Slide 1: Denver Gold Forum 2017 Corporate Presentation
For personal use only DENVER GOLD FORUM 2017 Corporate Presentation Jeff Quartermaine Managing Director & CEO September 2017 ASX/TSX: PRU www.perseusmining.com 1
Slide 2: Cautionary Statements
Cautionary Statements For personal use only Disclaimer No representation or warranty, express or implied, is made by Perseus that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of Perseus, its directo
Slide 3: Cautionary Statements: Yaouré
Cautionary Statements For personal use only Yaouré All information in this report in the Annual Group Ore Reserves and Mineral Resources Statement concerning the YGP are reported as Foreign Estimates as defined in the ASX Listing Rules in accordance with ASX Listing Rules 5.12.1 to 5.12.10 and as Hi
Slide 4: Snapshot Of Perseus Mining Limited
Snapshot Of Perseus Mining Limited For personal use only Internationally owned, West African focussed gold producer, developer and explorer Relatively large Mineral Resource & Ore Reserve inventory Strong production growth profile based on existing assets Debt Balance sheet capacity and strong futur
Slide 5: Capital Structure
Capital Structure For personal use only As at 15 September 2017 ASX Share price per share A$0.35 Shares outstanding 1,033 m Warrants outstanding1 131 m Market capitalisation A$362 m Less: Cash 2 A$24 m Plus: Debt 3 A$20 m Enterprise value A$358 m Note: 1. 143,050,770 warrants were issued as part of
Slide 6: Robust Financial Position
Robust Financial Position For personal use only • Cash and bullion of US$33M at 30 June 2017. • Forecast after tax cash flow from Edikan and Sissingué operations of ~US$225M (before debt service) at a gold price of US$1,200/ounce in two years to June 2019. • US$15M short term working capital debt fa
Slide 7: Experienced Board of Directors and Management team
Experienced Board of Directors and Management team For personal use only Sean Harvey Jeff Quartermaine Colin Carson Sally-Anne Layman Non-Executive Chairman Managing Director and Executive Director Non-Executive Director CEO Ghana John McGloin Alex Davidson Mike Bohm Non-Executive Director Non-Execu
Slide 8: Clearly defined strategy for wealth creation
Clearly defined strategy for wealth creation For personal use only Successfully Drive continuous develop and improvement in operate multiple, Leverage skills productivity gold mines in a and experience spread of West African geo- political settings Expedite new Maintain strong developments ‘Social L
Slide 9: Strong growth profile based on existing asset base
Strong growth profile based on existing asset base For personal use only 9
Slide 10: On track to deliver growth
On track to deliver growth For personal use only Parameter Units Guidance FY2018 Dec 17 Half Jun 17 Half Full Year Gold Production ‘000 ounces 110-125 140-160 250-285 All-In Site Costs $US per ounce 950 – 1,150 950 – 1,050 950 – 1,100 10
Slide 11: Geo-politically diversified asset base in West Africa
Geo-politically diversified asset base in West Africa For personal use only Our Locations Assets Côte d’Ivoire - Sissingué (86%)1,2 M&I Mineral Resource: 0.8Moz Sissingué Gold Mine Ore Reserve: 0.4Moz Edikan Gold Ghana - Edikan (90%)1 Mine M&I Mineral Resource: 4.9Moz Côte d’Ivoire - Yaouré (90%)1 O
Slide 12: Edikan Gold Mine – Perseus's first operating mine
Edikan Gold Mine – Perseus’s first operating mine For personal use only • Large scale, low grade, multi-pit, open cut gold mining operation since 2012. • Produced 1,000,000th ounce of gold in early March 2017. • 4.9 Moz in M&I Mineral Resources including 1.9 Moz in P&P Ore Reserve at 30 June 2017. •
Slide 13: Recent Plant Upgrading at Edikan Gold Mine
Recent Plant Upgrading at Edikan Gold Mine For personal use only 13
Slide 14: Sissingué Gold Mine – First gold in early 2018
Sissingué Gold Mine – First gold in early 2018 For personal use only • Located in northern Côte d’Ivoire combining the Sissingué, Bélé East and West deposits. • Commissioning starts in October 2017. First gold in March 2018 quarter. • Total forecast development cost of ~US$115m. Development ~72% com
Slide 15: Construction of Sissingué Gold Mine well advanced
Construction of Sissingué Gold Mine well advanced For personal use only 15
Slide 16: Yaouré Gold Project – Potentially Perseus's third gold mine
Yaouré Gold Project – Potentially Perseus’s third gold mine For personal use only • Pre-development gold project located close to excellent existing infrastructure. • Potential for large scale, long life (10 years+), relatively low cost gold mining operation. • 72,063 m drilling completed as part of
Slide 17: Yaoure Gold Project – Recent site activities
Yaoure Gold Project – Recent site activities For personal use only 17
Slide 18: Strong 'social licence to operate' in West Africa
Strong ‘social licence to operate’ in West Africa For personal use only • Perseus’s strong social licence to operate in both Ghana and Côte d’Ivoire is: Built on trust and track record of delivering on promises A critical defence against negative external forces e.g. security threats, illegal “a
Slide 19: Delivery on promises is important in the context of social licence
Delivery on promises is important in the context of social licence For personal use only 19
Slide 20: Perseus's Value Proposition
For personal use only PERSEUS’S VALUE PROPOSITION 20
Slide 21: Perseus clearly undervalued relative to West African peers
Perseus clearly undervalued relative to West African peers For personal use only Market Capitalisation as at 1 September 2017 EV / Reserve Ounce With further evidence of the recent material improvement in operating performance, and EV / Ounce of Est. 2018 Production EV / Resource Ounce achievement o
Slide 22: Value Proposition Is Clear
Value Proposition Is Clear For personal use only • Covering brokers’ average valuations estimate NAV/share of A$0.59 vs share price of A$0.35 • Shares are currently trading at a ~40% discount to broker’s NAV/share and even greater discount to intrinsic value/share. • Shares are clearly undervalued b
Slide 23: Given the strong forecast growth profile
Given the strong forecast growth profile For personal use only Strong potential exists for a material valuation uplift as operating track record extends, development milestones are achieved and development risk eliminated. 23