Pan African Resources PLC · LSE:PAF
Pan African Resources — H1 2009 Earnings Presentation
23 slides from Pan African Resources's earnings presentation, February 2009
Slide 1: Pan African Resources: producing gold for more than 120 years
“Pan African Resources has been producing gold for more than 120 years; through two Anglo-Boer wars, depressions, two World Wars, major changes of government from Paul Kruger, English occupation, the Apartheid regime, to Zuma. Considering the circumstances Pan African Resources must be the most stab
Slide 2: Unaudited Interim Results
The Gold Mining Company Unaudited Interim Results For the 6 months ended 31 December 2008
Slide 3: Contents
GEOGRAPHIC LOCATION CONTENTS Page 1. Strategic Overview 1 2. Salient Features 2 3. Results 3 3.1. Mining Operations 4 3.2. Growth Projects 8 4. Outlook 15
Slide 4: Strategic Overview
STRATEGIC OVERVIEW • 100,000oz/pa unhedged gold producer • Debt Free & generating positive cash flow • Strong balance sheet (cash at period end: £7.7m) • Production & growth focus remains on: – Low cost base – High margin – Significant growth potential 1
Slide 5: Salient Features
SALIENT FEATURES • Gross gold production of 51,186 oz ( 7.8%) • Gold sales of £24.9m ( 71%) • EBITDA of £8.5m ( 114%) • Total cash cost of US$451 ( 12%) • Manica resource increased to 2.571Moz ( 51%) • Headline earnings of £3.9m ( 202%) • Interim dividend of 0.2555p per share 2
Slide 6: Results: Total Cash Cost vs Average Gold Price
RESULTS Total Cash Cost vs. Average Gold Price Received (US$/oz) 3
Slide 7: Mining Operations: Safety
REVIEW OF MINING OPERATIONS Safety 556,669 fatality free shifts (2007 : 95,226) 4
Slide 8: Mining Operations: Production Statistics
REVIEW OF MINING OPERATIONS Production Statistics 5
Slide 9: Production Cost Breakdown
REVIEW OF MINING OPERATIONS Production Cost Breakdown 6 months ended 6 months ended 31 December 2007 31 December 2008 6
Slide 10: Reserve Replacement Projects Capital Expenditure of Barberton Mines
REVIEW OF MINING OPERATIONS Reserve Replacement Projects Capital Expenditure of Barberton Mines (excludes surface exploration programme) Project Name 6 months 6 months ended 31 ended 31 December December 2007 2008 Metres Developed Sheba – Southwell Adit 75 Complete Sheba – 35 ZK Decline 104.8 17.9 S
Slide 11: Growth Projects: Manica Gold Project, Mozambique
REVIEW OF GROWTH PROJECTS Manica Gold Project Mozambique Mineral Resource (gross in situ) 2.571Moz (33.8Mt @ 2.36 g/t) Exploration Expenditure £1,030,648 (for the period under review) Future Planned Expenditure * £ 1,041,666 Work Completed Pre-feasibility optimisation Work Planned for the next 6 mon
Slide 12: Manica Gold Project, Mozambique
REVIEW OF GROWTH PROJECTS Manica Gold Project Mozambique 9
Slide 13: Amira, Eagles Nest & Thomas Victory-Hill
REVIEW OF GROWTH PROJECTS Amira, Eagles Nest & Thomas Victory-Hill South Africa Mineral Resource (gross in situ) 1.4Moz (5.85Mt @ 7.49g/t) Exploration Expenditure £37,290 (for the period under review) Future Planned Expenditure * £118,370 Work Completed • Historical data collation complete • Target
Slide 14: Bogoin & Dekoa Gold Projects
REVIEW OF GROWTH PROJECTS Bogoin & Dekoa Gold Projects Central African Republic Mineral Resource (gross in situ) Resource definition underway Exploration Expenditure £90,227 (for the period under review) Future Planned Expenditure * £173,600 Work Completed • To date 16,213m of drilling has been comp
Slide 15: Akrokerri, Kyereboso & U&N Gold Projects
REVIEW OF GROWTH PROJECTS Akrokerri, Kyereboso & U&N Gold Projects Ghana Mineral Resource (gross in situ) All projects terminated Exploration Expenditure £559,567 (for the period under review) Future Planned Expenditure All projects terminated Work Completed • To date 7,368m of drilling has been com
Slide 16: Post Balance Sheet: Phoenix Platinum
POST BALANCE SHEET Phoenix Platinum South Africa • Four month exclusive option period to acquire Phoenix Platinum from Metorex • Project capital estimated at £6.9million • Life of Project estimated at between 5 and 7 years from current surface tailings and 18 years from underground arisings • 4PGE p
Slide 17: Exploration Projects: Resource Growth
REVIEW OF EXPLORATION PROJECTS Resource Growth (Gross In Situ) 14
Slide 18: Outlook
OUTLOOK • Continued profitability • Strong balance sheet positions the Company for future acquisitions • Remain unhedged • Continue seeking JV’s and partnerships to build a cash generative mining business 15
Slide 19: Disclaimer
DISCLAIMER The contents of these slides and of the presentation and the information which you are given at the time of these slides and the presentation (“presentation”) have not been approved by an authorised person within the meaning of the Financial Services and Markets Act, 2000 (the “Act”). Rel
Slide 20: Addendum
Addendum 6 months ended 30 June 2008 compared to 6 months ended 31 December 2008 17
Slide 21: Mining Operations: Safety
REVIEW OF MINING OPERATIONS Safety 19
Slide 22: Mining Operations: Production Statistics
REVIEW OF MINING OPERATIONS Production Statistics 20
Slide 23: Capital Expenditure of Barberton Mines
REVIEW OF MINING OPERATIONS Capital Expenditure of Barberton Mines (excludes surface exploration programme) 21
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