The 5 Largest US Mining Corps March 2018 Quarter Total Net Income More Than Doubles From the March 2017 Quarter ........................................................................................ It Has Very Little To Do With Lower Effective Income Tax Rates Which Declined By Only 3.2% ........................................................................................ It Has Everything To Do With Much Higher Revenues and the Resultant Margin Expansion

From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations, the US GAAP Net Income (Loss) From Continuing Operations and the related US GAAP Income Tax Expense for the March 2018 and 2017 Quarters for all US Mining Corps with stock market caps above $10 Bil on April 30, 2018 and which have released their March 2018 earnings by May 10, 2018.

									US GAAP	US GAAP	US GAAP	US GAAP
		US GAAP				US GAAP			Effective	Effective	Pretax	Net
	US GAAP	Income	US GAAP		US GAAP	Income	US GAAP		Income	Income	Income	Income
	Pretax	Tax	Net		Pretax	Tax	Net		Tax	Tax	% Change	% Change
	Income	Expense	Income		Income	Expense	Income		Rate	Rate	March Qtr	March Qtr
US Mining Corps	March Qtr	March Qtr	March Qtr		March Qtr	March Qtr	March Qtr		March Qtr	March Qtr	2018	2018
Market Caps Above $10 Bil	2018	2018	2018		2017	2017	2017		2018	2017	vs 2017	vs 2017
	mils $	mils $	mils $		mils $	mils $	mils $
Freeport McMoran	1,334	506	828		442	174	268		37.9%	39.4%	202%	209%
Southern Copper	709	237	472		491	176	315		33.4%	35.8%	44%	50%
Newmont Mining	274	105	169		192	111	81		38.3%	57.8%	43%	109%
Vulcan Materials	48	(5)	53		40	(3)	43		-10.4%	-7.5%	20%	23%
Martin Marietta Materials	12	2	10		57	15	42		16.7%	26.3%	-79%	-76%
Total all 5	2,377	845	1,532		1,222	473	749		35.5%	38.7%	95%	105%