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Q1 2018 ResultsPresentation
3 May 2018
DELIVERING SUSTAINABLE RETURNS
2
Forward Looking Statements: There are risks associated with an investment in the shares ofCentamin plc (“Centamin” or “the Company”). Recipients of this presentation should reviewthe risk factors and other disclosures regarding Centamin referred to in the section entitled“Principal risks affecting the Centamin Group” in (i) our most recent Annual InformationForm; and (ii) our Management Discussion & Analysis reports, in each case available atwww.sedar.com.
This presentation contains "forward-looking statements" (which include “forward-lookinginformation” within the meaning of Canadian securities legislation) which may include, butare not limited to, statements with respect to the future financial or operating performanceof the Company, its subsidiaries, affiliated companies, its projects (including the Sukarimine), the future price of gold, the estimation of mineral reserves and resources, therealisation of mineral reserve and resource estimates, the timing and amount of estimatedfuture production, revenues, margins, costs of production, estimates of initial capital,sustaining capital, operating and exploration expenditures, costs and timing of thedevelopment of new deposits, costs and timing of future exploration, requirements foradditional capital, foreign exchange risks, governmental regulation of mining and explorationoperations, timing and receipt of approvals, consents and permits under applicable minerallegislation, environmental risks, title disputes or claims, limitations of insurance coverageand regulatory matters.
These forward-looking statements are provided for the purposes of assisting the reader inunderstanding the Company’s financial position and results of operations as at and for theperiods ended on certain dates, and to present information about management’s currentexpectations and plans relating to the future. Readers are cautioned that forward-lookingstatements may not be appropriate for other purposes than outlined in this presentation.Often, but not always, forward-looking statements can be identified by the use of wordssuch as "plans", "hopes", “aims”, “assumes, “seeks”, “targets”, “projects”, "expects", "isexpected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or"believes" or variations (including negative variations) of such words and phrases, or may beidentified by statements to the effect that certain actions, events or results "may", "could","would", “should”, "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and a variety ofmaterial factors (many of which are beyond the Company’s control) which may cause theactual results, performance or achievements of the Company, its subsidiaries and affiliatedcompanies to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such factors include, among others,future price of gold; general business, economic, competitive, political and socialuncertainties; the actual results of current exploration and development activities;conclusions of economic evaluations and studies; fluctuations in the value of the US dollarrelative to the local currencies in the jurisdictions of the Company’s key projects; changes inproject parameters as plans continue to be refined; possible variations of ore grade orprojected recovery rates; accidents, labour disputes or slow-downs and other risks of themining industry; climatic conditions; political instability, insurrection or war; civil unrest orarmed assault; labour force availability and turnover; delays in obtaining financing orgovernmental approvals or in the completion of exploration and development activities. Thereader is also cautioned that the foregoing list of factors is not exhaustive.
Although the Company has attempted to identify important factors that could cause actualactions, events or results to differ materially from those described in forward-lookingstatements, there may be other factors that cause actions, events or results to differ fromthose anticipated, estimated or intended. Forward-looking statements contained herein aremade as of the date of this presentation and, except as required by applicable law, theCompany disclaims any obligation to update any forward-looking statements, whether as aresult of new information, future events or results or otherwise, after the date on which thestatements are made or to reflect the occurrence of unanticipated events. There can be noassurance that forward-looking statements will prove to be accurate, as actual results andfuture events could differ materially from those anticipated in such statements. Accordingly,readers should 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 Norm Baillie, who,as an accredited Chartered Professional Geologist and Manager through the GeologicalSociety of the United Kingdom and the Australasian Institute of Mining and Metallurgy, is an“Competent Person” for this purpose and a “Qualified Person” as defined in “NationalInstrument 43-101 of the Canadian Securities Administrators”.
Refer to the latest quarterly results entitled “Q4 2017 Preliminary Production Results, 2018Production Guidance and Mineral Reserve and Resource Update (effective 30 June 2017)”and dated 10 January 2018 and filed on SEDAR at www.sedar.com, for further discussion ofthe extent to which the estimate of mineral resources/reserves may be materially affectedby any known environmental, permitting, legal, title, taxation, socio-political, or otherrelevant issues.
DISCLOSURES
3
OUR ASSETSWorld class mine with value driven organic growth pipeline
Egypt Operating mine, Sukari Gold Mine
• Production since 2009; 3.0Moz @ avg cash cost $613/oz
• 2017 produced 544koz @ AISC $790/oz
• 2018F 580koz @ AISC $770/oz
• 11.8Moz Measured & Indicated resource
• 8.0Moz reserve*
• +20-year mine life (open pit and underground)
Côte d’IvoireExploration
• Updated resource of 1.35Moz Indicated and 1.2Moz Inferred resource at Doropo Project
• New target generation at ABC Project over an 80km strike gold mineralization
• 3,231km2 license holding
Burkina FasoExploration
• Resource of 1.9Moz Indicated and 1.3Moz Inferred at Konkera
• 1,258km2 licence holding, including 1 exploitation permit
• 160km district-scale greenstone belt
* as of 30 June 2017
Operating Mine
Exploration Project
4
BOARD AND SENIOR MANAGEMENT STRUCTURECommitment to highest standard of corporate governance and leadership
Jonathan Stephens
Chief Development
Officer
Darren Le MasurierCompany Secretary
Josef El-RaghyExecutive Chairman
Norm BailieGroup
Exploration Manager
Andrew Pardey
Chief Executive Officer
Youssef El-Raghy
GM Egyptian Operations
Mark Morcombe
Chief Operating
Officer
Independent Non -Executive
Chairman
Ross JerrardChief Financial
Officer
G. Edward Haslam Senior
Independent NED
Mark BankesIndependent
Non-Executive Director
Mark ArnesenIndependent
Non-Executive Director
Alison BakerIndependent
Non-Executive Director
Alexandra Carse
Investor Relations
SENIOR MANAGEMENT
BOARD OF DIRECTORS
Succession process underway. Intention to announce Non-Exec Chairman by end Q2 with an orderly handover until 2018 year
end
OPERATIONAL REVIEW
6
Mubarak Army Morsi Mansour Sisi Sisi
PROVEN TRACK RECORDFirst mover advantage – Building Egypt’s gold industry
➢ Centamin has established a strong track record of delivering high margin growth throughout the gold cycle and against a changing political environment.
“Arab Spring”
First gold pourCommenced underground
mining
Fuel subsidy removed
Exceeded 500koz pa
target run-rate
Commissioned Stage 1 4Mtpa
plant
Plant expansion to 10Mtpa
250
450
650
850
1,050
1,250
1,450
1,650
1,850
0
100
200
300
400
500
600
700
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F
US$
/oz
Pro
du
ctio
n (k
oz)
Production
Cash Cost
Average realisedgold price
1Q18A124koz
7
0.00
0.25
0.50
0.75
1.00
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
HEALTH AND SAFETYOur number one priority
Group LTIFR per 200,000 hours
Q1 2018
Total man hrs worked
LTILTIFR
per 200,000 hours
GROUP 1,619,369 1 0.12
Sukari 1,413,870 1 0.14
Burkina Faso 68,889 0 0.00
Cote d’Ivoire 136,610 0 0.00
✓ GROUP LTIFR 0.12 in Q1 2018,
▪ downward trend in annual LTIFR, targeting a zero-
harm safety record
✓ Sukari LTIFR of 0.14 maintained its strong health and safety
record with one LTI in 1.4m hours worked in the quarter
✓ Cote d’Ivoire maintains its zero harm safety record since
exploration began, with Q1 LTIFR 0.00;
▪ Nine consecutive quarters without an LTI, including a
total of 1,024,590 man hours worked
✓ Burkina Faso Q1 zero-harm safety record (LTIFR 0.00);
▪ Fifth consecutive quarter without an LTI, with a total
of 351,107 man hours worked. (1 LTI in the last ten
quarters, with a total of 1,739,809 hours worked)
✓ Health and safety training is mandatory and critical to how
we operate, along with continued professional
development training promoting opportunity and ensuring
operational excellence
8
QUARTERLY OPERATIONAL HIGHLIGHTSSolid performance
✓ Strong health and safety record: GROUP LTIFR of 0.12
✓ Maintained 2018 guidance 580,000/oz at $555/oz cash cost
and US$770/oz AISC
▪ Sukari gold production 124,296oz
▪ Cash cost of production: $581/oz
▪ AISC gold sold: $825/oz
✓ Solid processing plant performance:
▪ Increased throughput: 3.07Mt
▪ Improved recoveries: 89.6%
✓ 2018 guidance for 1.3Mt underground ore mined at 7.7g/t
▪ Underground operations: 312kt mined, at an avg
6.69 g/t mined grade
✓ 2018 open pit guidance updated to 75Mtpa, including 21Mt
open pit ore mined at 0.64g/t avg grade, inc. dump leach and
stockpile material.
▪ Record open pit mining rates: 18.5Mt moved, 6.05Mt of
ore at a lower than expected avg 0.5g/t mined grade.
OPEN PIT TOTAL MATERIAL MOVED vs STRIP
PROCESSING PLANT PERFORMANCE
84%
85%
86%
87%
88%
89%
90%
91%
1,150
1,200
1,250
1,300
1,350
1,400
1,450
1,500
1,550
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
Plant Productivity Recovery
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
20,000
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
Open Pit Ore Open Pit Waste Strip Ratio
9
QUARTERLY PRODUCTION SUMMARY
Q1 2018 Q4 2017 Q1 2017
Open Pit Total Mined ('000 tonnes) 18,496 17,647 17,129
Open Pit Ore Mined ('000 tonnes) 6,047 5,726 2,478
Open Pit Mined Grade (g/t) 0.50 0.62 0.47
Underground Ore Mined ('000 tonnes) 312 298 252
Underground Mined Grade (g/t) 6.69 8.79 7.44
Ore Processed ('000 tonnes) 3,068 3,072 2,908
Head Grade (g/t) 1.31 1.70 1.29
Gold Recovery (%) 89.6% 88.5% 88.8%
Dump Leach Gold Production (ounces) 2,155 3,119 2,048
Total Gold Production (ounces) 124,296 154,298 109,186
Gold Sold (ounces) 131,045 153,490 115,052
Cash Cost of Production(1) (US$/oz) 581 453 734
All-in Sustaining Cost(2) (US$/oz) 825 744 887
(1) per ounce of production(2) per ounce sold
10
OPEN PIT TOTAL MATERIAL MOVED vs STRIP
OPEN PIT ORE MINED GRADE AND FEED GRADEOPEN PIT MINING COST US$ PER TONNE MINED
OPEN PIT OPERATIONS>20 year life of mine
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
20,000
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
Open Pit Ore Open Pit Waste Strip Ratio
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
Open Pit Mined Grade Open Pit Feed Grade
0.00
0.50
1.00
1.50
2.00
2.50
Open Pit Mining Cost per Tonne (US$/t)
Start of Stage 4A
✓ Excellent mining rates with total material moved of 18.5Mt;
Record quarter ore mined 6.1Mt at an average 0.50g/t
grade, including dump leach and stockpile
▪ Open pit feed grade to the mill of 0.69 g/t
▪ Lower than expected grade from the transitional ore
providing access to the higher grade primary ore
▪ Maintained strip ratio, 2.06x
11
OPEN PIT OPERATIONS2018 open pit development – Stage 4A
12
UNDERGROUND ORE MINED AND AVERAGE GRADE
UNDERGROUND STOPING COST US$ PER TONNE MINED TOTAL DEVELOPMENT METRES (MINERALISED + WASTE)
UNDERGROUND OPERATIONS Delivering more high-grade tonnes
0.0
2.0
4.0
6.0
8.0
10.0
12.0
0
50
100
150
200
250
300
350
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
Development Ore Stoping Ore UG Grade
0
500
1,000
1,500
2,000
2,500
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
Development Metres
0
10
20
30
40
50
60
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
Stoping Cost per Tonne (US$/t)
✓ Record underground mining rate:
▪ 312kt at 6.69g/t
▪ Production from stoping, 160kt at 7.27g/t
▪ Ore from development 152kt at 6.08g/t
✓ Amun/Ptah and Horus development progressed as planned.
13
PLANT PERFORMANCE
ORE PROCESSED AND FEED GRADE
✓ Plant throughput of 3.1Mt, running at an annualised rate
>12.3Mtpa; head grade of 1.31g/t
✓ Significantly improved metallurgical recovery rates to 89.6%
✓ Commissioning of the fourth secondary crusher providing a
further lift in throughput in line with ramp up in underground
operations
✓ Second dump leach prepared and oxide material dumped
ahead of irrigation in Q3 2018
PROCESSING COST US$ PER TONNE MILLED
PROCESSING PLANTMaximising productivity
84%
85%
86%
87%
88%
89%
90%
91%
1,150
1,200
1,250
1,300
1,350
1,400
1,450
1,500
1,550
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
Plant Productivity Recovery
0.00
0.40
0.80
1.20
1.60
2.00
1,000
2,000
3,000
4,000
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
Total Ore Processed Plant Feed Grade
0.0
5.0
10.0
15.0
20.0
Processing Cost per Tonne (US$/t)
FINANCIAL REVIEW
15
QUARTERLY FINANCIAL OVERVIEWMaximising margins
† Free cash flow in a non-GAAP measure defined as net cash generated by operating activities, less net cash used in investing activities, less EMRA profit share paid (cash)* 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
✓ Maximising margins
▪ AISC Margins of US$503/oz sold
• Increased revenue to US$172.5m (Q1 2017: US$141m) due to increase in avg realized gold price
• AISC of US$107m, equating to a unit cost of US$825/oz sold (Q1 2017: US$887/oz)
✓ Controlled cash costs of production
▪ Lowest quartile producer
▪ Cash cost of production of US$71.3m, a unit cost of US$581/oz (Q1 2017: US$734/oz)
✓ Solid cash flow generation
▪ Free cash flow† of US$34.5m (Q1 2017:
US$19.6 m)
✓ Strong balance sheet
▪ No debt, no hedging, no streams
▪ Cash and liquid assets* of US$426.5 million at quarter end (Q1 2017: $290.9m)
▪ Final dividend of US$115.2m paid 6 April 2018
•Balanced Distribution
34%
32%
34%
Contribution to operating country and local community(Royalties and profit share of US$33.6m)
Investment in future growth(Total CAPEX: growth, development and sustaining, US$32.2m)
Solid cash flow generationPrioritising shareholder returns (Free cash flow US$34.5m)
16
QUARTERLY FINANCIAL SUMMARY
(1) Comprised of underground development and “other sustaining” capital(2) A non-GAAP financial measure, defined as net cash generated from operating activities, less net cash used in investing activities, less EMRA profit share payments(3) A non-GAAP financial measure, defined as: cash and cash equivalents, bullion on hand, gold sales receivables and available-for-sale financial assets
Q1 2018 Q4 2017 Q1 2017
Revenue US$m 172.5 190.4 140.7
EBITDA US$m 91.0 103.3 53.1
Profit before tax US$m 65.4 81.4 29.5
Profit share to EMRA US$m 28.9 37.1 16.1
Net profit US$m 36.4 43.8 13.4
Basic EPS (after profit share) US cents 3.17 3.81 1.17
Net cash generated from operations US$m 94.1 116.4 57.9
Sustaining capital expenditure(1) US$m 24.5 28.1 12.9
Exploration expenditure US$m 7.7 5.4 7.1
Free Cash Flow(2) US$m 34.5 46.5 19.6
Cash and equivalents US$m 395.6 359.7 266.0
Cash and liquid assets(3) US$m 426.5 417.9 290.9
ESTABLISHED LOW COST PROFILEIncluding investment in the future
17
CONSISTENTLY LOW COSTS(2)
300
500
700
900
1,100
1,300
1,500
2013 2014 2015 2016 2017 2018Guidance
US$
/oz
Cash Costs AISC Realised Gold Price
Maximising margins
✓ Average realised gold price of US$1328/oz
✓ AISC of US$825/oz sold
➢ AISC margin of $503/oz
2018 guidance: US$555/oz cash cost and AISC US$770/oz
ALL-IN SUSTAINING COST DYNAMICS
Q1 2018 Q4 2017 Q1 2017
Mine production costs US$m 80.9 76.6 75.5
Movement in inventory US$m (8.0) 1.1 6.7
Royalties US$m 5.2 5.9 4.2
Corporate and administration US$m 4.5 2.8 3.0
Rehabilitation costs US$m 0.2 0.2 0.2
Underground development US$m 11.8 10.7 8.4
Other sustaining capital US$m 12.6 17.4 4.5
By-product credit US$m (0.3) (0.4) (0.3)
All-in-sustaining costs US$m 106.9 114.2 102.1
Gold sold oz 129.6 153.5 115.1
AISC per ounce sold US$/oz 825 744 887
18
OP mining$195/oz
UG mining$45/oz
Processing$305/oz
G&A$35/oz
Consumables , 37% 33%
Contractors, 26% 30%
Fuel, 18% 15%
Labour, 9% 11%
Other, 10% 11%
Q1 2018 Q1 2017
units Q1 2018 Q1 2017
Open Pit Mining US$m 24.0 32.4
Underground Mining
US$m 5.5 6.0
Processing US$m 37.5 36.7
G&A US$m 4.3 5.0
Cash cost of production US$m 71.3 80.1
Cash cost of production US$/ounce 581 734
BREAKDOWN OF SUKARI COST BASE
Q1 2018 Sukari cash cost of production of US$581/oz
USD, 48%
59%
EGP*, 31%
21%
AUD, 19%
18%
Other, 2%
2%
Q1 2018 Q1 2017
Sukari Cost Centre
* EGP includes fuel costs which are linked to USD prices
Foreign Exchange Exposure
• Cash and liquid assets of US$426.5m as at 31 March 2018
– Ahead of final dividend payout of US$115.2m on 6 April 2018
• Generate FCF of US$34.5m, after
– Contribution to US$28.4m profit share is paid toour Egyptian in-country operating partners,EMRA.
– US$19m invested exploration (and development)targeting near term, low capital intensive growthand identified highly prospective greenfieldtargets
– US$12.6m sustaining capital, predominantly inmining fleet rebuilds, ensuring long termsustainability and the maximum return oninvestment in our equipment
19
No debt
No hedging
No gold loans
No gold streams
BALANCE SHEETStrong. Simple. Clean.
20
CONTRIBUTION TO EGYPT
Direct financial contribution to ARE to date
TOTAL $308.6m
Egyptian employees >1,350
Egyptian suppliers>270 Egyptian company suppliers
Other direct / indirect taxes
None
Royalty terms 3% NSR
Profit Share schedule
• Full recovery of qualifying costs incurred
• 50% of revenue net of all costs• 40% first 2 years (to June 2018)• 45% for next 2 years (to June
2020)
CORPORATE SOCIAL RESPONSIBILITYContribution in our operating country
Supporting your operating host country and local community
$187.4m paid to EMRA in profit share to
date
$121.2m paid to ARE in royalties
to date
$224.6m paid in
salaries to date
95% workforce is
Egyptian
44% suppliers are
Egyptian
Q1: $28.4m paid to
EMRA in profit share
Q1: $5.2m
in royalties to ARE
Q1: $6.6m paid in salaries
In addition to the above, we engage in various local community projects and initiates to ensure we maintain our social license to operate, lead by strong relations with local stakeholders, as set out in the CSR report found on our website
EXPLORATION REVIEW
BAST
1.0m @ 17.5g/t0.8m @ 11.7g/t1.0m @ 21.4g/t
3.1m @ 5.0g/t6.0m @ 6.5g/t3.6m @ 6.3g/t
N
2.5 km
SUKARI LONG TERM SUSTAINABILITYUnlocking the underground: Q1 2018 drill intercepts highlights
UG Development End Of 2017
UG Production End Of 2017
UG Amun/Horus Res Shapes
Sukari Porphyry
SUKARI LONG-SECTION
Open Pit Asbuilt End Of 2017
UG Amun Reserve Shapes
UG Ptah Res Shapes
UG Ptah Reserve Shapes
UG Future Ore-Drives Design
HORUSPORHYRY
OSIRISBAST
AMUN
PTAH
CLEOPATRA
JULIOUS ZONE
ANTONY ZONE
CLEO ZONE
PORPHYRYKEEL
TOP OF HORUS
CLEOPATRA
4.2m @ 18.3g/t
2.5m @ 12.3g/t
7.0m @ 4.7g/t
2.7m @ 6.2g/t
3.4m @ 5.9g/t
0.45m @ 27.2g/t
10.0m @ 3.8g/t
11.2m @ 2.1g/t
2.0m @ 3.3g/t
0.7m @ 6.2g/t
1.0m @ 15.9g/tPTAH
50.4m @ 5.3g/t11.4m @ 40.0g/t
16.2m @ 4.0g/t7.3m @ 5.9g/t
1.7m @ 50.2g/t8.1m @ 5.0g/t
0.3m @ 29.4g/t1.15m @ 56.1g/t
2.6m @ 35.3g/t2.1m @ 36.0g/t9.0m @ 40.1g/t
2.1m @ 308.0g/t4.2m @ 4.6g/t
MEDIUM TERM GROWTH
NEAR TERM GROWTH
Hapi Fault
11000mN Section+/- 100m
8.1m @ 5.0g/t
0.3m @ 29.4g/t
VQ on Western contact
1.15m @ 56.1g/t
Meta-Sediments
2.1m @ 308.4g/t
9.0m @ 40.1g/t
1.0m @ 21.4g/t
3.1m @ 5.0g/t
1.7m @ 8.0g/t
2.6m @ 35.3g/t
2.1m @ 36.0g/t
4.2m @ 4.6g/t
1.7m @ 8.0g/t
Ptah East Stockworks
7.0m @ 6.0g/t
3.6m @ 6.3g/t
Porphyry widens to North
SUKARI LONG TERM SUSTAINABILITYPTAH ZONE
11325mN Section+/- 125m
Ptah Western
Stockwork Zone
7.3m @ 5.9g/t
16.2m @ 4.0g/t
11.4m @ 40.0g/t
UG Development
UG Production
UG Resource Shapes
9900mN Section+/-25m
Sukari Porphyry
Ptah Intersections
Open pit asbuilt 2017
Open Pit Stage 5 Design
Volcano Meta-sediments
Porphyry-Keel
50.4m @ 5.3g/t
including:
4.0m @ 22.7g/t
3.55m @ 7.75g/t
5.4m @ 4.45g/t
HORUS
Buthinae Fault (E-W Fault controlling NE
plunge)
1.7m @ 50.2g/t
Buthinae Fault
SUKARI LONG TERM SUSTAINABILITYPTAH ZONE
25
WEST AFRICAExploration led growth
DOROPO PROJECT, Cote d’Ivoire
• Resource upgrade:
1.35Moz at 1.3g/t Indicated0.9Moz at 1.2g/t Inferred
• Positive initial metallurgical tests
• Main prospects are within a 7km radius
• Significant target generation within a 35km radius of the resource area
ABC PROJECT, Cote d’Ivoire
• New discovery - the “Archaean-Birimian Contact” Project
• Outcropping 12km gold mineralised structure.
• The licence holding includes 80km strike on the Archaean margins
BATIE WEST PROJECT, Burkina Faso
• Identified near term resource growth potential at Konkerafollowing targeted drill programme throughout 2017
District scale exploration >4,500km2 total licence holding + c.2,500km2 under application
Exploration strategy is focused on near term resource growth Doropo reserve/internal feasibility and new target generation
Progressing attractive organic future growth options with multiple high-grade and near surface prospects identified
26
CÔTE D’IVOIREDoropo Project - significant resource growth potential
Doropo Resource Area• 1.35Moz Indicated, 0.9Moz Infered resource
concentrated within a 7km radius
• Main structures remain open; Q1 drilling of structural extensions returned positive results, extending Souwa and Chegue, identifying further exploration targets
• Early metallurgical test work on the Souwa deposit fresh material returned 85%-91% recoveries
• Detailed assays on the oxide material currently at the AMMTEC labs
Doropo Project Area• Extensive geomapping and geochem of the 35km
radius exploration area
• Identified multiple new surface anomalies, including 8km strike soil anomaly across the Tehini 1 and 2 permits
• Identified numerous exploration targets.
27
CÔTE D’IVOIREABC Project – targeting maiden resource
Kona permit, Lolosso structure• 1,545m diamond drilling completed, intersecting mineralisation and
alterations throughout the entire drill core.
• 3,084m auger drilling completed and GAIP survey extension
• Geological mapping confirmed Lolosso structure extends ~80km, over the FarakoNafana permit.
Figure. Lolosso structure selected initial drill intersectionsFigure. ABC Project license holding
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BURKINA FASOBatie West - Near resource extension potential
Figure. Batie West Project, Q1 2018 work completed
Figure. Napelepera prospect
Batie West Project
• In Q1, 29,470m AC drilling, mainly on Konkera
West/East, successfully delineating strike
extensions to the current resource area
• 2,565m of trenching
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SUMMARYMilestones achieved
Q1 2018 ACHIEVEMENTS
Solid overall performance
✓Production of 124koz at US$581/oz cash costs and US$825/oz AISC
✓Encouraging exploration results from our West African portfolio and Sukari underground, underpinning
long term sustainability
✓Strong balance sheet with US$426.5m, no debt, no hedging
2018 ONGOING STRATEGIC PRIORITIES
Profitable growth over volume
➢Deliver on guidance
➢Underground reserve replacement
➢Grow Doropo Resource and assess feasibility of a development project
➢Significant exploration target generation across the portfolio
➢Progress Sukari solar project feasibility study
➢Return excess cash to shareholders
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•APPENDIX
CASH BRIDGE Q4 2017 TO Q1 2018
31
359.7 395.6
172.5 10.4
2.0
88.5
24.4 7.7
28.4
Cash andequivalents Q4
2017
Revenue Group operatingcosts (cash)
Change inworking capital
Other charges Sustainingcapital
expenditure
Non-sustainingand exploration
Profit sharepayments
Cash andequivalents Q1
2018
US$35.9 million
Note: Change in cash and cash equivalents includes impact of foreign exchange rate changes of US$1.4 million in Q1 2018
FREE CASH FLOW BRIDGE Q1 2018 vs Q4 2017
32
49.1
34.5
9.2 3.7
6.6
22.2
4.8
4.8 2.3
Free Cash Flow Decrease ingross revenue
Increase ingroup operating
costs (cash)
Change inworking capital
movements
Increase in otherchanges
Decrease insustaining
capitalexpenditure
Increase in non-sustaining and
explorationspend
Decrease inprofit sharepayments
Free Cash FlowQ1 2018
Free cash flow in a non-GAAP measure defined as Net cash generated by operating activities, less net cash used in investing activities, less EMRA profit share paid (cash)
(US$14.6 million)
33
STRATEGIC OBJECTIVES Maintaining a consistent strategy
• Large-scale, long-life, low-cost asset
• Strong margins and return on capital throughout cycle
• Debt-free, cash and liquid assets of $427 million (31 March 2018)
Long-term sustainability
• Focus on cash flow generation
• Profit share with our partners, EMRA
• Dividends take first priority on uses of free cash flow
Prioritising stakeholder returns
• Scope to increase: high-grade underground production; plant throughput and open-pit mining rate
• Minimal non-sustaining growth capex requirementsOptimise Sukari
• Leading land-position in West African greenstone belt
• Updated resource declared in Cote d’Ivoire
• Significant gold deposits identified in Burkina Faso
Greenfieldsgrowth
Andrew Pardey,
Chief Executive Officer
Ross Jerrard,
Chief Financial Officer
Alexandra Carse,Investor Relations