Perseus Mining Limited · ASX:PRU
Perseus Mining — Shareholder Meeting (November 2014)
31 slides from Perseus Mining's shareholder meeting presentation, Nov 21, 2014
Slide 1: Annual General Meeting November 2014
For personal use only ANNUAL GENERAL MEETING November 2014 Jeff Quartermaine Managing Director & CEO ASX/TSX: PRU www.perseusmining.com
Slide 2: For personal use only
For personal use only
Slide 3: Cautionary Statements
Cautionary Statements For personal use only Forward-Looking Statements This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected deve
Slide 4: Perseus in a Snapshot
Perseus in a Snapshot For personal use only Debt West African Highly motivated Currently producing Debt free balance Experienced and focused ASX/TSX to deliver improved ~200,000oz gold sheet includes capable board and listed gold explorer, total shareholder pa with projected cash & bullion managemen
Slide 5: Perseus' West African Projects
Perseus’ West African Projects For personal use only 70Moz Ghana Ghana Sissingué Côte d’Ivoire Ghana Côte d’Ivoire 170Moz Edikan
Slide 6: Mineral Resources and Reserves
Mineral Resources* and Reserves** For personal use only 6.8Moz of gold (86% in Ghana) in Measured & Indicated Mineral Resources (196Mt at 1.0g/t) INCLUDING PLUS 3.8Moz of gold 2.9Moz of gold (82% in Ghana) (90% in Ghana) in Proven in Inferred & Probable Reserves Mineral Resources (97Mt at 1.2g/t) (9
Slide 7: Key Investment Parameters
Key Investment Parameters For personal use only Register Composition 1% 526.66m outstanding ordinary shares 10% 534.64m shares fully diluted $140m Market Capitalisation* Share ownership 22% Australia (~45%), US & Canada (~42%), Europe (~10%), Asia (~3%) 58% High quality share register with top 20 in
Slide 8: Corporate Plan
Corporate Plan For personal use only Objective is to consistently Strategy involves consistently Key short–medium term generate positive total generating cash and earnings tactics include: shareholder returns from the efficient production • Optimise operating and sale of gold mined by performance at
Slide 9: 2014 Achievements
2014 Achievements For personal use only Increased working capital by $66.1M to $93.8M*. Remained debt free Improved gold production and reduced costs by enhanced operating efficiency at Edikan Laid platform for further cost reductions, particularly the cost of mining Actively managed our revenue lin
Slide 10: Share Price Performance Relative to Australian Peers
Share Price Performance Relative to Australian Peers For personal use only ASX – Relative Share Price Performance 2014 to Date OBS 128.0% SAR 22.2% PRU 16.3% Gold (AUD) 1.0% Gold (USD) (1.4%) NGF (7.4%) EVN (11.4%) KCN (28.3%) TRY (36.3%) DRM (46.4%) RRL (52.1%) SLR (54.2%) RSG (56.8%) GRY (57.6%) S
Slide 11: Share Price Performance Relative to Canadian Peers
Share Price Performance Relative to Canadian Peers For personal use only TSX – Relative Share Price1 Performance 2014 to Date Richmont Mines (US$) 107% Lake Shore Gold (C$) 69% Detour Gold (C$) 61% Romarco Minerals (C$) 52% Guyana Goldfields (C$) 40% Kirkland Lake (C$) 36% Torex Gold (C$) 28% Perseu
Slide 12: 2014 Operating Performance YTD
2014 Operating Performance YTD For personal use only Edikan Gold Mine September quarter 2014 Gold Production & AISC aggregate production – 20,000 51,529oz at average $1,800 AISC of $959/oz 18,000 $1,600 Fire in Mill Substation Failure 16,000 $1,400 14,000 $1,200 12,000 $1,000 10,000 $800 8,000 $600
Slide 13: Edikan Performance Improvement
Edikan Performance Improvement For personal use only
Slide 14: Edikan Site Layout
Edikan Site Layout For personal use only Reserves 5km radius Esuajah Resources Esuajah North South Current production pits Abnabna Fobinso Mill site Fetish Bokitsi Chirawewa Mampong Dadieso
Slide 15: Edikan Performance Improvement
Edikan Performance Improvement For personal use only Gold production Unit costs are is a function of: a function of: Mill throughput rate Cost Base including: Mining (55%) Mill run time Processing (35%) Mill feed grade G&A (10%) Gold Recovery Production rates including: Tonnes mined Tonnes milled Go
Slide 16: Cost Performance – Mining
Cost Performance – Mining For personal use only Key to improving all-in Existing mining contract Currently examining site unit cost is reducing expires in May 2016 but alternative mining mining costs may be terminated earlier strategies: at incremental cost • Rate reduction from existing contractor
Slide 17: Re-optimising Mine Plans
Re-optimising Mine Plans For personal use only Aim to maximise Edikan Mineral Updated Mineral Pit development Updated LOMP net present value Resources re-estimated Resource to be used to be rescheduled to and Mineral of cash flows from following mining for pit re-optimisation optimise cash flows Res
Slide 18: FY2015 Guidance
FY2015 Guidance For personal use only Parameter Units December 2014 June 2015 2015 Half Year Half Year Financial Year Gold Production Ounces 95,000–105,000 115,000–125,000 210,000–230,000 All-In Site Costs* US$/oz 1,160–1,280 1,050–1,150 1,100–1,200 * All-in site costs includes production cost + roy
Slide 19: Near Mine Exploration Programmes
Near Mine Exploration Programmes For personal use only Near mine exploration Immediate success Drilling success Old Chirawewa pit Exploration budget programmes targeting at Bokitsi deposit. also achieved at dewatered and being constraints likely higher grade Mampong. cleaned out ahead of Follow dril
Slide 20: Near Mine Exploration Opportunities
Near Mine Exploration Opportunities For personal use only Reserves 5km radius Esuajah Resources Esuajah North South Current production pits Abnabna Fobinso Mill site Fetish Bokitsi Chirawewa Mampong Dadieso
Slide 21: Bokitsi South Section & Exploration Results
Bokitsi South Section & Exploration Results For personal use only
Slide 22: Vertical Longitudinal Section of Mampong South & Follow-up Infill Drilling
Vertical Longitudinal Section of Mampong South & Follow-up Infill Drilling For personal use only
Slide 23: Sissingué Gold Project – Côte d'Ivoire
Sissingué Gold Project – Côte d’Ivoire For personal use only MALI BURKINA FASO Sissingué Odienné Korhogo Touba Katiola Bondoukou Séguéla Bouaké Man Daloa YAMOUSSOUKRO Abengouro Sinfra GHANA Dimbokro Gagnoa Adzopé Divo Agboville LIBERIA Dabou Aboisso Abidjan San-Pédro Gulf of Guinea 0 50 100km 0 50 1
Slide 24: Recent History of Sissingué Gold Project
Recent History of Sissingué Gold Project For personal use only June 2013: Rising mining and processing costs and falling gold price lead to a project review September 2013: Project development put on temporary hold pending a change in operating conditions and review of processing options October 201
Slide 25: Metallurgical and Process Review
Metallurgical and Process Review For personal use only Completed a 4-month 0.8MTPA gravity/CIL Lycopodium appointed to test work programme circuit appears to update Feasibility Study designed to: generate the best based on 0.8MTPA case, economic results. however, access to grid • Reduce power consum
Slide 26: The Next Steps
The Next Steps For personal use only Lycopodium to prepare updated feasibility study and detailed engineering Feasibility study to be reviewed by government agencies to confirm validity of environmental approvals and exploitation permit Mining convention including power price to be negotiated Conduc
Slide 27: CIV – Regional Exploration (Bélé)
CIV – Regional Exploration (Bélé) For personal use only
Slide 28: Conclusion
Conclusion For personal use only Perseus focussed on matters within its control with the aim of restoring investor confidence Foundation established at Edikan to leverage future organic growth in earnings Productivity improvement programmes at Edikan generating tangible results Opportunities for org
Slide 29: Contact
Contact For personal use only ASX/TSX: PRU www.perseusmining.com Jeff Quartermaine Managing Director & CEO +61 8 6144 1700 Nathan Ryan Investor Relations (Australia) +61 420 582 887
Slide 30: Annual General Meeting November 2014
For personal use only ANNUAL GENERAL MEETING November 2014 Jeff Quartermaine Managing Director & CEO ASX/TSX: PRU www.perseusmining.com
Slide 31: Share Price Performance Relative to Australian Peers
Share Price Performance Relative to Australian Peers For personal use only ASX – Relative Share Price Performance since January 2013 OBS 128.0% Gold (AUD) (15.9%) Gold (USD) (29.2%) NGF (39.0%) SAR (40.5%) DRM (60.8%) EVN (68.1%) RRL (72.6%) BDR (76.0%) KCN (84.8%) RSG (85.4%) GRY (86.0%) TRY (86.2%