PROVISIONALLY PRICED SALES:

9 Months Ended

Sep. 30, 2015

PROVISIONALLY PRICED SALES:

PROVISIONALLY PRICED SALES:

NOTE 5 — PROVISIONALLY PRICED SALES:

At September 30, 2015, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the September 30, 2015 market price per pound. These sales are subject to final pricing based on the average monthly copper prices on the London Metal Exchange (“LME”) or New York Commodities Exchange (“COMEX”) and Dealer Oxide molybdenum prices in the future month of settlement.

Following are the provisionally priced copper and molybdenum sales outstanding at September 30, 2015:

	Sales volume (million lbs.)	Priced at (per pound)		Month of settlement
Copper	80.7	$	2.35	From October 2015 to December 2015
Molybdenum	12.0	$	5.40	From October 2015 to January 2016

During the month of October 2015, the market price of molybdenum decreased while copper prices slightly increased. The effect of these changes on sales for the nine months of 2015 settling in October 2015 was a reduction of $1.9 million in sales. Additionally, the effect on open sales of copper and molybdenum for the nine months of 2015 settling after October 2015 would be a further reduction of $5.4 million in sales.