Perseus Mining Limited · ASX:PRU
Perseus Mining — Denver Gold Forum September 2022
34 slides from Perseus Mining's conference presentation, Sep 19, 2022
Slide 1: Denver Gold Forum - September 2022
For personal use only DENVER GOLD FORUM - SEPTEMBER 2022 ASX/TSX: PRU | WWW.PERSEUSMINING.COM
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS For personal use only CAUTION REGARDING FORWARD LOOKING INFORMATION: Sissingué, Fimbiasso and Bagoé This presentation contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management The information in this report that relat
Slide 3: Our Business
For personal use only OUR BUSINESS PERSEUS MINING LIMITED PERSEUSMINING.COM 3
Slide 4: Perseus - A Compelling Mid-Tier Gold Investment Opportunity
PERSEUS - A COMPELLING MID-TIER GOLD INVESTMENT OPPORTUNITY For personal use only African focused multi-mine gold producer, developer & explorer, active in multiple jurisdictions Consistent & profitable gold producer producing at rate of ~500,000oz pa at ~US$950 per ounce Strong Balance Sheet and fo
Slide 5: We Successfully Execute Our Business Plans
WE SUCCESSFULLY EXECUTE OUR BUSINESS PLANS For personal use only Continue to consistently deliver in line with market expectations PRODUCTION (KOZ) AISC (US$/OZ) 300 $1,400 $1,200 250 Initial COVID-19 impact $1,000 200 $800 150 $600 100 Initial COVID-19 impact $400 50 $200 Guidance Range Production
Slide 6: Leading Cash Flow Generator Relative to TSX Listed Mid-Tier Peers
s WE ARE A LEADING CASH FLOW GENERATOR RELATIVE TO OUR TSX LISTED MID- TIER PEERS For personal use only CY2022E AISC (US$/oz) $1,600 $1,400 $1,200 $1,000 • Perseus’s AISC is towards the bottom end $800 of the ASIC range of mid-tier ASX gold $600 producers $400 $200 $0 18% CY2023E FCF Yield (%) 16% 1
Slide 7: Leading Cash Flow Generator Relative to ASX Listed Mid-Tier Peers
s AND A LEADING CASH FLOW GENERATOR RELATIVE TO ASX LISTED MID-TIER PEERS For personal use only FY2022A AISC (A$/oz) $2,000 $1,800 $1,600 $1,400 $1,200 • Perseus’s AISC is towards the bottom end $1,000 $800 of the ASIC range of mid-tier ASX gold $600 $400 producers $200 $0 19% FY2023 FCF Yield (%) 2
Slide 8: FY2022 Operating & Financial Results
For personal use only FY2022 OPERATING & FINANCIAL RESULTS PERSEUS MINING LIMITED PERSEUSMINING.COM 8
Slide 9: FY2022 - Gold Production & AISC Drive Strong Performance
FY 20221 - GOLD PRODUCTION & AISC DRIVE STRONG PERFORMANCE2 For personal use only Gold Production Strong Record Total dividends of Positioned to 494,014 oz at an operating cashflow from 2.45cps for 1.5% fund future AISC of margins of operations yield including growth with US$952/oz +US$700/oz and NP
Slide 10: Increasing Gold Production at Attractive Margins
INCREASING GOLD PRODUCTION AT ATTRACTIVE MARGINS For personal use only Production (oz) Gold Price / AISC (US$/oz) 140,000 $1,800 $1,600 120,000 $1,400 100,000 $1,200 80,000 $1,000 60,000 $800 $600 40,000 $400 20,000 $200 - $- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 '17 '17
Slide 11: Growth in Earnings
(1) GROWTH IN EARNINGS For personal use only EARNINGS (A$M) 564 (2) Revenue EBITDA Gross Profit from A$1,126M A$564.1M Operations Up 66% Up 86% A$349.9M 350 Up 75% 303 Profit after tax 274 280 Gross profit from operations EBITDA from operations 199 164 141 139 FY22 Profit Basic Earnings Earnings Per
Slide 12: Steady Growth in Notional Cashflow
STEADY GROWTH IN NOTIONAL CASHFLOW For personal use only Strong cash flow growth supports future capital Looking forward to FY2023: investment and dividends • Edikan returning to operational momentum in FY2023 CASHFLOW FROM OPERATIONS(1) (A$M) • Yaoure and Sissingué continue to exceed 522.9 targets
Slide 13: Growth in Net Tangible Assets
(1) GROWTH IN NET TANGIBLE ASSETS For personal use only (2) NET CASH POSITION A$ MILLION US$ MILLION Cash and bullion 475.8 328.0 Total Interest-Bearing Liabilities (72.5) (50.0) Net Cash Position 30 June 2022 403.3 278.0 TOTAL ASSETS NET TANGIBLE ASSETS NET TANGIBLE ASSETS PER SHARE A$2B A$1.2B $0.
Slide 14: Operating Mines
For personal use only OPERATING MINES PERSEUS MINING LIMITED PERSEUSMINING.COM 14
Slide 15: Three Producing Gold Mines
THREE PRODUCING GOLD MINES For personal use only Sissingué (86%)1 - Côte d’Ivoire As a multi-mine, M&I Mineral Resource: 355koz multi-jurisdictional Ore Reserve: 271koz operator, Perseus can Life of Mine: 4 years manage risk through portfolio diversity. AFRICA Yaouré (90%)1 - Côte d’Ivoire M&I Open
Slide 16: Edikan Gold Mine
EDIKAN GOLD MINE For personal use only A decade of operations and still going strong…… • 2.3 Moz of M&I Mineral Resources including 1.3 1 Moz of P&P Ore Reserves • Large scale, multi open-pit mining operation - produced ~2 Moz of gold to September 2022 • Updated life of mine delivering lower AISC an
Slide 17: Sissingué Gold Mine
SISSINGUÉ GOLD MINE For personal use only Perseus’s second mine - punching above its weight • M&I Mineral Resources of 355,0000oz including 271,000oz of P&P Ore Reserves1 remaining • Operations have consistently exceeded all expectations since commissioning in early 2018 • DFS production estimate of
Slide 18: Yaouré Gold Mine
YAOURÉ GOLD MINE For personal use only Perseus’s newest operating mine • Construction completed ahead of schedule and under budget, first gold pour on 17 December 2020 and commissioned by 31 March 2021 • Consistently outperformed since start of commercial production with 410,000oz produced to August
Slide 19: Development Projects
For personal use only DEVELOPMENT PROJECTS PERSEUS MINING LIMITED PERSEUSMINING.COM 19
Slide 20: Block - A Significant Development Asset
BLOCK 14 – A SIGNIFICANT DEVELOPMENT ASSET For personal use only Block 14 (70%)1 - Sudan Indicated Mineral Resource: 3.34Moz Ore Reserve: 2.85Moz Life of Mine 14 + years AFRICA Block 14 offers first mover advantage in a highly prospective region and provides further portfolio diversity Notes: 1 Thes
Slide 21: Block - A Near Development Ready Gold Project
BLOCK 14 – A NEAR ‘DEVELOPMENT READY’ GOLD PROJECT For personal use only • Project fully permitted including Mining Lease, Royalty Agreement & Water Permit • Attractive fiscal terms negotiated with the Sudanese government and incorporated into the terms of the Mining Lease • Original Feasibility Stu
Slide 22: Exploration: Organic Growth Pipeline
For personal use only EXPLORATION: ORGANIC GROWTH PIPELINE PERSEUS MINING LIMITED PERSEUSMINING.COM 22
Slide 23: Track Record of Replacing Ore Reserves
TRACK RECORD OF REPLACING ORE RESERVES For personal use only Successfully replaced mining depletion by the Group since 2018 through near mine exploration 4.0 2P Reserves Addition Depletion 3.45 3.5 3.27 3.28 3.27 3.26 3.0 2.5 2.0 1.5 1.0 0.5 0.0 FY2018 FY2019 FY2020 FY2021 FY2022 (Moz) PERSEUS MININ
Slide 24: Sustainability Performance
For personal use only SUSTAINABILITY PERFORMANCE PERSEUS MINING LIMITED PERSEUSMINING.COM 24
Slide 25: FY22 Sustainability Performance
FY22 SUSTAINABILITY PERFORMANCE For personal use only Social Environment Governance One fatality Zero significant Extended third-party limited assurance to cover TRIFR of 1.27 environmental events greenhouse gas and energy data Total economic contribution of Tailings: completed gap analysis for all
Slide 26: Our FY24 Sustainability Goals
OUR FY24 SUSTAINABILITY GOALS For personal use only SAFETY SOCIAL ENVIRONMENT GOVERNANCE Record no further Establish and implement Continue our record of Achieve alignment with the fatalities a social performance no tailings dam failures WGC RGMPs framework linked to our Consistently achieve host-co
Slide 27: Our Investment Proposition
For personal use only OUR INVESTMENT PROPOSITION PERSEUS MINING LIMITED PERSEUSMINING.COM 27
Slide 28: Perseus's Investment Case
PERSEUS'S INVESTMENT CASE For personal use only African focussed mid-cap gold producer with peer-leading cost structure and cash flow margins that underpin future growth & profitability Geopolitically and technically diversified asset portfolio offers reduced investment risk through lowering volatil
Slide 29: 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
Slide 30: Appendix I: Mineral Resources and Ore Reserves
For personal use only APPENDIX I: MINERAL RESOURCES AND ORE RESERVES PERSEUS MINING PERSEUSMINING.COM 30
Slide 31: Perseus Group - Mineral Resources and Ore Reserves
PERSEUS GROUP – MINERAL RESOURCES AND ORE RESERVES For personal use only Table 1: Perseus Mining Mineral Resources – 30 June 2022 1,3 Measured & Indicated Measured Resources Indicated Resources Inferred Resources Resources Project Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Quantity
Slide 32: Block Project - Mineral Resource and Mineral Reserve
BLOCK 14 PROJECT - MINERAL RESOURCE AND MINERAL RESERVE For personal use only TABLE 3: BLOCK 14 MINERAL RESOURCES Notes for Table 3: 1. Based on September 2018 estimates of Galat Sufar South and Wadi Doum Indicated Inferred Mineral Resources by MPR Geological Consultants Pty Ltd. 2. 0.6 g/t cut-off
Slide 33: Appendix II: Additional Peer Information
For personal use only APPENDIX II: ADDITIONAL PEER INFORMATION PERSEUS MINING PERSEUSMINING.COM 33
Slide 34: Additional Peer Information
ADDITIONAL PEER INFORMATION For personal use only COMPANY - TSX COMPANY MATERIAL REFERENCE COMPANY - ASX COMPANY MATERIAL REFERENCE Alamos Gold July 27, 2022 Capricorn Metals July 27, 2022 B2Gold Corp. August 3, 2022 Gold Road Resources October 27, 2021, January 31, 2022, April 27, 2022, July 28, 20