ORIENTAL METALS (HOLDINGS) COMPANY LIMITED 40 41 82 406 407 48 18346

...................................................................... 1.................................................................. 10............................................................... 13...................................................................... 14...................................................................... 20.................................................................. 22.................................................................. 23............................................................... 24....................................................... 40............................................................... 41.................................................................. 83.................................................................. 92................................................ 102........................................................... 128......................................................... 145.................................................... 153.................................................... 159......................................................... 188...................................................................... 203......................................... 207............................................... 240............................. 284.......................................... 296............................................... 303...................................... 359....................................................... 369......................................................... 406

Target BVI Alcoa Alcoa Alumina & Chemicals L.L.C. Alcoa of Australia, Ltd. Suriname Aluminium Company L.L.C. Alcoa Minerals of Jamaica, L.L.C. St. Croix Alumina, L.L.C. Abalco S.A. Alcoa Alcoa Alcoa 1

82.23% 17.77% 10.57% 3.29% 2.64% 0.85% 0.42% 180,000 2

32 Coppermine Coppermine Resources Limited 406 407 3

33%67% 34% 33% 1 4 6 9 4

90% 10% 10% Target BVI 71.7% 5

51%49% 18.89% 16.31% 13.80% 14A Pechiney Pechiney Trading Company Pechiney Trading Company 453,401 Coppermine 25% 6

Target BVI Sherwin 1 46 571 0.05 7

B A Sherwin Sherwin Alumina L.P. BPU Associates, LLC51% 49% Corpus Christi Target BVI Peak Strategic Industries Limited 8

Target BVI Unistar Unistar Holdings Inc. Top Create Top Create Resources Limited Resources 51% 49% % 1.00 = 1.06 9

10

99.7% T 11

1,000 12

.......................... 1..................................................................................................................................................................... 1. 48 18346 2. 13

2,886,000,000 Target BVI 2.86 1,009,090,909 (a) (b)(c) (d) 14

16 11(a) 1 (b) 1 (c) 6 (d) 3 13.51 406407 (a) (b) 48 183 46 15

4182 40 Alcoa 16

Pechiney 17

1,745,228 5,162,040 7,335,872 (1,462,819) (4,572,903) (6,538,660) 282,409 589,137 797,212 2,650 2,962 7,068 (47,508) (88,414) (81,969) (43,120) (36,901) (46,302) 952 6 (34) (568) (5,781) 32,371 4,196 227,720 470,418 670,228 (96,708) (77,325) (69,923) 12,771 1,597 143,783 393,093 601,902 (20,291) (117,810) (185,784) 123,492 275,283 416,118 (61,492) (12,441) (20,116) 62,000 262,842 396,002 18

8,029,357 (7,132,480) 896,877 12,192 (118,941) (109,461) 97,350 59,168 (69,236) 767,949 (82,225) 11,775 697,499 (186,576) 510,923 (35,630) 475,293 0.29 19

20 B 27 G 23 G 9 F 100062 162 501 502 8 9 A 1 3 42 H 20

30 302 15 17E 10 9B 10 17B 15-2-3 23 4 4 411 804 403 21

22 16 20 16 8 22 2201 16 20 5 100022 39 Soho A 31 8 39 22 18 3401

79 9 ACS ACIS FCCA CPA 27 G R 26 5 183 17 Standard Bank Plc 23

ORIENTAL METALS (HOLDINGS) COMPANY LIMITED 79 9 2,886,000,000 Target BVI 2.86 1,009,090,909 (a) (b)(c) 24

(d) (a) (b) 1. 2. 3. Target BVITarget BVI Target BVI 25

82.23% 100% 100% 100% 100% Target BVI 100% Coppermine 90% 100% 25.02% 74.98% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Taiway Enterprises Ltd. Oriental Metals Shipping and Transportation Co. Ltd. Oriental Lead & Zinc Company Limited Topstart Limited 20% 100% 30% 100% 100% 100% 25% 42% 51% 51% 100% 25% 26

100% Target BVI 100% 100% 100% 82.23% 100% 100% 100% Coppermine 28.17% 62.43% 9.40% () 100% 100% 100% 100% 100% 100% 100% 100% 100% Oriental Metals Shipping and Transportation Co. Ltd. Oriental Lead & Zinc Company Limited Topstart Limited 20% 100% 30% 100% 100% 100% 25% 42% 90% 100% 51% 51% 100% 25% 27

1. 2. 100% 40%60% 3. 2,886,000,0002.86 1,009,090,909 166.1% 62.4% 396,000,000373,600,0007.7 2.86 (a) 3.025 5.5% (b) 2.9753.9% (c) 102.984.0% 28

(d) 2.984.0% (e) 2.901.4% (a) (b) Target BVI (c) (d) (e) (f) 10 29

(g) (h) (i) 25% (g) (h) (a) (c) (g) (h) (f) (g) (h) (f) 30

Coppermine 50 31

Coppermine 90.60%(a) (b) Coppermine 25% Coppermine (a) (b) (c) (a) Coppermine252,137,436 25% 15.6% (b) 336,183,247 25% 17.2% (c) 252,137,436336,183,247 25% 32

(a) (b)25% % % % % Coppermine 455,376,917 74.98 1,464,467,826 90.60 1,212,330,390 75.00 1,464,467,826 75.00 151,972,695 25.02 151,972,695 9.40 404,110,131 25.00 488,155,942 25.00 607,349,612 100.00 1,616,440,521 100.00 1,616,440,521 100.00 1,952,623,768 100.00 10.07(1) Coppermine 10.07(1) Coppermine 10.07(1) 25% 33

Target BVI 1,288,485 8,029,357 +523.2% 217,726 475,293 +118.3% 0.37 0.29-21.6% 422,005 3,308,005 +683.9% 422,005 1,927,545 +356.8% 2 (%) 29.0% 24.6% -15.2% 1. 2. 34

Alcoa Sherwin51%33% Sherwin 1,600,000 Sherwin 30% 35

7 11 26 3 82.23% 74.98% 14 14A 24 14 36

Coppermine 90.60% 25% (a) (b) 74.98%Coppermine 10.07(1) Coppermine 10.07(1) Coppermine 10.07(1) 25% 37

406407 (a) (b) 48 183 46 38

4182 39 39

ORIENTAL METALS (HOLDINGS) COMPANY LIMITED 41 82 40

8 22 2201 (i) (Top Create Resources Limited)Target BVI (Peak Strategic Industries Limited)(ii) 82.2% 41

Sherwin 71.7% 42

261,800,000 775,300,000 50 82.2% 43

296.5 164.8 1 827.0 959.3 1,058.6 2 48.7 107.3 65.1 875.7 1,363.1 1,288.5 3.0 5.0 5.5 878.7 1,368.1 1,294.0 37.5 100.4 87.2 38.3 27.2 47.1 2 (2.1) (9.2) 117.9 73.7 118.4 252.2 (%) 50.9% 84.8% 34.6% 52.0% 23.0% 18.7% (2.9)% (7.8)% 46.7% 100.0% 100.0% 100.0% (52.1) (38.2) (16.4) 5.9 11.3 10.3 (2.5) 6.5 (11.7) (5.3) (8.8) (16.7) 19.7 89.2 217.7 3 (29.8) (97.4) 4 (43.8) (53.9) 89.2 120.3 44

1. 63,500,000 2. 3. (i) 60%(ii) 58% 4. Pechiney 43,800,000Pechiney 37,500,000Pechiney 453,401 Pechiney 36,200,000 19,700,000 Pechiney 53,900,000 Pechiney 140,000 100,400,000 27,200,000 9,200,000 45

89,200,000 190 210 60%320 350 Pechiney 261,800,000 638,500,000 320 350 390 420 Pechiney 87,200,000 Pechiney Pechiney 165,000,000 97,400,000 217,700,000 120,300,000 46

1 286,337 308,264 2 202,381 203,008 68,646 55,619 170,620 224,518 230,962 266,775 3 24,959 9,892 14,648 140,879 176,236 1,109,717 1,274,027 291,327 310,036 4 56,560 38,980 15,890 21,513 5 638,514 218,868 5 136,792 94,340 28,302 28,302 (1,206,365) (673,059) 165,157 178,963 (261,805) 422,005 47

1. 2. 3. 4. 46,300,000 5. 420,400,000 466,700,000 85%97,400,000 50% Pechiney Pechiney Pechiney 178 204 1 2 138-160 190-350 310-490 1. 2. Metal Bulletin Pechiney Pechiney 48

Target BVITarget BVI100% Target BVI 82.23% 100% 100% 100% Coppermine Top Create Resources 28.17% 62.43% 9.40% 51% 51% 100% Target BVI 100% 90% 100% 100% 100% * * 27 28 49

(i) Sherwin 51% (ii)33%sherwin 1,600,000 34% 33% 33% (b)(ii) SherwinSherwin (i) 30% Sherwin 5% 50

(ii) Sherwin (i) Sherwin (i) (ii) (iii) 25% 51

Sherwin 10% Target BVI 100% 90% 1 100% 2 100% 100% 100% 12.2% 40% 3 4 5 Sino Gold Limited 6 7 Alcoa 1. 90% 2. 3. Alcoa 4. 5. 52

6. Sino Gold Limited 7. (i) Alcoa Alcan Inc. Companhia Vale do Rio Doce BHP Billiton Limited Glencore International AG National Aluminium Company Limited 1,894,200 5,850,000 32.4% 44% 56% Alcoa Alcoa Alcoa Alcoa 415,545397,607 402,396 36.6% 20.9% 24.4% Alcoa 30 53

Alcoa 400,000 AlcoaAlcoa Alcoa Alcoa 152 1,889,10032.3% 54

(ii) 62,000,000262,800,000 396,000,000 1,689.7 4,455.0 6,400.0 1,102.9 1,768.5 1,889.1 1 45.4 696.0 922.8 2 8.8 10.0 12.5 3 1.3 1.0 0.6 1,745.2 5,162.0 7,335.9 (1,462.8) (4,572.9) (6,538.7) 282.4 589.1 797.2 (%) 16% 11% 11% 2.7 2.9 7.1 (90.6) (125.3) (128.3) 0.9 (0.6) (5.8) 32.3 4.2 12.8 1.6 (96.7) (77.3) (69.9) 143.8 393.0 601.9 (20.3) (117.8) (185.8) (61.5) (12.4) (20.1) 62.0 262.8 396.0 (%) 4% 5% 5% 55

1. 2. 3. 96.8% 86.3% 87.2% 64.6%60.3% 34.5% 2.6% 13.5% 12.6% 45,400,000 922,800,000 56

0.6% 0.2% 0.2% 10,100,000 13,100,000 16%11% Alcoa Alcoa 11% 57

(iii) 1,261 1,559 1,093 4,089 1 32,204 32,196 7,253 9,816 7,863 2 1,555,920 1,489,637 58 1,600,294 1,542,597 ------------------- ------------------- 3 505,283 697,113 79,816 358,414 12,282 37,245 37,245 59,179 166,513 164,000 176,061 845,523 1,447,628 ------------------- ------------------- 4 135,743 415,601 5 372,367 347,997 3,372 219,661 927 2,351 6 4,238 4,193 7 257,182 501,150 49,660 77,799 823,489 1,568,752 ------------------- ------------------- 22,034 (121,124) ------------------- ------------------- 1,622,328 1,421,473 ------------------- ------------------- 9,816 8,442 6 8,790 6,665 8 731,660 653,844 750,266 668,951 ------------------- ------------------- 447,595 814 ------------------- ------------------- 424,467 751,708

1. Sino Gold Limited 2. AlcoaAlcoa 240,000,000 30 3. 4. 122,600,000 38,900,000 5. 6. 7. 8. 49,700,000 +0.9% (i)(ii) (iii)(iv) 59

(i) GDP 16,000 7,000 14,000 6,000 GDP 12,000 10,000 8,000 5,000 4,000 3,000 6,000 2,000 4,000 1,000 GDP 5,100,000 19%15.3% 3,400,0006,000,000 GDP 30.3% 30.3%45.0% 60

5% 8% (ii) 600 500 400 300 200 100 0 CRU 61

62 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 CRU 396,000,000372,800,000 7.7

Target BVI Target BVI Target BVI Target BVI 4.25 0.5236 8.1 10.3 2 3 Target BVI 2,886,000,000 372,800,000 7.7 7.7 (1) (2) 1 = 1.06 (3) 63

64 4 6 8 10 12 14 16 18 10 14 14.6 8.7 8.1 8.1 90 10.3

2,886,000,000Target BVI 706,700,000 2,179,300,000 (i) (ii) Pechiney Pechiney (i) 2.86 (1) 2.9753.87% (2) 30 2.984.03% (3) 90 2.901.38% (4) 3.0255.45% 65

66 (ii) 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 2.86 3.0 2.0 3.0 3.275 2.975 10% 3.0 2.53.025

(iii) 40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 67

68 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 % 0 1 2 3 4 5 6 1 2 1. 92,368,275 2. 607,349,612

% % Coppermine 455,376,917 74.98 1,464,467,826 90.60 151,972,695 25.02 151,972,695 9.40 607,349,612 100.00 1,616,440,521 100.00 25.02% 9.4% 69

25% Coppermine 8.0825% % 217.7 372.8 475.3 118 120.3* 372.8 377.9 214 * 97,400,000 0.37 0.29 97,400,000 0.20 70

0.23 217.7 475.3 (97.4) (97.4) 120.3 377.9 0.37 0.29 0.20 0.23 593,062,328 1,616,440,521 422,000,0003,308,000,000 6,800,0001,373,600,000 422,000,0001,927,600,0000.69 2.050.691.19 71

422 3,308.0 1,373.6 6.8 422.0 1,927.6 607,349,612 607,349,612 1,009,090,909 607,349,612 1,616,440,521 0.69 2.05 0.69 1.19 313,200,000 1,134,500,0001,447,700,000 74.2%43.8% 72

218.9 690.0 73.1 94.3 684.6 313.2 1,447.7 422.0 3,308.0 74.2% 43.8% 228 329.2 449 889.1 953 2,537.9 73

82.2% 1 1 + 1 1 74

1 1 630,000,000 340,000,000 1,330,000,000 2,570,000,000 (i) 767,0001,196,000 (ii) 1,960,000,000 767,000 1,959,000,000 2,910,000,000 1,196,000 2,909,000,000 1,963,000 75

71.7% 71.7% (i) (ii) 76

(iii) (iv) 10% 150,000,000 100,000,000 100,000,000 30 152,800,000 129% 545,525 600,000 400,000 30 77

(a) (i) 1,960,000,000 1,849,000,000 2,910,000,000 2,745,000,000 (ii) 150,000,000142,000,000 100,000,000 94,000,000 100,000,00094,000,000 (b) (i) (ii) (iii) 78

(c) (i) (ii) (iii) (d) (i) (ii) (iii) (iv) (a) (e) (d) (f) 14A.3714A.38 79

(g) 14A 14A 217,700,000 97,400,000 120,300,000 Pechiney 2,886,000,000 2.86 1,009,090,909 7.7 90 10.38.1 Target BVI 25.02%9.4% 80

6 15%0.20 0.23 0.691.1972% 74%44% 1 1 81

82

83

8% 84

Alcoa 36.6% 20.9% 24.4% 20 Alcoa240,000,000Alcoa AlcoaAlcoa AlcoaAlcoa 703,500,000 Alcoa Alcoa Alcoa Alcoa 85

44.0% 121,100,000 113,900,000 501,200,000471,100,000 Pechiney Trading CompanyPechiney 453,401 Pechiney Pechiney 86

25% 75% 6 87

1,040,400,000 88

1,472,200,00024.6% 44.5% 89

90

8.08(2) 8.08(3) 1,009,090,9091,345,274,156 25.02% 9.4% 7.8% 91

* * 1 * 20% 22.3% 1. Brazilian Aluminium Association Aluminium for future generations * Brazilian Aluminium Association * (*) 92

13% 1 CRU Aluminium Monthly* 15.3% 23.9% 152 9,800,000 1. * * (*) 93

(%) 2,794 3,431 4,398 5,497 6,587 23.9% 3,615 3,696 3,767 3,945 4,090 3.1% 3,668 2,637 2,705 2,704 2,519 (9.0)% 2,373 2,585 2,708 2,781 2,594 2.3% 2,094 2,122 2,170 2,195 2,244 1.7% CRU Monitor Monthly* CRU Monitor Monthly* CRU Promitor Monthly CRU International LimitedCRU GroupCRU Group (%) 6,265 5,590 5,730 5,959 6,436 0.7% 3,375 3,640 4,167 5,134 5,968 15.3% 2,225 2,014 2,009 2,023 2,094 (1.5)% 1,632 1,580 1,690 1,915 2,011 5.4% 748 786 990 1,000 1,030 8.3% * * (*) 94

5% 7% 19% 16% 6% 5% 1983: 16,100,000 1993: 18,900,000 2003: 27,500,000 12% 11% 25% 25% 6% 12% 7% 13% 11% 26% 25% 14% 3% 19% 12% 8% 21% 23% Macquarie Research LimitedMacquarie Research Report on Metals and Mining*Macquarie Research Limited Macquarie University Sydney * 7,040,000 (%) 15,717 16,297 16,500 16,792 16,992 2.0% 4,339 4,743 5,476 6,150 7,040 12.9% 4,251 4,240 4,420 4,849 5,642 7.3% 3,753 3,501 3,800 4,740 5,096 7.9% 3,710 3,583 3,695 3,851 4,017 2.0% * * (*) 95

5,650 4,339 1,881 6,209 30.3% 6,840 4,743 3,346 8,086 41.4% 8,370 5,476 4,570 9,670 47.3% 10,780 6,150 5,500 11,700 47.0% 13,073 7,040 5,850 12,890 45.4% * * * * * * (*) 96

800 500 450 600 400 400 350 300 200 250 200 0 150-200 100 50-400 0 CRU Monitor Monthly* CRU Monitor Monthly CRU International LimitedCRU GroupCRU Group 1. * * (*) 97

1 600 500 400 300 200 100 0 * CRU Monitor Monthly* * * (*) 98

2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 * * CRU Monitor Monthly* CRU Monitor Monthly CRU International Limited CRU GroupCRU Group * (*) 99

200414 [2003]103 * (*) 100

30% 33% 17% 8% 5% 7% 3% 8%8%5% 101

99% China Non-ferrous Metals Group (Hong Kong) Limited China Non-ferrous Metals Holdings (Hong Kong) LimitedCNMG CNMG CNMG 102

(a) Coppermine 418,000,000 1.00 0.25 (b) Coppermine(c) 0.88 418,300,000 (a) Coppermine Coppermine (c) 100.101 1.00 1.000.05300,000,000 Coppermine 103

Sherwin10% (a) (b)90% (c) 51% Alcoa 49%474,700,000 95% 5% Sherwin Target BVI Top Create Resources Target BVI Top Create Resources100% Top Create Resources 5% 95% Target BVI Top Create Resources100% Target BVITarget BVITop Create Resources Top Create Resources 5%Top Create Resources 100% 104

Target BVI Top Create Resources 90% 10% 10% 10% Sherwin 10% Sherwin 10% 152 9,800,000 105

1,894,200 1,906,100 32.4% 34.7% 7,335,900,000 87.3% 12.6%0.1% 106

Alcoa Alcan Inc. Companhia Vale do Rio Doce BHP Billiton Limited Glencore International AG National Aluminium Company Limited AlcoaAlcoa Alcoa Alcoa Alcoa Alcoa Alcoa 107

Alcoa 13,073,000 53.9%44.7% 7,260,000 55.5%1,894,200 14.5% (a) 108

(b) 64% 7% 9% 12% Alcoa Alcan Inc. Companhia Vale do Rio Doce BHP Billiton Limited Glencore International AG National Aluminium Company Limited 67.6% 50.6% 51.8% Alcoa 36.6% 20.9% 24.4% Alcoa Alcoa 400,000 44.0% 56.0% 109

Alcoa Alcoa 30 Alcoa Alcoa 24.4% Alcoa30 AlcoaAlcoa Alcoa 240,000,000 Alcoa 110

100,000,000 703,500,000 663,700,000 Target BVI Alcoa Alcoa 200414 111

[2003] 103 112

113

23 152 1,889,100 32.4% 34.8% 30.7% 22.6% 11.1% 8.9% 6.5% 1,889,10049.6%50.4% 114

85.7% 115

Alcoa 116

Alcoa Alcoa 117

44 37 7 44 10% 10% 82,324 83,749 624,812 3% 10% 3 3% 118

9% Allens Arthur Robinson Sino Gold Limited Coppermine 21.8% 12.8% 119

100%21.8% 12.8% Pechiney(a) (b)raffemet Pte Limited PechineyPechiney Trading Company 453,401 Pechiney Pechiney Pechiney Pechiney 60 Pechiney Alcoa 120

89.6% 72.4% 84.9% 344,800,000325,283,019 51% 18.89% 16.31 13.80% 2.6%50,000 185,000,000 68,000110.0% 4,000,000 31,200,000 51%49% 2,000,000102.0% 22.9%2,100,000 121

100,000,000 25% 30 131.4% 25,000,000195,000,000 20% 260,000,000 105.8% 229,000,000216,000,000 42% 39,00054,000103.0% 91.2% 46,600,000 363,500,000 30% 60,00080.5% 46.0% 59.0% 71.1% 12.6% 21.2% 26.8% 122

22.1% 31.2% 36.1% 6.5% 9.4% 12.8% 140,000 123

124

(a) (b) (c) 67,200,000 63%16% 125

16 3 3 4 6 16 2,165 83 5 4 187 10 40 2 159 33 1,774 34 2,165 83 485 5% 1,000 126

282 2%20% 8% 6.5%1.5%14% 2%25.5% 12%1% 1.1%6.5%4% 1.5% 127

50 10 82.23% 49% 10% 74.98% 90.60% 30% (a) Sherwin 128

(b) (c) 5% (d) Sherwin (a)sherwin (d) (a) 30% 30% (b) 129

Sherwin Sherwin Sherwin (a) Sherwin SherwinCorpus Christi 1,600,000Sherwin Sherwin Aluminco Limited Sherwin 51% Sherwin Sherwin 51% Sherwin Sherwin BPU Associates, LLP 51% 49% (b) 10,000,000 33%67% 34% 33% 130

(i) 668,000,000 (ii) 800,000 1,600,000 8,491,260,0002,122,820,000 33% 33% 14A 14A.33 (a) (1) 5 A 1 A101, A103-109, A111, A113 A115 131

159.85 5 292,000 2 381 292 292 14A.33(3) (b) MINMETALS 14A.33(3) 132

(c) 258 408 258 300,000283,00014A.33(3) 14A.35 133

(d) (2) Eastern Master (HK) Limited Texion Development Limited 57,930 79 9 Texion Development Limited Texion Development Limited 39 Texion Development Limited Texion Development Limited 695,000 14A.35 (a) 134

1 1 82.23% 329,200 889,100 2,537,900 135

630,000 340,000 7,132,500,000 7,560,500,000 8.3% 4.5% 1,330,000 2,570,000 8,029,400,000 8,511,200,000 15.6% 30.2% (i) 767,000 1,196,000(ii) 1,960,000,000 767,000 1,959,000,000 2,910,000,000 1,196,000 2,909,000,000 136

1 (b) (i) (ii) (iii) (iv) 10% 137

71.7% 35,744 39,599 152,847 150,000 100,000 100,000 7,132,500,000 7,560,500,000 2.0% 1.3% 1.3% 138

8.3 11.226.3 25.1 38.0 30 74.98%Coppermine 139

(1) (a) 1,960,000,0001,849,100,000 2,910,000,0002,745,300,000 (b) 150,000,000141,500,000 100,000,000 94,300,000 100,000,000 94,300,000 (2) (a) (b) (i) (ii) (c) 140

(3) (a) (b) (c) (4) (a) (b) (c) (d) (1) (5) (4) 141

(6) 14A.3714A.38 (7) 14A 14A 1,000,000 1,550,00026 142

Sherwin 143

731,600,000 Alcoa 144

Coppermine Coppermine 145

13.51 146

147

21 Pickquick Plc. Pickquick Plc. 148

52 48 47 37 44 50 45 50 74 52 52 149

150

3.21 3.23 151

3A.19 3A.23 (a) (b) (c) 152

Target BVITarget BVI (1) (2)90% (3)(a) (b) (c)(d) 8,029,357 697,499 (186,576) 510,923 (35,630) 475,293 153

1 1 1 2 3 3,308,005 (6,819) (1,373,641) 1,927,545 1.19 1. I(B) 2. 1,778,400,000 3. 1,616,440,521 607,349,612 1,009,090,909 310,800,000 609,700,000879,900,000 154

582,500,000 503,900,000 690,000,000 327,200,000 1,607,100,000 714,600,000 64,800,000 12 1,305,334,000 939,038,000366,296,000 9,434,000 183,469,000 155

939,038,000(a) (b) (c)(d) : (a) 23,585,000 (b) 1,285,000 (c) 72,365,000 156

297,500,000 136,300,000 1 2 6 7 8 7,090 7,090 10 7,100 9 10 11 12 100,157 (1,498) 98,659 93,291 191,950 107,247 (1,498) 105,749 93,301 199,050 98,400 107,247 (1,498) 105,749 93,301 297,450 157

Target BVI 1,040,400,000 158

Target BVI100% (100%)(90%) 51% 49% 49% 474,700,000 100% (a) (b) (c) 159

1,745,228 5,162,040 7,335,872 143,783 393,093 601,902 (20,291) (117,810) (185,784) 123,492 275,283 416,118 (61,492) (12,441) (20,116) 62,000 262,842 396,002 % % % 1,689,677 96.8 4,455,111 86.3 6,399,969 87.2 45,391 2.6 695,991 13.5 922,763 12.6 8,822 0.5 9,952 0.2 12,523 0.2 1,338 0.1 986 0.0 617 0.0 1,745,228 100.0 5,162,040 100.0 7,335,872 100.0 (i) (ii)(iii) 8% 5% 160

45,400,000 922,800,000 1,687,903 4,453,119 6,395,600 1,102.9 1,768.5 1,889.1 1,530 2,518 3,386 161

1,745,228 5,162,040 7,335,872 (1,462,819) (4,572,903) (6,538,660) 282,409 589,137 797,212 (%) 16.2% 11.4% 10.9% 16.2%10.9% 105.0% 1,253,215 3,480,141 4,995,486 1,102.9 1,768.5 1,889.1 1,136 1,968 2,644 Alcoa 30400,000Alcoa 37.7% 162

56.0% 1,408.5 3,632.71,768.5 7.3% 50.4% 74.7% 15.3% 163

Alcoa 164

Target BVI2 Alcoa Alcoa Alcao 400,000 Target BVI 165

39 166

198,256,00039 39 198,256,000 Target BVI 3 20 39 167

39 39 39 198,256,000 39 21 21 Target BVI 54,441,000 28,348,000 168

5,162,000,000195.8% 64.6%60.3% 1,906,100 1,133,900 5,500,000 4,570,00034.7% 24.8% 1,768,500 1,102,900 48.0% 37.7% 58,490 1,377.0% 10,000,000 8,800,000 13.6% 4,572,900,000212.6% 48.0% 37.7% 52.0% 62.3% 169

% % 1,299,446 88.8 4,173,185 91.3 74,657 5.1 280,648 6.1 34,686 2.4 55,669 1.2 Alcoa 66,109 4.5 66,364 1.5 (16,692) (1.1) (7,956) (0.2) 4,613 0.3 4,993 0.1 1,462,819 100.0 4,572,903 100.0 83.8% 88.6% 1,462,800,000 4,572,900,000 73.2% 60.5% 206,000,000 589,100,000 108.6% 16.2%11.4% 73.2% 64.6% 919,60052.0% 232,50033.8% 170

1,408.53,632.7 6.8% 88,400,000 86.1% 2.7%1.7% 90% % % 38,945 82.0 76,551 86.6 4,430 9.3 5,361 6.1 4,133 8.7 6,502 7.3 47,508 100.0 88,414 100.0 2.7% 1.7% 36,900,000 14.4% 2.5%0.7% 171

% % 18,126 42.0 18,102 49.1 2,002 4.6 2,181 5.9 103 0.2 2,005 4.6 2,522 6.8 2,454 5.8 2,924 7.9 18,430 42.8 11,172 30.3 43,120 100.0 36,901 100.0 2.5% 0.7% 32,400,000Sino Gold Limited 37.1%Sino Gold Limited16.0% 4,200,000 Sino Gold Limited16.0% 12.2% 470,400,000 106.6% 60.3% 64.6% 13.0% 9.1% 172

Alcoa 240,000,000 96,700,000 77,300,000 78,800,000 93,200,000 +3.0% +0.9% 5,700,00023,000,000 25,200,000 117,800,000 480.6% 33.0% 14.5% 7.06% 12,400,00079.8% Alcoa Sino Gold Limited 4,200,000 32,400,000 173

262,800,000323.9% 3.6%5.1% 49% 7,335,900,00042.1% 34.5% 1,894,2001,906,100 5,850,0005,500,000 32.4% 34.7% 1,889,100 1,768,500 56.0% 48.0% 65,510 12.0% 12,500,000 10,000,000 174

6,538,700,000 43.0% 56.0% 48.0% 44.0% 52.0% % % 4,173,185 91.3 5,923,548 90.7 280,648 6.1 355,709 5.4 55,669 1.2 145,035 2.2 Alcoa 66,364 1.5 66,283 1.0 (7,956) (0.2) 41,605 0.6 4,993 0.1 6,480 0.1 4,572,903 100.0 6,538,660 100.0 88.6% 89.1% 4,572,900,000 6,538,700,00042.1% 41.9% Target BVI2 175

797,200,000 35.3% 10.9% 11.4% 34.5% 34.3% 831,200919,600 82,000,000 7.3% 1.7%1.1% 5140 % % 76,551 86.6 68,928 84.1 5,361 6.1 6,410 7.8 6,502 7.3 6,631 8.1 88,414 100.0 81,969 100.0 1.7% 1.1% 46,300,000 25.5% 0.6% 176

% % 18,102 49.1 19,027 41.1 2,181 5.9 3,358 7.3 223 0.5 2,522 6.8 2,586 5.6 2,924 7.9 1,875 4.0 11,172 30.3 19,233 41.5 36,901 100.0 46,302 100.0 0.7% 0.6% 670,200,000 42.5%34.6% 9.1% Alcoa 77,900,000 78,800,000 8,500,0005,700,000 185,800,000 57.7% 33.0% 177

8.8% 14.5% 61.7% 49% 100% 396,000,00050.7% 5.4% 5.1% 178

1,402 1,261 1,559 1,093 4,089 33,258 32,204 32,196 7,253 9,816 7,863 1,622,284 1,555,920 1,489,637 1,656,944 1,600,294 1,542,597 102,667 505,283 697,113 57,134 79,166 335,866 250 650 22,548 11,544 59,179 166,513 12,282 37,248 37,245 37,245 148,123 164,000 176,061 356,966 845,523 1,447,628 179

(78,057) (131,521) (225,495) (189,267) (125,271) (372,367) (347,997) (6,456) (3,372) (219,661) (1,464) (4,222) (839) (2,359) (927) (2,351) (4,056) (4,238) (4,193) (62,430) (257,182) (501,150) (62,080) (49,660) (77,799) (342,173) (823,489) (1,568,752) 14,793 22,034 (121,124) 1,671,737 1,622,328 1,421,473 (9,816) (8,442) (14,584) (8,790) (6,665) (826,902) (731,660) (653,844) (841,486) (750,266) (668,951) (434,330) (447,595) (814) (395,921) (424,467) (751,708) 180

AlcoaAlcoa240,000,000 Target BVI 30Alcoa 1,489,600,000 697,100,000 505,300,000 38.940.325.6 365 34.9 6 697,100,000 17,620 68,682 15,933 191,459 45,613 75,725 79,166 335,866 181

17,600,000 68,700,000 3.41.22.7 365 98.3% 181 365 25 12 50 2 100 191,500,000 15,900,000 166,500,00074,100,000 73,200,00092.5% 219,700,0003,000,000 182

38,882 122,641 64,266 67,668 28,373 35,186 131,521 225,495 122,600,000 38,900,000 6.83.110.9 365 348,000,000 372,400,000125,300,000 1,232,800,000 213,300,0001,019,500,000 183

135.6% 197.2%193.5% Alcoa Alcoa 1,745,200,0007,335,800,000 AlcoaAlcoa240,000,000 100,000,000 703,500,000663,700,000 28,100,000 447,600,000 800,000 49%100% 184

176,762 156,500 358,541 61,905 6,001 (471,606) (177,382) (148,063) 125,535 61,285 14,438 12,470 148,123 164,000 176,061 37,248 37,245 37,245 185

626,600,000 737,900,000 189,300,000216,300,000191,800,000 255,200,000 350,400,000 527,000,000247,100,000 402,700,000 286,500,000 258,300,000103,900,000 20,200,000 471,600,000 474,700,000 6,000,000Sino Gold Limited 5,300,000 61,900,000Sino Gold Limited 59,900,000 186

125,500,000501,200,000 306,900,00068,800,000 148,100,000170,100,000 235,200,000 257,200,000 177,400,000189,900,000 50,000,000 62,400,000 187

466,700,000 188

875,676 1,363,072 1,288,485 27,504 91,567 246,108 (2,487) 6,470 (11,688) 25,017 98,037 234,420 (5,341) (8,835) (16,694) 19,676 89,202 217,726 0.15 0.68 0.37 19,676,00089,202,000217,726,000 131,972,695131,972,695 593,062,328 % % % 296,470 21.8 164,778 12.8 763,538 87.2 959,292 70.4 1,058,593 82.2 20,735 2.4 27,608 2.0 35,106 2.7 784,273 89.6 1,283,370 94.2 1,258,477 97.7 91,403 10.4 79,702 5.8 30,008 2.3 875,676 100.0 1,363,072 100.0 1,288,485 100.0 189

27,926,000 (i) 363,400,000 571,100,000 (ii) 399,000,000 109,000,000 (iii) 12.8% 21.8% 190

70.4% 87.2% 51% 48,00050,00014% 4% 51% 2.0% 2.7% 60% 58% 85% 2.3% 5.8% 191

296,470 164,778 763,538 959,292 1,058,593 20,735 27,608 35,106 91,403 79,702 30,008 875,676 1,363,072 1,288,485 (194,290) (94,631) (670,647) (854,617) (948,955) (8,018) (11,401) (18,833) (88,531) (69,979) (33,119) (767,196) (1,130,287) (1,095,538) 102,180 70,147 92,891 104,675 109,638 12,717 16,207 16,273 2,872 9,723 (3,111) 108,480 232,785 192,947 (%) 34.4% 42.6% 12.2% 10.9% 10.4% 61.3% 58.7% 46.4% 3.1% 12.2% (10.4)% 12.4% 17.1% 15.0% 27,926,000 192

12.4% 15.0% 17.1% 21.3% 1,363,100,000 55.7% Pechiney 140,000 959,300,000 25.6% 70.4% 14%48,000 20,700,00027,600,000 21% 1,700,000 193

232,800,000114.6% 12.4%17.1% 34.4%0% 12.2%3.1% 22.3%38,000,000 24.8%76,400,000 7.0% 5.6% 5,000,000 53,100,000 14,600,000 53,100,000 Pechinery 43,800,000 29,800,000 118,400,000 60.6% 194

38,200,000 26.7% 11,300,000 93.5% 25% 6,500,000 89,200,000 6.5% 19,700,000 2.2% 1,288,500,000 5.5% 44.4%59,000 140,000 453,401Pechiney 195

10.8% 192,900,00017.1% 17.1%15.0%10.4% 12.2% 10.0% 41,800,000 3% 5% 64,600,0005,000,000 49,100,0008,500,000 97,400,000 252,200,000 113.0% 196

16,400,00038,200,000 420,400,000 10,300,000 11,700,000 6,500,000 217,700,000 16.9% 89,200,000 6.5% 197

331,871 286,337 308,264 84,892 202,381 203,008 64,981 48,121 43,059 2,146 2,217 6,226 5,392 4,717 12,916 7,843 490,116 557,364 566,891 208,155 170,620 224,518 201,090 230,962 266,775 1,516 24,959 3,056 9,892 14,648 95,810 140,879 176,236 509,627 552,353 707,136 (211,154) (280,006) (291,920) (29,245) (11,321) (18,116) (4,478) (4,930) (50,056) (51,630) (12,381) (7,250) (30,187) (31,730) (9,721) (8,389) (14,721) (9,315) (7,501) (6,792) (631,551) (638,514) (218,868) (988,088) (1,041,271) (550,417) 198

(478,461) (488,918) 156,719 11,655 68,446 723,610 131,973 131,973 30,367 (483,042) (393,778) 391,638 (351,069) (261,805) 422,005 158,007 165,157 178,963 176,415 136,792 94,340 28,302 28,302 28,302 204,717 165,094 122,642 11,655 68,446 723,610 (a) 224,500,000 170,600,000 36574.855.1 99 199

179,595 217,655 51,367 49,120 230,962 266,775 ()179,600,000 217,600,000 79,100,000 93.4% 61.748.172.9 X 365 79,100,000 30 90 180 365 25 12 50 2 100 291,900,000 280,000,000 125,400,000 111,200,000 41.835.936.3 X 365 200

59.6%462,100,000 313,200,000 420,400,000 190,900,000 122,300,000 29.0% 422,000,000 261,800,000 391,600,000 393,800,000 14,700,000 8,400,000 38,400,00017,000,000 10,800,000 60% 201

58% 97,350,000 13 202

6,000,000,000 300,000,000 607,349,612 30,367,480 1,009,090,909 0.05 50,454,545 1,616,440,521 80,822,025 1,952,623,76811,110,000 1,963,733,768 0.57% 11,110,000 203

(a) 20% (b) (a) (b) (c) 10% 204

(a) (b) (c) 131,973 (a) 10 131,973 1 0.10 1.00 (b) 1.00 6,599 0.05 Coppermine 30,367 475,376,917 1,060,000,000 53,000,0005% 21,815,400 100%90% 1,007,000,000 95% 11Target BVITop Create Resources 205

11Target BVITop Create ResourcesTarget BVI 100% 206

Peak Strategic Industries LimitedTarget BVI Target BVI Target BVI Target BVI II 1 Target BVI Target BVI 27 Target BVI Target BVI Target BVI 207

I III Target BVI II 1 2 208

Peak Strategic Industries LimitedTarget BVI II 1 II 3 1,745,228 5,162,040 7,335,872 (1,462,819) (4,572,903) (6,538,660) 282,409 589,137 797,212 3 2,650 2,962 7,068 (47,508) (88,414) (81,969) (43,120) (36,901) (46,302) 4 952 6 5 (34) (568) (5,781) 11 32,371 4,196 6 227,720 470,418 670,228 7 (96,708) (77,325) (69,923) 12,771 1,597 143,783 393,093 601,902 8 (20,291) (117,810) (185,784) 123,492 275,283 416,118 (61,492) (12,441) (20,116) 62,000 262,842 396,002 II 1 209

II 1 II 10 1,402 1,261 1,559 11 1,093 4,089 12 33,258 32,204 32,196 13 7,253 9,816 7,863 14 1,622,284 1,555,920 1,489,637 1,656,944 1,600,294 1,542,597 -------------- -------------- -------------- 15 102,667 505,283 697,113 16 57,134 79,166 335,866 250 650 22,548 17 11,544 59,179 166,513 18 12,282 37,248 37,245 37,245 148,123 164,000 176,061 356,966 845,523 1,447,628 -------------- -------------- -------------- 210

II 19 78,057 131,521 225,495 189,267 125,271 372,367 347,997 17 6,456 3,372 219,661 1,464 4,222 839 18 2,359 927 2,351 20 4,056 4,238 4,193 62,430 257,182 501,150 21 62,080 49,660 77,799 342,173 823,489 1,568,752 -------------- -------------- -------------- 14,793 22,034 (121,124) -------------- -------------- -------------- 1,671,737 1,622,328 1,421,473 -------------- -------------- -------------- 18 9,816 8,442 20 14,584 8,790 6,665 21 826,902 731,660 653,844 841,486 750,266 668,951 -------------- -------------- -------------- 434,330 447,595 814 -------------- -------------- -------------- 22 395,921 424,467 751,708 211

II 1 384,415 395,921 424,467 62,000 262,842 396,002 (50,040) (235,153) (68,756) (454) 857 (5) 395,921 424,467 751,708 212

II 1 II 23 286,450 350,360 626,584 (90,862) (78,808) (77,312) (18,826) (115,052) (190,731) 176,762 156,500 358,541 -------------- -------------- -------------- 2,649 2,461 4,803 (607) (623) (876) 422 (474,738) (1,093) (1,217) 59,863 5,256 61,905 6,001 (471,606) -------------- -------------- -------------- 238,667 162,501 (113,065) 213

II 23 62,430 257,183 501,150 (189,872) (170,093) (306,859) (50,040) (235,153) (68,756) 100 (177,382) (148,063) 125,535 -------------- -------------- -------------- 61,285 14,438 12,470 87,732 148,123 164,000 (894) 1,439 (409) 148,123 164,000 176,061 148,123 164,000 176,061 214

Target BVI Top Create Resources LimitedTop Create Resources 90% 51% 27 51% 49% 49% 474,738,000 1,060,000,000 95% 21,800,000 5% Target BVI Top Create Resources 50,000 50,0001Top Create Resources1 Target BVITop Create Resources 95% 5% Target BVI Top Create Resources 1,060,000,000Target BVI Target BVI Top Create Resources Target BVI 1Top Create Resources51 95 Target BVI 215

Top Create Resources Top Create Resources Top Create Resources 100% Target BVITarget BVITop Create Resources Top Create Resources Target BVI 2,886,000,000 1,009,090,909 Target BVI I (i) (ii) (iii) 1. 2. 216

3. 4. (a) (i) Target BVI Target BVI 1 (ii) 217

(iii) (b) 20 (c) 5 15 8 10 218

(d) (e) (f) (g) (h) (i) (j) 219

(k) (l) (m) (n) (o) (i) 220

(ii) (p) 221

(q) 3 20 39 39 39 222

39 198,256,000 20 39 21 21 Target BVI 1,689,677 4,455,111 6,399,969 45,391 695,991 922,763 8,822 9,952 12,523 1,338 986 617 1,745,228 5,162,040 7,335,872 -------------- -------------- -------------- 2,649 2,461 4,803 614 1 501 1,651 2,650 2,962 7,068 -------------- -------------- -------------- 1,747,878 5,165,002 7,342,940 223

151,097 646,535 1,002,753 1,862,813 1,798,189 1,983,383 2,013,910 2,444,724 2,986,136 1,093 4,089 2,013,910 2,445,817 2,990,225 184 222 607 439 654 607 623 876 952 6 952 6 5,768 7 13 27 568 34 568 5,781 224

18,807 19,142 20,978 1,103 1,696 2,586 2,646 2,625 1,873 22,556 23,463 25,437 174 555 976 834 1,003 579 (190) 589 66,109 66,364 66,283 2,983 3,432 2,476 102 (97) (370) 91,841 74,932 68,077 1,382 3,917 9,781 (22,985) (5,653) (8,484) 25,169 1,301 4,129 549 96,708 77,325 69,923 225

10,764 113,589 183,090 (1,395) 9,527 4,221 2,715 1,374 20,291 117,810 185,784 33% 33% 143,783 393,093 601,902 33% 47,448 129,721 198,628 (4,046) (874) (1,392) (21,745) (11,037) (11,431) (1,366) (21) 20,291 117,810 185,784 226

(a) Target BVI (b) Target BVI 4,453 6,489 6,282 273 439 455 4,726 6,928 6,737 1,060,000 4 1 2 1,060,000 1,590,000 1 3 1 1,590,000 2,120,000 1 2 227

1,556 2,122 3,678 327 280 607 1,556 2,449 280 4,285 66 557 623 712 885 1,597 2,334 3,891 280 6,505 8 695 173 876 (2,375) (1,688) (4,063) 91 24 115 58 2,922 453 3,433 ------------ ------------ ------------ ------------ 927 1,122 2,049 314 502 18 834 1,241 1,624 18 2,883 397 552 54 1,003 621 737 1,358 2,259 2,913 72 5,244 9 528 42 579 (2,242) (1,589) (3,831) (26) (92) (118) 1,760 114 1,874 ------------ ------------ ------------ ------------ 315 825 262 1,402 75 978 208 1,261 58 1,162 339 1,559 228

1,093 4,089 1,000,000 40% Sino Gold Limited32,371,000 37%16% 33,258 32,204 32,196 100,983 282,376 202,104 7,842 -------------- -------------- (589) -------------- 7,253 229

1,987,152 298,759 66,109 364,868 66,364 431,232 66,283 497,515 ------------ 1,622,284 1,555,920 1,489,637 400,000 78,837 295,135 134,526 23,830 210,148 562,587 102,667 505,283 697,113 12,898 17,620 68,682 15,933 191,459 44,236 45,613 75,725 57,134 79,166 335,866 230

12,898,00017,620,000 68,682,000 180 11,818 17,616 68,664 181365 12 93 5 19 23 994 5 3 1,203 1,203 1,203 14,108 18,824 69,891 (1,210) (1,204) (1,209) 12,898 17,620 68,682 11,544 58,248 92,430 931 74,083 11,544 59,179 166,513 6,100 1,377 216,692 356 1,995 2,969 6,456 3,372 219,661 231

12,282 9,816 9,410 2,359 927 1,383 2,359 10,743 10,793 (2,359) (927) (2,351) 9,816 8,442 43,555,00038,882,000 122,641,000 90 43,555 38,882 122,641 5,768 18,640 13,028 5,090 18,640 13,028 10,858 (4,056) (4,238) (4,193) 14,584 8,790 6,665 198,256,000 108,273,000 105,693,000 232

(a) 62,080 49,660 49,659 49,664 49,659 49,659 703,570 653,860 604,185 815,314 753,179 703,503 (b) 28,140 28,141 73,668 888,982 781,320 731,643 (62,080) (49,660) (77,799) 826,902 731,660 653,844 (a) (b) (i) (ii) (iii)14 (iv) 233

a b 1,067,330 (596,779) 1,351 (87,487) 384,415 62,000 62,000 93 (93) (50,040) (50,040) (454) (454) 1,017,290 (596,779) 93 897 (25,580) 395,921 262,842 262,842 309 (309) (235,153) (235,153) 857 857 782,137 (596,779) 402 1,754 236,953 424,467 396,002 396,002 562 (562) (68,756) (68,756) (5) (5) (573,669) 573,669 139,712 (23,110) 964 1,749 632,393 751,708 (a) (b) 5% 10% 50% 25% 234

(a) 143,783 393,093 601,902 (12,771) (1,597) (2,649) (2,461) (4,803) 70,238 73,196 69,374 834 1,003 579 (190) (32,371) (4,196) 589 66,109 66,364 66,283 7 (6) 13 25,169 5,768 258,349 526,993 737,918 (9,816) 1,953 (20,227) (402,616) (191,830) (24,953) (22,026) (255,153) 2,750 (400) (21,898) 11,457 (47,635) (107,334) (12,282) (15,468) 53,464 93,974 189,267 103,915 247,096 (24,370) 6,456 (3,084) 216,289 (35,829) 8,384 50 286,450 350,360 626,584 235

(b) 51,562 1,027,292 373,174 1,067,330 2,519,358 61,492 61,492 (436) (436) 62,430 62,430 (51,562) (138,310) (189,872) (50,040) (50,040) 100 100 62,430 888,982 434,330 1,017,290 2,403,032 12,441 12,441 824 824 257,183 257,183 (62,431) (107,662) (170,093) (235,153) (235,153) 257,182 781,320 447,595 782,137 2,268,234 20,116 20,116 (1) (1) (466,896) (466,896) 501,150 501,150 (257,182) (49,677) (306,859) (68,756) (68,756) (573,669) (573,669) 501,150 731,643 814 139,712 1,373,319 7,616,500 (a) 1,498 3,220 236

(b) 2,218 170 1,817 6,514 2,218 170 8,331 1 474,738 b 1,252 3,978 2,987 c 1,382 3,917 9,781 a 34,686 38,159 150,947 b 420 860 1,275 b 638 580 571 b 54 35,744 39,599 152,847 b 381 292 292 d 223 216 187 d 35 192 71 237

(a) (b) (c) (d) Target BVI * 1,060,000,000 100% 1,000,000 90% ** *** 11,500,000 100% *** 85,000,000 100% **** 2,000,000 100% **** 2 100% * ** *** 238

**** Target BVITarget BVI Target BVI 1 Target BVI Target BVI Target BVI Peak Strategic Industries Limited 239

1,258,477 1,283,370 812,199 30,008 79,702 63,477 1,288,485 1,363,072 875,676 (1,095,538) (1,130,287) (767,196) 192,947 232,785 108,480 5,539 4,973 3,009 1,400 198,486 237,758 112,889 (41,779) (37,977) (31,047) (66,429) (76,383) (61,220) 97,350 64,611 (4,957) 53,115 175,393 112,358 69,432 76,846 6,083 4,305 252,239 118,441 73,737 (16,403) (38,195) (52,084) 10,272 11,321 5,851 171,541 89,729 28,378 74,567 1,838 (874) 246,108 91,567 27,504 (11,688) 6,470 (2,487) 234,420 98,037 25,017 (16,694) (8,835) (5,341) 217,726 89,202 19,676 0.37 0.68 0.15 208,591 79,959 14,133 9,135 9,243 5,543 217,726 89,202 19,676 240

146,128 230,657 70,095 (22,776) (27,824) (32,556) (354) (5,700) (2,341) 122,998 197,133 35,198 ---------------- ---------------- ---------------- (10,860) (3,373) (2,822) 2,619 447 223 (45,240) (112,117) (59,651) 377 (310) (27) 5,873 2,696 1,642 6,952 1,620 690 391 (4,756) (6,836) (3,056) (47,981) (119,547) (57,990) ---------------- ---------------- ---------------- 75,017 77,586 (22,792) ---------------- ---------------- ---------------- 31,073 87,292 (30,448) (63,733) (39,740) (166) (1,349) 452 (2,838) (2,888) (1,686) (3,236) (6,324) 1,543 (6,248) 28,302 (39,660) (32,517) 62,183 ---------------- ---------------- ---------------- 35,357 45,069 39,391 140,879 95,810 56,417 2 176,236 140,879 95,810 176,236 140,879 95,810 241

242

2(a)(i) 414,000,000 243

PricewaterhouseCoopers 22/F, Prince s Building Central, Hong Kong Telephone (852) 2289 8888 Facsimile (852) 2810 9888 www.pwchk.com 141 244

245

1,258,477 1,283,370 4 30,008 79,702 3 1,288,485 1,363,072 (1,095,538) (1,130,287) 192,947 232,785 3 5,539 4,973 198,486 237,758 (41,779) (37,977) (66,429) (76,383) 4 33(c) 97,350 5 64,611 (4,957) 6 175,393 112,358 4 76,846 6,083 252,239 118,441 7 (16,403) (38,195) 10,272 11,321 171,541 89,729 4 74,567 1,838 246,108 91,567 8 (11,688) 6,470 234,420 98,037 (16,694) (8,835) 143,159 87,364 4 74,567 1,838 217,726 89,202 10 11 0.37 0.68 11 0.24 0.66 208,591 79,959 9,135 9,243 217,726 89,202 246

14 308,264 286,337 15 203,008 202,381 17 43,059 48,121 18 2,217 19 4,717 5,392 20 7,843 12,916 566,891 557,364 ---------------- ---------------- 21 224,518 170,620 22 266,775 230,962 23 24,959 27 14,648 9,892 176,236 140,879 707,136 552,353 ---------------- ---------------- 24 291,920 280,006 18,116 11,321 4,930 51,630 17 7,250 31,730 25 14,721 8,389 26 6,792 7,501 27 218,868 638,514 550,417 1,041,271 ---------------- ---------------- 156,719 (488,918) ---------------- ---------------- 723,610 68,446 247

28 30,367 131,973 29 391,638 (393,778) 422,005 (261,805) ---------------- ---------------- 178,963 165,157 27 94,340 136,792 30 28,302 28,302 122,642 165,094 ---------------- ---------------- 723,610 68,446 248

14 7,573 8,096 16 228,131 118,800 18 179 19 235,704 127,075 ---------------- ---------------- 15,786 561 23 24,959 114,511 97,900 155,256 98,461 ---------------- ---------------- 16,829 48,747 4,930 41,316 25 319 27 379,013 16,829 474,325 ---------------- ---------------- 138,427 (375,864) ---------------- ---------------- 374,131 (248,789) 28 30,367 131,973 29 343,764 (380,762) 374,131 (248,789) 249

(261,805) (351,069) 28 418,331 28 48,380 62 217,726 89,202 221 (848) 422,005 (261,805) 250

33(a) 146,128 230,657 (22,776) (27,824) (354) (5,700) 122,998 197,133 ---------------- ---------------- (10,860) (3,373) 2,619 447 (45,240) (112,117) 377 33(c) (310) 5,873 2,696 1,642 1,620 690 (4,756) (6,836) (47,981) (119,547) ---------------- ---------------- 75,017 77,586 ---------------- ---------------- 33(b) 31,073 (30,448) (63,733) (166) 452 (2,888) (1,686) (6,324) 1,543 (39,660) (32,517) ---------------- ---------------- 35,357 45,069 140,879 95,810 176,236 140,879 176,236 140,879 251

(i) 252

(ii) (iii) (i) 253

(ii) 17 80 (iii) (iv) (v) 2%-5% 20% 6%-14% 20% 20% 33% 254

(vi) 255

256

(i) (ii) (iii) 257

1,288,485 1,363,072 1,025 1,148 2,614 3,135 139 1,761 690 5,539 4,973 1,294,024 1,368,045 258

164,778 296,470 1,058,593 959,292 35,106 27,608 30,008 76,832 2,870 1,288,485 1,363,072 150 1 3,000 3,558 588 913 1,437 251 364 250 5,539 4,973 87,158 100,355 47,138 27,171 9,690 8,308 31,407 (23,476 ) 70,637 10,572 6,209 (4,489 ) 252,239 118,441 (16,403 ) (38,195 ) 772 1,114 9,500 10,207 10,272 11,321 (11,688 ) 6,470 (16,694 ) (8,835 ) 217,726 89,202 119,074 98,050 914,005 881,486 25,230 21,617 164,816 10,413 32,719 2,178 1,223,125 1,046,463 645 6,941 42,414 41,180 43,059 48,121 2,217 7,843 12,916 1,274,027 1,109,717 60,216 21,403 548,481 554,564 29,556 30,951 20,085 480,406 102,340 8,312 658,338 1,197,976 14,721 8,389 673,059 1,206,365 54,662 122,176 1,083 355 418 35 56,100 122,629 2 5 31,746 40,431 5,135 151 404 327 4,461 4,415 905 41,748 46,234 (14,257 ) 3,801 (10,644 ) (595 ) (624 ) (423 ) (39,984 ) 8,173 5,873 (3,343 ) (1,042 ) 366 (60,678 ) 7,979 (281 ) 3,412 (4,373 ) 651 607 (1,916 ) 2,038 (4,526 ) (6,535 ) 2,147 259

1,051,363 1,141,784 3,686 744 164,778 68,658 220,544 1,288,485 1,363,072 114,906 157,979 402 94 70,147 7,492 74,712 192,947 232,785 55,745 122,211 355 418 56,100 122,629 1,006,135 954,137 137,851 92,326 79,139 1,223,125 1,046,463 60% 58% 97,350,000 260

2,870 30,008 76,832 30,008 79,702 (4,858) (33,119) (65,121) (33,119) (69,979) (1,988) (3,111) 11,711 (3,111) 9,723 364 250 364 250 (1,988) (2,747) 11,961 (2,747) 9,973 (185) (851) (1,341) (851) (1,526) (141) (1,950) (9,491) (3,391) (9,632) (5,341) 645 (366) (7,919) 3,343 (7,274) 2,977 504 (4,489) (21,008) 10,572 (20,504) 6,083 (60) (2,279) (4,185) (2,279) (4,245) 504 (4,549) (23,287) 6,387 (22,783) 1,838 504 (4,549) (23,287) 6,387 (22,783) 1,838 325 (970) (1,483) (201) (1,158) (1,171) 1,745 (35) 1,745 (35) (2,100) 922 (1,839) (2,035) (3,939) (1,113) (30) (48) (3,322) (2,271) (3,352) (2,319) 2,142 6,500 8,642 36 28,257 28,293 2,178 34,757 36,935 (8,312) (102,340) (110,652) (6,134) (67,583) (73,717) 261

24,959 24,161 5,208 1,885 (14,571) 9,673 (481) 1,194 8,975 (3,412) 119 (4,884) (579) (1,959) 71 2,457 1,384 650 (1,259) 2,163 3,900 64,611 (4,957) 900 1,000 41,748 46,234 2,500 (658) 70,520 48,145 2,359 1,140 121 86 23,360 43,304 33 2,030 23,393 45,334 (6,990) (7,139) 16,403 38,195 5.585.58 262

17.5%17.5% 50% 33% 319 5,486 4,049 (8) 5,073 (12,916) 10,551 (8,548) 1,137 2,078 11,688 (6,470) 246,108 91,567 17.5% 17.5% 43,069 16,024 3,395 2,082 (2,507) (3,098) (38,423) (6,257) 6,433 6,076 (7,472) (23,238) 7,184 2,578 (8) 17 (637) 11,688 (6,470) 156,002,00075,255,000 263

217,726,00089,202,000 593,062,328131,972,695 28 143,159,00087,364,000 (a) (b) 59,879 40,439 19 31 10,641 7,687 70,520 48,145 2,544 4,112 615 610 3,159 4,722 650,000 264

1,000,000 10 6 1,000,0011,500,000 1 2 1,500,0012,000,000 1 11 9 1,592 1,157 51 45 1,643 1,202 1,000,000 3 2 265

245,778 1,053 733,491 7,231 18,538 18,121 1,024,212 611 43 6,912 225 516 2,553 10,860 9,697 41,710 234 51,641 (24,744) 6,869 653 25 (308) 393 (17,112 ) 29 221 221 (69,081) (261,621) (1,844) (1,741) (334,287 ) (6,777) (8,902) (1,078) (1,722) (2,178) (20,657 ) 155,484 -------- 7,090 -------- 1,096 -------- 512,243 -------- 6,403 -------- 15,180 -------- 17,382 -------- 714,878 -------- 154,834 1,096 512,243 6,403 15,180 17,382 707,138 650 650 7,090 7,090 155,484 7,090 1,096 512,243 6,403 15,180 17,382 714,878 -------- -------- -------- -------- -------- -------- -------- -------- 134,037 846 568,969 4,459 14,066 15,498 737,875 10,061 74 29,254 319 966 1,074 41,748 (17,221) (17) 4 (298) 420 (17,112 ) (69,081) (261,621) (1,844) (1,741) (334,287 ) (2,950) (5,446) (1,066) (1,641) (2,051) (13,154 ) 481 (8,689) 65 (108) (205) (8,456 ) 55,327 -------- -------- 920 -------- 322,450 -------- 3,781 -------- 11,141 -------- 12,995 -------- 406,614 -------- 100,157 7,090 176 189,793 2,622 4,039 4,387 308,264 111,741 207 164,522 2,772 4,472 2,623 286,337 266

26,073 1,057 1,933 1,440 30,503 39 310 349 (20,781) 5,783 (14,998) 29 207 207 (1,364) (1,364) 5,292 --------- 5,990 --------- 1,096 --------- 879 --------- 1,440 --------- 14,697 --------- 4,642 1,096 879 1,440 8,057 650 650 5,990 5,990 5,292 5,990 1,096 879 1,440 14,697 --------- --------- --------- --------- --------- --------- 18,373 849 1,745 1,440 22,407 137 71 176 384 (14,998) (14,998) (1,355) (1,355) 686 686 4,198 --------- --------- 920 --------- 566 --------- 1,440 --------- 7,124 --------- 1,094 5,990 176 313 7,573 7,700 208 188 8,096 267

50 298 298 250 10 7,498 10 50 99,859 7,090 106,949 103,993 100,157 7,090 107,247 111,741 50 298 298 250 10 50 796 5,990 6,786 7,450 1,094 5,990 7,084 7,700 1780 59 2,710 59 2,266 268

207,000,000258,000,000 27 202,381 84,892 52,230 119,256 (51,641) (508) 38 (1,259) 203,008 202,381 (a) (b) 6,990,0007,139,000 203,000,000190,000,000 27 18,943 18,943 (18,163) (18,163) 780 780 -------------- -------------- (i) 1,278,632 1,302,831 (987,204) (1,117,794) 291,428 185,037 -------------- -------------- (i) (64,077) (67,017) -------------- -------------- 228,131 118,800 (i) 269

28,800 100% 100 21 100% 5,000,000 100% 1 28,800 100% 100 1,880,000 100% 1 2 51% 344,800,000 4,000,000 51% 2 1 2 42,838 42,272 -------------- -------------- (i) 46,048 101,668 (45,827) (95,819) 221 5,849 -------------- -------------- 43,059 48,121 (i) 7,250 (i) 270

237,000,000244,000,000 25% 131,698 142,570 423,530 391,644 5,243 3,594 380,311 389,281 2,845,045 1,801,879 37,999 40,826 34,577 33,993 100,000,000 25% 46,600,000 30% 1 25,000,000 20% 1 29,450,000 25% 1 132,000,000 42% 1 800,000 43% 1 1 2 271

2,538 (500) 2,038 -------------- -------------- -------------- -------------- 24 64,443 24 64,443 (24) (64,264) (24) (64,264) 179 179 -------------- -------------- -------------- -------------- 2,217 179 179 179 179 179 4,717 5,592 200 (200) (200) 4,717 5,392 272

17.5% 17.5% 2,037 7,009 3,870 12,916 2,315 2,037 (7,009) 7,009 (379) 3,870 (5,073) 12,916 4,352 2,037 7,009 3,491 3,870 7,843 12,916 300,000,000362,000,000 44,155 95,418 100,738 21,331 79,625 53,871 224,518 170,620 5,000,0005,000,000 3090 217,655,000179,595,000 % % 6 199,290 92 177,074 98 61 7,729 4 2,145 1 1 10,636 4 376 1 217,655 100 179,595 100 273

125,399,000111,178,000 % % 6 112,583 90 98,953 89 61 4,631 4 2,226 2 1 2 5,247 4 5 2 2,938 2 9,994 9 125,399 100 111,178 100 512 831 319 14,209 7,558 14,721 8,389 319 7,501 9,315 (430) (1,384) (709) 6,792 7,501 274

206,605 218,558 12,263 419,956 379,013 218,868 638,514 379,013 47,170 14,151 47,170 122,641 94,340 136,792 313,208 775,306 379,013 410,000,000 448,000,00014,648,0009,892,000 420,427,000 Coppermine Resources LimitedCoppermine Coppermine 28 0.05 0.1 6,000,000 3,000,000 300,000 300,000 0.05 0.1 607,350 1,319,727 30,367 131,973 100.1 11 0.05 5,700,000,0000.05300,000,000 275

Coppermine Coppermine475,376,917 0.05418,331,00023,768,000394,563,000 Coppermine466,711,000 48,380,000Coppermine (c) (e) (d) 800,030 496 15,600 64,422 2,877 (1,366,467 ) (483,042 ) 5,192 (5,192 ) 62 62 89,202 89,202 800,030 558 15,600 69,614 2,877 (1,282,457 ) (393,778 ) 394,563 394,563 48,380 48,380 125,374 125,374 834 (834 ) 221 221 217,726 217,726 (848 ) (848 ) 1,194,593 48,380 125,374 779 15,600 70,448 2,029 (1,065,565 ) 391,638 276

(e) 800,030 15,600 (1,271,647) (456,017 ) 75,255 75,255 800,030 15,600 (1,196,392) (380,762 ) 394,563 394,563 48,380 48,380 125,374 125,374 207 207 156,002 156,002 1,194,593 48,380 125,374 207 15,600 (1,040,390) 343,764 5% 50% 25% 5% 125,374,060 28 28,302,000 28,302,000 277

5% 1,000 10,641,0007,687,000 142,000 11,190,000 2 3.115 1 11,190,000 80,000 11,110,000 1 3.00 2 80,000 17 278

246,108 91,567 (10,272) (11,321) (1,761) (690) 16,403 38,195 41,748 46,234 4,884 579 (8,494) 2,218 1,259 (119) 1,959 (71) (9,673) (1,384) (97,350) 183,433 166,586 (1,514) 19,330 (54,432) 37,535 (35,077) (29,037) (24,959) 71,882 54,597 6,795 (17,924) (430) 146,128 230,657 279

638,514 136,792 4,930 51,630 31,730 165,157 (30,448) 42,452 (42,452) (379,011) (4,930) (41,354) 16,694 31 (2,888) (6,324) (52,639) (10,307) (25,406) 218,868 94,340 178,963 534 81 310 (8,967) (10,307) (108) (25,406) (52,639) (96,502) (848) (97,350) 310 Coppermine 379,011,0004,930,00041,354,00041,416,000 Coppermine 466,711,000 418,331,000 475,376,9170.05 48,380,000 Coppermine 28 29 280

(a) (b) (c) 23,585,000 23,585,000 1,300,0004,000,000 66,748,000 2,245,0001,757,000 1,396 499 849 1,258 2,245 1,757 15,724 8,767 49,100 80,258 64,824 89,025 281

495 639 1,134 3,583 4,113 40,635 74,208 8,329 10,154 9,312 31 1,740 217 603 695 765 Top Create Resources Limited 2,886,000,000 2.86 1,009,090,909 166.15% 282

283

1,288,485 6,905,650 8,194,135 (164,778) (d) 8,029,357 (1,095,538) (6,155,192) (7,250,730) 118,250 (c)(i), (d) (7,132,480) 192,947 750,458 943,405 (46,528) 896,877 5,539 6,653 12,192 12,192 (41,779) (77,162) (118,941) (118,941) (66,429) (43,032) (109,461) (109,461) 97,350 97,350 97,350 64,611 (5,443) 59,168 59,168 (554) (554) (68,682) (c)(ii) (69,236) 252,239 630,920 883,159 (115,210) 767,949 (16,403) (65,822) (82,225) (82,225) 10,272 1,503 11,775 11,775 246,108 566,601 812,709 (115,210) 697,499 (11,688) (174,888) (186,576) (186,576) 234,420 391,713 626,133 (115,210) 510,923 (16,694) (18,936) (35,630) (35,630) 217,726 372,777 590,503 (115,210) 475,293 284

308,264 1,466 309,730 309,730 203,008 203,008 203,008 43,059 3,844 46,903 46,903 30,268 30,268 159,733 (b)(ii) 190,001 6,819 6,819 1,373,641 (b)(iii) 1,380,460 4,717 7,392 12,109 12,109 1,400,430 1,400,430 377,970 (b)(ii) 1,778,400 7,843 7,843 7,843 566,891 1,450,219 2,017,110 1,911,344 3,928,454 --------------- --------------- --------------- --------------- --------------- 224,518 655,366 879,884 879,884 266,775 315,753 582,528 582,528 21,198 21,198 21,198 24,959 156,541 181,500 181,500 11,546 11,546 11,546 14,648 35,015 49,663 49,663 176,236 165,518 341,754 267,962 (a) 609,716 707,136 1,360,937 2,068,073 267,962 2,336,035 --------------- --------------- --------------- --------------- --------------- 285

291,920 211,991 503,911 503,911 18,116 177,933 196,049 196,049 327,157 327,157 327,157 206,507 206,507 206,507 14,721 789 15,510 15,510 6,792 6,792 6,792 2,210 2,210 2,210 3,942 3,942 3,942 218,868 471,138 690,006 690,006 73,140 73,140 73,140 550,417 1,474,807 2,025,224 2,025,224 --------------- --------------- --------------- --------------- --------------- 156,719 (113,870) 42,849 267,962 310,811 --------------- --------------- --------------- --------------- --------------- 723,610 1,336,349 2,059,959 2,179,306 4,239,265 --------------- --------------- --------------- --------------- --------------- 28,302 7,936 36,238 36,238 6,266 6,266 6,266 94,340 614,688 709,028 709,028 122,642 628,890 751,532 751,532 --------------- --------------- --------------- --------------- --------------- 178,963 765 179,728 179,728 --------------- --------------- --------------- --------------- --------------- 422,005 706,694 1,128,699 2,179,306 3,308,005 286

146,128 589,837 735,965 735,965 (22,776) (72,778) (95,554) (95,554) (354) (179,545) (179,899) (179,899) 122,998 337,514 460,512 460,512 --------------- --------------- --------------- --------------- --------------- 1,620 4,521 6,141 6,141 (10,860) (825) (11,685) (11,685) 2,619 397 3,016 3,016 (45,240) (45,240) (45,240) (446,896) (446,896) (446,896) (310) (310) (310) (1,146) (1,146) (1,146) 5,873 5,873 5,873 2,696 2,696 2,696 377 377 377 (4,756) (4,756) (4,756) (47,981) (443,949) (491,930) (491,930) --------------- --------------- --------------- --------------- --------------- 75,017 (106,435) (31,418) (31,418) --------------- --------------- --------------- --------------- --------------- 287