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TRANSCRIPT
Investor Presentation
May 2017
GROWTH THROUGH CASH FLOW
Forward Looking Statements: There are risks associated with an investment in the shares ofCentamin. Recipients of this presentation should review the risk factors and otherdisclosures regarding Centamin contained in the preliminary prospectus and subsequentannual reports and Management Discussion and Analysis reports of Centamin that havebeen filed with Canadian securities regulators and are available at www.sedar.com.
It should be specifically noted that the potential quantity and grade from the Sukariunderground mine is conceptual in nature, that there has been insufficient exploration todefine a mineral resource and that it is uncertain if further exploration will result in thetarget being delineated as a mineral resource.
This presentation contains "forward-looking information" (or "forward-looking statements")which may include, but are not limited to, statements with respect to the future financial oroperating performance of the Company, its subsidiaries and its projects (including the SukariProject), the future price of gold, the estimation of mineral reserves and resources, therealization of mineral reserve estimates, the timing and amount of estimated futureproduction, revenues, margins, costs of production, capital, operating and explorationexpenditures, costs and timing of the development of new deposits, costs and timing ofconstruction, costs and timing of future exploration, the timing for delivery of plant andequipment, requirements for additional capital, foreign exchange risk, governmentregulation of mining and exploration operations, environmental risks, reclamation expenses,title disputes or claims, insurance coverage and the timing and possible outcome of pendinglitigation and regulatory matters. Often, but not always, forward-looking statements can beidentified by the use of words such as "plans", "hopes", "expects", "is expected", "budget","scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations(including negative variations) of such words and phrases, or state that certain actions,events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking information involves and is subject to known and unknown risks,uncertainties and other factors which may cause the actual results, performance orachievements of the Company and/or its subsidiaries to be materially different from anyfuture results, performance or achievements expressed or implied by the forward-lookinginformation. Such factors include, among others, general business, economic, competitive,political and social uncertainties; the actual results of current exploration activities andfeasibility studies; assumptions in economic evaluations which prove to be inaccurate;fluctuations in the value of the United States dollar and the Canadian dollar relative to eachother, to the Australian dollar and to other local currencies in the jurisdictions in which theCompany operates; changes in project parameters as plans continue to be refined; futureprices of gold and other metals; possible variations of ore grade or recovery rates; failure ofplant, equipment or processes to operate as anticipated; accidents, labour disputes or slowdowns and other risks of the mining industry; climatic conditions; political instability,insurrection or war; arbitrary decisions by governmental authorities; delays in obtaininggovernmental approvals or financing or in the completion of development or constructionactivities. Discovery of archaeological ruins of historical value could lead to uncertain delaysin the development of the mine at the Sukari Project.
Although the Company has attempted to identify important factors that could cause actualactions, events or results to differ materially from those described in forward-lookinginformation, there may be other factors that cause actions, events or results to differ fromthose anticipated, estimated or intended. Forward-looking information contained herein ismade as of the date of this presentation and the Company disclaims any obligation toupdate any forward-looking information, whether as a result of new information, futureevents or results or otherwise. There can be no assurance that forward-looking informationor statements will prove to be accurate, as actual results and future events could differmaterially from those anticipated in such information or statements. Accordingly, readersshould not place undue reliance on forward-looking statements.
Competent Persons: Information in this presentation which relates to exploration, geology,sampling and drilling is based on information compiled by geologist Mr Andrew Pardey andChristopher Boreham (Underground Manager) who, as members of the AustralasianInstitute of Mining and Metallurgy each have more than five years’ experience in the fieldsof activity being reported on, and are ‘Competent Persons’ for this purpose and are“Qualified Persons” as defined in “National Instrument 43-101 of the Canadian SecuritiesAdministrators”. Refer to the latest technical report entitled “Mineral Resource and ReserveEstimate for the Sukari Gold Project, Egypt” effective 30 June 2015 and dated 23 October2015 and filed on SEDAR at www.sedar.com, for further discussion of the extent to whichthe estimate of mineral resources/reserves may be materially affected by any knownenvironmental, permitting, legal, title, taxation, socio-political, or other relevant issues.
DISCLOSURES2
STRATEGY: CONTINUED DELIVERY OF VALUE-DRIVEN GROWTH3
OPERATIONAL TRACK RECORD
Self-performing approach to operations
Sukari staged expansion delivered on budget
Strong production and cost track record
OPTIMISING PRODUCTION
Further production upside & cost reduction
Significant reserve expansion potential
FREE CASH FLOW
Low-cost producer: 2017 forecast of 540koz at US$790/oz AISC
Sukari a top 20 global mine by production
Expected +20 year mine life
SHAREHOLDER RETURNS
Competitive dividend policy; US$178m 2016 payout
US$291m cash & liquid assets*; no debt or hedging
Responsible custodians: excess cash will be returned
NEXT-STAGE GROWTH
Significant exploration potential at Sukari
Explore to develop in priority areas
Near- & long-term growth potential in West Africa
* as at 31st March 2017
CENTAMIN AT A GLANCE4
Sukari Gold Mine, Egypt Operating mine
• Production since 2010
• One of ~20 mines to produce >500,000oz in 2016
• >2.4Moz produced to date
• 14Moz Measured & Indicated resource
• 8.8Moz reserve*
• Expected +20-year mine life
• c.US$1.1 billion capital costs#
have been recovered
Côte D’IvoireExploration
• 2,377km2 licence holding + 4,008km2
under application
• New discovery with 0.3Moz Indicated and 1.0Moz Inferred resource
• Highly prospective for laterally extensive near-surface mineralisation
• >85,000m drilled to date
Burkina FasoExploration
• c.2,200km2 licence holding
• 160km district-scale greenstone belt
• Resource of 1.9Moz Indicated and 1.3Moz Inferred at Konkera
• Systematic drilling of multiple prospects
• >350,000m drilled to date * as of 30 June 2015 and before subsequent mining depletion# exploration, development and expansion costs
SUKARI: A LOW-COST +500koz p.a. MINE…WITH UPSIDE5
2017 guidance: 540,000oz at US$580/oz cash cost of production and US$790/oz AISC
Q1 production 109,187oz at US$734/oz cash cost of production and US$887/oz AISC
• Open pit grades are planned to increase through 2017
Targeting further production growth and cost reduction
• PROCESSING – US$6m secondary crusher upgrade to target milling rates >12Mtpa (vs 2017 forecast 11.75Mt)
• UNDERGROUND – upside to 2017 forecast from existing Amun/Ptah decline of 1Mt at 7.3g/t
• CLEOPATRA – exploration decline being developed to
same specification as Amun/Ptah
• OPEN PIT – fleet capacity in excess of current forecast with potential to further optimise mine plan
0
100
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700
2010 2011 2012 2013 2014 2015 2016 2017F
,00
0 o
un
ces
Au
Further growth potential at Sukari and in West Africa
400
500
600
700
800
900
1,000
2010 2011 2012 2013 2014 2015 2016 2017F
US$
per
ou
nce
AISC
Cash Operating Cost
MAINTAINING FINANCIAL DISCIPLINE6
* US$250m AISC cash flows less c.US$100m profit share – based on guidance production/costs and a US$1250/oz gold price. Net cash flow is defined as per the dividend policy as cash flows after sustaining capital costs and following the payment of Profit Share due to the Government of Egypt
c.US$1.1 billion of total capital costs recovered
Strategic objectives:
CASH GENERATION – optimising producing assets
SHAREHOLDER RETURNS – a disciplined approach to capital allocation
RETURNS-LED GROWTH – delivering shareholder value over the long-term
US$291m cash and liquid assets at end-Q1 2017
• No debt and no hedging
Full-year 2017 forecast Sukari net cash flow* of US$150m
Dividend policy to pay out at least 30% of net cash flow*
Higher payments if excess cash is not required for growth
0
50
100
150
200
250
300
350
2010 2011 2012 2013 2014 2015 2016 2017F
US$
mill
ion
surplus free cash flow costs recovered from FCFprofit share* royaltySukari operational free cash flow*
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
2016
Cen
tam
in
Hig
hla
nd
Go
ld
Reg
is
Pan
Afr
ican
Sib
anye
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ay
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ny
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ld F
ield
s
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etal
Aca
cia
2017
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on
Res
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Ala
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Shan
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Bu
enav
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Hec
la
Div
ide
nd
Yie
ld*
AN INDUSTRY-COMPETITIVE DIVIDEND7
Source: SNL* dividend yields based on share prices on 10/05/17 and 2016 payout for peer companies# as set out in the dividend policy wording – forecast 2017 yield is for illustrative purposes only, using production and cost guidance and a gold price of US$1,250 per ounce
>100 further gold producers that do not pay a dividend
Full-year dividend Interim dividend Final dividend
2014 2.86 cents (US$33m) 0.87 cents (US$10m) 1.99 cents (US$23m)
2015 2.94 cents (US$34m) 0.97 cents (US$11m) 1.97 cents (US$23m)
2016 15.50 cents (US$179m) 2.00 cents (US$23m) 13.50 cents (US$156m)
Minimum expected 2017 payout (30% of net cash flow after Profit Share)#
8
INVESTING IN THE LONG-TERM THROUGH EXPLORATION
• We are building an experienced team –new group exploration manager
• We continue to evaluate M&A opportunities
0
10
20
30
40
50
US$
m
Sukari** Côte d'Ivoire Burkina Faso
Source: SNL* 2016 spend for Centamin vs. publicly disclosed 2015 spend for peer companies
** US$10.5m, of which US$7.5m is included in AISC
Exploration expenditure*
• Centamin’s “explore to develop” strategy is focused on:
Significant land holdings in prospective regions
Stable jurisdictions with attractive fiscal regimes
Self-performing, self-funding and staged development approach
Becoming a multi-asset gold producer maintaining a lowest-
quartile cost profile
Creating long-term returns on shareholders capital
LONG LIFE, LOW COST & FURTHER GROWTH POTENTIAL9
CEY
PRU
TZG
RSG
EDV
IMGACA
RRSBTO
SMFASR
500
600
700
800
900
1000
1100
1200
1300
0.0 5.0 10.0 15.0 20.0
AIS
C (
US$
/oz)
(1)
Implied Reserve Life (years) (2)
(1) based on company guidance for the current fiscal year (consensus analyst forecast of AISC for RRS)(2) quoted reserves of currently producing assets divided by most recent production forecast
Bubble size = production (1)
Reserve growth potential through
exploration
Further production & cost upside at Sukari
A SAFE, EFFECTIVE AND MOTIVATED WORK FORCE10
• Workforce
- Sukari has c.1,340 direct employees and c.520 contractors
- 96% are Egyptian
- West Africa has 139 direct employees and 56 contractors
• Targeting “zero harm”
- Every employee and contractor should go home unharmed
at the end of shift
- Health and safety training an absolute priority
- Health, Safety and Environmental policies established
across all sites
- Comprehensive HSE related training matrices
- Motivating and providing resources to maintain a healthy
lifestyle
- Employees are encouraged to take safety practices home
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1.00
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1.40
2010 2011 2012 2013 2014 2015 2016
Suka
ri L
TIFR
per
200
,000
ho
urs
SUKARI OPEN PIT: A 20-YEAR LIFE OF MINE11
Final open pit shell(20-yr mine life)
LOM ore remaining in reserve*:213Mt @ 1.08g/t = 7.43Moz
* basis 2015 reserve statement, net of depletion to end March 2017
To end--March 2016
OP ore mined kt 66,117
OP waste mined kt 231,644
Total tonnes mined kt 297,761
Strip ratio x 3.5
Mined grade g/t 0.89
In-situ ounces mined koz 1,899
SUKARI UNDERGROUND: 201712
Cleopatra exploration decline and planned 2017 drilling
Existing Amun/Ptah development (blue) and stoping (black)
2017 planned development (orange)
and stoping (red)
Ptah Amun
SUKARI UNDERGROUND: LONG LIFE OF MINE13
Recent high-grade UG drilling results (post-June 2015 reserve estimate; 2017 Q1 results in blue)
20
UG grade (g/t Au)
7
5
Final open pitc.1,550Mt ore + waste
AmunInitial focus area
for mining.
PtahLife-of-mine access to
depth extents.
Stopes mined to date
1.1m @ 30.6g/t
N
2.5 km
Amun – Looking north
2.8m @ 65.1g/t
2.0m @ 17.4g/t
3.0m @ 87.8g/t
1.0m @ 36.5g/t0.7m @ 2,745g/t
3.0m @ 40.0g/t
3.6m @ 35.0g/t
1.0m @ 83.0g/t
2.2m @ 471.5g/t
2.1m @ 30.3g/t
4.5m @ 103.0g/t
1.6m @ 121.0g/t
9.5m @ 78.4g/t
4.0m @ 56.5g/t
2.6m @ 108.2g/t
2.3m @ 110.7g/t
0.75m @ 23.2g/t
2.25m @ 43.0g/t
1.4m @ 314g/t
3.0m @ 47.5g/t
0.5m @ 134g/t
0.6m @ 11.2g/t
1.0m @ 17.0g/t
3.6m @ 8.3g/t
1.0m @ 7.7g/t
1.3m @ 20.8g/t
1.0m @ 39.6g/t
0.4m @ 72.6g/t
2.0m @ 20.2g/t
2.1m @ 4.4g/t
3.4m @ 13.0g/t
3.5m @ 12.2g/t 10.7m @ 3.6g/t
2.0m @ 7.1g/t
2.7m @ 5.5g/t
1.0m @ 40.1g/t
0.8m @ 570g/t2.7m @ 8.5g/t
0.5m @ 20.1g/t
4.5m @ 5.9g/t
2.5m @ 7.6g/t
2.2m @ 88.3g/t
CleopatraExploration decline
FOCUS ON COST CONTROL14
OPEN PIT US$ PER TONNE MINED PROCESSING US$ PER TONNE MILLEDUNDERGROUND US$ PER TONNE MINED*
• Downward trend in operating costs per tonne mined/milled
• Reduction across key drivers in 2017 – fuel, consumables, contractors
• Floating and revaluation of the Egyptian Pound in Q4 2016
• Potential for further operational efficiencies
*Cost of stoping divided by the ore tonnes mined from stoping. Note that development is treated as a sustaining capital cost
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*1.9Moz Indicated & 1.3Moz Inferred resource at Konkera (Batie West project in Burkina Faso); 0.3Moz Indicated and 1.0Moz Inferred resource at Doropo project in Côte d’Ivoire
• >4,500km2 total licence holding +
c.4,000km2 under application
• 1.9Moz Indicated and 1.3Moz
Inferred resource* at Konkera
• New discovery at Doropo with
0.3Moz Indicated and 1.0Moz
Inferred resource*
• Multiple high-grade and near
surface prospects along highly
prospective belts
WEST AFRICA: DISTRICT SCALE EXPLORATION
EXPLORATION EXPENDITURE
Q1 2017 2017F
Burkina Faso US$2m US$13m
Côte d’Ivoire US$3m US$12m
Total US$5m US$25m
DOROPO PROJECT, CÔTE D’IVOIRE: A NEW DISCOVERY16
• Maiden resource:
0.3Moz at 1.6g/t Indicated
1.0Moz at 1.3g/t Inferred
(at 0.5g/t cut-off)
• Main prospects are within a 5km
radius
• Structurally-controlled
mineralisation within granitoids
• Similar geology and structural
trends as the Napelapera
prospect in Burkina Faso
• Positive initial metallurgical tests
RETURNING CASH FLOWS & FUNDING NEXT-STAGE GROWTH17
250
156
45
60
100
2025
0
100
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300
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600
US$
mill
ion
Cash and liquid assets*
Cash inflow
Free cash flow / dividend
Cash outflow
Minimum 30% of net cash flow
Illustrative 2017 cash flows#
# for illustrative purposes only and uses production and cost guidance and a gold price of US$1,250/oz, in order to show how the profit sharing and dividend mechanisms work. This is not a forecast and estimated cash flows are to the nearest US$5m* cash and liquid assets is a non-GAAP measure defined as cash and equivalents, bullion on hand, gold sales receivables and available-for-sale financial assets** at policy minimum to pay “at least 30% of the Company’s net cash flow after sustaining capital costs and following the payment of Profit Share due to the Government of Egypt”
GROWTH COMPANY, DELIVERING RETURNS18
• World class Sukari gold mine in Egypt
• +20 years expected mine life
• US$291m cash & liquidassets* at end-Q1 2017
• 2017 US$150m forecastnet cash flow after profitshare(1)
• No debt or hedging
• Responsible custodians of shareholder’s capital
• Self-performing and staged approach to growth
• Peer leading dividend returns
• Sukari – optimising production growth
• Exploration in highly prospective West Africa
• New discovery in Côte d’Ivoire
DELIVERINGFREE CASH
FLOW
PRIORITISING SHAREHOLDER
RETURNS
EXPLORING TO DEVELOP
ASSETQUALITY
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
(1) for illustrative purposes only and uses production and cost guidance and a gold price of US$1,250/oz, in order to show how the profit sharing and dividend mechanisms work. This is not a forecast and estimated cash flows are to the nearest US$5m* a non-GAAP financial measure, defined as: cash and cash equivalents, bullion on hand, gold sales receivables and available-for-sale financial assets
APPENDIX
BREAKDOWN OF Q1 2017 PRODUCTION COSTS20
OP mining$286/oz
UG mining$55/oz
Processing$347/oz
G&A$46/oz
Sukari cash cost of productionUS$734/oz
USD 59%
EGP* 21%
AUD 18%
Other 2%
FX split
Consumables 33%
Contractors30%
Fuel, 15%
Labour, 11%
Other 11%
Main cost centres
* Fuel component is priced and paid for in EGP but is calculated by government based on the USD international oil price
2017 PRODUCTION GUIDANCE21
2017 YTD 2017F
OPEN PIT - Total Tonnes Mined kt 17,129 66,497
Ore kt 2,478 10,672
Strip Ratio x 5.9 5.2
Mined Grade g/t 0.47 1.06
UNDERGROUND - Total Tonnes Mined kt 252 995
Mined Grade g/t 7.44 7.26
PROCESSING - Total Tonnes Milled kt 2,908 11,750
Average Head Grade g/t 1.29 1.57
Recovery % 88.8 89.5
Production - Dump Leach koz 2 11
Gold Production koz 109 540
2017 COST GUIDANCE22
2017 YTD 2017F
Gold Sales koz 115 540
Gold price US$/oz 1,220 1,250
Revenue US$m 140.7 675
Cash Cost of Production US$/oz 734 580
US$m 80.1 312
Royalty (at US$1,250/oz) US$m 4.2 20
Sustaining capex - underground US$m 8.4 37
Sustaining capex - other US$m 4.5 44
Other* US$m 1.9 -
Corporate G&A US$m 3.0 13
AISC US$/oz 887 790
US$m 102.1 426
* Other all-in sustaining costs include movement in inventory (in addition to that included in the cash cost of production), rehabilitation costs and by-product credits
Investment to date (end-Q1 2017)
US$1.1bn capital investmentc.$US$1.9bn operating cost expenditureUS$108m royalty paymentsUS$68m profit share
Concession Agreement(Law 222 of 1994)
Law 222 of 1994 concession agreement issued by way of Presidential decree and enshrined in Egyptian law
160 km2 exploitation license to 2031 and option to extend for further 30 years to 2061
No taxes (corporate/VAT/etc) and duties for 15 years from 2010 and option to extend for further 15 years to 2040
3% royalty
Profit share following full cost recovery
Resources / Reserves 14.0Moz M&I / 8.8Moz P&P
Gold Production >2Moz produced to date
Life of Mine Expected +20 years
Employees/suppliers c.1,300 Egyptians and 70 expats>270 Egyptian company suppliers
SUKARI GOLD MINE: A US$1.1bn INVESTMENT IN EGYPT23
* An additional 10% of proceeds is paid to PGM in the first 2 years of Profit Share, reducing to 5% in the following 2 years
3% royalty to ARE
50% operating surplus* (“Profit Share”)
50%50% operating surplus
(“Profit Share”)
50%
100%
CENTAMIN PLC
EMRAPHARAOH GOLD
MINES
SUKARI GOLD MINES
Sukari Total Mineral Resource
Sukari Underground Mineral Resource (included within the total resource above)
Measured Indicated Total Measured + Indicated Inferred
Cut-off Tonnes Grade Tonnes Grade Tonnes Grade Gold Tonnes Grade Gold
g/t Au (Mt) (g/t Au) (Mt) (g/t Au) (Mt) (g/t Au) (Moz) (Mt) (g/t Au) (Moz)
0.3 198 1.05 188 1.02 386 1.03 12.9 33 1.0 1.1
0.4 160 1.22 152 1.18 312 1.20 12.0 26 1.2 1.0
0.5 133 1.38 124 1.34 257 1.36 11.2 21 1.3 0.9
0.7 95 1.69 87 1.66 182 1.68 9.8 15 1.7 0.8
1.0 62 2.14 56 2.12 118 2.13 8.1 9 2.1 0.6• Totals may not equal the sum of the components due to rounding adjustments.• The Mineral Resource estimate is based on the open pit mined surface as at 30 June 2015 and adjusted for underground mine workings as at 30 June 2015.• All available assays as at February 2015.• Resource data set comprises 252,449 two metre down hole composites and surface rock chip samples.• Mineral Resources are reported inclusive of those resources converted to Proven and Probable Mineral Reserves.• The resources are estimates of recoverable tonnes and grades using Multiple Indicator Kriging with block support correction. • Measured Resources lie in areas where drilling is available at a nominal 25 x 25 metre spacing, Indicated resources occur in areas drilled at approximately 25 x 50 metre spacing and Inferred resources exist in areas of broader spaced drilling.• The resource model extends from 9700mN to 12200mN and to a maximum depth of 0mRL (a maximum depth of approximately 1,000 metres below wadi level).
ResourceTonnes(‘000 t)
Grade(g/t Au)
Gold(‘000 oz)
Measured 1,850 6.5 390
Indicated 2,820 7.0 630
Total M&I 4,670 6.8 1,020
Inferred 6,970 5.6 1,240
• Totals may not equal the sum of the components due to rounding adjustments.• The Mineral Resource is reported above 2g/t within interpreted mineralised domains.• The Mineral Resource estimate is depleted by underground mine workings as at 30 June 2015. • All available information has been used including mapping from underground mining and assays as at June 2015. • Available resource data resulted in 21,369 one metre down hole composites used for grade estimation. • The Mineral Resources were estimated utilising a single Indicator weighted Kriging method (IK) to estimate gold for
each of the mineralisation domains.• Measured Mineral Resources are defined by a drill spacing of at least 20m x 20m and confined to the interpreted
mineralisation defined by underground mine development. Indicated Mineral Resources are defined as areas outsidethe Measured Mineral Resource and defined by approximately 20m x 20m drill spacing. Inferred Mineral Resources include all remaining estimated mineralisation defined by a drill spacing of approximately 50m x 50m.
• Mineral Resources are reported inclusive of those resources converted to Proven and Probable Mineral Reserves. • The underground resource is located within the boundaries of the open pit resource, and is included within that total.
24
SUKARI RESOURCES
Sukari Open Pit Mineral Reserve Sukari Underground Mineral ReserveTonnes
(Mt)Grade
(g/t Au)Gold
(Moz)
Proven 130 1.11 4.6
Probable 99 1.07 3.4
Stockpile 21 0.42 0.3
Total 250 1.03 8.3
• Totals may not equal the sum of the components due to rounding adjustments.• Based on mined surface as at 30 June 2015 and a gold price of US$1,300 per ounce.• International diesel price reductions allowed a lower diesel price assumption, resulting in a lowering of the
mining cost and the CIL processing costs. • Diesel price used was US$0.70/litre. • Cut-off grades: CIL oxide 0.40g/t, CIL transitional 0.42g/t, CIL sulphide 0.42g/t, Dump Leach oxide 0.08g/t.
• Designed underground reserves detailed below do not form part of the open pit reserve.
• Totals may not equal the sum of the components due to rounding adjustments.• Based on underground mine workings as at 30 June 2015.• Stopes for reserves estimation are designed using a 3g/t cut-off and mining dilution applied at 15% @ 0.8g/t
as all stopes are located in mineralised porphyry and 10% mining loss is then assumed to allow for stope bridges and material left in stopes after mining.
• Mineral Resources are reported inclusive of resources converted to Proven and Probable Mineral Reserves
Tonnes(‘000 t)
Grade(g/t Au)
Gold(‘000 oz)
Proven 1,020 6.1 200
Probable 1,700 5.9 320
Total 2,720 6.0 520
25
SUKARI RESERVES
SUKARI PROCESSING: UNLOCKING PRODUCTIVITY26
• Post-expansion throughput rates have trended higher with process optimisation
• 2017 forecast total throughput is 11.75Mt
• 12Mtpa rate expected in Q4 2017
• Upside beyond 12Mtpa with upgrades to secondary crushing – for a capital expenditure of $6m
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SUKARI OPEN PIT: PRODUCTIVITY27
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1.40
0
10
20
30
40
50
60
70
2011 2012 2013 2014 2015 2016 2017F
Min
ed g
rad
e (g
/t)
Ore
min
ed (
‘00
0 t
on
nes
)
OP Ore Mined OP Waste Mined OP Plant Feed Grade
Strip Ratio = 2.3x
2.9x
2.6x3.1x
5.6x
4.7x
5.2x
SUKARI UNDERGROUND: PRODUCTIVITY28
0.00
2.00
4.00
6.00
8.00
10.00
12.00
0
200
400
600
800
1,000
1,200
1,400
2011 2012 2013 2014 2015 2016 2017F
Min
ed g
rad
e (g
/t)
Ore
min
ed (
‘00
0 t
on
nes
)
Development ore Stoping Ore Mined grade
SUKARI: REGIONAL EXPLORATION29
• Sukari 160km2 license contains multiple prospects
identified by geochemical anomalies
• Potential for both high grade (structurally-controlled)
and lower-grade (intrusive-related) satellite deposits
• Limited drilling beyond Sukari Hill
3.1m @ 26g/t
2m @ 55g/t
5m @ 13.5g/t
5m @ 2.2g/t
13m @ 20.8g/t
7m @ 4.1g/t
2m @ 29.2g/t
6m @ 5g/t
CÔTE D’IVOIRE: BUILDING A SIGNIFICANT LAND POSITION30
• 2,377km2 licence holding + 4,008km2
under application
• Doropo – new licences granted &
further applications made in 2016
• New applications on the Comoe and
ABC projects – focus on highly
prospective areas
• Experienced in-country team
• US$12m expenditure in 2016
SOUWA: HIGH-GRADE, NEAR SURFACE & OPEN AT DEPTH31
• Shallow-dipping structure over 1.5km strike length,
open to southwest and at depth
• Several high-grade plunging shoots
NOKPA PROSPECT32
• High-grade mineralisation from cross cutting structures near a dyke swarm
• 150m extent, open in all directions
KEKEDA AND HAN PROSPECTS33
Kekeda Prospect Han Prospect
• Kekeda and Han prospects are shallow-dipping shear zones
• Mineralisation open at depth and along strike
34
*1.9Moz Indicated & 1.3Moz Inferred Resource at Konkera prospect
BURKINA FASO
• 2,200km2 licence holding
• Priority on the Wadaradoo and Napalapera
prospect areas
• US$27m expenditure in 2016:
164,333m of RC
6,633m of diamond
69,370m of aircore
27,810m of auger
Ground IP survey
• Evaluation of results ongoing and further drilling to
be carried out in 2017
BURKINA FASO: WADARADOO
35
• Numerous targets along a +5km trend
• Positive metallurgical testwork
• Structurally-controlled mineralisation:
Main 020° structure
320°-trending splay structures
• High-grade north plunging shoots identified
along both structures
• Broad disseminated zones of mineralisation:
e.g. Wadaradoo East, Wadaradoo Far East
25m @ 3.5g/t
16m @ 2.9g/t
11m @ 3.4g/t
44m @ 1.2g/t
8m @ 6.6g/t
11m @ 3.0g/t
44m @ 1.1g/t
Waderadoo
North
4m @ 15.7g/t
6m @ 13.3g/t
5m @ 15.0g/t
9m @ 4.3g/t
Main 020 Zone
6m @ 11.5g/t
10m @ 7.2g/t
13m @ 8.1g/t
11m @ 6.8g/t
N320 Zone
23m @ 3.4g/t
14m @ 5.3g/t
18m @ 5.8g/t
16m @ 6.5g/t
S320 Zone
9m @ 8.4g/t
8m @ 11.1g/t
BURKINA FASO: WADARADOO – STRUCTURAL SETTINGS
36
4m @ 1.7g/t
14m @ 1.3g/t
66m @ 1.8g/t(inc. [email protected]/t)
19m @ 5.0g/t(inc. [email protected]/t)
19m @ 3.3g/t(inc. [email protected]/t)
26m @ 1.6g/t
36m @ 1.2g/t
16m @ 6.5g/t
18m @ 5.8g/t
14m @ 5.3g/t
8m @ 4.3g/t
12m @ 4.0g/t
5m @ 4.8g/t
7m @ 6.5g/t
3m @ 3.1g/t
• Steeply-dipping mineralised structures along main 020° trend
• Shallower-dipping mineralised structures along 320°-trending splays
BURKINA FASO: NAPELAPERA37
• Licences awarded to extend to the Côte d’Ivoire
border
• Mineralisation controlled by the main NE-SW
structure within granitoid
• Higher-grade dilation zones between cross-cutting
structures
• Higher grades to southwest
• Drilled over a 4km strike – open at depth
• Parallel structures to west of current area yet to
be drill tested
Contact us
Andrew Pardey, Chief Executive Officer
Jonathan Stephens, Chief Development Officer
+44 (0)1534 828700