Perseus Mining Limited · ASX:PRU
Perseus Mining — Shareholder Meeting (November 2009)
25 slides from Perseus Mining's shareholder meeting presentation, Nov 27, 2009
Slide 1: Emerging Gold Producer
Emerging Gold Producer For personal use only November 2009 Mark Calderwood Managing Director www.perseusmining.com ASX: PRU
Slide 2: Competent Person's Statement and Forward-Looking Statement
For personal use only Competent Person’s Statement. The 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 Calderwoo
Slide 3: Introduction
Introduction For personal use only West African emerging gold producer - 7Moz in reserves & resources - a top 10 position on ASX Mi i Mission Top 10 ASX gold producer - 2 years Two mines - 3 years Strategy Active mine development Continued rapid reserve/resource growth
Slide 4: Elephant Country: New mines
“Elephant Country” For personal use only New mines
Slide 5: Track Record: Resource Growth
Track Record For personal use only R Resource G Growthth
Slide 6: Perseus Ghana
For personal use only Perseus Ghana
Slide 7: Upside - Ayanfuri
Upside - Ayanfuri For personal use only West group Targets 2 3Moz 2.3Moz Reserves R 9 2009 - 2Moz 2010 - 4Moz Production Phase 1 East group 2011 +200,000ozpa 2.8Moz Phase 2 2013 +300,000ozpa Exploration add 500,000 ozpa of resources (avg)
Slide 8: Ayanfuri - Phase
For personal use only Ayanfuri - Phase 1
Slide 9: Perseus Ivory Coast
For personal use only Perseus Ivory Coast
Slide 10: Growth - Ivory Coast
Growth - Ivory Coast For personal use only Targets Reserves 2010 - 1Moz 2011 - 2Moz Production Phase 1 Q4 2012 +100,000ozpa Exploration add 300,000 ozpa of resources reso rces (a (avg.) g)
Slide 11: Production Strategy
Production Strategy gy For personal use only Organic g growth g or third project 2011 - Ayanfuri 2012 - Tengrela 2014 - Ayanfuri upgrade 200,000 to 400,000 ozpa Cash Cost US$500/oz Capital + Cash Cost US$600/oz
Slide 12: Milestones (6 Months)
Milestones (6 Months) For personal use only LSTK award, commence design 9 Long lead items ordered 9 EPA public hearing 9 Mining License, EPA Permit LSTK contractor commences Mining contract award Project finance agreement Operating Permit C Construction t ti on multiple lti l ffronts t LSTK = lump s
Slide 13: News Flow
News Flow For personal use only 3-4 Drill Rigs g Ayanfuri y Resource and Reserve Drilling Exploration Drilling 4 Drill Rigs Tengrela Resource and Exploration Drilling Construction Progress Regional Exploration
Slide 14: Performance
Performance For personal use only PRU share price relative S&P/ASX ALL ORD. Gold Index 2.00 1.80 1.60 1.40 Share Pricee Performance 1.20 1.00 0.80 0.60 0.40 0.20 0.00 Nov‐08 Dec‐08 Jan‐09 Feb‐09 Mar‐09 Apr‐09 p May‐09 y Jun‐09 Jul‐09 Aug‐09 g Sep‐09 p Oct‐09 Perseus ASX Gold (rebased)
Slide 15: Value: Why Perseus?
Value For personal use only Why Perseus? Rapid resource/reserve growth ASX rank ((reserves)) - 7th Proven Exploration Team Near term production - organic growth 1st mine Q3 2011 >200,000ozpa >200 000ozpa 2nd mine Q4 2012? >100,000ozpa Well Capitalized (ASX300) M k t Cap Market C ($1.70) ($1 70) A$54
Slide 16: Appendices
For personal use only Appendices
Slide 17: Cash & Equity
Appendix 1 Cash & Equity For personal use only 20 August 2009 North Ordinary Shares (PRU) 319M America 18% Unlisted Options (avg. $0.95) 11.4M Europe- Australia Market capitalisation ($1.70 undiluted) A$540M Asia 57% 25% Cash November 16 A$80M* A$80M Enterprise Value A$450M 23.4M 3 add additional t
Slide 18: Board of Directors
Appendix 2 Board of Directors For personal use only Reg Gillard (Non Executive Chairman) 22yrs director / chairman, public companies Executive Directors Non Executive Directors Mark Calderwood 24yrs exploration and Neil Fearis corporate management 30yrs as commercial lawyer Colin Carson Sean Harvey
Slide 19: Construction & Operations
Appendix 3 Construction & Operations For personal use only Rhett Brans (Executive Director) Grant Pierce (General Manager of Opt) A civil engineer with 30 years’ experience in the A mining engineer with 23 years’ experience in d i and design d construction t ti off mineral i l ttreatment t t operati
Slide 20: Ghana - Good as Gold
Appendix 4 Ghana - Good as Gold For personal use only Fully functional, stable democracy, highly “bankable” country s 9th largest gold producer & good infrastructure World’s World Company Reserves Portion* Newmont 17 Moz 20% Anglogold 11 Moz 15% Goldfields 9 Moz 11% Golden Star 3 3 Moz 3.3 100% Red
Slide 21: Ayanfuri History
Appendix 5 Ayanfuri History For personal use only History Mined in 1990s by Cluff-Ashanti 23 shallow pits produced 300,000oz 1994-2001 May 06 Perseus gained control of 300,000oz resource Location 30kms from Anglogold’s g g +60Moz Obuasi Mine 45kms from Prestea-Bogusu project Exploration Perseu
Slide 22: Ayanfuri Feasibility
Appendix 6 Ayanfuri ya u Feasibility eas b y For personal use only Key Parameters of the Ayanfuri Definitive Feasibility Study Gold Production Year One 230,000 oz Years 1-4 (average) 220,000 oz Years 1-10 (average) 192,000 oz Reserves 2.14 million oz ((Proved and Probable Reserves)) Capital Costs an
Slide 23: Ivory Coast
Appendix 7 Ivory Coast For personal use only Largest share of greenstones in W. Africa - and least explored. New mines - Lihir Lihir’s s Bonikro in 2008 2008. Randgold’s Randgold s Tongon in 2010 Good infrastructure - ports, roads, grid power In the last 8 years Morila processed 29 Mt @ 6.0g/t for 5
Slide 24: Tengrela Economics
Appendix 8 Tengrela Economics For personal use only Base case - January 2009 scoping study EBITDA off US$48 US$48-64Mpa 64M & IRR 57% Throughput (avg.) Mtpa 2.1 Production (yrs 1-4) Oz pa 128,000 Production (yrs 5-8) Oz pa 78,000 Cash costs (yrs 1-4) US$/oz 396 CAPEX US$M 89 Gold Price US$/oz $850 $
Slide 25: Mineral Reserves and Resources
For personal use only Mineral Reserves (Gold) – Ayanfuri Gold Project Proven Probable Total Deposit Tonnes g/t Ounces Tonnes g/t Ounces Tonnes g/t Ounces (million) Au Au (million) Au Au (million) Au Au Ayanfuri A f i >0.5g/t (1) 18.4 1.4 828,000 37.2 1.1 1,313,000 55.5 1.2 2,141,000 Mineral Resource