Perseus Mining Limited · ASX:PRU
Perseus Mining — Shareholder Meeting (November 2011)
26 slides from Perseus Mining's shareholder meeting presentation, Nov 28, 2011
Slide 1: West African Gold Miner, Explorer & Developer - AGM 2011
For personal use only ASX/TSX: PRU www.perseusmining.com West African Gold Miner Miner, Explorer & Developer Annual General Meeting 2011 Markk Calderwood ld d Managing Director 1
Slide 2: Competent Person's Statement and Forward-Looking Statements
For personal use only Competent Person Person’ss Statement Information in this presentation that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Mark Calderwood, who is a Member of The Australasian Institute of Miningg and Metallurgy. gy Mr Ca
Slide 3: Introduction
Introduction For personal use only West African Producer, Explorer & Developer Perseus the Company p y Perseus the Producer Perseus the Explorer Perseus the Future 3
Slide 4: Perseus The Company
Perseus The Company Strong Exploration track record ‐ For personal use only Discovered nearly all of our ounces Large, low risk, high margin projects ‐ Open pit, free milling, low‐medium C1 cash costs Development track record ‐ Recent development experience in West Africa Large Edikan mine producing
Slide 5: Perseus' Past Months
Perseus' Past 12 Months For personal use only Key Targets at 2010 AGM Actual Mining, Mar Qtr February Milling, Sep Qtr 11 August Production, Sep Qtr 21 August June 30 2011 2011, Cash US$97M US$100M Edikan built on time & on budget 5
Slide 6: Capital Structure & Financial Position
Capital Structure & Financial Position For personal use only Shares on Issue 456M U li d O Unlisted Options i 7.3M (avg. $2.30) Cash ‐ 15 Nov 2011 US$155M Bank Debt US$85M 6
Slide 7: Gold Resources & Reserves
Gold Resources & Reserves For personal use only 5.7Moz (84% in Ghana) i M&I Resources in R (159 8M at 1.1g/t) (159.8Mt 11 / ) Including 3 9M 3.9Moz (83% in Ghana) in Reserves (96.6Mt at 1.3g/t) ...................................................................... Additional 2 2Moz (88% in Ghana) 2.
Slide 8: Management
Management For personal use only Directors Reg Gillard ll d ‐ Non Exc. Chairman, h 2003 Mark Calderwood – MD/CEO, 2004 Colin Carson ‐ Exc. Director, 2003 Rhett Brans ‐ Exc. Director, 2004 (exc. 2008) Neil Fearis ‐ Non Exc. Director, 2004 Sean Harveyy ‐ Non Exc. Director,, 2009 Mike Bohm ‐ Non Exc. D
Slide 9: Perseus The Producer
Perseus The Producer For personal use only 9
Slide 10: Perseus The Producer – Ashanti Belt
Perseus The Producer – Ashanti Belt For personal use only Edikan Grumesa 10
Slide 11: Perseus The Producer - The Edikan Mine
Perseus The Producer ‐ The Edikan Mine For personal use only Mill Site 11
Slide 12: For personal use only
For personal use only 12
Slide 13: For personal use only
For personal use only 13
Slide 14: Commissioning Progress 2011
Commissioning Progress 2011 For personal use only September October November* Throughput (dry t) 331,700 296,670 262,040 Operating hours 570 570 409 Head grade 1.08g/t 1.17g/t 1.32g/t Recovery (%) 77.5 79.5 80.7 Gold recovered (oz) 8,960 8,230 8,953 Gold sold (oz) 2,029 9,320 5,900 Sale Price (USD)
Slide 15: Cost Breakdown
Cost Breakdown For personal use only Portion of Unit Rate Inflation Total Costs 12 months Mining* 53.5% +3.5% Electricity 13.6% +20% Diesel 9 5% 9.5% +29% Grinding Media 5.1% +7% Cyanide y 2.4% +21% Wages 4.8% +10% * excludes diesel Overheads 8% Processing Mining Costs C 29% 63% 15
Slide 16: Edikan - Straight Forward Operation
Edikan ‐ Straight Forward Operation For personal use only Mining Low Strip Ratio ‐ 2.8:1 Wide ore bodies ‐ ~80m, low selectivity Contract miningg Processing (6.3Mtpa – 8.1Mtpa) Free milling ore ‐ clean granite, gold in stockwork veins. All new equipment Crushing & grinding installed capacity 8Mtpa I
Slide 17: Edikan Gold Mine Simple Flow Sheet
Edikan Gold Mine Simple Flow Sheet For personal use only Significant Unit Cost Savings Feed SAG Milled Product Flotation Tails 5.5 Mtpa Milling FLOTATION 5.4Mtpa ~75 micron ~212 micron 1.2g/t Au Power Required Save 50GWh/a 128 GWh/a 78GWh/a Plus significant steel FLOTATION CONCENTRATE 35g/t‐120g/t ,
Slide 18: Social Development Assistance
Social Development Assistance For personal use only Over 400 local employees (50%) Schools (refurb. & new) Water & sanitation Education & training Water pump Development fund ($500kpa) Aptitude testing Gyaman School 18
Slide 19: Perseus the Explorer
Perseus the Explorer M&I Resource For personal use only Growth 8 Ghana Tengrela Inferred ~1.6Mozpa in 3 years 7 Meas. & Ind. P&P Reserve 6 Reserves Growth 5 ~2.0Mozpa in 2 years 4 Updates 3 Q4 ‐ 2011 H1 ‐ 2012 2 1 Moz M 2005 2006 2007 2008 2009 2010 19
Slide 20: Perseus Licenses Côte d'Ivoire
Perseus Licenses Côte d'Ivoire For personal use only 3000 sq km U d explored Under l d Resource: 0.93Moz M&I; 0.26Moz Inf. Reserve: 0.66Moz Prob. Excellent upside p p potential 20
Slide 21: Sissingue Gold Project
Sissingue Gold Project For personal use only Permittingg advancingg Detailed design advancing SAG mill award Dec. qtr Robust ‐ 170koz/ann. 170koz/ann first 2 yrs High margin project/quick payback Targeting production CY2013 21
Slide 22: Targets to November 2012
Targets to November 2012 For personal use only Edikan Commercial production Jan 2012 Resource/Reserve upgrade Q1 2012 Commence plant upgrade ....................................................................... Sissingue Government approvals Commence construction Resource upgrade June Qtr 2012 ...
Slide 23: Perseus The Future
Perseus The Future For personal use only Ramp up Edikan Gold Mine ‐ increase throughput beyond ‘name plate’ and continue to grow reserves Develop and grow Sissingue ‐ bringg mine into p production in 2013,, currentlyy stepping pp g up p exploration p and resource/reserve drilling Exploration experie
Slide 24: Resources
Resources Mineral Resources (Gold) For personal use only Measured Indicated Inferred Deposit Tonnes g/t oz. Tonnes g/t oz. Tonnes g/t oz. (cut‐off g/t Au) (million) Au Au (million) Au Au (million) Au Au (,000) (,000) (,000) Edikan Gold Mine 35.6 1.5 1,817 35.6 1.5 1,490 24.4 1.5 1,144 >0.8g/t Edikan
Slide 25: Reserves
Reserves For personal use only Mineral Reserves (Gold) Deposit p Proven Probable Total Tonnes g/t Ounces Tonnes g/t Ounces Tonnes g/t Ounces (million) Au Au (million) Au Au (million) Au Au (,000) (,000) (,000) Edikan >0.4g/t 47.7 1.3 1,974 39.2 1.0 1,300 86.9 1.2 3,273 g Tengrela >0.55g/t g/ 9.7 2.1
Slide 26: For personal use only
For personal use only ASX/TSX: PRU www.perseusmining.com i i Mark Calderwood Managing g g Director calderwoodm@perseusmining.com Nathan Ryan Investor Relations +61 420 582 887 Rebecca Greco Investor Relations +1 416 822 6483 26