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BMO Capital Markets – Hollywood, Florida February 2017
Corporate Presentation
February 2017 0
1
Disclaimer
February 2017
The presentation materials (“the Presentation Materials”) in respect of Serabi Gold plc (“Serabi” or “the Company”) do not constituteor form part of any offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in the Companynor shall they or any part of them form the basis of or be relied upon in connection with any contract or commitment whatsoever.Neither the Company, the Directors of the Company, the shareholders of the Company nor any of their respective agents or advisersmakes any representations or warranty in respect of the contents of the Presentation Materials. Prospective investors areencouraged to obtain separate and independent verification of information and opinions contained in the Presentation Materials aspart of their own due diligence. Without prejudice to the foregoing, neither the Company, nor its advisers nor its representativesaccept liability whatsoever for any loss howsoever arising, directly or indirectly, from use of thus document or its contents orotherwise arising in connection therewith.
The Presentation Materials are being supplied to the Recipients for their own information and may not be reproduced, furtherdistributed to any other person, or published, in whole or part, for any purpose whatsoever. The distribution of the PresentationMaterials in certain jurisdictions may be restricted by law and therefore any person into whose possession they should come, shouldinform themselves about any such restriction. By accepting these Presentation Materials, the Recipient warrants to Serabi that it isentitled to receive the Presentation Materials under the laws of all the relevant jurisdictions which apply to it and that it has fullyobserved such laws and obtained all governmental and other consents that may be required there-under and complied with allnecessary formalities to receive that Presentation Materials and consents to the other limitations set forth herein. The recipientfurther warrants to Serabi that they possess the knowledge and experience in financial and business matters that would enable thento evaluate that merits and risks associated with any investment that may be made in connection with the Presentation Materials.
This presentation may contain certain “forward-looking statements” with respect to Serabi’s plans and its current goals andexpectations relating to its future financial condition, performance and results. By their nature all forward-looking statements involverisk and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-lookingstatements because they relate to future events and circumstances which are beyond the Company’s control including among otherthings, global economic business conditions, market related risks such as fluctuations in commodity prices, interest rates andexchange rates, operational risks, changes in the economic, political or legal regimes in which Serabi operates, volatility of prices,environmental factors, equipment failures, reliance upon third parties, as well as the impact of tax and other legislation and otherregulations in the jurisdictions in which Serabi and its affiliates operate. As a result, Serabi’s actual future financial condition,performance and results may differ materially from the plans, goals and objectives set forth in the forward-looking statements. Serabiundertakes no obligation to update the forward-looking statements contained in this presentation or any other forward-lookingstatements that it may make. Nothing in this statement should be construed as a profit forecast.
2
Serabi Gold and Brazil
� Serabi Gold plc is a gold mining and development company
with operations in Northern Brazil listed in Canada and
London (TSX:SBI , AIM:SRB).
� Brazil has a diversified economy, with a sound permitting
process and security of title.
� Tapajos:
o major under-explored mineral region.
o significant historic artisanal production.
� An established mining industry with high potential.
� Improving infrastructure for imports and exports.
February 2017
3
The Team
February 2017
� Mike Hodgson (CEO) – over 30 years worldwide experience working on, operating and building small to medium
sized underground mines. Speaks Spanish and basic working knowledge of Portuguese.
� Clive Line (CFO) – over 30 years finance experience with junior mining and oil and gas companies operating in Africa,
Far East, FSU, Europe and South America.
� Helio Tavares (Mine Manager) – Brazilian mining engineer, with over 25 years experience in Brazils' mining industry.
He has worked, and managed a number of mining companies, with abundant experience in the design and
implementation of mine building and processing plants. He is fluent in English.
� Ulisses Melo (Country Manager) – Brazilian national with financial background and 20 years experience in the
resource sector. Fluent in English.
� Chris Spurway (Exploration Manager) – an exploration geologist with over 25 years of industry experience including
exploration management, resource definition and business development working with AngloGold Ashanti and CRA
Exploration as well as smaller exploration companies. Active in Brazil since 2004, initially with Troy Resources, fluent
Portuguese.
� T Sean Harvey (Chairman) – successful career in investment banking and management of mining companies.
Former CEO of TVX and Orvana Minerals. Former Chairman of Andina Minerals (sold to Hochschild - C$103 million),
Allied Gold (merged with St Barbara - A$556 million) Azimuth Resources (sold to Troy - A$135 million) and current
Chairman of Victoria Gold and Sarama Resources.
� Mel Williams (Non-exec) – until recently the CFO for Brigus Gold, he has over 40 years of financial experience, much
of which has been spent in the mining industry. He worked as CFO for TVX Gold and Atlantico Gold and held senior
financial positions with Star Mining, LAC Minerals and Rio Tinto.
4
Key Facts
February 2017
� Existing high-grade 40,000 oz p.a operation with
long-life resource (700 koz / 250 koz M+I).
� Excellent organic growth potential – targeting
production 100,000 oz p.a. in 3 years.
� Robust balance sheet, negligible debt and stable
cash flow generation.
� Strong international and local management with
proven track record of project development.
� Well positioned for M&A with other gold projects
in Brazil.
� Market Capitalisation US$43.7 million
699 million shares in issue.
� Fully permitted operations, enjoying strong
community relations.
5
Excellent Growth Potential – 3 year achievable plan
February 2017
Current Operations
40,000 oz. pa
60,000 oz. pa
By 2018
100,000 oz. pa
By 2020
150,000 oz.pa
By 2022
Bulk Deposit Discovery
250,000 oz. pa
Palito/Sao Chico phase 1 drilling
Adding 200,000 oz. Mineral Resource
Adding 20,000 oz. pa
Palito/SC phase 2 drilling
Adding 300,000 oz. Mineral Resource
Adding 40,000 oz. pa
Greenfield targets – VTEM/drilling
Adding 500,000 oz. Mineral Resource
Adding 50,000 oz. pa
Target
1.5Moz Mineral
Resource
Production
150,000 oz. pa
The above diagram presents goals and targets
forming part of the Company’s business plan and
strategy. There is no assurance that such goals and
targets will be realized. Future production goals,
targets, and mineralization definition goals will be
subject both to detailed mining studies and the
decisions of the Board of the Company.
Regional Promise
6
Pathway to 100koz production next 3 years
February 2017
01/06/2017 21/07/2017 09/09/2017 29/10/2017 18/12/2017 06/02/2018 28/03/2018 17/05/2018 06/07/2018 25/08/2018 14/10/2018
PALITO PHASE 1
Drilled Discoveries
Copper Hill Phase 1
Palito South - Phase 1
Palito West - Phase 1
Caxias - Phase 1
Senna North - Phase 1
Piaui - Phase 1
Currutela - Phase 1
SAO CHICO PHASE 1
Extensions & anomalies
Crossroads - Phase 1
Lagoa - Phase 1
SC West -Phase 1
Lagoa Int - Phase1
SC East - Phase 1
PALITO PHASE 2
Copper Hill Phase 2
Piaui - Phase 2
Senna North - Phase 2
Caxias - Phase 2
SAO CHICO PHASE 2
Lagoa - Phase 2
Crossroads - Phase 2
Lagoa Int - Phase 2
Immediate Production Growth
PHASE 2
300,000 ounces added to GOR
40,000 ounces added to annual production
Estimated Cost – US$6m
PHASE 1
200,000 ounces added to GOR
20,000 ounces added to annual production
Estimated Cost – US$6m
The above diagram presents goals and targets forming part of the Company’s business plan and strategy. There is no assurance that such goals and targets will be realized. Future
production goals, targets, and mineralization definition goals will be subject both to detailed mining studies and the decisions of the Board of the Company.
OPERATIONS
8
Serabi’s Growing Operations and Results
February 2017
� The Company operates the high grade (~ 9.0 g/t) Palito and Sao Chico mines feeding a central process plant, in
the Tapajos region of Para State.
� Palito is a successful restart of a brownfield site, completed for less than $20 million, Sao Chico a greenfield
satellite. Both are now in full commercial production generating ~40,000 oz p.a. at average grades of 8-9g/t
gold.
18,452
32,629
39,390 40,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
2014 2015 2016 2017 (est)
Gold Production (oz)
1034
894
951 950
750
850
950
1050
2014 2015 2016 (Q3) 2017 (est)
AISC (US$/oz)
975
Key Operational Statistics
February 2017 9
(1) Gold production figures are subject to amendment pending agreement of final assay results of copper/gold concentrate and gold doré that is delivered to the refineries
(2) The Sao Chico Mine was not in commercial production during the period and therefore costs relate only the production derived from the Palito Mine
(3) Cash costs and AISC are as reported for the six months to 30 September 2016
SUMMARY PRODUCTION STATISTICS
2014 2015 2016
TOTAL Qtr 1 Qtr 2 Qtr 3 Qtr 4 TOTAL Qtr 1 Qtr 2 Qtr 3 Qtr 4 TOTAL
Horizontal
developmentMetres 6,237 1,825 2,380 2,705 2,688 9,598 2,925 2,941 2,649 2,694 11,209
Mined ore Tonnes 76,500 32,504 31,488 37,876 33,659 135,827 37,546 33,606 43,133 44,579 158,864
Gold grade
(g/t)9.95 10.51 9.16 10.43 9.03 9.80 11.02 9.56 9.61 8.94 9.74
Milled ore Tonnes 85,987 30,384 33,278 31,789 34,848 130,299 36,615 39,402 42,464 40,485 158,966
Gold grade
(g/t)8.84 8.52 8.22 9.52 7.55 8.43 8.58 8.17 8.08 7.60 8.11
Gold production (1) Ounces 18,452 7,389 8,237 9,078 7,925 32,629 9,771 9,896 10,310 9,413 39,390
Average realised
priceUS$ $1,230 $1,211 $1,185 $1,107 $1,094 $1,151 $1,165 $1,261 $1,328 $1,256(3)
Total cash cost
of production
(per ounce)
$793 $677(2) $772(3)
All-In Sustaining
Costs (per
ounce)
$1,034 $892(2) $951(3)
10
The Tapajos – A New Emerging Gold District
February 2017
� Reported to have produced > 30 million ounces from artisanal operations.
� Only 7 million ounces gold hard rock resources identified to date.
� Normal relationship would be 3:1 in favourof hard-rock.
� Palito/Sao Chico is the ‘front door’ of the Tapajos.
� Well located for access, local infrastructure and local employee sources.
� Excellent mine site potential with 4 discoveries made and ready for evaluation.
� Sao Chico as a high grade satellite is just 25km from Palito by road.
The Tapajos Region
11
Serabi’s Licence Area – Ideally located for expansion
February 2017
� A central process plant being fed by two high grade underground operations.
� Total land package of over 40,000 hectares in close proximity to the Palito plant.
Palito Mine
� Fully permitted.
� Currently operating at 300 tonnes per day at 8-9 g/t gold.
� Mining is undertaken by on-lode development followed by selective open stoping between 30-40m vertically spaced levels.
� The mine is dry with excellent ground conditions.
� Experienced underground mining labour at site with proven experience in underground selective mining.
� Mains grid-power at site with back up from diesel powered generators.
� Fully functioning camp for ~250 employees, airstrip, assay lab, hospital, and workshops all in place with all year round road access.
February 2017 12
13
Sao Chico Mine
February 2017
� High grade satellite to Palito currently providing 150 tpd of 9
g/t Au feed.
� Dry mine, excellent rock conditions.
� A trial license for mining 50,000 tonnes per year is in place
and full mining license imminent.
� 100,000 oz of 43-101 compliant ounces (2012).
� Mining at Sao Chico uses similar open stoping methods to
Palito, but wider ore zone widths offer more mechanisation.
Plant
� Plant commenced production in January 2014.
� The processing of Palito ore is by copper/gold flotation concentrate, followed by cyanidaton of flotation tailings, with gold recoveries exceeding 91%.
� Sao Chico ore is processed through the same CIP plant but initially passes through a gravity circuit and In-Line Leach Reactor (ILR) averaging over 93% gold recoveries.
� The plant is now in full operation averaging approximately 3,300 ounces of gold production per month.
� Three milling lines are installed, allowing flexibility in feed and contingency
� A surface stock of 25,000 tonnes of flotation tailings (3 g/t Au) is now being processed through the CIP plant.
� Ore sorting test work has yielded excellent results and has positive implications for pre-concentration of ore prior to milling.
February 2017 14
GROWTH
16
What is the Tapajos – Where do we fit in the model?
February 2017
Sao Chico &
Corringa
Palito
TZ
� An Intrusion Related Gold System (IRGS).
� IRGS have distinctive metal zonation.
� Depth of emplacement controls vein
morphologies and textures.
� Structural setting controls deposit
emplacement.
� Parallel-sheeted veins and stockwork vein
formations particularly important.
� Tapajos deposits fit the model.
� Palito and Sao Chico are peripheral.
� 30 million ounces of artisanal gold came
from the erosion of such veins and bigger
systems.
Sao Jorge
& Cuiu Cuiu
17
Discovery Formula that works
February 2017
Serabi has had significant success using a systematic approach in finding and developing high grade vein type
orebodies.
Airborne VTEM surveys screen
large areas for target generation
of sulphide bodies.
Target drilling and bore hole
geophysics refine anomalies for
ongoing resource definition.
Ground geophysics and surface
geochemistry provide a high
degree of definition, ideal for
drill targeting.
Palito and Sao Chico – ‘Scratching the Surface’
• Resource Extensions• Resource ExtensionsPalito &
Sao Chico
• Advanced Exploration and Resource Definition
• Advanced Exploration and Resource Definition
Palito South
Currutela
Piaui
• Drill Ready Target Defined
• Drill Ready Target Defined
Copper Hill (Palito)
Caxias (Palito)
IP X 3 (Rio Novo Gp)
IP X 3 (Sao Chico)
• Exploration Target Geophysical (VTEM)
• Exploration Target Geophysical (VTEM)
Calico
VTEM Anomalies X 5
• Exploration Target Structural
• Exploration Target Structural
Sao Chico East Extension
Sao Chico West Extension
• Conceptual Exploration Targets
• Conceptual Exploration Targets
Multiple Targets
Garimpos, Radiometric Anomalies, Structural Settings (magnetic interp )
February 2017
Targeting 500,000 oz
18
Targeting 500,000 oz
19
Palito – Four Mine-Site Discoveries within 3km of plant
February 2017
� Follow up drilling
programmed.
� Phase 1 – ~20.000
metres.
� Phase 2 – up to
25,000 metres*.
(*some to be drilled
from underground)
20
Sao Chico – Strike Extension and Immediate satellites all drill ready
February 2017
� Follow up drilling
programmed.
� Phase 1 – ~25,000
metres.
� Phase 2 – up to
12,000 metres *
dependent on
Phase 1 outcomes.
(*some to be drilled
from underground)
21
Sao Chico – Exceptional Mine-Site Targets
February 2017
� 2016 IP programme originally designed to
test the strike extensions of the main vein
at SC have shown two superb anomalies
to the north and south of current SC
workings.
� IP will recommence Q2/2017 to test strike
extensions.
� Numerous Garimpos along strike and to
the north and south of Sao Chico suggest
potential is good.
� All targets are within 3km of the Sao Chico
mine.Sao Chico
Lago Intermediate
22
Regional Opportunities – Tenement is awash with gold occurences
February 2017
� Over 40,000 Ha of
Tenement Holdings.
� 16,790 Ha of Airborne
EM/Mag (VTEM) coverage
surrounding Palito
completed.
� 23,000 Ha VTEM to be
flown.
� Ground IP on only 15% of
VTEM area – completed.
� 2,200 Ha IP @ Sao Chico.
� Un-tested area has
abundant Garimpos.
CORPORATE
Peer Group Comparison
February 2017 24(1) Production rates are based on current guidance and where not available estimates based on past production or corporate presentations and news releases.
(2) Financial data and share information is based on latest available financial reports and news releases.
500
700
900
1100
1300
1500
1700
1900
1025
1896
1545
1699 17201824
1291
18071750
Enterprise Value per production ounce
EV per ounceUS$
Peer Group Comparison
February 2017 25
COMPANY
Projected
Production
Rate(1)
Market
Cap
USm$(2)
Cash and
equivalents
US$m(2)
Debt
US$m(2)
Development
and
Construction
US$m
Enterprise
Value
US$m
EV per
Production
Ounce
US$
SERABI GOLD TSX/AIM 40,000 43.69 4.10 1.35 - 40.92 1,023
PRODUCERS
BEADELL RESOURCES ASX 152,500 291.45 27.75 25.45 - 289.15 1,896
JAGUAR MINING TSX 92,500 168.43 17.30 11.10 - 162.23 1,545
Weighted Average for Other Producers 1.699
DEVELOPERS
AMARILLO GOLD TSX 124,000 24.15 2.43 7.61 184.00 213.34 1.720
ANFIELD GOLD TSX 46,500 101.60 30.17 19.11 38.10 84.83 1,824
CRUSADER RESOURCES ASX 18,000 22.86 2.07 - 15.00 36.30 1,291
LUNA GOLD TSX 150,000 38.07 1.56 75.20 146.00 271.06 1,807
Weighted Average for Developers 1,750
(1) Production rates are based on current guidance and where not available estimates based on past production or corporate presentations and news releases.
(2) Financial data and share information is based on latest available financial reports and news releases.
Corporate Overview
26February 2017
Financial Snapshot
Cash on hand (30 Sept 2016) US$3.1m
Bank debt (30 Sept 2016 excl. leased equipment)
US$1.4m
Net Assets (30 Sept 2016) US$65.5m
Ticker Symbols ~ TSX-SBI AIM-SRB
Board of Directors
Mike Hodgson
Clive Line
Sean Harvey
Aquiles Alegria*
Nicolas Banados*
Eduardo Rosselot*
Felipe Swett*
Mel Williams
* Latam based
Chief Executive
Financial Director
Non executive Chairman
Non Executive
Non Executive
Non Executive
Non Executive
Non Executive
Capital Structure
Basic Shares 698.7m
Options 49.9m
Fully Diluted 748.6m
Recent share price 5.00 pence / C$0.08
52 week H-L 7.00 p to 2.80 p
Average daily volume (3 months)344,000 (LN)24,000 (TO)
Current capitalisation UK£34.9m / US$43.6m
Directors, 3.61%
Fratelli, 55.30%
Other Latam
Investors, 8.90%
Eldorado Gold, 4.88%
Anker, 7.08%
Canada, 7.12%
UK, 13.11%
Major shareholder groups
27
Summary
February 2017
� Serabi remains totally focussed on becoming the premier low cost
junior gold producer in Brazil through the mining of high grade, low
capex gold deposits.
� Milestones achieved :
‒ Completion of Palito restart on time and within budget.
‒ Commercial production at Palito declared effective 1 July 2014.
‒ Commercial production at Sao Chico effective January 2016.
� Immediate Plans :
‒ Commence resource growth and subsequent production increase,
targeting 100koz pa using positive cash flow.
‒ Equity financing would accelerate this growth.
‒ Continue to review the M+A opportunities in the region and
across Brazil.
APPENDIX
Appendix 1 - Group Mineral Resources
February 2017
PALITO Tonnes Gold (g/t) Contained Gold (Ounces)
Measured Resources 97,000 9.51 30,000
Indicated Resources 754,000 7.29 177,000
Measured and Indicated Resources 851,000 7.54 206,000
Inferred Resources 2,088,000 5.85 393,000
GRAND TOTAL 2,939,000 6.34 599,000
SAO CHICO Tonnes Gold Contained Gold (Ounces)
Measured Resources 5,064 32.46 5,269
Indicated Resources 21,423 29.14 20,006
Measured and Indicated Resources 26,487 29.77 25,275
Inferred Resources 85,577 26.03 71,385
GRAND TOTAL 112,064 26.91 96,660
COMBINED Tonnes Gold (g/t) Contained Gold (ounces)
Measured Resources 102,064 10.65 35,269
Indicated Resources 775,423 7.89 197,006
Measured and Indicated Resources 877,487 8.21 231,275
Inferred Resources 2,173,577 6.64 464,385
GRAND TOTAL 3,051,064 7.10 695,660
2929
Appendix 2 - The Process Flow Sheet
February 2017 30
Appendix 3 - Key Financial Information
February 2017 31
SUMMARY FINANCIAL INFORMATION FOR RECENT PERIODS
9 months to
30 Sept
2016
US$000’s
12 months to
31 December
2015(1)
US$000’s
12 months to
31 December
2014(2)
US$000’s
Revenue 42,121 35,086 12,628
Cost of Sales (25,829) (23,585) (9,698)
Depreciation and amortisation charges (6,552) (5,841) (2,634)
Gross profit 9,740 5,660 296
Profit / (loss) before tax 2,306 476 (174)
Profit / (loss) after tax 1,472 (48) (174)
Profit / (loss) per ordinary share (basic) 0.35c (0.01c) (0.03c)
Cash and cash equivalents 3,116 2,192 9,814
Net assets 65,512 46,784 66,919
(1) The Sao Chico Mine was not in commercial production during the period and therefore revenue and costs relate only the production derived from the Palito Mine
(2) The Palito Mine commenced commercial production from 1 July 2015 and therefore revenue, costs of sales and depreciation and amortisation charges relate only to the 6 months from 1 July 2015 to 31 December 2015
32
Appendix 4 - Gold Price in Local Currency
February 2017
Forecast weakening of the Real during 2017 and 2018 will improve margins in BrR$ terms with approximately 80% of
the cost base paid out in local currency.
33
Appendix 5 - Palito Mine-site Discoveries – next steps
February 2017
34
Appendix 6 – Palito Mine Site Discoveries initial Geophysics (IP)
February 2017
Geophysics has been a significant initial exploration tool.
35
Appendix 7 – Palito Mine Site Discoveries initial Geophysics (IP)
February 2017
Senna South/Caxias
Currutela
Palito
Copper
Hill
Piaui
Palito
36
Appendix 8 - Sao Chico – next steps
February 2017
37
Appendix 9 - World Distribution of Intrusion Related Gold Systems – Add the Tapajos!
February 2017
38February 2017
Notes
39
For further information please contact us:
SERABI GOLD plc
Mike Hodgson
Chief Executive
2nd Floor
30 - 32 Ludgate Hill
London, EC4M 7DR
United Kingdom
tel +44 (0) 20 7246 6830
fax +44 (0) 20 7246 6831
email [email protected]
www.serabigold.com
February 2017
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