Maritana Minerals Limited · ASX:MRT
Maritana Minerals — Investor Presentation (February 2020)
26 slides from Maritana Minerals's investor presentation, Feb 10, 2020
Slide 1: Moving Towards A New Horizon
Slide 2: Disclaimer
• This Presentation is provided on the basis that neither the Company nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives or advisers, make any representation or warranty (express or implied) as to the accuracy, reliability, relevance
Slide 3: Horizon Minerals is an emerging mid-tier gold producer
Horizon Minerals Limited is an emerging mid-tier gold producer with high quality projects located in the heart of the West Australian goldfields. The Company is led by a Board and Management team with deep experience developing and operating successful gold mines within the Kalgoorlie region. Horizo
Slide 4: Board and Management; 12 Month share price
Board and Management 12 Month share price (A$) Peter Bilbe, Non-Executive Chairman $0.18 Ashok Parekh, Non-Executive Director Jeff Williams, Non-Executive Director $0.16 Jon Price, Managing Director $0.14 Grant Haywood, Chief Operating Officer $0.12 Andrew Pumphrey, General Manager Boorara David O’F
Slide 5: Vision to become a sustainable emerging mid-tier gold business
• Vision to become a sustainable emerging mid-tier gold business focussed in the West Australian goldfields • Generate early cash flow from production, grow reserves and resources and further asset consolidation • Bring the Boorara project into production in 2020 via contract mining and toll milling
Slide 6: Company history and milestones
Today 2019 Asset swap with NST Boorara drilling 2018 Merger with delivers excellent MacPhersons 2017 Teal completed results 34,000m regional and generating A$7m Contract mine and 2016 First gold from Teal cash with grade infill drilling toll mill up to 3 starter Divested Menzies pits to generate cas
Slide 7: Boorara: located 10km east of Kalgoorlie in a world class goldfield
• Located 10km east of Kalgoorlie in a world class goldfield • Mineral Resource Estimate of 507,000oz Au1 • Trial mining and processing of Royal deposit in 2016 outperformed resource model with mill reconciled grade 70% above the global resource grade2 • Gold recovery of over 91% with high gravity r
Slide 8: Boorara Stage 1 mine development
• Grade control model, optimisation and design completed for initial mining at Regal and Crown Jewel deposits • In pit contained ounces up 114% when compared to the global resource model with ore at surface1 • Toll milling agreement executed at Lakewood, 7km west of Boorara • Plan to mine three low
Slide 9: Aim to deliver a 4-5yr initial production profile
• Aim to deliver a 4-5yr initial production profile generating cash margins of >A$400 per ounce • High grade satellite ore sources to complement the baseload Boorara project • High priority projects include near mine extensions at Boorara, Rosehill, Binduli and the Teal gold camp • Consolidated Feas
Slide 10: Boorara infill drilling and resource extension
• Infill drilling confirms grade uplift with a revised global resource for Boorara due in the September Quarter 20201 • RC and diamond resource extension drilling is planned outside the current envelope from Golden Ridge in the south to Balagundi in July 2020 • Boorara project area has mutli-million
Slide 11: Rosehill: acquired as part of the NST asset swap
• Acquired as part of the NST asset swap • Located east of Coolgardie and 45km from Boorara • Mineral Resource of 95koz grading 2.5g/t Au 1 • Excellent recent drilling results include1: o 11m at 8.8g/t Au from 43m o 10m at 6.3g/t Au from 28m o 7m at 7.3g/t Au from 27m o 16m at 4.1g/t Au from 93m • D
Slide 12: Binduli: east of Coolgardie, 20km from Boorara
• Located east of Coolgardie and 20km from Boorara • Mineral Resource of 74koz grading 1.8g/t Au1 • Recent drilling results include2: o 23m at 4.16g/t Au from 61m and 13m at 4.10g/t Au from 65m o 18m at 3.13g/t Au from 70m and 15m at 2.75g/t Au from 27m o 9m at 4.38g/t Au from 39m and 15m at 1.96g/t
Slide 13: Teal: 20km north west of Boorara
• Located 20km north west of Boorara • Mineral Resource of 289,000oz grading 2.1g/t Au1 • Up to 4 parallel mineralised structures open along strike and at depth • Successfully mined Teal Stage 1 and 2 open cut generating A$7m cash in 2017-20182 • Mine performed in line with Study estimates of 22koz
Slide 14: Over 30 high priority drilling targets identified
• Over 30 high priority drilling targets identified and ranked for exploration drilling in 2020 – 2021 • Near mine targets at Boorara project area include Balagundi, Kanowna, Golden Ridge and Boorara south • Greenfield targets include Lakewood, Yarmany, Windanya and Baden Powell • Initial focus in 2
Slide 15: Aim to build a 4-5yr initial mine plan
• Aim to build a 4-5yr initial mine plan to underpin long term continuous production • Boorara Stage 1 production and mill reconciliation to enable updated resource and reserve generation • Drilling at satellite projects to be completed to build the resource and reserve position • A number of proces
Slide 16: Project timeline by quarter
Phase March June Sept Dec March June Sept Dec March Qtr 20 Qtr 20 Qtr 20 Qtr 20 Qtr 21 Qtr 21 Qtr 21 Qtr 21 Qtr 22 Boorara Stage 1 - Study results * - Decision to mine * - Mining - Toll Milling Drilling program Resource update Feasibility Study Project financing Project development 1See Forward Look
Slide 17: Joint ventures and ability to realise value
• JVs provide exposure to active projects with quality partners while focus remains on building a mid-tier gold business • Ability to realise immediate value when it makes sense – Lehman’s JV sold for A$2.5M cash and 2.5% royalty. • Menzies and Goongarrie divested for $8m in cash and shares Horizon
Slide 18: Enterprise Value per Mineral Resource ounce
Enterprise 160 Value per Mineral 140 Resource ounce (A$) 120 100 80 60 40 20 0 Bellevue Gold Capricorn EganStreet Breaker Echo Bligh Horizon Genesis Kin Mining Calidus Bardoc Gold (ASX:BGL) Metals Resources Resources Resources Resources Minerals Minerals (ASX:KIN) Resources (ASX:BDC) (ASX:CMM) (ASX:
Slide 19: Investment highlights
Highly experienced Board WA goldfields Contiguous land holding in the heart and Management of the Western Australian goldfields Strong technical skills and experience in exploration, mine development, mill surrounded by all required services construction, operations and corporate Early Cash flow gen
Slide 20: Jon Price, Managing Director
Jon Price Managing Director T: +61 (08) 9386 9534 F: +61 (08) 9389 1597 E: info@horizonminerals.com.au W: www.horizonminerals.com.au PO Box 1104 Nedlands WA 6909 163 Stirling Highway Nedlands WA 6009 20
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Slide 22: Board and management biographies
Jon Price, Managing Director Peter Bilbe, Non-Executive Chairman • Metallurgist with more than 27 years’ experience • Mining Engineer with over 40 years’ experience • Former GM of St Ives and Paddington gold mines and founding Managing Director of • Has held senior management positions at Mount Gibs
Slide 23: Summary of Gold Mineral Resources
Horizon Minerals Limited – Summary of Gold Mineral Resources Project Cut-off Measured Indicated Inferred Total Resource Grade Mt Au (g/t) Oz Mt Au (g/t) Oz Mt Au (g/t) Oz Mt Au (g/t) Oz Teal 1.0 1.01 1.96 63,681 0.80 2.50 64,458 1.81 2.20 128,000 Jacques Find 1.0 1.60 2.24 114,854 0.32 1.68 17,135 1
Slide 24: Boorara Gold Resource and Nimbus resource
Boorara Gold Resource (at a 0.5 g/t Au cut-off grade) Nimbus All Lodes (bottom cuts 12 g/t Ag, 0.5% Zn, 0.3 g/t Au) Category Tonnes Grade Ounces Category Tonnes Grade Grade Grade Ounces Ounces Tonnes Mt Au (g/t) (k'000) Ag Au Mt Ag (g/t) Au (g/t) Zn (%) (k'000) (Moz's) (k'000) Measured Resource 6.11
Slide 25: Forward looking statements
• As noted on Slide 2, some statements in this Presentation regarding estimates or future events are forward looking statements. They include indications of, and guidance on, future earnings, cash flow, costs and financial performance. Forward looking statements include, but are not limited to, stat
Slide 26: Peer comparison: enterprise value and mineral resource
Company ASX Code Enterprise Value (A$) Mineral Resource (koz) Development Stage Bellevue Gold BGL 266.7 1800 Exploration Capricorn Metals CMM 156.4 1525 Feasibility EganStreet Resources EGA 41.9 454 DFS Breaker Resources BRB 77.6 1084 PFS Echo Resources EAR 124.4 1755 BFS Bligh Resources BGH 44.5 66
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