Namib Minerals · NASDAQ:NAMM
Namib Minerals — SPAC Merger (December 2024)
30 slides from Namib Minerals's SPAC merger presentation, Dec 9, 2024
Slide 1: st Nn =) N eo oa E G oO o (2)
st Nn =) N eo oa 2 E G oO o (2)
Slide 2: Forward-Looking Statements
All statements other than statements of historical facts contained in this presentation (together with oral statements made in connection herewith, this “Presentation”) are, including statements regarding Greenstone Corporation’s (Greenstone” or the “Company”), Hennessy Capital Investment Corp. VI’s
Slide 3: Our Vision
Our Vision To build a leading gold mining company by creating sustainable value for our investors, stakeholders, and communities. Through responsible environmental stewardship and innovation, our goal is to maximize returns while preserving the planet for future generations.
Slide 4: Well positioned to unlock significant shareholder value as a multi-asset producer in Africa
Well positioned to unlock significant shareholder value as a multi - asset producer in Africa Preparation works & Feasibility Studies underway on two assets One production stage asset, two exploration stage assets Measured & Indicated: 1.6Moz Au @ 3.92 g/t Au (2) Inferred: 2.4Moz Au @ 3.57 g/t Au (2
Slide 5: Management team
Ibrahima Tall | CEO & Director Sphesihle Mchunu | General Counsel & Director ▪ Will serve as a Director and the General Counsel of Namib Minerals. ▪ Strong experience in corporate law with a specific focus on renewable energy, construction, and mining. ▪ Served as Associate at Hogan Lovells. 10 year
Slide 6: Asset overview and resources
(1) Sour ce: How Mine S - K 1300 Technical Report Summary, December 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 (Resource of 213koz @ 0.60 g/t Au). (2) Sour ce: How Mine S - K 1300 Technical Report Summary, De
Slide 7: Peer comparison: grade and enterprise value
0 1000 2000 0.50 1.00 1.50 2.00 2.50 Grade (g/t) 3.00 3.50 4.00 4.50 Enterprise Value (US$M) (1) Source: How Mine S - K 1300 Technical Report Summary, December 2024, exclusive of all Reserves (Underground Reserves of 64koz @ 2.39 g/t and Surface Reserves of 23koz @ 0.88 g/t). Mazowe Mine S - K 1300
Slide 8: Mining's Impact on Zimbabwe
Mining’s Impact on Zimbabwe (3) 73% Foreign Direct Investment Infrastructure in Place ▪ Extensive road & railway network. ▪ National grid connectivity for mines. ▪ Significant investment from UN Sustainable Development Goals & private investors in renewable energy and sustainable development. (1) Pr
Slide 9: Companies Operating in Zimbabwe
Companies Operating in Zimbabwe (1) Source: Government allocates ZW$132.7 billion to the Ministry of Mines, December 1, 2023. miningzimbabwe.com. (2) Sour ce: Mnangagwa Launches Responsible Mining Initiative, May 12, 2023. miningzimbabwe.com. (3) Source: Why Zimbabwe’s Mining Sector. Zidainvest.com.
Slide 10: How Mine: Historical Production (2002–2023)
- 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 Greenstone’s predecessor
Slide 11: Mazowe Mine: Historical Production
Historical Production (2002 – 2018) (1) Sour ce: Internal management project ion. (2) Sour ce: Mazowe Mine S - K 1300 Technical Report Summary December 2024. Note: M&I = Measured & Indicated, I = Inferred. 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 0 10,000 20,000 30,000 40,000
Slide 12: Redwing Mine: Historical Production
(1) Sour ce: Internal management project ion. (2) Sour ce: Redwing Mine S - K 1300 Technical Report Summary December 2024. Note: M&I = Measured & Indicated, I = Inferred. RM Highlights: Historical Production ▪ From 1981 – 2019, RM produced 0.65Moz Resource ▪ Significant exploration potential. Locati
Slide 13: DRC exploration permits
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 - Kakula Copper Complex, one of the world’s largest copper operations. (1) Mine Strategy ▪ Work has started across 1
Slide 14: Target Production & Strategy
Target Production & Strategy Target Criteria DRC Expansion Target Criteria Target Criteria for 2024 (1) Existing Production Investment to support RM & MM restart Feasibility Studies Mine Development and Infrastructure Works Preparation to begin restart underway Target Au Production: 27kozpa Estimate
Slide 15: Safety Plan
7 Element Safety Plan Committed to a Zero Harm Goal SHEQ (Safety, Health, Environment and Quality) initiative 3 basic management systems under SHEQ are certified to ISO Standards Environmental Management System, Occupational Health & Safety System, and Quality Management System are aligned with Nami
Slide 16: Investing in the Local Community
Healthcare Provide free health care to local surrounding communities. Rapid Response Force Emergency response team available to surrounding communities' calls. Investing In The Local Community Zimbabwe School of Mines national and community events Contribution to Hospitals Provide blankets, wheelcha
Slide 17: HM Operations: H1 2024 and 2023
2023 average spot gold price: US$1,941/oz (4) H1 2024 average spot gold price : US$2,204/oz (5) (1) Sour ce: Unaudited interim financial statements and notes of Greenstone as of and for the six months ended June 30, 2024. (2) Sour ce: Audited financial statements and notes of Greenst one as of and f
Slide 18: Established and well-known African gold producer
Established and well - known African gold producer Strong community engagement & reputation producer E s I t d a e b n l t i i s f h i e e d d p a a n t h d w w a y e l t l o - return as a multi - asset k n p o r o w d n u c A e f r r i i c n a A n f r G i c o a l d E s H t i a g b h l - i s g h r a
Slide 19: Transaction Highlights
Transaction Highlights Deal Structure ▪ Existing Greenstone shareholders rolling 100% of their equity and will own a pro forma equity ownership in Namib Minerals of approximately 74% Valuation ▪ Transaction implies $602M pro forma enterprise value – Implied pre - money enterprise value of $500M (1)
Slide 20: Earnout Structure
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 value) with an 8 - year term Tranche 2 — Successful Rollout of Other Mines • Value creation in the Democratic
Slide 21: Appendix
oO NAMI Appendix
Slide 22: Redwing & Mazowe placed on Care & Maintenance
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 - forward operating and mining envi
Slide 23: How Mine production forecast
Source: How Mine S - K 1300 Technical Report Summary December 2024. 2026 2025 2024 Total Unit Year 122 314 399 835 kt Ore Mined 2.43 2.40 2.37 2.39 g/t Mined Grade 122 314 399 835 kt Ore Milled 2.43 2.40 2.37 2.39 g/t Head Grade 89% 89% 89% 89% % Recovery 9 22 27 57 koz Au Production
Slide 24: Non-IFRS Measures
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 health . These measures offer i
Slide 25: Risks Related to Greenstone
Risks Related to Greenstone ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ Greenstone entered into a share purchase agreement (the “SPA”) on June 17, 2024 pursuant to which it purchased the parent company that holds the Mazowe, Redwing, and How Mines from Metallon Corporation Limited ("Metallon"), a U.K. compa
Slide 26: Risks Related to HCVI and the Business Combination
Risks Related to HCVI and the Business Combination ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ Hennessy Capital Investments Corp. VI (“HCVI” or “SPAC”) may not be able to consummate an initial business combination by September 30 , 2024 (or as extended by amending its organizational documents), in which case it would cease all
Slide 27: Important disclaimer
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 interested parties in making their own evaluation with respect to an investment in connection with the Proposed Bu
Slide 28: Use of Projections
Use of Projections This Presentation contains projected f inancial information with respect to Greenstone. Such projected f inancial information constitutes forward - looking information, is for illustrative purposes only, and should not be relied upon as necessarily being indicative of future resul
Slide 29: Mineral Resources
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, continuity and ot
Slide 30: Contacts
Namib Minerals info@namibminerals.com Hennessy Capital Investment Corp. VI Nicholas Geeza ngeeza@hennessycapitalgroup.com Investor Relations Caroline Sawamoto NamibIR@allianceadvisors.com