Namib Minerals · NASDAQ:NAMM
Namib Minerals — SPAC Merger (September 2024)
37 slides from Namib Minerals's SPAC merger presentation, Sep 24, 2024
Slide 1: An Established African Gold Producer
An Established African Gold Producer September 2024
Slide 2: Disclaimer
Disclaimer 2 DISCLAIMER This presentation (together with oral statements made in connection herewith, this “Presentation”) and information, including financial information, contained herein are subject to change, are provided for informational purposes only and have been prepared to assist intereste
Slide 3: Disclaimer Continued: Forward-Looking Statements
Disclaimer Continued 3 DISCLAIMER Forward - Looking Statements All statements other than statements of historical facts contained in this Presentation are, including statements regarding Greenstone’s, SPAC’s, or PubCo’s future financial position, results of operations, business strategy, market dema
Slide 4: Disclaimer Continued: Use of Projections
Disclaimer Continued 4 DISCLAIMER Use of Projections This Presentation contains projected financial information with respect to Greenstone . Such projected financial information constitutes forward - looking information, is for illustrative purposes only, and should not be relied upon as necessarily
Slide 5: Mission
MISSION Create safe , sustainable and profitable mining operations and be responsible members of our local communities. W e intend to become the leading Pan - African precious metals and critical metals platform.
Slide 6: Namib Minerals Snapshot
Well positioned to unlock significant shareholder value as a multi - asset producer in Africa Preparation works & Feasibility Studies underway on two assets One producing asset, two development assets S - K 1300 Global Underground Resource: 4.1Moz @ 3.70 g/t Au (2) Producing Positive Cash Flow 2023
Slide 7: Presenters
Presenters Ibrahima Tall CEO & Director Sphesihle Mchunu General Counsel Tulani Sikwila CFO & Director • Will serve as a Director and the Chief Financial Officer of Namib Minerals . • 20 years of operational, accounting and finance expertise with 19+ years of experience at Greenstone and its predece
Slide 8: Asset Overview
Asset Overview 4.1Moz @ 3.70 g/t Au (1)(3)(4) Global Underground Resource: Measured, Indicated, & Inferred (6) How Mine (HM) Zimbabwe Underground Mine • Underground Resource Estimate: 329koz Au @ 2.51 g/t Au (2) • Underground Reserve Estimate: 64koz @ 2.39 g/t Au (2) • 2024E Production: 33koz (2) Ma
Slide 9: Namib Minerals vs. African Producing Peers
0 1,000 2,000 3,000 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 Enterprise Value (US$M) Grade (g/t) 8,000 (1) Source: How Mine S - K 1300 Technical Report Summary, August 2024, exclusive of all Reserves (Underground Reserves of 64koz @ 2.39 g/t and Surface Reserves of 23koz @ 0.88 g/t) and Inferred Sands (Resourc
Slide 10: Why Invest in Zimbabwe and Why Now?
Why Invest in Zimbabwe and Why Now? Infrastructure in Place Proven Mining Jurisdiction (4) Supportive Legislation (2)(3)(4) • Extensive road & railway network. • National grid connectivity for mines. • Significant investment from UN Sustainable Development Goals & private investors in renewable ener
Slide 11: Historical Production Profile
2002 - 2006 2007-2008 2009 - 2012 2013 2014 - 2018 2019 - 2023 2024 & Onwards Historical Production Profile Recognized as one of Zimbabwe’s largest gold producers 11 One of the largest producer in Zimbabwe with avg. annual production of Au oz at ~92koz Hyperinflation in Zimbabwe led to an economic d
Slide 12: How Mine (HM) Operation
How Mine (HM) Operation - 200 400 600 800 0 20,000 40,000 60,000 80,000 2002 2006 2010 2014 2018 2022 Tonnes Milled (Thousands) Ounces Produced Ounces Tonnes Milled Historical Production (2002 – 2023) HM Highlights: • Since 1941 - 2023, HM has produced over 1.78Moz as of December 2023 . Acquired by
Slide 13: How Mine (HM)
How Mine (HM) (1) Source: How Mine S - K 1300 Technical Report Summary August 2024, excludes Inferred Sands Resource of 213koz @ 0.60 g/t Au and Pro bable Surface Reserves of 23koz @ 0.88 g/t Au. Current Mine Development & Infrastructure • Consistent monthly drilling target achieved during 2023 &
Slide 14: Mazowe Mine (MM)
Mazowe Mine (MM) Historical Production • From 1962 - 2018, MM produced 1.36Moz. Resource • Significant exploration potential. Location • MM is in the Mazowe District, ~50km North of Harare (the capital and commercial hub of Zimbabwe). Infrastructure • Access to national utilities including power and
Slide 15: MM Potential Resource Growth
15 MM Potential Resource Growth S Canbrae South FW drilling targeting southern extension of the Mazowe reefs Targeting strike extensions of Bojum , Nucleus reefs Targeting down dip continuity of Birthday reef below 30 level Ogilvy North drilling targeting northern extension of the Mazowe reefs Targe
Slide 16: Redwing Mine (RM)
Historical Production • From 1981 – 2019, RM produced 0.65Moz. Resource • Significant exploration potential. Location • RM is located ~20km North - Northeast of Mutare , Zimbabwe. Infrastructure • Access to national utilities including power and water. Mine Status • Ore is planned to be processed in
Slide 17: RM Potential Resource Growth
RM Potential Resource Growth S Rezende Reef Testing of down - dip extension – 22L to 25L. Bromley & Doorstep Reefs down - dip extensions - 6L to 16L Felsite Ore - Body down - dip extension – 18L to 25L Village Reef down - dip extension – 16L to 25L 195 & Kent Reefs down - dip extension – 4L to 10L K
Slide 18: Namib Minerals' 2023 Achievements
Namib Minerals’ 2023 Achievements Management reports show HM currently on track to outperform 2024 management budgets (1) 18 2023 average spot gold price: US$1,941/oz (4) (1) Source: Unaudited, unreviewed management budgets regarding Au produced, AISC/oz, C1 Cost/oz, Gross Revenue and Adjusted EBITD
Slide 19: MM Restart Timeline
2027 2026 2025 2024 MM Restart Timeline Exploration Feasibility Studies Construction / Development Infrastructure Upgrades EIA & Studies Continuous exploration to expand resource estimate Feasibility studies currently underway Modelling & design, surface development, continue dewatering mine, upgrad
Slide 20: Namib Minerals DRC Opportunity
Namib Minerals DRC Opportunity DRC Copper Exploration Kamoa - Kakula Copper Complex Democratic Republic of the Congo Location • Located in the Haut Katanga and Lualaba Provinces, in the Democratic Republic of the Congo ("DRC") spanning a total area of 205km 2 . • Located near Ivanhoe & Zijin’s Kamoa
Slide 21: Target Production & Strategy
Target Production & Strategy Target Criteria DRC Expansion Target Criteria Target Criteria for 2024 (1) Existing Production Feasibility Studies Mine Development and Infrastructure Works Preparation to begin restart underway Target Au Production: 33kozpa Estimated Target AISC: US$1,484/oz Estimated G
Slide 22: Deeply Committed to Safety
Deeply Committed to Safety 7 Element Safety Plan Namib Minerals achieved a LTIFR of 0.86 in 2023 (1) , outperforming the benchmark set by the National Social Security Authority and Chamber of Mines of Zimbabwe of 1.00 (2) Committed to a Zero Harm Goal SHEQ (Safety, Health, Environment and Quality) i
Slide 23: Community investment and social upliftment
Namib Minerals has an established track record of investing in its employees and maintaining its social upliftment mission Healthcare Provided free health care to local surrounding communities Rapid Response Force Proto team emergency response to surrounding communities' calls Investing In The Local
Slide 24: Investment Summary
Investment Summary Established and well - known African gold producer Strong community engagement & reputation Established and well - known African Gold producer Identified pathway to return as a multi - asset producer in Africa Established and well - known African Gold producer High - grade, low -
Slide 25: Transaction Overview
Transaction Overview 25
Slide 26: Transaction Overview
Transaction Overview Transaction Highlights Deal Structure • Existing Namib Minerals shareholders rolling 100% of their equity and will own a pro forma equity ownership of 72.6% Valuation • Transaction implies $609M pro forma enterprise value – Implied pre - money enterprise value of $500M (1) – Add
Slide 27: Earnout Structure
27 Earnout Structure Highly Aligned Incentive Structure Underpinned by High Equity Value Creation Events Earnout Structure • Earnout ensures stakeholders are aligned to maximize value for all parties • Company will receive value for future mines as they come online • 30.0M shares earnout ($300M valu
Slide 28: Namib vs. Peer African Gold Assets
Namib (1) vs. Peer African Gold Assets (2) 28 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 0 5 10 15 20 25 30 Mazowe Obuasi Yaramoko Loulo Boungou Wassa Nyanzaga Kibali Redwing Kouroussa Seguela Japa How Syama Imbo Bibiani Mana Tongon Ahafo Yanfolila Oko West Akyem Ikkari Lafigue Sabodala-Massawa Diamba
Slide 29: Risk Factors
NAMIB. Risk Factors
Slide 30: Namib Minerals Risk Factors: Risks Related to Greenstone
Namib Minerals Risk Factors 30 Risks Related to Greenstone Greenstone entered into a share purchase agreement (the “SPA”) on June 17, 2024 pursuant to which it purchased the parent com pan y that holds the Mazowe, Redwing, and How Mines from Metallon Corporation Limited (" Metallon "), a U.K. comp
Slide 31: Risk Factors: Risks Related to HCVI and the Business Combination
Namib Minerals Risk Factors 31 Risks Related HCVI and the Business Combination Hennessy Capital Investments Corp. VI (“HCVI” or “SPAC”) may not be able to consummate an initial business combination by Sep tem ber 30, 2024 (or as extended by amending its organizational documents), in which case it
Slide 32: Appendix
NAMIB Appendix
Slide 33: RM & MM Care and Maintenance
RM & MM Care and Maintenance 33 Redwing & Mazowe were placed on Care & Maintenance after 2018 Rational decision to halt production rather than to operate at a loss Namib Minerals has adopted significant strategic measures for risk mitigation MM and RM are strongly positioned to thrive in many go - f
Slide 34: Definitions
Definitions 34 Mineral Resources • A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction . The location, quantity, grade, c
Slide 35: HM Technical Report Summary
HM S - K 1300 Technical Report Summary 35 Source: How Mine S - K 1300 Technical Report Summary August 2024. 2032 2031 2030 2029 2028 2027 2026 2025 2024 Total Unit Year 0 510 649 647 650 649 650 644 529 4,928 kt Ore Mined 0 2.36 2.45 2.49 2.47 2.45 2.42 2.39 2.42 2.43 g/t Mined Grade 499 570 569 563
Slide 36: HM Technical Report Summary
HM S - K 1300 Technical Report Summary 36 2033 2032 2031 2030 2029 2028 2027 2026 2025 2024 Total Year 0 49,111 53,880 55,979 56,157 55,626 54,950 54,464 53,889 46,196 480,251 Revenue USD 0 16,370 17,960 18,660 18,719 18,562 18,317 18,155 17,963 15,399 160,084 Revenue RTGS 0 65,481 71,840 74,638 74,
Slide 37: Non-IFRS Reconciliation
Non - IFRS Reconciliation 37 Non - IFRS Measures Greenstone utilizes non - IFRS financial measures, including Adjusted EBITDA, C 1 cost per ounce, and AISC per ounce, to complement its IFRS reporting and provide stakeholders with a deeper understanding of its operational performance and financial he