KEFI Gold and Copper PLC · LSE:KEFI
KEFI Gold and Copper — KEFI Minerals — Shareholder Meeting (June 2019)
25 slides from KEFI Gold and Copper's shareholder meeting presentation, Jun 28, 2019
Slide 1: 2019 Annual General Meeting
2019 Annual General Meeting 28 June 2019 Arabian Nubian Shield - Ethiopia and Saudi Arabia. KEFI is 1st mover in both countries and has strong local partners Govt has started off-site development activities for Tulu Kapi Gold Mine and on-site development poised to start Exploration re-started in Sau
Slide 2: Disclaimer
The information contained in this document (“Presentation”) has been prepared by KEFI Minerals plc (the “Company”). While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have g
Slide 3: Why the Arabian Nubian Shield?
Why the Arabian Nubian Shield? It is early days but world-class discoveries have already been made in the Arabian Nubian Shield. Arabian Nubian Shield can be as productive as the comparable Australian shield which grew from <10tpa gold in 1970’s to >300 tpa now. Plus other minerals. KEFI was invited
Slide 4: KEFI in Saudi Arabia & Ethiopia
KEFI in Saudi Arabia & Ethiopia 4
Slide 5: What has held up our progress to date?
What has held up our progress to date? Ethiopia: • 2016-2018 States of Emergency • 2018-2019 Wide-ranging transformational reforms • First-mover for modern mining and our cautious response to elevated security concerns Saudi Arabia: • 2016-2018 regulatory overhaul of mining sector • 2016-2018 Land a
Slide 6: Why KEFI? Transparency, Fundamentals, Timing
Why KEFI ? Transparency, Fundamentals, Timing Transparency: • normal regulatory reporting plus: o quarterly updates and Q&A webinars. o all plans and published project numbers independently verified. Fundamentals: • Market Cap £10M. • Shareholders’ aggregate invested capital in Tulu Kapi Gold Mines
Slide 7: Why KEFI? Timing
Why KEFI ? Timing Ethiopia: Whilst over 2 years lost 2016-2018 in states of emergency, now have supportive Govt, local investors, contractors, financiers. Prime Minister issued instructions to all depts on 28 Feb 19 to start Tulu Kapi development. Federal Govt started off-site infrastructure & Local
Slide 8: A Strong Platform
A Strong Platform Bond Holders $160M bonds Principal and Interest Payments 60% 40% Finance SPV Artar G&M KEFI Minerals On-Site Saudi Arabia Saudi Arabia plc Infrastructure 81% 20% KEFI Ethiopia ANS Past $60M equity New $38M equity 22%* 56%* Tula Kapi Gold Finance Lease Payments Mines (TKGM) Cost Ove
Slide 9: Ethiopian Projects
Ethiopian Projects View a video summarising KEFI’s projects in Ethiopia here 9
Slide 10: Ethiopia 1st planned production
Ethiopia 1st planned production All Government levels have advised they are ready to trigger the development and some activities have started. TKGM ~ $60M spent already, funded by KEFI’s shareholders (original Nyota and KEFI shareholders) and continues to fund current activities. Largest shareholder
Slide 11: Why Western Ethiopia?
Why Western Ethiopia? Ethiopia’s only ‘ready to start’ industrial- scale mining project. The first development for decades. TKGM in largest gold district, Gold mining dates back millenia Next to Sudan, where gold exports have grown from 10tpa to >100tpa in past 10 years, from artisanal. Tulu Kapi ha
Slide 12: Why Ethiopia Now?
Why Ethiopia Now? BBC: “The reforms he has introduced were unthinkable not so long ago. The (previous) government seemed impervious to criticism from human rights groups that the state stifled free expression, side lined and imprisoned opposition leaders and cracked down on protests. But all that ha
Slide 13: Why Ethiopia - Political
Why Ethiopia - Political Base for the African Union and well-serviced for all needs. In the world’s top 10 growth countries for over 15 years. Now Africa’s highest growth country. The new Government led by Prime Minister Dr Abiy Ahmed is Ethiopia’s impressive peaceful and effective response to
Slide 14: Why Ethiopia - Economic
Why Ethiopia - Economic The Government’s focus is now on the economy and especially on export sector, for hard currency: Ethiopian Airlines, Renaissance Dam, Industrial Parks. Now focus on the extractive industries as well as deregulating other sectors. Rescheduling its international debts a
Slide 15: Independent Validation
Independent Validation Security Due Diligence Financial Model Environmental & Social Bankable Open Pit (JORC 2012) Ore Reserve 1.0M oz (15M t at 2.1g/t) Definitive 91-94% recovery Feasibility Study DFS Annual production 140,000 oz pa AISC ~$800/oz Resources & EBITDA ~ $93M @ $1,400/oz gold
Slide 16: JV With Government And Ethiopian Financial Institutions
JV With Government And Ethiopian Financial Institutions Community consultation and alignment. 16 KEFI and its predecessors have lived and worked in Tulu Kapi for 14 years without any disruption until recent robbery.
Slide 17: Tulu Kapi Exploration Camp
TULU KAPI EXPLORATION CAMP Layout showing site of destroyed shed Storeroom destroyed in robbery
Slide 18: Saudi Arabian Projects
Saudi Arabian Projects View a video summarising KEFI’s projects in Saudi Arabia here 18
Slide 19: Comparison of Wadi Bidah VMS Belt vs. Bisha VMS Belt
Comparison of 120km long Wadi Bidah VMS Belt (left) vs. the Bisha VMS Belt in Eritrea (right) (same scale). G&M JV (via ARTAR) has registered applications for most of Wadi Bidah VMS Belt 28/06/2019 19
Slide 20: Hawiah and other ELAs in the Wadi Bidah Belt
G&M has Hawiah and other ELAs in the Wadi Bidah Belt which cover cumulative +12km of gold gossans on VMS. BRGM drilling in 1980s on these gossans total 1.2Mt at 6.4g/t Au for 254koz contained gold Gossan km’s long, 5-40m wide Geophysical targets at Hawiah 51 Trenches, sample ave 2-3ppm gold
Slide 21: Intrinsic Value and Targeted Growth
Intrinsic Value and Targeted Growth • SAUDI ARABIA JOINT VENTURE HAS PEGGED 24 VMS SYSTEMS AND STARTS DRILLING 2019 • RECENTLY GRANTED 1ST LICENCE UNDER NEW REGULATIONS • EXPLORATION RIGHTS TO 1,900 SQ KMS OF TULU KAPI DISTRICT WITH MANY SHALLOW DRILL-HITS • THE TULU KAPI UNDERGROUND HAS 200K OZ IND
Slide 22: Corporate Overview
Corporate Overview Summary Summary (1) • In the Arabian-Nubian Shield since 2008 through discovery & acquisition. AIM code KEFI • Market Cap £10M. Planned 45% beneficial interest in Tulu Kapi has NPV £59M Share price - 12 mth 1.25p (low)/4.70 (high) now and £88M at start of production in 2 years, ba
Slide 23: Directors
Directors Harry Anagnostaras-Adams – Executive Chair – B. Comm, MBA, Fellow of Australian Institutes of Management & Company Directors Harry was founder or co-founder of Citicorp Capital Investors Australia, investment company Pilatus Capital, Australian Gold Council, EMED Mining, KEFI Minerals and
Slide 24: KEFI Senior Management
KEFI Senior Management Managing Director and Finance Director Plus…. David Munro - Operations Eddy Solbrandt - Systems Brian Hosking – Exploration Norman Green – Development David began his career as a mining engineer in Eddy began his career in the mining Brian began his career as a geologist Norma
Slide 25: Thank You
Thank You Email: info@kefiminerals.com Website: www.kefi-minerals.com @kefiminerals KEFI Minerals plc 25