Vault Minerals Limited · ASX:VAU
Vault Minerals — Red 5 — Investor Presentation (May 2021)
35 slides from Vault Minerals's investor presentation, May 3, 2021
Slide 1: May-21 Investor Presentation
For personal use only May-21 Investor Presentation Mark Williams, Patrick Duffy ASX Code: RED www.red5ltd.com
Slide 2: Competent Person’s Statement and Disclaimer
Competent Person’s Statement and Disclaimer For personal use only Competent Person Statements for JORC 2012 Mineral Resource and Ore Reserves The information in this presentation that relates to the Mineral Resources at the Siana open pit is extracted from the report titled Siana Gold Project – Open
Slide 3: Red 5 – A standout growth opportunity
Red 5 – A standout growth opportunity ✓ For personal use only Red 5 has two gold mines in one of the world’s safest and most prospective gold districts ▪ 2,816 sq km of granted and pending tenements ✓ King of the Hills (KOTH) is a major Australian gold deposit – Top 10 largest Ore Reserves in Austra
Slide 4: Fully Financed King of the Hills Project
For personal use only Fully Financed King of the Hills Project 4
Slide 5: King of the Hills fully funded
King of the Hills fully funded For personal use only ▪ King of the Hills (KOTH) debt financing executed commitment offer comprising2: KOTH Funding Uses A$M - A$160 million Senior Construction Facility KOTH project capital and mine pre-strip1 207 - A$15 million Cost Overrun and Working Capital Facili
Slide 6: Syndicated Facility Agreement of A$175 million
Syndicated Facility Agreement of A$175 million For personal use only Facility Amount and ▪ A$175 million Syndicated Facility Agreement comprising; ▪ A$160 million Senior Secured Project Loan Facility; and Syndicate Banks ▪ A$15 million Cost Overrun and Working Capital Facility. ▪ Syndicate Banks – M
Slide 7: Red 5 Limited – Corporate profile
Red 5 Limited – Corporate profile For personal use only Our Company Vision “To be a successful multi-operational exploration and mining company, providing benefits to all stakeholders, through the consistent application of technical excellence, and responsible and sustainable industry practices.” Sh
Slide 8: Red 5 – Australia’s Next Mid-Tier Gold Producer
For personal use only Red 5 – Australia’s Next Mid-Tier Gold Producer 8
Slide 9: Fully funded, de-risked, top gold deposit
KOTH - fully funded, de-risked, Top 10 gold deposit For personal use only ▪ Gold companies/assets (Bubble Size = Indicative Production p.a) Australia’s top 10 gold deposits by Ore Reserve2 ▪ AISC and indicative mine reserve life of WA-based gold companies1,2 Mt g/t Moz Cadia 1400.0 0.4 20.0 Boddingt
Slide 10: Geology is well understood
KOTH - geology is well understood For personal use only Mar-20 Mineral Resource1 Aug-20 Ore Reserve2 91Mt @ 1.4 g/t for 64.6Mt @ 1.2 g/t for 4.1Moz Au 2.4Moz Au ▪ Ore body in the contact zone of a substantial Granodiorite intrusion ▪ 4km long x 2km wide ▪ Historical understanding from previous open
Slide 11: Site activities underway, equipment being delivered
KOTH - site activities underway, equipment being delivered For personal use only A$M1 Processing and infrastructure 188 Owners costs 12 Sub-total 200 Contingency 19 Sub-total 219 Mining pre-strip 7 Installation of CIL tanks Total (Real) capital cost 226 ▪ The majority of remaining project expenditur
Slide 12: Village being used by construction workforce
KOTH - village being used by construction workforce For personal use only ▪ Camp construction progressing well ▪ All central facility buildings are operational ▪ 188 rooms commissioned ▪ 35 SPQs and 3 laundries ordered for installation by end of April ▪ Water treatment plant completed and passed acc
Slide 13: Bulk earthworks for process plant well advanced
KOTH - bulk earthworks for process plant well advanced For personal use only ▪ Phase 2 EPC Notice of Award now in place, with MACA Interquip ramping up construction teams ▪ Plant design on track – 75% complete ▪ Bulk earthworks completed for admin buildings, plant area, crushing and ore handling ▪ P
Slide 14: Delivery of SAG mill and crusher due June 2021
KOTH - delivery of SAG mill and crusher due June 2021 For personal use only ▪ First components of the SAG mill have arrived ▪ The 15MW SAG Mill, shell and motors are being refurbished in Johannesburg ▪ The variable speed drive for the SAG mill is being upgraded Switzerland ▪ New Metso gyratory crush
Slide 15: First gold on-track for June 2022 quarter
KOTH - first gold on-track for June 2022 quarter For personal use only 2021 2022 MQ JQ SQ DQ MQ JQ SQ DQ Bulk earthworks and Village Construction and mine permits Debt financing EPC full mobilisation Site construction Mill and Crusher delivery to site Mine Contractor mobilisation Commissioning Produ
Slide 16: Operational readiness for the KOTH mine
Operational readiness for the KOTH mine For personal use only ▪ Key contracts: ▪ Power Purchase Agreement with Zenith Pacific ▪ Gas transport agreement and gas supply contracts ready to be executed ▪ Contract being finalised with Macmahon Contractors for open pit and underground mining ▪ Appointment
Slide 17: Mine plan optimises material movement over LoM
KOTH - mine plan optimises material movement over LoM For personal use only Cost of Production ($A/oz) Yrs 1-6 LOM ▪ Ore Reserves, Life Of Mine Plan performed by: Mining 895 908 ▪ Open Pit – SRK Consulting Processing 273 321 ▪ Underground - Entech G&A 39 46 ▪ Letter of Intent issued to Macmahon for
Slide 18: Strategic, low-cost mill in Eastern Goldfields
KOTH - strategic, low-cost mill in Eastern Goldfields For personal use only ▪ High level of confidence in metallurgy: Classification ▪ Historical processing data (1989-2004) ▪ Metallurgical testwork (historical and FFS) Primary Gyratory Crusher ▪ Processing KOTH ore at Darlot Gravity Circuit ▪ Proce
Slide 19: 15MW SAG mill supports higher throughput
KOTH - 15MW SAG mill supports higher throughput For personal use only Hardest Ore Design Mid High ▪ Conventional 4Mtpa CIL plant ▪ Acquired 15MW, dual Power Draw (kW) 9,272 10,859 12,445 synchronous motor semi- autonomous grind (SAG) mill Grind Size (P80) 150 150 150 with VVVF drive Tonnes Per Hour
Slide 20: Darlot - long term opportunities to extend LoM
Darlot - long term opportunities to extend LoM For personal use only Darlot Gold Mine1 Cables & Mission4 ▪ Resource 11.8Mt @ 3.4g/t Au for ▪ Combined JORC 2004 Resource of 1.5Mt @ 3.1g/t Au for 185koz2 1.3Moz ▪ Historical drilling suggests both ▪ Reserve 2.7Mt @ 2.8g/t Au for 239koz deposits remain
Slide 21: Darlot - FY21 transition year to satellite feed
Darlot - FY21 transition year to satellite feed For personal use only ▪ March quarter production of 19,047 ounces ▪ Production in Darlot Underground reliant on mining in remnant areas to fill mill ▪ Mining at new open pit at Great Western has started in February 2021 and first delivery to mill in Ma
Slide 22: Siana Gold Project – evaluating options
Siana Gold Project – evaluating options For personal use only ▪ The Siana Gold Mine, owned by Philippine affiliated company Greenstone Resources, suspended mine operations in April 2017 ▪ Maintaining mill and pit dewatering to preserve value ▪ Siana is a valuable gold mining asset1: ▪ 8 year Life-of
Slide 23: A standout value opportunity in the Australian gold sector
A standout value opportunity in the Australian gold sector For personal use only Red 5 EV/Reserve Ramelius relative to its peers 1,200 ▪ Valuation of WA based- Silver Lake gold companies1 Bellevue Gold ▪ Bubble Size = Enterprise 900 EV / Reserve (A$/oz) Value Gold Road The planned development 600 Da
Slide 24: Thank you
For personal use only Thank you 24 www.red5ltd.com ASX Code: RED
Slide 25: Appendix
For personal use only 25 Appendix
Slide 26: Leadership team with strong development expertise
Leadership team with strong development expertise For personal use only Red 5 has a strong and capable team, with many years of mining and development experience both at Red 5 and previously at multi-billion international development projects – the Company is well placed to deliver the KOTH developm
Slide 27: 4.1Moz Mineral Resource
KOTH - 4.1Moz Mineral Resource1 For personal use only Total Open Pit & Underground KOTH Resource as at March 2020 Cut-off Mining Tonnes Gold Contained Gold ▪ Cut-off date for inclusion of Classification drilling data and mining (g/t) Method (000t) (g/t) (000oz) depletion as at 19 February Indicated
Slide 28: Satellite Deposits, Resource of 308koz
KOTH - Satellite Deposits1, Resource of 308koz For personal use only ▪ Maiden JORC Mineral Resources announced in May 20201: o Cerebus-Eclipse: Indicated and Inferred Resource of 2.8Mt @ 1.2g/t Au for 112,000oz o Centauri: Indicated and Inferred Resource of 1.7Mt @ 1.5g/t Au for 81,300oz ▪ Adds to t
Slide 29: 2.4Moz Ore Reserve
KOTH - 2.4Moz Ore Reserve1 For personal use only Total KOTH Ore Reserves as at September 2020 Cut-off JORC 2012 Tonnes Gold Contained Deposit Mining Method (g/t) Classification (Mt) (g/t) Gold (Moz) KOTH Open pit 0.39 Probable 58.5 1.1 2.1 KOTH Underground 1.60 Probable 2.4 2.3 0.2 Rainbow Open pit
Slide 30: Mineralisation open in all directions
KOTH - mineralisation open in all directions For personal use only White Walker Lemonwood South Pit Drilling bulk stope New Structural Corridor Proof of concept drilling confirms gold mineralisation extends 500m from Mineral Resource 1 Mineralised stockwork penetrates at least 70 metres into the gra
Slide 31: Long mine life generating substantial cash flow
KOTH – long mine life generating substantial cash flow1 For personal use only Pre-tax Unit $2,000/oz $2,250/oz $2,500/oz $2,750/oz $3,000/oz At a gold price of A$2,500/oz: Project cashflow $M 1,147 1,710 2,273 2,837 3,400 NPV8% $M 512 806 1,101 1,395 1,689 ▪ Free cashflow (after tax) of: IRR % 38.0%
Slide 32: Mine plan focussed on maximising value
KOTH - mine plan focussed on maximising value ▪ Early years of LOM benefit from UG mining and For personal use only processing of high-grade ore ▪ Potential to extend UG mining beyond FY27 ▪ Low-grade ore is stockpiled and processed in the back half of the LOM Plan ▪ Lower AISC during Years 1-6 resu
Slide 33: Scope to increase production and extend LoM
KOTH - scope to increase production and extend LoM For personal use only ▪ Future expansion in processing capacity ▪ 6Mtpa crushing circuit installed ▪ Oversized 4Mtpa SAG Mill selected ▪ Design allowance for upgrade of the grinding, leaching and elution components ▪ Minimal interruption to future p
Slide 34: Top Gold Deposit in Australia
Top 20 Gold Deposit in Australia For personal use only Resources Reserves Mt g/t Moz Mt g/t Moz Cadia 3184.0 0.4 36.1 Cadia 1400.0 0.4 20.0 Boddington 836.2 0.6 16.2 Boddington 566.3 0.7 11.9 Golden Mile (100%) 272.6 1.4 12.0 Golden Mile (100%) 178.2 1.1 6.3 Tanami 76.9 4.1 10.1 Tanami 36.2 5.0 5.9
Slide 35: Australian Top Gold Deposits
Australian Top 20 Gold Deposits1 Resources Reserves Resources Reserves Resources Reserves For personal use only Mt g/t Moz Mt g/t Moz Mt g/t Moz Mt g/t Moz Mt g/t Moz Mt g/t Moz Sunrise Dam AngloGold Cadia Newcrest St Ives Goldfields Measured 27.3 1.62 1.4 Proven 11.1 1.52 0.5 Measured 32.0 0.30 0.3