Resource Sector 2018-2020 Hindsight Review of Eastwest101's basic research notes (Mar 2018)

OK - so the good thing about old PC's is sometimes you find old research data that was abandoned and you can "back test" some of your own theories and inherent biases which can help you invest and trade better.

Here is a list of targets that I was looking at back in March 2018 and now with the close of 2020 I thought it would be fun to update review and populate these notes and see how the original research has stood up. Due to a few horrid consolidations I had to manually adjust a few to reflect their true "performance". Bear in mind that I'm a long term buy and hold investor and obviously my portfolio strongly skews towards the resource sector. I did put in some more vanilla or blue chip stocks in the mix just as an interesting comparison. Note that I did dip into some of these but others I did not. Its a long time-frame from Mar 2018 to Dec 2020 but does cover a gold bull run and and emerging possible base metal run as well as some marked price movements in base metals and oil, gas and coal.

Once this was done I started to see some common themes emerging that won't surprise many here. These macroeconomic themes such as the Trump bump, Trump trade wars, low interest rates, rise of China, endless money printing without any inflation, variable investor sentiments and flow of money into other "hot" sectors e.g. Pot stocks, BNPL, Bitcoin etc and recent Covid-19 effects have all played a part.

Now the traditional approach is to look at things from the "top down" overview of commodity prices (supply, demand, substituion etc) and exchange rates and monetary policy and look at them as large scale trends that effect all companies to a greater or lesser extent. And then to do the bottom up research of fundamentals such as market capitalization, shares on offer, target commodities, prospectivity of ground, sovereign risks, ease of exploration, execution of exploration and development and construction of mines. These can all be lumped under the term "things that management can control" to some degree.

Anyway - the common themes I saw were:

1. Good management tend to execute well (in drilling, negotiations, capital raises, timing of M&A and purchasing assets) - even some of the most ordinary ground with only modest grade resources can be explored and additional resources proven up and even operations taken into production. Bad management cannot bring the best orebody to a profitable transaction or a mine, someone usually has to do something to pry it from their hands and make something happen.

2. Commodity price manipulation by interruptions in supply or demand, weather events, disasters at mines and regulatory interference seem to be a common theme. People are still occasionally coming unstuck with their hedging and toll treatment/smelter charges, its been proven over the last 20-30 years that hedging contractors/smelters and financiers are nearly always the smartest guys in the room (or they have the best lawyers) and not the mining company executives, its like they keep on challenging Novak Djokovic to a game of tennis and are surprised each time that they lose....

3. Good orebodies get taken over cheaply, sometimes/often before the market wakes up. Any outrageously profitable orebody in a slightly dodgy jurisdiction seems to exponentially increase this risk.

4. Agile management who flit from one trendy commodity to another either come unstuck by inadvisable purchases/JV arrangements, selling assets too cheaply, but the few good "deal makers" can get themselves into a position where a major rerate and wealth creation takes place.  The recent Covid-19 travel restrictions have really shown some responsive companies have abandoned exotic overseas exploration projects and come back "home" and drilled within WA, sometimes with success. Wheras other lifestyle companies have taken the opportunity to take a 12 month holiday from any meaningful field work and have just eaten up capital even with exploration projects untouched inside Australia.

5. Watch what your company does before and after negotiating a JV earn-in or farm-out. Do they keep exposure to old ground and is their timing right when/if they dispose of this equity or ground?

6. Any company where you are trying to guess if they are drilling, and where they are drilling, without it being plain to see by reading a company announcements is a concern. It either means management are drilling with some other  share price/options agenda and not a geological reason, or they are incapable of communicating the geological reason to drill there, and if they can't communicate that geological reason, then you may wonder if its worth drilling at all?

7. The market is not logical - it can overshoot or undershoot on valuations for extended periods despite newer newsflow changing the story. Other posters have made some very good points about demonstrating the effect of companies going in and out of a mandated index i.e. GDXJ. Index hugging can move markets and like a blind elephant in a China shop - be aware of this around index rebalancing time.

8 . Execution risk still matters, despite a good JORC code and reporting standards, a bad resource practitioner can turn a "no brainer" planned profitable mine into an unviable  exploration project if they get it wrong, hundreds of these are done each year, there seems to be about 2-3 spectacular failures of this sort every year, sometimes more, sometimes less. And its not all the resource geologists fault, a bad mining contractor, lazy metallurgists or a flaw in the mining engineering and extraction methods will do the job just as well.  Here - in the orphan period - you really want to see contractors who have done it before on budget, and management who have done it before in similar builds and similar places.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
0	Code	Share Price Mar '18	Current Share price	% Percent Gain/Loss	Business Description and activities		Summary/Result of last 2-3 years with attempted explanation of success/failure
1	ADN	0.010	0.250	2400	Andromeda Metals explo Au in Drummond basin QLD and Eyre Peninsula (SA) and Moonta CuAu in SA plus Rover Cu Au in the NT	Au	Halloysite re-rating
2	AGG	2.420	6.190	156	Anglogold Ashanti giant gold miner with 5 mines in Africa, 4 in South America, 2 in Australia and 2 in South Africa	Au	Gold price rerating
3	AGS	0.080	0.185	131	Alliance Resources Au exploration in Gawler Weednanna and Wilcherry Hill	Au	Gold price rerating
4	AHQ	0.040	0.054	35	Allegience Coal - coal expl in Canada	Coal	Coal smashed
5	AIS	0.070	0.081	16	Aeris Resources being re-rated as they pay off Glencore debt	Cu	Paid off debts, canny acquisition of Cracow Mine but still weighed down by metal sentiment
6	AIV	0.170	0.155	-9	Exploration in Drummond (QLD), Moonta and Gawler (SA) and Tennant Ck area (NT) for Au Cu	Au	Chinese landbankers - never actually do anything
7	AJM	0.300	0.000	-100	Altura Mining – hard rock Li near Pilgangoora plus some iron ore and coal in Aus and indonesia	Li	Went broke
8	AJQ	0.070	0.059	-16	Armour Energy NT gas	Oil	Oil smashed
9	AMG	0.050	0.049	-2	Ausmex Mining Group - ex CDU management Au and Cu expl in NW QLD	Cu	Failed to execute all exploration and development plans
10	AMI	0.230	0.420	83	Aurelia Metals Limited growing with acqusition of Peak Gold mine	Zn	Orphan gold and base metal producer, questionable new acqusition
11	AML	0.200	0.130	-35	Aeon Metals Walford Ck hi grade Cu explorer	Cu	Lifestyle company
12	AOU	0.160	0.150	-6	Auroch JV into SA Zn project then went Ni expl in WA	ZnPb	Pivot from Zn to Ni not really recognised by market
13	AQD	0.020	0.017	-15	Peru base metals and Lennard Shelf Pb Zn	Zn	Numerous "dusters" accross all projects
14	AQI	0.140	0.125	-11	Alicanto Minerals gold exploration in Guyana	Au
15	ARL	1.060	0.450	-58	Ardea Ni Co laterite project Goongarrie in WA along with Lewis Ponds Zn Ag Au in NSW and some Orange Au and LFB Cu Au exploration	Ni	Co prices smashed by Chinese manipulation
16	ARV	0.310	0.125	-60	Artemis resources Pilbara Conglo gold hype, plus Carlow Castle, plus Patterson nearology - dreadful management	Au	Lifestyle company
17	ATU	0.180	0.305	69	Atrum Coal Limited Canadian coal developer	Coal	Coal smashed
18	AUC	0.030	0.049	63	Ausgold small Au mine out near Wilcania NSW	Au	Classic "orphan" development stage
19	AUL	0.010	0.003	-72	Morningstar Gold renamed Austar Gold - got stuffed around by Vic govt bonkers hi grade narrow Au mine	Au	100:1 Consolidation - Yuk!
20	AUR	0.068	0.084	24	Auris Minerals Limited – early stage WA Cu Au explorer - recent frolic into NZ	Au Cu	Held up by SFR shenanigans
21	AXE	0.070	0.540	671	Archer Exploration – Graphite mine approved, no progress on Mg project yet	Gr	Graphite hype and re-rating
22	AZS	0.360	0.820	128	Azure Mexico Pb Zn then after Covid hit went Ni Cu in WA	Zn	Major nickel discovery
23	AZY	0.020	0.045	125	Antipa Minerals explorer in the Tanami	Au	Some exploration success
24	BBX	0.230	0.300	30	No reliable assay method	Au	No progress
25	BHP	27.400	42.250	54	BHP exposure to iron ore, oil and copper	Industrial	OK for a blue chip stock, iron ore price tail winds
26	BLD	7.250	4.870	-33	Boral Limited  contruction materials cement co	Industrial	Domestic gas prices
27	BLK	0.210	0.000	-100	Blackham terrible year of pit slips, gold room fires and floods, grade control problems in suspension.	Au	Dishonest management, Went broke reborn as WMX
28	BRB	0.620	0.180	-71	WA gold explorer greenfield discovery at Lake Roe	Au	Can't stop drilling, shareholders sick of waiting
29	BSX	0.370	0.375	1	Abandonned Au Co in Canada then went to Ni Cu in Vietnam	Ni Cu	Exploration success not really translated into share price
30	C6C	1.200	1.680	40	Copper Mountin from AOH takeover	Cu	Low grade producer finally caught Cu price tail winds
31	CAE	0.030	0.029	-3	Cannindah Resources Au exploration near Dotswood trenches Nth QLD	Au
32	CAP	0.070	0.049	-30	Carpentaria Hawsons high grade Magnetite Iron Ore	Fe	Chinese shennanigans and mismanagement
33	CCZ	0.004	0.040	900	Castillo Copper – Co expl in Broken Hill, Malborough and Mt Oxide	Co	Announced drilling and copper price tailwinds
34	CDV	0.610	1.080	77	Cardinal Resources – recovered after ham fisted met report got lucky with timing	Au	Taken over cheaply
35	CMM	0.300	1.690	93	Capricorn Metals viable Au resource at Karlawinda building a mine	Au	5:1 Consolidation
36	CNB	0.330	0.420	27	Berkut Minerals Co hype, then swung to Tick Hill, sold that and now drilling Pilbara Intrusive gold nearology	Co	Have not been afraid to change plans as metal prices fluctuate
37	COB	0.180	0.125	-31	Cobolt Blue Thackeringa gravity sulphide	Co	Lifestyle company
38	COE	0.300	0.365	22	Cooper Energy	Oil	Oil smashed
39	CRB	0.080	0.042	-48	Problems getting Mt Morgan Au Cu S project approved	Cu	Sovereign risk loss of assets
40	CSD	0.250	0.125	-50	Consolidated Tin Zn at Surveyor and Mt Garnet - still in Admi/suspended	Zn	Lifestyle company
41	CTL	0.012	0.000	-100	Junior Au miner in VIC A1 gold mine	Au	Went broke
42	CTP	0.080	0.130	63	Central Petroleum	Oil	Oil smashed
43	CVN	0.100	0.280	180	Carnavon Petroleum	Oil	Oil smashed
44	CVS	0.010	0.000	-100	Cervantes Corporation Meekathara gold explorer and Paynes Find all WA gold expl	Au	Went broke
45	CXO	0.060	0.084	40	Core Exploration Finiss Li deposit in the NT plus a heap of other greenfields Cu Pb Zn in the NT and SA	Li	Li smashed have looked at other metals
46	CYL	0.780	2.690	245	Gold explorer in VIC	Au	Have had drilling success
47	CZL	0.020	0.004	-80	Consolidated Zinc go slow in Mexico with crap CR	Zn	Inept management and low metal prices
48	DCN	2.060	0.036	-98	Dacian Gold Ltd (Nordesmic) – trying to bring Mt Morgan Au mine into production	Au	Went broke
49	DEG	0.190	1.100	479	DeGrey Mining exposure to Pilbara Conglometares	Au	Major gold discovery
50	DRM	0.190	0.700	268	Doray Au producer – Deflector producing but share price keeps on being smashed	Au	Taken over cheaply
51	EAR	0.250	0.290	16	Echo Resources refurbing Bronzewing up to 15Mt @ 1.7g/T Aui	Au	Taken over cheaply
52	EGA	0.290	0.450	55	Egan Street Resources – Rothsay Au project in WA	Au	Taken over cheaply
53	ENR	0.103	0.175	71	Encounter Resources Telfer West exploration JV with Newcrest and Patterson Basin Cu near Nifty WA	Au	Patterson nearology - no results yet
54	EQE	0.040	0.013	-68	Bonkers Cu in Chile	Cu	Sovereign risk loss of assets - Chile
55	ERM	0.090	0.080	-11	Emmerson Resources in the NT – really no traction despite exploration success	Au	Lazy management plus Covid gave them an excuse to do nothing all year
56	EVN	2.260	5.120	127	Evolution Mining – Jake Klein can do no wrong	Au	Gold price rerating + good management
57	EXU	0.110	0.250	127	Au expl beneath wheat belts WA - resource upgrade soon	Au	Taken over cheaply
58	FAR	0.070	0.011	-84	Oil drilling in Senegal	Oil	Sovereign risk loss of assets - Senegal
59	FCC	1.450	0.160	-89	First Cobalt Canada – ASX listed large Canadian Co explorer with processing facilities	Co	Delisted went private into Glencores hands - operation profitable
60	FMG	5.050	21.460	325	Fortescue Metals – Twiggy Forest Iron Ore producer survives	Fe	Iron ore prices
61	GBZ	0.010	0.140	1300	GBM Resources central QLD gold exploration and Chinese shennanigans	Au	Renewed interest in gold
62	GCY	0.470	0.000	-100	Gascoyne Two Au mines under construction in WA	Au	Went broke due to resource estimation failure
63	GOR	0.690	1.270	84	Gold Road mine under construction - could be orphan stage?	Au	Orphan gold producer
64	HAV	0.190	0.190		Havilah Resources – Portia not making money, disastrous capital raising incompetent divided board	Au	Lifestyle company
65	HE8	0.040	0.050	25	Helios Energy Limited oil and gas exploration in Texas	Oil
66	HMX	0.030	0.038	27	Quick exploration campaign near Cloncurry with Glencore found shallow hi grade Cu	Cu	No progress
67	HRR	0.740	0.000	-100	Woodlawn operation diluted down - just went through big 10 TO 1 consolidation in Dec	Zn	Went broke
68	HRZ	0.110	0.125	14	Good old fashioned producer and Au explorer in Kalgoorlie	Au	Capital raise churning surpresses share price
69	HVN	3.850	4.560	18	Harvey Norman discretionary consumer goods	Industrial	Did OK out of Covid pump
70	HZN	0.070	0.065	-7	Horizon Oil	Oil	Oil smashed
71	IBG	0.080	0.027	-66	Ironbark Zn Pb in Greenland Citronen project tied up in China NFC sillyness	Zn	Lifestyle company
72	ICG	0.010	0.060	500	Inca Minerals - Zn Pb Ag exploration drilling in Peru	Zn
73	IGO	4.160	5.100	23	Independance Gold – operating Ni Au and base metal mines in WA	Ni Au Li	Held up by low base metal prices, Li acqusition rerate
74	IPL	3.800	2.360	-38	Incitec Pivot US and Aus fertilizer business	P	Domestic gas prices
75	IPT	0.020	0.021	5	Impact minerals - no proper focus on Commonwealth	Au	Lifestyle company
76	IVR	0.020	0.058	190	Paris and other Au Cu Ag expl in SA	Cu	Exploration success
77	JBH	23.530	42.890	82	JB Hi Fi – can they fight off Amazon and streaming?	Industrial	OK for a blue chip stock
78	KDR	1.250	1.500	20	Kidman Resources Earl Grey Li on WA	Li	Taken over cheaply
79	KGL	0.370	0.295	-20	KGL Resources finding Cu at Jervois Project in NT located NE of Alice Springs Calc silicates Cu Au Ag Pb Zn	Cu	Didn't do anything all year
80	KIN	0.260	0.180	-31	Kin Mining (Nordesmic) Eastern Goldfields WA	Au	Near death experience incompetent management
81	KLA	22.010	56.950	159	Kirkland Lake Gold Fosterville mine extremely profitable	Au	Gold price rerating
82	KRR	0.011	0.024	118	King River Copper Au Cu and V exploration in the East Kimberly	Au	Stalled development
83	LCD	0.020	0.021	5	Gold explorer Au Mt Ida WA & SA	Au	Not much drilling this year - not sure why
84	LCK	0.130	0.180	38	Leigh Crk energy cannot gain traction in market (not fully licenced yet)	Oil	Slow progress
85	LEX	0.160	0.200	25	Lefroy Exploration Lucky strike Au exploration in WA	Au	No progress
86	LNY	0.003	0.007	133	Laneway Agate Creek Au mine QLD plus dodgy toll treatment	Au	Havent acheived anything, lifestyle company
87	MBK	0.030	0.011	-63	Drilling now – Central QLD Expl for Au – no real market traction	Au	Lifestyle company
88	MCR	0.300	1.080	260	Mincor Resources WA Ni miner	Ni	Slow and steady rise from Ni price rises
89	MCT	0.040	0.019	-53	Metalicity Admiral Bay Zn plus other Lennard Shelf plus Li ezpl in WA	Zn Li	Seems to be doubts about management
90	MDI	0.020	0.014	-30	Low grade whacky Tonolite Au vein plug in WA, almost looks like a Cadia style orebody	Au	Low grade "off putting"
91	MEP	0.080	0.160	100	Minotaur Exploration	Cu	JV ownership of Halloysite resource
92	MEU	0.010	0.047	370	Thin shallow high grade Au 50km north of Challenger	Au	Gold discovery
93	MGU	0.060	0.600	900	Exited emeralds in South Africa & went into Fe ore in Nevada	Cu	Keep on chasing the latest "trends" stricly a trading stock
94	MGV	0.070	0.425	507	Keep on finding gold new discovery along strike of Break of Day	Au	Major gold discovery
95	MGX	0.420	0.920	119	Mt Gibson Iron solid Iron Ore producer after Koolyang Is insurance debacle	Fe	Iron ore prices
96	MLX	0.990	0.105	-89	Metals X Sn in Tas, Cu at Nifty and Ni Co Wingellina	Cu	Nifty sent them broke
97	MMG	5.000	5.000		MMG Dugald River Zn Pb upside	Zn	Delisted
98	MMI	0.240	0.064	-73	Metro Mining Aluminium producer Skardon River	Al	Al smashed
99	MOY	0.170	0.051	-70	Keep on finding gold	Au	Almost went broke
100	MYL	0.080	0.073	-9	Myannmar Metals – high grade Zn Pb orebody in Myannmar	Zn	Dragged down by base metals sentiment and questions about sovereign risk
101	NHC	2.010	1.420	-29	New Hope Coal – obvious problems with QLD government	Coal	Coal smashed
102	NST	5.220	13.000	149	Northern Star Mining – good profitable WA gold producer	Au	Gold price rerating
103	NWS	18.070	24.680	37	News Limited	Industrial	OK for a blue chip stock
104	OSH	7.290	3.750	-49	Oil Search	Oil	Oil smashed
105	OZL	8.360	18.870	126	Quality Cu assets at Prom Hill and Carrapateena	Cu	Copper price rerating
106	PEX	0.300	0.270	-10	Had an excellent exploration success around Cobar	Zn	Never stopped drilling - seem unwilling to commit to mining
107	PLS	0.760	0.860	13	Pilbara Minerals Li mine in WA (can they survive China price manipulation?)	Li	Survived manipulation of Li prices and able to capitalise on others failures
108	PMY	0.010	0.017	70	Pacifico Minerals – Sorby Hills Pb Zn Ag in WA, Borollola JV with Sandfire (NT), Violin Cu AU project in Mexico	Pb	Lead price rerating and development progress
109	PNM	0.001	0.000	-95	Malachite Resources – nightmare lifestyle company finally have Lorena into production – will they make any money out of it	Au	Lifestyle company
110	PNR	0.190	0.215	13	Nicholson's Gold Mine in WA near Halls Creek	Au	Short mine life concerns?
111	PNX	0.010	0.007	-30	PNX Metals Hayes Ck and Molin Cu Pb Zn exploration in the NT	Cu	Lifestyle company
112	PRN	2.120	1.420	-33	Ausdrill merging with Barminco (one big happy family>\?)	Industrial	Sovereign risk loss of assets
113	PRU	0.330	1.170	255	Perseus Mining Au mines in Ghana and Cote D'Ivoire	Au	Gold price rerating
114	PRX	0.120	0.054	-55	Was ABU now PRX, have made expl progress but market seems to ignore	Au	Lifestyle company
115	PXX	0.160	0.038	-76	Polar X Limited Au Cu exploration in Alaska	Cu	Screwed over by Lundin Mining JV partner found a lot of As in the orebody
116	RDM	0.160	0.110	-31	Maronan plus lots other QLD and SA exploration	Cu	Lifestyle company
117	RFX	0.105	0.027	-74	Redflow Zn Bromide battery factory in Thailand	Br	Failed to deliver new Zn battery technology
118	RMS	0.390	1.780	356	Undervalued aussie gold producer	Au	Gold price rerating
119	RRL	4.030	3.790	-6	Regis Resources – nice boring gold miner at Duketon n of Laverton	Au	Hedged away all their profits, idiotic management
120	RSG	1.070	0.750	-30	Resolute sold Ravenswood and West Africa	Au	Terrible cost overruns and dishonest management
121	RVR	0.300	0.270	-10	Became a Zn producer at Thalanga – market ignoring transition from explorer to producer	Zn	Base metal prices and execution risks
122	S32	3.300	2.620	-21	ShitCo spin-off from BHP-Billiton run quite well – share buyback has had no effect.	Industrial	Coal smashed, South Africa issues, other commodities smashed
123	SAR	1.740	4.870	180	Thunderbox and Caruse Dam in WA	Au	Merger with NST
124	SAU	0.290	0.110	-62	Campaign WA gold plus S Korea expl	Au	Sovereign risk loss of assets
125	SBM	3.830	2.540	-34	WA gold mines and Simberi in PNG – looking a bit overpriced	Au	Was overpriced
126	SCI	0.035	0.022	-37	Silver City Minerals Cu driling s of BH	Cu	Lifestyle company
127	SFX	0.722	0.310	-57	Sheffield Resources Limited – heavy mineral sands miner in WA	Industrial
128	SGC	0.160	0.120	-25	Sacgasco natural gas in Sacremento Valley	Oil
129	SGQ	0.110	0.105	-5	Had a bit of exploration success in Ni sulphides – share price took off	Ni	Lots of drilling for very marginal gains in Ni resources
130	SLR	0.380	1.830	382	Silver Lake Resources - ignored gold producer	Au	Gold price rerating
131	SMR	0.520	0.800	54	Stanmore Coal unsexy QLD thermal coal Isac plains	Coal	Coal smashed
132	SPQ	0.003	0.017	467	Just finished drilling Greenvale Steam Engine Zone plus NW QLD base metal projects	Cu	Modest gold discovery but new management
133	STM	0.020	0.013	-35	Sunstone Metals Limited – new listing Au Cu in Equador and some expl in Finland & Sweden	Au	Overseas exploration ground rendered worthless by Covid travel restrictions
134	STX	0.07	0.270	286	Strike Energy oil and gas in the Cooper Basin	Oil
135	TBR	6.800	6.150	-10	Tribune Resources Limited boring competent Gold Miner in Australia East Kunduna JV with NST	Au	Sabotaged by JV partner
136	TDO	0.070	0.072	3	3D Oil expl permit in Otway Basin	Oil
137	TER	0.270	0.165	-39	Terracom Coal startup QLD	Coal	Coal smashed
138	TKM	0.038	0.060	58	Trek Minerals sedex Pb Zn in **on, Lawn Hill expl alongside Walford Ck got screwed over in Zambia	Zn	Decent management and DEG nearology but early days exploration
139	TLM	0.280	0.105	-63	Still stalled out with their stranded Monty Cu orebody not yet in production	Cu	Lifestyle company
140	TLS	3.530	3.070	-13	Telstra – smashed by NBN and competition and reduction of dividends	Industrial	No dividends = no interest in business
141	TRL	0.010	0.049	390	Tanga Resources Limited Zn Pb exporation at Joumbira in Namibia Cambrian Hosted Zn silicates?	Zn
142	VAL	0.030	0.005	-83	Cu Ag project in South Peru 22Mt at 110g/T Ag and 1% Cu	Cu	Incompetent management
143	VML	0.010	0.035	250	Vital Metals – no progress on african Au exploration or on Watershed Sn deposit	Au	Change to Li in Canada
144	VXR	0.230	0.135	-41	Aggressive WA base metals explorer	Cu	Poor base metal sentiment
145	WAF	0.400	0.965	141	West African Resources Ltd – Au Cu in Burkina Faso	Au	Gold price rerating
146	WES	41.780	50.250	20	Westfarmers – solid year for retail – offloaded coal assets at end of year	Industrial	A winner from Covid pandemic
147	WGX	1.860	2.660	43	Westgold – from demerger of MLX really went nowhere this year – like alot of gold miners	Au	Problems with mine operations.
148	WHC	3.600	1.620	-55	Whitehave Coal – business OK but share price smashed due to low thermal coal prices despite this bing a coking coal co	Coal	Coal smashed
149	WPG	0.049	0.000	-100	WPG Resources – struggling to make money out of Challenger, changed from Pybar to Byrnecut – very marginal operation	Au	Went broke coutesey of mismanagement and/or mining contractor before gold prices took off
150	WRM	0.018	0.001	-97	Alaskan VMS exploration	Cu	1000:1 CONSOLIDATION
151	WSA	2.920	2.470	-15	Western Areas /ni producer	Ni	Incompetent management
152	XAM	0.280	0.033	-88	Xanadu Resources Au Cu expl in Mongolia	Cu	Sovereign risk loss of assets - Mongolia
153	YAL	4.030	2.540	-37	Yancoal australian coal producer	Coal	Coal smashed
154	ZNC	0.120	0.150	25	Zenith Minerals Au expl in Tate River area	Au	No progress

Anyway - keen to hear any feedback or thoughts, I realize that this list is pretty superficial and might be unrepresentative in some places and there are a lot of detailed "company specific" things that I have glossed over...