Corporate Presentation | February 2019
Corporate Presentation | February 2019 Disclaimer The information - - PowerPoint PPT Presentation
Corporate Presentation | February 2019 Disclaimer The information - - PowerPoint PPT Presentation
Corporate Presentation | February 2019 Disclaimer The information contained in these slides and the accompanying oral presentation (together, the "Presentation") have not been approved by an authorised person within the meaning of the
Disclaimer
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The information contained in these slides and the accompanying oral presentation (together, the "Presentation") have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 ("FSMA"). If any person is in any doubt as to the contents of this Presentation, they should seek independent advice from a person who is authorised for the purposes of FSMA and who specialises in advising in investments of this kind. The information contained in this document does not purport to cover all matters that may be relevant for the purposes of considering whether or not to make any prospective investment and is not intended to provide, and should not be relied upon, for accounting, legal or tax advice. This Presentation is supplied to you solely for information. The information contained in this Presentation has been prepared by Caerus Mineral Resources (the "Company"). The Presentation and any further confidential information made available to any recipient, either orally or in writing, must be held in complete confidence and documents containing such information may not be reproduced, used or disclosed without the prior written consent of the Company. The Presentation shall not be copied, published, reproduced or distributed in whole or in part, to any other person, for any purpose at any time. The information contained in the Presentation is not intended to be viewed by, or distributed or passed on (directly or indirectly) to, and should not be acted upon by any class of person other than (i) qualified investors (within the meaning of the Prospectus Directive 2003/71/EC) and (ii) investment professionals falling within Article 19(5) and high net worth companies, unincorporated associations and partnerships and trustees of high value trusts falling within Article 49(2) respectively of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (or persons to whom it may otherwise be lawfully communicated) (together "Relevant Persons"). Persons who are not Relevant Persons should not attend the Presentation or rely on or act upon the matters communicated at the Presentation. No undertaking, assurance, representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its existing or proposed members, agents, affiliates, representatives, advisers, employees or directors or any other person as to the accuracy, completeness or fairness of the information or- pinions contained in this document and no responsibility or liability is accepted by any such person for any loss however arising from any use of, or reliance on, or in
Caerus at a glance
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Kambia EPL Kalavasos EPL Vrechia EPL Black Pine EPL Nicosia Larnaka Limassol Mediterranean SeaCopper & Gold resource development and exploration – Target of 10-20Mt at
1.5% copper and 1g/t of gold
Previously operating mines prematurely closed in 1974
– Leaving ore in the ground
Exploration upside
- Extensions to mines defined but
never evaluated
- New known targets known to
previous operators but not tested
9 exploration licences, consisting of four target project areas
- Covering a cumulative 31.56km²
- Potential to divest non-core
assets
Route to early cash-flow Low environmental impact
“
Low-cost, de-risked redevelopment of former copper-gold mines hosting significant residual mineralisation, strike extensions and new targets underpinned by low-technology reprocessing of
- xide ores and dumps for early
cash flow to fund future growth
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”
5 MICHAEL JOHNSON, CHAIRMAN: Mike Johnson DSc. PhD., MSc., held the Rio Tinto Chair of Environmental Science at the University of Liverpool (1994-2005). He remains External Adviser to Rio Tinto plc, Lundin Mining Corporation and New Boliden AB. He was chairman of Glebe Mines Ltd, the principal fluorspar mining company in Western Europe, and variously held similar Director roles with Savannah Resources plc and Columbus Copper Inc during the period 2009-2016. Professor Johnson also holds advisory positions with the World Bank/IFC and United Nations (Environment Programme). MARTYN CHURCHOUSE, CEO: Martyn is a geologist with 33 years’ experience in Europe and Africa in exploration, mine development, feasibility and as a mine manager. He worked for Anglo American and Gold Fields before joining the Junior Mining Sector and has been involved in bringing a number of exploration companies to the AIM Market. Martyn was an adviser to Georgian Mining Corporation prior to which he was Senior Adviser New Business Development to Lundin Mining Corporation. ANDREW DANIELS, NON-EXECUTIVE DIRECTOR: Andrew has more than 30 years of experience in capital markets, exploration and
- management. Former Global Mining Finance director for Deutsche Bank. Andrew also worked for various groups including Anglo
American Western Mining Corp, Kilborn SNC, Lavalin and Minorco Services BV. Executive management experience includes roles as VP Exploration and COO for a number of junior exploration companies. NIGEL CHAPMAN, EXPLORATION MANAGER (non-Board): Nigel is a geologist specialising in project generation, implementation and management of exploration and Resource assessment programmes. Most recently he has been a consultant with Rio Tinto Exploration in Peru focusing on VMS and IOCG Copper projects.
Board and Management
Our Focus
Our Licences
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Kambia EPL Kalavasos EPL Vrechia EPL Black Pine EPL Limassol Larnaca NicosiaOXIDE RESOURCES Oxides never previously targeted now representing low-cost short- term cash flow option DUMP RESOURCES Low-grade, low-cost easily accessible heap or tank leach
- ption
BULK TONNAGE SCOPE Kalavasos, Mala & N. Mathiatis stockworks NEW TARGET GENERATING STRATEGY No modern exploration since 1974 HIGH GRADE Residual sulphide mineralisation in prematurely closed mines
Strategy
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- Prematurely closed mines with known
Resources
- Extensions to existing mine Resources
- Known mineralisation not previously tested
- Newly generated targets using modern
techniques
- Reprocessing of dumps & tailings
- Bulk copper-gold hypogene targets
- Multiple sources of ore provides scope for
incremental growth
- Rapid & low-cost generation of JORC Mineral
Resources & early cash flow
- Capitalise on copper demand & benefit from
gold credits
- De-risking drilling & exploration by focusing on
brownfield sites
Kalavasos Licence
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Mousoulos: 1.66Mt @ 1 - 2.5% Cu Mavridia: 400Kt @ 1.5% Cu Petra: 226Kt @ 1 - 2.5% Cu Mavri Sykia: 376Kt @ 1.5 - 2.5% Cu Kalavasos: 1.91Mt @ 1.5 - 2.5% Cu Landaria: 65Kt @ 0.5% Cu Platies: 439Kt @ 2.5 - 3% CuKalavasos Licence
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- A combination of two exploration
licences capturing all historic mines (8.75km2)
- 13 massive sulphide bodies
discovered and mined between 1937-77
- Remnant sulphide ore
reported to be 2.58Mt at >1.5% copper
- Historic mining of 61,450t
- f oxide zone produced
16,490oz of gold (8.3g/t)
Mine Year Ore Mined (Mt) Cu (%) Residual Resource (Mt) Kalavasos 1937 - 56 1.91 1.0 - 2.5 To be assessed Mousoulos 1964 - 76 1.66 1.0 - 2.5 0.94 Mavridia 1971 - 77 0.40 1.5 0.50 Petra 1953 - 57 0.226 1.5 - 2.5 0.30 Landaria 1963 - 64 0.065 0.5 0.25 Mavri Sykia 1954 - 77 0.376 1.5 - 2.5 0.59 Platies 1955 - 58 0.044 2.5 - 3.0 To be assessed Total 4.68Mt 2.58MtKalavasos future feedstock
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Open pit ore remnants Lower grade bulk tonnage supplemented by gold & known but untested mineralisation Low-Grade Ore & Waste Stockpiles & Dumps Landaria Mavri Sykia Stockwork & massive sulphide remnants Mousoulos PetraKalavasos Early Production Plan
Mavridia Oxide Leach
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Mavridia Oxide Ore
Target: 500Kt at 1% copper
- Trial Mining & Processing
- 85% Recovery
March 2019 September 2019
- Heap Leach
- 250 – 500Kt at 0.5 - 1% copper
Kalavasos Early Production Plan
Dumps & Other Oxide Targets
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Dump Oxide Ore
Target: 2Mt at 0.5% copper & 0.5g/t gold
- Detailed Sampling
- Resource Estimation
- Metallurgical Test Work
- Addition to Heap Leach
Other Oxide Targets
Target: 5 - 10Mt at 1% copper & 1g/t gold
- Detailed Sampling
- Drilling
- Resource Estimation
- Metallurgical Test Work
- Addition to Heap Leach
March 2019 September 2019 March 2019 December 2019
Kalavasos Sulphide Development Plan
Remnant Resources & Orebody Extensions
– 18 month programme
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Remnants
Target: 2.3Mt at >1.5% copper & 1g/t gold
Bulk Tonnage
Target: 2Mt stockwork at >0.5% copper
Extensions
Target: 2x’s historic production
- Trial mining &
Processing
- 250 - 500Kt at >1% copper
each
- 95% Recovery
- Heap Leach
3D modelling, validation drilling & JORC Resource 3D modelling, validation drilling & JORC Resource Airborne geophysics, target generation, drilling commenced
Mala Licence
Mala Mine
- Non-JORC drilled resource circa
500Kt at 1g/t gold & 0.4% copper
- Estimated >500Kt “waste” dump
containing copper & gold
- Open along strike
- Gossan outcrops cover
>600x1000m indicating possible extension of open pit
- Wide mineralised zones
including;
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Strike extensions both W & E of the former pit Au-bearing tailings- 25m at 1.23g/t gold, 0.34% copper, 1.16% zinc,
4.2g/t gold from 46m (MALRC007)
- 39m at 0.59g/t gold, 0.39% copper, 0.30% zinc,
1.3g/t gold from 33m (MALRC004)
- 4.0m at 1.46g/t gold, 0.43% copper, 2.13% zinc,
9.2g/t gold from 54m (MALRC0030)
Mala Mine Development Plan
Dump & Tailings Programme
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Ore Dumps & Tailings
Target: >500Kt at 1g/t gold & 0.5% copper Target: 500Kt at 1g/t gold
March 2019 September 2019
- Detailed Sampling
- Resource Estimation
- Metallurgical Test Work
- PEA
Mala Mine Development Plan
Orebody Extension
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Orebody Extension & Mineral Resource Upgrade
Target: 1Mt at 1.5g/t gold & 0.5% copper
Dilled Out Resource
- Validation
- Upgraded to JORC (2012)
- Underpin expansion of
Resource
Orebody Extension
- Airborne Geophysics
- Validation Drilling
- Preliminary Resource
- Resource Drilling
March 2019 December 2019
- N. Mathiatis Licence
N.Mathiatis Mine
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- Former open pit mined for high-grade pyrite
- Scope for bulk copper mineralisation surrounding
high-grade core
- Historic drilling achieved multiple intersections of
copper over significant mineralised widths:
- 2.2% copper over 40m
- 1.0% copper over 70m
- 0.52% copper over 60m
- 0.45% copper over 80m
- 0.45% copper over 50m
- 0.36% copper over 70m
- 0.33% copper over 120m
- May contain economic quantities of
gold
- Multiple dumps show evidence of
copper mineralisation which may be reflecting the low-grade bulk hangingwall tonnage stripped to access the high-grade pyritic core
N.Mathiatis Mine Dumps
19 Multiple dumps of varying age around the rim of the
- ld pit
Sulfosalt copper ARD from oxide waste dumps Extensive oxide dumps with evidence of contained copper Massive pyrite-rich ore stockpiles also occur
N.Mathiatis Mine Development Plan
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Bulk Copper- Gold Feed
Target: >2Mt at 0.4 - 0.5% copper
- Review & 3D Modelling
- Residual Resource Estimation
- Validation Drilling
- Metallurgical Test Work
- PEA
- Resource Drilling
March 2019 May 2019 Phase 1 - Verification June 2019 November 2019 Phase 2 – Validation & PEA
>45% S 20 - 45% S 10 - 20% SDump Reprocessing & Heap Leach
Target: >1Mt at 0.4 - 0.5% copper (+ gold)
- Review & 3D Modelling
- Residual Resource Estimation
- Validation Drilling
- Metallurgical Test Work
- PEA
- Resource Drilling
March 2019 September 2019
Key Events & Timeline
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Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Implement Exploration Work Programme Maiden JORC Resource Kalavasos Remnant Ore Maiden JORC Resource Mavridia Maiden JORC Resource Mala Initiate Metallurgical Test Work 1st PEA Test Production – Mavridia Pit Oxide Test Production – N. Mathiatis Dumps Test Production – Mala Dumps Resource Drilling 1st PFS Work programme specifically designed to quickly generate advanced JORC Mineral Resources Verification of >2Mt of >1% Cu recorded by Mines Department as remnant reserves Heap or Dump Leach of Cu- xide mineralisation
Investment Case
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PROLIFIC MINING HISTORY
27 mines with an average grade of 2% copper
- perated in the Country
LOW RISK
Redeveloping mines with known remnant ore and extensions
EXPLORATION UPSIDE
Proven extensions to former mines identified and drill-ready Six ore types to be evaluated
STRATEGIC DEVELOPMENT
Government actively supporting sector growth
SUSTAINABLE OPERATING ENVIRONMENT
Simple technology/techniques with little impact on the environment
LOW COST PRODUCTION POTENTIAL FOR NEAR TERM CASHFLOW
Oxide heap leach from pits
STRONG COPPER SUPPLY & DEMAND FUNDAMENTALS
Contacts
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Chief Executive Officer: Martyn Churchouse E: martyn.churchouse@caerusmineralresources.com Public Relations: Megan Ray & Rachael Brooks E: megan.ray@blytheweigh.com E: Rachael.Brooks@blytheweigh.com Tel: +44 (0) 20 7138 3204
Appendix
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- Magmatic high-grade nickel-copper sulphides possibly overprinted with copper-gold VMS
mineralisation
- Six new licences acquired giving Caerus circa 40km of mineralised strike length
- Drilling at Pevkos and Laxia in 2014 confirmed this mineralisation and presence of a
significant cobalt-gold component
>8g/t Au in grab samples from mineralised outcropBlack Pine
Nickel – Cobalt Project
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- Five RC drill holes to test exposed gossans
- High-grade nickel-copper-cobalt-gold
sulphides intersected within a wide sulphide-rich zone
- Best results:
- 2m at 3.03% nickel, 0.33% copper,
0.16% cobalt, 3.00g/t gold (PEVRC004)
- 1m at 0.54% nickel, 3.14% copper,
0.15% cobalt, 2.30g/t gold (PEVRC002)
- 13 diamond drill holes for1,567m
- All holes intersected a 20-40m wide
sulphide-richzone
- High-grade copper, cobalt and gold
within narrower massive sulphides:
- 2.25m at 4.15% copper, 0.10% cobalt,
and 0.21g/t gold (LMD008)
LAXIA 2013 Drilling
Laxia core Typical Mineralised Breccia
Pevkos 2014 Drilling
Black Pine
Pevkos & Laxia Projects
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Advisers
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Solicitors: Bankers: Auditors: Public Relations: Druces LLP Coutts & Co PKF Littlejohn Blytheweigh