GROWTH THROUGH CASH FLOW. Investor Presentation May 2017

Transcription

1 GROWTH THROUGH CASH FLOW Investor Presentation May 2017

2 2 DISCLOSURES Forward Looking Statements: There are risks associated with an investment in the shares of Centamin. Recipients of this presentation should review the risk factors and other disclosures regarding Centamin contained in the preliminary prospectus and subsequent annual reports and Management Discussion and Analysis reports of Centamin that have been filed with Canadian securities regulators and are available at It should be specifically noted that the potential quantity and grade from the Sukari underground mine is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target 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 or operating performance of the Company, its subsidiaries and its projects (including the Sukari Project), the future price of gold, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, revenues, margins, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of construction, costs and timing of future exploration, the timing for delivery of plant and equipment, requirements for additional capital, foreign exchange risk, government regulation of mining and exploration operations, environmental risks, reclamation expenses, title disputes or claims, insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Often, but not always, forward-looking statements can be identified 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 or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities and feasibility 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 each other, to the Australian dollar and to other local currencies in the jurisdictions in which the Company operates; changes in project parameters as plans continue to be refined; future prices of gold and other metals; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes or slow downs and other risks of the mining industry; climatic conditions; political instability, insurrection or war; arbitrary decisions by governmental authorities; delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Discovery of archaeological ruins of historical value could lead to uncertain delays in the development of the mine at the Sukari Project. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this presentation and the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or 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 Andrew Pardey and Christopher Boreham (Underground Manager) who, as members of the Australasian Institute of Mining and Metallurgy each have more than five years experience in the fields of activity being reported on, and are Competent Persons for this purpose and are Qualified Persons as defined in National Instrument of the Canadian Securities Administrators. Refer to the latest technical report entitled Mineral Resource and Reserve Estimate for the Sukari Gold Project, Egypt effective 30 June 2015 and dated 23 October 2015 and filed on SEDAR at for further discussion of the extent to which the estimate of mineral resources/reserves may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, or other relevant issues.

3 3 STRATEGY: CONTINUED DELIVERY OF VALUE-DRIVEN GROWTH OPERATIONAL TRACK RECORD Self-performing approach to operations Sukari staged expansion delivered on budget Strong production and cost track record NEXT-STAGE GROWTH Significant exploration potential at Sukari Explore to develop in priority areas Near- & long-term growth potential in West Africa 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 OPTIMISING PRODUCTION Further production upside & cost reduction Significant reserve expansion potential * as at 31 st March 2017

4 4 CENTAMIN AT A GLANCE Côte D Ivoire Exploration 2,377km 2 licence holding + 4,008km 2 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 Faso Exploration c.2,200km 2 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 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 * as of 30 June 2015 and before subsequent mining depletion # exploration, development and expansion costs

5 US$ per ounce,000 ounces Au 5 SUKARI: A LOW-COST +500koz p.a. MINE WITH UPSIDE 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 Further growth potential at Sukari and in West Africa F 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 1, Cash Operating Cost AISC F

6 US$ million 6 MAINTAINING FINANCIAL DISCIPLINE 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-q No debt and no hedging c.us$1.1 billion of total capital costs recovered 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 F surplus free cash flow costs recovered from FCF profit share* royalty Sukari operational free cash flow* * 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

7 2016 Centamin Highland Gold Regis Pan African Sibanye Mandalay Harmony Tahoe Gold Fields Northern Star Polymetal Acacia 2017F Centamin Evolution Resolute Randgold Newcrest OceanaGold AngloGold Ashanti Agnico Eagle Hochschild Eldorado Yamana Barrick Zhaojin Fresnillo Newmont Pan American Goldcorp McEwen Mining Alamos Shandong Buenaventura Hecla Dividend Yield* 7 AN INDUSTRY-COMPETITIVE DIVIDEND Full-year dividend Interim dividend Final dividend cents (US$33m) 0.87 cents (US$10m) 1.99 cents (US$23m) cents (US$34m) 0.97 cents (US$11m) 1.97 cents (US$23m) cents (US$179m) 2.00 cents (US$23m) cents (US$156m) 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Minimum expected 2017 payout (30% of net cash flow after Profit Share) # >100 further gold producers that do not pay a dividend 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

8 US$m 8 INVESTING IN THE LONG-TERM THROUGH EXPLORATION 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 lowestquartile cost profile Creating long-term returns on shareholders capital Exploration expenditure* Sukari** Côte d'ivoire Burkina Faso 50 We are building an experienced team new group exploration manager We continue to evaluate M&A opportunities 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

9 9 LONG LIFE, LOW COST & FURTHER GROWTH POTENTIAL PRU Bubble size = production (1) AISC (US$/oz) (1) ASR EDV BTO SMF IMG RSG ACA RRS TZG CEY Reserve growth potential through exploration Further production & cost upside at Sukari 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

10 Sukari LTIFR per 200,000 hours 10 A SAFE, EFFECTIVE AND MOTIVATED WORK FORCE 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

11 11 SUKARI OPEN PIT: A 20-YEAR LIFE OF MINE 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 Final open pit shell (20-yr mine life) LOM ore remaining in reserve*: 1.08g/t = 7.43Moz * basis 2015 reserve statement, net of depletion to end March 2017

12 12 SUKARI UNDERGROUND: 2017 Cleopatra exploration decline and planned 2017 drilling Existing Amun/Ptah development (blue) and stoping (black) Ptah Amun 2017 planned development (orange) and stoping (red)

13 13 SUKARI UNDERGROUND: LONG LIFE OF MINE Recent high-grade UG drilling results (post-june 2015 reserve estimate; 2017 Q1 results in blue) 12.2g/t 3.6g/t 13.0g/t 4.4g/t 7.1g/t 7.6g/t 8.5g/t 40.1g/t 5.5g/t 5.9g/t 20.1g/t 570g/t 72.6g/t 8.3g/t 110.7g/t 11.2g/t 87.8g/t 17.0g/t 20.2g/t 88.3g/t 35.0g/t 7.7g/t 40.0g/t 471.5g/t 65.1g/t 83.0g/t 17.4g/t 30.3g/t 314g/t 2,745g/t 39.6g/t 103.0g/t 20.8g/t Cleopatra Ptah Exploration decline Life-of-mine access to depth extents. 2.5 km 47.5g/t 43.0g/t Stopes mined to date Amun Initial focus area for mining. 78.4g/t 134g/t 56.5g/t 30.6g/t 36.5g/t 23.2g/t 121.0g/t 108.2g/t N Amun Looking north Final open pit c.1,550mt ore + waste UG grade (g/t Au)

14 Q1 ' Q Q FOCUS ON COST CONTROL 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 Q Potential for further operational efficiencies OPEN PIT US$ PER TONNE MINED UNDERGROUND US$ PER TONNE MINED * PROCESSING US$ PER TONNE MILLED *Cost of stoping divided by the ore tonnes mined from stoping. Note that development is treated as a sustaining capital cost

15 15 WEST AFRICA: DISTRICT SCALE EXPLORATION >4,500km 2 total licence holding + c.4,000km 2 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 EXPLORATION EXPENDITURE Q F Burkina Faso US$2m US$13m Côte d Ivoire US$3m US$12m Total US$5m US$25m *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

16 16 DOROPO PROJECT, CÔTE D IVOIRE: A NEW DISCOVERY 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

17 US$ million 17 RETURNING CASH FLOWS & FUNDING NEXT-STAGE GROWTH Illustrative 2017 cash flows # Cash and liquid assets* Cash inflow Free cash flow / dividend Cash outflow 300 Minimum 30% of net cash flow # 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

18 18 GROWTH COMPANY, DELIVERING RETURNS ASSET QUALITY DELIVERING FREE CASH FLOW PRIORITISING SHAREHOLDER RETURNS EXPLORING TO DEVELOP World class Sukari gold mine in Egypt US$291m cash & liquid assets * at end-q Responsible custodians of shareholder s capital Sukari optimising production growth +20 years expected mine life 2017 US$150m forecast net cash flow after profit share (1) No debt or hedging Self-performing and staged approach to growth Peer leading dividend returns Exploration in highly prospective West Africa New discovery in Côte d Ivoire 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

19 APPENDIX

20 20 BREAKDOWN OF Q PRODUCTION COSTS Sukari cash cost of production US$734/oz G&A $46/oz FX split Other 2% AUD 18% EGP* 21% Main cost centres Other 11% Labour, 11% Fuel, 15% Processing $347/oz OP mining $286/oz UG mining $55/oz USD 59% Contractors 30% Consumables 33% * Fuel component is priced and paid for in EGP but is calculated by government based on the USD international oil price

21 PRODUCTION GUIDANCE 2017 YTD 2017F OPEN PIT - Total Tonnes Mined kt 17,129 66,497 Ore kt 2,478 10,672 Strip Ratio x Mined Grade g/t UNDERGROUND - Total Tonnes Mined kt Mined Grade g/t PROCESSING - Total Tonnes Milled kt 2,908 11,750 Average Head Grade g/t Recovery % Production - Dump Leach koz 2 11 Gold Production koz

22 COST GUIDANCE 2017 YTD 2017F Gold Sales koz Gold price US$/oz 1,220 1,250 Revenue US$m Cash Cost of Production US$/oz US$m Royalty (at US$1,250/oz) US$m Sustaining capex - underground US$m Sustaining capex - other US$m Other * US$m Corporate G&A US$m AISC US$/oz US$m * 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

23 23 SUKARI GOLD MINE: A US$1.1bn INVESTMENT IN EGYPT Investment to date (end-q1 2017) Concession Agreement (Law 222 of 1994) US$1.1bn capital investment c.$us$1.9bn operating cost expenditure US$108m royalty payments US$68m profit share Law 222 of 1994 concession agreement issued by way of Presidential decree and enshrined in Egyptian law 160 km 2 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 % royalty CENTAMIN PLC Profit share following full cost recovery 100% Resources / Reserves 14.0Moz M&I / 8.8Moz P&P PHARAOH GOLD MINES EMRA Gold Production >2Moz produced to date 50% operating surplus* ( Profit Share ) 50% 50% 50% operating surplus ( Profit Share ) Life of Mine Expected +20 years SUKARI GOLD MINES 3% royalty to ARE Employees/suppliers c.1,300 Egyptians and 70 expats >270 Egyptian company suppliers * 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

24 24 SUKARI RESOURCES Sukari Total Mineral Resource 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) 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 All available assays as at February 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). Sukari Underground Mineral Resource (included within the total resource above) Resource Tonnes ( 000 t) Grade (g/t Au) Gold ( 000 oz) Measured 1, Indicated 2, Total M&I 4, ,020 Inferred 6, ,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 All available information has been used including mapping from underground mining and assays as at June 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 outside the 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.

25 25 SUKARI RESERVES Sukari Open Pit Mineral Reserve Tonnes (Mt) Grade (g/t Au) Gold (Moz) Proven Probable Stockpile Total 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. Sukari Underground Mineral Reserve Tonnes ( 000 t) Grade (g/t Au) Gold ( 000 oz) Proven 1, Probable 1, Total 2, Totals may not equal the sum of the components due to rounding adjustments. Based on underground mine workings as at 30 June Stopes for reserves estimation are designed using a 3g/t cut-off and mining dilution applied at 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

26 2011 Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q4 Million tonnes (Mt) 26 SUKARI PROCESSING: UNLOCKING PRODUCTIVITY Post-expansion throughput rates have trended higher with process optimisation 2017 forecast total throughput is 11.75Mt 12Mtpa rate expected in Q Upside beyond 12Mtpa with upgrades to secondary crushing for a capital expenditure of $6m Mtpa Forecast Plant 1 Plant 2

27 Ore mined ( 000 tonnes) Mined grade (g/t) 27 SUKARI OPEN PIT: PRODUCTIVITY x 5.2x x x 3.1x Strip Ratio = 2.3x 2.9x F 0.00 OP Ore Mined OP Waste Mined OP Plant Feed Grade

28 Ore mined ( 000 tonnes) Mined grade (g/t) 28 SUKARI UNDERGROUND: PRODUCTIVITY 1, , , F 0.00 Development ore Stoping Ore Mined grade

29 29 SUKARI: REGIONAL EXPLORATION Sukari 160km 2 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 26g/t 55g/t 2.2g/t 4.1g/t 5g/t 20.8g/t 29.2g/t 13.5g/t

30 30 CÔTE D IVOIRE: BUILDING A SIGNIFICANT LAND POSITION 2,377km 2 licence holding + 4,008km 2 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

31 31 SOUWA: HIGH-GRADE, NEAR SURFACE & OPEN AT DEPTH Shallow-dipping structure over 1.5km strike length, open to southwest and at depth Several high-grade plunging shoots

32 32 NOKPA PROSPECT High-grade mineralisation from cross cutting structures near a dyke swarm 150m extent, open in all directions

33 33 KEKEDA AND HAN PROSPECTS Kekeda and Han prospects are shallow-dipping shear zones Mineralisation open at depth and along strike Kekeda Prospect Han Prospect

34 34 BURKINA FASO 2,200km 2 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 *1.9Moz Indicated & 1.3Moz Inferred Resource at Konkera prospect

35 35 BURKINA FASO: WADARADOO Numerous targets along a +5km trend Positive metallurgical testwork 6.6g/t 3.0g/t 1.1g/t 3.5g/t 2.9g/t 3.4g/t 1.2g/t 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 N320 Zone 3.4g/t 5.3g/t 5.8g/t 6.5g/t S320 Zone 8.4g/t 11.1g/t Main 020 Zone 11.5g/t 7.2g/t 8.1g/t 6.8g/t Waderadoo North 15.7g/t 13.3g/t 15.0g/t 4.3g/t

36 36 BURKINA FASO: WADARADOO STRUCTURAL SETTINGS Steeply-dipping mineralised structures along main 020 trend Shallower-dipping mineralised structures along 320 -trending splays 1.7g/t 1.6g/t 1.3g/t 1.2g/t 6.5g/t 1.8g/t (inc. 10m@7.2g/t) 3.3g/t (inc. 6m@7.1g/t) 5.8g/t 5.3g/t 4.3g/t 4.0g/t 3.1g/t 6.5g/t 5.0g/t (inc. 5m@15.7g/t) 4.8g/t

37 37 BURKINA FASO: NAPELAPERA 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

38 Contact us Andrew Pardey, Chief Executive Officer Jonathan Stephens, Chief Development Officer +44 (0)