Perseus Mining Limited · ASX:PRU
Perseus Mining — European Gold Forum 2018
32 slides from Perseus Mining's conference presentation, Apr 17, 2018
Slide 1: European Gold Forum 2018 Corporate Presentation
For personal use only European Gold Forum 2018 CORPORATE PRESENTATION Jeff Quartermaine Managing Director & CEO 18 April 2018 ASX/TSX: PRU www.perseusmining.com 1
Slide 2: Cautionary Statements
Cautionary Statements For personal use only Disclaimer No representation or warranty, express or implied, is made by Perseus that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of Perseus, its directo
Slide 3: ASX Listing Rule and NI 43-101 Compliance Note
Cautionary Statements For personal use only ASX Listing Rule and National Instrument 43-101 Compliance Note All production targets for Edikan, Sissingué and Yaouré referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with th
Slide 4: Snapshot of Perseus Mining Limited
Snapshot Of Perseus Mining Limited For personal use only Internationally owned, emerging West African focussed gold producer, developer and explorer Sizeable Mineral Resource & Ore Reserve inventory Strong production growth profile based on two existing operating mines and one near-development proje
Slide 5: Recent Achievements
Recent Achievements For personal use only • Achieved a major turnaround in operating performance at Edikan Gold Mine • Completed development of Sissingué Gold Mine ahead of schedule and on budget – ‘commercial production’ declared Apr 1, 2018 • Completed a positive Definitive Feasibility Study for a
Slide 6: Clearly defined and simple strategy for value creation
Clearly defined and simple strategy for value creation For personal use only Successfully Drive continuous develop and Leverage team’s improvement in operate multiple, extensive skills productivity gold mines in a and experience spread of West African geo- political settings Expedite new Maintain st
Slide 7: Geo-politically diversified asset base in West Africa
Geo-politically diversified asset base in West Africa For personal use only Our Locations Assets Côte d’Ivoire - Sissingué (86%)1,2 Sissingué M&I Mineral Resource: 0.8Moz Gold Mine Ore Reserve: 0.4Moz (5.0+ years) Edikan Gold Ghana - Edikan (90%)1 Mine M&I Mineral Resource: 4.9Moz (6+ years) Côte d’
Slide 8: Edikan Gold Mine – Perseus's first operating mine
Edikan Gold Mine – Perseus’s first operating mine For personal use only • Large scale, low grade, multi-pit, open cut gold mining operation that’s produced >1.2 Moz since first gold in 2011 • 4.9 Moz in M&I Mineral Resources including 1.9 Moz in P&P Ore Reserve at 30 June 2017 • In 2017, produced 20
Slide 9: Sissingué Gold Mine – Perseus's newest mine
Sissingué Gold Mine – Perseus’s newest mine For personal use only • Smaller, high grade, low cost operation that combines the Sissingué, Fimbiasso East and West deposits • Completed construction ahead of schedule and on budget. Commercial production from 1 April 2018 • Strong start to operations in
Slide 10: Producing gold ahead of schedule and on budget
Producing gold ahead of schedule and on budget For personal use only 10
Slide 11: Yaouré Gold Project – Perseus's next gold mine
Yaouré Gold Project – Perseus’s 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$1,2
Slide 12: Yaouré Gold Project – Way Forward
Yaouré Gold Project –Way Forward For personal use only • Programme started to drill out mineralisation near prospective plant and tailings dam sites and convert Inferred Mineral Resources to Ore Reserves • Drill results needed for Front End Engineering and Design (FEED) due to start in June 2018 qua
Slide 13: Attractive long term growth profile
Attractive long term growth profile For personal use only Production (koz /yr) AISC (US$/oz) 600 1,600 Growth derived from existing assets and JORC Ore Reserves 500 1,200 No incremental discovery 400 or acquisition required 300 800 Delivery of growth a function of: 200 400 Operating risk - E
Slide 14: Robust Financial Position
Robust Financial Position For personal use only • Working capital of ~US$31M including cash and bullion of ~US$46M at 31 March 2018 • US$65M debt drawn under credit facilities with further credit of US$5M available as required • 130.5M April 2019, A$0.44 warrants currently in the money, potential to
Slide 15: Perseus's Value Proposition
For personal use only PERSEUS’S VALUE PROPOSITION 15
Slide 16: Capital Structure
Capital Structure For personal use only As at 12 April 2018 AUD USD ASX Share price per share 0.49 0.38 Shares outstanding 1,033 m 1,033 m Warrants outstanding1 131 m 131 m Market capitalisation 507 m 389 m Less: Cash 2 60 m 46 m Plus: Debt 3 85 m 65 m Enterprise value 532 m 408 m Note: 1. 143,050,7
Slide 17: Track record of improved operating performance
Track record of improved operating performance For personal use only 70,000 $2,000 $1,800 60,000 $1,600 50,000 $1,400 USD per ounce $1,200 40,000 Ounces $1,000 30,000 $800 20,000 $600 $400 10,000 $200 - $- Dec 16 Mar 17 Jun 17 Sep 17 Dec 17 Mar 18 Qtr Qtr Qtr Qtr Qtr Qtr EDIKAN SISSINGUE AISC Produc
Slide 18: Short term – on track for guidance
Short term – on track for for guidance For personal use only Parameter Units Guidance FY2018 Dec 17 Half1 Jun 18 Half Full Year Gold Production ‘000 ounces 108 140-160 250-285 All-In Site Costs $US per ounce 1,104 950 – 1,050 950 – 1,100 Note: 1. As at 15 March 2018, Perseus is on track to achieve p
Slide 19: Long term - growth locked in and being delivered
Long term - growth locked in and being delivered For personal use only Production (koz /yr) AISC (US$/oz) 600 1,600 ..and as the track 500 1,200 400 record of performance extends and de-risking continues, Perseus’s 300 800 200 share price should 100 400 respond, further closing the value gap. 0 0 20
Slide 20: Value Proposition Is Clear
Value Proposition Is Clear…. For personal use only • At A$0.49 per share, Perseus’s shares trades at a discount to broker’s consensus NAV/share • Value gap reflects perceptions of operating, financing and development risk • A major turn-around has occurred at Perseus with mounting evidence of de- ri
Slide 21: Contact Us
Contact Us For personal use only ASX/TSX: PRU www.perseusmining.com Jeff Quartermaine Managing Director & CEO +61 8 6144 1700 Nathan Ryan Media Relations (Australia) +61 420 582 887 21
Slide 22: Appendices
APPENDICES For personal use only 22 Aerial view of Processing facility at Perseus’s second mine, Sissingué,
Slide 23: 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 Non-Executive Director Sally-Anne Layman Mike Bohm Non-Executive Director Non-Executive Director 23
Slide 24: Perseus's Senior Management Team
Perseus’s Senior Management Team For personal use only Role Team Member Chief Executive Officer & Managing Director Jeffrey Quartermaine Executive Director – Commercial Services Colin Carson Experienced and capable senior Chief Operating Officer Chris Woodall management team Chief Financial Officer
Slide 25: Strong 'social licence to operate' in West Africa
Strong ‘social licence to operate’ in West Africa For personal use only • Perseus’s strong social licence to operate in both Ghana and Côte d’Ivoire is: Built on trust and track record of delivering on promises A critical defence against negative external forces e.g. security threats, illegal “a
Slide 26: Delivery on promises is important in the context of social licence
Delivery on promises is important in the context of social licence For personal use only 26
Slide 27: Edikan Measured + Indicated Mineral Resource Estimate
Edikan Measured + Indicated Mineral Resource Estimate For personal use only Measured Resources Indicated Resources Measured + Indicated Resources Deposit Quantity Grade Gold ‘000 Quantity Grade Gold ‘000 Quantity Grade Gold Deposit Type Mt g/t gold oz Mt g/t gold oz Mt g/t gold ‘000 oz AF Gap 1,2,3
Slide 28: Edikan Ore Reserve Estimate
Edikan Ore Reserve Estimate For personal use only Deposit Proved Reserves Probable Reserves Proved & Probable Strip Reserves Ratio5 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 Gap 5.5 1.09 191 6.0 1.07 208 11.5 1.08 399 3
Slide 29: Sissingué - Measured + Indicated Mineral Resource Estimate
Sissingué - Measured + Indicated Mineral Resource Estimate1 For personal use only 1. Includes Sissingué, Bélé East and Bélé West mineral deposits, compliant with JORC Code 2012 29
Slide 30: Sissingué - Ore Reserve Estimate
Sissingué - Ore Reserve Estimate1 For personal use only 1. Includes Sissingué, Bélé East and Bélé West Ore Reserves, compliant with JORC Code 2012 30
Slide 31: Yaouré - Measured + Indicated 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-Tot
Slide 32: 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 0.1