO.

Since Matts appointment as Photon CEO, and subsequent

appointment as Executive Director, Photon was listed on

the ASX (April 2004) and has expanded to over 50 different

independent specialist businesses. Photon is currently

ranked 14th in Global Marketing Services Company

(revenue) according to Advertising Age and employs over

5000 full-time and part-time staff.

Photons continued success in a challenging financial

environment is due in part to its diverse business range and

in part to Matts exceptional understanding of the various

industries in which Photon is involved. From traditional

media advertising to digital and experiential marketing, from

social networking to public relations, Matt has an innate

comprehension of what the consumer wants and how to

transform that knowledge into profitable revenue.

Level 9, 155 George Street, Sydney

New South Wales, 2000

t +61 3 9843 3110

e [email protected]

w www.photongroup.com

Presenter Biographies

9.50AM NUPLEX INDUSTRIES LIMITEDJohn Hirst, Managing Director

John was appointed Managing

Director of Nuplex Industries in

January 2001.

A 40+ year company veteran

who joined as Technical Service

Manager in 1967.

He has lead the company through a number of major

growth phases to market leadership in Australasia and a

significant global player in the coating resins sector.

49-61 Stephen Road

Botany, New South Wales, 2019

t +61 2 9666 0300

e [email protected]

w www.nuplex.co.nz

10.15AM INDUSTREA LIMITEDRobin Levison,Managing Director and Chief Executive Officer

Mr Levison was appointed

CEO of Industrea Limited in

August 2004 and elected to the

position of Managing Director on

30 November 2005.

Mr Levison has significant

experience in Public Company management; having

previously occupied the role of Managing Director at

Spectrum Resources Limited, a New Zealand Stock

Exchange listed Technology Investment Company.

He has also held senior roles with KPMG and was a

Director of Merrill Lynch New Zealand.

Mr Levison is a Chartered Accountant, a Graduate of

Australian Institute of Company Directors, a Graduate of

New Zealand Institute of Company Directors, and also holds

a Graduate Certificate in Management (UQ) and a Diploma

of Business Administration (UQ).

PO Box 567

Sumner Park, Queensland, 4074

t +61 7 3725 5400

e [email protected]

w www.industrea.com.au


10.40AM OM HOLDINGS LIMITEDPeter Toth, Chief Executive Officer

Peter Toth is the CEO of OM

Holdings, an ASX 200 company

focusing on minerals exploration,

mining of manganese ore

in Australia, production of

manganese alloys in China as

well as marketing and trading of

steelmaking raw materials from its Singapore head office.

Peter joined OM Holdings in September 2008. Prior to

this he worked and studied in Japan and held various

management roles with BHP Steel and BHP Manganese in

Australia. In 1998 he joined Billitons Samancor Manganese

business and held various senior commercial roles in

Australia and The Netherlands. Following the BHP and

Billiton merger in 2001 he moved to Singapore as Vice

President Manganese Marketing, followed by becoming

the Vice President Iron Ore Marketing. He later assumed

responsibility for the total marketing and logistics activities of

BHP Billitons Carbon Steel Materials group as its Marketing

Director.

Mr Toth has received a Bachelor of Business degree from

Monash University in International Business and Japanese,

a Graduate Certificate in Management from Deakin

University and a Master of International Business from the

University of Melbourne. He has undertaken executive

development programs at INSEAD and Stanford University.

80 Marine Parade #08-08

Singapore, 449269

t +65 6346 5515

e [email protected]

w www.omholdingsltd.com

11.25AM PIKE RIVER COAL LIMITEDGordon Ward, Managing Director

Gordon Ward has 22 years

experience in the resource

sector and is the Managing

Director of Pike River Coal.

He has been Chief Executive

since January 2007 and is a

director of national resource industry lobby group Straterra.

Gordon was previously General Manager for New Zealand

Oil and Gas, managing that companys involvement in the

significant offshore Tui oil and Kupe gas/condensate field

developments.

Since 1998 Gordon has been responsible for all aspects of

Pike River Coal, taking it through design and construction,

its 2007 initial public offer and into mining operations.

PO Box 25 263

Wellington, New Zealand

t +64 4 494 0190

e [email protected]

w www.pike.co.nz


11.50AM EASTERN STAR GAS LIMITEDDavid Casey, Managing Director

David Casey has been

Managing Director of Eastern

Star Gas since November 2007.

He previously served as the

Companys Executive Director of

Operations.

David has almost 20 years experience in the management

and evaluation of all aspects of coal seam gas exploration

and appraisal.

After graduating with Honours in Geology from the University

of Sydney in 1991, David joined specialist coal seam gas

company In Situ (Australia) Pty Ltd. In 1996, he formed

his own coal seam gas consultancy business, and then

founded Multiphase Technologies Pty Ltd, a provider of coal

seam testing services.

Immediately before joining Eastern Star, David spent four

and a half years as a Director of coal seam gas exploration

company Molopo Australia Ltd.

Since becoming Managing Director, David has overseen the

commencement of Eastern Stars transition from explorer to

major gas producer, the Companys entry into the ASX 200

and the recent announcement of ESG as Australias 10th

biggest oil and gas company.

Level 7, 51 Pitt Street, Sydney

New South Wales, 2000

t +61 2 9251 5599

e [email protected]

w www.easternstar.com.au

12.15PM JABIRU METALS LIMITEDGary Comb, Managing Director

After qualifying as an engineer,

Gary worked for a number of

gold mining companies including

Central Murchison Gold and St

Barbara Mines. He subsequently

held a range of senior positions

with gold producer Metana

Minerals NL including the position of Operations Director.

During the next 12 years, Gary held senior executive

roles with mining contractors, including eight years with

Macmahon Contractors before taking up the role of Chief

Executive Officer of BGC Contracting.

Gary initially joined Jabiru Metals prior to the Initial Public

Offering as a Non-Executive Director. He was appointed as

Managing Director in 2003.

Since taking on the full-time Managing Directors role,

Gary has progressed the Jaguar zinc/copper project

from concept through feasibility to production. The

Jaguar Operation is one of the few new zinc mines to be

developed in the past 10 years in Australia the basis for

the future growth of Jabiru.

PO Box 1114, West Perth

Western Australia, 6872

t +61 8 9426 8300

e [email protected]

w www.jabirumetals.com.au


12.40PM WESTERN AREAS NLJulian Hanna, Managing Director

Julian Hanna is Managing

Director of Western Areas

(WSA), a nickel exploration and

mining company which listed on

the ASX in July 2000 and on the

TSX in December 2005. Julian

is also a Non-Executive Director

of Canadian listed company, Mustang Mineral Corp. WSA

has a current market capitalisation of A$895 million.

WSAs main assets include the high grade Flying Fox nickel

mine, Spotted Quoll, Diggers South and New Morning

nickel deposits, Cosmic Boy nickel Concentrator and

substantial nickel exploration interests in Canada. WSA

currently sells nickel concentrate to BHP Billitons Kalgoorlie

nickel Smelter.

Julian originally trained as a geologist in New Zealand.

During a 30 year career, he has been involved in the

discovery and development of a number of gold and nickel

deposits in Western Australia.

Julian is looking forward to presenting an update on the

company and a strategy to become Australias second

largest nickel producer and to be one of the lowest cost

nickel miners in the world.

Suite 3, Level 1, 11 Ventnor Avenue, West Perth


t +61 8 9334 7777

e [email protected]

[email protected]

w www.westernareas.com.au

1.45PM ATLAS IRON LIMITEDDavid Flanagan, Managing Director

David graduated from the WA

School of Mines in 1993 and

has over 18 years experience

in a variety of mining and

exploration roles in Australia,

West Africa and Indonesia.

David was the 2009 winner of the WA Business News

First Among Equals at the 40under40 awards and voted

Australias Best Mining Executive 2008 by Resource

Stocks.

David listed Atlas Iron in December 2004 and has grown

the Company from a grass roots explorer to an iron ore

exporter in a region typically dominated by multinational

mining companies.

Atlas, through access to shared rail and port, is the first

company to be serviced by a true third party infrastructure

agreement in the history of iron ore mining in the Pilbara.

The Company became the first Pilbara iron ore junior

to move into production in December 2008. Atlas was

voted Digger of the Year at this years Diggers & Dealers

Conference in Kalgoorlie.



t +61 8 9476 7900

e [email protected]

w www.atlasiron.com.au


2.10PM PLATINUM AUSTRALIA LIMITEDJohn Lewins, Managing Director

Mr Lewins is the Managing

Director of Platinum Australia

Limited having joined the

company when it listed on ASX

in November 2000.

He is a qualified Mineral

Engineer with some 30 years experience in the Mining

Industry who has worked in Africa, Australia, Asia and

the Former Soviet Union. He has extensive experience

in managing the development of mining projects from

Feasibility Studies through to successful operations.

In Australia, Mr Lewins was responsible for the development

and operations management of three Gold Mines and the

McArthur River Lead - Zinc Mine while with MIM Holdings.

His other experience includes the development of a Copper

SX/EW operation in Mongolia and a Gold Mine in Armenia

as well as numerous gold and base metal studies in various

parts of the world.

Mr Lewins is also the co-inventor of the Panton Process,

an innovative PGM recovery process for the treatment of

refractory ores, capable of achieving high recoveries into a

high grade concentrate suitable for direct feed to a refinery.



t +61 8 9324 1491

e [email protected]

w www.platinumaus.com

2.35PM GRANGE RESOURCES LIMITEDRussell Clark, Managing Director and CEO

Mr Clark was appointed as

Managing Director of Grange

in March 2008 and led Grange

through the merger with

Australian Bulk Minerals.

Mr Clark holds a Mining

Engineering degree (BSc Hons) from the Royal School of

Mines, London and a Graduate Diploma from the Securities

Institute of Australia. In addition he has undertaken a

number of Executive Development programs in Australia

and the USA.

Prior to joining Grange, Mr Clark worked for Renison

Goldfields for over 18 years and with Newmont Mining

Corporation Limited for eight and a half years. He has

over 30 years of mining experience in Africa, Papua

New Guinea, USA and throughout Australia in technical,

project management, general management and executive

positions.

He is a member of the Institute of Materials, Minerals

and Mining and the Australasian Institute of Mining and

Metallurgy. He is also a Chartered Engineer, a Justice of the

Peace and an Affiliate Member of the Australian Institute of

Directors.

Level 11, 200 St Georges Terrace, Perth


t +61 8 9327 7901

e [email protected]

w www.grangeresources.com.au



3.00PM KAGARA LTDKim RobinsonExecutive Chairman

Kim Robinson is a geologist with

more than 30 years experience

in the minerals exploration

and mining industries. He was

previously Executive Chairman

of Forrestania Gold NL for

10 years, during which time

he played a key role in the discovery and development

of several gold and nickel mining operations in Western

Australia, including the Bounty and Mt McClure gold mines

and Maggie Hays and Emily Ann nickel sulphide deposits.

Together with fellow director Joe Treacy, Mr Robinson

initiated the base metal acquisition and exploration strategy

in North Queensland which resulted in the development of

Kagaras North Queensland Base Metal Operations.

From a $5.25 million IPO in December 1999, Kagara is

today a leading Australian mining company with a diversified

metals portfolio including copper and zinc production

assets in Queensland, an emerging nickel production asset

in Western Australia, and a high quality exploration and

development portfolio.

Level 2, 24 Outram Street, West Perth


t +61 8 9481 1211

e [email protected]

w www.kagara.com.au

3.45PM INDOPHIL RESOURCES NLRichard LaufmannChief Executive Officer and Managing Director

Richard Laufmann is a mining

engineer. He became the

Managing Director and Chief

Executive Officer of Indophil

Resources NL in June 2007.

From 2002 to March 2006, Mr

Laufmann was the Managing Director and Chief Executive

Officer of Ballarat Goldfields NL. He is a Non-Executive

Director of Rex Minerals Limited and he was a chairman

of the state council of the Minerals Council of Australia

Victorian division.

From 1986 to 2000, Mr Laufmann worked for WMC

Resources Limited (formerly WMC Holdings Limited) and

held a number of managerial positions, including manager

mining at Kambalda nickel operations, general manager

St Ives and general manager gold operations. In 1996 to

1997, Mr Laufmann was project study manager for WMC

Resources at the Tampakan Copper-Gold Project.

Level 3, 411 Collins Street, Melbourne

Victoria, 3000

t +61 3 8620 5800

e [email protected]

w www.indophil.com


4.10PM NEXUS ENERGY LIMITEDIan TchacosManaging Director

Nexus Energys Managing

Director, Ian Tchacos is a

petroleum engineer with over 25

years international experience

in a range of technical and

commercial roles, from

exploration and development

operations to marketing and energy finance.

Prior to joining Nexus Ian held a number of senior

managerial positions in a range of junior and mid-sized oil

companies.

Since Ians appointment at Nexus in August 2002, the

company has undergone a substantial growth period,

securing a quality portfolio of exploration and appraisal

assets in the Gippsland and Browse Basins.

Under Ians stewardship Nexus has grown from an

exploration company, to a development company, and soon

to be a production company with the start-up of production

from the Longtom gas project in 4Q 2009.

The company has 2P reserves of over 100 MMbbl across

the Longtom and Crux assets, and an exciting suite of

exploration prospects.

Level 8, 28 Freshwater Place, Southbank

Victoria, 3006

t +61 3 9660 2500

e [email protected]

w www.nexusenergy.com.au

4.35PM BROCKMAN RESOURCES LIMITEDWayne RichardsManaging Director

Mr Richards has over 20 years

experience in the mining and

mineral processing industry,

with extensive experience in

the development and operation

of nickel/cobalt and iron ore

businesses. He commenced his

career at Queensland Nickel Pty Ltd in 1985 and moved to

Western Australia in 1997 as the Refinery Manager of the

Murrin Murrin Nickel Cobalt Project. He has been involved

in the design, construction, commissioning and ramp up of

several significant Brownfield and Greenfield Projects within

Australia.

Mr Richards recently fulfilled senior executive roles within

BHP Billiton Iron Ore, and joined Brockman Resources

Limited (formerly Yilgarn Mining Limited) on 1 August 2007.

1 / 117 Stirling Highway, Nedlands


t +61 8 9389 3000

e [email protected]

w www.brockman.com.au


5.00PM ST BARBARA LIMITEDTim Lehany Managing Director and Chief Executive Officer

Tim is a mining engineer with

extensive operating experience

over the past twenty years with

a number of mining companies,

including Mount Isa Mines Ltd,

WMC Ltd and Newcrest Mining

Limited where he held the role

of Executive General Manager Operations. His career has

focused on the management of large-scale base metal and

gold mining operations and enterprises.

Tim joined St Barbara as Managing Director and Chief

Executive Officer at the start of March 2009 and since that

time has recast the companys operating philosophy and

strategy to place it on a sound growth footing.

Level 14, 90 Collins Street, Melbourne

Victoria, 3000

t +61 3 8660 1910

e [email protected]

w www.stbarbara.com.au

Atlas is an emerging, low-cost Australian iron ore

producer which commenced production and exports

from its 100% owned Pardoo DSO (Direct Shipping

Ore) Project in late 2008.

Atlas is an active explorer and developer focused

on the discovery and development of high quality

iron ore projects within its extensive 8,900km2 Pilbara

landholding, with the principal projects located close

to existing infrastructure and within a 150km radius of

Port Hedland.

With production underway at Pardoo at an initial

rate of 1Mtpa, the Wodgina DSO Project is expected

to deliver company-changing growth for Atlas in

the medium term. Atlas has an initial production

target of 3Mtpa for Wodgina with mining targeted to

commence in the area in December 2009, where

Atlas has an agreement in place to access the existing

mine infrastructure of the Wodgina tantalum mine.

This will be followed by development of the Wodgina

operational centre in December 2010.

The development of the greater Abydos Area

together with growing export tonnages from Pardoo will

underpin Atlas objective of increasing DSO production

rate to 12Mtpa by 2012 and 16Mtpa the following year.

Operations CurrentlyminingatPardooatanannualisedratein

excess of 1Mtpa growing to 2.5Mtpa

MineplanningunderwayforWodginamine

development (feasibility study completed)

ActivelyexploringatWodgina,MtWebberand

Abydos, south of Port Hedland

Resourceandreservedefinitionongoingat

Wodgina, Abydos and Mt Webber

Recent DevelopmentsIn the past six months Atlas has pursued an

aggressive exploration campaign, in spite of the

Global Financial Crisis, which has delivered significant

increases in Direct Shipping Ore (DSO) resources.

Atlas is also pushing ahead with final planning for

development of the Wodgina mine by years end.

Contractual Arrangements100% of the DSO ore production from Pardoo is covered

by four separate off-take agreements with Chinese steel

mills. Off-take negotiations for Wodgina DSO Project ore

will commence in the fourth quarter of 2009.

Resources / Reserves estimatesPardoo DSO Project

Project Resource: 28.1Mt at 56.1% Fe

Project Reserve: 8.4Mt at 57.4% Fe

Wodgina DSO Project

Project Resource: 64.4Mt at 56.6% Fe

(Wodgina and Abydos)

Project Reserve: 17.0Mt at 58.2% Fe

(Wodgina and Abydos)

Mt Webber DSO Project

Drill results to date include: 42m at 60.9% Fe,

38m at 61.4% Fe

Project Resource 43.7Mt at 57.4% Fe

Ridley Magnetite Project

Project Resource: 2 billion tonnes at 36.5% Fe

Project Reserve: 970Mt at 36% Fe

Future Outlook Furthergrowthinresourcesandreserves

exploration target of 170-220Mt of DSO grading

57-60% Fe

Low-costexpansionofPardooDSOProjectto

2.5Mtpa

TargetingfirstproductionatWodginaDSOProject

by the first quarter of 2010 at 2Mtpa growing to

3Mtpa later that year

CompleteAbydosDefinitiveFeasibilityStudyand

3Mtpa permitting

GrowproductionatAbydos(2010)

Maintainadynamic,safe,productiveandfamily

friendly workplace that continues to attract and

retain a high calibre workforce

Createthelargestpositiveimpactonthelargest

number of people

Deliverstrongpositiveandsustainableindigenous

outcomes

Atlas Iron Limited(ASX: AGO)

Brockman Resources is in a unique position in the

Australian iron ore sector with a world-class JORC

compliant resource of 1.4 billion tonnes, uncommitted

cash reserves of A$100 million and close proximity to

existing rail, road and port infrastructure. Brockman

has recently completed a positive pre-feasibility study

for a 17-20mtpa project.

OperationsExploration, development and mining projects.

Recent Developments RecentcompletionofapositivePre-Feasibility

Study for the Marillana Project, with a resultant

project NPV of up to A$1.64 billion

BoardapprovaltoproceedtoaDefinitiveFeasibility

Study for the Marillana project

MaintenanceofcashreservesinexcessofA$95

million

ContinueddevelopmentofBrockmanscorporate

strategy with UBS appointed corporate advisor

PortHedlandPortAuthorityconfirmsberth

allocations for 50Mtpa at Port Hedland for the North

West Iron Ore Alliance (NWIOA) and other Juniors

Contractual ArrangementsBrockman Resources is a member of the NWIOA.

Resources/Reserves estimatesTotal JORC compliant resource of approximately 1.4

billion tonnes including 605Mt of Indicated Resource.

Future OutlookBrockman Resources key focus for the year ahead

remains the completion of the Marillana Definitive

Feasibility Study and the simultaneous progression

of rail and port access agreements with relevant third

party infrastructure providers, while at the same time

pursuing port development plans at Port Hedland

through the NWIOA. The successful development of

which will allow the Company to achieve its goal of

initial production from the Marillana Project by early

2013.

Brockman Resources Limited (ASX: BRM)

Eastern Star Gas (ESG) is focused on exploration,

development and production of Coal Seam Gas in

Australia. The Companys principal involvement is the

Narrabri Coal Seam Gas Project, centred on Petroleum

Exploration Licence 238 adjacent to the township

of Narrabri in the northwest of New South Wales,

Australia. ESG holds a 65% interest in and is Operator

of the project.

PEL 238 and adjacent permits PEL 433 and PEL

434, cover 24,500 km2 (6.1 million acres) of the

Gunnedah Basin. Production testing is underway at

several locations, with a recently developed lateral

production pilot delivering outstanding results. 2P

gas reserves of 336 Petajoules (316 BCF) and

3P gas reserves of 1,300 Petajoules (1,225 BCF)

have been independently certified on the basis of

appraisal work completed at 30 September 2008.

Contingent Resources of 6,128PJ (5,800 BCF) were

independently certified in February 2009.

Further reserves upgrades are expected during and

beyond 2009 on the basis of ongoing production pilot

and corehole drilling activity.

OperationsESGs present key focus is the Narrabri Coal Seam

Gas Project. Along with the multilateral pilots, ESG

has continued its corehole appraisal program. The

corehole program complements pilot production

activities by demonstrating lateral continuity of thick,

permeable and gas saturated coals.

Recent DevelopmentsESG has installed gas pipeline infrastructure to allow

pilot production gas to be used at the Companys

Wilga Park Power Station. The first stage of the power

stations progressive upgrade was recently completed

with the commissioning of the first of up to ten new

3MW generators.

Contractual ArrangementsIn addition to the Narrabri CSG Project, ESG is farming

into exploration acreage (PELs 6, 427 and 428)

covering 18,200 km2 (4.6 million acres) to the north

of the Narrabri CSG project. ESG will earn interest of

40% 50% through drilling of one corehole in each

licence area plus acquisition of 100 line km of seismic.

ESG has an option to increase its interest in PEL 6

from 50% to 75% by drilling an additional corehole.

Resources/Reserves estimatesESGs present target is to increase certified 2P gas

reserves to 1,300 PJ (1,225 BCF) by the end of

2009. The overall gas in place potential of the PEL

238 acreage has been independently estimated by

Netherland Sewell & Associates to be around 17 trillion

cubic feet.

Future OutlookAs a precursor to full scale development of the project

ESG has in place Memoranda of Understanding for

the supply of gas to Macquarie Generation (up to

500 PJ or 500 BCF) and Babcock & Brown (up to 40

PJ/a or 40 BCF/a). In addition, a Heads of Agreement

is in place for development of pipeline infrastructure

to connect into New South Wales existing gas

transmission system. Preliminary investigations into

high-yield export opportunities like LNG are also

underway.

Eastern Star Gas Limited (ASX: ESG, OTCQX: ESGLY)

Elders is one of Australias most historic companies

and one of the major suppliers to the Australian primary

production sector.

Elders principal business is the integrated rural

and regional service distribution including supply of

farm inputs and advice, financial services, real estate

services and the marketing and sale of farm outputs.

Elders operates one of Australias premier rural

distribution networks, consisting of approximately 390

points of presence across Australia. This has been

supplemented by a recently established network in

rural New Zealand.

Elders also holds interests in the plantation forestry

sector through ITC and residual interests in the

automotive sector through Futuris Automotive.

Elders is currently undertaking twin company

renewal programs. Under the Agenda for Change

program announced in December 2009 Elders is

divesting non-core operations and concentrating

resources around its core primary production sector

operations. Elders Rural Services is undertaking a

business transformation program to lift market share

and earnings generation.

OperationsOperation of the Elders Rural Services network and its

associates and joint ventures includes 40% interest

in Rural Bank.

Operation of ITC Limited, a hardwood plantation

establisher and manager, which is responsible for

an estate of 170,000 hectares. Negotiation of sale

contracts for, harvest, handling and export of certified

plantation woodchip. Automotive component design

and assembly through Futuris Automotive.

Recent DevelopmentsOn 4 September Elders announced completion of

the Companys recapitalisation and refinancing with

agreements for the raising of $550 million and entry

into new long term 3 year finance agreements with its

lenders. The recapitalisation, together with asset sales

announced and in progress, is projected to reduce

Elders net debt to less than $200 million and proforma

gearing to 14%. The recapitalisation involves a fully

underwritten conditional placement of $400 million and

a 50% underwritten $150 million Share Purchase Plan

with both issues subject to shareholder approval at a

meeting set for 15 October.

Future OutlookForecasts and projections published in the prospectus

for the capital raising anticipate recovery in Elders

earnings in 2010 as a result of stabilising markets, the

benefits of cost reductions, the removal of uncertainty

surrounding the refinancing, lower interest and

improved results from non-rural services operations.

The prospectus forecasts underlying net profit after tax

improving from the loss of $26.9 million for the year to

June 2009 to a profit of $50.1 million in the year to 30

September 2010. Ongoing improvement is anticipated

as the benefits of the Elders Business Transformation

project are realised.

Elders Limited (ASX: ELD)

Grange Resources is Australias leading magnetite

producer and the largest producer of iron ore pellets

in the region. It has a modern, large open pit mining

operation and associated concentrator and pelletising

plant in Tasmania producing in excess of 2.5 mtpa

of product, and with a mine life of over 15 years.

Production is fully sold to Shagang, Chinas largest

private steel mill and Granges largest shareholder, and

Bluescope in New South Wales, Australia. Grange is

the largest employer in the North West of Tasmania,

with a revenue base in 2008/09 of ~A$350 million.

In addition, Grange has a 70% share in a magnetite

development project near Albany in Western Australia,

the Southdown project, with the potential to produce

almost 7mtpa of iron ore pellets for over 30 years. This

project is well advanced with initial permitting in place,

a pre-feasibility study almost complete, land secured

and access to existing infrastructure port, power and

water.

Operations SavageRiver,Tasmaniaminingproject,

concentrator and pelletising project, producing

2.5mtpa of Blast Furnace pellets for the next 15

years

Southdown,Albany,WesternAustraliamagnetite

development project, with potential to produce

6.8mtpa of Direct Reduction grade pellets for over

30 years

Recent Developments InJanuary2009,GrangemergedwithAustralian

Bulk Minerals, to become Australias leading

magnetite producer

Grangeisnowanironoreproducerwithcashflow

and technical expertise, and has significant growth

potential through its Southdown project

MajorshareholderandcustomerisJiangsu

Shagang, Chinas largest private steel company

OfftakeistotallycommittedtoShagangand

Bluescope Steel, eliminating the vagaries of the

spot iron ore market

TheSouthdownprojectcontinuestoadvancewith

ore resources increased by 37% this year to 654

million tonnes and permitting in an advanced state

Contractual ArrangementsSavage River

Shagang 1.2 mtpa of Blast Furnace pellets.

Bluescope 800,000 tpa of Blast Furnace pellets.

Southdown

56% of offtake to Shagang.

The Southdown project is a joint venture between

Grange (70%) and Sojitz (30%).

Resources/Reserves estimates Resources Reserves

Savage River 316.2Mt at 124Mt at

50.7% DTR 49.2% DTR

Southdown 654.4Mt at 388Mt at

36.5% DTR 35.5% DTR

Future OutlookThe outlook for Grange is excellent. The Savage River

operations are highly leveraged to increased iron ore

prices, which are expected as the world comes out of

recession and the numerous stimulus packages around

the world start to drive steel demand once more.

The Southdown project is expected to receive

permits for the mine and port in the near future, which

will then allow detailed engineering to commence on

this high quality project.

Having consolidated its position as the regions

leading magnetite producer, the Company is looking

for suitable opportunities to grow, through Mergers

and Acquisitions, in carbon steel feedstock resource

projects.

Grange Resources Limited (ASX: GRR)

Indophil Resources NL was incorporated in late 1996

to acquire, explore for and develop gold and copper-

gold opportunities in the Philippines and elsewhere in

South East Asia.

The Companys key asset is a strategic 34% interest

in the world-class Tampakan Copper-Gold Project in

the southern Philippines. Xstrata has a 62.5% interest

in the project and manages it. Philippine group Alsons

Corporation holds the balance of voting shares. The

Tampakan deposit is an estimated 2.2 billion tonne

mineral resource which, according to latest study

estimates, is capable of being mined at 44-66 million

tonnes per annum for an annual average production rate

of 340,000 tonnes of copper and 350,000 ounces of

gold. The cash operating cost at Tampakan is estimated

to be less than US46c per pound of copper. Project

evaluation has entered a US$74million Final Feasibility

Study phase which is expected to be completed in the

second quarter of 2010.

Indophil also has a range of promising mineral

exploration projects in the Philippines. The Companys

asset base is underpinned by a strong cash balance

and cash position.

OperationsExploration, leading into minerals development.

Recent DevelopmentsDuring 2008, Indophil was the subject of competitive

takeover bids that focused on the Companys interest

in the Tampakan deposit.

Indophil has shareholder approval to consider the

sale of its interest in Tampakan which is ranked as

one of the worlds most attractive low-cost, long-life

undeveloped copper deposits.

Contractual ArrangementsIndophil, as a project partner in the Tampakan project,

holds a range of partnership agreements including

those with Xstrata and Alsons Corporation. The

Tampakan deposit sits within a Financial and Technical

Assistance Agreement area granted to the project

partners by the Government of the Philippines.

Resources/Reserves estimatesTampakan: 2.2 billion tonne JORC mineral resource

containing 12.8Mt copper and 15.2Moz gold at a cut-

off copper grade of 0.3%.

Future OutlookIndophils future outlook is to maximize shareholder

value utilising the Companys key asset, its strategic

interest in the Tampakan Copper-Gold Project.

Indophil Resources NL(ASX: IRN)

Industrea Limited is headquartered in Queensland,

Australia comprising a group of companies primarily

involved in the provision of mining products and

services, with diversified revenue streams arising from

asset management and engineering services.

The groups products and services are sold on a

wide geographical footprint that includes USA, South

Africa, Russia, Indonesia and Papua New Guinea with

offices in five Australian locations, Santiago in Chile,

South America and Beijing in China. The customers

based in these areas include BHP, Anglo American,

Rio Tinto, BMA, Barrick, Xstrata, Vale and the major

Chinese mining clients including Jincheng, Shanxi

Coal and Shenhua Energy group.

Industrea is constantly expanding its range of

products and services to suit its clients needs. The

Company also distributes a select range of OEM

mining products for Sandvik Voist Alpine (Scandinavia),

Tagor (Poland) and Pirtek (China). Additionally,

Industrea offers fully integrated outsourced mining

services through its Huddys division.

Industreas continued expansion strategy is based

on the continued organic growth of existing business

units and further acquisitions that will be both profitable

and synergistic.

OperationsIndustrea operates a number of fully integrated

mining services contracts where it supplies planning,

supervision, equipment and staff, drill and blast and

other down stream ancillary services in Australia to

global mining companies such as Xstrata, Rio Tinto,

BHP Billiton and Barrick Gold.

Recent DevelopmentsThe Huddys mining services business recently won

a $30million per annum contract to provide integrated

whole of mine operations for Cockatoo Coal at its

Baralaba Coal Mine in the Bowen Basin near Mackay

in Queensland. This contract represents the continued

diversification of Industreas mine services offering.

Since the acquisition of the Huddys business in

February 2008, Industrea has diversified the business

to provide a range of services in the Bowen Basin and

to Rio Tinto at its Mt Thorley Warkworth coal mine in the

Hunter Valley. In addition Industreas Diesel, Technology

and International businesses have continued to

grow with in excess of $70million of new contracts

announced since January 2009 for China alone.

Contractual Arrangements CockatooCoal

BaralabaMine

XstrataMtIsaMines

RioTintoMtThorleyWarkworth

Intellectual property/products/product development programsIndustrea holds significant intellectual property across

its suite of mining products and was recently awarded

a material Australian Federal Government Research

and Development grant for the further development of

its wider collision avoidance product offering.

Future OutlookIndustrea plans to continue to strengthen its brand

in order to market an integrated business model,

increasing the value of each existing customer, in each

global geography by targeting the supply of additional

products and services.

The Company also expects significant investment

in international expansion initially through established

supply/service relationships with multinational Blue-

chip customers and leveraging off Industreas leading

position in both underground gas drainage and open

cut collision avoidance systems.

Industrea will further ongoing dialogue with

customers in order to facilitate the identification of

potential growth markets within the core business of

productivity and safety equipment and services.

Industrea Limited(ASX: IDL)

Jabiru is an emerging low cost LME metals producer

listed on ASX. Jabiru was floated on the ASX in

January 2000 to develop the remnant resources of the

old Teutonic Bore mine located in the Goldfields region

of Western Australia, mined between1980-1985. A

joint exploration venture with Inmet Mining (Australia)

Ltd discovered the Jaguar resource 4km south of the

Teutonic Bore site.

Jabiru completed the Bankable Feasibility Study on

Jaguar and with subsequent financing of the project

by ANZ Ltd, the successful construction of both the

concentrator and underground mine began.

Jabiru commissioned the Jaguar copper and zinc

mine in 2008, overcoming a number of mechanical

challenges with the Jaguar concentrator. The Jaguar

operation has gone on to generate record production

figures and revenue exceeding targets.

In 2006, Jabiru successfully won the competitive

tender bid with the Victorian State Government for the

historic Benambra, subsequently renamed Stockman,

project in East Gippsland, Victoria. The Company has

completed a Scoping Study and is now commencing

a pre-feasibility study into the development of the

Stockman Project.

Recent DevelopmentsThe Bentley high grade Cu-Zn-Pb-Au-Ag vms

mineralisation was discovered late 2009, 4.6km

south of the Jaguar mine. The massive sulphide

mineralisation at Bentley is similar to the deposit

currently being mined at Jaguar and the deposit

previously mined at Teutonic Bore. The discovery

hole intersected 10.55m (from 443.8m down hole)

of massive sulphide at 2.4% Cu, 1.7% Pb, 19% Zn,

1.4 g/t Au, 290 g/t Ag (true width = 8m). Preliminary

planning has commenced on the most cost effective

means of developing the resource to allow optimum

utilisation of the existing Jaguar mining equipment and

processing plant.

Jabiru Metals Limited(ASX: JML)

Kagara Ltd is a diversified Australian resources

company, with a strong, low-cost production base

comprising multiple high-grade base metal operations

in North Queensland and a high-quality growth pipeline

encompassing world-class nickel, base metal and

gold projects in Western Australia and Queensland.

Since listing on the ASX in 1999 (the only mining

IPO of that year), Kagara has built a deservedly

strong reputation as one of Australias leading mid-tier

mining groups, underpinned by a quality asset base,

a management team with a commitment to organic

growth through exploration and selective acquisition,

and a focus on shareholder returns.

OperationsWith three base metal treatment plants in operation at

Mt Garnet and Thalanga, Kagaras North Queensland

operations will continue to underpin strong copper

and zinc production, with production of 46,000 tonnes

of zinc concentrate and 23,000 tonnes of copper

concentrate forecast for the 2010 financial year.

Contractual ArrangementsKagara is also set to unlock the substantial value of

its Lounge Lizard Deposit, part of the Companys

100%-owned Lounge Lizard Nickel Project located

in Western Australia. Kagara recently signed a Heads

of Agreement with Western Areas, owners of the

adjacent Flying Fox mine, to access ore via the Flying

Fox decline.

This agreement will effectively see the two projects

consolidated to form one of Australias largest,

high-grade nickel mines with total resources of more

than 2.5 million tonnes, and Kagara join the ranks of

Western Australian nickel producers during the fourth

quarter of 2009.

Future OutlookOne of the primary focuses for Kagaras longer-term

growth is the 100%-owned Admiral Bay Zinc Project,

located near Broome in Western Australia. A highly

successful $20 million drilling program followed by

a maiden 72 million tonne polymetallic resource has

confirmed that Admiral Bay is potentially one of the

largest zinc-lead-silver-barite deposits in the world.

Kagara has recently repositioned itself financially

following a major capital raising and Strategic Alliance

with the Guangdong Foreign Trade Group (GFTG). The

recapitalisation, which resulted from a $257 million

share placement and equity issue, saw GFTG emerge

with a 19.9% stake in Kagara.

Kagaras new-found financial strength has also led to

the Company recently confirming its plans to spin-off the

rights to gold in its north Queensland tenements through

the float of Mungana Goldmines. Mungana hosts

approximately 2.6 million ounces of gold in resources.

With a combination of rising metal production,

higher prices, no corporate debt, substantial

exploration upside and the impending IPO of

Mungana, Kagara has succeeded not only in emerging

from the recent financial crisis with a strengthened

investor base and asset portfolio, it has also emerged

well placed to resume its long-term growth path.

Recent Developments A$257millioncapitalraisingandStrategicAlliance

with Guangdong Foreign Trade Group

Zerocorporatedebt,providingastrongplatformfor

growth

Threebasemetalprocessingfacilitiesinoperation

at Mt Garnet and Thalanga ~ targeting FY2010

contained copper production of 23,000t and zinc

production of 46,000t

NickelproductionatLoungeLizardcommencingin

the fourth quarter of 2009 minimum production of

50,000tpa of nickel ore

MunganaGoldminesIPOtobecompletedbythe

end of 2009 rights to 2.6Moz gold equivalent

resource base at Red Dome, North Queensland

Pre-FeasibilityStudyunderwayatlarge-scale

Admiral Bay Project ~ current resource 72Mt at

3.1% zinc, 2.9% lead, 18g/t silver and 20% barium

Kagara Ltd (ASX: KZL)

Nexus Energy Limited is a Melbourne based, ASX

listed oil and gas company. In 2007 Nexus entered

the ASX200 following a period of exceptional growth

driven by the Companys value adding asset strategy.

2009 will see a step change for Nexus as it transitions

from explorer to producer.

Nexus has a unique strategy which includes

holding large equity positions with operatorship. This

strategy is premised on identifying and securing

undervalued hydrocarbon resources, gaining leverage

and financial risk mitigation through farm-outs and

adding value by applying appropriate technical

solutions for the resource commercialisation.

Nexus has assembled a portfolio of high quality

assets, with a substantial reserves base for a company

of its size in two key regions, the Gippsland Basin off

the south-east coast of Victoria and the Browse Basin,

off the north-west coast of Western Australia.

OperationsOil and gas, exploration, appraisal, development and

production.

Recent DevelopmentsNexus has recently completed a Placement and

Rights Issue raising A$74.5 million to strengthen

the Companys balance sheet and provide financial

stability.

Contractual ArrangementsLongtom gas project, VIC/L29, Nexus 100%

Crux liquids project, AC/L9, Nexus 85%

Echuca Shoals gas/condensate discovery, WA-377-P,

66%/100%

Resources/Reserves estimates2P reserves of 122 MMboe

Future OutlookThe immediate focus for Nexus is completion of

the Longtom gas project (Nexus 100%) with first

production in the fourth quarter of 2009, followed

by the Crux liquids project (Nexus 85%) on the

introduction of an additional new partner. The

Company also has a range of exploration and

appraisal opportunities at various stages of maturity.

Nexus Energy Limited(ASX: NXS)

Nuplex Industries is a global resin manufacturer,

producing resins for paints and coatings with a number

of leading technology and market share positions.

The Company is an Asia Pacific manufacturer

and supplier of resins and related products to the

composites (fibreglass) market with a leading market

share in Australasia and well recognised technology

positions in a number of key markets. Manufacturer

and distributor of industrial raw materials to Australian

and New Zealand chemical, plastic, life science and

construction markets. A profitable business for 53

years as a listed company with a history of organic

growth and successful acquisition. The business has

a broad geographical and business segment exposure

which has been developed for both growth and risk

minimisation.

OperationsResin manufacturing sites:

NewZealand(Auckland,2)

Australia(Queensland1,NewSouthWales1,

Victoria 2, West Australia 1)

Asia(China2,Vietnam,Malaysia,Thailand,

Indonesia)

USA(EastStLouis,Louisville)

UK(London)

Netherlands(BergenopZoom).

Four Masterbatch manufacturing units in Australasia.

Lightweight plaster and specialty flooring and topping

systems produced in New Zealand. Substantial

agency and distribution businesses operated

throughout Australia and New Zealand.

Recent DevelopmentsNuplex Industries completed a successful capital

raising in April 2009 and now has a very conservative

balance sheet with net debt to debt plus equity at

20%. The Company has remained profitable with

a very strong cash flow in spite of the substantial

downturn in demand following the global financial

crisis.

Contractual ArrangementsNuplex Industries enjoys technology relationships with

a number of other major international companies.

Future OutlookThe Companys future outlook includes completion of

the right sizing process to ready the organisation to

produce optimum profitability when markets return to

normal. There is also a focus on growth by investing

in fast growing Asian markets and if available, fairly

priced strategic acquisitions in mature markets.

Nuplex Industries intends to build share through new

technologies offering environmental benefits. The

strong cash flow is expected to continue.

Nuplex Industries Limited(ASX: NPX, NZX: NPX)

OM Holdings Limited (OMH) is an independent,

internationally diversified minerals group with its

primary focus on further expanding its fully integrated

manganese business. Its international operations

currently comprise a successful Singapore based

metals marketing business supported by a manganese

mine in Australia and a ferro alloy processing facility in

China.

OMH is a constituent of the S&P/ASX 200, a

securities index comprised of 200 select ASX listed

companies. OMH listed on the ASX in 1998 and it has

long established relationships with the worlds largest

steel-makers.

OMH holds a 12% shareholding in Shaw River

Resources Limited, an ASX listed company presently

exploring for manganese in Western Australia as well

as a 10% shareholding in Territory Resources Limited

an ASX listed company operating the Frances Creek

iron ore mine in the Northern Territory.

OperationsThe key operations underpinning OMHs fully

integrated international manganese business

incorporate contributions by the following three

business segments:

Miningofmanganeseatthe100%ownedBootu

Creek Manganese Project, located in the Northern

Territory of Australia. The mine has the capacity

to produce over 800,000 tonnes of manganese

product annually. The project has a current 15 year

mine life based on existing Mineral Resources.

However significant potential to expand the mine

life in the near term due to the large strategic

land position of over 3,326km2 and the deposit

being strata bound and persistent over long strike

lengths offers excellent exploration prospects.

Expansion options continue to be evaluated with

a secondary processing plant with an annual

production capacity of 300,000 tonnes due to be

commissioned by the end of 2009. The project

has excellent project infrastructure with the mine

located within 60km of the Alice Springs to Darwin

rail link and rail proximity to the Port of Darwin for its

exporting activities.

Productionofmanganeseferroalloysatafurnace

complex located at Qinzhou in Guangxi Province,

south west China. This is a pivotal region for ferro

alloy smelters and ore distribution at Qinzhou. Ferro

alloy production capacity is 55,000 tonnes per

annum with the facility capable of producing various

manganese ferro alloys with the product mix variable

depending upon the margins sought. The operation

will be further enhanced at the end of 2009 by

commissioning of a dedicated sinter ore facility with

annual production capability of 300,000 tonnes.

The smelter is adjacent to a port and has excellent

transport logistics and competitive power costs.

Tradingofmanganeseoreandalloys.OMHthough

its trading division has developed a profitable

manganese ore and alloy trading business that

represents a significant market share of the

business of ore imports into China, contract alloy

smelting and sales of alloys to steel mills in China.

The OMH marketing division is capable of handling

20% of all manganese imported into China, and its

activities are complementary to the groups mining

and processing activities. Marketing and trading of

other commodities includes iron ore and chromite.

Future OutlookOMH and its business units aim to continue to build

upon the expertise and relationships forged by its key

management team particularly within the expanding

economy of the Peoples Republic of China, thereby

fulfilling its market niche in the specialised metal

materials market.

OM Holdings Limited (ASX: OMH)

Photon Group Limited (Photon) is a specialist

marketing and communications services company

listed on the Australian Securities Exchange since April

2004.

Photon operates five divisions, each focusing on

a particular area of marketing and communications

services:

FieldandExperientialMarketing provides

outsourced sales execution and merchandising

services to FMCG, telecommunications and other

industries;

InternetandE-Commerce high growth

combination of digital services, innovative product

sales and transaction based marketing;

IntegratedCommunicationsandDigital world

class advertising agencies, recognised for creative

talent;

SpecialisedCommunications public relations

and public affairs consultancies, corporate

communications and events management;

StrategicIntelligence independent

communications advisory and consumer research.

Photon has been a beneficiary of structural

changes currently taking place in the marketing and

advertising industry. There has been a shift from

mass media to direct to consumer channels, including

internet, mobile and point of sale. Photon is a market

leader in direct marketing and communications

services with over 85% of its earnings derived from

non-traditional advertising services.

Photon is Australias largest marketing and

communications group, and was recently ranked by

Advertising Age USA as the 14th largest marketing and

communications group in the world. Photon currently

employs over 2000 full time and over 5000 part

time employees, and has operations in 14 countries

spanning from Asia/Pacific to Western Europe and to

North America.

Recent DevelopmentsIn year to 30 June 2009, net revenue was

A$440.6 million up 7% and underlying EBITDA was

A$93.0million up 8% like for like.

Future Outlook Photons strategy is to focus on organic growth

in Financial Year 2010 by further integrating and

consolidating the existing operations.

Photon Group Limited (ASX: PGA)

Pike River commenced production of premium hard

coking coal, in high demand from international steel

and coke makers, in mid-2009.

The new underground mine in the Paparoa Ranges

of the South Island, has opened up New Zealands

largest-known deposit of 58.5 million tonnes of

metallurgical coal.

Pike River has long-term contracts to India and

Japan for more than 70% of production and life of

mine contracts to India for 55%.

The mine is expected to produce an average of

one million tonnes of ultra low ash coal a year for at

least 18 years, once full scale hydro-mining starts in

the April-June 2010 quarter. There is further upside in

a deeper second seam.

Pike River has a premium product and competitive

mining costs which are expected to lead to healthy

profit margins once at full production.

OperationsExploration, development and mining.

Recent DevelopmentsPike River is building coal stockpiles at the coal

preparation plant in readiness for the first coal

shipment scheduled for the January March 2010

quarter. Significant recent achievements include:

Completionofallsurfaceinfrastructureincluding

commissioning and operation of the 10 kilometre

coal slurry pipeline

Ventilationestablishedandcoalminingunderwayin

early June 2009

ContractingsalesofcoalatUS$128tonneto

March 2010 matching the international benchmark

price

Recruitmentof76additionalstaffinpastyear

Completionof$10millionrailloadoutfacility

NominationforaMinistryfortheEnvironmentGreen

Ribbon award.

Contractual ArrangementsLife of mine sales contracts with two Indian

shareholders, Gujarat NRE Coke and Saurashtra Fuels

Private for 55% of production.

Long-term (three year) sales contracts with two

Japanese steel mills for 22% of production.

Resources/Reserves estimates58.5 million tonne JORC compliant resource.

Future OutlookThe key objective is to bring the mine into full

production by the April June 2010 quarter using

a combination of heavy coal cutting machines and

hydro-mining.

The future outlook is bright, given an improving

international market for hard coking coal. Spot prices

have climbed above US$160 per tonne and Citigroup

are forecasting next years hard coking coal price at

US$200 per tonne.

During 2010 the Company will continue exploring

the deeper Paparoa seam. The first test drilling to the

east of the deposit, earlier in 2009, found 9 metres of

coal contained in three separately mineable seams.

The Paparoa coal is a good quality, low ash, high

fluidity coking coal and suited for blending with the

Brunner seam coal.

New projects and acquisitions will be pursued once

the Pike River mine is at steady state.

Pike River Coal Limited(Shares ASX: PRC, NZX: PRC)

(2011 Options ASX: PRCO, NZX: PRCOA)

Following the successful commissioning of the

Smokey Hills Platinum Mine, Platinum Australia Limited

has become one of only two Australian platinum

producers. This open cut and underground mine,

located in the Bushveld Complex in South Africa, will

produce almost 100,000 ozs 4E PGM (platinum +

palladium + rhodium + gold) per annum. It is one of the

lowest cost producers in the industry and will generate

over $50 million per annum in cash flow at current

metal prices.

Platinum Australia is poised to build on the success

of Smokey Hills with the imminent completion of the

Feasibility Study on the Kalahari Platinum Project also

located in South Africa (PLA earning 49% from ARM

platinum), targeting an initial 140,000 oz 3E PGM

production from an open pit operation, with the potential

to expand to up to 300,000 ozs 3E PGM per annum

from a current resource of over 6 Moz 3E PGM.

Operations SmokeyHillsPlatinumMineinoperation

KalplatsPlatinumProjectinFeasibilityStudy

RooderandPlatinumProjectatdrillingstage

Recent Developments Successfulstartupofthe100,000ozs4EPHM

per annum Smokey Hills Platinum Mine

CompletionoftheFeasibilityStudyontheKalplats

Platinum Project

SigningofaHeadsofAgreementunderwhichit

can earn up to a 70% interest in the Rooderand

Platinum Project in South Africa. This project has a

current resource of over 3 Moz PGM and has the

potential to produce 150,000 PGM ozs per annum

from an open pit and underground operation

Resources/Reserves estimatesSmokeyHillsPlatinumMine(PLA69.75%)

Proven and Probable Reserve of 4.64 Mt at 5.14

g/t 4E PGM

KalplatsProject(PLAearning49%)

Measured, Indicated and Inferred Resource of

134.5 Mt at 1.49 g/t 3E PGM containing 6.46 Moz

including High Grade of 31.6 Mt at 3.14 g/t 3E

PGM containing 3.19 Moz

Rooderand(PLAearning70%)

Inferred Resource 15.6 Mt at 6.02 g/t 4E PGM

Future Outlook Followingthesuccessfulcommissioningofthe

Smokey Hills Platinum Mine, ramp up production to

the design 100,000 ozs 4E PGM per annum

CompleteDefinitiveFeasibilityStudyontheKalplats

Project and move into the construction phase

CompletedrillingprogramandcommenceDefinitive

Feasibility Study on the Rooderand Platinum Project

Platinum Australia Limited(ASX: PLA, AIM: PLAA)

St Barbara Limited is an ASX listed Australian gold

producer and mineral explorer. St Barbaras key assets

include its Southern Cross and Leonora Operations,

both of which are located in Western Australia. Gwalia

Mine at Leonora is the Companys cornerstone asset.

It is a high quality operation that will underpin long

term cash flows for the Company. Currently the two

gold producing operations produce in aggregate over

200,000 oz of gold per annum. Mineral Resources of

9.4 million ounces of gold including Ore Reserves of

2.6 million ounces of gold as at 30 June 2009, as well

as prospective land bank 14,000 km2 with real organic

growth potential.

Leonora Operations Productionforecasttogrowto190,000210,000

ozs per annum over the next three years

Gwaliareservessupportatleastanineyearlife

Gwaliaisforecasttobeafirstquartilecashcost

producer from fiscal year 2012 onwards with cash

operating costs of $445-500/oz

TheTowerHillundergroundpre-feasibilitystudy

has identified 2.5 Mt at 4.6 g/t for 350,000 ounces

of gold, over a six year mine life, to complement

Gwalia ore. A full feasibility study is underway and

is expected to be completed in the March Quarter

2010

Areviewofthehighgradeundergroundpotential

at northern Tarmoola has increased the Companys

assessment of value. A study for underground

mining is progressing in parallel with a possible sale

process

Southern Cross Operations Productionfortheyearwas156,105ounces

Mediumtermfocuswillbeonhighergrade

underground ore from Marvel Loch Underground

Recent DevelopmentsProductionHighlightsforyearended30June2009

Produced288,900ozgold,52%higherthan2008

Successfullycommissionedthehighgrade,long

life Gwalia mine and produced 62,272 oz

MarvelLochUndergroundproducedarecord

1 million tonnes of ore

Operationalperformanceandreliabilityimproving

September2009Quarterlyproductionandcostsin

line with expectations

StrategicHighlightsforyearended30June2009

Significantlyimprovedsafetyperformance

Completedstrategicreviewandthreeyearplan

Undertookanumberofcostreductionprograms

Improvedenergyandwaterefficiency

Developedenvironmentalmanagementsystems

Resources/Reserves estimatesSt Barbara Limiteds Ore Reserves as at 30 June 2009

were 13.9 million tonnes at 5.8 grams per tonne of

gold containing 2.6 million ounces. The gold price

assumed in Ore Reserve calculations was $1,075 per

ounce for fiscal year 2010 production and $850 per

ounce thereafter.

St Barbara Limited Mineral Resources including Ore

Reserves at 30 June 2009 were 102.7 million tonnes

at 2.9 g/t for 9.5 million ounces.

Future OutlookObjectivesfor2010:

Reliablydelivertheguidanceforecastgold

production range of 205,000 240,000 oz

DrivethedevelopmentofGwaliatothedeeper,

higher grade areas of the mine

Reducecashoperatingcoststowithinorbelowthe

range of A$745 to A$820/oz

Continuetheimprovementinsafetyperformance

StrengthentheCompanysfinancialposition

St Barbara Limited(ASX: SBM)

Western Areas (WSA) is an Australian-based nickel

sulphide explorer and producer listed on the ASX and

TSX. The companys core asset is the 100% owned

Forrestania Nickel Project, located 400km east of

Perth in Western Australia. WSAs goal is to become

Australias second largest nickel producer and to be

one of the lowest cost nickel miners in the world.

WSAs primary nickel deposits are:

FlyingFoxminetotalcurrentMineralResourcesof

2.0Mt at 4.7% Ni for 104,600 nickel

SpottedQuolldeposittotalcurrentMineral

Resource of 2.0Mt at 6.2% Ni for 125,460t nickel

Recent Developments CosmicBoyNickelConcentratorcommissioned

February 2009

HeadsofAgreementwithBHPBillitontopurchase

10,000tpa nickel in concentrate. A$45 million to be

funded by BHP Billiton

HeadsofAgreementwithKagaraLtdtoenable

Kagaras Lounge Lizard nickel deposit to be mined

using access from WSAs Flying Fox decline. WSA

will receive an initial non refundable A$20 million

payment

AgreementwithJinchuanGroupLtdtosellup

to 25,000t nickel in concentrate over a two year

period, commencing early 2010 and is expected to

terminate in December 2011

Western Areas NL(ASX: WSA, TSX: WSA)

The Australasian Investor Relations Association (AIRA) was

established in 2001 to advance the awareness of and best

practice in investor relations in Australia and New Zealand

and thereby improve the relationship between listed

entities and the investment community. The Associations

120 corporate members now represent over A$760 billion

of market capitalisation or over two thirds of the total

market capitalisation of companies listed on ASX.

AIRA provides education and professional development

on investor relations for listed entities as well as providing

information, networking, advocacy and research for its

members.

Ian MathesonChief Executive Officer

AIRA

GPO Box 1365, Sydney

New South Wales, 2001, Australia

t +61 2 9872 9100

e [email protected]

w www.aira.org.au

As one of the worlds leading banks, Credit Suisse

provides its clients with private banking, investment

banking and asset management services worldwide.

Credit Suisse offers advisory services, comprehensive

solutions and innovative products to companies,

institutional clients and high-net-worth private clients

globally, as well as retail clients in Switzerland. Credit

Suisse is active in over 50 countries and employs

approximately 46,700 people. In its Investment Banking

business, Credit Suisse offers securities products and

financial advisory services to users and suppliers of capital

around the world. Operating in 57 locations across 30

countries, Credit Suisse is active across the full spectrum

of financial services products including debt and equity

underwriting, sales and trading, mergers and acquisitions,

investment research, and correspondent and prime

brokerage services.

Peter CappDirector Head of Asian Sales

Melbourne, Australia

t +61 3 9280 1724

e [email protected]

Andrew GilbertVice President Asian Sales

Hong Kong

t +852 2101 6293

e [email protected]

Gavan CarrollVice President Hedge Fund Sales

Sydney, Australia

t +61 2 8205 4899

e [email protected]

w www.credit-suisse.com

Supporter Profiles

Thinking New Perspectives.

Since 1856, we have focused on bringing new perspectivesto our clients. Understanding the past, but shaped by thefuture. Always looking at opportunities and challenges froma different point of view. Bringing together new partners toachieve results that can make the difference for our clients.Because our sole ambition is to turn your vision into a reality.www.credit-suisse.com

Some think competition.

We think partnership.

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Fortbridge Consulting is a media and investor relations firm

representing publicly listed companies. We work with our

clients to build corporate reputation and promote value.

Fortbridge investor communications programs target a

range of stakeholders including shareholders, institutional

investors & funds and the financial media in the markets in

which our clients operate.

With access to up-to-date research and investor contact

information for financial centres around the world,

Fortbridge is able to research and maintain meaningful

sector specific investor lists for our clients. Using this

information, we target relevant institutional investors

and funds to engage their support for our clients IPOs,

institutional placements, capital raisings, SPPs or

on-market trades.

Fortbridge consultants in Sydney, Perth, London, Toronto

and Santiago have a track-record in working with clients

to build shareholder value and to grow businesses; to

communicate the value of new developments and to

manage significant issues that impact reputation.

Bill Kemmery Managing Director

Fortbridge Consulting

Level 3, 63 William Street, East Sydney

New South Wales, 2010, Australia

t +61 2 9331 0655

e [email protected]

w www.fortbridge.com

Macquarie Group (Macquarie) is a global provider of

banking, financial, advisory, investment and funds

management services.

Macquaries main business focus is making returns

by providing a diversified range of services to clients.

Macquarie acts on behalf of institutional, corporate and retail

clients and counterparties around the world.

Macquarie Group Limited is listed in Australia (ASX:MQG)

and is regulated by APRA, the Australian banking regulator,

as the owner of Macquarie Bank Limited, an authorised

deposit taker. Macquarie also owns a bank in the UK,

Macquarie Bank International, which is regulated by the

FSA. Macquaries activities are also subject to scrutiny by

other regulatory agencies around the world.

Founded in 1969, Macquarie operates in more than 70

office locations in 26 countries. Macquarie employed

approximately 12,700 people and had assets under

management of $A243 billion at 31 March 2009.

Macquarie Securities is committed globally in research and

distribution. Its global equities team consists of experienced

professionals delivering global coverage and on the ground

execution. With over 900 staff, more than 350 equity

research analysts covering over 1780 stocks and more

than 370 sales and sales trading servicing international

institutional clients in 23 financial centres.

Macquarie Securities Group has offices world wide including

Hong Kong, London, New York, Toronto, Tokyo, Geneva,

Frankfurt, Boston and San Francisco.

Scott Dolling Macquarie Securities

Level 23, One IFC, Hong Kong

t +852 3922 3510

e [email protected]

w www.macquarie.com.au

Supporter Profiles

Research.Target.Engage.

media & investor communications

www.fortbridge.com

RBC Capital Markets is A Premier Investment Bank.

Its strengths in providing focused expertise, superior

execution and insightful thinking have consistently ranked

them among the top 20 global investment banks. With

over 3,200 employees, RBC Capital Markets provides

capital markets products and services from 75 offices in

15 countries and work with clients through operations in

Asia and Australasia the UK and Europe and in every major

North American city.

RBC Capital Markets are part of a global financial

institution, Royal Bank of Canada (RBC). RBC has been

providing financial services for over 140 years. RBC is a

top 10 global bank by market capitalisation and has one

of the highest credit ratings of any financial institution:

Moodys Aaa and Standard & Poors AA-.

David HannDirector, Global Mining Sales Asia

RBC Capital Markets

Cheung Kong Centre, 17 Floor

2 Queens Road, Central, Hong Kong

t +852 2848 5163

e [email protected]

w www.rbccm.com

Standard & Poors, a division of The McGraw-Hill

Companies, Inc., is a leading provider of global financial

information, analysis, advice, and credit ratings. With nearly

US$5 trillion in world wide assets benchmarked to its

indices and over 80 years of experience as a global index

innovator, Standard & Poors is widely regarded as an

authoritative source for index data and information around

the world.

Standard & Poors comprehensive suite of equity, fixed

income, alternative, strategy and custom indices provide

investors with an index for every investment. From the

investable S&P Global 1200 to the S&P/Citigroup Global

Equity benchmark series, S&P global equity indices offer

accurate measures of the markets by region, sector, style,

and size. Other widely tracked equity indices include: the

S&P Emerging Markets series, S&P/IFCI, S&P/IFCG, S&P/

IFCF; S&P GCC (Gulf Cooperation Council); S&P Global

Thematic; and S&P Global Shariah indices. S&P alternative

index offerings include: S&P/Case-Schiller Home Price

Indices; S&P/Citigroup Global Property; and S&P Listed

Private Equity. S&P/GSCI is widely used as a leading

measure of general price movements and inflation in the

world economy.

Seiichiro UchiVice President, Index Services

Standard & Poors Japan

1-6-5, Marunouchi, Chiyoda-ku, Tokyo 100-0005

Kitaguchi Building 28th floor

t 03 4550 8568

e [email protected]

w www.standardandpoors.com

Supporter Profiles

Global Mining Expertise

RBC Capital Markets is a registered trademark of Royal Bank of Canada. RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its affiliates, including RBC Capital Markets Corporation (member FINRA, NYSE and SIPC); RBC Dominion Securities Inc. (member IIROC and CIPF) and Royal Bank of Canada Europe Limited (authorized and regulated by FSA). Registered trademark of Royal Bank of Canada. Used under license. Copyright 2009. All rights reserved.

RBC is a leading provider of global mining products and services. With over 79 professionals, we have one of the largest mining teams globally. Our award-winning research team covers over 140 base and precious metals production and exploration companies, and our trading and distribution services are consistently ranked highly across the globe. To meet a range of client needs, RBC provides global mining expertise in corporate finance, institutional equity sales and trading, research and corporate banking. RBC has been providing financial services for over 144 years. We are a top 10 global bank by market capitalization and have one of the highest credit ratings of any financial institution: Moodys Aaa and Standard & Poors AA-.

For more information about RBC Capital Markets products and services, please visit www.rbccm.com.

Standard & Poors does not sponsor, endorse, sell, or promote any S&P index-based product.

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