Perseus Mining Limited · ASX:PRU
Perseus Mining — Investor Presentation (February 2022)
34 slides from Perseus Mining's investor presentation, Feb 28, 2022
Slide 1: African Gold Producer, Developer and Explorer
AFRICAN GOLD PRODUCER, DEVELOPER AND EXPLORER 28 FEBRUARY 2022 ASX/TSX: PRU | WWW.PERSEUSMINING.COM
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS CAUTION REGARDING FORWARD LOOKING INFORMATION: This presentation contains “forward-looking information” and “forward-looking statements” which are based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of tren
Slide 3: Contents
TRANSACTION OVERVIEW 4 OVERVIEW OF ORCA GOLD 10 OVERVIEW OF PERSEUS 16 CONTENTS APPENDIX I: MINERAL RESOURCES AND ORE RESERVES 31 PERSEUS MINING PERSEUSMINING.COM 3
Slide 4: Transaction Overview
TRANSACTION OVERVIEW PERSEUS MINING PERSEUSMINING.COM 4
Slide 5: Overview of Offer to Acquire Orca Gold
OVERVIEW OF OFFER TO ACQUIRE ORCA GOLD A FAIRLY PRICED, VALUE ACCRETIVE, SCRIP BASED OFFER…. • Perseus Mining Limited (“Perseus” or the “Company”) (ASX/TSX:PRU) has entered into a definitive agreement (the “Arrangement Agreement”) with Orca Gold Inc. (“Orca”) (TSXV: Overview ORG) under which Perseus
Slide 6: Transaction Rationale
TRANSACTION RATIONALE THE BLOCK 14 GOLD PROJECT MATERIALLY IMPROVES PERSEUS’S DEVELOPMENT PIPELINE AND GROWTH PROFILE BY ADDING SIGNIFICANT ORE RESERVES AND A POTENTIALLY LONG LIFE MINE Aligned with Strategy • Aligns with Perseus’s strategy of upgrading the size, quality and geographic distribution
Slide 7: About Orca Gold
ABOUT ORCA GOLD OWNER OF A ROBUST, NEAR DEVELOPMENT-READY GOLD ASSET IN A SUPPORTIVE MINING JURISDICTION • Orca completed a Canadian National Instrument 43-101 (“NI 43-101”) feasibility study (“Feasibility Study”) on the Block 14 Project Block 14 Project NI 43-101 in September 2020 Compliant R&R • F
Slide 8: Pro-Forma Operational & Development Footprint
PRO-FORMA OPERATIONAL & DEVELOPMENT FOOTPRINT Sissingué (86%)1 - Côte d’Ivoire Block 14 (70%)2 - Sudan M&I Mineral Resource: 407koz Indicated Mineral Resource: 3.34Moz Ore Reserve: 324koz Ore Reserve: 2.85Moz Life of Mine: 3+ years West Africa Yaouré (90%)1 - Côte d’Ivoire M&I Open Pit Mineral 2.21M
Slide 9: Pro Forma Metrics
PRO FORMA METRICS Perseus1 Orca (100% Basis)2 Pro Forma Share price / Offer price A$/share 1.74 0.97 1.74 Common shares outstanding m 1,233 260 1,357 Equity Value - basic A$m 2,146 253 2,361 Cash and bullion3 A$m 292 10 302 Debt3 A$m 69 0 69 Enterprise Value A$m 1,923 243 2,128 Listings ASX / TSX TS
Slide 10: Overview of Orca Gold
OVERVIEW OF ORCA GOLD PERSEUS MINING PERSEUSMINING.COM 10
Slide 11: Block 14 Project
BLOCK 14 PROJECT Sukhaybarat Based on 3.3Moz Sukari Bulghah of Indicted Al Amar Resource and 2.9Moz of Mahd Ad’Dahab Masarrah Probable Resource expected Reserve1 to support long Mansourah mine life with low Miskah Fully licenced, operating costs attractive fiscal Block 14 terms with ArRjum Ad Duwayh
Slide 12: Block 14 Project
BLOCK 14 PROJECT NEAR DEVELOPMENT READY GOLD PROJECT IN SUDAN • Project fully permitted including Mining Lease, Royalty Agreement & Water Permit • Feasibility Study completed in September 2020 with project near “shovel ready” • Engineering will be reviewed by Perseus and updated as required o FEED s
Slide 13: Block 14 Project
BLOCK 14 PROJECT MAJORITY OF THE BLOCK 14 ORE RESERVES SIT IN THE GALAT SUFAR SOUTH MINING LEASE Notes: 1 Please refer to Appendix I for further information on Orca Ore Reserve and Mineral Resource figures. These estimates are prepared in accordance with Canadian National Instrument 43-101 standards
Slide 14: Reserves and Resources
BLOCK 14 PROJECT RESERVES AND RESOURCES1 RESOURCES Mt Au g/t Koz Indicated 79.9 1.30 3,342 2.9Moz Reserves Inferred 18.5 1.2 711 3.3Moz Indicated Resource RESERVES Mt Au g/t Koz Probable 79.9 1.11 2,854 Notes: 1 Please refer to Appendix I for further information on Orca Ore Reserve and Mineral Resou
Slide 15: Montage Gold Corp – TSX-V MAU
MONTAGE GOLD CORP – TSX-V MAU MONTAGE PROVIDES FURTHER DEVELOPMENT OPTIONALITY FOR PERSEUS • Orca has a 31.4% shareholding in Montage • Several Orca shareholders also have an ownership interest in Montage including the Lundin Family (6.8% shareholding) • Montage owns a 3,750 km2 exploration portfoli
Slide 16: Overview of Perseus
OVERVIEW OF PERSEUS PERSEUS MINING PERSEUSMINING.COM 16
Slide 17: Perseus - A Compelling Mid-Tier Gold Investment Opportunity
PERSEUS - A COMPELLING MID-TIER GOLD INVESTMENT OPPORTUNITY 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 Balance sheet capacity and strong cash flows to f
Slide 18: Capital Structure
CAPITAL STRUCTURE AUD USD Aggregated shareholder base at 31 December 2021 ASX Share price per share1 1.74 1.26 1 Van Eck Associates Corp. 2 T. Rowe Price Associates Inc Shares outstanding 1,233.2 m 1,233.2 m 3 Dimensional Fund Advisors LP Performance Rights 21.2 m 21.2 m 4 The Vanguard Group Holding
Slide 19: Experienced Board & Management Team
EXPERIENCED BOARD & MANAGEMENT TEAM Sean Harvey Jeff Quartermaine Amber Banfield Elissa Brown Non-Executive Chairman CEO and Managing Director Non-Executive Director Non-Executive Director Dan Lougher John McGloin David Ransom Non-Executive Director Non-Executive Director Non-Executive Director PERS
Slide 20: Calendar Year 2021 Highlights
CALENDAR YEAR 2021 HIGHLIGHTS Gold Now producing at production targeted rate of and AISC at >500,000 ozs at top end of cash margin of Operating Cash guidance >US$650 per oz Flow from ops1 ranges of US$334M resulting in Strong growth Cash & bullion in after-tax of US$212M earnings leading to declarat
Slide 21: Calendar Year 2021 - Gold Production & AISC at Top End of Guidance
CALENDAR YEAR 2021 - GOLD PRODUCTION & AISC AT TOP END OF GUIDANCE1 Gold Production2 AISC Gold Price Producing at rate Positioned for 432,410 oz US$985/oz US$1,653/oz of 500,000 oz/yr future growth Notes: 1 Guidance for calendar year 2021 was 416-446,000 ounces at US$975 – 1,035 per ounce. 2 Include
Slide 22: Calendar Year 2021 – Strong Financial Performance
CALENDAR YEAR 2021 – STRONG FINANCIAL PERFORMANCE REVENUE PROFIT AFTER TAX OPERATING CASH FLOW1 Net Cash DIVIDEND POLICY A$939M A$217M A$444M A$223M Sustainable Up 56% Up 92% Up 83% Up $238.5M 1% annual yield y-on-y y-on-y y-on-y y-on-y Notes: 1 Calendar year net cash inflows from operating activiti
Slide 23: Production & Cost Market Guidance
PRODUCTION & COST MARKET GUIDANCE Dec 2021 Jun 2022 2022 Half Year Half Year Financial Year Parameter Units (Actual) (Forecast) (Forecast) STEADILY IMPROVING Yaouré Gold Mine GROUP OPERATING Production Ounces 139,747 130,000 - 140,000 269,747 - 279,747 PERFORMANCE All-in Site Cost USD /oz 687 765 to
Slide 24: Three Producing Gold Mines
THREE PRODUCING GOLD MINES Sissingué (86%)1 - Côte d’Ivoire M&I Mineral Resource: 407koz Ore Reserve: 324koz Life of Mine: 3+ years As a multi-mine, West Africa multi-jurisdictional Yaouré (90%)1 - Côte d’Ivoire operator, Perseus can manage risk through M&I Open Pit Mineral 2.21Moz portfolio diversi
Slide 25: Organic Growth – The Way Forward
ORGANIC GROWTH – THE WAY FORWARD VALUE DRIVEN 3 YEAR EXPLORATION PROGRAMME • Integrated pipeline of organic growth opportunities targeting 1.7Moz to 2.4Moz1 of additional JORC compliant Ore Reserve by FY2024, requiring around 650km of drilling • Opportunities currently being drilled adjacent to exis
Slide 26: Perseus's Targeted Organic Growth
PERSEUS’S TARGETED ORGANIC GROWTH Existing Ore Reserves + Targeted Organic Growth 600 Target > 500,000 ounces per year at > $400/oz margin 500 400 k oz 300 200 100 - FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Perseus Existing Ore Reserve Perseus Organic Growth Target • Targeting between 1.7Moz to
Slide 27: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY We believe that responsible gold mining can play a progressive role in the sustainable development of emerging economies, and deliver sustainable returns to our shareholders PERSEUS MINING PERSEUSMINING.COM 27
Slide 28: FY21 Sustainability Highlights
FY21 SUSTAINABILITY HIGHLIGHTS Social Environment Governance Zero fatalities Zero significant Refreshed our materiality analysis and commenced TRIFR of 1.76 environmental events external assurance on selected sustainability data Total economic contribution of Tailings: Enhanced tailings disclosures
Slide 29: 3-Year Sustainability Roadmap
3-YEAR SUSTAINABILITY ROADMAP Consistently protect value Build social value INITIATIVES TO GET US THERE FY22 FY23 FY24 Harmonise Implementation and Implementation and sustainability risk capability building, capability building management establish social Implement strategic Governance framework per
Slide 30: For more information please contact
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 31: Appendix I: Mineral Resources and Ore Reserves
APPENDIX I: MINERAL RESOURCES AND ORE RESERVES PERSEUS MINING PERSEUSMINING.COM 31
Slide 32: Additional Disclosures Regarding Reserve and Resource Information
ADDITIONAL DISCLOSURES REGARDING RESERVE AND RESOURCE INFORMATION Production targets generally. All production targets and forecast financial information related to those targets referred to in this presentation are underpinned by estimated Ore Reserves which have been prepared by competent persons
Slide 33: Perseus Group – Mineral Resources and Ore Reserves
PERSEUS GROUP – MINERAL RESOURCES AND ORE RESERVES Table 1: Perseus Mining Mineral Resources – 30 June 2021 1,3 Measured & Indicated Measured Resources Indicated Resources Inferred Resources Resources Project Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold g/t g/t g/t
Slide 34: Block Project - Mineral Resource and Mineral Reserve
BLOCK 14 PROJECT - MINERAL RESOURCE AND MINERAL RESERVE 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 grade applied to all m
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