Perseus Mining Limited · ASX:PRU
Perseus Mining — Denver Gold Forum (September 2023)
28 slides from Perseus Mining's conference presentation, Sep 18, 2023
Slide 1: Corporate Presentation 18 September 2023
For personal use only 18 SEPTEMBER 2023 ASX/TSX: PRU | WWW.PERSEUSMINING.COM
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS CAUTION REGARDING FORWARD LOOKING INFORMATION: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in Yaouré light of its experience and its perception of trends, current conditions and expected
Slide 3: Company Snapshot
PRU – 3 YEAR SHARE PRICE PERFORMANCE COMPANY SNAPSHOT Relative Performance (3-years) 200 180 PERSEUS IS A HIGHLY PROFITABLE, RESILIENT AND GROWING GOLD 160 For personal use only COMPANY THAT EFFICIENTLY OPERATES MULTIPLE GOLD MINES IN AFRICA 140 120 AND CONSISTENTLY DELIVERS MATERIAL BENEFITS TO ALL
Slide 4: Key Investment Metrics
KEY INVESTMENT METRICS For personal use only Parameter USD Price1 / Earnings2 (PE) 5.5 times Price1 / Operating Cashflow2 (P/OCF) 3.6 times Profit / Ounce produced2 $591 OCF / Ounce produced2 $803 Enterprise Value (EV)1 / Resource ounce3 $125 Enterprise Value (EV)1 / Reserve ounce4 $169 Net Cash & B
Slide 5: Growth in Gold Production at Attractive Margins
GROWTH IN GOLD PRODUCTION AT ATTRACTIVE MARGINS 160,000 $2,000 • All three gold mines producing well, outperforming FY23(1) gold production For personal use only $1,800 140,000 & AISC market guidance $1,600 120,000 $1,400 • Record annual gold production of AISC (US$ per Ounce) Production (Ounces) 10
Slide 6: Steady Growth in Earnings
STEADY GROWTH IN EARNINGS(1) For personal use only GROWTH IN EARNINGS (A$M) Revenue EBITDA (2) Gross Profit from 821 A$1,426.4M A$821.3M Operations Up 27% Up 46% A$602.6M 603 Up 72% 564 477 350 303 274 280 FY23 Profit Basic Earnings Earnings Per 199 After Tax Per Share (3) Ounce (4) 141 139 A$476.7M
Slide 7: Steady Growth in Cashflow
STEADY GROWTH IN CASHFLOW(1) CASHFLOW FROM OPERATIONS (2) (A$M) For personal use only Operating Cash Flow 700 A$648.3M (2) 600 Up 24% 500 Operating Cash Flow Per Share 400 47.44cps (3) 300 Up 12.9% 200 Operating Cash Flow Per Ounce 100 A$1,206 (4) Up 11% 0 FY19 FY20 FY21 FY22 FY23 (1) FY23 compared
Slide 8: Growth in Net Tangible Assets in FY23
GROWTH IN NET TANGIBLE ASSETS IN FY23 NET CASH POSITION A$ MILLION US$ MILLION (1) For personal use only Cash and bullion(2) 786.8 522.0 No debt – US$300m of undrawn Total Interest Bearing Liabilities - - capacity Refinanced Facility - March 23 Net Cash Position 30 June 2023 786.8 522.0 TOTAL ASSETS
Slide 9: Growth in Dividend
GROWTH IN DIVIDEND • Perseus’s Dividend Policy aims to reward shareholders while maintaining balanced capital structure and capacity to fund corporate For personal use only growth. • Considering Perseus’s FY23 financial performance, a FY23 Final Dividend was declared of: o 2.48 Australian cents per
Slide 10: Operating Mines
For personal use only OPERATING MINES PERSEUS MINING LIMITED PERSEUSMINING.COM 10
Slide 11: Three Producing Gold Mines
THREE PRODUCING GOLD MINES Sissingué (86%) - Côte d’Ivoire As a multi-mine, For personal use only M&I Mineral Resource: 326koz multi-jurisdictional Ore Reserve: 247koz operator, Perseus can Life of Mine: ~3.0 years manage risk through portfolio diversity. Yaouré (90%) - Côte d’Ivoire M&I Mineral Res
Slide 12: Continue to Successfully Execute Our Business Plans
CONTINUE TO SUCCESSFULLY EXECUTE OUR BUSINESS PLANS Continue to consistently deliver production & costs in line with market expectations For personal use only 1,500 AISC V MARKET GUIDANCE 1,400 1,300 Initial COVID-19 Impact 1,200 AISC (US$ per ounce) 1,100 1,000 900 800 700 600 Actual AISC Market Gu
Slide 13: Production & Cost Market Guidance – December 2023 Half Year
PRODUCTION & COST MARKET GUIDANCE – DECEMBER 2023 HALF YEAR For personal use only PARAMETER UNITS JUNE 2023 HALF YEAR DECEMBER 2023 HALF YEAR 2023 CALENDAR YEAR CONTINUED STRONG GROUP (ACTUAL) (FORECAST) (FORECAST) OPERATING PERFORMANCE Yaouré Gold Mine Production Ounces 137,120 125,000 to 140,000 2
Slide 14: Sustainability Performance
For personal use only SUSTAINABILITY PERFORMANCE PERSEUS MINING LIMITED PERSEUSMINING.COM 14
Slide 15: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY ALIGNMENT WITH WORLD GOLD COUNCIL RESPONSIBLE We believe that responsible gold mining can have a positive impact in fostering GOLD MINING PRINCIPLES* sustainable growth in emerging countries while delivering sustainable returns to For personal use only shareholders. *S
Slide 16: Generating Benefits for All Our Stakeholders in FY2023
SUSTAINABILITY: GENERATING BENEFITS FOR ALL OUR STAKEHOLDERS IN FY2023 For personal use only US$537M 95% 79% 0 1.3 EXTENDED THIRD- PARTY ASSURANCE TOTAL ECONOMIC LOCAL LOCAL SIGNIFICANT STABLE TRIFR, TO COVER GHG AND CONTRIBUTION TO EMPLOYMENT PROCUREMENT ENVIRONMENTAL BELOW PEERS ENERGY DATA HOST C
Slide 17: Organic Growth Pipeline - Development
For personal use only ORGANIC GROWTH PIPELINE -DEVELOPMENT PERSEUS MINING LIMITED PERSEUSMINING.COM 17
Slide 18: Meyas Sand Gold Project – A Significant Development Asset
MEYAS SAND GOLD PROJECT – A SIGNIFICANT DEVELOPMENT ASSET Meyas Sand (70%)1 - Sudan For personal use only Indicated Mineral Resource: 3.34Moz Mineral Reserve: 2.85Moz Life of Mine 14 + years Meyas Sand offers first mover advantage in a highly prospective region and provides further portfolio diversi
Slide 19: Meyas Sand Gold Project – Nearing 'Development Readiness'
MEYAS SAND GOLD PROJECT – NEARING ‘DEVELOPMENT READINESS’ • Project fully permitted including Mining Lease, Royalty Agreement & Water Permit For personal use only • Attractive fiscal terms negotiated with the Sudanese government and incorporated into legally binding agreements • Original NI 43-101 c
Slide 20: Organic Growth Pipeline - Exploration
For personal use only ORGANIC GROWTH PIPELINE - EXPLORATION PERSEUS MINING LIMITED PERSEUSMINING.COM 20
Slide 21: Track Record of Replacing Ore Reserves Depleted by Mining
TRACK RECORD OF REPLACING ORE RESERVES* DEPLETED BY MINING For personal use only *Note: Excludes NI 43-101 compliant Foreign Reserve acquired in 2022. PERSEUS MINING PERSEUSMINING.COM 21
Slide 22: Expansion of Yaouré Through Successful Exploration
EXPANSION OF YAOURE THROUGH SUCCESSFUL EXPLORATION For personal use only ➢ Expansion of the Yaouré pit and commencement of CMA underground operation, impacts production from FY27. ➢ Total average annual ounce addition of 108 koz/year for 8 years from FY27 and extension of mine life by 6 years PERSEU
Slide 23: Organic Growth Projects, FY23, FY24
New Reserves FY23 ORGANIC GROWTH PROJECTS, FY23, FY24 Drilled FY23, delivered FY24 Drilled FY23, did not convert CMA (PRE)FEASIBILITY use only UG 900RL (Reserve) Budget Drilling FY24 Yaouré OP $1,500 Inf. Future Drilling Opportunities CONCEPT GSS Infill Sudan (Inferred Resource) Project Stages GSS F
Slide 24: Inorganic Growth Pipeline – M&A
For personal use only INORGANIC GROWTH PIPELINE – M&A PERSEUS MINING LIMITED PERSEUSMINING.COM 24
Slide 25: Overview of Approach to M&A
OVERVIEW OF APPROACH TO M&A • An active watching brief is maintained on all levels of the gold industry on the African continent For personal use only • Aim is to identify opportunities consistent with Perseus’s corporate plan of building a multi-mine, geopolitically diverse asset portfolio, (3-4 su
Slide 26: Investment Proposition
For personal use only INVESTMENT PROPOSITION PERSEUS MINING LIMITED PERSEUSMINING.COM 26
Slide 27: Perseus's Investment Proposition
PERSEUS'S INVESTMENT PROPOSITION We are an African focussed, ASX & TSX listed, mid-tier gold producer (~535k ounces of gold pa) For personal use only with peer-leading profitability, cost structure (<US$960 per ounce) Geopolitically and technically diverse asset portfolio provides reduced volatility
Slide 28: For personal use only
For personal use only The Managing Director & CEO, Jeff Quartermaine, authorized the release of this presentation. For more information please contact: Jeff Quartermaine Managing Director & CEO jeff.quartermaine@perseusmining.com ASX/TSX: PRU | WWW.PERSEUSMINING.COM