Top investments:

Ivanplats Limited ("Ivanplats")
Ivanplats is a private company which owns the Kamoa copper project in the Democratic Republic of Congo and the Turfspruit nickel, platinum, copper and gold project in South Africa.

Ivanplats holds exploration licenses covering 9000km² of the Congolese Copperbelt. Primary among these is the Kamoa project, situated less than 20km from Kolwezi the DRC's mining hub. A Canadian National Instrument 34-101 ('NI 43-101') compliant report was completed on Kamoa in January 2011 by independent technical consultants AMEC.

The Turfspruit project is situated on the northern limb of the Bushveld Igneous Complex in South Africa. Drilling during 2010 intersected high-grade mineralisation over substantial widths and demonstrated a flattening of the Platreef mineralisation at depth. A NI 43-101 compliant resource and technical report has been produced by AMEC. In June 2011, ITOCHU Corporation of Japan invested US$280 million in the Turfspruit project for an 8% interest.

www.ivanplats.com

Ferrous Resources Limited ("Ferrous")
Ferrous is a private company with five iron-ore projects in the iron quadrilateral region in Minas Gerais state and one in Bahia state in Brazil. It has Joint Ore Resource Committee (“JORC”) resources of 5.2 billion tonnes of iron ore and exploration potential of a further 2.0 billion tonnes.

Production of iron ore has commenced with an initial output planned to reach 2.5 million tonnes by the end of 2011 and is targeting a rate of 25 million tonnes per annum from 2015, potentially expanding to 62 million tonnes per annum by 2018. Ferrous is developing its own infrastructure systems which are expected to encompass a port terminal in Presidente Kennedy, Espirito Santo state and a 400km slurry pipeline connecting the port terminal to Ferrous' Viga mine.

As of June 2011 Ferrous held US$323 million in cash.

www.ferrous.com.br

Gobi Coal & Energy Limited ("Gobi")
Gobi is a private company with three thermal coking projects in Mongolia with a JORC compliant resource of 322 million tonnes.

The company is examining the feasibility of commencing production and hauling coal by road to its target markets in China with a plan to commence production at the end of 2011.

Ironstone Resources Limited ("Ironstone")
Ironstone is a private Canadian company which owns the Clear Hills Iron Ore/Vanadium Project ("Clear Hills") in Alberta, Canada. Clear Hills currently has a resource of 203 million tonnes of iron ore at a grade of 33% designated under NI 43-101. Historic work (pre NI 43-101) in the 1950's estimated a resource of over 1 billion tonnes of iron ore at Clear Hills so there is a good opportunity for Ironstone to increase its NI 43-101 resource significantly. The project has also demonstrated significant vanadium by-product and gold assays in recent core samples suggesting the potential for further credits from those commodities.

www.ironstoneresources.com

Silver China
Silver Russian is a private company which has an interest in a significant silver-lead-zinc mine in south-west China, which commenced production in the third quarter 2011.

Metals Exploration plc ("Metals Exploration")
Metals Exploration is an AIM listed company which owns the Runruno gold project in the Philippines. This investment was part of a larger strategic interest totalling approximately 22% of Metals Exploration acquired by the Company and other funds managed by Baker Steel Capital Managers LLP.

A feasibility study has been completed into a mine producing approximately 100,000 ounces of gold per annum at Runruno and, following a period of significant corporate uncertainty, Metals Exploration is now well positioned to finalise the financing of the mine and commence development.

www.metalsexploration.com

Bilboes Holdings (pvt) Limited ("Bilboes")
Bilboes is a private Zimbabwean gold mining company which owns four previously producing oxide mines in Zimbabwe containing JORC compliant resources totaling 778,000 ounces. There is a good opportunity to significantly expand the current resource base through drilling of the underlying sulphide mineralisation which commenced in August 2011.

Copperbelt Minerals Limited ("Copperbelt")
Copperbelt is a private company with a copper-cobalt project in the Democratic Republic of Congo (“DRC”). Copperbelt has a 68% interest in the Deziwa Copper Project, one of the largest copper oxide deposits in the DRC. Gecamines, a state owned mining and exploration enterprise that holds most of the DRC's state mining activities, holds the remaining 32%. Copperbelt has completed a positive Definitive Feasibility Study on the project.

Polar Silver Resources Limited ("Polar Silver")
Polar Silver is a private company which holds a 50% indirect interest in the Prognoz silver project, 444km north of Yakutsk in Russia ("Prognoz"). A NI 43-101 compliant report by independent consultant Micon International Limited ("Micon") in July 2009, estimated an indicated resource of 5.86 million tonnes of ore grading 773 g/t silver containing 146 million ounces silver and inferred resources of 9.64 million tonnes of ore grading 473g/t silver containing 147 million ounces silver at Prognoz. Polar Silver has commissioned Micon to undertake a NI 43-101 compliant scoping study on Prognoz, which is expected to be completed in the second half 2011 ahead of a proposed IPO.

South American Ferro Metals Limited ("SAFM")
SAFM is a company listed on the Australian Stock Exchange whose main asset is the Ponto Verde iron ore project in Minas Gerais in Brazil. The property has been drilled and the geology well understood but is yet to have completed sufficient work to secure a JORC or similar resource but the property/asset is believed to contain the potential for 140-150 million tonnes iron ore. Mining started at Ponto Verde in the fourth quarter of 2010 and commissioning of the beneficiation plant commenced in the first quarter 2011 following the completion of its refurbishment. In September 2011, production reached 125,000 run of mine ("ROM") tonnes per month, equivalent to 1.5 million ROM tonnes per annum.

www.safml.com

Forbes and Manhattan Coal Corporation ("Forbes Coal")
Forbes Coal is a coal producer listed on the Toronto and Johannesburg stock exchanges with two mines in the Kwa-Zulu Province of South Africa in the process of development. The Magdalena Mine has a NI 43-101 compliant resource of 51.7 million tonnes of bituminous coal and produced 258,600 tonnes of coal in the quarter to 31 May 2011. The Aviemore Mine has a NI 43-101 compliant resource of 50.8 million tonnes of anthracite coal and produced 64,200 ROM tonnes of coal in the quarter to 31 May 2011.

www.forbescoal.com