Middle Island Resources Limited · ASX:MDI
Middle Island Resources — Investor Presentation (April 2020)
22 slides from Middle Island Resources's investor presentation, Apr 30, 2020
Slide 1: Exploring Golden Frontiers: Towards a Sandstone Recommissioning
For personal use only Exploring Golden Frontiers Middle Island Resources Towards a Sandstone Recommissioning Investor Presentation - April/May 2020 1
Slide 2: Disclaimer Notice
Disclaimer Notice For personal use only Disclaimer Notice The material in this presentation (“material”) is not and does not constitute an offer, invitation or recommendation to subscribe for, or purchase any security in Middle Island Resources Limited (“MDI”) nor does it form the basis of any contr
Slide 3: Investment Highlights
Investment Highlights • Sandstone (WA) & Barkly (NT) projects 100% owned. For personal use only • 600,000tpa processing plant; fully permitted, operating licence. • JORC Mineral Resources of 624,000oz gold. • Major drilling campaign in progress; expanding due to success. • PFS update in early Q3 202
Slide 4: Location & Tenure
Sandstone Gold Project - Location & Tenure • 11km south of Sandstone, For personal use only 400km NW of Kalgoorlie. • Sealed highway between Mt Magnet & Leinster. • 100% interest in 180km2. • Includes two fully permitted Mining Leases that pre-date Native Title. • Existing gold processing plant on s
Slide 5: Strategy & Vision
Sandstone Gold Project – Strategy & Vision Strategy & Vision comprises three sequential elements: For personal use only Ø Recommission the Sandstone gold plant at the earliest opportunity via stand- alone PFS update &/or consolidation of proximal third party deposits &/or exploration. Ø Consolidate
Slide 6: Processing Plant & Infrastructure
Sandstone Gold Project - Processing Plant & Infrastructure • 600,000tpa CIP plant on For personal use only care & maintenance. • Includes conventional grinding, milling & leach circuits. • Refurbishment costs of $10.3M, including owner’s costs & contingency. • 5 months to refurbish mill & infrastruc
Slide 7: Processing Plant & Infrastructure
Sandstone Gold Project - Processing Plant & Infrastructure • Contract diesel-generated For personal use only power plant. • Fuel tanks, workshops, laboratory & mine offices. • Substantial inventory of equipment & spares. • Permitted tailings storage facility & bore field. • Fully equipped camp (acco
Slide 8: Consolidate Additional Deposits
Sandstone Gold Project – Consolidate Additional Deposits • Sandstone only plant For personal use only within 150km; central processing hub. • At least 15 stranded gold deposits aggregating 1.8Moz within 100km. • Significant M&A activity in district (SPX & AME). • Actively pursuing any or all of seve
Slide 9: Mineral Resources Table
Sandstone Gold Project – Mineral Resources Table 1 • Total 2012 JORC For personal use only Sandstone Gold Project Mineral Resource Statement Mineral Resources of COG Grade Contained JORC JORC Deposit Tonnes 624,000oz gold. (g/t Au) (g/t Au) Gold (oz.) Classification Classification +Two Mile Hill – O
Slide 10: Initial Open Pit Inventory
Sandstone Gold Project – Initial Open Pit Inventory • Initial open pit inventory For personal use only comprises 124,000oz gold in four deposits. • Two Mile Hill, Shillington, Shillington North & Wirraminna deposits. • Three deposits already permitted, with Approved Mining Plan. • 2016 PFS at A$1,60
Slide 11: 2020 Exploration Program
Sandstone Gold Project – 2020 Exploration Program • 17,300m drilling For personal use only campaign in progress to increase & upgrade open pit Mineral Resources. • Assessing six deposit extensions and eight new targets. • Aircore (1,800m) & Phase 1 RC (13,400m) completed; ~50% of assays received & r
Slide 12: McClaren Prospect
Sandstone Gold Project – McClaren Prospect • McClaren results For personal use only headlined by 4m at 90.6g/t & 8m at 3.35g/t Au. • McClaren one of a cluster of three gold prospects hosted in SE extension of Shillington BIF. • Located on permitted Mining Lease, 2.5km from processing plant. • McClar
Slide 13: McIntyre Prospect
Sandstone Gold Project – McIntyre Prospect • McIntyre defined by new, For personal use only shallow intercepts of 24m at 1.66g/t, 23m at 1.40g/t, 11m at 1.39g/t & 18m at 1.35g/t Au. • Mineralised from surface with very low strip ratios. • McIntyre also hosted within SE extension of Shillington BIF.
Slide 14: Old Town Well Prospect
Sandstone Gold Project – Old Town Well Prospect • Old Town Well comprises broad, For personal use only shallow mineralised zones over a 60m aggregate width & 340m strike length. • New results include 20m at 0.87g/t, 8m at 2.17g/t & 8m at 1.45g/t Au, together with similar historic results. • Substant
Slide 15: Two Mile Hill Tonalite
Sandstone Gold Project - Two Mile Hill Tonalite For personal use only • Tonalite plug, 250m x 90m & extends to at least 700m depth. • JORC 2012 Mineral Resource of 14Mt at 1.1g/t Au for 480,000oz to 500m depth. • Consistent diamond core intersections:- - 508.3m at 1.38g/t - - 372.7m at 1.52g/t - - 2
Slide 16: Two Mile Hill Tonalite - Metallurgy
Two Mile Hill Tonalite - Metallurgy Gold Extraction vs Time For personal use only • Moderate Bond ball mill 100 work index of 16.4kWh. 90 80 Gold Extraction (%) • ~60% recoverable via 70 gravity concentration. 60 50 • Gold leach recoveries of 40 ROM - GRG/Leach 125um ~96% after gravity 30 ROM - GRG/
Slide 17: Two Mile Hill Tonalite – Mining
Two Mile Hill Tonalite – Mining • Sub-level caving preferred For personal use only option. • Underground decline access via Shillington pit. • Ideal platform for further BIF & tonalite deeps drilling. • Includes higher grade zones, vis:- - 22m at 5.95g/t - 37m at 4.46g/t - 50m at 2.71g/t - 13m at 6.
Slide 18: Two Mile Hill BIF
Sandstone Gold Project - Two Mile Hill BIF • High grade gold hosted in BIF For personal use only units immediately adjacent to tonalite. • JORC 2102 Mineral Resource of 200kt at 3.1g/t Au (20,000oz). • Gold associated with pyrite replacement of magnetite horizons in BIF adjacent to tonalite. • True
Slide 19: Barkly Copper-Gold Super-Project - NT
Barkly Copper-Gold Super-Project - NT • New applications For personal use only aggregating 3,253km² between Tennant Creek & Mount Isa. • First-mover in recently identified East Tennant, Tier 1 iron oxide- copper-gold (IOCG) province. • Competing applications with Rio Tinto & Newcrest endorse merit &
Slide 20: Corporate - Investment Rationale
Corporate - Investment Rationale For personal use only • Market Capitalisation of A$21.2 million (as at 29/4/2020). • Enterprise Value (EV) of *A$25 per resource ounce gold. • Peer average EV (explorers & developers) of *A$55 per resource ounce gold. • Pro-forma MDI EV of ~A$34.3 million. • Excludes
Slide 21: Capital Structure
Capital Structure ASX Code: MDI For personal use only Shares on Issue 1,765M Unlisted Options 994M Number of Shareholders 1,230 Top 20 Shareholders 57% Institutions 20% Directors 9% Cash & Liquid Investments A$2.3M Market Cap at 1.2cps A$21.2M 21 21
Slide 22: Thank you
For personal use only Unit 1, 2 Richardson Street West Perth Thank you Western Australia, 6005 Tel +61 (08) 9322 1430 Fax +61 (08) 9322 1474 www.middleisland.com.au
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