Capital raising to support buying spree. During the March 2013 quarter, the Fund purchased 51 freestanding properties for a total of US$32.5M and received conditional acceptances on 59 properties for an expected cost of US$58.6M. This takes the total freestanding properties purchased since inception to 383 for a cost of US$140.3M with a further 92 conditional acceptances received for an expected cost of US$64.4M.

The southern section of the Maiden Inferred JORC Resource of 46Mt @ 17.2% P2O5 at the Kanzi Project has been upgraded to an Indicated Resource Estimate of 58.5Mt @ 14.2% P2O5. This equates to a 27% increase in tonnage and a 5% increase in equivalent P2O5.

In December 2012, Xstrata Copper (Xstrata) delivered a FS and an extended study for the Frieda River Project. The studies are currently being reviewed by HIG to ensure they comply with the obligations under the JV agreement. The Project has an estimated capital expenditure of US$5-5.6 billion.

Excelsior Gold Limited (EXG) is an ASX-listed gold exploration company seeking to develop its flagship Kalgoorlie North Gold Project, located approximately 45 kms north of Kalgoorliein Western Australia

As at 31 December 2012, the Fund had purchased 332 properties since inception for a total of $143.6M and received conditional acceptances on 110 properties. Since our Initiating Coverage report released in October 2012, the Fund has purchased an additional 100 properties at a cost of $49.2M.