Strategic Metals & Rare Earths Letter I N T E R N A T I O N AL th e in d ep en d en t in fo rma tio n a n d a d vi so ry p u b lic a tio n o n in ve s tin g in S tr a teg i c Meta l s & Ra re E a rth s
June 2017
Heavy Rare Earths Oxides (HREO)
Light Rare Earth Oxides (LREO)
europium (Eu) gadolinium (Gd) terbium (Tb) dysprosium (Dy) holmium (Ho)
lanthanum (La) cerium (Ce) praseodymium (Pr) neodymium (Nd) promethimium (Pm) samarium (Sm)
erbium (Er) thullium (Tm) ytterbium (Yb) lutetium (Lu)
Critical Metals and Special Minerals yttrium (Y) scandium (Sc) niobium (Nb) tantalum (Ta) beryllium (Be) gallium (Ga) indium (In) germanium (Ge)
lithium (Li) cobalt (Co) graphite (C) tungsten (W) titanium (Ti) zirconium (Zr) hafnium (Hf) antimony (Sb)
Overview of global listed REE companies Trading symbol 30 June 2017
US: Texas Mineral Resources Rare Element Resources
OTC US TMRC OTC US REEMF
Ucore Rare Metals
TSX.V
Canada: Avalon Rare Metals Commerce Resources Eagle Plains Resources Search Minerals Quest Rare Minerals Appia Energy Cache Exploration Canada Rare Earth Matamec Explorations Pele Mountain Resources Medaillon Resources Int. Montoro Resources Canadian Int. Minerals
TSX TSX.V TSX.V TSX.V TSX.V CNSX TSX.V TSX.V TSX.V TSX.V TSX.V TSX.V TSX.V
Share price Currrent Year-end 2017 2016
Change 12 months Total shares in % prices issued H L million
UCU
US$ 0.210 0.165 C$ 0.315
US$ 0.110 0.060 C$ 0.310
US$ US$ 91 0.390 0.090 175 0.530 0.001 C$ C$ 2 0.435 0.245
AVL CCE EPL SMY QRM API CAY LL MAT GEM MDL IMT CIN
C$ 0.140 0.070 0.160 0.075 0.100 0.155 0.245 0.040 0.045 0.020 0.035 0.015 0.015
C$ 0.145 0.050 0.155 0.060 0.150 0.250 0.105 0.035 0.045 0.020 0.020 0.020 0.025
-3 40 3 25 -33 -38 133 14 0 0 75 -25 -40
C$ 0.260 0.110 0.235 0.100 0.300 0.465 0.305 0.060 0.105 0.040 0.070 0.030 0.055
LYC ALK NTU HAS ARU
A$ 0.110 0.240 0.110 0.090 0.060
A$ 0.070 0.340 0.120 0.070 0.060
57 -29 -8 29 0
A$ 0.140 0.660 0.180 0.110 0.110
Greenland: Greenland Min. and Energy 5) ASX
GGG
A$ 0.100
Sweden: Leading Edge Materials
LEM
C$ 0.760
2) 1) 3) 3)
Australia: Lynas ASX Alkane Resources 4) ASX Northern Minerals 3) ASX Hastings Technology Metals ASX Arafura Resources ASX
Market cap. million local US$
270.1
US$ 9.4 8.7 C$ 85.1
65.3
C$ 0.135 0.050 0.105 0.055 0.080 0.100 0.050 0.025 0.040 0.015 0.020 0.015 0.015
192.7 309.6 84.3 151.2 94.6 52.3 29.6 166.9 137.0 210.0 84.1 76.3 54.0
C$ 27.0 21.7 13.5 11.3 9.5 8.1 7.3 6.7 6.2 4.2 2.9 1.1 0.8
20.7 16.6 10.3 8.7 7.3 6.2 5.6 5.1 4.7 3.2 2.3 0.9 0.6
A$ 0.050 0.210 0.070 0.070 0.050
3,678.0 505.2 708.9 538.2 546.9
A$ 404.6 121.2 78.0 48.4 32.8
309.9 92.9 59.7 37.1 25.1
A$ 0.090
A$ A$ 11 0.200 0.030
1,005.0
A$ 100.5
77.0
C$ 0.510
C$ C$ 49 0.930 0.250
88.1
C$ 67.0
51.4
44.9 52.9
9.4 8.7
Western Europe:
6) TSX.V
1) also gold and base metal assets 2) vertically integrated REE business 3) also uranium assets 4) also gold producer
Strategic Metals & Rare Earths Letter
5) world's largest undeveloped multi-element REE-uranium-zinc occurrence 6) Plan of arrangement between Flinders Resources and Tasman Metals and name change effective 25 August 2016
1
June 2017
30 June 2017 Trading symbol
Share price Current 2017
Year-end 2016
Change 12 months prices in % L H
Net shares issued million
C$ 0.030
C$ 0.050
C$ C$ -40 0.090 0.015
174.9
A$ 0.070 C$ 0.025
A$ A$ -14 0.130 0.050 C$ C$ 0 0.050 0.015
Market cap. million US$ local
Central Asia: Kyrgyzstan: Stans Energy
TSX.V
HRE
C$ 5.2
4.0
Africa:
8) TSX.V Montero Mining and Exploration
MON
A$ 0.060 C$ 0.025
Burundi: Rainbow Rare Earths
RBW
GBp 12.500
Tanzania: Peak Resources
7) ASX
9) AIM
PEK
Kenya: Pacific Wildcat Resources 10) TSX.V
PAW.H
Malawi: Globe Metals and Mining
GBE
GBp GBp 7 15.13 10.25
154.6
ÂŁ 19.3
24.7
295.1
C$ 4.4
3.4
C$ 0.015
C$ 0.015
C$ C$ 0 0.015 0.005
A$ 0.020 C$ 0.060
A$ A$ 0 0.030 0.020 C$ C$ -8 0.105 0.040
C$ 0.050
C$ C$ 30 0.115 0.040
Mkango Resources
TSX.V
MKA
A$ 0.020 C$ 0.055
Namibia: Namibia Rare Earths
TSX.V
NRE
C$ 0.065
11) ASX
GBp 11.630 9)
84.8
A$ 28.7 C$ 2.1
7) also gold projects in Tanzania and Australia 8) also phosphate assets South Africa 9) listed as at 30 January 2017 10) also tantalum mine in Mozambique and gold-silver project in Nevada; listing changed to US OTC on November 25, 2015 11) also graphite project
Strategic Metals & Rare Earths Letter
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June 2017
477.5
83.9
A$ 9.4 C$ 4.6
83.7
C$ 5.4
469.7
21.9 1.6
7.2 3.5
4.2
Overview of listed LITHIUM companies Trading symbol
Share price Change Current Year-end in % 2017 2016
30 June 2017
FMC SQM Tianqi Lithium
Albemarle Corp.
Orocobre Galaxy Resources Pilbara Minerals Altura Mining Global Geoscience Neometals Tawana Resources Core Exploration Lithium Australia Novo Lithio European Lithium Liontown Resources Nemaska Lithium Lithium Americas Critical Elements Bacanora Minerals Lithium X Energy LCS Lithium Wealth Minerals Neo Lithium Millennial Lithium Standard Lithium Advantage Lithium Frontier Lithium Pure Energy Minerals Power Metals Dajin Resources Aberdeen International Southern Lithium Ultra Lithium McArthur Minerals Argentina Lithium and Energy
European Metals Holdings
002466
US$ 56.560 28.650 HK$ 32.450
ERA:FP
Euro 42.96
Euro 56.74
-24
Euro Euro 66.72 28.02
US$ 105.540
US$ 86.080
23
US$ US$ 116.64 75.11
A$
A$
ORE GXY PLS AJM GSC NMT TAW CXO LIT NLI EUR LTR
3.470 1.660 0.380 0.130 0.150 0.270 0.200 0.070 0.070 0.050 0.040 0.010
4.530 2.630 0.500 0.140 0.070 0.340 0.120 0.070 0.150 0.060 0.060 0.020
TSX TSX TSX.V TSX.V TSX.V TSX.V TSX.V TSX TSX TSX.V TSX.V TSX.V TSX TSX.V TSX.V TSX TSX.V TSX.V TSX.V TSX
NMX LAC CRE BCN LIX LSC WML NLC ML SLL AAL FL PE PWM DJI AAB SNL ULI MMS LIT
C$ 0.980 0.870 1.110 1.240 1.950 1.240 1.590 1.150 1.570 1.060 0.380 0.360 0.510 0.305 0.090 0.135 0.215 0.160 0.070 0.120
AIM
EMH
GBp 48.000
1) HKSE Paris 2) NYSE
ASX 3) ASX ASX ASX ASX ASX ASX ASX ASX 4) ASX ASX ASX
5)
6) 8) 7)
9)
12 months Total shares prices issued H L million
US$ 73.050 33.020 HK$ 54.350
NYSE NYSE
ERAMET
(by market capitalization)
FMC SQM
ALB
29 15 67
US$ 77.38 37.47 HK$ 56.52
US$ 43.26 24.18 HK$ 31.20
Market cap. million local US$
US$ 9,788.7 3,975.6 HK$ 994.4 54,045.6 134.0 120.4
26.6
Euro 1,142.7
3
6,917.8 1,302.7
US$ 110.8 11,693.8 11,693.8
A$
A$
A$
-23 -37 -24 -7 114 -21 67 0 -53 -17 -33 -50
5.05 3.50 0.74 0.22 0.22 0.49 0.30 0.15 0.33 0.11 0.09 0.05
2.62 1.43 0.31 0.11 0.05 0.25 0.03 0.03 0.07 0.05 0.04 0.01
210.5 395.10 1,467.0 1,524.0 1,128.0 546.1 442.1 376.5 284.5 370.4 457.4 990.3
730.4 655.9 557.5 198.1 169.2 147.4 88.4 26.4 19.9 18.5 18.3 9.9
559.5 502.4 427.0 151.8 129.6 112.9 67.7 20.2 15.3 14.2 14.0 7.6
C$ 1.240 0.820 0.510 1.010 2.250 0.422 1.250 1.060 1.470 0.550 0.970 0.260 0.600 0.250 0.120 0.155 0.230 0.170 0.075 0.370
-21 6 118 23 -13 194 27 8 7 93 -61 38 -15 22 -25 -13 -7 -6 -7 -68
C$ 1.60 1.26 1.19 1.75 2.50 1.77 2.10 2.09 2.45 1.25 1.34 0.46 0.97 0.55 0.22 0.19 0.49 0.26 0.16 0.83
C$ 0.89 0.52 0.39 1.01 1.32 0.42 0.71 0.91 0.60 0.20 0.36 0.24 0.49 0.07 0.09 0.11 0.05 0.14 0.05 0.09
376.8 380.8 149.0 131.9 79.2 116.2 83.3 88.6 43.8 49.3 135.0 132.6 66.2 76.8 138.2 88.9 48.2 64.7 147.3 51.4
C$ 369.3 331.3 165.4 163.6 154.4 144.1 132.4 101.9 68.8 52.3 51.3 47.7 33.8 23.4 12.4 12.0 10.4 10.4 10.3 6.2
283.2 254.1 126.9 125.4 118.5 110.5 101.6 78.1 52.7 40.1 39.3 36.6 25.9 18.0 9.5 9.2 7.9 7.9 7.9 4.7
GBp 34.750
38
GBp GBp 84.00 18.00
129.4
£ 62.1
80.5
1) owns 49% of Talison Lithium 2) owns 51% of Talison Lithium 3) completed acquisition of General Mining ; 1.65 Galaxy share for 1 General Mining share) as at 16 August 2016 4) Dakota Minerals , name change in Novo Litio effective June 5, 2017 5) formerly Western Lithium USA , name change effective March 31, 2016 6) previously Oakham Capital ; closed three-cornered amalgamation transaction on February 22, 2017; Enirgi Group largest shareholder (18.19%) 7) bought portfolio of exploration projects in Argentina from Orocobre in consideration of US$ 30.5 million in shares and warrants in November 2016 8) formerly Redhill Resources , name change effective May 31, 2016 9) formerly Signal Exploration name change effective November 11, 2016
Strategic Metals & Rare Earths Letter
9,788.7 3,975.6
June 2017
Overview of listed COBALT companies Trading symbol 30 June 2017
Cobalt 27 Capital 1) eCobalt Solutions Fortune Minerals First Cobalt US Cobalt 2) Lico Energy Metals Cruz Cobalt Castle Silver Resources Cobaltech Mining Global Energy Metals
TSX.V TSX.V TSX.V TSX.V TSX.V TSX.V TSX.V TSX.V TSX.V TSX.V
KBLT ECS FT FCC USCO LIC CUZ CSR CSK GEMC
Cobalt One 3) Ardea Resources 4)
ASX ASX
CO1 ARL
1) 2) 3) 4)
(by market capitalization)
Share price Change Current Year-end in % 2017 2016 C$ 9.100 1.120 0.200 0.760 0.700 0.135 0.205 0.255 0.135 0.140 A$ 0.130 0.580
C$ 9.000 0.540 0.125 0.390 0.200 0.135 0.130 0.070 0.240 0.160 A$ 0.050 0.180
1 107 60 95 250 0 58 264 -44 -13 160 222
12 months Total shares Market cap. prices issued million H L million local US$ C$ C$ 13.20 8.87 1.48 0.45 0.34 0.10 0.92 0.06 0.99 0.53 0.24 0.07 0.31 0.10 0.30 0.02 0.45 0.02 0.67 0.125 A$ A$ 0.19 0.02 0.93 0.17
24.6 129.8 300.1 56.7 50.6 106.7 60.3 47.4 86.7 35.4 576.6 67.0
C$ 223.9 171.7 145.4 111.5 60.0 46.0 43.1 33.1 35.4 27.2 14.4 11.0 12.4 9.5 12.1 9.3 11.7 9.0 5.0 3.8 A$ 75.0 57.4 38.9 29.8
name change from Arak Resources - effective 10 April 2017; 1 for 20 shares consolidation as at 23 June 2017 name change from Scientific Metals to US Cobalt - effective May 25, 2017 name change from Equator Resource to Cobalt One - effective May 26, 2017 listed as at 9 February 2017
Overview of listed GRAPHITE companies Trading symbol 30 June 2017
Syrah Resources Magnis Resources Kibaran Resources
ASX ASX ASX
SYR MNS KNL
Zenyatta Ventures Nouveau Monde Graphite Alabama Graphite Canada Carbon Focus Graphite Northern Graphite Graphite One Resources Great Lakes Graphite CKR Carbon 1) Eagle Graphite Lomiko Metals
TSX.V TSX.V TSX.V TSX.V TSX.V TSX.V TSX TSX.V TSX.V TSX.V TSX.V TSX.V
ZEN NOU CSPG CCB FMS NGC GPH CJC GLK CKR EGA LMR
Next Graphite 2)
OTC
GPNE
Canada Strategic Metals
(by market capitalization)
Share price Change Current Year-end in % 2017 2016 A$ 2.770 0.520 0.180
A$ 3.050 0.760 0.190
C$ 1.040 0.280 0.140 0.170 0.080 0.300 0.055 0.125 0.070 0.100 0.030 0.190 US$ 0.020
C$ 0.850 0.235 0.150 0.260 0.065 0.300 0.080 0.115 0.070 0.080 0.030 0.215 US$ 0.030
-9 -32 -5 22 19 -7 -35 23 0 -31 9 0 25 0 -12 -33
12 months Total shares prices issued H L million A$ A$ 6.49 2.23 0.99 0.48 0.31 0.13 C$ 1.55 0.36 0.22 0.32 0.20 0.50 0.13 0.26 0.11 0.19 0.06 0.40 US$ 0.08
C$ 0.63 0.20 0.11 0.14 0.06 0.18 0.06 0.10 0.06 0.06 0.03 0.19 US$ 0.01
263.9 549.7 243.2 60.5 85.9 145.3 99.2 210.8 51.5 241.1 88.6 125.7 71.0 277.9 19.7 51.4
Market cap. million local US$ A$ 731.0 285.8 43.8
559.9 219.0 33.5
C$ 62.9 24.1 20.3 16.9 16.9 15.5 13.3 11.1 8.8 7.1 8.3 3.7 US$ 1.0
1) formerly Caribou King Resources ; earned 63% interest in the Aukam Graphite Project in Namibia from Next Graphite in January 2017 2) sold 63% interest in the Aukam Graphite Project in Namibia to CKR Carbon in January 2017
Strategic Metals & Rare Earths Letter
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June 2017
48.3 18.4 15.6 12.9 12.9 11.9 10.2 8.5 6.7 5.4 6.4 2.9 1.0
Overview of listed TUNGSTEN companies Trading symbol 30 June 2017
(by market capitalization)
Share price Change Current Year-end in % 2017 2016
12 months Total shares prices issued H L million
Market cap. million local US$
Almonty Industries
TSX.V AII
C$ 0.245
C$ 0.270
-9
C$ 0.44
C$ 0.20
110.9
C$ 27.2
20.8
Wolf Minerals Carbine Tungsten
ASX ASX
A$ 0.060 0.010
A$ 0.080 0.020
-25 -50
A$ 0.13 0.03
A$ 0.06 0.01
1,088.0 482.9
A$ 65.3 4.8
50.0 3.7
WLF CNQ
Overview of listed TITANIUM companies Trading symbol 30 June 2017
(by market capitalization)
Share price Change Current Year-end in % 2017 2016
12 months prices H L
Total shares issued million
Market cap. million local US$
US$ US$ 19.96 4.70 19.99 4.17
115.9 66.3
US$ 2,111.7 2,111.7 1,002.5 1,002.5
US$ 18.22 15.12
US$ 6.78 10.31
169 47
RGX
C$ 0.05
C$ 0.06
-17
C$ 0.11
C$ 0.04
206.1
Iluka Resources ASX TNG ASX Mineral Deposits 1) ASX
ILU TNG MDL
A$ 8.68 0.15 0.67
A$ 7.27 0.14 0.49
19 7 37
A$ 9.34 0.19 0.73
A$ 5.32 0.11 0.23
418.7 804.5 197.0
GBp
GBp
BlueJay Mining
JAY
14.13
6.78
Kronos Worldwide Tronox
NYSE KRO NYSE TROX
Argex Titanium
TSX
2)
AIM
GBp GBp 108
16.50
4.70
C$ 10.3
7.9
A$ 3,634.3 2,783.9 120.7 92.4 132.0 101.1 £
766.9
108.4
140.4
1) owns 50% of the TiZir joint venture in partnership with ERAMET of France 2) name change from FinnAust Mining Plc to BlueJay Mining Plc effective March 13, 2017
Strategic Metals & Rare Earths Letter International ● a publication by Metal Commodities Investment Platform, the Netherlands ● Marino G. Pieterse, Publisher and Editor ● Information and investment comments are independently and thoroughly researched and believed correct. No guaranty of absolute accuracy can be given however ● Investment decisions are fully made for own risk ● tel.: +31-251-828247 ● Chamber of Commerce 58330445 ● www.metalcommodities-ip.com ● e-mail: marino.pieterse@metalcommodities-ip.com