Perseus Mining Limited · ASX:PRU
Perseus Mining — Diggers & Dealers Forum 2010
28 slides from Perseus Mining's conference presentation, Aug 4, 2010
Slide 1: Emerging Gold Producer
For personal use only ASX/TSX: PRU www.perseusmining.com Emerging Gold Producer Digger & Dealers August 2010 Mark Calderwood Managing Director
Slide 2: Competent Person's Statement and Forward-Looking Statement
For personal use only Competent Person’s 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 Mining and Metallurgy. Mr Calderwood is
Slide 3: PRU Snapshot: Capital Structure
PRU Snapshot Capital Structure For personal use only Ordinary Shares (PRU) 421.3M Unlisted Options (avg. $1.33) 8.8M Market capitalisation A$925M ($2.20 undiluted) Net Cash June 30 2010 A$186M CAGP Capex to June 30 2010 US$48.5M Finance Facility (undrawn) US$85M
Slide 4: PRU Snapshot: Share holding geographically
For personal use only PRU Snapshot Share holding geographically Undeclared 14% Europe & Asia 12% 39% Australia 35% North America
Slide 5: Introduction: West African emerging gold producer
For personal use only Introduction “West African emerging gold producer” 2.1Moz in Reserves (55.5Mt at 1.2g/t) + 2.1Moz in M&I Resources (52.2Mt at1.3g/t) + 3.0Moz in Inferred Resources (92.7Mt at 1.0g/t)
Slide 6: Introduction: Mission and Strategy
For personal use only Introduction Mission Significant gold producer by 2012 (>200koz/ann) Multi-mine gold producer by 2013 (>400koz/ann) Strategy Active phased mine development Continued rapid reserve/resource growth
Slide 7: "Elephant Country"
For personal use only “Elephant Country”
Slide 8: "Elephant Country"
For personal use only “Elephant Country” 1. Obusai 60Moz+ 2. Tarkwa 40Moz+ 3. Ahafo 17Moz+ 4. Prestia-Bogusu 13Moz+ 5. Loulo 12Moz+ 6. Sadiola-Yatela 8Moz+ 7. Lero 8Moz+ 8. Akyem 8Moz+ 9. Syama 7Moz+ 10. Morila 7Moz+ 11. Siguiri 7Moz+ 13. CAGP-Ayanfuri : 5Moz+ 12. Bibiani 7Moz+
Slide 9: "Elephant Country" new gold mines in years
“Elephant Country” 15 new gold mines in 5 years For personal use only 2011+ Syama 250k Tabakoto 100k Pipeline Kalsaka 60k Nzema 120koz Taparko 100k Sabodala 160k Loulo 370k Tasiast 230k CAGP 200koz Chirano 170k Akyem 500koz Wassa CIL Tengrela ? Gounkoto ? Agbaou ? 2005 2006 2007 2008 2009 2010 OJVG
Slide 10: Perseus Ghana: Ashanti Belt Projects
For personal use only Perseus Ghana: Ashanti Belt Projects CAGP M&I 3.2Moz incl; Proven & CAGP Grumesa 2.1Moz Prob. Inferred 2.1Moz Next update Q4 2010 Grumesa M&I 0.2Moz Next update Q4 2010
Slide 11: CAGP (Ayanfuri)
CAGP (Ayanfuri) Targets For personal use only Reserves 2009 2Moz 2010 3Moz 2011 4Moz Mill Site Production Phase 1: 2011 +200,000ozpa Phase 2: 2013 Prime Target +300,000ozpa Areas Exploration 1 discovery p.a.
Slide 12: Key Parameters of CAGP Feasibility
Key Parameters of CAGP Feasibility Gold Production (Phase 1 only) For personal use only Year 1 230,000 oz Reserves P&P 2.14 Moz Earnings Capability (EBITDA) First 3 years Total 10 years @ US$850/oz US $334M US $758M @ US$1,050/oz US $430M US $1,102M Capital and Operating Costs Initial Capital Cost U
Slide 13: Key Parameters of CAGP Feasibility
For personal use only Key Parameters of CAGP Feasibility Timing Construction start Q2 2010 Gold Production Q3 2011 Payback 1yr 8mths (at US$850), 1yr 1mths (at US$1,050) IRR 60% (at US$850), 80% (at US$1,050) * Including hedging of 170koz at $1,241
Slide 14: CAGP Construction
For personal use only CAGP Construction
Slide 15: Perseus Ivory Coast
For personal use only Perseus Ivory Coast Sissingue Prime Sissingue Tengrela Target Area 0.9Moz M&I (15.2Mt) Inferred 0.3Moz
Slide 16: Grade - Sissingue
For personal use only Grade - Sissingue Intercepts >400 Au gm Au gm x m (Past 12 months) 6m at 476g/t 2,856 8m at 325g/t plus 36m* at 3.1g/t 2,712 6m at 429g/t plus 18m at 7.5g/t 2,709 22m at 72.1g/t 1,586 68m* at 21.3g/t 1,448 26m at 19.5g/t plus 18m at 4.9g/t 595 8m at 65.7g/t 526 110m* at 4.0g/t
Slide 17: Growth - Ivory Coast
For personal use only Growth - Ivory Coast Targets Sissingue Reserves 2010 1Moz 2012 2Moz Production Phase 1: Q4 2012 200,000ozpa Exploration New Discoveries
Slide 18: Production Strategy
Production Strategy 500 For personal use only Cash cost & capex targets 400 Tengrela 2011-12 US$520/oz 300 2013-15 US$450/oz x 1000 oz Capex* US$100/oz CAGP 200 * total start up and sustaining capital 100 0 2010 2011 2012 2013 2014
Slide 19: News Flow 2010
For personal use only News Flow 2010 Drilling DFS and Reserve for 25,000m/month Tengrela (Oct 2010) CAGP Construction CAGP Reserve updates updates (Sep-Dec 2010)
Slide 20: Value and Growth
For personal use only Value and Growth Million Ounces of Gold Ivory Coast Inferred Ghana Inferred Ivory Coast Measured Indicated Ghana Measured Indicated Rapid resource/reserve growth Ghana Reserves Near term production + growth 1st mine Q3 2011 >200,000ozpa 2nd mine Q4 2012 Fully funded Strong news
Slide 21: Broker Recommendations
For personal use only Broker Recommendations Date Institution Author Target Recommendation (2010) 20/07 CIBC Cosmos Chiu C$3.50 (A$3.85) Sector Outperform 19/07 RBS Sam Berridge A$2.53 Buy 21/06 Clarus Securities Nana Sangmuah C$4.15 (A$4.56) Buy 19/06 Rodman & Renshaw Alka Singh C$4.00 (A$4.40) Mar
Slide 22: Other Assets
For personal use only Other Assets 20% 28% (1.08Moz Gold) (1.13Moz Gold)
Slide 23: Share Price
For personal use only Share Price
Slide 24: Appendix 2: Board of Directors
Appendix 2: Board of Directors Reg Gillard For personal use only 22yrs director / chairman, public companies Non Executive Chairman Executive Directors Non Executive Directors Mark Calderwood Neil Fearis 24yrs exploration and 30yrs as commercial lawyer corporate management Colin Carson Sean Harvey 2
Slide 25: Appendix 3: Construction & Operations
Appendix 3: Construction & Operations Rhett Brans (Executive Director) Grant Pierce (General Manager of Opt) For personal use only A civil engineer with 35 years’ experience in the A mining engineer with 23 years’ experience in design and construction of mineral treatment operations and mine managem
Slide 26: Appendix 5: CAGP (Ayanfuri) History
For personal use only Appendix 5: CAGP (Ayanfuri) History History • Mined in 1990s by Cluff-Ashanti • 23 shallow pits produced 300,000oz 1994-2001 • May 06 Perseus gained control of 180,000oz resource Location • 30kms from Anglogold’s +60Moz Obuasi Mine • 45kms from Prestea-Bogusu project Exploratio
Slide 27: Reserves
For personal use only Reserves Mineral Reserves (Gold) Deposit Proven Probable Total Tonnes g/t Ounces Tonnes g/t Ounces Tonnes g/t Ounces (million) Au Au (million) Au Au (million) Au Au CAGP- (Ayanfuri) 18.4 1.4 828,000 37.2 1.1 1,313,000 55.5 1.2 2,141,000 >0.5g/t (1) Notes: (1) Last updated on 30
Slide 28: Resources
Resources Mineral Resources (Gold) For personal use only Deposit Measured & Indicated Inferred (cutoff g/t Au) Tonnes g/t Ounces Tonnes g/t Ounces (million) Au Au (million) Au Au CAGP-(Ayanfuri) 15.8 1.5 764,000 30.2 1.5 1,423,000 >0.8g/t (1) CAGP-(Ayanfuri) 14.1 0.6 267,000 31.9 0.7 691,000 0.4g/t