Slide 1: Denver Gold Forum 2016
For personal use only DENVER GOLD FORUM 2016 Jeff Quartermaine Managing Director & CEO 20 September 2016 ASX/TSX: PRU www.perseusmining.com 1
Slide 2: Cautionary Statements
Cautionary Statements For personal use only Disclaimer No representation or warranty, express or implied, is made by Perseus that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of Perseus, its directo
Slide 3: Cautionary Statements: Yaouré
Cautionary Statements For personal use only Yaouré All information in this report in the Annual Group Ore Reserves and Mineral Resources Statement concerning the YGP are reported as Foreign Estimates as defined in the ASX Listing Rules in accordance with ASX Listing Rules 5.12.1 to 5.12.10 and as Hi
Slide 4: Investment Highlights
Investment Highlights For personal use only Successful diversified West African gold producer, developer and explorer: • Edikan Gold Mine - Large scale, low grade producing gold mine • Sissingué Gold Mine - Smaller, high grade gold mine currently in construction, first gold in Dec 2017 quarter • Yao
Slide 5: Capital Structure
Capital Structure For personal use only As at 16 September 2016 ASX TSX Share price A$0.51 ps C$0.50 ps Shares outstanding 1,024 m 1,024 m Warrants outstanding1 138 m 138 m Market capitalisation A$522 m C$512 m Cash 2 A$151 m C$149 m Debt - - Enterprise value A$371 m C$363 m Note: 1. 143,050,770 war
Slide 6: Current Equity Capital Market Metrics
Current Equity Capital Market Metrics For personal use only 6
Slide 7: Our Strategy for Creating Value for Shareholders
Our Strategy for Creating Value for Shareholders For personal use only Optimise Drive increased shareholder value Leverage the skills and productivity at Edikan through successful experience of our through further optimisation and development and operating team and operation of multiple, Board to de
Slide 8: Future gold production target of ~500k ounces
Future gold production target of ~500k ounces* For personal use only 8
Slide 9: Experienced Board with Complementary Skillsets
Experienced Board with Complementary Skillsets For personal use only Reginald Gillard Jeff Quartermaine Colin Carson Non-Executive Managing Director Executive Director Chairman and CEO More than 30 years’ experience in accounting More than 25 years’ experience in financial and Director of numerous A
Slide 10: Experienced and Capable Senior Management Team
Experienced and Capable Senior Management Team For personal use only Role Team Member Chief Executive Officer & Managing Director Jeffrey Quartermaine Executive Director – Commercial Services Colin Carson Chief Operating Officer Chris Woodall Chief Financial Officer Elissa Brown Group General Manage
Slide 11: A Diversified West African Asset Portfolio
A Diversified West African Asset Portfolio For personal use only Our Locations Assets Overview Sissingué (86%)1 • Large scale gold mine producing since 2012 M&I Mineral Resource: 0.9Moz • LOM annual avg. production 222,000 ozs over remaining 7.5 year life, & AISC of Ore Reserve: 0.4Moz Edikan $US865
Slide 12: Edikan Gold Mine: The flagship of the company
Edikan Gold Mine:The flagship of the company For personal use only Overview • Open pit gold mine in southern Ghana in operation for over 4 years • Average gold production of 222,000 ounces per year estimated over the remaining 7.5 year life • Average AISC over LOMP estimated at US$865 per ounce, sig
Slide 13: Edikan Gold Mine: Short-term spend for long-term gain
Edikan Gold Mine: Short-term spend for long-term gain1 For personal use only Intensive re-investment through to December 2016 including • Facilities required to access to all mining areas/mining infrastructure • Processing infrastructure (including plant improvements and power station) • Waste strip
Slide 14: Edikan Gold Mine: Relocation housing
Edikan Gold Mine: Relocation housing For personal use only Top Left: Housing on Second Avenue Bottom Left: General view of water tower and housing estate Above: Aerial view of relocation housing estate 14
Slide 15: Edikan Gold Mine: Diesel power station creates energy self sufficiency
Edikan Gold Mine: Diesel power station creates energy self sufficiency For personal use only Edikan Power Station includes 16 generating units providing 19.2MW of continuous power if needed to supplement grid power 15
Slide 16: Edikan Gold Mine: Plant modifications on schedule
Edikan Gold Mine: Plant modifications on schedule For personal use only Above: Steelwork for expansion of SAG Mill floor to facilitate efficient mill relines Left: Newly Above: Low profile loader to replace CV06 to transfer crushed material from crusher to crushed ore stockpile designed SAG Feed chu
Slide 17: Edikan Gold Mine: Waste stripping in Fetish Open Pit
Edikan Gold Mine: Waste stripping in Fetish Open Pit For personal use only Above: Blast hole rigs operating in Fetish open pit Left: Aerial view of Fetish open pit 17
Slide 18: Edikan Gold Mine: The way forward
Edikan Gold Mine: The way forward For personal use only Current LOMP envisages a material increase in gold production in FY2017 compared to FY2016 with the increase in production weighted towards the second half of FY2017 as grades improve Parameter Units Guidance FY2017 2017 per LOMP Dec 16 Half Ju
Slide 19: Progressive improvement expected over the course of FY2017
Progressive improvement expected over the course of FY2017 For personal use only Based on current LOMP significant improvements to production and AISC are expected post plant upgrade in October 2016 Gold Production (ounces) All in site cost (US$/oz) 30,000 2,000 Plant upgrade shutdown Production cos
Slide 20: Edikan Gold Mine: Life-of-Mine Plan
Edikan Gold Mine: Life-of-Mine Plan For personal use only Parameter FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Total PRODUCTION Average Ore mined Waste mined Mt Mt 7.5 42.0 11.3 40.7 11.2 35.8 7.6 19.7 6.0 11.5 4.0 1.7 0.1 - - - 47.7 151.4 annual gold Total Material Mined Mt 49.5 52.0 4
Slide 21: Sissingué Gold Project – Providing Perseus with near term growth
Sissingué Gold Project – Providing Perseus with near term growth For personal use only Overview • Development project in northern Côte d’Ivoire • Ore Reserves of 0.43Moz of gold (5.5Mt at 2.4g/t) based on pit shells calculated at US$1,200/oz gold • Forecast average annual production of 75,000 ounces
Slide 22: Sissingué Gold Project: Life-of-Mine Plan
Sissingué Gold Project: Life-of-Mine Plan For personal use only Parameter FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Total PRODUCTION Ore mined Mt - 0.9 1.8 0.9 0.6 1.0 0.3 5.5 Average annual Waste mined Total Material Mined Mt Mt - - 6.1 7.0 4.2 6.0 4.3 5.3 2.2 2.8 0.7 1.7 0.1 0.4 17.7 23.2 g
Slide 23: Sissingué Gold Project: Development Schedule
Sissingué Gold Project: Development Schedule For personal use only Q3 Q4 Q1 Q2 Q3 Q4 Description 2016 2016 2017 2017 2017 2017 J A S O N D J F M A M J J A S O N D Lycopodium Contract Award Permanent Village & Site Buildings Formal Lycopodium Project Commencement Earthworks inc Tails Dam Concrete Wor
Slide 24: Sissingué Gold Project: Project cost to first gold pour
Sissingué Gold Project: Project cost to first gold pour For personal use only Budget Left: Sissingué Broad Work Areas US $M access road works Camp & Buildings $ 6.4 underway Owners Equipment $ 5.5 PowerStation $ 5.0 Earthworks $ 8.8 Other $ 0.5 Mining $ 7.4 Right: Sissingué SAG Abidjan, Owners, PreO
Slide 25: Yaouré Gold Project: Providing Perseus with medium term growth
Yaouré Gold Project: Providing Perseus with medium term growth For personal use only Overview • DFS stage development project in central Côte d’Ivoire • Measured and Indicated Mineral Resources of 5.2Moz (104.1Mt at 1.54g/t)* (see cautionary statement below) • Potential for large scale, long life, l
Slide 26: Yaouré Gold Project: Ideally located, large Mineral Resource
Yaouré Gold Project : Ideally located, large Mineral Resource For personal use only Brownfield site Grid power within 5km Dual carriageway within 40km Water supply within 5km Skilled workforce 26
Slide 27: Yaouré Gold Project: DFS Schedule
Yaouré Gold Project: DFS Schedule For personal use only Yaoure Definitive Feasibility Study Schedule Project Breakdown Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 1. Project Stages a. Stage 1 - Review & Option Identification b. Stage 2 - Assessment & Narrowing of Options c. Stage
Slide 28: The Future: Strong Pipeline from Exploration to Production
The Future: Strong Pipeline from Exploration to Production For personal use only Production Edikan Construction Sissingué Feasibility Study Esuajah S. Yaouré Pre-Feasibility / Mampong Concept Study Dadieso Grumesa Bélé Advanced Bokitsi Exploration Mahalé Mbengué Zouan-Hounien Nkotumso Initial Explor
Slide 29: The Future: Corporate Outlook
The Future: Corporate Outlook For personal use only • Corporate growth strategy designed to transform Perseus from a single mine-single country business to a credible mid-tier, multi-operation enterprise spanning several geopolitical settings • Implementation of our corporate growth strategy require
Slide 30: Perseus: Transforming into a Mid-Tier Gold Producer
Perseus:Transforming into a Mid-Tier Gold Producer For personal use only Successful West African-focused gold Producing mine and strong Large Ore Reserve and Mineral producer development pipeline Resource inventory Experienced Board with clear strategy Robust balance sheet – strong cash for growth p
Slide 31: Contact Us
Contact Us For personal use only ASX/TSX: PRU www.perseusmining.com Jeff Quartermaine Managing Director & CEO +61 8 6144 1700 Cathy Moises Investor Relations (Australia) +61 412 196 350 cathy.moises@perseusmining.com Nathan Ryan Media Relations (Australia) +61 420 582 887 31
Slide 32: Appendices
For personal use only APPENDICES 32
Slide 33: Edikan Mineral Resources and Reserves
Edikan Mineral Resources and Reserves* For personal use only 5.0Moz of gold in Measured & Indicated Mineral Resources (143.7Mt at 1.1g/t) INCLUDING PLUS 2.2Moz of gold 2.0Moz of gold in Proven in Inferred & Probable Reserves Mineral Resources (55.8Mt at 1.2g/t) (61.6Mt at 1.0g/t) * As at 30 June 201
Slide 34: Edikan Mineral Resources and Reserves
Edikan Mineral Resources and Reserves For personal use only EDIKAN ORE RESERVES Notes: Proved+Probable 1. Allows for mining depletion to 30 June 2016. Deposit Proved Reserves Probable Reserves Reserves 2. All Ore Reserves current as at 30 June 2016. Quantity Grade Gold Quantity Grade Gold Quantity G
Slide 35: Sissingué Mineral Resources and Reserves
Sissingué Mineral Resources and Reserves* For personal use only 880koz of gold in Measured & Indicated Mineral Resources (16.0Mt at 1.7g/t) INCLUDING PLUS 429koz of gold 63koz of gold in Proven in Inferred & Probable Reserves Mineral Resources (5.5Mt at 2.4g/t) (1.1Mt at 1.7g/t) *As at 30 June 2015
Slide 36: Sissingué Mineral Resources and Ore Reserves
Sissingué Mineral Resources and Ore Reserves For personal use only SISSINGUE ORE RESERVES Notes: Proved+Probable 1. Based on February 2015 Ore Reserve Deposit Proved Reserves Probable Reserves Reserves estimation. Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold 2. Variable gold grade cut
Slide 37: Yaouré Mineral Resources and Reserves
Yaouré Mineral Resources and Reserves1,2 For personal use only 5.2Moz of gold in Measured & Indicated Mineral Resources (104.1Mt at 1.5g/t) (see cautionary statement below) INCLUDING PLUS 3.2Moz of gold 2.2Moz of gold in Proven in Inferred & Probable Reserves Mineral Resources (62.3Mt at 1.6g/t) (47
Slide 38: Yaouré Mineral Resources and Reserves
Yaouré Mineral Resources and Reserves1,2 For personal use only YAOURE ORE RESERVES Deposit Proved Reserves Probable Reserves Proved+Probable Reserves Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Mt gt Au Koz Mt gt Au Koz Mt gt Au Koz Yaouré 18.1 1.8 1,100 44.2 1.5 2,200 62.3 1.6 3,200
Slide 39: Key Milestones for Remainder of CY2016
Key Milestones for Remainder of CY2016 For personal use only Edikan operating performance to continue to remain on plan with improved head grade and plant throughput as December 2016 Half Year progresses Expect: Deliver gold production and costs in line with guidance Edikan capital enhancement proje
Slide 40: For personal use only
For personal use only ASX/TSX: PRU www.perseusmining.com 40