Slide 1: West African Gold Producer, Developer & Explorer
SEPTEMBER 2018 For personal use only WEST AFRICAN GOLD PRODUCER, DEVELOPER & EXPLORER DENVER GOLD FORUM Jeff Quartermaine ASX/TSX: PRU Managing Director & CEO www.perseusmining.com PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM
Slide 2: Cautionary Statements: Competent Person Statement
CAUTIONARY STATEMENTS For personal use only COMPETENT PERSON STATEMENT All production targets referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code. The information in this report that r
Slide 3: Cautionary Statements: Forward Looking Information
CAUTIONARY STATEMENTS For personal use only 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 condition
Slide 4: Perseus Mining Snapshot
PERSEUS MINING SNAPSHOT For personal use only West African gold producer, developer & explorer Multi-mine, multi jurisdiction operations Gold production growing to ~500,000oz pa by 2022 Balance sheet capacity and strong cash flows to fund growth Experienced board & management team A compelling inves
Slide 5: Simple Strategy for Value Creation
SIMPLE STRATEGY FOR VALUE CREATION For personal use only Continual Leverage team’s business extensive skills and improvement experience Successfully develop and operate gold mines in multiple West African geo-political settings Effectively deploy Maintain strong capital ‘Social Licence’ PERSEUS MINI
Slide 6: Improved Operating Performance
IMPROVED OPERATING PERFORMANCE For personal use only 90,000 $2,000 80,000 $1,800 70,000 $1,600 $1,400 60,000 USD per ounce $1,200 50,000 Ounces $1,000 40,000 $800 30,000 $600 20,000 $400 10,000 $200 - $- Dec 16 Mar 17 Jun 17 Sep 17 Dec 17 Mar 18 June 18 Qtr Qtr Qtr Qtr Qtr Qtr Qtr EDIKAN SISSINGUE A
Slide 7: Guidance to Near Term Performance
GUIDANCE TO NEAR TERM PERFORMANCE For personal use only PARAMETER UNITS GUIDANCE FY2019 Dec 18 Half1 Jun 19 Half Full Year ‘000 Gold Production 130-150 130-150 260-300 ounces $US per All-In Site Costs 950 – 1,150 925 – 1,025 925 – 1,050 ounce Note: 1. As at 15 September 2018, Perseus is on track to
Slide 8: Attractive Long-Term Growth
ATTRACTIVE LONG-TERM GROWTH1 For personal use only Production (koz /yr) AISC (US$/oz) 600 1,200 500 GROWTH DERIVED FROM EXISTING ASSET BASE 400 800 300 NEW RESERVES IMPROVE GROWTH PROFILE 200 400 100 SUCCESSFUL EXECUTION 0 0 KEY TO DELIVERY 2018 2019 2020 2021 2022 Year Ending 30 June Edikan Sissing
Slide 9: Improving Financial Position
IMPROVING FINANCIAL POSITION For personal use only $80.0 $70.0 $60.0 $50.0 US$ Million $40.0 $30.0 $20.0 $10.0 $- Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Cash & Bullion (US$) Debt (US$) PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 9
Slide 10: Producing Gold Mines
PRODUCING GOLD MINES For personal use only OUR LOCATIONS PRODUCING ASSETS Côte d’Ivoire - Sissingué (86%)1,2 M&I Mineral Resource: 0.7Moz Ore Reserve: 0.4Moz SISSINGUÉ GOLD MINE (5+ YEARS) Ghana - Edikan (90%)1 M&I Mineral Resource: 3.0Moz Ore Reserve: 1.6Moz EDIKAN GOLD MINE (6+ YEARS) Notes: 1 Ore
Slide 11: Edikan Gold Mine
EDIKAN GOLD MINE PERSEUS’S FIRST OPERATING MINE For personal use only Large scale, multi open-pit mining operation Produced more than 1.35Moz gold to date 3.0 Moz M&I Mineral Resources incl. 1.6 Moz of P&P Ore Reserves1 Updated LOMP delivering lower AISC and improved cash flow Mine life of 6 years w
Slide 12: Sissingué Gold Mine
SISSINGUÉ GOLD MINE PERSEUS’S NEWEST MINE For personal use only High-grade, low-cost, multi open-pit mining operation 0.7Moz M&I Minerals Resources incl. 0.4Moz of P&P Ore Reserves1 Successful development and ramp up in production in Q1 2018 Low AISC and strong positive cashflow Significant potentia
Slide 13: Development Assets
DEVELOPMENT ASSETS For personal use only PROJECTS YAOURÉ GOLD OPEN PIT DEVELOPMENT PROJECT OUR LOCATIONS (8.5+ YEARS) Côte d’Ivoire - Yaouré (90%)1 M&I Mineral Resource: 1.9Moz YAOURÉ GOLD Ore Reserve: 1.5Moz UNDERGROUND DEVELOPMENT PROJECT (? YEARS) Notes: 1 Ore Reserve and Mineral Resource figures
Slide 14: Yaouré Gold Project
YAOURÉ GOLD PROJECT NEXT GOLD MINE For personal use only High quality development project located close to excellent existing infrastructure. Positive DFS completed in October 2017 confirmed Yaouré to be: Economically attractive - IRR of 27% gold & 32 month payback period at US$1,250 Technically rob
Slide 15: Yaouré Gold Project: Development on Track
YAOURÉ GOLD PROJECT DEVELOPMENT ON TRACK For personal use only Exploitation Permit pending Presidential decree Front End Engineering and Design (FEED) advanced Land and crop compensation underway Arrangement of debt financing of construction underway Decision to proceed to full-scale development lat
Slide 16: Near Mine and Greenfields Exploration
NEAR MINE AND GREENFIELDS EXPLORATION For personal use only EXPLORATION PROJECTS OUR LOCATIONS EDIKAN – NEAR MINE SISSINGUE & YAOURE – NEAR MINE CÔTE D’IVOIRE - REGIONAL PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 16
Slide 17: Exploration Details
EXPLORATION DETAILS Resistivity For personal use only Esuajah NE Esuajah Nth Fobinso Esuajah Sth Esuajah Gap AG Bokitis Fetish i Fetish & Mampo n Bokitsi Ext. Chirawewa Saa NE Huntad o Abreshia & Dadieso NE Dadies o Edikan – near mine exploration targets Sissingué – near mine exploration targets PER
Slide 18: Exploration Details
EXPLORATION DETAILS For personal use only S9 Angovia 2 CMA South Yaouré – pit extension targets Yaouré – near pit drill targets PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 18
Slide 19: Perseus's Value Proposition
For personal use only PERSEUS’S VALUE PROPOSITION PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM
Slide 20: Capital Structure
CAPITAL STRUCTURE For personal use only As at 21 September 2018 AUD USD ASX Share price per share 0.36 0.26 Shares outstanding 1,034 m 1,034 m Warrants outstanding1 130 m 130 m Market capitalisation 372 m 268 m Less: Cash2 36 m 26 m Plus: Debt 3 83 m 60 m Enterprise value 419 m 302 m Notes: 1. 143,0
Slide 21: Undervalued Relative to West African Peers
UNDERVALUED RELATIVE TO WEST AFRICAN PEERS For personal use only 450 $2,500 AUD $m / Reserve Ounce 400 AUD $m $2,000 350 300 $1,500 250 $1,000 Market 200 Capitalisation as at 150 EV / Reserve $500 05 September 2018 100 Ounce – 50 0 5000 300 4500 AUD / Ounce 4000 250 AUD $m / Resource 3500 200 3000 2
Slide 22: Relative Market Performance of West African Peers
RELATIVE MARKET PERFORMANCE OF WEST AFRICAN PEERS1 For personal use only Basic Shares Share Country of Ticker Outstanding Cap. Price Three Six 2018 Incorporation (M) (US$M) ($) High Low Day Week Month Months Months Year YTD Teranga Gold Corp. Canada TGZ-TSX 107.6 $334 C$ 4.01 5.63 2.30 -4% 4% 8% -23
Slide 23: Attractive Long Term Growth - Queued Up and Being Delivered
ATTRACTIVE LONG TERM GROWTH1 - QUEUED UP AND BEING DELIVERED For personal use only Production (koz /yr) AISC (US$/oz) 600 1,200 500 CREATING WEALTH 400 800 THROUGH 300 STEADY 200 400 GROWTH 100 0 0 2018 2019 2020 2021 2022 Year Ending 30 June Edikan Sissingue Yaoure AISC USD/OZ (RHS) 1 Refer to Slid
Slide 24: Contact Us
For personal use only CONTACT US 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 PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM
Slide 25: Appendices
APPENDICES For personal use only Aerial view of Processing facility at Perseus’s second mine, Sissingué. PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM
Slide 26: Experienced Board of Directors & Management Team
EXPERIENCED BOARD OF DIRECTORS & MANAGEMENT TEAM For personal use only Sean Harvey Jeff Quartermaine Colin Carson Non-Executive Chairman Managing Director and CEO Executive Director John McGloin Sally-Anne Layman Non-Executive Director Non-Executive Director PERSEUS MINING LIMITED| WWW.PERSEUSMINING
Slide 27: Perseus's Senior Management Team
PERSEUS’S SENIOR MANAGEMENT TEAM For personal use only Chief Executive Officer & Managing Director | Jeffrey Quartermaine Executive Director – Commercial Services | Colin Carson Chief Operating Officer | Chris Woodall Chief Financial Officer | Elissa Brown Group General Manager (Technical Services)
Slide 28: Edikan Measured + Indicated Mineral Resource Estimate
EDIKAN MEASURED + INDICATED MINERAL RESOURCE ESTIMATE1 For personal use only Measured + Indicated Measured Resources Indicated Resources Resources Deposit Deposit Type Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Mt g/t gold ‘000 oz Mt g/t gold ‘000 oz Mt g/t gold ‘000 oz AF Gap1, 2,
Slide 29: Edikan Ore Reserve Estimate
EDIKAN ORE RESERVE ESTIMATE1 For personal use only Proved Probable Proved + Probable Deposit Deposit Type Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold g/t Mt koz Mt g/t gold koz Mt g/t gold koz gold AF Gap¹,⁴ Open Pit 4.3 1.09 150 4.7 1.11 169 9.0 1.10 319 , Open Pit 0.2 1.22 7 0.5 0.
Slide 30: Sissingué Measured + Indicated Mineral Resource Estimate
SISSINGUÉ MEASURED + INDICATED MINERAL RESOURCE ESTIMATE1 For personal use only Measured + Indicated Measured Resources Indicated Resources Resources Deposit Deposit Type Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Mt g/t gold ‘000 oz Mt g/t gold ‘000 oz Mt g/t gold ‘000 oz Sissingué
Slide 31: Sissingué Ore Reserve Estimate
SISSINGUÉ ORE RESERVE ESTIMATE1 For personal use only Proved Probable Proved + Probable Deposit Deposit Type Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz Sissingue1,2,6 Open Pit 2.6 2.5 213 1.3 1.7 69 3.9 2.2 282 Fimbiasso East3,4,9 Open
Slide 32: Yaouré Mineral Resource Estimate
YAOURÉ MEASURED + INDICATED MINERAL RESOURCE ESTIMATE For personal use only Indicated Resources Inferred Resources Deposit Deposit Quantity Grade Gold Quantity Grade Gold Type Mt g/t gold Mozs Mt g/t gold Mozs CMA Open Pit 24.8 1.81 1.44 16 1.2 0.6 Yaouré Open Pit 16.5 0.81 0.43 30 0.9 0.9 Sub-Total
Slide 33: Yaouré Ore Reserve Estimate
YAOURÉ ORE RESERVE ESTIMATE For personal use only Proved Probable Proved + Probable Deposit Deposit Type Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold Moz Mt g/t gold Moz CMA Open Pit 20.7 1.97 1.31 20.7 1.97 1.31 Yaouré Open Pit 4.7 1.04 0.15 4.7 1.04 0.15