Slide 1: Emerging Gold Producer
For personal use only Click to add title Emerging Gold Producer April 2009 Mark Calderwood Managing Director www.perseusmining.com ASX: PRU
Slide 2: Cash & Equity
Cash & Equity For personal use only Issued Securities Ordinary Shares (PRU) 207 M ASX 300 Unlisted Options (avg. $0.91) 12.2 M Company Capitalisation / Cash Market capitalisation ($0.64 undiluted) A$130M No Debt Cash 1 March 09 A$9.5M Other assets Major Shareholders • Macquarie Bank 13% • Acorn Capi
Slide 3: Senior Management
Senior Management For personal use only Reg Gillard (Chairman) 22yrs director / chairman, public companies Mark Calderwood (Managing Director) 22yrs exploration management Colin Carson (Executive Director) 23yrs in public company management Rhett Brans (Executive Director) 30yrs in feasibilities and
Slide 4: Gold Resources
Gold Resources For personal use only Total Resources* 7.0Moz (3.7Moz Indicated, 3.3Moz Inferred) 1. Ghana - “One of the largest undeveloped gold projects in W. Africa” 4.0Moz* - 87.3Mt @ 1.5g/t Au @ 0.8g/t cut-off 2.0Moz* - 90.5Mt @0.7g/t Au low grade 2. Ivory Coast - “initial resource” 1.0Moz* - 15
Slide 5: Two Project Company
Two Project Company For personal use only Potential for 300,000ozpa mining operation by 2012 with EBITDA US$130-150mpa Ghana - Ayanfuri Ivory Coast -Tengrela Current Prefeasibility Study Current Scoping Study Indicated & Inferred * 5.3 Moz 1.0 Moz Capex - base case US$ 134m US$ 89m Throughput 4.5-5.
Slide 6: West African Deposits
West African Deposits Perseus Projects For personal use only New mines Deals
Slide 7: Ghana - Good as Gold
Ghana - Good as Gold For personal use only Fully functional, stable democracy, highly “bankable” country World’s 10th largest gold producer & good infrastructure Company Reserves Portion* Newmont 17 Moz 20% Anglogold 11 Moz 15% Goldfields 9 Moz 11% Golden Star 3.3 Moz 100% Red Back 2.4 Moz 60% Iamgo
Slide 8: Central Ashanti Projects
Central Ashanti Projects For personal use only
Slide 9: Ghana - Ayanfuri Project
Ghana - Ayanfuri Project For personal use only History Mined in 1990s by Cluff-Ashanti 23 shallow pits produced 300,000oz 1994-2001 May 06 Perseus gained control of 300,000oz resource Location 30kms from Anglogold’s +60Moz Obuasi Mine 45kms from Prestea-Bogusu project Exploration Perseus A$38m
Slide 10: Ayanfuri Pre-Feasibility
Ayanfuri Pre-Feasibility For personal use only Jan 2009 Base Case - EBITDA of US$50-100Mpa & IRR 70%. Throughput (avg.) 4.5-5.9 Mtpa Production (yrs 1-5*) 221,000 Oz pa Production (yrs 6-10) 170,000 Oz pa Cash costs (yrs 1-5*) US$ 354 /oz CAPEX US $134 M *From commencement of gravity/float/CIL circu
Slide 11: Ayanfuri - 2009 Key Dates
Ayanfuri - 2009 Key Dates For personal use only Steady news flow and progress during the year 2nd Qtr - Process design criteria - Pit optimisations - Pit designs and cost estimate 3rd Qtr - Detailed design - documentation - DFS capital estimate - financials - Bank due diligence - Mining and infrastr
Slide 12: Ivory Coast
Ivory Coast For personal use only Largest share of greenstones in W. Africa - and least explored. Production increasing - Lihir’s Bonikro in 2008. Randgold’s Tongon in 2010 Good infrastructure - ports, roads, grid power Company Reserves Portion* Randgold 7.8 Moz 100% Anglogold 3.9 Moz 5.3% Crew Gold
Slide 13: Perseus in Ivory Coast
Perseus in Ivory Coast For personal use only Regional Potential: Perseus controls 2,724 sqkm in under-explored 21Moz Morila - Tongon region High Grade Region: In the last 8 years Morila processed 29 Mt @ 6.0g/t for 5.2M oz of gold Perseus Current Focus: Tengrela - Sissingue
Slide 14: Ivory Coast - Tengrela
Ivory Coast - Tengrela For personal use only Underexplored: Only 1km of 5km Sissingue deposit drilled Maiden resource: 15.7Mt at 1.9g/t containing ~1Moz of gold High grade: Includes 5.1 Mt at 3.1g/t for 500k of gold Upside: Drilling continues at Sissingue and other prospects Target: ~2 Moz total res
Slide 15: Tengrela Economics
Tengrela Economics For personal use only Base case - January 2009 scoping study EBITDA of US$48-64Mpa & IRR 57% Throughput (avg.) Mtpa 2.1 Production (yrs 1-4*) Oz pa 128,000 Production (yrs 5-8) Oz pa 78,000 Cash costs (yrs 1-4*) US$/oz 396 CAPEX US$M 89 Gold Price US$/oz $850 $950 EBITDA (yrs 1-5)
Slide 16: Corporate Targets
Corporate Targets For personal use only 1. Complete Ayanfuri BFS in July 2009 Start Construction Feb 2010 2. Ayanfuri production from July 2011 Move to Tier 2 producer status 3. Complete Tengrela BFS in July 2010 Additional growth momentum 4. Tengrela production during 2012 Funds Tengrela constructi
Slide 17: Targeting - 300k ozpa
Targeting - 300k ozpa For personal use only Future Scenario: Potential Cash Flow ~ US$130-150Mpa 2009 2010 2011 2012 2013 2014 2015 2016 Capex (US$M) 10 68 104 44 5 5 5 5 Ounces (Koz) 115 308 371 316 322 321 Cash Surplus (US$M) 62 137 167 123 152 147 Corporate Tax (US$M) 12 20 14 24 25 Assumptions •
Slide 18: ASX Emerging Producers Comparative Valuations
ASX Emerging Producers Comparative Valuations For personal use only Market Cap (Resource) plus Forecast Ann. Gold Costs Per Oz Resources Production oz p.a. Project NPV (A$, 10% DR, 30% Tax Assumed) Source: BGF Equities 9/3/09
Slide 19: Perseus Team
Perseus Team For personal use only Rhett Brans (Executive Director) A civil engineer with 30 years’ experience in the design and construction of mineral treatment facilities, most recently for Straits Resources – General Manager Engineering & Construction. Brad Marwood (Feasibility Manager ) 25 year
Slide 20: Why Perseus?
Why Perseus? For personal use only 9 2 Projects... of significant scale Setting Large gold open pit , low strip ratio, simple milling Resource One of largest undeveloped resources >5 Moz Production Potential +300,000 ozpa by 2012 9Economics… superior IRRs, modest capital requirements IRRs Ayanfuri (
Slide 21: Appendix: Mineral Resources (Gold)
Appendix 1 For personal use only Mineral Resources (Gold) - Perseus Mining Limited Projects Project Indicated Inferred Total Mt g/t Oz Mt g/t Oz Mt g/t Oz Ayanfuri >0.8g/t (1) 57.10 1.4 2,580,000 30.2 1.5 1,441,000 87.3 1.5 4,022,000 Ayanfuri 0.4g/t - 0.8g/t (1) 28.2 0.6 570,000 31.9 0.7 691,000 60.
Slide 22: Competent Person's Statement
For personal use only Competent Person’s Statement. The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Mark Calderwood, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Calderwood is a