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SINOCOP RESOURCES (HOLDINGS) LIMITED 476 (1) (2) (3) 891 9293125 238 3335337 33337 48

............................................................. 1....................................................... 8............................................... 92................................................. 93................................... 126................................. 141............................ 183............................ 198............................ 278 (A)................................ 323........................................... 325................................................. 335 i

476 18 18 1

0.75 2,910,000,000 Sino PowerHouse 2

8.573 6 Sino PowerHouse Louis Bucci SRK Consulting (Australasia) Pty LtdSRK 18 3

Michael John WarrenSRK Consulting (Australasia) Pty LtdLouis Bucci(a)5 (b)18 0.75 JORC (JORC) 2.1791 14.04(9) 4

0.600.75 265,000,000 333,300,000 China Elegance Resources Limited 1001.00 100% 571 238 3 (i) (ii) (iii) 5

0.01 Sino PowerHouse187,000,000 Sino PowerHouse Sino PowerHouse Corporation South China Mining Investments Limited Sino PowerHouse 70%25%5% 18 Sino PowerHouse 6

% 1.001.264 7

SINOCOP RESOURCES (HOLDINGS) LIMITED 476 Clarendon House 2 Church Street Hamilton HM 11 Bermuda 333 37 (1) (2) (3) 3,000,000,000 (i) 90,000,000 0.75120,000,000 (ii) 2,910,000,000 8

(i) (ii)(iii)(iv) (v)(vi) (vii) Sino PowerHouse China Elegance Resources Limited Sino PowerHouse70% Sino PowerHouseSino PowerHouse 51%49% 22.48%0.87% 25%5% 9

Sino PowerHouse Corporation 70% 25% 5% South China Mining Investments Limited 100% 99% 1% South China Mining Investments LimitedSouth China Mining Investments Limited1% 3,000,000,000 (i) 90,000,000 0.75120,000,000 (ii) 2,910,000,000 1. SRK Consulting (Australasia) Pty Ltd 236,000,000SRK Consulting (Australasia) Pty Ltd 2,900 3,400 10

2. 3,720,000,000 3. (i) 8.67%(ii) 7.98% 0.75 (a) 0.783.8% (b) 5 0.772.6% 11

(i) 280.27%(ii) 72.06% (iii) 67.86% 0.75 (i) 0.783.8% (ii) 5 0.772.6% (iii) 10 0.741.3% (iv) 0.49551.5% 13

(i) 30% 26 (ii) 25% 14.06(6) 15

(a) (b) (c) JORC 5% 16

(d) (e) (f) (g) (h) (i) (j) (k) (l) (m) 17

(d) (a)(c)(e)(f)(g)(i)(j)(l)(m) (b)(d)(h)(k) (a)(c)(e)(f)(g)(i)(j)(l)(m) (b)(d)(h)(k)(b) (i) (ii) (b) (i) 1 (ii) (iii) (ii) 18

Sino PowerHouse 1. Sino PowerHouse Sino PowerHouse 2. Sino PowerHouse 3. Sino PowerHouse 19

Sino PowerHouse 30% 2 % % % % % 1 311,232,469 22.48 311,232,469 18.12 311,232,469 16.93 311,232,469 15.51 311,232,469 5.44 Sino PowerHouse1 84,000,000 4.57 202,746,228 10.10 2,800,000,000 48.97 30,000,000 1.63 72,409,367 3.61 1,000,000,000 17.49 6,000,000 0.33 14,481,873 0.72 200,000,000 3.50 333,300,000 19.40 333,300,000 18.14 333,300,000 16.60 333,300,000 5.83 1,073,164,331 77.52 1,073,164,331 62.48 1,073,164,331 58.40 1,073,164,331 53.46 1,073,164,331 18.77 1,384,396,800 100.00 1,717,696,800 100.00 1,837,696,800 100.00 2,007,334,268 100.00 5,717,696,800 100.00 1 2,800,000,000Sino PowerHouse51% 49%12,000,000 1,200,000 2 3 20

39,700,00038,700,000 85,100,000 75,000,000 212,300,000 98,620,000 (i) (ii) (iii) (iv) (v) 21

(vi) (vii) 45,400,000 (i) (ii) SRK Consulting (Australasia) Pty Ltd 1. 8.573 (Na2SO4)98,620,000 2. 2.1791 20,424 22

12 (i)(ii) 23

SRK Consulting (Australasia) Pty LtdJORC (%) A B = A x B 1,248 17.50 219 98 17.91 17 1,346 17.53 236 SRK Consulting (Australasia) Pty LtdJORC 236,000,000 98,620,00098,620,0004,768.29 SRK Consulting (Australasia) Pty Ltd JORCSRK Consulting (Australasia) Pty Ltd4,987 JORC236,000,000 238,100,000 236,000,000 2,000,000 0.1%SRK 24

C4500002011076210115236 4500000810030 (i) 14 14 25

30 1. 2. 3. 4. 30 5. 6. 7. 500,000 26

PH (http://minerals. usgs.gov/minerals/pubs/commodity/sodium_sulfate/mcs-2012-nasul.pdf) 70% 28

8,500,0002,880,0005,620,000 50% 134 140 593650635 648740 3% 29

2%3% 30

25%30% (i) 30 (ii) 31

30 86 9032 99.0% 33

(i) 4,300,000575,000 575,000 1,150,000 1,725,000 30 4,300,000500,000 30(i) (ii)(iii) (ii) 4,300,000575,000 35

(iii) (i) (ii) (iii) (i)(ii) (iii) 36

64,000,00072,000,000 84,000,000 575,0001,150,000 1,725,000 38

2,500,000 39

416,600,000 SRK Consulting (Australasia) Pty Ltd 181.6 104.9 49.8 80.3 416.6 40

416,600,000 122,000,000 1 66.0 12 15.0 6 10.0 8 8.0 4 6.0 3 3.0 6 2.0 12 2.0 2 10.0 12 122.0 1 12 12 122,000,000 41

12122,000,000 125% 800,000,000 1,200,000,000800,000,000 1,200,000,000 1.432.86 4.29575,0001,150,000 1,725,000 214,200,000212,300,000 2,800,0006,300,00012,700,000 42

20 83,423,00071,267,000 91,643,00088,196,000 903,000 1,926,000 174,536,000159,888,000 169,000 361,000 43

991 1100 1100 5 6 200,000 30 96,913,00091,643,000 87,242,00083,423,000 44

2,763,000 903,000 195,586,000174,536,000 2,874,000 169,000 1 100 45

10 5 565,000 2030 105,681,00096,913,00093,295,000 87,242,000 6,325,000 2,763,000 208,664,000195,586,000 46

2,583,000 2,874,000 1001 19 10 2,497,000 47

(i)(ii) 30 (i) (ii)(iii) 30 48

SRK 575,000 3,450,000 50

SRK SRK Consulting (Australasia) Pty Ltd 51

SRK 98% 52

(http://minerals.usgs.gov/minerals/pubs/commodity/sodium_sulfate/mcs-2012-nasul.pdf) 134 140 53

6 42 (i) (ii) (i)(ii) 55

SRK SRK 4,340,0001,860,000 SRK 56

20.9910 10.9920.99 12,600,000 30 30 58

(i)(b) (d)(h)(k)(ii)(b) 59

(a) (b) 61

100100 500 1,000 2 63

60% 20% = 259 2% 50% 64

240 65

17% 25% 68

SRK 0.5 SRK (i)(ii) (iii) SRK SRK (A)SRK SRK 69

SRK SRK SRK SRK378,800,00010% 416,700,000 SRK 4,340,0001,860,000 SRK 70

SRK SRK SRK SRK SRK SRK 71

(i) (ii) (iii) 30 72

SRK 74

56 JORC 53 75

46 58 46 20 (i) 3.21:5000 53,800 B 76

(ii) 51:5000 31:50007,530 3.15BC (iii) 121:5000 31:50003,005 6.96BC (iv) (v) 77

(vi) 1.51:5000 71:500011,579 58 (i) 2,400,000 (ii) 6,400 16,000 3,800,000 78

(iii) 4,80012,000 3,500,000 (iv) 3,200 8,000 2,500,000 (v) 4,000 10,000 2,800,000 53 79

48 55 80

64 2 63 (EPCM) 150,000 100,000 200,000 100,000200,000 81

59 57 60 82

45 39 265,000,000 333,300,000 0.600.75 83

3% 0.75 (i) 0.783.8%(ii) 5 0.772.6% (iii) 10 0.74 1.3% 84

0.6 (i) 0.7823.1%(ii) 5 0.7722.1% (iii)10 0.74 18.9% 0.60 0.75 200,000,000 159,000,000 199,000,000 0.60.75 159,000,000 85

154,000,000 193,000,000 0.580.73 265,000,000333,300,000 19.14%24.08% 16.07% 19.40% (i) (ii) 86

EconomyWatch(http://www.economywatch.com/economicstatistics/year/2013/)2013 9.475%(www.news.cn) (http://news.xinhuanet.com/fortune/2011-03/15/c_121187878.htm) 7% 87

293,500,00056,000,000 3,330,000,000 216,500,000 5.3% 88

12,700,000 100%14.06(5) 14.49 Sino PowerHouse51% 22.48%Sino PowerHouse49% 0.87% 89

14A.13(2)(b) 18(i) SRK JORC(ii) 335337 33337 48 90

SINOCOP RESOURCES (HOLDINGS) LIMITED 476 93125 891 92

282801 3,000,000,000 93

100% Sino PowerHouse 70%25%5%Sino PowerHouse 51%49% 22.48% 0.87% 1414A 94

Minera Catania Verde S.A.Verde 60% Catania Copper (Chile) LimitedVerde 261,600,000 144,200,000 27,300,000 25,300,000 3,900,000 51,400,00037,100,000 4,100,000 3,900,000 95

Sino PowerHouse 70%25%5% 8.573 C4500002011076210115236 4,300,000 SRK Consulting (Australasia) Pty Ltd.SRK JORC236,000,000 (%) A B = AB 1,248 17.50 219 98 17.91 17 1,346 17.53 236 3,279,000,0004,224,000,000 3,718,000,000 96

(903) (2,763) (6,325) (12,720) 175,288 196,185 210,348 214,201 752 599 1,684 1,887 174,536 195,586 208,664 212,314 202,400,000 97

8,500,0002,880,0005,620,000 64,000,00072,000,00084,000,000 35.0 30.0 25.0 20.0 15.0 15.4 18.5 19.8 21.8 24.4 27.2 29.4 30.6 32.0 32.6 10.0 5.0 0 2016 2018 2020 2022 2024 2026 2028 2030 2032 2035 98

593 620 618.5 635 650 685 659 648.5 625740 4.3%3% 3,000,000,000(i)90,000,000 0.75120,000,000 (ii)2,910,000,000 99

3,000,000,000 (i)90,000,000 0.75120,000,000 (ii)2,910,000,000 100

(i)srk 3,720,000,000(ii) SRK 19.35% 85,100,000 (i)(ii)(iii) 101

76,000,00062,500,00040,600,000 90,000,000 0.75120,000,000 (i) 8.67%(ii) 7.98% 102

(a) 0.783.85% (b) 5 0.772.60% (c) 10 0.741.35% (d) 0.495 51.52% 103

(0621) (31.67) (22.64) (18.00) (1823) (7.25) (7.25) (7.91) (0996) (13.50) 0.00 (1.10) (8356) (59.59) (58.74) (56.20) (1060) (13.98) (8.26) (6.76) (0456) (88.68) (88.68) (88.64) (88.68) (88.68) (88.64) (7.25) 0.00 (1.10) (35.78) (30.93) (29.77) (3.85) (2.60) 1.35 www.hkexnews.hk 104

1. 7.25%88.68% 35.78%3.85% 2. 0%88.68%30.93% 2.6% 3. 1.10%88.64%29.77% 1.35% 4. (i) (ii) 105

2,910,000,000 0.75 3,880,000,000 106

(i) 280.27%(ii) 72.06% (iii) 67.86% 107

(%) (8202) (0404)1 (0910) (0996) (8356) (0692) (8017)12 3 0 4.11 (3.55) 7 0 (2.50) 1.30 5 0 4.90 3.45 5 0 (13.50) 0.00 3 5 (59.59) (58.74) 3 2 (16.67) (18.03) 2 0 6.67 19.40 2 0 (59.59) (58.74) 7 5 6.67 19.40 1.0 (10.94) (8.02) 10 0 (3.85) (2.60) www.hkexnews.hk 1. 2. 108

2 710 5% 1.0% 1. 6.67%59.59% 10.94%3.85% 2. 19.40% 58.74%8.02% 2.6% 109

3. 6.67%2.5% 4. 1.3%19.40% 110

Sino PowerHouse 1. Sino PowerHouse Sino PowerHouse 2. Sino PowerHouse 3. Sino PowerHouse SRK SRK18 VALMINSRK VALMINJORC 18 111

18.09(3) SRK 18 VALMIN SRK VALMIN SRK(i) (ii)(iii) SRK(iv) SRKMichael John WarrenLouis Bucci Anthony Stepcich Romeo Ayoub SRKLouis Bucci 18Michael John WarrenLouis Bucci(a) 5(b)18 SRK 112

SRK VALMIN (i)(ii)(iii) (iv)(v) SRK 50 SRK 113

SRK (i)(ii)(iii) SRK SRK SRK 114

SRK (i)(ii) (iii) SRK(i)(ii) (iii) 115

(i) SRKJORC 219,000,00017,000,000 SRK 18.30(3) SRK SRK 575,000 1,000,0001,725,000 3,450,000SRK 4,300,000 SRK 116

SRK 832.50SRK SRK 67 PPSPPSPPSPPS SRK 806.07943.10 SRK832.50 943.1110.6 708.7123.8 SRK 1,0001,300 600650 117

832.50 SRK 832.50 SRKSRK 5.17 SRK SRK 30 2,600100 80 21 118

(i) (ii)(iii) SRK SRK 6.6 SRK SRK SRK SRK SRK (i) (ii) (iii)12srk SRK SRK 119

SRK (i) (ii) SRK (ii) SRK13.05%SRK WACC (i) (ii)300(iii)srk 300 SRKSRK SRK 5.20 (iii) SRK42 SRK42 120

4225SRK 25SRK (iv) SRKSRK 293,500,00056,000,000 3,330,000,000216,500,000 121

5.3% 12,700,000 Sino PowerHouse 30% 2 % % % % % 1 311,232,469 22.48 311,232,469 1 8.12 311,232,469 1 6.93 311,232,469 15.51 311,232,469 5.44 Sino PowerHouse1 84,000,000 4.57 202,746,228 10.10 2,800,000,000 48.97 30,000,000 1.63 72,409,367 3.61 1,000,000,000 17.49 6,000,000 0.33 14,481,873 0.72 200,000,000 3.50 333,300,000 1 9.40 333,300,000 1 8.14 333,300,000 16.60 333,300,000 5.83 1,073,164,331 77.52 1,073,164,331 6 2.48 1,073,164,331 5 8.40 1,073,164,331 53.46 1,073,164,331 18.77 1,384,396,800 100.00 1,717,696,800 1 00.00 1,837,696,800 1 00.00 2,007,334,268 100.00 5,717,696,800 100.00 1. 2,800,000,000Sino PowerHouse51% 49%12,000,000 1,200,000 122

2. 3. 77.52%18.77%(i) (ii)(iii) (i) (ii) (i) (ii) 123

(i) (a)(b) (c)(d) (e) (ii) (i) (ii) (i)(ii) (iii) 124

(i) (ii) 125

1. (http://www.hkexnews.hk) (http://www.sinocop.hk) 37 108 http://www.hkexnews.hk/listedco/listconews/sehk/2013/0726/ltn20130726287_c.pdf 31 100 http://www.hkexnews.hk/listedco/listconews/sehk/2012/0712/ltn20120712294_c.pdf 28 92 http://www.hkexnews.hk/listedco/listconews/sehk/2011/0706/ltn20110706333_c.pdf 2. 126

3,464 300 3,771 127

3. 125 4. 5. 128

312,400,000 389,800,000 15.3% 1.8% 5,700,00059,800,000 52,900,00032,400,000 8,100,000 43,100,00025,200,000 0.030.02 129

60%Catania Copper (Chile) Limited Minera Catania Verde S.A.Verde Verde 130

0.4 110,000,000 110,000,00042,600,000 0.4% 2.3% 700,0003,400,000 173,300,000148,000,000 700,0002,700,000 700,000 76,000,000 77,600,00012,000,000 12,000,00093,600,00093,600,000 131

12,000,00012,000,000 4771 132

144,200,000 312,400,000 1.8%7.3% 25,300,00052,900,000 37,100,000 58,400,000 8,100,000 21,300,00043,100,000 0.01540.0331 133

60% Catania Copper (Chile) Limited Verde Verde 257,100,000283,200,000 134

0.4% 700,000 173,300,000 152,600,000 62,400,000 76,000,000 135

34 12,000,000 3747 136

261,600,000 144,200,000 7.3% 5.2% 13,700,00010,500,000 27,300,00025,300,000 3,900,000 13,400,0001,800,000 10,200,000 51,400,00037,100,000 4,100,000 3,900,000 23,200,00021,300,000 0.01680.0154 137

Verde60% Catania Copper (Chile) LimitedVerde Verde Verde Verde 138

Verde 237,500,000257,100,000 135,600,000152,600,000 40,600,000 62,500,000 139

4437 140

A. South China Mining Investments Limited China Elegance Resources LimitedSino PowerHouse Corporation 3,000,000,000 141

CE Media Group Limited South Africa Mining Investments Limited South China Mining Investments Limited 100%1% C15 142

3.340 C4 2410 143

C4 2410 144

B. 6 7 (10) 8 2 218 (903) (2,753) (6,333) (3,048) (3,612) 8 (9,326) 8 (903) (2,763) (6,325) (3,046) (12,720) 10(a) (903) (2,763) (6,325) (3,046) (12,720) 6,405 8,097 1,742 (2,040) 3,352 5,502 5,334 (4,583) (5,086) (9,368) 12 (151) (28) (63) (30) (127) 145

13 53 1,029 2,642 2,407 14 175,066 184,155 198,976 202,448 175,119 185,184 201,618 204,855 8,127 6,147 6,739 16 169 2,874 2,583 2,607 169 11,001 8,730 9,346 175,288 196,185 210,348 214,201 752 599 1,684 1,887 (583) 10,402 7,046 7,459 174,536 195,586 208,664 212,314 17 1 1 1 1 11,214 16,548 11,965 2,597 19(b) 163,321 179,037 196,698 209,716 174,536 195,586 208,664 212,314 146

17 19(b) 10,621 (4,909) 154,176 159,888 (903) (903) 6,405 6,405 6,405 (903) 5,502 1 1 9,145 9,145 1 17,026 (5,812) 163,321 174,536 (2,763) (2,763) 8,097 8,097 8,097 (2,763) 5,334 15,716 15,716 1 25,123 (8,575) 179,037 195,586 (6,325) (6,325) 1,742 1,742 1,742 (6,325) (4,583) 17,661 17,661 1 26,865 (14,900) 196,698 208,664 (12,720) (12,720) 3,352 3,352 3,352 (12,720) (9,368) 13,018 13,018 1 30,217 (27,620) 209,716 212,314 147

17 19(b) 1 25,123 (8,575) 179,037 195,586 (3,046) (3,046) (2,040) (2,040) (2,040) (3,046) (5,086) 10,107 10,107 1 23,083 (11,621) 189,144 200,607 4(1) 148

(903) (2,763) (6,325) (3,046) (12,720) (1) (4) (1) (218) 83 41 277 123 281 9,326 225 (595) (2,723) (6,052) (2,924) (3,331) (8,127) 1,627 2,236 (592) 461 (201) 753 2,218 203 (134) (11,051) (3,672) 1,530 (3,720) (993) (1,500) (1,381) (7) (9,272) (121) (4,983) (4,991) (1,008) (7,913) (5,235) (199) 1 4 1 218 (9,272) (2,121) (14,392) (11,606) 12 17 1 248,694 (258,020) 9,145 15,716 17,661 10,107 13,018 9,146 15,716 17,661 10,107 3,692 149

(260) 2,544 (403) 31 (16) 361 169 2,874 2,874 2,583 68 161 112 9 40 169 2,874 2,583 2,914 2,607 169 2,874 2,583 2,914 2,607 150

C. 1. CE Media Group Limited South Africa Mining Investments Limited South China Mining Investments Limited Portcullis TrustNet (BVI) Limited of Portcullis, TrustNet Chambers, P.O. Box 3444, Road Town, Tortola, British Virgin Islands333 37 15 2. (a) (b) (i) (ii) 5 (c) 151

3. 7 9 9 2 32 1 36 1 9 2 1 21 1 2 152

4. (a) (b) (c) 153

5 5 5 5 (d) (e) 154

36 155

(f) 156

(g) (i) 157

158

(ii) 159

(h) (i) 160

(j) (k) 161

162

(l) (m) (i) 163

(ii) (n) (o) (a) (i) (ii) (iii) (b) (i) (ii) 164

(iii) (iv) (v) (vi) (a) (vii) (a)(i) (i) (ii) (iii) (p) 165

5. 166

(i) (ii) (iii) 6. 167

7. (11) 4 1 1 4 1 218 (10) 8 2 218 8. 20 7 7 7 83 41 277 123 281 9,326 858 349 382 9 100 434 1,781 938 947 100 131 716 293 375 225 200,000,000 248,694,000 15% 168

9. (a) 10 222 111 112 (b) (a) 63 164 815 383 429 42 70 343 161 181 105 234 1,158 544 610 0 1,000,000 5 5 4 4 4 169

10. (a) (b) (903) (2,763) (6,325) (3,046) (12,720) 25% (226) (691) (1,581) (762) (3,180) 226 691 1,581 762 3,180 (c) 170

11. 12. (903) (2,763) (6,325) (3,046) (12,720) 6 100 100 100 100 171

13. 113 61 366 540 (369) (369) 5 2 3 10 118 63 181 19 974 993 5 3 23 31 123 85 997 1,205 1,204 434 228 1,866 13 5 2 8 28 1,340 524 230 1,005 3,099 7 7 22 9 4 17 52 1,362 540 234 1,022 3,158 43 34 108 185 36 12 35 83 (144) (144) 2 1 1 4 81 47 128 27 14 41 5 2 7 113 63 176 10 55 23 189 277 1 1 2 4 124 119 23 191 457 122 42 22 95 281 4 3 1 5 13 250 164 46 291 751 1,112 376 188 731 2,407 1,216 405 207 814 2,642 10 22 997 1,029 37 16 53 172

14. 159,463 159,463 9,272 9,272 6,331 6,331 175,066 175,066 121 1,056 1,177 (93,671) 93,671 5,726 2,186 7,912 87,242 96,913 184,155 5,302 7,913 13,215 751 855 1,606 93,295 105,681 198,976 199 199 1,533 1,740 3,273 94,828 107,620 202,448 6 173

20 6 83,423,00087,242,00093,295,000 94,828,000 30 6 93,671,000 91,643,000 38 7,913,000199,000 6 174

(i) 10 (ii) 19.83% (iii) (iv) 0.79101 (v) 15. (i) 1 100% 32,341,600 (iii) 100% (i) & (ii) 175

(i) (ii) (iii) 5,000,000 1% 27,341,60032,341,600 16. 47,000 298,000110,000319,000 17. 1 50,000 50,000 390,000 390 1 1 8 (ii) 99 99 772 1 100 100 780 1 176

(i) 50,00050,0001 1 (ii) 991 100 18. (a) 4,830 299 303 (b) 177

613 852 850 2,401 2,028 1,644 3,014 2,880 2,494 19. (a) 9 China Elegance Resources Limited Sino PowerHouse 3,000,000,000 Sino PowerHouse (b) Sino PowerHouse 178

Sino PowerHouseSino PowerHouse Sino PowerHouse Sino PowerHouse Sino PowerHouse Sino PowerHouse (c) 1 (d) 9 20. 179

21. (a) (b) (c) 180

(d) (e) 22. 169 3,044 4,068 3,698 752 599 1,684 1,887 181

D. E. 333 37 P03752 182

A. 187197 186 South China Mining Investments Limited 183

4.29 7 7 4.29(7) 3420 4.29 7 184

(a) (b) (c) 4.29(1) 333 37 P03752 185

B. 4.29(1)14.69(4)(a)(ii) (i)(ii) 186

(I) 1 2 12,521 2,407 14,928 96,485 96,485 613 613 48,324 48,324 15,365 15,365 94,828 3(v) (94,828) 107,620 3(i) 2,768,380 2,876,000 14,535 14,535 187,843 204,855 3,066,250 22,737 22,737 42,298 6,739 5 (1,921) 47,116 40,629 2,607 4(i) 154,230 193,855 5 (3,611) 105,664 9,346 263,708 293,507 214,201 3,329,958 187

1 2 22,737 22,737 14,798 14,798 15,810 1,887 17,697 2,709 2,709 56,054 1,887 57,941 49,610 7,459 205,767 237,453 212,314 3,272,017 3(vi) 158,575 158,575 56,054 1,887 216,516 237,453 212,314 3,113,442 13,844 1 3 (vii) (1) 17,694 3 (iii) 1,200 4 (ii) 2,650 121,726 2,597 3 (vii) (30,217) 2,993,865 3 (vii) 27,620 3 (iii) 70,800 3 (iv) 2,655,291 4 (ii) 156,350 4 (iii) (4,770) 5 (5,532) 209,716 3 (vi) (209,716) 135,570 212,314 3,011,559 101,883 101,883 237,453 212,314 3,113,442 188

(II) 1 2 261,613 261,613 (247,915) (247,915) 13,698 13,698 13,440 8 13,448 (51,395) (6,333) 5 (5,532) (63,260) (2,944) 3(vi) (23,786) (26,730) (80) (80) (27,281) (6,325) (62,924) (27,281) (6,325) (62,924) 189

1 2 4,997 1,742 6,739 (22,284) (4,583) (56,185) (23,209) (6,325) (58,852) (4,072) (4,072) (27,281) (6,325) (62,924) (19,688) (4,583) (53,589) (2,596) (2,596) (22,284) (4,583) (56,185) 190

(III) 1 2 (27,281) (6,325) 5 (5,532) (62,924) 3(vi) (23,786) (2) (4) (6) 2,944 3(vi) 23,786 26,730 7,192 277 7,469 2,633 2,633 3,945 3,945 235 235 (496) (496) 80 80 (10,750) (6,052) (22,334) (22,737) (22,737) (37,766) 1,627 5 1,921 (34,218) 769 769 22,737 22,737 14,798 14,798 14,358 753 15,111 (1,066) (1,066) (19,657) (3,672) (26,940) 191

1 2 (33) (1,500) (1,533) 496 496 (4,983) (4,983) (7,913) (7,913) 2 4 6 465 (14,392) (13,927) 17,661 3(vi) (17,661) 3(vi) 17,661 17,661 (2,944) (2,944) 4(i) 154,230 154,230 (2,944) 17,661 168,947 (22,136) (403) 128,080 62,460 2,874 65,334 305 112 417 40,629 2,583 193,831 40,629 2,583 193,831 192

1. 2. 3. 3,000,000,000 (a) 90,000,0000.75 120,000,000 (b) 2,910,000,000 3 2 2 25 2,876,000,000 193

(i) 107,620 2,768,380 2,876,000 212,314 (107,620) 3(v) (94,828) 3(vi) (158,575) (148,709) 2,727,291 36 194

(ii) 3(iii) 72,000 3(iv) 2,655,291 2,727,291 (iii) 120,000,000 0.6072,000,0001,200,000 70,800,000 (iv) 2,910,000,000 0.75 2 2,655,291,000 2,655,291,000 195

(v) (vi) 18 121 94,828,0001 Sino PowerHouse 19 Sino PowerHouse209,716,000 158,575,000 15% 51,141,000 23,786,000 (vii) 196

4. 0.600.75265,000,000 333,300,000 0.600.75 0.60 0.60265,000,000 (i) 154,230,000 (ii) 2,650,000156,350,000 (iii) 4,770,0003% 5. 5,532,000 1,921,0003,611,000 6. 0.80711 197

SRK Consulting (Australasia) Pty Ltd (www.sinocop.hk) SRK Consulting (Australasia) Pty Ltd WIS001 198

33337 SRK Consulting (Australasia) Pty Ltd Level 8, 365 Queen Street, Melbourne, Victoria 3000, Australia melbourne@srk.com.au srk.com.au +61 3 8677 1900 +61 3 8677 1901 SRKWIS001 Louis Bucci lbucci@srk.com.au Michael John Warren Louis BucciGavin ChanDanny KentwellKirsty SheerinAndrew Banks Anne-Marie EbblesTimothy NewtonJessica BinoirMichael John Warren 199

60 SRK ConsultingSRK SRK SRK SRK JORC SRK SRK899 ES-1 SRKSRK 0.5 SRK 200

SRK 1306030 450090 121,0806.5 SRK500 1,5001,5003,000SRK ES-1 (%) 1 473 18.12 86 2 37 18.92 7 1 581 16.77 98 49 16.76 8 2 43 14.99 6 1 151 19.1 29 12 19.63 2 1248 17.5 219 98 17.91 17 + 1346 17.53 236 * 10% 201

72,200,000SRK SRK 53,600,000107.2 SRK SRK SRK SRK SRK SRK 125,460,200416,680,000 SRK 202

108,795,994 63%SRK SRK SRK SRK 203

......................................................... 200......................................................... 208....................................................... 208 1.............................................. 210 2.......................................... 210 2.1............................................... 210 2.2............................................... 210 2.3............................................... 210 2.4......................................... 212 2.4.1........................................... 212 2.4.2......................................... 212 2.5 SRK.......................................... 213 2.6................................................... 213 2.7............................................... 213 2.8................................................... 214 2.9................................................... 214 3.............................................. 215 3.1............................................... 215 3.2............................................. 216 3.3............................................... 216 3.4............................................... 217 4................................................ 220 4.1............................................... 220 4.2....................................... 221 4.3............................................... 221 4.3.1........................................... 221 4.3.2............................................... 223 4.3.3......................................... 224 4.4............................................... 225 5................................................ 226 5.1............................................... 226 5.1.1......................................... 226 5.1.2....................................... 226 5.1.3................................ 230 5.1.4 SRK........................ 234 204

5.2.................................... 237 5.2.1..................................... 238 5.2.2.............................. 238 5.2.3............................................... 241 5.3..................................... 241 5.3.1............................................... 241 5.3.2..................................... 241 5.3.3........................................... 243 5.3.4........................................... 245 5.3.5............................................... 245 5.3.6................................. 245 5.3.7........................................... 248 5.3.8..................................... 252 6................................................ 254 6.1................................................... 254 6.2........................................... 254 6.3............................................... 255 6.4............................................... 255 6.5............................................... 258 6.6........................................... 258 6.6.1....................................... 258 6.6.2....................................... 259 6.7............................................. 260 6.8............................................. 260 7................................................ 261 7.1................................................... 261 7.2................................................... 262 7.3................................................. 262 7.4................................................... 263 7.5............................................. 264 7.6........................................... 265 7.6.1............................................. 265 7.6.2........................................... 266 7.7............................................... 267 7.8............................................... 268 7.9................................................... 270 8.................................................... 270 9.............................................. 272 9.1......................................... 272 9.2........................................... 274 9.3........................................... 275 10.................................................... 277 205

2-1............................................ 211 3-1........................................ 216 3-2.................. 217 3-3......... 219 5-1 332..................... 232 5-2 333..................... 232 5-3 12......................... 234 5-4................................ 237 5-5.................................................. 240 5-6................................ 243 5-7.............................................. 244 5-8........................................ 248 5-9....... 249 5-10.................. 252 6-1.................................................. 255 6-2.................................................. 258 7-1........................................ 262 7-2.............................................. 267 7-3.............................................. 268 7-4.......................................... 269 8-1 SRK.............................................. 271 9-1........................................ 273 206

3-1...................................... 215 4-1.................................... 220 4-2........................................ 222 4-3..... 223 4-4................ 224 5-1...................... 233 5-2............................ 239 5-3........................................... 240 5-4.............................. 242 5-5 1......................................... 247 5-6 2......................................... 247 5-7 1..................... 253 5-8 2..................... 253 6-1......................................... 259 6-2...................................... 259 207

WGEL SRK Consulting (Australasia) (SRK)WGEL SRKSRK SRK SRK SRK Avg BD CAPEX DTM E E W GIS JORC k kg km km 2 m (Na2Ca(SO4)2) (JORC) 208

M 3 Max. Min. mm M m 3 me mn Mo MRMR m RL ms Mt Mtpa N Na NE NW OPEX OS PMF S SE SO4 SRK SW t VALMIN W SRK Consulting (Australasia) Pty Ltd 209

1 WGELSRK Consulting (Australasia)SRK SRK 2 2.1 WGEL 2.2 VALMINSRK VALMIN VALMIN JORC 2.3 SRK 210

2-1 2-1 Louis Bucci Michael John Warren Gavin Chan Jessica Binoir Kirsty Sheerin Danny Kentwell Andrew Banks Anne-Marie Ebbels Tim Newton 211

2.4 2.4.1 Louis BucciAndrew BanksJessica BinoirKirsty SheerinGavin Chan Danny KentwellBucciKentwell Gavin ChanAndrew Banks Gavin ChanLouis Bucci KentwellLouis Bucci Gavin ChanDanny KentwellSRK Consulting (Australasia) Andrew BanksSRK JORC 2.4.2 Louis Bucci18 Bucci (MAIG) 18.2118.22 212

2.5 SRK SRK SRK SRKWGELSRK SRK 2.6 WGELSRK 2.7 VALMINWGELSRKSRK SRKWGELWGEL 213

2.8 SRKWGEL SRK 2.9 SRK SRK SRK SRK 214

SRK SRK 3 3.1 60 3-13010905 30 10907 30 2249 00 2251 00 35 3-1 215

3.2 39121.9 79%2.51,415 1,655Wen 3.3 C4500002011076210115236 Guangxi Weiri Mining Company Pty Ltd SRK 4,300,000 3-1SRK 3-1 C4500002011076210115236 1A1001 4,300,000 8.573 163.9535.75 216

3.4 3-2 3-2 1:10,000 30 278 34 5,934.24 1,165.95 4,768.29 500 7 1,202 937265 5 120 56 11 85 3 76 12 10 217

1:10,000 34 43 46 5 19 Chemical Geology and Exploration Company 7 29 1:5,000 3 5,475.09 3-3 218

3-3 1:10,000 12 4 1,575.83 142.74 382 62 40 20 10 20 6 1 2,467 SRK SRK JORC WGELSRK45 4,987SRK JORC WGEL SRK 219

4 4.1 1:200,000 4-1 1034 55 Li Li 4-1 220

4.2 4.3 4.3.1 4-2 210K1x2 a 2030K1x2 b (K1x1 a ) (K1x1 b )(K1x1 c )K1x1 c (10%~30%) 221

(K1x1 d ) 4-2 K1x1 d 67178 4-2 222

4.3.2 20 4-3 223

4.3.3 1 24-3 4-4 130560 180 213070 150560171 224

1ZK4 ZK50151 ZK505TD62TD5 21 ZK101TD5d2300600 4.4 SRK 1:10,000Zhou 10% 225

5 5.1 5.1.1 1~2Li 1259 98% 32 Li 5.1.2 Bucci 5.1.3JORC GB/T 17766-1999 GB/T 13908-2002 226

DZ/T 0212-2002 DZ/T 0033-2002- Li1,000 x5005-1 70% 1~2Li 12 5998% 32 Li SRK 227

E Wen 10% 35% =2535% =1525% 90-87 20 1 1 Wen Wen 228

500 333332 5-1 SRK pers comm. WGEL, 3325-13335-2(15) Auto CAD2004 CAD2004 Li IIIIII 61 12II49IIIWen 2.712.69 2.69Wen 229

Q = V D Q 10,000 V D P1 = Q C1 P1 10,000 Q 10,000 C1 (%) 5.1.3 12 (332) (333) 230

JORC VALMIN 332333 3321000 x 1000~500 SRK332 5-1 333SRK 333 5-1 3323335-15-2 332 + 333 525,000,00018.66% 325,000,00033218.9%200,000,000 33318.43%5-3 99,000,000(332 + 333)62,000,000 33236,000,000333Wen 333332JORC 231

5-1332 332-1 332-2 332-3 332-4 332-5 332-6 30 20 98 73 88 63 63,124 27,525 522,008 355,210 131,507 495,572 1,918,338 548,023 50,901,000 26,040,445 11,534,479 31,196,257 3 3 3 3 3 3 10,000 516 147 13,692 7,005 3,103 8,392 22 19 1,866 18 18 20 10,000 114 28 2,555 1,290 573 1,649 5-2333 333-1 333-2 333-3 333-4 333-5 333-6 333-7 333-8 333-9 8 10 93 71 86 69 52 41 20 13,703 76,367 492,291 302,315 189,403 340,134 56,534 69,671 87,793 53,305 374,198 22,802,919 10,762,414 8,179,369 23,578,089 1,482,321 1,443,235 882,759 3 3 3 3 3 3 3 3 3 10,000 14 101 6,134 2,895 2,200 6,343 399 388 327 18 16 17 18 19 19 20 21 22 10,000 3 16 1,059 514 411 1,239 79 80 53 232

附錄四鈣芒硝礦之合資格人士報告圖5-1 分配至兩個中國分類礦化類別之體塊分佈 A. 圖示中化地質礦山總局廣西地質勘查院報告呈列之中國分類礦化分佈 B. SRK有註釋之該局地圖 233

5-312 12 * 10,000 10,000 (%) * (332) 32,855 6,209 18.9 * (333) 19,822 3,653 18.43 (332) + (333) 52,677 9,862 18.72 * ResourceJORC 5.1.4 SRK 234

SRK JORC SRK 1,000x500 JORC 235

QA/QC SRK SRK JORC Nanning Chuwei Resource Consulting Co., Ltd NCRC NCRC 0024 NCRC 333332 12 5.2 236

5.2 5-4 5-4 ZK101 36613188 2527442 80.50 497.17 1990-1993 ZK103 36612422 2526795 76.98 353.44 1990-1993 ZK103_S 36612853 2527312 74.80 59.10 1990-1993 ZK301 36613846 2526663 83.40 602.85 1990-1993 ZK501 36614475 2525923 80.60 575.33 1990-1993 ZK502 36615137 2526423 83.50 425.37 1990-1993 ZK503 36613682 2525233 78.93 603.44 1990-1993 ZK504 36616066 2527184 87.18 186.22 1990-1993 ZK506 36616523 2527674 86.40 232.40 1990-1993 ZK701 36615081 2525176 81.40 530.13 1990-1993 ZK001 36612902 2527881 77.80 100.00 1990-1993 ZK2 36612853 2527906 77.80 50.00 1990-1993 ZK3 36612807 2527652 76.90 52.50 1990-1993 ZK4 36612719 2528056 77.50 50.00 1990-1993 CZK01 36616195 2528034 91.73 135.22 1990-1993 CZK02 36616113 2528632 91.24 123.10 1990-1993 ZK102 36613565 2527749 82.50 350.81 2004-2005 ZK302 36614185 2526998 84.70 469.82 2004-2005 ZK303 36613448 2526349 78.60 472.41 2004-2005 ZK203 36612988 2526794 78.09 281.67 2004-2005 TD4 36613470 2525630 83.00 600.66 2011 TD5 36613984 2526148 90.00 599.50 2011 TD6 36614683 2526816 81.00 600.80 2011 TD9 36615011 2525858 68.00 578.50 2011 237

ZK303T 36613485 2526344 75.00 470.60 2011 ZK502T 36615128 2526450 83.00 420.30 2011 ZK503T 36613692 2525236 81.00 600.70 2011 TD3 36613727 2527138 79.00 533.40 2011 ZK301T 36613690 2526586 84.00 582.26 2011 4986.72 95%HQ75NQ60 5.2.1 SRK 899 5.2.2 (QAQC) SRK TD424 R0.895-2 238

5-2 5-5 R0.975-3 239

5-5 ZK303 H 2 1.91 0.53 ZK303 H 23 1.38 1.21 ZK303 H 69 0.46 0.64 TD4 H 2 23.67 25.53 TD4 H 38 13.77 15.37 TD4 H 48 16.78 14.41 TD4 H 92 4.91 7.64 TD5 H 27 0.90 0.99 TD5 H 31 0.79 1.01 TD5 H 50 0.67 0.73 5-3 240

5.2.3 12 K1x1 d 4-31 212 5.3 5.3.1 VulcanVulcan JORC 5.3.2 SRK 25 10% 25 241

972 ZK30.36% 30 25 20 15 10 5 0 0 3 6 9 12 15 18 21 24 5-4 242

5-6 17.21 0.42 16.97 # 4.17 17.38 1.94-0.46 26.70 0.36 27.06 1,669.68 97.00 (95.0%) 0.84 5.3.3 SRKVulcan 5001,000 243

505010 2x 2x 2 5-7 X Y Z 36612300 2524630-1000 50 50 10 2 2 2 60 76 150 SRK Vulcan SRK 244

5.3.4 2,000 x 2,000 x 200 SRK LeapfrogVulcanSRK 5.3.5 61 2.692.692.73 5.3.6 245

SRK 500 10% SRK SRK 1,000 1,000 5-55-6 246

5-51 = = 5-62 = = 247

5.3.7 SRKJORC 5-8 5-9SRK 5-8 (%) 1 473 18.12 86 2 37 18.92 7 1 581 16.77 98 49 16.76 8 2 43 14.99 6 1 151 19.1 29 12 19.63 2 1,248 17.5 219 98 17.91 17 + 1,346 17.53 236 * 10% 248

5-9 SRK >95% ICP-OES ExcelSRK Vulcan 249

5001,000 SRK Vulcan 25 ExcelCSV SRK SRK 250

SRK leapfrog VulcanVulcan RD SRK 14% SRK 251

5.3.8 SRK 5-105-85-10 5-75-8 SRK17.2%18.7% 5-10 (%) 1 324 18.00 58 2 15 18.83 3 1 340 16.65 57 45 16.78 7 2 16 14.92 2 1 19 20.00 4 699 17.33 121 60 17.29 10 + 759 17.33 132 252

5-71 = = 5-82 = = 253

6 6.1 0.5 SRKJORC SRK SRK 6.2 1182 18.7% 216.8 18.7%1 516211.1 1-240 -240 254

1520 SRK 6.3 6-1 6-1 410 410 140 140 6.4 130x60 x30 255

10 3x46 2x2 192220 30 220 220 220240260280 550600650 250220 882 256

4500 153 90121,080 6.5SRKSRK 1,500 3,0004 1224 SRK SRK 257

6.5 SRK 6.6 6.6.1 6-2 6-2 6.1 66.1 72.2 6-1 SRK SRK 258

8% 92% 6.6.2 6-1 6-2 53,600,000 107.2SRK 24% 39% 18% 11% 3% 5% 6-2 259

6.7 SRK SRK SRK 6.8 SRK 260

SRK 7 7.1 6 261

7.2 7-1 7-1 18.61% 0.24% 0.06% 0.07% 81.02% 7.3 500,000 7 262

7.4 ph (HC11Z19Y-8) (HC11Z19Y-13) 360 28 4550 2 (3) 263

(3)19x16 (43)7-1 (4)(10) 0.7 7.5.215% 2% 7.5 316L2205 264

(16) 62.5(h.m 2 ) 35 64 900 2.39 1,500 7.6 7.6.1 265

(HC11Z19Y-13)64.35 7,900508,365 351 18.61% 97.9% 450 495 7.6.2 99.4% 266

7.7 108,795,994 63%105 650,0001.3 7-2 7-2 1.37 0.09 12.23 7.50 0.81 5.63 68.25 3.20 0.09 3.36 4.16 2.10 108.80 267

1530 12,000,0007-3 7,500,000 23,763,8000.237 3.069.3.2 3,331 12825,000 10,090,000 90,098 16.1.43% 416,642,8003%12,500,000 7.8 7-3 7-3 23,471,400 67,238,700 14,031,400 104,741,500 268

20,718,700125,460,200 7-4SRK (10%)416,680,000 7-4 SRK 1.1 72.2 1.2 125.6 1.3 17.6 2 2.4 EH&S 3 114.9 4 3.8 336.3 42.4 EPCM 378.8 269

7.9 SRK +/-10%15% 18 8 SRK 8-1 15%20% 10%15%20% 10% 270

7 8-1 8-1SRK 271

9 9.1 6 0 C4500002011076210115236SRK 4,300,000 Li SRK6,150.9820 4,986.728 95% 70% SRK SRK SRK899 24 272

SRKJORC 505010 222 2,0002,000200 9-1 9-1 (%) 1 473 18.12 86 2 37 18.92 7 1 581 16.77 98 49 16.76 8 2 43 14.99 6 1 151 19.1 29 12 19.63 2 1248 17.5 219 98 17.91 17 + 1346 17.53 236 * 10% SRKSRK 5-9 273

9.2 BSRK JORC SRK 13060304 5009012 1,0806.5 SRK1-240-240SRK 72,200,000 SRK SRK 53,600,000107.2 SRK SRK 274

1,5003,000 SRK SRK SRK SRK 9.3 SRK SRK125,460,200 416,680,000 SRK 108,795,994 63% SRK 275

SRK SRK SRK Louis Bucci Michael John Warren 276

10 Li, Z., Qui, F., Ma, W.Gao, Z. Nanning Chuwei Consulting Co., Ltd23 Wen, L., Gao, F.Qiang, Z. 91 277

SRK Consulting (Australasia) Pty Ltd WIS004 278

33337 SRK Consulting (Australasia) Pty Ltd Level 2, 44 Market Street, Sydney NSW 2000 sydney@srk.com.au srk.com.au +61 2 8079 1200 +61 2 8079 1222 SRKWIS004 Michael John Warren Romeo Ayoub mwarren@srk.com.au 279

SRK Consulting (Australasia) Pty LtdSRK WGEL WGELSRKSRK SRK WGELSRK 280

SRKValmin Valmin SRK WGELSRK SRKSRK25 SRK 281

282 ES134% SRK 3,279,000,0004,224,000,0003,718,000,000-500 0 500 1,000 1,500 2,000 2,500 3,000 2013 2014F 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2036F 2035F 2037F ES1

.......................................................... 280.......................................................... 286 1............................................... 286 2................................................... 286 2.1............................................. 286 3........................................... 287 3.1................................................ 287 3.2.............................................. 287 3.3................................................ 287 3.4................................................ 287 3.5................................................ 288 3.6 SRK........................................... 288 3.7.................................................... 288 3.8................................................ 289 3.9.................................................... 289 4................................................. 289 4.1.................................................... 289 4.2....................................... 289 4.3....................................... 291 4.3.1......................................... 292 4.3.2......................................... 293 4.3.3......................................... 294 4.3.4..................................... 296 4.3.5................................... 298 4.3.6................................. 299 4.3.7.................................................... 299 283

5..................................................... 299 5.1.................................................... 299 5.2................................................ 300 5.3............................................. 300 5.4........................................... 301 5.5................................................ 302 5.6................................................ 302 5.7....................................... 303 5.7.1........................................... 303 5.7.2..................................... 304 5.8.................................................... 304 5.9.................................................... 305 5.10.............................................. 305 5.11................................................ 307 5.12................................................ 310 5.13.............................................. 310 5.14....................................... 311 5.14.1............................... 311 5.14.2 WACC......................................... 312 5.15............................................. 313 5.16............................................. 314 5.17..................................... 314 5.18....................................... 316 5.19................................................ 316 5.20................................................ 317 6..................................................... 317 7..................................................... 320 8..................................................... 320 9............................................. 321 10............................................. 322 284

4-1................................................ 296 4-2............................................. 297 5-1....................................... 300 5-2............................................. 303 5-3..................................... 306 5-4................................... 307 5-5............................ 309 5-6................................... 310 5-7............................. 311 5-8 WACC............................................... 312 5-9.......................... 315 5-10............................... 317 5-11 25%...................... 317 6-1.................................................. 317 6-2.................................................... 318 6-3................................................ 318 6-4................................................ 318 5-1............ 301 5-2.................. 305 5-3.................... 308 5-4.................... 308 5-5.......... 309 5-6............ 310 5-7................ 313 5-8.......................... 315 285

A WGELSRK Consulting (Australasia) Pty LtdSRK WGEL SRKSRK SRK SRK SRK 1 SRK Consulting (Australasia) Pty LtdSRK WGEL WGELSRKSRK 2 2.1 WGELSRKExcel WGELSRKSRK 286

3 3.1 SRK 3.2 3.3 VALMINSRK VALMIN VALMIN JORC 3.4 SRKExcelWGEL WGELSRK 287

3.5 SRKMichael John WarrenLouis Bucci Anthony Stepcich Romeo Ayoub 3.6 SRK SRK SRK SRKWGEL SRK SRK 3.7 WGELSRK 288

3.8 VALMINWGELSRKSRK SRKWGELWGEL 3.9 SRKWGEL SRK 4 4.1 SRKWGEL 4.2 Valmin 289

SRKWGEL 290

4.3 Valmin Valmin 291

4.3.1 292

4.3.2 293

EBITDA 4.3.3 294

295

4.3.4 4-1 4-2 4-1 296

4-2 Monte Cario 297

4.3.5 0.53.0 0.51.0 2.0 2.13.0 298

2.0%4.5% 4.3.6 4.3.7 SRK SRK 5 5.1 60 JORC SRK SRK 299

5.2 C4500002011076210115236 SRK 4,300,000 5-1SRK 5-1 C4500002011076210115236 1A1001 4,300,000 8.573 163.9535.75 5.3 (Na2SO4) (Na2SO4 % CaSO4) (Na2SO4 % 10 H2O) 98% 300

5.4 20 5-18.5 10,000 9,000 8,000 7,230 8,050 8,970 8,390 9,070 8,500 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2005 2006 2007 2008 2009 2010 5-1 301

850 3,700 27%1.925 34%2.883 5.5 5.6 SRK SRK SRKWGEL SRKSRK25 SRK2525 SRK 302

5.7 5.7.1 SRKJORC 5-2 (%) 1 473 18.12 86 2 37 18.92 7 1 581 16.77 98 49 16.76 8 2 43 14.99 6 1 151 19.1 29 12 19.63 2 1,248 17.5 219 98 17.91 17 + 1,346 17.53 236 * 10% 303

5.7.2 SRK SRK83% 138x68130x608 5.8 WGEL 1 0575,000 2 11,725,000 3 23,450,000 304

305 5.9 5-22 00.575 11.725 23.45 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 646,250 1,725,000 3,450,000 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2036F 2035F 2037F 5-2 5.10 5-3 17%

5-3 (1) 856.36 860.37 900.24 807.64 605.73 806.07 1,001.94 1,006.64 1,053.29 944.94 708.70 943.10 (1) WGELSRK832.50 SRK 110.6(c. 12%)123.8 (c. 17%)SRK 1,0001,300 600650 832.50 SRKWGEL 832.50 306

SRKSRK 5%10% 5.17 5.11 5-4 5-35-4 5-5 17%5-5 5-4 44.55 16.43 9.85 17.39 3.77 1.26 93.25 23.82 5.57 142.94 0.16 7.23 3.64 183.36 276.61 307

308 0 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000 350,000,000 400,000,000 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2036F 2035F 2037F 5-3 0 100,000,000 200,000,000 300,000,000 400,000,000 500,000,000 600,000,000 700,000,000 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2036F 2035F 2037F 5-4

5-5 4% 17% 7% 3% 2% 1% 2% 800,000,000 700,000,000 600,000,000 500,000,000 400,000,000 300,000,000 200,000,000 100,000,000 0 (100,000,000) (200,000,000) 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2035F 2036F 2037F 5-5 309

5.12 5-65-6 8 5-6 0 120.000 296.643 1 250.000 250.000 300.000 2 200.000 400.000 600.000 120.000 296.643 250.000 250.000 500.000 400.000 600.000 700,000,000 600,000,000 500,000,000 400,000,000 300,000,000 200,000,000 100,000,000 0 2013 2014F 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2035F 2036F 2037F 5-6 5.13 SRKWGEL 1515 SRK 310

5.14 SRK (WACC) 5.14.1 WACCSRK0.8810 5-7 3.61% 10.71%300 5-7 67.HK ICP.CN KRN.CN POTASIOA. CI SXX.LN 6,026 0 0 2,733 0 74.3% 0.00% 0.00% 107.95% 0.00% 53.18% 20.79% 0.00% 0.00% 0.00% 0.00% 1.5040 1.1870 0.9990 0.4680 1.0770 0.9468 1.1870 0.9990 0.2251 1.0770 0.8810 1.45 3.76 45.53 1.31 3.18 3.25 3.63 25.56 0.75 0.88 0.30 0.54 2.56 0.18 0.70 5,593.96 151.41 21.99 1936 1,339.03 8,111 569 1,001 2,532 4,258 4.83 0.00 0.00 7.27 0.00 3.50 0.45 1.04 1.78 1.74 3.61 1.57 311

5.14.2 WACC SRKWACC WACCWACC5-8 5-8 WACC 3.61% 10.71% 0.8810 13.05% 2.00% 5.61% 25.00% 4.2% 0.0% WACC 13.05% WACC13.05% 1%12.05%13.05%14.05%WACC 1% WACCAustralian Securities and Investment CommissionASIC ASIC 312

313 2.6% 3.22% 5.15 5-7 -500 0 500 1,000 1,500 2,000 2,500 3,000 2013 2014F 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F 2036F 2035F 2037F 5-7

5.16 2566% 25WACC 5.17 SRK 010%1250%40% SRK 5-95-8 314

5-9 25% $2,860 $3,296 $3,399 $6,427 20% $3,032 $3,381 $3,463 $5,742 15% $3,203 $3,465 $3,527 $5,236 10% $3,375 $3,549 $3,591 $4,730 5% $3,547 $3,634 $3,654 $4,224 0% $3,718 $3,718 $3,718 $3,718-5% $3,890 $3,803 $3,782 $3,212-10% $4,062 $3,887 $3,846 $2,707-15% $4,233 $3,971 $3,910 $2,201-20% $4,405 $4,056 $3,974 $1,695-25% $4,577 $4,140 $4,037 $1,189 $7,000 $6,000 6000 $5,000 5000 $4,000 4000 $3,000 3000 $2,000 2000 $1,000 1000-25% -20% -15% -10% $0-5% 0% 5% 10% 15% 20% 25% 0 5-8 315

5.18 SRKWGEL42 SRK4242 25SRK 25 WGEL 5.19 Aswath Damodaran (Marketability and Value: Measuring the Illiquidity Discount) 25%35% 25%35% 25% 25% 316

5.20 255-105-11 5-10 12.05% 13.05% 14.05% 4,445.2 3,912.8 3,450.1 726.4 639.4 563.8 5,632.9 4,958.3 4,372.0 5-11 25% 12.05% 13.05% 14.05% 3,333.9 2,934.6 2,587.6 544.8 479.5 422.8 4,224.7 3,718.7 3,279.0 6 SRKAS/NZS 4360 6-16-26-3 AS/NZS 43605 x 5SRKSRK 6-4 6-1 A B C D E 317

6-2 1 2 3 4 5 6-3 1 2 3 4 5 A B C D E 6-4 i) ii)iii) SRK SRK 318

SRK SRK SRK SRK SRK 319

SRK 7 SRK3,279,000,000 4,224,000,0003,718,000,000 Michael John Warren Romeo Ayoub 8 JORC 320

SRK Consulting VALMIN SternAswath Damodaran 9 Michael John Warren 1. SRK Consulting (Australasia) Pty LtdLevel 2, 44 Market Street, Sydney NSW, 2000 Australia 2. Macquarie University 3. 4. Rio Tinto 5. Valmin 6. 18 7. SPK 8. 9. WGEL M J Warren 321

10 Louis Bucci 1. SRK Consulting (Australasia) Pty LtdLevel 8, 365 Queen Street, Melbourne VIC, 3000 Australia 2. 3. 4. 5. Valmin 6. 18 7. SPK 8. 9. WGEL Louis Bucci 322

(A) 1 2 3 4 5 6 7 8 9 10 19,005 21,885 23,036 23,036 23,036 23,036 23,036 23,036 3,093,777 3,562,531 3,750,033 3,750,033 3,750,033 3,750,033 3,750,033 3,750,033 3,795,000 4,370,000 4,600,000 4,600,000 4,600,000 4,600,000 4,600,000 4,600,000 219,000,000 219,000,000 219,000,000 218,428,464 217,770,331 217,077,560 216,384,789 215,692,018 214,999,247 214,306,476 474,375 546,250 575,000 575,000 575,000 575,000 575,000 575,000 83% 83% 83% 83% 83% 83% 83% 83% 571,536 658,133 692,771 692,771 692,771 692,771 692,771 692,771 219,000,000 219,000,000 218,428,464 217,770,331 217,077,560 216,384,789 215,692,018 214,999,247 214,306,476 213,613,705 0.26% 0.56% 0.88% 1.19% 1.51% 1.83% 2.14% 2.46% 474,375 546,250 575,000 575,000 575,000 575,000 575,000 575,000 833 833 833 833 833 833 833 833 434,307,770 516,215,584 560,881,816 578,942,211 597,584,150 616,826,360 636,688,168 657,189,527 93.25 93.25 93.25 93.25 93.25 93.25 93.25 93.25 183.36 183.36 183.36 183.36 183.36 183.36 183.36 183.36 276.61 276.61 276.61 276.61 276.61 276.61 276.61 276.61 48,018,502 73,635,221 75,235,348 75,235,348 75,235,348 75,235,348 75,235,348 75,235,348 91,648,641 111,345,306 116,244,492 116,244,492 116,244,492 116,244,492 116,244,492 116,244,492 150,846,880 204,981,871 217,700,717 223,360,936 229,168,320 235,126,697 241,239,991 247,512,230 283,460,890 311,233,713 343,181,099 355,581,275 368,415,830 381,699,663 395,448,178 409,677,297 65% 60% 61% 61% 62% 62% 62% 62% 33.30 33.30 33.30 33.30 33.30 33.30 33.30 33.30 120.96 120.96 120.96 120.96 120.96 120.96 120.96 120.96 (42.78) (49.20) (48.39) (48.39) (48.39) (48.39) (48.39) (48.39) 8.47 8.47 8.47 8.47 8.47 8.47 8.47 8.47 3.63 3.63 3.63 3.63 3.63 3.63 3.63 3.63 2.42 2.42 2.42 2.42 2.42 2.42 2.42 2.42 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00 16.65 16.65 16.65 16.65 16.65 16.65 16.65 16.65 394,917,188 454,753,125 478,687,500 478,687,500 478,687,500 478,687,500 478,687,500 478,687,500 15,796,688 18,190,125 19,147,500 19,147,500 19,147,500 19,147,500 19,147,500 19,147,500 57,381,130 66,075,240 69,552,885 69,552,885 69,552,885 69,552,885 69,552,885 69,552,885 (20,293,517) (26,877,512) (27,821,857) (27,821,857) (27,821,857) (27,821,857) (27,821,857) (27,821,857) 4,016,679 4,625,267 4,868,702 4,868,702 4,868,702 4,868,702 4,868,702 4,868,702 1,721,434 1,982,257 2,086,587 2,086,587 2,086,587 2,086,587 2,086,587 2,086,587 1,147,623 1,321,505 1,391,058 1,391,058 1,391,058 1,391,058 1,391,058 1,391,058 3,795,000 4,370,000 4,600,000 4,600,000 4,600,000 4,600,000 4,600,000 4,600,000 7,898,344 9,095,063 9,573,750 9,573,750 9,573,750 9,573,750 9,573,750 9,573,750 77,183,708 87,300,381 94,819,069 97,284,365 99,813,758 102,408,916 105,071,548 107,803,408 323

(A) 1 2 3 4 5 6 7 8 9 10 0 120,000,000 296,642,803 1 250,000,000 250,000,000 300,000,000 2 200,000,000 400,000,000 600,000,000 120,000,000 296,642,803 3,795,000 4,370,000 4,600,000 4,600,000 4,600,000 4,600,000 4,600,000 4,600,000 123,120,000 312,268,759 4,098,773 4,842,514 5,229,915 5,365,893 5,505,406 5,648,547 5,795,409 5,946,089 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 EBITDA 206,277,183 223,933,332 248,362,030 258,296,910 268,602,071 279,290,747 290,376,630 301,873,889 29,299,169 29,622,003 29,970,664 30,328,390 30,695,417 31,071,987 31,458,348 31,854,754 176,978,014 194,311,329 218,391,366 227,968,520 237,906,654 248,218,760 258,918,282 270,019,135 176,978,014 194,311,329 218,391,366 227,968,520 237,906,654 248,218,760 258,918,282 270,019,135 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 44,244,503 48,577,832 54,597,841 56,992,130 59,476,664 62,054,690 64,729,571 67,504,784 132,733,510 145,733,496 163,793,524 170,976,390 178,429,991 186,164,070 194,188,712 202,514,351 30/06/2013 434,307,770 516,215,584 560,881,816 578,942,211 597,584,150 616,826,360 636,688,168 657,189,527 228,030,588 292,282,252 312,519,786 320,645,301 328,982,079 337,535,613 346,311,539 355,315,639 123,120,000 312,268,759 4,098,773 4,842,514 5,229,915 5,365,893 5,505,406 5,648,547 5,795,409 5,946,089 44,244,503 48,577,832 54,597,841 56,992,130 59,476,664 62,054,690 64,729,571 67,504,784 (123,120,000) (312,268,759) 157,933,906 170,512,986 188,534,273 195,938,887 203,620,002 211,587,510 219,851,651 228,423,016 12.05% 13.05% 14.05% 4,445.2 3,912.8 3,450.1 726.4 639.4 563.8 5,632.9 4,958.3 4,372.0 25% 12.05% 13.05% 14.05% 3,333.9 2,934.6 2,587.6 544.8 479.5 422.8 4,224.7 3,718.7 3,279.0 324

1. 2. (i)(ii) 50,000,000,000 500,000,000 1,384,396,800 13,843,968 1,717,696,800 17,176,968 50,000,000,000 500,000,000 1,837,696,800 18,376,968 Sino PowerHouse 30% 2,007,334,268 20,073,343 5,717,696,800 57,176,968 325

3. XV(i) XV78 (ii) 352(iii) 3,112,432,469 1 1,000 2 224.82% 20% 2,812,000,000 3 1,000 4 203.12% 20% 326

12,000,000 5 0.87% 1,200,000 5 0.087% 1,200,000 5 0.087% 1. 3,112,432,469 a) 0.461,200,000 b) 2,800,000,000 51%49%Sino PowerHouse Corporation 84,000,0002,716,000,000 2. 1,000 60%Catania Copper (Chile) Limited20% Catania Copper (Chile) Limited40%Catania Mining Limited60%Catania Mining LimitedCM Universal Corporation 55%50%CM Universal Corporation 51% 3. 2,812,000,0000.46 12,000,0001b2,800,000,000 327

4. 1,00060% Catania Copper (Chile) Limited20%Catania Copper (Chile) Limited40%Catania Mining Limited60% Catania Mining LimitedCM Universal Corporation55% 50%CM Universal Corporation49% 5. 0.46 XV XV78 352 328

4. XV 23 10% 3,112,432,469 1 224.82% 2,812,000,000 2 203.12% Sino PowerHouse Corporation 2,800,000,000 3 202.25% 1,000,000,000 72.23% 4 200,000,000 14.44% 5 329

1. 3,112,432,469 (a) 0.461,200,000 (b) 2,800,000,000 51%49%Sino PowerHouse Corporation 84,000,0002,716,000,000 2. 2,812,000,0000.46 12,000,0001b2,800,000,000 3. 2,800,000,000Sino PowerHouse Corporation84,000,0002,716,000,000 4. 1,000,000,000 30,000,000970,000,000 5. 200,000,000 6,000,000194,000,000 330

XV2 3 10% 5. 6. 7. 8. i. 331

ii. 9. ) 6 6 SRK Consulting (Australasia) Pty LtdSRK SRK 332

10. (a) (b) (c) 11. (a) Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda333 37 (b) (c) 2826 (d) 12. 33337 (a) (b) 333

SINOCOP RESOURCES (HOLDINGS) LIMITED 476 238 3 1. (a) China Elegance Resources LimitedSino PowerHouse Corporation South China Mining Investments Limited A (b) 2,910,000,000 B 335