Perseus Mining Limited · ASX:PRU
Perseus Mining — Shareholder Meeting (November 2008)
19 slides from Perseus Mining's shareholder meeting presentation, Nov 28, 2008
Slide 1: AGM Presentation
For personal use only Click to AGM add title Presentation Mark Calderwood Managing Director November 2008 www.perseusmining.com ASX: PRU
Slide 2: Cash & Equity
Cash & Equity For personal use only Issued Securities Ordinary Shares (PRU) 174.8M Listed Options Mar-09 (PRUO $0.20) 10.4M Unlisted Options Mar-09 (PRUO $0.20) 2.3M Other unlisted Options (avg. $1.20) 7.5M Capitalisation / Cash Market capitalisation ($0.35) A$61M Cash 1 November 08 A$6.3M EV value
Slide 3: Cash Preservation
Cash Preservation For personal use only Current budget outflow expectations Nov 08 - A$1.8M (mostly residual drilling invoices) Dec 08 - Mar 09 A$650,000 per month average Inflow of A$2.5M expected in March from 20c options Exploration and other expenditure likely to be reduced further
Slide 4: Directors & Senior Staff
Directors & Senior Staff 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 feasibilit
Slide 5: Projects
Projects For personal use only Ghana - 650km2 • Ayanfuri (90%) • Grumesa (90%) Ivory Coast - 2724km2 • Tengrela (80%) • Mahale (90%) • Mbengue (90%)
Slide 6: Resources
Resources For personal use only Resources • 5.7Moz* - 149Mt at 1.2g/t = (EV of A$9.7/Eoz or US$6.3/Eoz) includes • 4.3Moz* - 88.5Mt at 1.5g/t = (EV of A$13.0/Eoz or US$8.5/Eoz) Next resource upgrade February 2009 Ayanfuri feasibility target 2009 1.9 - 3.0Moz Current enterprise value is same as disco
Slide 7: Ghana Central Ashanti Gold Projects
Ghana For personal use only Central Ashanti Gold Projects • Resources - 4.7Moz Ayanfuri • 3.9Moz resource base • Favourable metallurgy • Very wide deposits = Low cost mining • Still under-explored numerous drill targets
Slide 8: Ayanfuri @ US$850-950/oz
Ayanfuri @ US$850-950/oz For personal use only Current Base Case for Feasibility • EBITDA - US$51-66Mpa avg. • Payback period - 2 years • Upside exists (resource upgrades ) Gold Price US$/oz 850 950 Throughput Mtpa 4.5 4.5 Production (yrs 1-5) Oz pa 196,000 196,000 Production (yrs 6-10) Oz pa 162,00
Slide 9: Ayanfuri - Value Engineering
Ayanfuri - Value Engineering For personal use only Recent Optimisation work has identified potential for significant changes to the preferred process route • Comminution - HPGR crushing test- work has highlighted potential to dramatically reduce mill size and reduce power and grinding media consumpt
Slide 10: Ayanfuri - Value Engineering
Ayanfuri - Value Engineering For personal use only • Metallurgy - preliminary flotation test-work has indicated high recoveries at coarse grind sizes, resulting in high grade free milling concentrate and clean “throw away” tails for +95% of material. The results of the comminution and metallurgical
Slide 11: Ayanfuri - Key Dates
Ayanfuri - Key Dates Feasibility Study For personal use only Dec 2008 - Final drill data compiled Jan 2009 - Flotation optimised Jan 2009 - Resource updated Apr 2009 - Process route defined Apr 2009 - Pit Designs completed
Slide 12: Deposit Comparisons
Deposit Comparisons Redback Lihir Perseus For personal use only Chirano (1) Bonikro (1) Ayanfuri In pit Resource/Reserve Mt 22.9 16.0 45.6 Gold grade g/t 1.58 1.88 1.32 Contained ounces ,000 1,214 926 1,936 Waste to ore ratio 2.7 3.8 1.8 Throughput rate Mtpa 2.1 2.0 4.5 Mining cost per tonne $2.16#
Slide 13: Ivory Coast
Ivory Coast For personal use only Perseus controls 2,724 sq km In under-explored 21Moz Morila - Tongon region
Slide 14: Tengrela - Ivory Coast
Tengrela - Ivory Coast For personal use only • 9 Prospects • To date only 1km of 4km long Sissingue drilled with RC and Core • Maiden resource 15.7Mt at 1.9g/t containing ~1Moz of gold • Includes high grade 5.1Mt at 3.1g/t containing 0.5Moz of gold • Significant upside potential - but drilling reduc
Slide 15: Sissingue - Tengrela
Sissingue - Tengrela For personal use only Sissingue - Scoping Study • Infrastructure good - grid power - 24km away - water - 2.2km away - good access (mostly sealed roads) - flat terrain • Initial Metallurgy - 97% CIL recovery Country Considerations (70% gravity) • Bonikro 2Mt plant - Ivory Coast •
Slide 16: Future Production
Future Production For personal use only By April 2009 the Company will understand the preferred production route for Ayanfuri, these potentially include- 1) Traditional CIL with a focus grade rather than throughput, Ayanfuri resources include 1.1Moz at 2.5g/t Au 2) Low capital and operating cost coa
Slide 17: Heap Leach Plant
Heap Leach Plant For personal use only The Company is currently progressing with its heap leach plant refurbishment – a low cost exercise The heap leach plant has potential to give the Company a very low capex start up option for Ayanfuri or Tengrela The plant could be set up within months of approv
Slide 18: Appendix: Mineral Resources (Gold)
Appendix 1 For personal use only Mineral Resources (Gold) - Perseus Mining Limited Projects Deposit Indicated Inferred Total Tonnes g/t Ounces Tonnes g/t Ounces Tonnes g/t Ounces Au Au Au Au Au Au Ayanfuri 31,399,000 1.5 1,478,300 37,522,000 1.5 1,825,000 68,921,000 1.5 3,303,300 >0.8g/t (1) Ayanfur
Slide 19: Competent Person statement
For personal use only 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 Director and full-time employ