Citigold Corporation Limited · ASX:CTO
Citigold — Shareholder Meeting (November 2006)
66 slides from Citigold's shareholder meeting presentation, Nov 27, 2006
Slide 1: Annual General Meeting
Annual General Meeting Monday 27 November 2006 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 2: Welcome
Welcome Good Afternoon Ladies and Gentlemen ¢ Introduction of Directors & Management ¢ Apologies « Presentations * Question Procedure ¢ Formal Business of AGM 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 3: The Year in Review
corporation The Year in Review Citigold Corporation Limited 2005-06 Financial Year 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 4: Presentation Outline
Presentation Outline ¢ DELIVERABLES - What has the Project delivered to shareholders so far? ¢ POTENTIAL - What is the future potential of the Project? ¢ RESOLUTIONS - 2 to6 nrual General Meetin: Citigold Corporation Limited ABN 30 060 397177
Slide 5: 1. Deliverables
1. DELIVERABLES LAST FOUR YEARS. 10 million ounce gold Resource — (23 Mt @ 14 g/t Au Inferred Mineral resources) Warrior Mine in production Net Assets $152M - increased four-fold in four years Share price increased five-fold in four years Regular share purchase plans Convertible Note ‘CTOG’ returnin
Slide 6: Million ounce Resource
10 Million ounce Resource corporatian Growth of Mineral Resources 10,000,000" 9,000,000,” 8,000,0004" 7,000,0004” Resource 8.000.000 . 5,000,0004" | Ounces un 4,000,000+° | 3,000,000 2,000,0004~ 1,000,0004 (a) rece fh 1993 1996 1999 2002 2005 2006 Year 2006 Annual General Meeting Citigold Corporatio
Slide 7: Assets increased four-fold
cow Agsets increased four-fold Growth of Assets $160)" $140" $120: Assets $100)" (million $80 dollars) 360 $40 $20 $0 1993 1996 1999 2002 2005 2006 Year 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 8: Share price increased five-fold
“ul... Share price increased five-fold Citigold Closing Share Price 1st Aug 2001 to 20 Nov 2006 $0.00 b—~ rx ra oa] 2 t t ite} ita © fry ses Segsessssgesg¢e eee 88 8 8 7 3 ? 3 7 3 ? 3 : 3 7 > $3 85 PStQCe PBZBERFPZStB THEE Ge EPS gzZ2us 22 83 223 e383 220 8S 220 58 Z 2 556685550555 555 5565 5555 5 S
Slide 9: Outperformed Peers
-oo Qutperformed Peers Comparison of Citigold with peer companies from 1 Aug 05 to 20 Nov 06 450% ; 411.3% 400% | | 350%) 300% 250% 200% 150% 100%)" 50% 0% 50%. 300.0% oO Ballarat @ Bendigo m Citigold Market Cap Share Price Shares Issued 2006 Annual General Meeting Source: ASX Releases and price dat
Slide 10: Massive dilution by peer companies
Massive dilution by peer companies Sb, Shares Issued from 1 Aug 05 to 20 Nov 06 92.8% 68.9% oBallarat @ Bendigo g Citigold 27.8% Shares Issued 2006 Annual General Meeting Source: ASX Releases and price data —_—_Citigeld Corporation Limited ABN 30 060 397177
Slide 11: 2. Potential
2. POTENTIAL ¢ Current size of gold field —6.6 M oz produced —10 M oz in Inferred Mineral Resources (23Mt @ 14 g/t Au) ¢ 16 Moz gold field already delineated Citigold Corporation Limited
Slide 12: 2. Potential
2. POTENTIAL * TARGETS * 4 parallel structures — mineralised, with previous production. ¢ May contain 6 Moz each, 24 Moz ¢ Multiple cross vein structures — targeted to contain 10 Moz ° 16 + 24+ 10 = 50 Moz 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 13: Slide 13
Slide 14: Slide 14
Slide 15: Potential
vere 2 POTENTIAL * 40,000 ounces per year currently — just the start * Second and subsequent phases of mining to take production to 250,000 ounces * A 50 Million ounce target - Kalgoorlie is 60 Moz * 80 exploration targets to be Charters Towers target drilled, Citigold’s own rigs ¢ Additional mines
Slide 16: 3. Resolutions 2 to 6
3. RESOLUTIONS 2 to 6 * 2. Authorise the issue of 20 million shares « 3. Remuneration Report « 4-6. Issue of options to Directors. 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 17: 2. Authorise issue of shares
woua., 2. Authorise issue of ': 20 million shares © 3% of issued capital Authorisation expires after 3 months No set purpose — prudent allocation in case opportunity arises Provides flexibility Part of normal capital raising — private placements, Share Purchase Plans Price — minimum required to be a
Slide 18: 3. Remuneration Report
corporatian 3. Remuneration Report $300,000 7% Citigold Directors' Payments 2006 $250,000 $200,000 (8 Related Party Super $150,000 $100,000 & Benefits, FBT 0 Salary before Tax $50,000 $- Chairman Managing Non-Exec Director Director 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060
Slide 19: Comparison of Gross Board Payments 2006
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $- Comparison of Gross Board Payments 2006 Citigold i Bendigo PA \ XO Ballarat 5 m Citigold Chairman Managing Director Exec Director Exec Director ow O | Non-Exec Non-Exec Director Director Source: Company annual reports 2006 Annual Gene
Slide 20: Comparison of Citigold Directors' Fees
Comparison of Citigold Directors’ Fees , excluding fees over $1 million les Compani ing In th 24 Mi wi less than $1 million 24 mining companies Directors Fees 2006 - 1 116 Directors 2 ° a a $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $-
Slide 21: Senior Officers' Packages 2006
CiTi Senior Officers' Packages 2006 $250,000 $200,000 m Related Party O Super m Benefits, FBT fi Salary before Tax $150,000 $100,000 $50,000 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 22: Senior Officers Salaries 2006
Senior Officers Salaries 2006 , Comparison with Metal Mining Industry (Surveys by Hays, and McDermott (gold co.s)) orperatio Citigold in blue $450,000 $400,000 $350,000 $300,000 Low (Hays) $250,000 & Citigold 2006 $200,000 . $150,000 @ High (Hays) $100,000 | oO $50,000 . $- fH 1st Quartile B Mid poi
Slide 23: Remuneration Summary
Remuneration Summary Directors’ payments are less than peer companies Senior officers’ salaries are less than the lowest 25% of industry range Packages are reasonable to retain staff in competitive market with skills shortage Directors’ payments are well within metal industry ranges Value for money?
Slide 24: 4-6. Issue of Options to Directors
corpora: 4-6. Issue of Options to Directors ° Directors not permitted to participate in private placements They may buy shares in Share Purchase Plans. Puts part of the Directors’ incentive to perform at risk, by being subject to meeting performance hurdles — puts “some skin in the game”, with Direc
Slide 25: Issue of Options to Directors
corparazion Issue of Options to Directors ¢ Options are not free shares — shares must be bought by Directors at 50c. This would inject $7.9 million into Citigold if all options were exercised. ¢ 13.75 million options — 2% of issued capital ¢ Shareholders approved 15 million options in 2001 — most of
Slide 26: Issue of Options to Directors: Performance Hurdles
corparazion Issue of Options to Directors PERFORMANCE HURDLES 1) Options at 50c, above average market price 2) Next 35% of options withheld until: o share price exceeds 73c or © production rate of 50,000 oz/year (25% above current target) 3) Next 35% of options withheld until: o share price exceeds
Slide 27: Issue of Options to Directors
corparazion Issue of Options to Directors ¢ Options unlikely to be exercised unless share price exceeds 50c ¢ No performance — no 2™ or 34 set of Options. ¢ Citigold, led by its Directors, tripled shareholder value in last year. 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397
Slide 28: Questions?
QUESTIONS? 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 29: Warrior Gold Mine
Warrior Gold Mine corporation Exciting 2006 ... explosive 2007 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 30: What we have done
What we have done: corporation > Completed purchase of main mining and development equipment 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 31: What we have done
What we have done: corporation > Completed the main access decline into the Warrior gold resource 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 32: What we have done
What we have done: corporation 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 33: What we have done
What we have done: corporation Intersected the gold ore zone as planned 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 34: What we have done
What we have done: corporation >» Started stockpiling gold ore at the surface 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 35: What we have done
What we have done: corporation > Transported ore from mine and » Re-commissioned processing plant 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 36: ... and poured gold
... and poured gold corporation 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 37: We are now installing the main ventilation shaft
We are now installing the main ventilation shaft corporation 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 38: ... nearly complete
corporation ... nearly complete 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 39: Also provides second means to exit mine
Also provides second means to exit mine corporation 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 40: Next year ......
Next year ...... corporation it 4 vel ee ee citi Wartior Gold Mine tipeiee FOG developrient 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177 fed Draven: GEF November 24, 2006 Seale: 1: 1000
Slide 41: Next year ......
Next year ...... corporation Extend internal itoEo@pedrE & € a ¢ edeclinedown |; | | fe Wartler Gold Mine Oreeer: GEF Neverriber 24, 2006 F E03 development Beale: FE: 1000 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 42: Next year ......
Next year ...... corporation soto i —- Tay te . pana s 1b Fb t ob GF bt tt & Fo t G Fg | citi Wartlor Gold Mine Drown: GEF Noverniber 24, 2006 E03 development Soate: F: 1060 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 43: Next year ......
Next year ...... corporation a ee ___- add new levels ‘Decline upwa ny rtodepdte pet? tt bt Pe PY pps 7 Wartlor Gold Mine Drown: GEF November 24, 2006 E03 development feale: 1: 1000 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 44: Next year ......
Next year ...... corporation , evap i —- a a te ao . pana _ 1b Fb t ob GF bt tt & Fo t G Fg | citi Wartlor Gold Mine Drown: GEF Noverniber 24, 2006 ‘a. E03 development feate: 1: 1000 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 45: Next year ......
Next year ...... corporation , Ce — gnome — ov aa aacaa 0 5 ha ae sstiiintagd cet gi : si ap i B ee - qc “a H as aces abies ee) rrrrrrrrrrrrryrryi citi Wartier Gold Mine Drawn: if Hovernber 24, 2006 E03 development Soate: F: 1060 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 39
Slide 46: Next year ......
Next year ...... corporation aa co inl i, ql - roa om i ae resis Ta 2. 1b Fb t ob GF bt tt & Fo t G Fg | E a citi Wartior Gold Mine Drown: GEF November 24, 2008 : £03 development Soole: 1: 1000 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 47: Drill Sites
ORULL STE w ’ teonkdr West Aieck 4 \ Gokien) pei H , jenerster TRILL. SITE \. SITE 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177 Seaie: 1. 1000 Drown GEPF 18/7/2006 ( <+—. Golden Alexander Dns of Freedom corporation 77 78S00N 27 28000N
Slide 48: Warrior Mine Plan
Warrior Mine Plan 40,000 oz gold 7,200m diamond drilling a 1,392m decline development ~ 4 2,570m Ore (level) development 15,000t development trucking 180,000t ore haulage 72,000m production drilling ho 40,000 2.4m rockbolts oN 8,000 6m cable bolts < 2,000 12m cable bolts 62,000m2 mesh Cross Section
Slide 49: Profitable Safe Production 2007
c ° co ° a ° v table Production Safe Profi 2007 = 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 50: Questions to Garry?
QUESTIONS TO GARRY? 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 51: Finances: The Year in Review
corporation Finances The Year in Review 2005-06 Financial Year Matthew Martin 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 52: Financial Position at June 2006
CiTi -_ Financial Position at 30 June 2006 corporation * Net Assets $152M — —increased 43% ¢ Share price 32C -as at Friday 24 November 50.5c —increased 129% ¢ Market capitalisation — —trebled to $181M -as at Friday 24 November $304m ¢ Raised $13.8M assisted to complete Warrior and eliminate debt. 20
Slide 53: Financial Position
Financial Position ¢ Convertible Note ‘CTOG’ - returning 12%-17% ¢ Debt reduced in June, eliminated Sept resulting in removal of charge on company. ¢ Cash & equivalents $2.2M, compared to $0.63M in 2005 * Loss - reduced by $1.6M (28%), compared to 2005 2006 Annual General Meeting Citigold Corporatio
Slide 54: Citigold Expenditure
Citigold Expenditure Travel 2% Marketing 2% | Contractors 3% Insurance 3% Corp Compliance— 4% Consultants / 6% - Finance costs 11% 5% Tenements Equipment 17% Office Admin Assays freight 1% 1% Consumables 18% 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 55: Mine Consumables
Mine Consumables Oils & Greases Other 0% Petrol _ 0% Tyres 0% \ Gas 1% \ on 0% Cyanide — . s% a _-~ Drill Rod & Bits Electricity a a ° 21% 10% : 2 10% Materials 12% Spare Parts ‘CS 17% Explosives 12% 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 56: Next Year - 2006-2007
Next Year - 2006-2007 Cash flow from Warrior Gross Revenue from Warrior — 40,000 ounces per year at A$750 per ounce — Equals $30 Million gross revenue Keep visiting site - ensure managers/staff accountable - efficient and effective mine operation 2006 Annual General Meeting Citigold Corporation Limi
Slide 57: Questions to Matthew?
QUESTIONS TO MATTHEW? 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 58: Agenda: Formal Business of AGM
AGENDA - Formal Business of AGM 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 59: Resolution: Re-election of Mr. Terence Willsteed
RESOLUTION 1 ¢ Re-election of Mr. Terence Willsteed “That Mr. Terence Willsteed, as a consequence of his mandatory ceasing to act as a Director, be elected as a Director of Citigold Corporation Limited” Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 60: Resolution: Issue of 20,000,000 Ordinary Shares
RESOLUTION 2 * Authorise the Issue of 20,000,000 Ordinary Shares hat in accordance with the provisions of the Australian Stock Exchange (“ASX”) Listing Rule 7.1 and for all other purposes, the Company and the directors of the Company are hereby authorised to issue 20,000,000 fully paid ordinary shar
Slide 61: Resolution: Remuneration Report
RESOLUTION 3 ¢ Remuneration Report “ That the Remuneration Report section of the Directors’ report for the company for the year ended 30 June 2006 be adopted”. 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 62: Resolution: Issue of options to Mr. Foley
RESOLUTION 4 * Issue of options to Mr. Foley “ That pursuant to Chapter 2E of the Corporations Act and ASX Listing Rules 7.1 and 10.11 and all other purposes, shareholders approve the issue of 3,000,000 options to subscribe for fully paid ordinary shares in the Company to Mr. John Foley, Non-Executi
Slide 63: Resolution: Issue of options to Mr. Lynch
RESOLUTION 5 * Issue of options to Mr. Lynch “ That pursuant to Chapter 2E of the Corporations Act and ASX Listing Rules 7.1 and 10.11 and all other purposes, shareholders approved the issue of 10,000,000 options to subscribe for fully paid ordinary shares in the Company to Mr. Mark Lynch, Managing
Slide 64: Resolution: Issue of options to Mr. Willsteed
RESOLUTION 6 * Issue of options to Mr. Willsteed “ That pursuant to Chapter 2E of the corpora and ASX Listing Rules 7.1 and 10.11 and al ions Act other purposes, shareholders approve the issue of 750,000 options to subscribe for fully paid ordinary s hares in the Company to Mr. Terence Willsteed, No
Slide 65: Just the Beginning - Thank you
Citigold Just the Beginning corporation Thank you 2006 Annual General Meeting Citigold Corporation Limited ABN 30 060 397177
Slide 66: Competent Person statement and disclaimer
corporation The following statements apply in respect of the information in this report that relates to Exploration Results and Mineral Resources: The information is based on, and accurately reflects, information compiled by Mr Christopher Alan John Towsey, who is a Corporate Member of the Australas