Perseus Mining Limited · ASX:PRU
Perseus Mining — Denver Gold Forum 2019
22 slides from Perseus Mining's conference presentation, Sep 17, 2019
Slide 1: West African Gold Producer, Developer and Explorer – Corporate Presentation
WEST AFRICAN GOLD PRODUCER, DEVELOPER and EXPLORER CORPORATE PRESENTATION SEPTEMBER 2019 ASX/TSX: PRU www.perseusmining.com PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected develo
Slide 3: A Compelling Investment Opportunity
A COMPELLING INVESTMENT OPPORTUNITY West African gold producer, developer & explorer Multi-mine, multi-jurisdiction operations Gold production growing to ~500,000oz pa by FY 2022 Balance sheet capacity and strong cash flows to fund growth Experienced board & management team and Strong social licence
Slide 4: Simple Corporate Strategy for Value Creation
SIMPLE CORPORATE STRATEGY FOR VALUE CREATION INVEST IN ASSETS INVEST IN PEOPLE Acquire and replenish through organic or Lead, motivate and continuously up-skill inorganic means, a geopolitically diverse our operating & management teams portfolio of mineral resources Consistently produce DEVELOP MINE
Slide 5: Improved Operating Performance
IMPROVED OPERATING PERFORMANCE Implemented AISC (USD/oz) Production (oz) revised mining 120,000 strategy at Edikan $1,200 100,000 $1,000 80,000 $800 60,000 $600 40,000 $400 20,000 $200 - $- Sep 17 Qtr Dec 17 Qtr Mar 18 Qtr June 18 Qtr Sep 18 Qtr Dec 18 Qtr Mar 19 Qtr Jun 19 Qtr Edikan Sissingué AISC
Slide 6: 2020 Financial Year Market Guidance
2020 FINANCIAL YEAR MARKET GUIDANCE GUIDANCE FY 2020 PARAMETER UNITS Dec 19 Half Jun 20 Half Full Year Gold Production ‘000 ounces 120 –140 140 – 160 260 – 300 All-In Site Costs $US/ounce 850 – 1,000 750 – 950 800 – 975 PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 6
Slide 7: Improving Financial Position
As at 30 June 2019 IMPROVING FINANCIAL POSITION Cash on hand US$89.1 million USD million $120 $100 Cash & Bullion US$119.3 million $100 $80 Bank Debt US$31.5 million $80 $60 Net Cash & Bullion US$87.8 million $60 $40 Strong future cashflows $40 $20 $20 $0 US$150 million Corporate Facility (undrawn)
Slide 8: Financial Year 2019 Highlights
FINANCIAL YEAR 2019 HIGHLIGHTS ✓ Gold Production 271,824 ounces, up 6% – within guidance ✓ AISC of US$960 per ounce, down 8% – within guidance ✓ EBITDA: A$164 million; NPAT: A$8 million, Op CF A$146 million ✓ Cash and bullion A$170 million. Net Cash A$125 million ✓ Yaouré Gold Mine development comme
Slide 9: Attractive Long-Term Growth
ATTRACTIVE LONG-TERM GROWTH1 Production (koz/pa) AISC (US$/oz) GROWTH DERIVED FROM 600 $1,200 EXISTING ASSET BASE Year Ending 30 June 500 $1,000 400 $800 NEW RESERVES IMPROVE GROWTH PROFILE 300 $600 200 $400 SUCCESSFUL EXECUTION KEY TO DELIVERY 100 $200 0 $0 2019* 2020 2021 2022 Edikan Sissingué Yao
Slide 10: Two Producing Gold Mines
TWO PRODUCING GOLD MINES OUR LOCATIONS PRODUCING ASSETS Côte d’Ivoire - Sissingué (86%)1 West Africa M&I Mineral Resource: 0.5Moz Ore Reserve: 0.3Moz SISSINGUÉ GOLD MINE (4+ YEARS) Africa Ghana - Edikan (90%)1 M&I Mineral Resource: 2.7Moz Ore Reserve: 1.4Moz EDIKAN GOLD MINE (5++ YEARS) Notes: 1 Ore
Slide 11: Edikan Gold Mine
EDIKAN GOLD MINE PERSEUS’S FIRST OPERATING MINE ✓ Large scale, multi open-pit mining operation ✓ Produced more than 1.5 Moz gold to date ✓ 2.7 Moz M&I Mineral Resources incl. 1.4 Moz of P&P Ore Reserves1 ✓ Updated LOMP delivering lower AISC and improved cash flow ✓ Mine life of 5 years with strong p
Slide 12: Sissingué Gold Mine
SISSINGUÉ GOLD MINE PERSEUS’S NEWEST MINE ✓ Higher-grade, low-cost, multi open-pit mining operation ✓ Successful development and ramp up in production in Q1 2018 ✓ Produced 115 kozs gold to date Generated US$60M of notional cashflow and repaid 57% of the US$106M ✓ capital cost after only 1.25 years
Slide 13: Development Asset
DEVELOPMENT ASSET PROJECTS West Africa YAOURÉ OPEN PIT DEVELOPMENT PROJECT (8.5+ YEARS) Africa YAOURÉ UNDERGROUND Côte d’Ivoire - Yaouré (90%)1, 2 DEVELOPMENT PROJECT (? YEARS) M&I Open Pit Mineral Resource: 2.1Moz Ore Reserve: 1.6Moz Inferred Underground Resource: 0.6Moz Notes: 1 Ore Reserve and Mi
Slide 14: Yaouré Gold Project
YAOURÉ GOLD PROJECT NEXT GOLD MINE Economically attractive - IRR of 27% and 32 month payback period at ✓ US$1,250/oz gold Technically robust - 3.3Mtpa plant with average annual gold production ✓ of 215,000 ounces at an AISC of US$734/oz for first 5 years Excellent location - Close to excellent exist
Slide 15: Yaouré Development Commenced
YAOURÉ DEVELOPMENT COMMENCED ✓ Received Exploitation Permit (“EP50”) from Ivorian government ✓ Assembled full US$265M funding including US$150M debt facility ✓ Board decision taken to proceed with development ✓ Site works, engineering and procurement started in June 2019 ✓ Full scale construction to
Slide 16: Yaouré – Underground Sections
YAOURÉ – UNDERGROUND SECTIONS PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 16
Slide 17: Near Mine and Greenfields Exploration
NEAR MINE AND GREENFIELDS EXPLORATION EXPLORATION FOCUS West Africa 1. EDIKAN – NEAR MINE Africa 2. SISSINGUÉ & YAOURÉ – NEAR MINE 3. CÔTE D’IVOIRE - REGIONAL Abidjan Granted Permits Applications Mines 100km Gold Deposits PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 17
Slide 18: Edikan Exploration - Targets
EDIKAN EXPLORATION - TARGETS • Previous conventional use of soil geochemistry is not effective in delineating blind deposits. • Recognition of need to use multi-geoscience data in an integrated approach to delineating future targets for exploration. • VTEM, magnetics and radiometric data acquired ov
Slide 19: Sissingué Exploration – Targets and Results
SISSINGUÉ EXPLORATION – TARGETS and RESULTS • Targeting geochemical and intrusive related anomalies at Papara- Tiongoli, Sissingué South, Zanikan and Fimbiasso. Q2 2019 results include: • RC drilling following up of previous AC drilling results returned significant and encouraging grades and interce
Slide 20: Yaouré Exploration – Near Mine Targets
YAOURÉ EXPLORATION – NEAR MINE TARGETS • “High-prospectivity corridors” interpreted from geophysics and soil geochemistry. CMA NE • Priority targets include; GOVISOU • CMA Underground extensions; ➢ Drilling to commence Q3 2019 ➢ 3D HiSeis survey early 2020 • Extensions of CMA and basin boundary to t
Slide 21: Attractive Long-Term Growth
ATTRACTIVE LONG-TERM GROWTH1 Production (koz/pa) AISC (US$/oz) GROWTH DERIVED FROM 600 $1,200 EXISTING ASSET BASE Year Ending 30 June 500 $1,000 400 $800 NEW RESERVES IMPROVE GROWTH PROFILE 300 $600 200 $400 SUCCESSFUL EXECUTION KEY TO DELIVERY 100 $200 0 $0 2019* 2020 2021 2022 Edikan Sissingué Yao
Slide 22: Contacts
CONTACTS ASX/TSX: PRU www.perseusmining.com Jeff Quartermaine Andrew Grove Managing Director & CEO GM Business Development & +61 8 6144 1700 Investor Relations +61 414 011 383 Panoramic view of the Yaouré site, Perseus’s third mine development. PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM