Maritana Minerals Limited · ASX:MRT
Maritana Minerals — Merger or Acquisition (February 2024)
27 slides from Maritana Minerals's merger presentation, Feb 13, 2024
Slide 1: Expediting the Path to Gold Production
Expediting the GSR | HRZ MERGER PRESENTATION Path to Gold Production Merger Presentation I 13th February 2024 1
Slide 2: Cautionary Statements and Disclaimer
Cautionary Statements and Disclaimer This presentation contains summary information about Greenstone Resources Limited (Greenstone) and Horizon Minerals Limited (Horizon). Summary of information: This presentation contains general and background information about Greenstone and Horizon’s activities
Slide 3: Executive Summary
Executive Summary 01. 02. 03. 04. Overview Key Assets Strategy Transaction Overview Opportunity to establish the next Horizon: Global resource of 23Mt Dual-track strategy focused on Merger of Horizon and Greenstone mid-tier gold producer through a @ 1.7g/t Au for 1,280koz, including imminent low-cap
Slide 4: Strategic Rationale of Merger
Strategic Rationale of Merger Portfolio of highly complementary assets serving to create enhanced scale and optionality within a well-endowed gold district Logical Substantial Mineral Near-term & Long-life Mid-Tier Producer Combination Resource Base Production Potential Potential Market Rating Strat
Slide 5: Transaction Overview
Transaction Overview ▪ Merger of Horizon and Greenstone to be affected via a scheme of arrangement under the Corporations Act 2001 (Cth) under which Horizon will acquire 100% of the fully paid shares in Greenstone (Share Scheme) and a scheme of arrangement under which Horizon will acquire 100% of th
Slide 6: Key Shareholder Benefits
Key Shareholder Benefits Merger unlocks significant latent value through the combination of two complementary cornerstone assets providing both base load and high-grade feed SHAREHOLDER BENEFITS SHAREHOLDER BENEFITS Mutually beneficial transaction for all holders of securities in Horizon and Greenst
Slide 7: Portfolio of Complementary Assets
Portfolio of Complementary Assets Ability to expedite the path to production through the merger of two highly complementary companies. Horizon brings open pit baseload feed at Baseload Feed & Dominant Regional High-Grade & High-Margin Feed scale, an enviable regional brownfields Brownfields Explorat
Slide 8: Summary of Mineral Resources
Summary of Mineral Resources The merged entities will have a global resource endowment totaling 1.8Moz with the potential to support a long-life operation 2 1.8 Measured Indicated Inferred 1.6 0.37Moz 1.4 0.15Moz 0.79Moz 1.2 0.42Moz Moz Au 1 HRZ | GSR MERGER PRESENTATION 0.8 0.6 0.95Moz 0.4 0.79Moz
Slide 9: Dual Track Growth Strategy
Dual Track Growth Strategy Initial focus on generation of immediate, low-capital cash flow through toll processing and mining joint ventures to ultimately support the expedited development of the combined long- life cornerstone assets, while also serving to minimise future shareholder dilution Near-
Slide 10: Assets
HRZ | GSR MERGER PRESENTATION 10 Assets
Slide 11: Asset Overview
Asset Overview 1.8Moz of Gold within 75km of the Greenfields Mill Supported by a world-class brownfields exploration package HRZ | GSR MERGER PRESENTATION Potential to create a generational gold company Note: Imminent ore feed is defined as key near-term development assets as presented on slide 10.
Slide 12: Burbanks: High-Grade Growth
Burbanks: High-Grade Growth Continued track record of resource additions, with the recent resource update adding 188koz from just 10,000m of drilling Only 30% of the mineralised strike tested above 500 metres. Deposit remains open HRZ | GSR MERGER PRESENTATION along strike and at depth Significant p
Slide 13: Boorara: Baseload Feed
Boorara: Baseload Feed Boorara has the potential to supply baseload feed that could be supplemented by lower tonnage, higher grade feed from Burbanks to support an integrated operation. More than 77% of the 448koz resources in the Measured and Indicated categories Open along strike and at depth HRZ
Slide 14: Key Near-Term Development Assets
Key Near-Term Development Assets Potential to optimise the sequence of projects to reduce risk and capital requirements while providing a non-dilutive source of funding to evaluate the cornerstone assets. Burbanks North Phillips Find Burbanks South ▪ Existing Small Mining Permit in place ▪ Three his
Slide 15: Regional Exploration Potential
Regional Exploration Potential 939km2 of highly prospective exploration tenure Horizon is the third largest landholder in the region HRZ | GSR MERGER PRESENTATION Significant potential for further discoveries and extensions to existing targets and resouces Note: Imminent ore feed is defined as key n
Slide 16: Summary Transaction
HRZ | GSR MERGER PRESENTATION 16 Summary Transaction
Slide 17: Indicative Capital Structure
Indicative Capital Structure Merger serves to combine the Pro forma capital Pro-forma respective strengths of the two structure Unit Merged6 companies, resulting in a (Pre-merger) (Post-merger) robust capital structure that is well positioned for growth. Share Price (A$/sh) 0.034 0.006 0.0341 0.034
Slide 18: Merged Group's Board & Management
Merged Group’s Board & Management The merger brings together Board of Directors two complementary teams: Horizon’s mine development Ashok Parekh Grant Haywood experts and Greenstone's Non-Exec Chairman MD & CEO exploration specialists. Diverse leadership team Jon Price Chris Hansen with strong explo
Slide 19: Indicative Transaction Timeline
Indicative Transaction Timeline 13 Feb 2024 Mid April 2024 Mid- late Mid- late Mid June 2024 Announce First Court May 2024 May 2024 Implementation Transaction hearing Scheme Effective Date Meetings Date HRZ | GSR MERGER PRESENTATION Late March 2024 Mid April 2024 Mid- late Mid- late GSR submits Sche
Slide 20: Peer Comparison: Mineral Resources
Peer Comparison: Mineral Resources(1) Combination delivers enhanced scale, market significance and removes single asset development risk1 3.0 15.00 2.7Moz Resource Grade (g/t Au) 2.5Moz 13.00 2.5 2.3Moz 2.1Moz 11.00 2.0Moz 2.0 Mineral Resources (Moz, Au) 1.8Moz 1.8Moz 9.00 1.6Moz 1.5 1.4Moz 7.00 1.4
Slide 21: Peer Comparison – Enterprise Value per Resource Ounce
Peer Comparison – Enterprise Value per Resource Ounce(1) The Merged Group remains attractively valued relative to its peers providing the potential for a market re-rate1 $75/oz Enterprise Value (A$ per Resource Ounce) $44/oz $37/oz $35/oz $32/oz HRZ | GSR MERGER PRESENTATION $25/oz $23/oz $22/oz $20
Slide 22: Summary
Summary 01. 02. 03. Compelling opportunity Complementary assets Dual-track strategy, to expedite the path to combining high-grade focussed on low-capital & creating a sustainable new resources with large scale near term cashflow to mid-tier gold producer baseload feed support the development of long
Slide 23: Appendix
HRZ | GSR MERGER PRESENTATION 23 Appendix
Slide 24: Resource Table
Resource Table Cutoff Measured Indicated Inferred Total Combined entity hosts Au g/t Project Au g/t Mt Oz Mt Au g/t Oz Mt Au g/t Oz Mt Au g/t Oz Date a global resource Boorara OP 0.5 1.28 1.23 50,630 7.19 1.27 294,140 2.6 1.3 103,470 11.03 1.26 448,240 27/04/2021 endowment totaling Golden Ridge 1.0
Slide 25: Detailed Peer Resource Information
Detailed Peer Resource Information1,2 ASX Code Company Development Stage Market Cap1 Cash2 Debt2 EV Measured3 Indicated3 Inferred3 Total Grade3 Source ($m) ($m) ($m) ($m) (koz) (koz) (koz) (koz) (g/t Au) AME Alto Metals Exploration 20.2 3.5 - 16.7 - 226 606 832 1.5 ASX 3/4/23 AZY Antipa Minerals Pre
Slide 26: Leadership Team
Leadership Team Ashok Parekh Grant Haywood Chris Hansen Non-Executive Chairman CEO & Managing Director Non-Executive Director ▪ Chartered accountant with over 40 years’ experience who owns a ▪ Mining Engineer with over 30 years’ experience in underground and ▪ Mr Hansen is a multidisciplinary metals
Slide 27: Competent Person Statements
Competent Person Statements Horizon Minerals The information in this presentation that relates to Horizon’s exploration results and Mineral Resources estimates is extracted from and was originally reported in Horizon’s ASX announcements “Intermin’s Resources Grow to over 667,000 Ounces” dated 20 Mar
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