Perseus Mining Limited · ASX:PRU
Perseus Mining — Investor Presentation (February 2020)
33 slides from Perseus Mining's investor presentation, Feb 3, 2020
Slide 1: Corporate Presentation news release
NEWS RELEASE 3 February 2020 Corporate Presentation Perseus Mining Limited (ASX/TSX: PRU) refers to the attached Corporate Presentation. This announcement was approved for release by Jeff Quartermaine, Managing Director and CEO. To discuss any aspect of this announcement, please contact: Managing Di
Slide 2: West African Gold Producer, Developer and Explorer
WEST AFRICAN GOLD PRODUCER, DEVELOPER and EXPLORER CORPORATE PRESENTATION January 2020 ASX/TSX: PRU www.perseusmining.com PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM
Slide 3: 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 light of its experience and its perception of trends, current conditions and expected develo
Slide 4: A Compelling Investment Opportunity
A COMPELLING INVESTMENT OPPORTUNITY West African gold producer, developer & explorer Multi-mine, multi-jurisdiction operations Gold production growing to ~500,000oz pa by FY 2022 Balance sheet capacity and strong cash flows to fund growth Experienced board & management team and Strong social licence
Slide 5: Simple Corporate Strategy for Value Creation
SIMPLE CORPORATE STRATEGY FOR VALUE CREATION INVEST IN PEOPLE Delivery → 2 years consecutive guidance Lead, motivate and continuously up- achieved skill our operating INVEST IN & management LICENCE TO ASSETS teams OPERATE replenish through Develop and organic or inorganic means, a maintain strong re
Slide 6: December 2019 Quarter
DECEMBER 2019 QUARTER ✓ Reconciled Dec 2019 Quarter gold production of 69,155 ounces (+5% Q/Q), including: • 48,251 ounces from Edikan @ AISC US$1038 per ounce • 20,904 ounces from Sissingué @ AISC US$793 per ounce Weighted average all in site costs of US$964 per ounce +4.6% ✓ Q/Q) resulting from hi
Slide 7: Improved Operating Performance
IMPROVED OPERATING PERFORMANCE Production (oz) Implemented AISC (USD/oz) 120,000 revised mining $1,200 strategy at Edikan 100,000 $1,000 80,000 $800 60,000 $600 40,000 $400 20,000 $200 - $- Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Edikan Sissingué AISC USD/oz (
Slide 8: 2020 Financial Year Market Guidance
2020 FINANCIAL YEAR MARKET GUIDANCE GUIDANCE FY 2020 PARAMETER UNITS Dec 19 Half Jun 20 Half Full Year Gold Production ‘000 ounces 120 –140 140 – 160 260 – 300 All-In Site Costs $US/ounce 850 – 1,000 750 – 950 800 – 975 December 2019 half production was 134,979 ounces at an AISC of US$943 per ounce.
Slide 9: Strong Financial Position
As at 31 December 2019 STRONG FINANCIAL POSITION Cash on hand US$47.3 million USD million $180 $160 Cash & Bullion US$80.6 million $140 Bank Debt US$50.0 million $120 $100 Net Cash & Bullion US$30.6 million $80 $60 Strong future cashflows $40 $20 US$150 million Corporate Facility $0 (US$50m drawn) J
Slide 10: Attractive Long-Term Growth
ATTRACTIVE LONG-TERM GROWTH1 Production (koz/pa) AISC (US$/oz) GROWTH DERIVED FROM 600 $1,200 EXISTING ASSET BASE Year Ending 30 June 500 $1,000 ORGANIC GROWTH INITIVES 400 $800 TO EXTEND PRODUCTION PROFILE 300 $600 200 $400 SUCCESSFUL EXECUTION KEY TO DELIVERY 100 $200 0 $0 2019* 2020 2021 2022 Edi
Slide 11: Two Producing Gold Mines
TWO PRODUCING GOLD MINES OUR LOCATIONS PRODUCING ASSETS Côte d’Ivoire - Sissingué (86%)1 West Africa M&I Mineral Resource: 0.5Moz Ore Reserve: 0.3Moz SISSINGUÉ GOLD MINE (4+ YEARS) Africa Ghana - Edikan (90%)1 M&I Mineral Resource: 2.7Moz Ore Reserve: 1.4Moz EDIKAN GOLD MINE (5++ YEARS) Notes: 1 Ore
Slide 12: Edikan Gold Mine
EDIKAN GOLD MINE PERSEUS’S FIRST OPERATING MINE ✓ Large scale, multi open-pit mining operation ✓ Produced more than 1.57 Moz gold to date ✓ 2.7 Moz M&I Mineral Resources incl. 1.4 Moz of P&P Ore Reserves1 ✓ Updated LOMP delivering lower AISC and improved cash flow ✓ Mine life of 5 years with strong
Slide 13: Sissingué Gold Mine
SISSINGUÉ GOLD MINE PERSEUS’S NEWEST MINE ✓ Higher-grade, low-cost, multi open-pit mining operation ✓ Successful development and ramp up in production in Q1 2018 ✓ Produced 158 kozs gold to date ✓ Generated US$98M of notional cashflow and repaid 92% of the US$106M capital cost after only 1.75 years
Slide 14: Development Asset
DEVELOPMENT ASSET PROJECTS West Africa YAOURÉ OPEN PIT DEVELOPMENT PROJECT (8.5+ YEARS) Africa YAOURÉ UNDERGROUND Côte d’Ivoire - Yaouré (90%)1, 2 DEVELOPMENT PROJECT (? YEARS) M&I Open Pit Mineral Resource: 2.1Moz Ore Reserve: 1.6Moz Inferred Underground Resource: 0.6Moz Notes: 1 Ore Reserve and Mi
Slide 15: Yaouré Gold Project
YAOURÉ GOLD PROJECT NEXT GOLD MINE Economically attractive - IRR of 27% and 32 month payback period at ✓ US$1,250/oz gold Technically robust - 3.3Mtpa plant with average annual gold production ✓ of 215,000 ounces at an AISC of US$734/oz for first 5 years Excellent location - Close to excellent exist
Slide 16: Yaouré Development on Time and Budget
YAOURÉ DEVELOPMENT ON TIME and BUDGET ✓ Exploitation Permit and Mining Convention received from Ivorian government ✓ Full scale construction commenced in September 2019 quarter, post board approval Camp Construction ✓ US$265 million capital. US$166 million committed, US$109 million expensed and US$9
Slide 17: Yaouré – Underground Sections
YAOURÉ – UNDERGROUND SECTIONS Inferred UG Resource1: 3.0Mt @ 6.2g/t for 595koz Notes:. PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 16 1. Based on 5 November 2018 Underground Mineral Resources estimate, reported at a COG of 2.0g/t gold, 46% overlaps the Open Pit Resources
Slide 18: Near Mine and Greenfields Exploration
NEAR MINE AND GREENFIELDS EXPLORATION EXPLORATION FOCUS West Africa 1. EDIKAN – NEAR MINE Africa 2. SISSINGUÉ & YAOURÉ – NEAR MINE 3. CÔTE D’IVOIRE - REGIONAL Abidjan Granted Permits Applications Mines 100km Gold Deposits PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 17
Slide 19: Edikan Exploration - Targets
EDIKAN EXPLORATION - TARGETS • Corporate Geoscience Group (CGSG) study in early 2017 provided a detailed geological framework, perspectivity and targeting analysis based on all available geological, geophysical, geochemical and drill data. Updated study underway. • Exploration focused on systematic
Slide 20: Sissingué Exploration – Targets and Results
SISSINGUÉ EXPLORATION – TARGETS and RESULTS • Targeting geochemical and intrusive related anomalies at Papara-Tiongoli, Sissingué South, Zanikan and Fimbiasso areas. • In each case, mineralisation is spatially related to intrusives interpreted from aeromagnetic data. • Zanikan mineralisation in seri
Slide 21: Yaouré Exploration – Near Mine Targets
YAOURÉ EXPLORATION – NEAR MINE TARGETS • “High-prospectivity corridors” interpreted from geophysics and soil geochemistry. • Priority targets include; CMA NE • CMA Underground extensions; GOVISOU ➢ Deep drilling underway ➢ 3D HiSeis survey to commence Q1 2020 • Extensions of CMA and basin boundary t
Slide 22: Yaouré Exploration – Regional Targets
YAOURÉ EXPLORATION – REGIONAL TARGETS • Soil geochemistry used almost exclusively in targeting. • Geophysics acquired (mags, spec) and interpreted, with ‘high-prospectivity corridors’ defined. • High resolution VTEMTM survey being flown. Akasou • Numerous geochem targets and artisanal sites not foll
Slide 23: Attractive Long-Term Growth
ATTRACTIVE LONG-TERM GROWTH1 Production (koz/pa) AISC (US$/oz) GROWTH DERIVED FROM 600 $1,200 EXISTING ASSET BASE Year Ending 30 June 500 $1,000 400 $800 NEW RESERVES IMPROVE GROWTH PROFILE 300 $600 200 $400 SUCCESSFUL EXECUTION KEY TO DELIVERY 100 $200 0 $0 2019* 2020 2021 2022 Edikan Sissingué Yao
Slide 24: Appendices Contacts
CONTACTS APPENDICES ASX/TSX: PRU www.perseusmining.com Jeff Quartermaine Andrew Grove Managing Director & CEO GM Business Development & +61 8 6144 1700 Investor Relations +61 414 011 383 Panoramic view of the Yaouré site, Perseus’s third mine development. PERSEUS MINING LIMITED| WWW.PERSEUSMINING.CO
Slide 25: Capital Structure
CAPITAL STRUCTURE AUD USD Shareholder base as at 19 December 2019 ASX Share price per share1 1.04 0.72 1 Franklin Templeton Investments (USA) 7.50% 2 Van Eck Associates Corp 5.30% Shares outstanding 1,167 m 3 Vinva Investment Management Ltd 4.90% 4 Ruffer LLP 4.40% Performance Rights 34.6 m 5 RDV Co
Slide 26: Experienced Board of Directors & Management Team
EXPERIENCED BOARD OF DIRECTORS & MANAGEMENT TEAM Sean Harvey Jeff Quartermaine Management Position Non-Executive Chairman CEO and Managing Director Jeff Quartermaine Chief Executive Officer & Managing Director Martijn Bosboom General Counsel and Company Secretary Chris Woodall Chief Operating Office
Slide 27: Perseus Group Mineral Resources and Ore Reserves
PERSEUS GROUP MINERAL RESOURCES AND ORE RESERVES as at 30 JUNE 2019 PERSEUS GROUP MINERAL RESOURCES 1,2,3 Measured Indicated Measured + Indicated Inferred Project Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz Mt g/t go
Slide 28: Edikan Mineral Resource Estimate
EDIKAN MINERAL RESOURCE ESTIMATE 8,9,10 EDIKAN MINERAL RESOURCES as at 30 JUNE 2019 Measured Indicated Measured + Indicated Inferred Deposit Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Deposit Type Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz AF
Slide 29: Edikan Ore Reserve Estimate
EDIKAN ORE RESERVE ESTIMATE 3,6,7 Notes: EDIKAN ORE RESERVES as at 30 JUNE 2019 1. Based on June 2019 Mineral Resource Proved Probable Proved + Probable estimate which is depleted to 30th June 2019. Deposit Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold 2. Based on stockpile balance as
Slide 30: Sissingué Mineral Resource Estimate
SISSINGUÉ MINERAL RESOURCE ESTIMATE 6,7,8,9 SISSINGUÉ MINERAL RESOURCES as at 30 JUNE 2019 Measured Indicated Measured + Indicated Inferred Deposit Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Deposit Type Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz Mt g/t gold
Slide 31: Sissingué Ore Reserve Estimate
SISSINGUÉ ORE RESERVE ESTIMATE 7,8 SISSINGUÉ ORE RESERVES as at 30 JUNE 2019 Proved Probable Proved + Probable Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Deposit Deposit Type Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz Sissingué1,2,6 Open pit 3.1 2.3 228 0.1 2.1 10 3.3 2.3 238 3
Slide 32: Yaouré Mineral Resource Estimate
YAOURÉ MINERAL RESOURCE ESTIMATE 7,8,9 YAOURÉ MINERAL RESOURCES as at 30 JUNE 2019 Indicated Inferred Deposit Quantity Grade Gold Quantity Grade Gold Deposit Type Mt g/t gold koz Mt g/t gold koz CMA1,2,3,4 Open Pit 27.3 1.78 1,570 11 1.1 400 1,2,3,4 Yaouré Open Pit 18.8 0.80 480 33 0.9 900 Sub-total
Slide 33: Yaouré Ore Reserve Estimate
YAOURÉ ORE RESERVE ESTIMATE 1,2,5 YAOURÉ ORE RESERVES as at 30 JUNE 2019 Proved Probable Proved + Probable Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Deposit Deposit Type Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz CMA3,4 Open Pit - - - 20.6 2.02 1,334 20.6 2.02 1,334 3,4 Yaouré
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