Saracen Mineral Holdings Limited
Saracen Mineral — Gryphon Minerals — Diggers & Dealers Conference 2014
31 slides from Saracen Mineral's conference presentation, August 2014
Slide 1: Gryphon Minerals Limited: On track for gold production & further discoveries
Gryphon Minerals Limited On track for gold production & further discoveries Diggers & Dealers Conference August 2014
Slide 2: Disclaimer & forward looking information
Disclaimer & forward looking information This presentation has been prepared by Gryphon Minerals Limited (the Company) based on information from its own and third party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission
Slide 3: Competent Persons Statement
Competent Persons Statement The information in this report that relates to Exploration Results on pages 18, 19 and 20 is based on information compiled by Mr Sam Brooks who is a member of the Australian Institute of Geoscientists. Mr Brooks has sufficient experience relevant to the styles of minerali
Slide 4: A clear path to production & unlocking the exploration potential
A clear path to production & unlocking the exploration potential Low cost, high margin, start up Heap Leach Operation Easily up-scalable from project cash flow Fully Permitted Resource growth through near mine oxide targets Footnote 1: ASX announcement – June Quarterly 21/07/14 Refer to ASX
Slide 5: Robust Economics & highly leveraged to rising gold prices
Robust Economics & highly leveraged to rising gold prices $1250 $1350 $1450 17.4 17.4 17.4 1.5 1.5 1.5 3.4 3.4 3.4 70 70 70 80 80 80 826 826 826 9.2 9.2 9.2 $743 $743 $743 $707 $707 $707 $868 $868 $868 $96.8M $96.8M $96.8M $808 $873 $938 $133 $186 $246 $81 $121 $167 22% 29% 37% Refer to ASX release
Slide 6: Exceptional gold grade of 1.5g/t vs Heap Leach Peers
Exceptional gold grade of 1.5g/t vs Heap Leach Peers Contrasting Initial Capex and Processed Grades for select Heap Leach Projects Cerro Maricunga (ATM) bubble size = Au ounces in mine plan $500 Converse (CHL) $400 $300 Agi Dagi (AGI) Amulsar (LYD) Bombore (ORE) $200 Cerro del Gallo (P) Shahuindo So
Slide 7: Heap Leach vs CIL operations worldwide
Heap Leach vs CIL operations worldwide Banfora Gold Project All-In Sustaining Costs Very Low vs Peers $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 Non Heap Leach Mines AISC Heap Leach Mines AISC $400 0.1 1 10 All-In Sustaining Costs (AISC) includes cash costs, royalties, refining costs and su
Slide 8: Market Valuation Peer Comparisons
Market Valuation Peer Comparisons Enterprise Value/Resource oz $300 286 $250 213 EV / Resources (US$/oz) $200 $150 141 Production Re-Rating $100 88 77 44 37 37 $50 28 26 24 21 11 $0 Doray Northern Roxgold Beadell Saracen Aureus Resolute Terranga Golden Star Silver Lake Banro Perseus Gryphon Star All
Slide 9: Gryphon's Projects | Dominant Land Position
Gryphon’s Projects | Dominant Land Position Gold Copper Iron 9
Slide 10: Burkina Faso | Land of the honest & upright men
Burkina Faso | “Land of the honest & upright men” New modern mining code “Burkina Faso is open for business” Moved from zero gold production to 4th largest gold producer in Africa 8 new gold mines operating in the last 5 years Under explored & highly prospective Strong Government support Large repre
Slide 11: Banfora Gold Project | Heap Leach Project & Plant Layout
Banfora Gold Project | Heap Leach Project & Plant Layout The maximum change in elevation on the ex-pit haul road is 15m The maximum gradients on these roads are all less than 3% 11
Slide 12: Banfora Gold Project | Conventional Heap Leaching Process
Banfora Gold Project | Conventional Heap Leaching Process 12
Slide 13: Banfora Gold Project | Proven Development Team
Banfora Gold Project | Proven Development Team Mining Engineer +30 years management, mining and processing experience. Currently CEO and MD of Mawson West building a copper project in the Congo Previously CEO and MD of Evolution Mining Limited Involved in building & operating a large number of minin
Slide 14: A Strong Track Record
A Strong Track Record Board of Directors Geologist with over 20 years experience including over 10 years in African. Executive Management Team A history of discoveries with previous miners incl. Rio Tinto & PDAP Founder of Gryphon Minerals. Over 20 years experience including 10 years in West Africa
Slide 15: Banfora Gold Project | Development timeline
Banfora Gold Project | Development timeline Q1/2014 Q2/2014 Q3/2014 Q4/2014 Q1/2015 Q2/2015 Q3/2015 Q4/2015 Q1/2016 Feasibility Study Project Early Works EPCM Award Detail Engineering & Procurement Mining Permit Process Project Construction Mining Permit Granted Mining Contract Tender and Awar
Slide 16: Banfora Gold Project | Highly Leveraged to upside
Banfora Gold Project | Highly Leveraged to upside 16
Slide 17: Banfora Gold Project | Depth Extensions
Banfora Gold Project | Depth Extensions • Significant potential to push the pits below the current heap leach pit inventory • Potential for future CIL plant feed in primary material as well as underground potential Mineral resources below 50 metres vertical depth that sit outside the Heap Leach pit
Slide 18: Depth extensions below Nogbele North pit
Depth extensions below Nogbele North pit Base of oxidation 100m Refer to ASX releases 30/08/2010, 07/03/2012, 17/11/2011). 18
Slide 19: Depth extensions below Nogbele South pit
Depth extensions below Nogbele South pit Base of oxidation 100m Refer to ASX releases 30/08/2010, 07/03/2012, 17/11/2011). 19
Slide 20: Depth extensions below Samavogo pit
Depth extensions below Samavogo pit Base of oxidation 100m Refer to ASX releases 30/08/2010, 07/03/2012, 17/11/2011). 20
Slide 21: Banfora Gold Project | Further discoveries are inevitable
Banfora Gold Project | Further discoveries are inevitable Samavogo Nogbele Stinger Fourkoura Gold in Soils 2004 Refer to ASX release 17/07/2014. Gryphon confirms that it is not aware of any new information or data that materially affects the information in the said announcement. 21
Slide 22: Gryphon's Projects | World Class Exploration Pipeline
Gryphon’s Projects | World Class Exploration Pipeline Gold Copper Iron 22
Slide 23: Burkina Faso Joint Venture | Golden Hill Project
Burkina Faso Joint Venture | Golden Hill Project Simple earn in Joint Venture Significant exposure to highly prospective ground on the prolific Houndé Belt, Burkina Faso Houndé Belt hosts Semafo’s flagship 6Moz Mana Mine and Endeavour’s 2Moz Houndé project Golden Hill along strike from Semafo’s new
Slide 24: Burkina Faso Joint Venture | Golden Hill Project
Burkina Faso Joint Venture | Golden Hill Project Numerous prospective targets Gryphon’s exploration to identify and priorities targets for drill testing Soil & BLEG sampling underway first results due Q3 2014 Historical drill results include: gold from 22m in hole RC97-075 gold from 4m in hole R
Slide 25: Corporate Overview
Corporate Overview Capital Structure & Cash Position World Class Shareholder Base 1 year share price 0.25 0.2 0.15 Share Price $ Environmental 2mtpa Heap Leach Permit granted GRY awarded Feasibility Study 0.1 Mining Permit in 2Mtpa Heap Leach Burkina Faso GRY signs GRY strengthens Scoping Study fina
Slide 26: Extensive Analyst Coverage
Extensive Analyst Coverage Conrad Andrew Breichman Mulherin Scott Williamson Nana Sangmuah Ben Crowley Jonathan Guy Michael Slifirski Don Maclean James Wilson Andrew Clayton Reg Spencer 26
Slide 27: A clear path to production & further discoveries inevitable
A clear path to production & further discoveries inevitable Banfora Gold Project A$37M cash & investments US$60M project debt mandated1 West African exploration pipeline Footnote 1: ASX announcement – June Quarterly 2014 Refer to ASX release 04/08/2014”. All material assumptions underpinning the pro
Slide 28: Appendix: Corporate social responsibility
Appendix: Corporate social responsibility Targeting the worlds highest standards In addition to Environmental and Social studies as part of the BFS, Gryphon is actively involved in supporting the local community through various initiatives. Gryphon has a full-time Burkinabe community manager to liai
Slide 29: Appendix: Corporate social responsibility
Appendix: Corporate social responsibility Targeting the worlds highest standards 160 wheelchairs shipped from Perth to Burkina Faso. With support from the Board and the generous team at “Wheelchairs For Kids” (wheelchairsforkids.org) in Perth, Western Australia who fabricated the units. 29
Slide 30: Banfora Gold Project | Resource & Reserve Estimates
Banfora Gold Project | Resource & Reserve Estimates Resource Estimate Tons Grade g/t Gold Tons Grade Gold Tons Grade Gold Tons Grade Gold Tons Grade Gold (Mt) Au (MOZ) (Mt) g/t Au (MOZ) (Mt) g/t Au (MOZ) (Mt) g/t Au (MOZ) (Mt) g/t Au (MOZ) 1.0 3 2.3 0.2 29 2.1 1.9 32 2.1 2.2 8 1.9 0.5 1.5 2 2.9 0.2
Slide 31: End
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