Philex Mining Corp. · PSE:PX
Philex Mining — FY2015 Earnings Presentation
20 slides from Philex Mining's earnings presentation, Feb 24, 2016
Slide 1: Full Year 2015 Operating and Financial Results
FULL YEAR 2015 OPERATING AND FINANCIAL RESULTS 24 February 2016
Slide 2: FY2015 Highlights
FY2015 Highlights Net income 10% higher year-on-year despite lower metal prices Operating cost per tonne down to P785 in 4Q2105 from P859 average in FY2014 US$25.8M debt retired in 2015 Additional 20M reserves within 800-700ML extend Padcal mine life from 2020-2022 Within Padcal vicinity,
Slide 3: Metals
Metals
Slide 4: FY2015 Operating Statistics
FY2015 Operating Statistics FY2015 FY2014 Inc (Dec) Tonnes Milled ('000) 9,199 9,506 -3% Ore milled lower due to less Operating Days 357 359 - days and scheduled maintenance and Production equipment upgrades Gold – ozs 107,887 105,008 3% Copper - lbs ('000) 34,104 35,391 -4% Higher gold output d
Slide 5: FY2015 Financial Highlights
FY2015 Financial Highlights (in PHP million, FY2015 FY2014 Inc/(dec) unless indicated) Gross Revenue 9,362 10,898 -14% Smelting Charges 837 850 -2% Lower metal prices result in Cost & Expenses 7,326 8,415 -13% lower revenues Income from Operations 1,199 1,633 -27% Other Inc / (charges) Cost and
Slide 6: Revenue Breakdown
FY2015 Revenue Breakdown Gold Revenue Share Copper Silver Petroleum & other P10.9B 3% 1% P9.4B 1% 42% 1% 38% 60% 54% FY2015 FY2014 REVENUE PER PRODUCT (PhP million) FY2015 FY2014 Inc (Dec) Gold 5,670 5,889 -4% Copper 3,450 4,615 -25% Silver 70 78 -10% Petroleum & others 172 316 -46% TOTAL 9,362 10,8
Slide 7: Cost and Expenses
FY2015 Cost and Expenses Inc (in PHP million) FY2015 FY2014 (Dec) Production cost Lower production cost Materials & Supplies 1,605 1,847 -13% attributed to: Power 1,665 1,710 -3% Reduction in manpower cost Labor 839 1,098 -24% More efficient use of raw Contracts 293 277 6% materials Others 212
Slide 8: Quarterly Cost per Tonne
Quarterly Cost per Tonne Operating Cost Cash Production 880 560 541 860 535 540 859 840 509 520 844 820 492 500 817 472 800 480 780 790 785 460 760 440 740 420 FY2014 1Q2015 2Q2015 3Q2015 4Q2015 8
Slide 9: Breakeven Analysis
FY2015 Breakeven Analysis COST STRUCTURE (excluding G&A) FY2015 FY2014 Variance Cost per Tonne Cash Production Cost 502 541 -7% Depreciation 168 175 -4% Total 670 716 -6% Operating cost* 808 859 -6% Operating Cost per Metal Co-production method Gold ($/oz) 933 977 -4% Copper ($/lb) 1.86 2.29 -19% By
Slide 10: Capital Expenditures
FY2015 Capital Expenditures CAPITAL EXPENDITURE PERFORMANCE P5.8B P4.8B Oil & gas exploration Other mine exploration Silangan & Kalayaan Padcal & Head Office FY2015 FY2014 CAPITAL EXPENDITURE BREAKDOWN (PhP million) FY2015 FY2014 change Padcal & Head Office 1,534 1,835 -16% Silangan & Kalayaan 3,068
Slide 11: End-Dec 2015 Financial Position
End-Dec 2015 Financial Position ASSETS (in PHP million) As of As of Inc (Dec) Dec 31, 2015 Dec 31, 2014 Cash & cash equivalents 1,009 5,232 -81% Receivables & others 4,263 4,299 -1% Sustained investments in Current assets 5,271 9,530 -45% Property, plant & equipment 6,828 7,139 -4% Silangan and Pa
Slide 12: Inferred Resource Estimate at Bumolo
Inferred Resource Estimate at Bumolo MINERAL RESOURCE ESTIMATE Contained Contained CuEq* Tonnes Copper Gold Classification Copper Gold Cutoff % (000) % Grams/Tonne (000 lbs.) (ounces) Bumolo 0.410 Inferred 21,700 0.20 0.30 95,700 210,300 The Mineral Resource has been estimated in accordance with the
Slide 13: Silangan Project Update
an Silangan Mindanao Mining Company Inc. Silangan Project Update
Slide 14: Silangan Project Update
Silangan Project Update Definitive Feasibility Study Bulk of requirements completed Other components being validated by study partners DFS completion targeted within 2016 Permitting and documentation Most permits and licenses issued Remainder has been covered by completed applications
Slide 15: Energy and Hydrocarbon
Energy and Hydrocarbon
Slide 16: Financial Highlights
Financial Highlights % Inc (in PhP millions) FY2015 FY2014 (Dec) Gross revenue 172 308 (44%) Cost and expenses 327 436 (25%) Income (loss) from operations (155) (128) (21%) Other income (charges) 11 -312 103% Reported net income (loss) (144) (449) 68 44.1% decline in petroleum revenues due to: G
Slide 17: Financial Position
Financial Position ASSETS (in PHP millions) As of Dec 31, As of Dec 31, % Inc (Dec) 2015 2014 Cash & cash equivalents 526 1,908 (72%) Others 143 153 (7%) Current assets 669 2,061 (68%) Deferred exploration costs & other NCA 6,559 6,436 (2%) Total assets 7,228 8,497 (15%) LIABILITIES AND STOCKHOLDERS
Slide 18: Operations Update
Operations Update SC 72 Recto Bank (Forum 70%) - Under Force Majeure (FM) since 15 December 2014 - Forum will have 20 months upon lifting of the FM to drill the two commitment wells SC 75 NW Palawan (PXP 50%) - Under Force Majeure since 27 December 2015 - Sub-Phase 2 will have a term of 18 months up
Slide 19: Operations Update
Operations Update SC 14C1 Galoc (Forum 2.27%) - Galoc consortium re-assessing plans to drill an appraisal well this year in view of depressed oil prices - Full field development (Phase 3) will be contingent on the outcome of appraisal well - Expected to add 12 mmbo of proven reserves and increase pr
Slide 20: Thank you
Thank you End of Presentation