Fitzroy River Corp. Ltd. · ASX:FZR
Fitzroy River — Investor Presentation (January 2021)
25 slides from Fitzroy River's investor presentation, January 2021
Slide 1: Company Update Presentation
Fitzroy River CORPORATION LTD COMPANY UPDATE PRESENTATION December January 2021 2020 (ASX:FZR)
Slide 2: Disclaimer
DISCLAIMER Fitzroy River CORPORATION LTD This presentation has been prepared by Fitzroy River Certain information in this presentation refers to the Corporation Limited (FZR). By accepting or reviewing this intentions of FZR, but these are not intended to be presentation, or attending any associated
Slide 3: Objectives
OBJECTIVES Fitzroy River CORPORATION LTD Fitzroy’s current objectives are: The upside to Fitzroy’s valuation and • Achieve positive cashflow from business case include: operations – based on current income • Several near term royalty assets producing royalties of Buru (Canning (Blackwater and Bowden
Slide 4: Attributes of Royalty Business Model
ATTRIBUTES OF ROYALTY BUSINESS MODEL Fitzroy River CORPORATION LTD $ No exposure to Leveraged Exploration and capex or cost to commodity mine expansion overruns prices upside $ Production Scaleable business Growing cash flows royalties are model via cash and with low corporate enduring and share acq
Slide 5: Diversified Portfolio
DIVERSIFIED PORTFOLIO Fitzroy River CORPORATION LTD Fitzroy has a diversified royalty portfolio with several near term production assets. OIL AND GAS GOLD • Canning Basin (WA) • Blackwater (NZ) – Buru Energy (BRU) – operator * – OceanaGold (OGC) & option to – Origin Energy – Farm-in partner Federati
Slide 6: Summary of Royalty Interests
SUMMARY OF ROYALTY INTERESTS Fitzroy River CORPORATION LTD Fitzroy’s royalty assets include the following: Project Counterparty Location Commodity Status Revenue (LTM) Royalty rates ** Canning Basin Royalty Deed EP391, EP428, EP431 & EP436 Buru Energy (BRU-50%) & Canning Basin, WA Hydrocarbons Explo
Slide 7: Capital Structure
CAPITAL STRUCTURE Fitzroy River CORPORATION LTD $ 13.8m $ 0.16 21.0% 37.1% Market Capitalization Share Price 11.6% (30 day vwap) 11.2% 9.0% 86.363m 10.1% Substantial shareholders Shares FlexiPlan Management P/L (Sue Thomas) 21.0% Australasia Resources P/L 11.6% 2.3m 16.1m Noontide Investments P/L 11
Slide 8: Experienced Board
EXPERIENCED BOARD Fitzroy River CORPORATION LTD Malcolm McComas Sue Thomas Justin Clyne Company director, investment Company director with experience Lawyer and Chartered Company banker and lawyer with leadership in technology and law. Founder of Secretary with experience in roles at County NatWest
Slide 9: Production Assets
Fitzroy River CORPORATION LTD Map and image supplied by ExxonMobil Australia PRODUCTION ASSETS Weeks Royalty and Canning Basin Royalty 9
Slide 10: Weeks Royalty – Gippsland Basin
WEEKS ROYALTY – GIPPSLAND BASIN Fitzroy River CORPORATION LTD Total royalty income (12 months to 30 Sep 2020) $518,085 (2019:$682,857) Weeks offers upside exposure to AUS Average annual east coast gas price Receipts from income since appreciation as LTM to Sept 2020 2015 is $585k in ~65% of currentl
Slide 11: Ungani Field – Canning Basin
UNGANI FIELD – CANNING BASIN Fitzroy River CORPORATION LTD Buru Energy announced farm-out to Origin Energy in Dec 2020 • Production from Ungani targeted at ~1,00bopd, with export from Wyndham Port • Origin Energy (ORG) has farmed in to all BRU’s 100% exploration permits with substantial funding comm
Slide 12: Near Term Production Assets
Fitzroy River CORPORATION LTD Images supplied by Silver Mines NEAR TERM PRODUCTION ASSETS 12
Slide 13: Near Term Production Assets
NEAR TERM PRODUCTION ASSETS Fitzroy River CORPORATION LTD The following near term production assets will provide significant upside to Fitzroy if they move into production. GOLD SILVER OIL & GAS • Blackwater (NZ) – • Bowden’s (NSW) – • Canning Basin (WA) – variable 1-3% ORR variable 1-2% NSR – Buru
Slide 14: Blackwater Gold Project (Reefton, NZ)
BLACKWATER GOLD PROJECT (REEFTON, NZ) Fitzroy River CORPORATION LTD Snowy River Mine Federation Mining Pty Ltd as developer (under option from Oceana Gold) • Variable 1-3% NSR royalty payable, based on production from parts of areas now known as MP60473 & EP60460. • If spot gold price is NZ$900 and
Slide 15: Bowden's Silver Mine (Mudgee, NSW)
BOWDEN’S SILVER MINE (MUDGEE, NSW) Fitzroy River CORPORATION LTD Silver Mines Limited (SVL) as developer • Fitzroy is entitled to an initial 2.0% NSR for the first US$5m and 1.0% thereafter • The project’s viability has improved with recent Ag price increases (6mth increase approx. 50%) • SVL lodged
Slide 16: Canning Basin Royalty Interests
CANNING BASIN ROYALTY INTERESTS Fitzroy River CORPORATION LTD Canning Basin Royalty Deed & Lennard Shelf Royalty Deed • Production and exploration assets held by Buru Energy and 4 other parties across 2 Royalty Deeds & 13 permits and licences • Black Mountain Exploration has current development plan
Slide 17: Canning Basin - Black Mountain - EP371
CANNING BASIN - BLACK MOUNTAIN - EP371 Fitzroy River CORPORATION LTD Current activity • Black Mountain Exploration intends to undertake an extensive evaluation of the unconventional gas resources on EP371, including drilling a number of wells and undertaking a frac program • There have previously be
Slide 18: Other Assets
Fitzroy RiverCORPORATION LTD Image supplied by ExxonMobil Australia OTHER ASSETS 18
Slide 19: Other Assets
OTHER ASSETS Fitzroy River CORPORATION LTD LISTED EQUITY INVESTMENTS UNLISTED EQUITY INVESTMENTS Byron Energy Limited (BYE) Spark Exploration Pty Ltd – 12.2m shares – 5.0m shares, plus warrants High Peak Royalties Limited (HPR) – 5.7m shares Company Update | January 2021 (ASX:FZR) 19
Slide 20: Financial Information
Fitzroy River CORPORATION LTD FINANCIAL INFORMATION 20
Slide 21: Profit & Loss Statement
PROFIT & LOSS STATEMENT Fitzroy River CORPORATION LTD Revenue ($’000) FY2020 FY2019 Interest 18 32 Royalty income 484 358 Expenses Corporate and other (877) (425) Impairment of intangibles (3,923) – Fair value loss, impairment, equity share loss (164) (287) Amortization of royalty rights (224) – Fin
Slide 22: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION Fitzroy River CORPORATION LTD Assets ($’000) FY2020 Cash 624 Receivables and other 211 Financial assets 3,038 Intangibles 3,816 Other 55 Total assets 7,744 Liabilities Payables and other 210 Borrowings 3,500 Total liabilities 3,710 Net Assets 4,034 Company Update | Ja
Slide 23: Statement of Cash Flows
STATEMENT OF CASH FLOWS Fitzroy River CORPORATION LTD Cash flows from Operating Activities ($’000) FY 2020 Payments to suppliers and employees (828) Interest received 18 Interest costs paid (283) Royalties received 564 Net cash used in Operating Activities (529) Cash flows from Investing Activities
Slide 24: Corporate Directory
CORPORATE DIRECTORY Fitzroy River CORPORATION LTD Directors Registered office Malcolm McComas – Chair Suite 6.02, 28 O’Connell Street Sue Thomas – NED Sydney NSW 2000 Justin Clyne – NED Web site Company Secretary www.fitzroyriver.net.au Justin Clyne Auditor Contact RSM Australia Partners enquiries@f
Slide 25: Announcement
ANNOUNCEMENT Fitzroy River CORPORATION LTD Authority for this announcement This announcement has been authorised for release by: The Board of Fitzroy River Corporation Contact person for this announcement: Malcolm McComas, Non-Executive Chair Contact phone number: 0412 016 009 Contact email address: