goldbridges global resources plc -...
TRANSCRIPT
November 2014
GoldBridges Global Resources Plc - A Growth Story Supported by Independently
Appraised Reserve Base
Introducing GoldBridges Global Resources Plc1
2
Listed gold producer with assets in Kazakhstan
Owns 100% of Sekisovskoye gold mine in East
Kazakhstan with reserves of 2.26Moz
Strategic turnaround delivered by major
shareholder following acquisition of stake in
December 2012
Strategy to deliver transformational growth via
higher grade underground mine targeting
>100Koz production
Identified growth opportunities beyond
Sekisovskoye such as adjacent licence -
Karasuyskoye field
Application to move from AIM to LSE listing
1 GoldBridges Global Resources Plc was previously known as Hambledon Mining Plc. It changed its name after an offer was accepted by African Resources to acquire up to 60% of
Hambledon shares.
Investment Highlights
3
Transformational
growth from core asset
to 100Koz p.a.
6 year production track record via open pit at Sekisovskoye; 2013 production of 31Koz gold, 35Koz silver
Move to large underground mine will transform Sekisovskoye output to 100Koz of gold by 2018
Scale, Independently
Appraised Reserves and
Resources
CPR published November 2014 appraising Sekisovskoye JORC reserves of 2.26Moz
Validates both ore body and management strategy; estimates based on substantial drilling program > 170km
Low cost of production,
robust economics
Targeted Sekisovskoye LoM operating costs of US$518/oz
CPR appraised NPV of Sekisovskoye of US$287m at $1,273/oz and $19.65/oz gold and silver price
Growth beyond core
asset
Geological data for Karasuyskoye Goldfields (c.198km2), purchased in October 2013
Adjacent to current operations, potential for synergistic open pit and underground development
Management to continue to identify targets aligned to strategy of becoming regional gold leader
Supportive shareholder
and management team
with proven delivery
track record
Major shareholder a proven operator of gold mines in Kazakhstan; first stage of strategic turnaround delineated
JORC report delivered, project development timeline clear, production growth achieved, cost based reduced
1
2
3
4
5
1518
2119
21
30
13
100
110
100+
0
20
40
60
80
100
120
2008A 2009A 2010A 2011A 2012A 2013A 2014E 2015E 2016E 2017E 2018E 2030E
Go
ld P
ro
du
cti
on
(K
oz
)
Transformational growth from core asset to 100Koz p.a.
– Clear Development Path
4
1
[Source: VermynDeloitte Independent Competent Persons’ Report November 2014, Company data]
6 year production track record –
open pit
African Gold Resources stake
acquisition
Launch underground mine
Anticipated production >
100Koz for [22] years
Estimated Production CAGR
2013A-18E: c. 30%
Projected to deliver > 100Koz gold p.a. by 2017
1H ’14 -
5
Transformational growth from core asset to 100Koz p.a. -
Sekisovskoye Underground- LOM Production Schedule
1
From 2018 estimated gold production averages in excess of 100 koz per annum
Sekisovskoye - Production Results – Significant Improvements
YoY
6
Operating cash cost per ounce of US$903 a 15% reduction from US$1,046 in 2012. Now reduced to US$744/oz in H1 FY14;
Positive FY13 contribution from underground mining of 7,157oz (2012: 3,347oz);
Average FY13 underground grade of 3.5g/t vs 2.75g/t in 2012.
H1 FY14 FY13 FY12 YoY % change
Total ore milled (t) 333,490 701,361 628,731 12%
Gold grade (g/t) 1.42 1.61 1.37 18%
Recovery (%) 83.4 84.3 80.4 5%
Poured gold (oz) 12,694 30,670 22,470 37%
Poured silver (oz) 17,380 34,905 27,198 28%
1
Scale, Independently Appraised Reserves & Resources –
Attractive Ore Body Validated by CPR
7
From -800m
to -1,500masl
Exploration
Targets24,400 4.21 3.3
From -400m
to -800maslInferred 14,700 4.21 1.99
Surface
to -400masl
Probable
Reserves17,2501 4.09 2.26
Indicated 15,7002 5.32 2.67
Inferred 3,500 4.21 0.48
Surface (+350masl)
-400masl
-800masl
-1500masl
1Modifying Factors: Mining losses of 5.9% and mining dilution of 22.4%; an average mining extraction factor of 90% on all the shear zones have been accounted for at mineral reserve estimation; the
average bulk density factor of 2.83t/m3 was applied to obtain the tonnages. [Probable reserves also contain c. 2.98Moz of silver at a grade of 5.37g/t]2 Indicated Resources also contain c. 3,52Moz of silver at a grade of 6.99 g/t .3 Resources are stated inclusive of reserves
[Source: VermynDeloitte Independent Competent Persons’ Report November2014, Company data]
Depth
JORC
classification3
Tonnes
(kt)
Gold grade
(g/t)
Contained
gold (Moz)
2.26Moz reserves
supporting 22 year mine life
Targeting drilling below
-400masl to convert
resources to reserves
Exploration potential below
-800masl of additional
3.3Moz
Attractive Ore Body… Independently Appraised…With Clear Growth
Potential…
2
Scale, Independently Appraised Reserves & Resources –
Encouraging Results from 2014 Drilling Programme To-date, best
holes drilled so far this year.
8
2
Hole
Identification
Number
Northing
(m)
Easting
(m)
RL
(masl)
Azimuth
(Degrees)
Hole Angle
(Degrees)
Hole Length
(m)
Intercept
Start (m)
Intercept
Finish (m)
Interval
(m)
Grade
(g/t)
Best Drill Hole Results for the Near Term Mining Zones
EXP209 7,219.9 6,780.8 263.8 46.4 64.5 17.0 0.0 16.0 16.0 9.8
EXP210 7,219.4 6,780.2 263.9 46.4 85.5 15.0 0.0 8.0 8.0 13.1
EXP269 7,257.0 6,734.2 264.3 46.4 84.0 15.0 0.0 15.0 15.0 9.5
EXP263 7,251.1 6,736.3 264.9 46.4 41.0 12.0 0.0 11.0 11.0 11.0
Best Drill Hole Results for the Mid Term Mining Zones
D316 7,399.1 6,882.5 258.4 225.6 34.0 200.0 137.0 143.0 6.0 8.2
including 181.0 193.5 12.5 15.8
D315 7,399.1 6,882.5 258.1 227.3 42.6 207.0 194.0 207.0 13.0 7.0
D215 7,376.7 6,863.5 262.8 220.6 27.3 157.5 137.0 149.0 12.0 10.0
D226 7,376.7 6,863.5 262.8 235.3 17.1 171.0 153.0 163.2 10.2 13.3
The Best Drill Hole Result for the Deep Drilling
SK-9 7,766.6 6,845.9 0.6 226.4 77.0 645.0 219.0 258.0 39.0 5.5
273.0 285.0 12.0 4.6
567.0 612.0 45.0 6.1
618.0 624.0 6.0 10.8
Low Cost of Production, Drives Robust Economics – Attractive
LoM Cost Position
9Note: Costs exclude MET revenue royalty (5%, metal in the ground)
Activity Cost (US$/oz) Cost (US$/t)
Underground Mining + Contingency 300 33.6
Sustaining/ Maint./ Environ. 72 8.1
Processing 129 14.4
Sales Expenses 2 0.2
G & A 15 1.7
Total Operating Costs 518 58.2
Expected total operating cost of just US$518/oz (including operating contingency) making the underground
operation of Sekisovskoye among the lowest cost in the region
3
Low Cost of Production, Drives Robust Economics -Sekisovskoye
cost base ensure a resilient project
10
NPV sensitivity to key commodity prices
The Sekisovskoye Mine is still a strong investment at lower gold prices
Investment rationale
Discount Rate (%) 9.3
NPV (US$m) 287
IRR (%) 64
Capex- Initial 4 yrs ($USm) 130
Gold Price (US$m) Silver Price (US$m) NPV (US$m)
1400 21 326
1300 20 296
1273 19.65 287
1200 19 258
1050 18 203
900 17 135
750 15 55
3
Low Cost of Production, Drives Robust Economics – Robust
Financial Position
11
(1) Includes a write back of US$9.3M of provisions in FY13 after the successful resolution of the fines imposed from the tailings dam 3 incident in 2011.
Includes US$2m tax credit in H1 FY14
3
FY12 FY13 H1 FY13 H1 FY14
Revenue (US$m) 38.9 42.4 20.0 16.7
Operating profit (US$m) (20.5) 3.1 (2.1) 3.3
Net profit 1 (US$m) (22.1) 1.5 (2.3) 3.8
Total cash flow (US$m) 0.7 (0.4) (1.4) 16.4
Year end (31 Dec/30 June) cash position (US$m) 2.5 2.1 1.3 18.5
Year end (31 Dec/30 June) debt position (US$m) 10.1 10.9 10.0 10.0
Year end (31 Dec/30 June) net debt / (cash) (US$m) 7.6 8.8 8.7 (8.5)
Growth Beyond Core Asset – Karasuyskoye Goldfields
12
Geological data purchased for US$27.5M in October 2013
Adjacent to Sekisovskoye operations
Managements internal estimates potential to contain resources of 9Moz
gold and 16Moz silver
Covers an area of approximately 198 km2
Potential for both open pit and underground mining
Following approval of mining licence next steps will be:
Completion of limited additional verification work
Engagement of geological and mining consultant to undertake CPR
Karasuyskoye provides synergistic production growth potential; combined with Sekisovskoye
could deliver annual gold production of ~400Koz in the future
4
Ken Crichton is a mining engineer with over 27 years’ experience. He was the Chief Executive Officer of ASCOM
Precious Metals Mining. Previously, he worked for 15 years with BHP Billiton in both Australia and Indonesia, including
as the President Director of PT Billiton Indonesia. He is also a non-executive director of Kemin Resources
Ken Crichton, Executive Director
Aidar Assaubayev is an Executive Director of AltynGroup Kazakhstan. He was formerly Executive Vice Chairman of
KazakhGold and formerly Vice President and a Board member of JSC MMC Kazakhaltyn, the gold exploration and
development group. He has completed over $1billion in IPO and M&A transactions in recent years. He was educated at the
Kazakh National Technical University, Almaty, and holds a degree in economics from the Institute of Systemic Analysis in
Moscow
Aidar Assaubayev, CEO
Supportive shareholder and management team with proven
delivery track record – Management and Board
13
5
Rajinder Basra qualified as a chartered accountant with BDO LLP in1990, leaving in 2002 to co-found a chartered
accountancy practice. He has extensive experience advising companies within the natural resources sector, and has worked
with a number of mining and exploration companies based in Kazakhstan. He has more recently been assisting and
advising mining and oil companies preparing for IPO’s and other corporate transactions
Rajinder Basra, CFO and company secretary
Ashar Qureshi is a U.S. qualified lawyer is currently a partner in Freshfields Brukhaus Deringer and was previously a partner with
international law firm Cleary Gottlieb Steen & Hamilton LLP. He is currently Executive Vice Chairman of Luminaire Films, a director of
Hanson Asset Management and a partner of Naya Capital Management. He was educated at Harvard Law School and Harvard College
and holds a Juris Doctor
Ashar Qureshi, Non-Executive Director
William Trew has over 32 years' experience in the mining industry and has served as a director of a number of mining companies. He
holds a B.Eng. (Mech.) Hon. from the University of Wales Institute Science and Technology, and an M.Eng. from Rand Afrikaans
University, Johannesburg
William Trew, Non-Executive Director
Alain Balian was a Deputy Governor of the Central Bank of Lebanon from 2003 - 2008. His earlier experience includes working at
Kleinwort Wasserstein, ABN AMRO Corporate Finance, and Lebanon Invest in mergers and acquisitions, corporate finance, and private
equity
Alain Balian, Non-Executive Director
Kanat Assaubayev is one of Kazakhstan's leading entrepreneurs with a wealth of experience in natural resources. The first Kazakh to get
a doctorate in metallurgy, his early career was in academia where he rose to Chairman of the Metallurgy and Mining Department of the
Kazakh National Polytechnic University. He began his business career in the 1990s and has led a number of natural resources enterprises
to national and international success
Kanat Assaubayev, Chairman
14
Supportive shareholder and management team with proven
delivery track record – Management and Board5
Delivering on Our Promises and Setting Clear Targets
15
Validate Ore
Body
CPR published Oct 2014; >6x increase
JORC reserves
Established
Development
Strategy
Clear path to move underground, attractive
capital profile
Turnaround
Cost profile 15% reduction in operating cash costs
Focus on
Governance &
Engagement
New management team and Board in place
1
2
3
4
1. Deliver 100Koz p.a.
- Production of >100Koz 2017-2030
2. Validate value within existing portfolio
- Conversion of resources to reserves via targeted
drilling below -400m
3. Expand beyond core asset
- Synergistic development of Karasuyskoye,
targeting >400Koz p.a.
4. Commitment to socially responsible
development
- Community relations
- Corporate governance
5. Upgrade listing infrastructure
- Application has been made to migrate from
AIM to a standard listing on LSE
5
Achievements to-date… Key Targets for Coming Years…
16
Appendix
Market Information
17
Share price (p/share) 2.8
Ticker GBGR LN
Issued capital (M) 2,211.30
Market capitalisation (£M) 50.3
3 month average daily volume 2,048,400
Cash (US$m) 18.5
Net cash (US$m) 8.8
Enterprise value (£m) 60.0
Shareholder Structure Share Price Chart
Trading Indicators• Current market capitalization of £50.3m
• The Company’s Nomad is Strand Hanson and Corporate
Broker is Peat & Co
• African Resources is the largest shareholder of the
Company holding 65.1% of total shares outstanding
African
Resources,
65.1%
Blackwill
Trad e , 5.3%
Morstan
Nominees,
5.2%
State Stree t
Nominees,
3.5%
BBHISL
Nominees,
2.3%
The Bank of NY
Nominees,
1.4%Barclayshare
Nominees,
1.3%
0
20
40
60
80
100
120
140
160
180
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Oc
t-1
2
De
c-1
2
Fe
b-1
3
Ap
r-1
3
Jun
-13
Au
g-1
3
Oc
t-1
3
De
c-1
3
Fe
b-1
4
Ap
r-1
4
Jun
-14
Au
g-1
4
Vo
lum
e (m
ln s
ha
es
)
Sh
are
Pri
ce
(G
Bp
)
Volume (RHS) Share Price (LHS)
Near Term Drilling Results For 2014 Drilling Programme To Date
18
Hole
Identification
Number
Northing
(m)
Easting
(m)
RL
(masl)
Azimuth
(Degrees)
Hole Angle
(Degrees)
Hole Length
(m)
Intercept
Start
(m)
Intercept
Finish
(m)
Interval
(m)
Grade
(g/t)
EXP276 7,233.6 6,744.6 276.0 225.6 0 10.5 0 6 6 9.2
EXP226 7,224.8 6,764.4 263.9 46.4 81.0 15 0 15 15 5.9
EXP219 7,225.2 6,772.4 263.9 46.4 64.5 18 4 18 14 6.5
EXP209 7,219.9 6,780.8 263.8 46.4 64.5 17 0 16 16 9.8
EXP210 7,219.4 6,780.2 263.9 46.4 85.5 15 0 8 8 13.1
EXP259 7,248.1 6,738.6 264.2 46.4 57.5 18 1 10 9 6.9
EXP255 7,244.6 6,742.1 264.2 46.4 58.5 18 4 14 10 5.3
EXP240 7,234.4 6,753.0 264.4 46.4 81.5 16 0.5 5.1 4.6 24.1
EXP238 7,234.5 6,753.2 264.8 46.4 30.0 12 0 4 4 17.9
EXP231 7,228.1 6,761.5 263.9 46.4 83.0 14 0 14 14 4.5
EXP271 7,253.8 6,730.1 264.2 226.4 68.5 9 0 8 8 6.1
EXP268 7,257.2 6,734.4 264.7 46.4 53.0 19.5 0 9 9 5.8
EXP269 7,257.0 6,734.2 264.3 46.4 84.0 15 0 15 15 9.5
EXP265 7,251.1 6,736.2 264.2 226.4 89.0 15 0 15 15 4.7
EXP263 7,251.1 6,736.3 264.9 46.4 41.0 12 0 11 11 11.0
Mid Term Drilling Results For 2014 Drilling Programme To Date
19
Hole
Identification
Number
Northing
(m)
Easting
(m)
RL
(masl)
Azimuth
(Degrees)
Hole Angle
(Degrees)
Hole Length
(m)
Intercept
Start
(m)
Intercept
Finish
(m)
Interval
(m)
Grade
(g/t)
D316 7,399.1 6,882.5 258.4 225.6 34.0 200 137 143 6 8.2
and 181 193.5 12.5 15.8
D315 7,399.1 6,882.5 258.1 227.3 42.6 207 194 207 13 7.0
D316A 7,399.1 6,884.5 258.4 226.0 34.6 200.5 182 198.2 16.2 4.4
D215 7,376.7 6,863.5 262.8 217.4 34.0 160.5 124.2 139 14.8 3.0
D215 7,376.7 6,863.5 262.8 220.6 27.3 157.5 137 149 12 10.0
D216 7,376.7 6,863.5 262.8 220.3 18.3 171 149 160 11 6.8
D217 7,376.7 6,863.5 262.8 225.5 48.6 180 169 180 11 5.2
D219 7,376.7 6,863.5 262.8 226.8 33.8 166.5 158 163.3 5.3 8.5
D226 7,376.7 6,863.5 262.8 235.3 17.1 171 153 163.2 10.2 13.3
D225 7,376.7 6,863.5 262.8 235.8 25.2 169.5 148 161.6 13.6 3.1
D223 7,376.7 6,863.5 262.8 235.9 31.9 175.5 154 169.7 15.7 6.4
2014 Deep Drilling
20
Hole
Identification
Number
Northing
(m)
Easting
(m)
RL
(masl)
Azimuth
(Degrees)
Hole Angle
(Degrees)
Hole Length
(m)
Intercept
Start
(m)
Intercept
Finish
(m)
Interval
(m)
Grade
(g/t)
SK-1 7,540.6 7,072.6 0.9 226.4 77.0 771.0 513.0 516.0 3.0 10.3
519.0 522.0 3.0 12.2
546.0 549.0 3.0 18.2
594.0 597.0 3.0 12.4
630.0 633.0 3.0 10.5
705.0 708.0 3.0 12.5
741.0 744.0 3.0 11.5
SK-3 7,596.4 7,015.2 0.8 226.4 77.0 828.0 237.0 240.0 3.0 12.5
258.0 261.0 3.0 14.1
270.0 273.0 3.0 11.2
309.0 312.0 3.0 13.1
336.0 342.0 6.0 9.7
369.0 372.0 3.0 16.3
387.0 390.0 3.0 13.4
399.0 402.0 3.0 10.5
429.0 432.0 3.0 12.5
450.0 453.0 3.0 13.4
477.0 480.0 3.0 11.5
504.0 510.0 6.0 7.8
558.0 561.0 3.0 13.3
591.0 594.0 3.0 10.1
642.0 645.0 3.0 12.7
672.0 675.0 3.0 17.6
702.0 705.0 3.0 14.3
774.0 777.0 3.0 11.6
813.0 816.0 3.0 12.2
SK-6 7,653.4 6,959.1 0.6 226.4 77.0 828.0 213.0 216.0 3.0 10.1
435.0 441.0 6.0 10.9
447.0 453.0 6.0 10.2
462.0 477.0 15.0 6.6
630.0 639.0 9.0 4.8
654.0 663.0 9.0 4.9
SK-9 7,766.6 6,845.9 0.6 226.4 77.0 645.0 219.0 258.0 39.0 5.5
273.0 285.0 12.0 4.6
567.0 612.0 45.0 6.1
618.0 624.0 6.0 10.8
Sekisovskoye – Geological understanding
21
Surface (+350masl)
-400masl
-800masl
-1500masl
Mineralisation – hydrothermal gold deposition in veins and
breccias.
Gold found in:
Tabular orebodies
Stockworks
Veins and lenses
Sekisovskoye Underground – conceptual mine plan
22
Gold Processing – Proven Technology
23
Metallurgy well understood - GBGR has 8 years experience
at Sekisovskoye mine.
Test work on the Sekisovskoye underground ore indicates
84% recovery for gold and 75% for silver, in line with
recoveries achieved processing near surface ore
Environmental and Social Compliance all in Place
24
All regulatory permits are currently in place to allow open pit and underground mines to operate at Sekisovskoye
GBGR operates to the approved Environmental and Social Impact Assessment and reports performance quarterly to
the authorities
Local consultancy group has been engaged to implement in collaboration with staff a suite of USO standards
During the past year, a number of community health programmes have taken place:
Commissioning a new, improved and expanded drinking water reticulation system for the village of
Sekisovska;
Initiating and funding a village clean up programme;
Provision of a garbage truck and bins for the local area;
Installing refuse centres in the local village in co operation with the local municipality; and
Providing anti fungicide treatment for local trees to assist in their preservation
GBGR conducts consultative meetings with its external stakeholder when implementing new mining plans or
changes to existing ones
GBGR makes a 1% of operating costs contribution as required law for compliance with the Environmental laws in
Kazakhstan
Contact us
25
Aidar Assaubayev, CEO
Rajinder Basra, CFO
Louise Wrathall, Investor Relations
+44 (0) 207 932 2456
+44 (0) 7789 602 352
Important notice
26
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