Perseus Mining Limited · ASX:PRU
Perseus Mining — Investor Presentation (September 2021)
30 slides from Perseus Mining's investor presentation, Sep 29, 2021
Slide 1: West African Gold Producer, Developer and Explorer
For personal use only WEST AFRICAN GOLD PRODUCER, DEVELOPER AND EXPLORER | 28 SEPTEMBER 2021 ASX/TSX: PRU | WWW.PERSEUSMINING.COM
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS For personal use only CAUTION REGARDING FORWARD LOOKING INFORMATION: Company in a market announcement “Perseus Mining Updates Mineral Resources and Ore Reserves” released on 24 August 2021. The Company confirms that it is not aware of any new information or data that materially
Slide 3: Contents
For personal use only WHO IS PERSEUS? 4 CONTENTS OPERATING PERFORMANCE 7 OPERATING ASSETS 14 ESG PERFORMANCE 24 PERSEUS MINING LIMITED PERSEUSMINING.COM 3
Slide 4: Who is Perseus?
For personal use only WHO IS PERSEUS? PERSEUS MINING LIMITED PERSEUSMINING.COM 4
Slide 5: Perseus - A Compelling Investment Opportunity
PERSEUS - A COMPELLING INVESTMENT OPPORTUNITY For personal use only West African multi-mine gold producer, developer & explorer, active in multiple jurisdictions Consistent gold producer increasing to production ~500,000oz pa by FY 2022 Balance sheet capacity and strong cash flows to fund our growth
Slide 6: Capital Structure
CAPITAL STRUCTURE For personal use only AUD USD Shareholder base at 30 June 2021 ASX Share price per share1 1.41 1.025 1 Van Eck Associates Corp. 2 T. Rowe Price Associates Inc Shares outstanding 1,226.9 m 1,226.9 m 3 Ruffer LLP 4 Ninety-One UK Ltd (formerly Investec) Performance Rights 23.4 m 23.4
Slide 7: Ore Reserves and Average Ore Grade
ORE RESERVES AND AVERAGE ORE GRADE1 For personal use only 25 4.0 3.7 3.5 20 3.0 Ore Reserve Gold Equivalent (Moz) 2.6 2.5 2.3 2.5 15 Gold Eq g/t 2.1 2.0 1.8 2.0 1.7 10 1.5 19.6 1.5 1.3 1.1 1.1 1.0 5 6.8 0.5 5.8 4.6 3.7 3.3 2.6 2.0 1.5 1.1 0.8 0.1 0 0.0 NST EVN SBM RSG RRL PRU WGX GOR WAF RMS SLR ALK
Slide 8: Enterprise Value per Ounce of Ore Reserve
ENTERPRISE VALUE1 PER OUNCE OF ORE RESERVE For personal use only $1,200 $1,000 $975 $800 A$ per Ounce $725 $720 $600 $618 $513 $505 $484 $400 $330 $200 $204 $150 $145 $0 SLR RMS EVN WAF NST PRU GOR RRL WGX SBM RSG EV/Reserve (A$/oz) Median EV/ Reserve 1 EV calculated based on share price at 24 Septe
Slide 9: Enterprise Value per Ounce of Annual Production
ENTERPRISE VALUE1 PER OUNCE OF ANNUAL PRODUCTION For personal use only 12,000 10,000 $10,436 8,000 $7,764 A$ per ounce $7,222 6,000 $6,232 4,000 $4,281 $4,068 $3,440 $3,149 $2,719 $2,695 2,000 $2,164 $1,984 0 EVN GOR ALK NST WAF PRU SLR RMS SBM RRL WGX RSG EV/12-mth Rolling Production (A$/oz) Median
Slide 10: Operating Performance & Financial Resources
For personal use only OPERATING PERFORMANCE & FINANCIAL RESOURCES PERSEUS MINING LIMITED PERSEUSMINING.COM 10
Slide 11: 2021 Financial Year Highlights
2021 FINANCIAL YEAR HIGHLIGHTS For personal use only Strong growth in Record June before and after- Quarter, Half tax earnings Year and Full leading to declaration of Notional Year gold Cashflow of production maiden dividend US$190M resulting in On track for Cash & bullion >500,000 ozs at of US$156M
Slide 12: Full Year Gold Production Exceeded Market Guidance
FULL YEAR GOLD PRODUCTION EXCEEDED MARKET GUIDANCE For personal use only Gold Production1 AISC Avg Sales Price On track for Positioned for 328,632 ozs US$1,016 / oz US$1,642 / oz 500,000ozpa future gold production growth. (1) Includes Yaouré data from commencement of operations in December 2020 quar
Slide 13: Built on Consistent Gold Production
BUILT ON CONSISTENT GOLD PRODUCTION For personal use only PERSEUS MINING LIMITED PERSEUSMINING.COM 13
Slide 14: Production & Cost Market Guidance
PRODUCTION & COST MARKET GUIDANCE For personal use only Parameter Units June 2021 Dec 2021 2021 Half Year Half Year Calendar Year (Actual) (Forecast) (Forecast) STEADILY IMPROVING Yaouré Gold Mine GROUP OPERATING Production Ounces 59,438 130 – 140,000 189 – 199,438 PERFORMANCE All-in Site Cost USD /
Slide 15: Significant Growth in Earnings and Cashflow
SIGNIFICANT GROWTH IN EARNINGS AND CASHFLOW For personal use only Revenue Profit Operating Net Tangible Dividend after tax Cash Flow Assets Policy Sustainable A$679.7M A$139.4M A$302.0M A$928.3M 1% annual Up 15% Up 47.6% Up 42% Up 10% yield PERSEUS MINING LIMITED PERSEUSMINING.COM 15
Slide 16: Building a Strong Financial Position
BUILDING A STRONG FINANCIAL POSITION For personal use only FY ending 30 June 2021 Cash & Bullion US$156 million Increasing Notional Operating Cashflow Bank Debt US$100 million Net Cash & Bullion US$56 million Profit after Tax of US$ 104.1 million or US cents 8.58 per share1 Maiden dividend declared
Slide 17: Operating Assets
For personal use only OPERATING ASSETS PERSEUS MINING LIMITED PERSEUSMINING.COM 17
Slide 18: Three Producing Gold Mines
THREE PRODUCING GOLD MINES For personal use only Sissingué (86%)1 - Côte d’Ivoire M&I Mineral Resource: 407koz Ore Reserve: 324koz YAOURE GOLD MINE (8+ 8+ YEARS) WITHOUT UNDERGROUND West Africa DEVELOPMENT Yaouré (90%)1, 2 - Côte d’Ivoire M&I Open Pit Mineral 2.21Moz SISSINGUÉ GOLD MINE Resource: Or
Slide 19: Sissingué Gold Mine
SISSINGUÉ GOLD MINE PERSEUS’S SECOND MINE - PUNCHING ABOVE ITS WEIGHT For personal use only • Discovered & developed by Perseus, started production in Q1 2018 • US$106 M capital cost of development fully repaid in 26 months after first gold • 407 koz M&I Minerals Resources incl. 324 koz of P&P Ore R
Slide 20: Yaouré Gold Mine
YAOURÉ GOLD MINE PERSEUS’S NEWEST OPERATING MINE For personal use only • Property acquired by Perseus through merger with Amara Mining plc in April 2016 • First gold poured on 17 December 2020, 5 weeks ahead of schedule. Final Cost of construction less than US$265 million budget • Completed commissi
Slide 21: Organic Growth
For personal use only ORGANIC GROWTH PERSEUS MINING LIMITED PERSEUSMINING.COM 22
Slide 22: Organic Growth - The Way Forward
ORGANIC GROWTH – THE WAY FORWARD VALUE DRIVEN 3 YEAR EXPLORATION PROGRAMME For personal use only • Integrated pipeline of organic growth opportunities targeting 2.4 Moz by FY 2024, requiring around 650km of drilling • Opportunities currently being drilled adjacent to existing infrastructure at all t
Slide 23: Perseus's Targeted Production and Earnings Profile
PERSEUS’S TARGETED PRODUCTION AND EARNINGS PROFILE For personal use only Existing Ore Reserves + Targeted Organic Growth 600 Target > 500,000 ounces per year at > $400/oz margin 500 400 k oz 300 200 100 - FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Perseus Existing Ore Reserve Perseus Organic Growt
Slide 24: Environment, Social & Governance Performance
For personal use only ENVIRONMENT, SOCIAL & GOVERNANCE PERFORMANCE PERSEUS MINING LIMITED PERSEUSMINING.COM 25
Slide 25: CY20 Sustainability Highlights
CY20 SUSTAINABILITY HIGHLIGHTS For personal use only
Slide 26: Progressing Our Approach to ESG Disclosure
PROGRESSING OUR APPROACH TO ESG DISCLOSURE For personal use only Our CY2020 Sustainable Development Report is aligned with global frameworks: • United Nations Sustainable Development Goals (“UN SDGs”) • World Gold Council Responsible Gold Mining Principles (“RGMPs”) • Sustainability Accounting Stand
Slide 27: Next Steps
NEXT STEPS For personal use only • We are currently developing out three-year sustainability roadmap, including our Current Alignment against the objectives, targets and supporting initiatives World Gold Council Responsible Gold Mining Principles • Our three-year roadmap will be disclosed in our FY2
Slide 28: Governance Overseen by Experienced Board & Management
GOVERNANCE OVERSEEN BY EXPERIENCED BOARD & MANAGEMENT For personal use only Sean Harvey Jeff Quartermaine Amber Banfield Elissa Brown Non-Executive Chairman CEO and Managing Director Non-Executive Director Non-Executive Director Dan Lougher John McGloin David Ransom Non-Executive Director Non-Execut
Slide 29: Perseus - A Compelling Investment Opportunity
PERSEUS - A COMPELLING INVESTMENT OPPORTUNITY For personal use only West African multi-mine gold producer, developer & explorer, active in multiple jurisdictions Consistent gold producer increasing to production ~500,000oz pa by FY 2022 Balance sheet capacity and strong cash flows to fund our growth
Slide 30: For personal use only
For personal use only The Managing Director & CEO, Jeff Quartermaine, authorized the release of this presentation. For more information please contact: Jeff Quartermaine Managing Director & CEO jeff.quartermaine@perseusmining.com +61 411 725 521 ASX/TSX: PRU | WWW.PERSEUSMINING.COM
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