Franco-Nevada is a gold-focused royalty company with additional interests in platinum group metals, oil and gas and other assets. We are the leading gold royalty company with the largest gold royalty revenues. The majority of our revenues are derived from a diversified portfolio of high-quality royalty properties located in North America. Franco-Nevada also holds a pipeline of assets which have the potential to generate future royalty revenues but which are currently under development or in the exploration phase. As of mid 2010, the royalty portfolio consists of approximately 311 royalty interests diversified over a range of commodities and stages from exploration through to operating.Our royalty portfolio generates high-margin free cash-flow with lower exposure to operating and capital costs than operating companies. The portfolio also provides us with direct leverage to commodity prices and the exploration potential of world-class ore deposits and mineral exploration trends where we have existing royalty interests. Management has proven successful in both acquiring and creating new royalties along with managing our growing portfolio of assets. We intend to utilize our free cash-flow to grow the portfolio and to pay dividends. We believe that a portfolio of royalty interests provides our shareholders with a higher risk-adjusted return through the commodity cycle than direct operating interests.

Corus Engineering Steels is usually pretty solid, but it can be a little spacey at times. Corus Engineering Steels company makes high-grade steel, including alloy, carbon, stainless, and free cutting, for automotive, aerospace, energy, engineering, and machining companies. Producing steel under thousands of international and customer specifications, Corus Engineering Steels makes such brands as Durehete high-temperature bolting steel, Vanard micro-alloyed steel, and XLCut free-machining steel. It also offers services that include heat treatment and hire work rolling and processing. Steel made by Corus Engineering Steels company will be used to construct a new NASA space shuttle.

Noranda Aluminum is a vertically integrated aluminum producer. The company starts the process by mining bauxite through a joint venture in a Jamaican mining project, refining it into alumina at another joint venture in Louisiana, and then using the alumina to make primary aluminum metal products at its facility in Missouri and aluminum coils at four rolling facilities in the Southeast. Noranda's primary aluminum products include aluminum rods, extruded billets, and foundry ingots. The downstream business segment manufactures foil and light sheet metal. Sales are evenly split between the two segments. Owned by Apollo Management, Noranda Aluminum filed for an IPO in 2008.

Stillwater Mining Company is engaged in the development, extraction, processing, smelting, refining, and marketing of palladium, platinum and associated metals from a geological formation in southern Montana known as the J-M Reef. This is the only know significant source of platinum group metals in the United States and one of the significant resources outside Russia and South Africa. Stillwater Mining Company’s corporate office is located in Columbus, Montana.Stillwater Mining Company conducts mining operations at the Stillwater Mine near Nye, Montana and the East Boulder Mine South of McLeod, Montana. Both mines are located on the J-M Reef. Concentrating plants are operated at both mines to upgrade ore to a concentrate. The company also operates a smelter, refinery and laboratory at Columbus, Montana to further upgrade the concentrate to a platinum group metal rich filter cake. Spent catalyst material is also recycled at the smelter and refinery to recover platinum group metals. Platinum group metals are rare precious metals that are used in diverse applications for auto catalysts, fuel cells, hydrogen purification, electronics, jewelry, dentistry, medicine, water treatment, coinage and other uses.

The Doe Run Company assures us that no female deer are harmed in the production of its metal products. The fully integrated company is primarily involved in the entire lead production process, from mining to milling to smelting and refining. It is also engaged in the recycling and fabrication of lead and lead products. The company's recycling unit handles about 150,000 tons of lead annually. Doe Run has operations in Arizona, Missouri, and Washington. The Doe Run company also has an affiliate, Doe Run Peru, which mines lead and other nonferrous metals in Andes region. It's a part of the Renco Group, which also owns a stake in auto maker AM General among several other businesses.

Baffinland is a Canadian company that was formed pursuant to Articles of Incorporation under the Business Corporation Act (Ontario) on March 10, 1986. The Company owns three mining leases covering approximately 1,600 hectares in the Mary River area, Baffin Island, Nunavut, Canada. The Company is a mineral exploration and development company with a sole focus on the advancement of its Mary River Property, which consists of four high-grade hematite/magnetite deposits (the “Project”). The Project is in its early stages after having been originally discovered and studied in the 1960’s. Notwithstanding current global recessionary conditions, which have significantly impacted the European and North American commodity markets, iron ore market trends are still seen as favourable. Although current iron ore prices have decreased by approximately 30% since the downturn began in late 2008 it is the opinion of the Company’s management that prices are likely to rebound somewhat in the next year. In addition, iron ore and steel industry consolidation continues. Since 2004, Baffinland has been engaged in a wide spectrum of activities supporting the development of the Mary River iron ore deposits. These activities have included the delineation of mineral resources and estimation of mineral reserves, extensive metallurgical testing of the iron ore, field engineering data collection, environmental and socio-economic baseline studies, and evaluation of shipping lanes. A bulk sample was shipped to two key customers in Europe in 2008. The DFS, coordinated by Aker Solutions was completed in 2008, followed by initiation of the regulatory review process and basic engineering design. As a result of the current world economic outlook and the Company’s current resources, basic engineering and other technical support services were suspended in December 2008 and a review of the proposed Project timeline was initiated. Re-initiation of engineering and related technical support services will be contingent on the Company raising funds to complete such activities. As a result of a decision from the Minister of Indian and Northern Affairs Canada in reference to the regulatory review process, in 2009 the Company is pursuing the terms of reference guiding the submission of an Environmental Impact Statement, the submission of which will be contingent on further financing. In the meantime, a modest exploration program is underway to continue development on Deposit No. 1.

ATH Resources is an AIM-listed operator of surface coal mines and has mines in production in East Ayrshire, Dumfries and Galloway and Fife. The Company is one of the largest producers of coal in the UK producing 2 million tonnes per annum. Coal was used to generate 36 per cent of the UKs electricity in 2008 and the Company holds coal supply contracts with three of the UK's main electricity generating companies. The Group commenced operations in 1998 when it acquired the rights to operate (and subsequently acquire) the Skares Road mine. The Garleffan mine was acquired in November 2003 and ATH Resources became a public company in June 2004 when it listed on the Alternative Investment Market (AIM). In June 2005 the Group funded two new surface sites, Grievehill and Glenmuckloch in Scotland for 18 million by way of an Open Offer to shareholders. The acquisition increased the Group's coal reserve base by 160% and provided greater diversity to the business. In May 2006 the Group acquired Doncaster-based A Ogden & Sons Limited a successful coal recovery, land remediation and regeneration business with a particular focus on colliery spoil heap reclamation projects. In July 2010, the Group sold the assets of ATH Regeneration Ltd, the proceeds of which could total some £17m over a seven year period comprising £6.5m in cash on completion plus royalties. The assets were sold to RecyCoal Ltd, a newly formed company that is funded by a substantial investment fund and its partners and has amongst its shareholders Tom Allchurch and Steven Beaumont, who at that time were the Group's Chief Executive and Finance Director respectively. In October 2006, following a successful planning application the Group commenced work on its new Laigh Glenmuir surface mine in East Ayrshire and obtained further consent to extract 800kt from an extension into Duncanziemere land in June 2010. Planning permission was also granted to extract up to 4 million tonnes of coal from the company's Netherton site near Cumnock, East Ayrshire in June 2010. This site is located close to the company's Skares Mine and work is due to start in the Autumn and will ultimately employ up to 110 personnel directly. In addition to its operating mines, the Group also has a number of other coal mining projects in Scotland and two through its French subsidiary, SRMMC including a series of six existing coal concessions in south-central France, covering an area of 36km, 2 with an estimated resource of approximately 4.5 million tonnes of recoverable coal.

Nanophase Technologies Corporation engages in the development, manufacture, and sale of engineered nanomaterial products primarily in North America. The company's products are used in various markets, including sunscreens, architectural coatings, industrial coatings ingredients, personal care, abrasion-resistant applications, antimicrobial products, plastics additives, and medical diagnostics, as well as for a range of polishing applications consisting of semiconductors and optics. It also provides a nanoengineered product line under the trade name NanoUltra for the architectural window cleaning market. Nanophase Technologies Corporation was founded in 1989 and is headquartered in Romeoville, Illinois.

Cliffs Natural Resources Inc. (NYSE: CLF)(Paris: CLF) is an international mining and natural resources company. A member of the S&P 500 Index, we are the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. With core values of environmental and capital stewardship, our colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied by the Global Reporting Initiative (GRI) framework. Our company is organized into the following geographic business units:The North American business unit is comprised of six iron ore mines in Michigan, Minnesota and Eastern Canada, and six coal mines in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a coking and thermal coal mine in Queensland, Australia. The Latin American business unit includes a 30% interest in the Amapá Project, an iron ore project in the state of Amapá in Brazil.Other projects under development include a biomass fuel production plant in Michigan and Ring of Fire chromite properties in Ontario, Canada. Over recent years, Cliffs has been actively executing a strategy designed to achieve scale in the mining industry and focused on serving the world’s largest and fastest growing steel markets.

The desert may be high, but it contains a lot more than just gold. High Desert Gold has holdings in Mexico and the US near already exploited mineral deposits. Major properties include the Canasta Dorada gold project in Mexico and the Gold Lake copper/gold project in New Mexico. High Desert Gold also works the Monitor project in Arizona for copper and silver and the Markham Wash prospect in Arizona for copper and gold. High Desert Gold was formed in 2007 when Sprott Resource Corp., formerly General Minerals, spun off some of its silver, copper, and gold properties.

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