exeter presentation july 2016 - web
TRANSCRIPT
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ONEOFTHEWORLD’SSIGNIFICANTGOLDOXIDE/GOLD-COPPERPROJECTS
TSX:XRCNYSEMKT:XRA
www.exeterresource.com
Caspiche
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Cau$onary Note to U.S. Investors – The United States Securi$es and Exchange Commission (“SEC”) permits miningcompanies in theirfilingswith theSEC todiscloseonly thosemineraldeposits thata companycaneconomicallyandlegally extract or produce. We use certain terms in this presenta$on, such as “inferred resource”, that the SECguidelinesstrictlyprohibitusfromincludinginourfilingwiththeSEC.U.S. investorsareurgedtoconsidercloselythedisclosurecontained inourannualreportonForm20.YoucanreviewandobtaincopiesofourfilingsfromtheSEC’swebsiteathNp://www.sec.gov/edgar.shtml.Thisdocumentandtheinforma$oncontainedinitdonotcons$tuteaprospectusanddonotformanypartofanofferof,orinvita$ontoapplyfor,securi$esinanyjurisdic$on.Poten$alinvestorsshouldnotrelysolelyontheinforma$oncontainedhereinpriortomakingany investmentdecision. Investorsshouldseek independentadvicefromaqualifiedfinanceandinvestmentadvisor,givingdueregardtotheirownpersonalcircumstances,priortoforminganyinvestmentdecision.SafeHarbourStatement -Thispresenta$onmaycontaincertain“forward-lookingstatements”within themeaningoftheUnitedStatesPrivateSecuri$esLi$ga$onReformActof1995.Thesestatementsreflectourcurrentbeliefandarebased upon currently available informa$on. Actual results could differ materially from those described in thispresenta$onasaresultofnumerousfactors,someofwhichareoutsideofthecontrolofExeter.Manyoftheassayresultsandtheeconomicanalysispresentedarepreliminaryandmaynotbeaccurateduetovariousfactors,includingbutnotlimitedtosamplerecoveries,truewidthsandinterpreta$ons.WendellZerb,Exeter´sPresident&CEOanda“qualifiedperson”(“QP”)withinthedefini$onofthatterminNa$onalInstrument43-101,StandardsofDisclosureforMineralProjects,hasreviewedandapprovedthetechnicalinforma$oninthispresenta$on.
Cau$onaryStatement
2!
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• ATrackRecordofSuccess -Threesignificantmineraldiscoveriesinthelastdecade -SpunoutExtorretoshareholdersona1-to-1basis(2010) - wastakenoverbyforC$414MorC$4.26/share(2012)
• Control100%ofCaspiche -M&IMineralResources1:Oxides1.7MozAuEq,Sulphides37.9MozAuEq -Unique:goldoxide,highergradegold/coppercore,largescalegold/copper -StableMiningJurisdic$on-Chile
• Direc$ngRe-valua$on -LowCapexstartupop$ons2,strongeconomics -Caspichesufficientlyadvancedtofasttrackdevelopmentdecisions -Fundamentallyandcompara$velyundervalued -Favorable$mingforselectgoldequi$es
• CashofC$20million.NoDebt.
WhyInvestinExeter?
3!
Thefounda$onforsuccess:TrackRecord,UniqueAsset,Cash
1SeemineralResourcesslidefordetails:OxideM&[email protected]/tAu,1.58g/tAg;SulphideM&I1,[email protected]/tAu,0.20%Cu,1.17g/tAg.2SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.
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CapitalStructure
4!
CapitalStructure(asofJuly1,2016)
CommonSharesOutstanding 88.4M
OpLons 7.4M
FullyDiluted 95.9M
Avg.DailyVolume
NYSEMKT:266kTSX:74k
Cash C$20M
Shareholders
ManagementandInsiders:8%InsLtuLons:33%Retail:59%
AnalystCoverage
TDSecuriLesMr.DanielEarledaniel.earle@tdsecuriLes.com1.416.308.7906
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ManagementandBoardofDirectors
5!
YaleSimpson Co-Chairman
BryceRoxburgh Co-Chairman
RobReynolds Director
JulianBavin Director
JohnSimmons Director
President/CEO WendellZerb,P.GeolGeologist/Capital
Markets–29yrs
CFO CecilBond CA–30yrs
ExploraLon MadhewWilliams–ExploraLonManager,Americas Geologist–24yrs
Development JerryPerkins–VPDevelopment&OperaLons Metallurgist–40yrs
MadhewDorman–StudyDirector Engineer–29yrs
GonzaloDamond–CommercialManager Engineer–21yrs
Corporate RobGrey–VPCorporateCommunicaLons IR–17yrs
StrongBoardofDirectors ExperiencedManagementTeam
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LowGeopoli$calRisk-Chile
6!
Chile:aminingfriendly,poliLcallystable,OECDnaLonTheFraserIns$tute’s2015surveyonoverallrisk(PPI*)placedChile26outof109miningjurisdic$onsand#1inSouthAmerica.(22ndoutof122miningjurisdic$onsin2014)
• World’slargestexporterofcopper.
• Consistentlyrankedasoneofthetopplacestomineintheworld&the#1placetomineinSouthAmerica.
• Clearregula$ons,transparency,well-establishedlegalsystem.
• Skilledlabourforce.
• ManylargeminespermiNed:Escondida,Andacollo,CerroCasale.
*PPIorPolicyPercep]onIndex:measurestheoverallabrac]venessoftheminingjurisdic]onssurveyed.Itincludesuncertain]essurroundingadministra]onofcurrentregula]ons,environmentalregula]ons,legalsystemsandtaxa]onregimes,infrastructure,labourandskillsavailability,andsecurityissues.Source:FraserIns]tute2015&ExeterResourceCorp.
0 10 20 30 40 50 60 70 80 90 100
Ivory Coast California
Northwest Territories Dominican Republic
Uruguay Peru
Nunavut Fiji
Ghana New South Wales
Kazakhstan France
Ethiopia Mexico
Bulgaria Turkey
Burkina Faso Victoria Eritrea
British Columbia Washington
Yukon New Mexico
Montana Colorado
Spain Tasmania
Poland Queensland
Ontario New Zealand
Namibia Minnesota
Serbia Chile
Greenland Morocco
Alaska Quebec
Northern Territory South Australia
Idaho Michigan
Nova Scotia Arizona
Newfl. & Labrad. Botswana Manitoba
Norway Utah
Portugal New Brunswick
Western Australia Alberta Nevada Finland
Saskatchewan Sweden
Wyoming Ireland
Chartincludestop60outof109jurisdic$ons.
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Caspiche-StrategicallyLocated
7!
PortandDesalina]onFacili]es
CardonesPowerSubsta]on
-2X500kVexpansionin2017
CandelariaMine
CopiapoAirport
Caspiche
MaricungaMine
CerroCasale
Exeter’sPeñasBlancasgroundwaterdiscovery
min400L/s
AguasChañar-Industrialwater
LundinPuntaPadrones500L/s
CapMineraPuntaTotoralillo400L/sexpandableto600L/s
LaCoipaMine
50KmAllweatheraccessroadExis]ngpowercooridor3rdpartypipelineroutePoten]alwaterpipelineroute CaseronesMine
PaipoteCuSmelter
3rdpartygroundwaterrights
Volcan
MarteLobo
CerroMaricunga
Esperanza
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Material Class Tonnes(Mt) Au(g/t) Cu(%) Ag(g/t) AuEq1(g/t) AuEq2(Moz)
Oxide Measured 65.9 0.46 - 1.55 0.46 1.0
Oxide Indicated 55.6 0.39 - 1.63 0.40 0.7
TotalOxide M&I 121.5 0.43 - 1.58 0.43 1.7
Sulphide Measured 554.2 0.58 0.23 1.16 1.02 18.3
Sulphide Indicated 727.9 0.48 0.18 1.17 0.84 19.6
TotalSulphide M&I 1,282.1 0.52 0.20 1.17 0.92 37.9
TotalM&I 1,403.6 0.51 0.19 1.20 0.88 39.6
MineralResources
8!
*TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized. 1
PAuandPCuaretheAuandCuprices(US$1,150/ozandUS$2.50/lb,respec$vely),andRAuandRCuaretheAuandCuprojectedmetallurgicalrecoveries,65%and85%,respec$velyforsulphidematerialand78%forAuoxidematerial.2 AuEq (M oz) = resource tonnes * AuEq13PAu,PAgandPCuarethegold,silverandcopperprices(1,250US$/oz,15US$/oz.and2.75US$/lb,respec$vely).RAuandRCuaretheAuandCuprojectedmetallurgicalrecoveriesbasedonanumberofS%thresholds.Foraddi$onalinforma$onseeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec$vedateApril30,2014.
Material Class Tonnes(Mt) Au(g/t) Cu(%) Ag(g/t) AuEq3(g/t)Sulphide Measured 378.6 0.71 0.30 1.30 1.28
Sulphide Indicated 431.6 0.64 0.27 1.40 1.16
TotalSulphide M&I 810.2 0.67 0.29 1.35 1.22
Theoxideandsulphidematerialswerereportedabovecut-offsof0.18g/tAuEqand0.30g/tAuEq,respec$vely:
MineralResourcesundergroundopera$oncut-offgradeof0.75g/tAuEq3:
TheApril2012MineralResourceformedthebasisforthe2014PEA
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ozPlbPCutgAutgAuEq
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tgAgozlbgRR
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9!
EXETERCaspiche:CrossSecLon-GoldValues
BARRICK-KINROSSCerroCasale:CrossSecLon-GoldValues
CaspicheNotJustBig–ScaleableOp$onsCaspichenearsurfacegoldoxide,cohesivehighergradegold-coppercore.
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CaspicheLevelPlanGoldValues
10!
1640feet(500m)
985feet(300m)
HigherGradeCore
DioritePorphyry
500m(1640feet)
300m(985feet)
HigherGradeCoreislargeinscale
DioritePorphyry
Aug/t
Aug/t
HigherGradecore510Mtgrading
0.80g/tAu,0.33%Cuhos]ng23.5MozAuEq1
1Using1g/tAuEqcutoff,SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.
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RecentDevelopmentOp$ons1forCaspiche
11!
Op$on2and3:CombinedOxideGold/SulphideGold-Copper
-LowcostPitextension/HighergradeUGcore-Lowini$alcapexwithaddi$onalcapitaldeferredandsupplementedbycashflow-Compellingeconomics-LOMAuEqproduc$on4.9to14.1millionoz
Op$on1:StandaloneHeapLeachOxideGold
-M&IResources*1.7millionozAuEq-LowCapex-LowStripra$o0.27:1-FavorableLeachKine$cs
FocusingonhighergradeandlowerCAPEX,u$lizingcashflowtofinancefutureCAPEX.
Thinkingbignowmeansstar]ngsmaller…
*RefertotheMineralResourcesslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1,300/ozAu,US$20/ozAg,andUS$3.00/lbCu.
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OpLon1: OpLon2: OpLon3:
Item Unit 30,000tpdstandaloneoxide
Combined:60,000tpdoxide;27,000tpdSulphide(openpit)commencinginyear6
Combined:60,000tpdoxide;27,000tpdSulphide(underground)
commencinginyear3Minelife years 10 18 42AnnualaverageAuEq*Prod. oz 122,000 289,000 344,000LOMProduc$onAuEq ozM 1.27 4.9 14.2Pre-taxNPV@5% US$M 355 967 1,636IRR % 34.7% 27.2% 20.0%PaybackPeriod years 3.4 6.1 7.7Aker-tax27%NPV@5% US$M 252 656 1,144 IRR % 28.5% 21.1% 16.7%PaybackPeriod years 3.6 6.8 8.1CapexSummaryIniLalCapex US$M 251 371 387LOMSustainingCapex US$M 93 926 1,580TotalCapex US$M 343 1,297 1,967CapitalU$liza$onperAuEq*oz US$ 270 264 139OpexSummaryUnitTotalOpexProcessed US$/t 6.5 9.4 20.1CashCostCashCost-AuEq US$/oz 546 486 649TotalCashCost-AuEq* US$/oz 589 551 709AllinSustainingCashcostAuEq* US$/oz 676 752 828C1CashCost-CuEq* US$/lb n/a 1.31 1.77
Threeop$onsforthedevelopmentofCaspiche
12!
1.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1300/ozAu,US$20/ozAg,andUS$3.00/lbCu.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*Goldequivalent(AuEq)valueisbasedongold,silverandcopperrevenues(pricesandrecoveriesinvolved).AuEq[troyoz]=[Aug/t*RecAu*throughputtonnes]/31.1+[Agg/t*RecAg*throughputtonnes]/31.1*silverpricetroyoz/goldpricetroyoz+[[Cu%*RecCu*throughputtonnes]*2204]*copperpricelbs/goldpricetroyoz.RecoveriesareadjustedbasedonmetallurgicalcharacterisUcoftheresource.ForResourceesUmaUonsassumedpricesare$1250/ozAu,$15/ozAgand$2.75/lbforCu.CuEqformulaaccountsforAuandAgozconvertedtolbsCu.
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Project LaIndia Amulsar CoffeeCerro
MaricungaElCasLllo Bombore Karma* Caspiche1
Company AgnicoEagle Lydian KaminakAtacamaPacific
Argonaut Orezone TrueGold Exeter
Loca$on Mexico Armenia Yukon Chile Mexico BurkinaFaso BurkinaFaso Chile
MarketCap($M) $15,244 $253 $500 $27 $601 $145 $267 $144
CashonHand($M) $210 $155 $33 $1 $65 $9 $7 $20
EV($M) $16,409 $98 $467 $26 $536 $137 $261 $124
Reserves/Resources(tonnes&Augrade)
P&P:[email protected]/t
P&P:[email protected]/t
P&P:[email protected]/t
P&P:[email protected]/t
P&P:[email protected]/t
P&P:[email protected]/t
P&P:[email protected]/t
M&I:[email protected]/t
AuEqOunces 0.76Moz 2.4Moz 2.2Moz 3.7Moz 1.2Moz 1.5Moz 0.9Moz 1.7Moz
MineLife(years) 7 10 10 13 11 11 9 10
Throughput(tpd) 16,000 27,000 92,000 80,000 35,000 15,000 11,000 30,000
AuEqProduc$on(oz/yr) 90,000 211,000 1184,00000 228,000 85,000 116,000 92,000 122,000
CAPEX(ini$al)(US$M) $158 $370 $247 $399 n/a $250 $132 $251
GoldPrice(US$/oz) $1,379/oz $1,150/oz $1,150/oz $1,350/oz $1,000/oz $1,250/oz $1,250/oz $1,250/oz
NPV5%(azer-tax)(US$M) $207 $338 $355 $409 $257 $196 $199 $243
IRR(azer-tax) 31% 22% 37% 25% n/a 24% 46% 27%
TotalCashCosts(US$/oz) $426/oz $509/oz $481/oz $864/oz $628/oz $603/oz $630/oz $589/oz
StripRa$o 1.00 2.40 5.70 1.76 0.90 1.07 2.43 0.27
CrushSize(inches) 0.98 0.75 2.00 0.75 0.74 0.98 2.00 1.96
GoldRecoveryRate(%) 80% 87% 86% 79% 70% 87% 87% 80%
ComparableOxideGoldHeapLeachProjects
13!
1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.20%taxrateusedasacompara]ve.2SharepricesasofJune30,2016;financialsasofMarch31,2016orinclusiveofrecentclosedfinancings.AllamountsinC$unlessstatedasUS$.*TrueGoldMiningInc.mergerwithEndeavourMiningcompleted.TrueGoldsharesdelistedasofApril27,2016.DataasofApril27,2016.
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FinalOxideMetallurgicalTestwork
14!
• Recently completed metallurgical test work suggests previously es$mated heap leachrecoveriesofapproximately80%,usedinthe2014PEA1,areconserva$ve.
• Confidencelevelsapproachingfinalfeasibilityrequirements.
• Most important,high recoveries in thefirst six yearsof themineplanalso correspondswiththehighestgradesinthemineplan.
• Metallurgicalprojec$onses$mateheapleachcyanideconsump$onsaveragingabout0.4kg/tonne.
• Poten$al:Higherprojectvalue,fasterpayback,greaterconfidence.
1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.Foraddi]onalinforma]onrefertoExeternewsreleaseNovember12,2014.
FeedSize HeadGrade ExtracLon Reagents
Composite P80mm g/tAu g/tAg %Au %Ag kg/tNaCN kg/tLime
MineralizedGravel -38 0.74 7.6 78.4 32.9 1.27 2.6
Years1&2(1test) -50 0.66 1.1 93.9 90.9 1.25 4.8
Years3&4 -50 0.81 1.4 87.7 62.5 1.29 4.8
Years5&6 -50 0.33 0.9 84.6 50.0 1.06 6.0
Years7&8 -50 0.37 0.8 78.4 38.1 0.97 4.7
Years9&10 -50 0.63 0.4 79.2 50.0 0.82 3.2
Othermaterial -50 0.47 2.1 83.0 57.1 0.89 5.0
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OpLon1: OpLon2: OpLon3:
Item Unit 30,000tpdstandaloneoxide
Combined:60,000tpdoxide;27,000tpdSulphide(openpit)commencinginyear6
Combined:60,000tpdoxide;27,000tpdSulphide(underground)
commencinginyear3Minelife years 10 18 42AnnualaverageAuEq*Prod. oz 122,000 289,000 344,000LOMProduc$onAuEq ozM 1.27 4.9 14.2Pre-taxNPV@5% US$M 355 967 1,636IRR % 34.7% 27.2% 20.0%PaybackPeriod years 3.4 6.1 7.7Aker-tax27%NPV@5% US$M 252 656 1,144IRR % 28.5% 21.1% 16.7%PaybackPeriod years 3.6 6.8 8.1CapexSummaryIniLalCapex US$M 251 371 387LOMSustainingCapex US$M 93 926 1,580TotalCapex US$M 343 1,297 1,967CapitalU$liza$onperAuEq*oz US$ 270 264 139OpexSummaryUnitTotalOpexProcessed US$/t 6.5 9.4 20.1CashCostCashCost-AuEq US$/oz 546 486 649TotalCashCost-AuEq* US$/oz 589 551 709
AllinSustainingCashcostAuEq* US$/oz 676 752 828
C1CashCost-CuEq* US$/lb n/a 1.31 1.77
Threeop$onsforthedevelopmentofCaspiche
15!
1.The2014PreliminaryEconomicAssessmentusesadiscountrateof5%andcommoditypricesofUS$1300/ozAu,US$20/ozAg,andUS$3.00/lbCu.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*Goldequivalent(AuEq)valueisbasedongold,silverandcopperrevenues(pricesandrecoveriesinvolved).AuEq[troyoz]=[Aug/t*RecAu*throughputtonnes]/31.1+[Agg/t*RecAg*throughputtonnes]/31.1*silverpricetroyoz/goldpricetroyoz+[[Cu%*RecCu*throughputtonnes]*2204]*copperpricelbs/goldpricetroyoz.RecoveriesareadjustedbasedonmetallurgicalcharacterisUcoftheresource.ForResourceesUmaUonsassumedpricesare$1250/ozAu,$15/ozAgand$2.75/lbforCu.CuEqformulaaccountsforAuandAgozconvertedtolbsCu.
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StagedDevelopment-CapitalAdvantage
16!1.Capitalrequirementsfundedfromcashflowwerecalculatedusinga20%taxrate,US$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.
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StagedDevelopment-CapitalAdvantage
17!1.Capitalrequirementsfundedfromcashflowwerecalculatedusinga20%taxrate,US$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.
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18!
“BefearfulwhenothersaregreedyBegreedywhenothersarefearful”WarrenBuffet
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16
VSE Index CDNX Index TSX-V Index
SmallCapMiningRalliesandCorrec$ons
19!TSX-VIndexValuestoJune30,2016.Source:CanaccordGenuityCorp.&ExeterResourceCorp.
VSE Index CDNX Index S&P/TSX Venture Exchange Index
-45%
-75%
-40%
-73%
-34%
-81%
- 79%
+ 65%
+ 21% + 91%
+ 23%
+ 88%
+ 84%
+257% +252%
+57%
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XRCSharePerformance
20!Source:BigCharts.
XRC1yr
XRC5+yrs
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HUIGoldIndex
21!
GoldEquityPricesofftheboNombutremainathistoricallymodestlevels
Source:www.bigcharts.com.
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22!
DundeeBullishfactorsforGold
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US$IndexTrend
23!Source:828cloud.worldpress.com
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24!
US$Peaked?LowerUS$Posi$veforGold
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25!
BullionbreakingoutinUS$
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ArizonaStarsharepriceperformance
26!Source:ExeterResourceCorpora]on
ArizonaStar(controlled51%ofCerroCasale)sharepricesufferedbadlypostdiscoveryphaseandwiththedownturnofthebullionpriceinthelate1990’sandearly2000’s.Star]ngin2002,withanewrisingtrendinbullionitssharepriceappreciatedfromC$0.50toitstakeovervalueofC$18.00pershare,or$773million.
250
350
450
550
600
TrendingGoldPriceUS$
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GoldEquivalentResourcestoMktCap
27!
1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.*GoldEquivMoz(AuEq)Resourcetonnes*[Aug/t+{Cu%*Cupricelbs/AuPricetroyoz*0.06857glb/oz*10000}+Agg/t*Agpricetroyoz/Aupricetroyoz].Novagold*50%shareofDonlinandGalore.Reservoir**45%interestassumed.PricingasofMay6,2016.
MassivelyUndervaluedGoldResources
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UndevelopedGoldandGold-CopperProjects
28!
1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.Goldequivalent(AuEq)AuEqg/t=Aug/t+(Cu%*Cupricelbs/AuPricetroyoz*0.06857glb/oz*10000)+Agg/t*Agpricetroyoz/Aupricetroyoz.IncludesP&PReservesandM&ImineralResources.Reflects%interestinprojectofoutlinedcompanies.*Caspichesulphideat0.30g/t,0.75g/tand1.0g/tAuEqcutoff.
Basedonmajority%interest
NovaGold50%
Barrick75%Gabriel80.7%
Goldcorp50%
Reservoir45%
EXETER100%Highestgrade lowestgrade
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LargeDepositsareRare
29!Source:USGlobalResearch.
+3millionouncediscoveriesarescarce
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LeveragetoGold
30!
1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.PricingasofApril1,2016.
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• ATrackRecordofSuccess -Threesignificantmineraldiscoveriesinthelastdecade -SpunoutExtorretoshareholdersona1-to-1basis(2010) - wastakenoverbyforC$414MorC$4.26/share(2012)
• Control100%ofCaspiche -M&IMineralResources1:Oxides1.7MozAuEq,Sulphides37.9MozAuEq -Unique:goldoxide,highergradegold/coppercore,largescalegold/copper -StableMiningJurisdic$on-Chile
• Direc$ngRe-valua$on -LowCapexstartupop$ons2,strongeconomics -Caspichesufficientlyadvancedtofasttrackdevelopmentdecisions -Fundamentallyandcompara$velyundervalued -Favorable$mingforselectgoldequi$es
• CashofC$20million.NoDebt.
WhyInvestinExeter?
31!
Thefounda$onforsuccess:TrackRecord,UniqueAsset,Cash
1SeemineralResourcesslidefordetails:OxideM&[email protected]/tAu,1.58g/tAg;SulphideM&I1,[email protected]/tAu,0.20%Cu,1.17g/tAg.2SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.
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Appendix
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30,000tpdstandaloneheapleachgoldopera$on
• 122,000ozAuEq*peryear• 10yearminelife
• Pre-taxNPV5%ofUS$355million,IRRof34.7%.
• TotalcashcostsUS$589perozAuEq*
• Ini$alCAPEXUS$210million(plusUS$41millioncon$ngency)
• Peakwaterrequirementis44litrespersecond.
Op$on11:30,000tpdHeapLeachGoldOpera$on
33!
ValueGeneralParameters
PlantfeedEst(Tonnes&Grade)(oxide) M&I:[email protected]/tAu&1.62g/tAg
ContainedAuEq 1.6millionounces
Throughput 30,000tpd
MineLife 10yearsStripRa$o(Waste:Ore) 0.27:1GoldRecoveries 80%SilverRecoveries 40%
ProducLonAvg.AnnualAuEqProduc$on 122,000ozAnnualAuEqProduc$on(year1-5)(ounces) 148,000ozLOMAuEqProduc$on 1.27millionoz
CapitalCostsIni$alCapital(incl.Con$ngencyofUS$41M) US$251millionSustainingCapital US$93million
CashCostsTotalCashCosts US$589/ozAllinSustainingCashCost US$676/oz
GoldPriceAssumpLon US$1300/ozValuaLon(aker-tax27%)
NPV(5%) US$252millionIRR 28.5%PaybackPeriod 3.6years
ValuaLon(before-tax)NPV(5%) US$355millionIRR 34.7%PaybackPeriod 3.4years
Nearsurface,lowcapex,lowstrip,withfavorableleachkine]cs
*RefertotheMineralResourcesslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAuandUS$20/ozAg.
TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.
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Sensi$vity-Op$on1
34!
GoldVariability
Sensitivity 30k t/d Heap Leach Open Pit
Item Unit Value Item Unit Value
Pre-tax US$1,100/oz Au After-tax (27% Tax Rate) US$1,100/oz Au
NPV @ 5% US$ M 177 NPV @ 5% US$ M 120 IRR % 21.1% IRR % 17.2%
Payback Period years 4.0 Payback Period years 4.0
Pre-tax US$1,300/oz Au After-tax (27% Tax Rate) US$1,300/oz Au
NPV @ 5% Discount rate US$ M 355 NPV @ 5% US$ M 252 IRR % 34.7% IRR % 28.5%
Payback Period years 3.4 Payback Period years 3.6
Pre-tax US$1,500/oz Au After-tax (27% Tax Rate) US$1,500/oz Au
NPV @ 5% US$ M 533 NPV @ 5% US$ M 381 IRR % 47.3% IRR % 38.6%
Payback Period years 2.9 Payback Period years 3.1
30,000tpdstandaloneheapleachopera]on
1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.
Basedon2013/14costs• higherinputcosts–fuel,consumables,power,etc• unfavorableChileanPesoexchange• op]mizedMetworknotincluded
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Capex,Opex–Op$on1,2014PEA
35!
OP Opex Unit Value Crushing US$/t 0.26 Leaching US$/t 2.35
ADR US$/t 0.17 Reagents Plant US$/t 0.03
G&A US$/t 0.42 Power Supply US$/t 0.02 Water Supply US$/t 0.12
Total US$/t 3.36
OP Mine Opex Unit Unit Cost Loading US$/t 0.44 Hauling US$/t 0.64 Drilling US$/t 0.15 Blasting US$/t 0.32 Ancillary US$/t 0.21 Support US$/t 0.10
Eng. & Adm US$/t 0.19 Pit Dewatering US$/t 0.00
Labour US$/t 0.68 Leasing US$/t 0.40
Total US$/t 3.13
Open Pit Mining - Costs per tonne of material processed
Area Initial Sustaining Total US$ M US$ M US$ M
Mine Direct & Indirect Costs 36 6 42
Pre-stripping 13 0 13 Dispatch 1 0 2
Other Investments 9 4 12 Leasing 13 2 15
Oxide Plant Direct Costs 120 58 178
Crushing 16 0 16 Leaching 29 58 87
ADR 12 0 12 Reagents 1 0 1
Infrastructure 16 0 16 Power supply 3 0 3 Water supply 43 0 43
Plant Indirect Cost 54 11 65
Contingency 41 18 59
Mine 6 1 7 Plant 35 17 52
Total Cost 251 93 344
Some rows and columns may not sum due to rounding
30,000tpdstandaloneheapleachopera]on
1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.
Costs per tonne of material processed
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60,000tpdopenpitheapleachgold27,000tpdopenpitAuCu(year6)• Average289,000ozAuEq*or125
MCuEqlbperyear• 18yearminelife• LOMProduc$on4.9MozEq*• TotalcashcostofUS$551peroz
AuEq*
• Ini$alCAPEXUS$375million• Sustainingandclosurecostsare
es$matedatUS$924million• Pre-taxNPV5%ofUS$967million
andanIRRof27.2%
• Peakwaterrequirementis185litrespersecond.
Op$on21:HeapLeachGoldtoOpenPitGoldCopperOpera$on
36!
ValueGeneralParameters
PlantfeedEst(Tonnes&Grade)(oxide) M&I:[email protected]/tAu&1.54g/tAgPlantfeedEst(Tonnes&Grade)(Sulphide) M&I:[email protected]/tAu&0.27%CuLOMOpera$ngCost US$/t14.4“ore”Throughput 60,000tpd(oxide);27,000tpd(sulphide)MineLife 18yearsStripRa$o(Waste:Ore) 1:1GoldRecoveries 80%(oxide);75%(sulphide)CopperRecoveries 89%(sulphide)
ProducLonAvg.AnnualAuEqProduc$on 289,000ozAvg.AnnualCuEqProduc$on 125millionlbsLOMAuEqProduc$on 4.9millionoz
CapitalCostsIni$alCapital(Incl.Con$ngency) US$371millionAddi$onalCAPEX(incl.sustainingandclosure) US$926million
CashCostsTotalCashCosts US$551/ozAllinSustainingCashCost US$752/ozC1CashCost US$1.31/lb
GoldPriceAssumpLon US$1300/ozValuaLon(aker-tax27%)
NPV(5%) US$656millionIRR 21.1%PaybackPeriod 6.8years
ValuaLon(before-tax)NPV(5%) US$967millionIRR 27.2%PaybackPeriod 6.1years
Acceleratedheapleach;extendedAuCusulphideopenpit
*RefertoCompleteMineralResourcesslideintheAppendixfordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.
TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.
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60,000tpdopenpitheapleachgold27,000tpdundergroundgoldcopper(year3)
• Average344,000ozAuEq*or147MlbCuEqperyear
• 42yearminelife
• TotalcashcostsUS$709perozAuEq*
• Ini$alCAPEXUS$387million
• SustainingcapitalUS$1.58billion
• Pre-taxNPV5%ofUS$1.64billion,IRRof20.0%
• Peakwaterrequirementis151litrespersecond
• Lowerimpactenvironmentally.
Op$on31:HeapLeachGoldtoUndergroundHGGoldCopper
37!
ValueGeneralParameters
PlantfeedEst(Tonnes&Grade)(oxide) M&I:[email protected]/tAu&1.62g/tAgPlantfeedEst(Tonnes&Grade)(Sulphide) M&I:[email protected]/tAu&0.35%CuLOMOpera$ngCost US$/t30.1“ore”Throughput 60,000tpd(oxide);27,000tpd(sulphide)MineLife 42yearsStripRa$o(Waste:Ore) 0.27(oxide);n/a(sulphide)GoldRecoveries 80%(oxide);77%(sulphide)CopperRecoveries 90%(sulphide)
ProducLonAvg.AnnualAuEqProduc$on 344,000ozAvg.AnnualCuEqProduc$on 147millionlbsLOMAuEqProduc$on 14.2millionoz
CapitalCostsIni$alCapital(incl.Con$ngency) US$387millionAddi$onalCAPEX(incl.sustainingandclosure) US$1.58billion
CashCostsTotalCashCosts US$709/ozAllinSustainingCashCost US$828/ozC1CashCost US$1.77/lb
GoldPriceAssumpLon US$1300/ozValuaLon(aker-tax27%)
NPV(5%) US$1.144billionIRR 16.7%PaybackPeriod 8.1years
ValuaLon(before-tax)NPV(5%) US$1.636billionIRR 20.0%PaybackPeriod 7.7years
Acceleratedheapleach;transi]oningtoundergroundgoldcoppersulphideopera]on
*SeeMineralResourceslidefordetails.1SeeExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.2Basecaseassumesa5%discountratewithcommoditypricesofUS$1,300/ozAu,US$3.00/lbCu,andUS$20/ozAg.
TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.
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Sensi$vity–M&IMineralResources
38!
Gold–Coppersulphidemineraliza]on-highergradezone
1SeeMineralResourcesslideandExeterwebsiteorSedar,AmendedNI43-101TechnicalReportontheCaspicheProject.Effec]vedateApril30,2014.TheeconomicanalysiscontainedinthePEAisconsideredpreliminaryinnature.ThereisnocertaintythateconomicforecastsoutlinedinthePEAwillberealized.
AuEq Cut-off Mt Au (g/t) Ag (g/t) Cu (%) AuEq6 (g/t) Au Moz Cu Mlbs AuEq Moz
0.60 1,063.2 0.60 1.26 0.26 1.09 20.5 6094.3 37.3
0.65 974.8 0.62 1.29 0.27 1.13 19.4 5802.5 35.4
0.70 891.4 0.65 1.32 0.28 1.18 18.6 5502.2 33.8
0.75 813.7 0.67 1.35 0.29 1.22 17.5 5,202.4 31.9
0.80 742.2 0.70 1.37 0.29 1.26 16.7 4745.3 30.1
0.85 675.6 0.72 1.39 0.30 1.31 15.6 4468.3 28.5
0.90 612.7 0.75 1.41 0.31 1.35 14.8 4187.4 26.6
0.95 558.7 0.77 1.43 0.32 1.39 13.8 3941.8 25.0
1.00 510.1 0.80 1.45 0.33 1.43 13.1 3710.8 23.5
1.05 462.2 0.82 1.48 0.34 1.47 12.2 3464.7 21.8
1.10 415.4 0.85 1.50 0.35 1.52 11.4 3205.6 20.3
1.15 375.1 0.87 1.51 0.36 1.56 10.5 2977.1 18.8
1.20 342.2 0.89 1.53 0.37 1.60 9.8 2791.7 17.6
1.25 311.4 0.92 1.56 0.38 1.63 9.2 2608.3 16.3
1.30 281.9 0.94 1.59 0.38 1.67 8.5 2361.3 15.1
1.35 253.8 0.96 1.63 0.39 1.71 7.8 2182.0 14.0
1.40 226.7 0.99 1.66 0.40 1.75 7.2 1998.9 12.8
1.45 198.7 1.02 1.69 0.40 1.79 6.5 1752.3 11.4
1.50 177.1 1.05 1.71 0.41 1.83 6.0 1600.3 10.4
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WendellZerb,P.Geol,President&CEO(29yearsexperience)Mr.Zerbhasextensiveexperienceinthemining/mineralresourcesector.Histechnicalexperienceincludesseniorposi$onsingenera$vemineralexplora$on,development,andopenpitandundergroundminingofbaseandpreciousmetals.Inthecapitalmarkets,Mr.ZerbhaspreviouslyservedasDirector,ResearchAnalyst,MetalsandMining(CanaccordGenuityInc.),VicePresidentofResearchandIns$tu$onalSales,andPresidentandCEOofawhollyownedUSsubsidiary(PIFinancial).
CecilBond,CA,ChiefFinancialOfficer(30yearsexperience)Mr.Bondhasservedvariousposi$onsinanumberofpublicexplora$oncompanieswithac$vi$esinCanada,SouthAmerica,Africa,EuropeandAustralia.Throughouthiscareer,Mr.Bondhasmanaged$700millionintransac$ons,includingthesaleofExtorreGoldMinesLtd.toYamanaGoldin2012azersuccessfullyspinningitoutofExeterin2010.
JerryPerkins,VPDevelopmentandOpera$ons(40yearsexperience)Mr.Perkinsisachemicalengineerwithover40years’experienceintheminingandmetallurgysectorintechnical,opera$onalandcorporatemanagementposi$onsinNSW,Queensland,Tasmania,Australia,Africa,theUK,andPapuaNewGuinea.Mr.Perkinsspecializesinmineralprojectdevelopmentprogramsandfeasibilitystudies,mineproduc$onandcommissioning,testwork/R&Dprograms,engineeringandprocessdesign,opera$onsmanagement,andprojectdevelopmentandop$miza$on.
RobGrey,VPCorporateCommunica$ons(17yearsexperience)Mr.GreyisaBusinessgraduatewith10yearsexperienceinequitysalesand17yearsexperienceinInvestorRela$onsinthejuniorminingsector.Mr.Greyworksdirectlywithseniormanagement,andinvestorsattheins$tu$onalandretailslevels.
MaNhewWilliams,BAScinAppliedGeology,Explora$onManager-South&NorthAmerica(24yearsexperience)Mr.Williamshasmorethan22yearsofexperienceinmineralexplora$on,specializingingeologicalappraisalofbaseandgoldmetalminingprojectsinAustralia,theDominicanRepublic,W.A.,Australia,Mexico,Nevada,USA,Panama,Argen$na,andChile.Mr.WilliamsservedasExplora$onManageroftheDonSixtoProject,CerroMoro,andearlyac$vi$esatCaspiche.
GonzaloDamond,CommercialManager(21yearsexperience)Mr.DamondisanIndustrial/Electrical/CivilEngineerwithopera$onalandmanagerialexperiencewithinsignificantmul$na$onalcompanies,includingraillogis$csbetweenArgen$naandBrazil,andintermodalopera$onsforChileanports.Hehasmanagedthedesign,organiza$onandcommissioningoflargedistribu$oncenters,andhassubstan$alexperienceinpurchasemanagement,includingthenego$a$onofsupplycontracts.Throughtheseexperiences,Mr.Damondhasbuiltconstruc$verela$onshipswithcommuni$es,clients,tradeunionsandGovernmentauthori$es.
MaNhewDorman,CaspicheStudyManager(29yearsexperience)Mr.Dormanisaprojectmanagerwithover29yearsofinterna$onalexperienceintheminingsector,specializingintechnicalduediligencestudies.Mr.Dormanhasalsomanagedthedesignandconstruc$onofgoldminesinUzbekistan,Tajikistan,SaudiArabia,UruguayandHonduras,andofcopperprojectsinChile,Peru,andKazakhstan.
Management
39!
Drivingfuturesuccesswithexperience
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BryceRoxburgh,AusIMMCo-Chairman(41yearsexperience)Managedtheexplora$onteamsthatdiscoveredtheSelwyn,RedDomeandJunc$onReefore-bodiesinAustralia,theDinkidiore-bodyinthePhilippines,andtheDonSixtodepositinArgen$na.HeestablishedExeterin2003andsubsequentlydiscoveredCaspicheinChileandCerroMoro(ExtorreGoldMinesLtd.)inArgen$na.
YaleSimpson,Co-Chairman(41yearsexperience)Anexperienced,seniorgeologist,explora$onmanagerandCEOofcompaniesinvolvedinpreciousmetalsprojectsinAustralia,Africa,EasternEuropeandSouthAmericawithpar$cularexper$seinstrategicresourceplanning,financingandcorporatecommunica$ons.
RobertG.Reynolds,CA(32yearsexperience)Servedinvariousposi$onsresponsibleforcorporateplanning,financeandadministra$on.Mr.Reynoldspar$cipatedinthedevelopmentoftheGrannySmithandKanownaBelleminesinAustralia,andtheHartleyPla$numMineinZimbabwe.Mr.ReynoldsalsoservedasChairmanofAvocaResourcesLtd.un$litsmergerwithAnatoliaMineralsDevelopmentLtd.in2011.
JulianBavin,BSc,MSc(32yearsexperience)Gainedtechnical,opera$onandcommercialexperienceinmineralexplora$oninSouthAmerica,Australia,Indonesia,andEuropethroughhisexperiencewiththeRioTintoGroup.From2001to2009,Mr.Baviniden$fiedthepoten$alinarangeofprojectsincludingthePRCpotashandAltarcopper/goldprojectsinArgen$na,theMinaJusta,ConstanciaandLaGranjacopperprojectsinPeru,andtheAmargosabauxiteprojectinBrazil.
JohnSimmons,CA(42yearsexperience)Con$nuestomanageanaccoun$ngprac$ceinAustralia,whereMr.Simmonshasextensiveexperienceadvisingontaxa$on,strategicplanning,financialmanagementandgeneralbusiness.Hemaintainsanac$veinvolvementintheminingindustrythoughassocia$onwithanopera$ngminingcompany.
BoardofDirectors
40!
Astrongfounda]on
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“Developmentop]onsatCaspiche,whethermodestorlargerscale,deliverstrongeconomicreturnsatcurrentmetalprices.Ourabilityintoday’smarkettofocusonadvancingthe1.7millionouncegoldoxideopenpitissensibleandachievable.Importantlyforshareholders,
withfutureelevatedgoldandcoppermarkets,webelievethevalueoftheverylargeCaspichegold-copperinventorywillbeastrongvaluedriverforExeter.Caspicheisunique,represen]ngoneofonlyafewscalabledevelopmentprojectsthatisnotyetcontrolledbya
majorcompany.”Co-ChairmanofExeter,YaleSimpson.