Perseus Mining Limited · ASX:PRU
Perseus Mining — European Gold Forum 2016
42 slides from Perseus Mining's conference presentation, Apr 20, 2016
Slide 1: Transforming into a Diversified Mid-Tier Gold Producer
For personal use only Transforming into a Diversified Mid-Tier Gold Producer European Gold Forum 19-20 April 2016 ASX/TSX: PRU www.perseusmining.com
Slide 2: Cautionary Statements: Forward-Looking Statements
Cautionary Statements For personal use only Forward-Looking Statements 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 deve
Slide 3: Cautionary Statements
Cautionary Statements For personal use only All information in this presentation concerning the Yaouré and Baomahun projects are reported as Foreign Estimates as defined in the ASX Listing Rules in accordance with ASX Listing Rules 5.12.1 to 5.12.10 and as Historical Estimates as defined Canadian Na
Slide 4: Cautionary Statements: Additional Information
Cautionary Statements For personal use only Additional Information A statement was made by Amara Mining on 26th February 2016 updating the Mineral Resource and Ore/Mineral Reserve. An incomplete draft technical report was available to Perseus at the time of the compilation of this presentation, but
Slide 5: Investment Highlights
Investment Highlights For personal use only Debt Successful West African Experienced board One producing mine and Large Ore Reserve and Robust Balance Sheet at focused ASX/TSX listed and professional strong growth pipeline: Mineral Resource 31 December 2015: gold explorer, management team inventory*
Slide 6: Experienced Board with Complementary Skillset
Experienced Board with Complementary Skillset For personal use only Reginald Gillard Jeff Quartermaine Colin Carson Non-Executive Chairman Managing Director and CEO Executive Director More than 30 years’ experience in accounting More than 25 years’ experience in financial and Director of numerous Au
Slide 7: Our Strategy for Creating Value for Shareholders
Our Strategy for Creating Value for Shareholders... For personal use only Ensure our existing Produce as much Mitigate geopolitical Edikan Gold Mine is gold as we can, as risks by maintaining a operating efficiently and soon as we can, at strong social licence to effectively operate the lowest possi
Slide 8: A Diversified West African Portfolio
A Diversified West African Portfolio For personal use only Our Locations Assets Overview • Open pit gold mine Edikan • FY2015 production: 212koz • FY2015 AISC: US$877/oz • PFS stage growth project Baomahun Yaouré • Potential for large scale, long Sierra Leone life, low cost production Sissingué Côte
Slide 9: Large Mineral Reserve and Resource Inventory
Large Mineral Reserve and Resource Inventory1 For personal use only Sissingué (85%) Baomahun2 (100%) M&I Mineral Resource: 0.9Moz M&I Mineral Resource: 2.2Moz Ore Reserve: 0.4Moz Ore Reserve: 1.2Moz (See cautionary statement below) Sierra Leone Grumesa (90%) M&I Mineral Resource: 0.5Moz Yaouré2 (90%
Slide 10: A Strong Financial Position
A Strong Financial Position For personal use only Robust balance sheet as at 31 Hedging Strategy Net working capital Cash and bullion December 2015 • Hedging strategy approved by Board and reviewed regularly Working Capital of A$165m A$165m A$99m Cash and bullion of A$99m • ~30% of 2016 and 2017
Slide 11: Edikan Gold Mine
Edikan Gold Mine For personal use only Overview • Open pit gold mine in southern Ghana • Ore Reserves of 58.4Mt at 1.2g/t for 2.275Moz of gold • Projected average annual production of 222koz/annum at an all-in site cost of US$865/oz for remainder of mine life • Expected mine life of 7.5 years (from
Slide 12: Edikan: Looking Forward Through 2016
Edikan: Looking Forward Through 2016 For personal use only • Improving grade control practices in the Eastern Pits to take account of different geology • Installation of additional power generators to eliminate reliance on national power grid - designed to improve run time of processing plant and re
Slide 13: Edikan: Updated Life of Mine Plan
Edikan: Updated Life of Mine Plan For personal use only • 7.5 years of production from 1 July 2016 • Average annual production of 258koz for 5 years from FY2017, with average annual production over life of mine of 222koz • Average All-In site Cost of US$865/ounce • Material reduction in sustaining c
Slide 14: Edikan: Strong Cash Flow Generation from FY2018
Edikan: Strong Cash Flow Generation from FY2018 For personal use only Sustaining Capital Breakdown Cost (US$M) Sustaining Capital Profile 25 Mining development/infrastructure/relocation housing 20 9.7 – Fetish & Esuajah North 15 US$m 10 Bokitsi blast diversion road 1.3 5 0 Esuajah South underground
Slide 15: Yaouré Gold Project
Yaouré Gold Project For personal use only Overview • Pre-Feasibility stage development asset in central Côte d’Ivoire • Measured and Indicated Mineral Resources of 5.2 million ounces (104.1Mt at 1.54g/t)* (see cautionary statement below) • Potential for large scale, long life, low cost production •
Slide 16: Yaouré: Ideally Located for Large Scale Production
Yaouré: Ideally Located for Large Scale Production For personal use only Grid power within 5km Dual carriageway within 40km Brownfield site Water supply within 5km Skilled workforce 16
Slide 17: Sissingué Gold Project
Sissingué Gold Project For personal use only Overview • “Development ready” gold project in northern Côte d’Ivoire • Permitting complete and fiscal stability agreement guaranteed by [Photo of Sissingue – the government Adam sending] • Ore Reserves of 5.5Mt at 2.4g/t containing 0.43Moz of gold • Fore
Slide 18: Strong Pipeline from Exploration to Production
Strong Pipeline from Exploration to Production For personal use only Production Edikan Construction Sissingué Feasibility Study S. Esuajah Yaouré Grumesa Baomahun Pre-Feasibility / Concept Study Mampong Dadieso Advanced Bélé Exploration Bokitsi Mbengué Mahalé Zouan-Hounien Nkotumso Initial Explorati
Slide 19: Investment Highlights
Investment Highlights For personal use only Debt Successful West African Experienced board One producing mine and Large Ore Reserve and Robust Balance Sheet at focused ASX/TSX listed and professional strong growth pipeline: Mineral Resource 31 December 2015: gold explorer, management team inventory*
Slide 20: Contact Us
Contact Us For personal use only ASX/TSX: PRU www.perseusmining.com Jeff Quartermaine Managing Director & CEO +61 8 6144 1700 Katharine Sutton Investor Relations (UK/Australia) +44 207 398 1420 Nathan Ryan Investor Relations (Australia) +61 420 582 887 20
Slide 21: Appendices
For personal use only APPENDICES 21
Slide 22: Edikan Gold Mine, Ghana
Edikan Gold Mine, Ghana For personal use only 22
Slide 23: Edikan Site Layout
Edikan Site Layout For personal use only Reserves 5km radius Esuajah Resources Esuajah North South Current production pits Abnabna Fobinso Mill site Fetish Bokitsi Chirawewa Mampong Dadieso 23
Slide 24: Edikan Mineral Resources and Reserves
Edikan Mineral Resources and Reserves* For personal use only 5.1Moz of gold in Measured & Indicated Mineral Resources (144.8Mt at 1.1g/t) INCLUDING PLUS 2.3Moz of gold 2.0Moz of gold in Proven in Inferred & Probable Reserves Mineral Resources (58.4Mt at 1.2g/t) (61.4Mt at 1.0g/t) * As at 1 March 201
Slide 25: Edikan Ore Reserves
Edikan Ore Reserves1 For personal use only Quantity Grade Gold Strip ratio Mt g/t gold kozs AF Gap /Fobinso 15.3 1.2 573 3.8 Fetish 14.3 1.2 559 3.4 Esuajah North 15.3 1.0 475 1.8 Esuajah South 6.7 1.8 391 7.7 Chirawewa 4.3 1.2 165 3.9 Bokitsi 0.8 3.2 79 9.6 Stockpiles 1.8 0.6 33 - Total 58.4 1.2 2,
Slide 26: Edikan Gold Mine – Key LOM Operating Parameters
Edikan Gold Mine – Key LOM Operating Parameters For personal use only Parameter Details Measured & Indicated Resources 144.8 Mt ore grading 1.1g/t gold containing 5.085 Mozs Proved & Probable Ore Reserves 58.4Mt ore grading 1.2g/t gold containing 2.275Mozs Mining methods 7 multi-stage open pits mine
Slide 27: Financial Model
Financial Model For personal use only Gold Price Unit US$1,1000/oz US$1,200/oz US$1,300oz Waste + Ore Mined Mt 199,079 199,079 199,079 Ore Processed Mt 53,831 53,831 53,831 Head Grade g/t gold 1.09 1.09 1.09 Weighted Average Recovery % 88.12 88.12 88.12 Gold Produced kozs 1,662,828 1,662,828 1,662,8
Slide 28: Sissingué Gold Project, Côte d'Ivoire
Sissingué Gold Project, Côte d’Ivoire For personal use only 28
Slide 29: Sissingué – Location
Sissingué – Location For personal use only MALI BURKINA FASO Sissingué Odienné Korhogo Touba Katiola Bondoukou Séguéla Bouaké Man Daloa YAMOUSSOUKRO Abengouro Sinfra GHANA Dimbokro Gagnoa Adzopé Divo Agboville LIBERIA Dabou Aboisso Abidjan San-Pédro Gulf of Guinea 0 50 100km 0 50 100m 29
Slide 30: Sissingué Mineral Resources and Reserves
Sissingué Mineral Resources and Reserves* For personal use only 880koz of gold in Measured & Indicated Mineral Resources (16.0Mt at 1.7g/t) INCLUDING PLUS 429koz of gold 63koz of gold in Proven in Inferred & Probable Reserves Mineral Resources (5.5Mt at 2.4g/t) (1.1Mt at 1.7g/t) *As at 30 June 2015
Slide 31: Feasibility Study – Key Operating Parameters
Feasibility Study – Key Operating Parameters For personal use only Parameter Details Measured & Indicated Resources 16Mt at 1.7g/t gold for 880kozs contained gold Proved & Probable Ore Reserves 5.5Mt at 2.4g/t for 429kozs contained gold Mining methods Open pit – contract mining; 3 pit stages; free d
Slide 32: Proposed Open Pit Mining
Proposed Open Pit Mining For personal use only • Open pit mining techniques • Mined by contractor • Use Hydraulic excavator & highway trucks • Free dig oxide, drill& blast fresh ore 32
Slide 33: Process Plant
Process Plant For personal use only • Single stage crushing • Single stage grinding with pebble crusher – ball mill grind to 106 microns • Gravity circuit • 6 stages of carbon in leach (CIL) • Elution & electrowinning • Dore refined to bullion • Overall gold recovery of 90% on fresh ore 33
Slide 34: Financial Model
Financial Model For personal use only Gold Price Unit US$1,1000/oz US$1,200/oz US$1,300oz Waste + Ore Mined Mt 23.2 23.2 23.2 Ore Processed Mt 5.5 5.5 5.5 Head Grade g/t gold 2.4 2.4 2.4 Weighted Average Recovery % 89.7 89.7 89.7 Gold Produced kozs 385 385 385 Development Capital US$M 100 100 100 Su
Slide 35: Early Works – Plant Site
Early Works – Plant Site For personal use only 35
Slide 36: Early Works – Infrastructure
Early Works – Infrastructure For personal use only 36
Slide 37: Early Works – Community & Housing
Early Works – Community & Housing For personal use only 37
Slide 38: Exploration – Mahalé/Bélé
Exploration – Mahalé/Bélé For personal use only • Infill and extensional resource drilling re-commenced in December at Bélé West with very encouraging results • Metallurgical testwork is underway and Maiden Mineral Resource expected at end of June 2016 quarter 38
Slide 39: Yaouré Gold Project, Côte d'Ivoire
Yaouré Gold Project, Côte d’Ivoire For personal use only 39
Slide 40: Yaoure Mineral Resources and Reserves
Yaoure Mineral Resources and Reserves1,2 For personal use only 5.2Moz of gold in Measured & Indicated Mineral Resources (104.1Mt at 1.5g/t) (see cautionary statement below) INCLUDING PLUS 3.2Moz of gold 2.2Moz of gold in Proven in Inferred & Probable Reserves Mineral Resources (62.3Mt at 1.6g/t) (47
Slide 41: Baomahun Gold Project, Sierra Leone
Baomahun Gold Project, Sierra Leone For personal use only 41
Slide 42: Baomahun Mineral Resources and Reserves
Baomahun Mineral Resources and Reserves1,2 For personal use only 2.2Moz of gold in Measured & Indicated Mineral Resources (45.0Mt at 1.8g/t) (see cautionary statement below) INCLUDING PLUS 1.2Moz of gold 0.5Moz of gold in Proven in Inferred & Probable Reserves Mineral Resources (23.3Mt at 1.6g/t) (6