Slide 1: Emerging Gold Producer – Africa Down Under
For personal use only ASX/TSX: PRU www.perseusmining.com Emerging Gold Producer Africa Down Under September b 2010 Mark Calderwood Managing Director
Slide 2: Competent Person’s Statement
Competent Person’s Statement For personal use only Information in this presentation 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
Slide 3: PRU Snapshot – Capital Structure
PRU Snapshot Capital Structure For personal use only Ordinary Shares (PRU) 421.3M Unlisted Options (avg. $1.33) 8.8M Market capitalisation A$1,095M ($2 60 undiluted) ($2.60 Net Cash June 30 2010 A$186M CAGP Capex to June 30 2010 US$48.5M $ Finance Facility (undrawn) US$85M
Slide 4: PRU Snapshot – Share holding geographically
PRU Snapshot For personal use only Share holding geographically Undeclared 14% Europe & Asia 12% 37% Australia l 37% North America
Slide 5: Introduction
Introduction “West African emerging gold producer” For personal use only 2.1Moz in Reserves (55.5Mt at 1.2g/t) + 2.1Moz in M&I Resources (52.2Mt at1.3g/t) + 3.0Moz in Inferred Resources (92.7Mt at 1.0g/t)
Slide 6: Introduction – Mission and Strategy
Introduction Mission For personal use only Significant gold producer by 2012 (>200koz/ann) Multi‐mine gold producer by 2013 ( (>400koz/ann) ) Strategy Active phased mine development Continued rapid reserve/resource g growth
Slide 7: “Elephant Country”
“Elephant Country” For personal use only 1. Obusai 60Moz+ 2. Tarkwa 40Moz+ 3. Ahafo h f 17Moz+ 4. Prestia‐Bogusu 13Moz+ 5. Loulo 12Moz+ 6. Sadiola Sadiola‐Yatela Yatela 8Moz+ 8Moz 7. Lero 8Moz+ 8. Akyem 8Moz+ 9. Syama 7Moz+ 10 Morila 10. M il 7M 7Moz+ 11. Siguiri 7Moz+ 13. CAGP‐Ayanfuri : 5Moz+ 12.
Slide 8: “Elephant Country” new gold mines in years
“Elephant Country” 15 new gold mines in 5 years For personal use only 2011+ Syama 250k Tabakoto 100k Pipeline Kalsaka 60k Nzema 120koz Taparko 100k Sabodala 160k Loulo 370k Tasiast 230k CAGP 200koz Chirano 170k Akyem 500koz Wassa CIL Tengrela ? Gounkoto ? Agbaou ? 2005 2006 2007 2008 2009 2010 OJVG
Slide 9: Perseus Ghana: Ashanti Belt Projects
Perseus Ghana: Ashanti Belt Projects CAGP For personal use only M&I 3.2Moz incl; Proven & CAGP Grumesa 2 1Mo 2.1Moz Prob. Inferred 2.1Moz Next update Q4 2010 Grumesa M&I 0.2Moz Next update Q4 2010
Slide 10: CAGP (Ayanfuri)
CAGP (Ayanfuri) For personal use only Targets Reserves 9 2009 2Moz 2010 3Moz 2011 4Moz Mill Site Production Phase 1: 2011 +200 000ozpa +200,000ozpa Phase 2: 2013 Prime Target +300,000ozpa Areas Exploration 1 discovery p.a.
Slide 11: Key Parameters of CAGP Feasibility
Key Parameters of CAGP Feasibility Gold Production (Phase 1 only) For personal use only Year 1 230,000 oz Reserves P&P 2.14 Moz Earnings Capability (EBITDA) First 3 years Total 10 years @ US$850/oz US $334M US $758M @ US$1,200/oz US $500M US $1,295M Capital and Operating Costs Initial Capital Cost U
Slide 12: Key Parameters of CAGP Feasibility
Key Parameters of CAGP Feasibility For personal use only Timing Construction start Q2 2010 Gold Production Q3 2011 Payback 1yr 8mths (at US$850), 1yr 1mths (at US$1,050) IRR 60% (at US$850), 80% (at US$1,050) * Including hedging of 170koz at $1,241
Slide 13: CAGP Construction
For personal use only CAGP Construction
Slide 14: CAGP Construction
For personal use only CAGP Construction
Slide 15: Perseus Ivory Coast
Perseus Ivory Coast For personal use only Sissingue Prime Sissingue Tengrela Target Area 0.9Moz M&I (15.2Mt) Inferred 0 3Moz 0.3Moz
Slide 16: Grade - Sissingue
Grade ‐ Sissingue For personal use only Intercepts >400 Au gm Au gm x m (Past 12 months) 6m at 476g/t 2,856 8m at 325g/t plus 36m 36m* at 3.1g/t 3 1g/t 2 712 2,712 6m at 429g/t plus 18m at 7.5g/t 2,709 22m at 72.1g/t / 1,586 68m* at 21.3g/t 1,448 26m at 19.5g/t plus 18m at 4.9g/t 595 g/ 8m at 65.7g/
Slide 17: Growth - Ivory Coast
Growth ‐ Ivory Coast For personal use only Targets Sissingue Reserves 2010 0.7Moz 2012 1.5Moz Production Phase 1: Q Q4 2012 >150,000ozpa Exploration New Discoveries
Slide 18: Production Strategy
Production Strategy 500 For personal use only Cash cost & 400 capex targets Tenggrela 2011‐12 US$520/oz 300 2013‐15 US$450/oz 00 oz US$100/ US$100/oz X 100 Capex** CAGP 200 * total start up and sustaining capital C 100 0 2010 2011 2012 2013 2014
Slide 19: News Flow 2010
News Flow 2010 For personal use only Drilling DFS and Reserve for 25,000m/month Tengrela (Oct 2010) CAGP Construction CAGP Reserve updates p updates (Sep‐Dec 2010)
Slide 20: Value and Growth
Value and Growth Million Ounces of Gold For personal use only Ivory Coast Inferred Ghana Inferred Ivory Coast Measured Indicated Ghana Measured Indicated R id resource/reserve Rapid / growth h Ghana Reserves Near term production + growth 2013 Target ‐ 450koz per annum @ US$450/oz cash cost Fully fun
Slide 21: Broker Recommendations
Broker Recommendations For personal use only Date Institution Author Target Recommendation (2010) 20/08 BGF Warwick Grigor A$4.00 Strong Buy 20/07 CIBC Cosmos Chiu C$3.50 (A$3.85) Sector Outperform 19/07 RBS Sam Berridge A$2.53 Buy 21/06 Clarus Securities Nana Sangmuah C$4.15 (A$4.56) Buy 19/06 Rodm
Slide 22: Other Assets
Other Assets For personal use only 20% 28% ((1.08Moz Gold)) ((1.13Moz Gold))
Slide 23: Share Price
For personal use only Share Price
Slide 24: For personal use only
For personal use only ASX/TSX: PRU www.perseusmining.com Booth 86 Mark Calderwood Managing Director +61 8 9240 6344 Nathan Ryan Investor Relations +61 420 582 887
Slide 25: Appendix 2: Board of Directors
Appendix 2: Board of Directors Reg Gillard For personal use only 22yrs director / chairman, public bli companiesi Non Executive Chairman Executive Directors Non Executive Directors Mark Calderwood Neil Fearis 24yrs exploration and 30yrs as commercial lawyer corporate management Colin C li Carson C S
Slide 26: Appendix 3: Construction & Operations
Appendix 3: Construction & Operations Rhett Brans (Executive Director) Grant Pierce (General Manager of Opt) For personal use only A civil engineer with 35 years’ experience in the A mining engineer with 23 years’ experience in design g and construction of mineral treatment operations p and mine man
Slide 27: Appendix 5: CAGP (Ayanfuri) History
Appendix 5: CAGP (Ayanfuri) History For personal use only Historyy • Mined in 1990s byy Cluff‐Ashanti • 23 shallow pits produced 300,000oz 1994‐2001 • May 06 Perseus gained control of 180,000oz resource Location • 30kms from Anglogold’s +60Moz Obuasi Mine • 45kms from Prestea‐Bogusu project E l Expl
Slide 28: Reserves
Reserves For personal use only Mineral Reserves (Gold) Deposit Proven Probable Total Tonnes g/t Ounces Tonnes g/t Ounces Tonnes g/t Ounces (million) Au Au (million) Au Au (million) Au Au CAGP‐ (Ayanfuri) 18.4 1.4 828,000 37.2 1.1 1,313,000 55.5 1.2 2,141,000 >0.5g/t (1) Notes: (1) Last updated on 30
Slide 29: Resources
Resources For personal use only Mineral Resources (Gold) Deposit Measured & Indicated Inferred (cutoff g/t Au) Tonnes g/t Ounces Tonnes g/t Ounces (million) Au Au (million) Au Au CAGP‐(Ayanfuri) 15.8 1.5 764,000 30.2 1.5 1,423,000 >0.8g/t (1) CAGP‐(Ayanfuri) 14.1 0.6 267,000 31.9 0.7 691,000 0.4g/t