Maritana Minerals Limited · ASX:MRT
Maritana Minerals — Merger or Acquisition (October 2024)
53 slides from Maritana Minerals's merger presentation, Oct 25, 2024
Slide 1: A Natural Pairing in the Goldfields
A Natural Pairing in the Goldfields Merger Presentation | October 2024
Slide 2: Important disclaimers
Important disclaimers IMPORTANT NOTICE AND DISCLAIMER NOT FINANCIAL PRODUCT ADVICE This presentation (the Presentation) has been prepared by Horizon Minerals Limited (ASX:HRZ) (Horizon) and Poseidon This Presentation, and the information provided in it, does not constitute, and is not intended to co
Slide 3: Important disclaimers
Important disclaimers EFFECT OF ROUNDING Several important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risk factors set out in this Presentation. These risks and uncertainties A number of figures, amou
Slide 4: Important disclaimers
Important disclaimers JORC CODE It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Investors sho
Slide 5: Proposed transformational acquisition
Proposed transformational acquisition Horizon proposes to acquire 100% of Poseidon via all-scrip transaction for ~A$30M Merger consolidates 1.8Moz Au and highly strategic processing infrastructure for Horizon to transition to the next standalone WA gold producer “Horizon Minerals 2.0” Seeking downst
Slide 6: Board and Leadership team
Board and Leadership team Ashok Parekh – Non-Executive Chairman Grant Haywood – Managing Director • Chartered accountant with over 40 years’ experience who owns a large • Mining Engineer with over 30 years’ experience in underground and open Accounting Practice in Kalgoorlie, which he has operated f
Slide 7: Proposed transaction overview
Proposed transaction overview Logical combination to unlock shared upside in the Goldfields, WA All-scrip, schemes of arrangement to acquire 100% of the fully paid ordinary shares and 100% of all options to acquire ordinary shares in Poseidon Nickel Limited (Poseidon) (Proposed Transaction) Unde
Slide 8: Horizon Minerals 2.0 – at a glance
Horizon Minerals 2.0 – at a glance Capital structure Units Existing Pro-forma(2) Share price $/sh $0.063 $0.045 No. of ordinary shares M 1,118.6 1,913.1 Market capitalization $M 70.5 86.1 Cash and cash equivalents $M 2.9(1) 19.1 Debt $M 7.4(1) 7.4 Net cash / (debt) $M (4.5) 11.7 Enterprise value $M
Slide 9: Horizon Minerals 2.0 – strategy
Horizon Minerals 2.0 – strategy 1.8Moz of Resources; 2.2Mtpa processing facility; 1,309km2 of exploration tenure • Transformational proposed acquisition of Poseidon’s 2.2Mtpa Black Swan processing facility (currently on care & maintenance) • Estimated replacement value of +$150M • Potential for low-
Slide 10: A pathway to growth
A pathway to growth The Proposed Transaction reflects a sensible strategy to grow Dual track growth strategy to support Horizon’s aim to become a ~100kozpa producer 4 3 Build out the 2 Plant refurbishment mining pipeline 1 Drilling and plant and operations •Continue to drill and Acquire Poseidon as
Slide 11: Indicative timetable
Indicative timetable Scheme booklet expected to be dispatched in December 2024 Event Date Trading halt and launch of Placement Wednesday, 23 October 2024 Execution of Scheme Implementation Deed Thursday, 24 October 2024 Settlement of Placement (Tranche 1) Wednesday, 30 October 2024 General Meeting t
Slide 12: Portfolio overview
Portfolio overview Complementary assets with wide Resource growth potential
Slide 13: Poseidon’s Black Swan processing facility
Poseidon’s Black Swan processing facility 2.2Mtpa processing facility strategically located ~40km north of Kalgoorlie • 2.2Mtpa processing facility (C&M) and associated infrastructure with optionality for an initial 1.0 – 1.5Mtpa throughput • Black Swan concentrator readily amenable to processing go
Slide 14: Poseidon’s Black Swan process facility
Poseidon’s Black Swan process facility Existing flotation circuit and planned changes to facilitate gold production Gold conversion Carbon Elution Gold room Au in leach Ag/Zn + Ni Crush Grind Flotation Concentrates Refurbishment Future refurbishment option 14
Slide 15: Horizon’s strong near-term cash flows
Horizon’s strong near-term cash flows +$30M of expected free cash flow from existing agreements to fund growth strategy Summary of Boorara Study Key Outcomes – • Binding Ore Sale Agreement executed with Norton Gold Fields for Ore Reserve study Contract pricing @ Measure processing 1.24Mt of Boorara
Slide 16: Strong pipeline to support Black Swan
Strong pipeline to support Black Swan Horizon’s 30Mt of existing gold Resources with ~50,000m of drilling budgeted in FY25/261 Black Swan Ni Nimbus Zn/Ag Coote Cannon Greater Boorara Crake Burbanks Phillips Find Wilson’s Teal Penny’s Find Boorara Rose Hill Kalpini ~300koz ~700koz ~480koz Resource de
Slide 17: Reinvigorated exploration strategy
Reinvigorated exploration strategy Clear focus on improving Resource confidence and growing mineable ounces • Resources of 1.8Moz on prolific geological structures around Kalgoorlie / Coolgardie Penny’s Find • Stronger balance sheet will enable faster Resource Black Swan growth and increased Resourc
Slide 18: Burbanks project
Burbanks project Significant Resource upside to be unlocked from a key cornerstone asset with scale and grade • Located on a granted mining lease 9km south of Coolgardie • Supported by a network of existing infrastructure including grid power and sealed roads • Historic production estimated at +420k
Slide 19: Advanced targets to fill Horizon’s mine plan
Advanced targets to fill Horizon’s mine plan Brownfields drilling opportunities to extend and upgrade confidence (~20,000m) Penny’s Find Crake Cannon MRE: 63,000oz at 4.57g/t MRE: 66,450oz at 1.46g/t MRE: 32,070oz at 4.29g/t • 75km NE of Kalgoorlie • 45km NW of Coolgardie • 30km E/SE of Kalgoorlie •
Slide 20: Poseidon’s Black Swan – gold prospectivity
Poseidon’s Black Swan – gold prospectivity Untested gold anomalies emerging adjacent to the process plant infrastructure • Limited previous gold focused exploration in the area – only 5% of drill assays have tested for gold • Drill intersections grading up to 6.41g/t Au • Wide spaced soil sampling p
Slide 21: Platform for regional consolidation
Platform for regional consolidation >1Moz of gold resources in region are without a clear processing solution • Opportunities for non-producers to access third party gold processing infrastructure in the WA Goldfields is becoming increasingly difficult • Conversion of a 2.2Mtpa processing facility t
Slide 22: Operational timeline
Operational timeline Indicative timeline of upcoming cash flow and pathway to gold from Black Swan Target key workstreams 2024 2025 2026 (Forward 18 months) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Boorara Ore Sale – First Gold Production Phillips Find Toll Treatment – First Gold Production Black Swan conversion studie
Slide 23: Equity Raising Overview
Equity Raising Overview
Slide 24: Equity raising overview
Equity raising overview Placement to raise $14M to accelerate growth strategy Horizon has received firm commitments to raise A$14.0M at A$0.045 per share via a two-tranche placement (Placement) o Tranche 1 to raise ~A$7.0M under existing Placement capacity pursuant to Listing Rule 7.1 o Tranche 2
Slide 25: Placement indicative timetable and proposed use of funds
Placement indicative timetable and proposed use of funds Event Date(1) Trading Halt Wednesday, 23 October 2024 Announce Placement and Proposed Transaction Friday, 25 October 2024 Settlement of Placement Shares (Tranche 1) Wednesday, 30 October 2024 Meeting to approve Tranche 2 of the Placement and i
Slide 26: Pro forma snapshot
Pro forma snapshot Pro forma market capitalisation of $86M and cash of $19M Poseidon Poseidon Capital structure Units Current Horizon Capital raising(3) Pro forma(1) (Standalone) (Scheme) Share price $/sh $0.0630 $0.0060 $0.0630 $0.045 $0.045 No. of ordinary shares M 1,118.6 4,182.0 483.4 311.1 1,91
Slide 27: Clear strategic rationale
Clear strategic rationale Own the infrastructure and build the cash flows 1 Secures strategic and valuable processing infrastructure in the heart of the WA goldfields (within 40km of Kalgoorlie) 2 1.8Moz in Gold Resources largely situated within ~50 – 75km of the 2.2Mtpa Black Swan processing facili
Slide 28: Nimbus silver-zinc project
Nimbus silver-zinc project A high-grade VHMS system on the edge of Kalgoorlie • Located adjacent to the Boorara gold deposit with shared infrastructure • Historical production of 3.6Moz of high- grade silver (352g/t Ag) • Mineral Resource containing 20.2Moz silver and 104kt zinc • High-grade lode co
Slide 29: Black Swan nickel
Black Swan nickel Solid base case with exploration upside in a stronger nickel market • Existing Mineral Resource of 28.9Mt @ 0.77% Ni for 222kt of contained nickel • Nickel Bankable Feasibility Study released in November 2022: • Free cash flow $333M • Pre-tax NPV8 $248M • IRR 103% • Pre-production
Slide 30: Lake Johnston project
Lake Johnston project Strategic infrastructure with significant optionality in an emerging lithium province • 1.5Mtpa concentrator and associated infrastructure (C&M) amenable to the processing of lithium • Sole processing option in a growing lithium province • Estimated +$100M replacement value • C
Slide 31: Windarra project
Windarra project Historic nickel asset with 148kt contained Ni and regional Au exploration upside • Strategically located in Laverton, a prominent gold mining Windarra region with several surrounding processing facilities • Adjacent to advanced gold exploration and mining operations owned by key reg
Slide 32: Investment highlights
Investment highlights Rapid, low capital pathway to a new standalone gold producer in the Goldfields Black Swan processing plant will Aspirational target to become a unlock the value from a 100kozpa gold producer in the 1.8Moz gold Resource West Australian Goldfields Cash flow from gold Building the
Slide 33: Risk Factors
Risk Factors
Slide 34: Risk Factors
Risk Factors 1. Potential risk factors 1.1 Overview Investors should be aware of key risks associated with Horizon, Poseidon, the Schemes, the Placement, the industry in which Horizon and Poseidon operate and an investment in Horizon shares. These risks include: (a) specific risks relating to Horizo
Slide 35: Risk Factors (Cont.)
Risk Factors (Cont.) Hazards incidental to the mining, exploration and development of mineral properties such as unusual or unexpected geological formations may be encountered by the Horizon Group. Industrial and environmental accidents could lead to substantial claims against the Horizon Group for
Slide 36: Risk Factors (Cont.)
Risk Factors (Cont.) Operational and technical risks The operations of the Horizon Group may be affected by various factors, including failure to locate or identify mineral deposits, failure to achieve predicted grades and/or resources in exploration and mining, operational and technical difficultie
Slide 37: Risk Factors (Cont.)
Risk Factors (Cont.) Native title and Aboriginal Heritage risks It is possible that there may be areas over which legitimate common law native title rights of Aboriginal Australians exist in relation to the tenements that the Horizon Group has, or may acquire, an interest in. Where native title exis
Slide 38: Risk Factors (Cont.)
Risk Factors (Cont.) Going Concern Horizon’s auditor included an emphasis of matter relating to a material uncertainty for Horizon to continue as a going concern, in its audit reports for the years ended 30 June 2022, 30 June 2023 and 30 June 2024. Material uncertainty in relation to going concern i
Slide 39: Risk Factors (Cont.)
Risk Factors (Cont.) Integration risk If the Proposed Transaction is implemented, the long-term success of the combined Horizon and Poseidon businesses (the Combined Group) will depend, amongst other things, on the success of management in integrating the respective businesses and the strength of ma
Slide 40: International Offer Jurisdictions
International Offer Jurisdictions
Slide 41: International Offer Jurisdictions
International Offer Jurisdictions This document does not constitute an offer of new ordinary shares in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia ex
Slide 42: International Offer Jurisdictions (Cont.)
International Offer Jurisdictions (Cont.) HONG KONG WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in
Slide 43: International Offer Jurisdictions (Cont.)
International Offer Jurisdictions (Cont.) SWITZERLAND The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing mate
Slide 44: Appendices
Appendices
Slide 45: Horizon Mineral Resource Estimate
Horizon Mineral Resource Estimate Gold deposits Cutoff Measured Indicated Inferred Total Project Au g/t Mt Au g/t Oz Mt Au g/t Oz Mt Au g/t Oz Mt Au g/t Oz Boorara OP 0.5 1.12 1.22 44,000 6.85 1.28 281,000 2.56 1.26 103,000 10.53 1.27 428,000 Burbanks OP 0.5 - - - 1.43 2.00 92,780 3.43 1.90 204,870
Slide 46: Horizon Ore Reserve Estimate
Horizon Ore Reserve Estimate Cannon Ore Reserve Category Tonnes Au (g/t) Ounces Proven Reserve – – – Probable Reserve 135,000 4.1 17,680 Total Reserve 135,000 4.1 17,680 Boorara Ore Reserve Tonnes Location Reserve Category Au (g/t) Gold Metal (kOz) (Mt) Proved 636.8 1.25 25.7 Boorara Open Pit Probab
Slide 47: Horizon Mineral Resource Estimate
Horizon Mineral Resource Estimate Nimbus silver-zinc project Nimbus All Lodes (bottom cuts 12 g/t Ag, 0.5% Zn, 0.3g/t Au) Category Mt Ag (g/t) Au (g/t) Zn (%) Ag (Moz) Au (kt) Zn (kt) Measured Resource 3.62 102 0.09 1.2 11.9 10 45 Indicated Resource 3.18 48 0.21 1.0 4.9 21 30 Inferred Resource 5.28
Slide 48: Horizon Mineral Resource Estimate
Horizon Mineral Resource Estimate Mt Thirsty nickel-cobalt project (50% Horizon) Mt Thirsty (Cut-off Grade 0.25% NiEq%) Tonnes Grade Contained Metal Category Mt Ni (%) Co (%) Mn (%) Ni (‘000t) Co (‘000t) Mn (‘000t) Mt Thirsty Main (MTTM) Measured Resource - - - - - - - Indicated Resource 30.2 0.51 0
Slide 49: Poseidon Nickel Resources
Poseidon Nickel Resources MINERAL RESOURCE CATEGORY JORC Nickel Sulphide Cut Off MEASURED INDICATED INFERRED TOTAL Complia Resources Grade nce Ni% Ni% Tonnes (Kt) Grade Ni Metal (t) Tonnes (Kt) Grade Ni Metal (t) Tonnes (Kt) Ni% Grade Ni Metal (t) Tonnes (Kt) Ni% Grade Ni Metal (t) Co% Grade Co Meta
Slide 50: Poseidon Gold Resources
Poseidon Gold Resources Windarra Gold Tailings INDICATED Tonnes (t) AU (g/t) Au (oz) Ag (g/t) As (ppm) CU (ppm) Ni (ppm) North Dam 3,902,000 0.78 98,000 1.9 1,805 365 975 South Dam 850,000 0.50 14,000 0.6 645 355 2,533 Total 4,752,000 0.73 112,000 1.7 1,600 363 1,250 INDICATED Tonnes (t) AU (g/t) Au
Slide 51: Mineral Resource & Ore Reserve disclosure
Mineral Resource & Ore Reserve disclosure Confirmations Horizon’s Gold Mineral Resources The information in this announcement 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 Mineral
Slide 52: Mineral Resource & Ore Reserve disclosure
Mineral Resource & Ore Reserve disclosure Confirmations Poseidon Nickel’s Mineral Resources The information in this presentation that relates to Geology and Mineral Resources is based on information compiled and/or reviewed by Mr John Hicks, who is a Member of the Australasian Institute of Mining an
Slide 53: Contact
Contact Grant Haywood Brendan Shalders Managing Director and CEO Chief Executive Officer +61 (08) 9386 9534 +61 (08) 6167 6600 admin@horizonminerals.com.au admin@poseidon-nickel.com.au www.horizonminerals.com.au PO Box 1064 West Perth WA 6872 https://poseidon-nickel.com.au/
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