Perseus Mining Limited · ASX:PRU
Perseus Mining — BMO 33rd Global Metals & Mining Conference 2024
29 slides from Perseus Mining's conference presentation, Feb 27, 2024
Slide 1: 33rd Global Metals & Mining Conference
ASX/TSX: PRU | WWW.PERSEUSMINING.COM 33rd Global Metals & Mining Conference
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS COMPETENT PERSON STATEMENT: All production targets referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code. CAUTION REGARDING FORWARD LOOKING INFORMATION: This report
Slide 3: Why Invest in Perseus? – Our Investment Proposition
WHY INVEST IN PERSEUS ? – OUR INVESTMENT PROPOSITION Undervalued, mid-tier gold producer of increasing scale & quality, with peer-leading cost structure (<US$1,000 per ounce)& cash margins that underpin cashflow, profitability, future growth & capital returns Geopolitically and technically diversifi
Slide 4: Our Business
OUR BUSINESS PERSEUS MINING PERSEUSMINING.COM 4
Slide 5: Capital Structure
CAPITAL STRUCTURE Relative Performance PERSEUS IS A HIGHLY PROFITABLE, RESILIENT AND GROWING GOLD COMPANY THAT EFFICIENTLY OPERATES MULTIPLE GOLD MINES IN AFRICA AND CONSISTENTLY DELIVERS MATERIAL BENEFITS TO ALL STAKEHOLDERS AUD USD ASX Share price per share(1) 1.69 1.11 Shares outstanding 1,373.5M
Slide 6: Key Investment Metrics
KEY INVESTMENT METRICS Parameter (USD) Perseus ASX Peer Group Median(5) Price(1) / LTM Earnings(2) (PE) 4.3x 9.1x Price(1) / LTM Operating Cashflow2 (P/OCF) 3.5x 5.4x LTM Profit / Ounces Produced(2) $661 $215 LTM Operating Cashflow / Ounces Produced(2) $815 $502 Enterprise Value (EV) (1) / Mineral R
Slide 7: Overview of Operating & Financial Results
OVERVIEW OF OPERATING & FINANCIAL RESULTS PERSEUS MINING LIMITED PERSEUSMINING.COM 7
Slide 8: 2023 Calendar Year: A Market-Leading Performance
2023 CALENDAR YEAR: A MARKET-LEADING PERFORMANCE GOLD PRODUCED ALL-IN SITE COST AVG GOLD SALE PRICE NOTIONAL CASHFLOW(1) NET CASH & BULLION 528,486 oz US$984 US$1,913/oz US$492M US$642M(2) At 31-Dec-23 Upper half of Below cost guidance Up 12% Y-on-Y Up 22% Y-on-Y Increase of guided production US$237
Slide 9: Translated to Strong Performance Across All Key Financial Metrics
TRANSLATED TO STRONG PERFORMANCE ACROSS ALL KEY FINANCIAL METRICS REVENUE PROFIT AFTER TAX OPERATING CASH FLOW (2) NET TANGIBLE ASSETS INTERIM DIVIDEND US$1,003M US$349.3M US$430.9M US$1,285M 1.25 Australian cents Up 41%(1) Up 8%(1) Up 34%(1) per share Up 16%(1) (1) CY23 compared to CY22 (2) Net cas
Slide 10: Earnings: Revenue, EBITDA and Gross Profit from Operations
EARNINGS (US$M) Revenue EBITDA (2) Gross Profit from 596 Operations US$1,003M US$595.6M Up 16% US$449.0M Up 29% 463 449 Up 45% 349 323 309 247 205 CY23 Profit Basic Earnings Earnings Per 163 after tax Per Share (3) Ounce (4) US$349.3M 22.73cps US$663.09 Up 41% Up 47% Up 41% CY21 CY22 CY23 PROFIT AFT
Slide 11: Growth in Cashflow
GROWTH IN CASHFLOW (1) CASHFLOWS FROM OPERATIONS(2) (US$M) Operating Cash Flow from 450 Operations US$430.9M (2) Up 8% 400 350 Operating Cash Flow Per Share 31.41cps (3) Up 7% 300 Operating Cash Flow Per Ounce 250 US$815 (4) Up 6% 200 CY21 CY22 CY23 (1) CY23 compared to CY22 (2) Net cash inflows fro
Slide 12: All mines performing well; cash margin rising
• All 3 mines performing well, consistently achieving or exceeding production & AISC market guidance • While gold production and AISC has been consistent period-on- period, gold price has been rising • Cash margin has been steadily rising leading to the increase in Perseus’s cash balance PERSEUS MIN
Slide 13: Continue to Successfully Execute Our Business Plans
CONTINUE TO SUCCESSFULLY EXECUTE OUR BUSINESS PLANS Continue to consistently deliver production & costs in line with market expectations PERSEUS MINING PERSEUSMINING.COM 13
Slide 14: Production & Cost Market Guidance – June 2024 Half Year
PRODUCTION & COST MARKET GUIDANCE – JUNE 2024 HALF YEAR PARAMETER UNITS DECEMBER 2023 JUNE 2024 HALF 2024 FINANCIAL HALF YEAR (ACTUAL) YEAR FORECAST YEAR FORECAST Yaouré Gold Mine Production Ounces 134,379 100,000 to 113,000 235,000 to 247,000 All-in Site Cost USD per ounce 805 $1,150 to $1,300 $900
Slide 15: Operating Mines
OPERATING MINES PERSEUS MINING LIMITED PERSEUSMINING.COM 15
Slide 16: Three Producing Gold Mines
THREE PRODUCING GOLD MINES Sissingué (86%) - Côte d’Ivoire As a multi-mine, M&I Mineral Resource: 326koz multi-jurisdictional Ore Reserve: 247koz operator, Perseus can Life of Mine: ~3.0 years manage risk through portfolio diversity. Yaouré (90%) - Côte d’Ivoire M&I Mineral Resource: 2.80Moz Ore Res
Slide 17: Organic Growth
ORGANIC GROWTH PERSEUS MINING LIMITED PERSEUSMINING.COM 17
Slide 18: Meyas Sand Gold Project – A Significant Development Asset
MEYAS SAND GOLD PROJECT – A SIGNIFICANT DEVELOPMENT ASSET Meyas Sand (70%)1 - Sudan Indicated Mineral Resource: 3.34Moz Mineral Reserve: 2.85Moz Life of Mine 14 + years Meyas Sand offers first mover advantage in a highly prospective region and provides further portfolio diversity Notes: 1 These esti
Slide 19: Ajlan & Bros & Perseus - Cooperation Agreement
AJLAN & BROS & PERSEUS - COOPERATION AGREEMENT A venture into some of the most prolific, under-explored mineral provinces in the world • Cooperation Agreement between Perseus and Ajlan & Bros Mining and Metals Company, the mining division of KSA based conglomerate, Ajlan & Bros Holding • Venture wil
Slide 20: Track Record of Replacing Depleted Ore Reserves Through Exploration
TRACK RECORD OF REPLACING DEPLETED ORE RESERVES* THROUGH EXPLORATION *Note: Excludes NI 43-101 compliant Foreign Reserve of 2.853 Moz acquired in 2022. PERSEUS MINING PERSEUSMINING.COM 20
Slide 21: Organic Growth Projects FY24
New Reserves FY23 ORGANIC GROWTH PROJECTS FY24 Reallocated Drilling FY24- extra opportunities (PRE)FEASIBILITY CMA Budget Drilling FY24 UG 900RL (Reserve) Future Drilling Yaouré OP CONCEPT Future Drilling Opportunities GSS Infill Sudan (Inferred Resource) Project Stages GSS Far East Fim. Current Pro
Slide 22: Inorganic Growth
INORGANIC GROWTH PERSEUS MINING LIMITED PERSEUSMINING.COM 3
Slide 23: Growth Through M & A Activity
GROWTH THROUGH M & A ACTIVITY • A strategic equity investment in 19.9% of the issued capital in ASX listed OreCorp Limited, acquired on 27 November 2023. On 22 January 2024 an intention to make an off-market takeover offer for all shares in OreCorp was announced involving consideration of A$0.55 per
Slide 24: Nyanzaga Gold Project – A Significant Potential Acquisition
NYANZAGA GOLD PROJECT – A SIGNIFICANT POTENTIAL ACQUISITION Potential near term development opportunity in Tanzania • Nyanzaga currently owned 84% by OreCorp Limited and 16% by Tanzanian Government • Nyanzaga has large and scalable Measured and Indicated Mineral Resource of 24.2 Mt grading 3.64 g/t
Slide 25: Sustainability Performance
SUSTAINABILITY PERFORMANCE PERSEUS MINING LIMITED PERSEUSMINING.COM 25
Slide 26: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY ALIGNMENT WITH WORLD GOLD COUNCIL RESPONSIBLE We believe that responsible gold mining can have a positive impact in fostering GOLD MINING PRINCIPLES* sustainable growth in emerging countries while delivering sustainable returns to shareholders. *Self-assessment at a Gr
Slide 27: Sustainability: Generating Benefits for All Our Stakeholders in CY2023
SUSTAINABILITY: GENERATING BENEFITS FOR ALL OUR STAKEHOLDERS IN CY2023 US$563.7M 95% 87% 0 0.89 EXTENDED THIRD- PARTY ASSURANCE TOTAL ECONOMIC LOCAL LOCAL SIGNIFICANT STABLE TRIFR, TO COVER GHG AND CONTRIBUTION TO EMPLOYMENT PROCUREMENT ENVIRONMENTAL BELOW PEERS ENERGY DATA HOST COUNTRIES AND COMMUN
Slide 28: Perseus - A Compelling Mid-Tier Gold Investment Opportunity
PERSEUS - A COMPELLING MID-TIER GOLD INVESTMENT OPPORTUNITY Lower risk, 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$980 per ounce Experienced board & management team
Slide 29: For information contact
For Thismore information presentation wasplease contact: authorised for release by Perseus’s Chairman and CEO, Jeff Quartermaine ASX/TSX: PRU | WWW.PERSEUSMINING.COM
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