Table of Contents
Investment Summary ................................................................................................... 1
Metals Price Forecast................................................................................................... 3
Commodity Market Overview....................................................................................... 4
Equity Valuations........................................................................................................ 12
Augusta Resource Corporation.................................................................................. 17
Breakwater Resources Ltd......................................................................................... 23
Equinox Minerals Ltd.................................................................................................. 27
First Quantum Minerals Ltd........................................................................................ 32
FNX Mining Company Inc. ......................................................................................... 38
HudBay Minerals Inc. ................................................................................................. 44
Inmet Mining Corporation........................................................................................... 48
Lundin Mining Corporation......................................................................................... 54
Sherritt International Corp. ......................................................................................... 60
Teck Resources Limited............................................................................................. 69
Risks To Target .......................................................................................................... 75