Corporate Presentation March 2019 1
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward- looking statements. Forward-looking statements include words or expressions such as “2019-2023”, “development”, “Q1 2020”, “target”, “guidance”, “intention”, “outlook”, “future”, “will”, “to be completed”, “LOM Plan” and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to meet our 2019- 2023 target annual production of 400,000+ ounces at $700/oz AISC, the ability to start production at the Mana underground in Q1 2020, the ability to meet our 2019-2023 target average production of 413,000 ounces at $714 AISC, the ability to generate over $1.2B of operating cash flow from 2019 to 2023 at $1,300 gold price, the ability to meet our 2019 guidance in terms of production, AISC, capital expenditure and non-recurring development expenditure, the ability of each of the Boungou Mine and the Mana Mine to meet its 5-year production and cost targets, the ability to complete the Nabanga deposit PEA by Q3 2019, the ability of the Mana Mine to meet its 2019-2025 LOM Plan and operational and financial objectives, the ability of the Boungou Mine to meet its 2019- 2026 LOM Plan and operational and financial objectives, the ability to meet Siou underground timeline, the ability to meet our 2019 exploration programs, the accuracy of our assumptions, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO’s documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO’s 2017 Annual MD&A, as updated with our 2018 First Quarter MD&A, 2018 Second Quarter MD&A, 2018 Third Quarter MD&A and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law. We also advise you that the terms “Inferred Resources” and “Indicated Resources”, although recognized and required by the Canadian Securities Administrators, are not recognized by the US Securities and Exchange Commission. There is no certainty that Inferred Resources or Indicated Resources will be economically mineable. All mineral resources are exclusive of mineral reserves. In this presentation, all amounts are in US dollars unless otherwise indicated. 2
TABLE OF CONTENTS 1 Executive Summary 2 2019 Exploration Budget & Plan 3 Appendices 3
1 SEMAFO OVERVIEW 400,000+ oz Producer at ~$700 AISC with Upside MANA BURKINA FASO 2008 first gold pour Strong 5-year outlook Boungou Mine Mana Mine 1.7M oz reserves at 2.9 g/t Nabanga Bantou DEVELOPMENT UPSIDE Korhogo Bantou + Savary Nabanga PEA Q3/19 MANA + BOUNGOU 2019-2023 Targets: 5-year BOUNGOU average production 413,000 oz 2019 first full year at 5-year average $714 AISC Strong 5-year outlook 3.2M oz reserves at 3.4 g/t 1.5M oz reserves at 4.1 g/t Exploration upside 4
1 CORPORATE SNAPSHOT Conservative Capital Structure Enterprise Value Shareholders Shares - Basic 326M Shares - F.D. 327M Institutional Share Price (Feb 27/19) C$ 3.55 34% 90% Market Cap (1.30 US$/C$) US$ 889M Cash (Dec 31/18) US$ 122M 18% 10% Debt (Dec 31/18) US$ 120M 48% Retail & Enterprise Value US$ 887M Other Research Analyst Coverage 5
1 5-YEAR PRODUCTION & COST TARGETS Over $1.2B of Operating Cash Flow at $1,300 Gold Price 5-Year Operating Total Cash Flow $238 $260 $243 $240 $229 >$1.2B (US$M) 500 1 200 5-Year Average 439 414 413 410 402 401 1 000 400 $757 800 $730 $720 $714 $707 300 $652 Production (000’s oz) BOUNGOU 600 AISC (US$/oz) 226 180 186 201 205 200 230 400 MANA 213 100 221 216 213 209 180 200 0 0 2019 2020 2021 2022 2023 Average 2019-2023 Guidance at Midpoint 6
1 RESERVES & RESOURCES SUMMARY High Quality Reserve Base ( as at December 31, 2017 ) Updated reserves & resources for December 31, 2018 expected early March 2019 1.5M oz Others Inferred Siou O/P 122,000 oz Resources 1.6 Mt @ 3.6 g/t Au 181,000 oz 4% 6% Boungou 11.2 Mt @ 4.11 g/t Au 1,479,000 oz 3.1M oz Siou U/G Measured & Indicated 16% 3.0 Mt @ 5.3 g/t Au Resources 516,000 oz 46% TOTAL RESERVES 29.4 Mt @ 3.4 g/t Au 3,200,000 oz 3.2M oz Proven & Probable 28% Reserves Wona 12.3 Mt @ 2.3 g/t Au 902,000 oz 2017 7 * All mineral resources are exclusive of mineral reserves.
1 2019 GUIDANCE Strong 2019 Driven by Full Year at Boungou Consolidated Boungou Mana Gold production (‘000 oz) 390 – 430 220 – 240 170 – 190 All-in sustaining cost ($/oz) 685 – 735 470 – 510 950 – 1,020 Capital Expenditure (included in AISC) (in millions of $) Sustaining 14 4 10 Stripping 64 21 43 78 25 53 Non-Recurring Development Expenditures (not included in AISC) (in millions of $) Siou Underground Development 41 - 41 Air Strips & Mill Optimisations 8 6 2 49 6 43 The general and administrative expense for 2019 has been forecast at $16 million. Exploration budget for 2019 is $19 million. 8
BOUNGOU OVERVIEW 1 Our New Flagship Mine Constructed on-time, on-budget 2019 First full year 1.5M oz reserves at 4.1 g/t (at December 31, 2017) 5-year average production of 205,000 oz per year at $539 AISC 2019 Exploration Program goal is to extend mine life 9
1 BOUNGOU TARGETS 5-Year Production and Cost 300 1 000 250 800 5-Year Average $636 200 $616 600 $537 $539 $490 $449 150 Production (000’s oz) 400 AISC (US$/oz) 100 200 50 230 226 201 186 205 180 0 0 2019 2020 2021 2022 2023 Average 2019-2023 Guidance at Midpoint 10
MANA OVERVIEW 1 Produced over 2M oz. and Still Going Strong First gold pour 2008 Plant upgraded and resources extended over time 1.7M oz reserves at 2.9 g/t ( at December 31, 2017) Mana February 2018 PFS provides updated mine plan for Wona-Kona, Siou O/P and U/G 5-year average production target of 209,000 oz per year at $886 AISC Siou UG development started Q3 2018 11
1 SIOU UNDERGROUND OVERVIEW On-Time, On-Budget; 1,050m Completed at December 31, 2018 Backfill for primary stopes are 4% cemented rockfill Portal (5.5m x 5.5m) and ramp (14°slope) located and secondary stopes are filled with only waste rock at the bottom of the Siou pit Two types of long hole mining will be used 2,000 tpd will require working 3-6 stopes ▪ 80% Transversal long hole mining for stopes wider than 10m per month depending on size and width of stopes ▪ 20% Longitudinal long hole mining for stopes smaller than 10m 200 m PROGRESS AT END OF YEAR 2018 FIRST PRODUCTION STOPE (Q1 2020) 12 600 m
1 SIOU UNDERGROUND TIMELINE On-Time, On-Budget; 1,700m Completed at February 20, 2019 2018 2019 2020 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Complete NI 43-101 Technical report 100 % Negotiate / Sign contract with U/G Contractor 100 % Detailed engineering for development start-up 100 % ESIA & Mining Permit* 85 % Contractor Mobilization on-site 100 % Infrastructures 55 % 100 % Portal preparation 20 % U/G development 0 % Surface & U/G Definition & Grade Control drilling 0 % Long Hole stoping production start-up 0 % Design capacity reached at 2,000 tpd * Current permit allows for U/G development start-up 13
1 MANA TARGETS 5-Year Production and Cost 250 1 400 5-Year Average 1 200 $1 084 200 $985 1 000 $892 $886 $828 150 800 $665 Production (000’s oz) 600 100 AISC (US$/oz) 400 50 180 213 216 213 221 209 200 0 0 2019 2020 2021 2022 2023 Average 2019-2023 Guidance at Midpoint 14
1 BANTOU-SAVARY COMBINATION A New District Scale Land Package on the Prolific Houndé Belt ~30 km District Scale Land Package, ~50 km x ~25 km for 1,250 km 2 Entire 1,250 km 2 truckable to potential central plant in NE of Bantou permit Both properties have existing resources – ~50 km Karankasso (805,000 oz at 2.03 g/t) and Bantou (361,000 oz at 5.35 g/t) Excellent location on prolific Houndé Bantou chert horizon Mafic volcanics Greenstone Belt Intermediate volcanics Sediments (Tarkwa-type) Volcanoclastics and cherts Sediments ~20 km 15
1 BANTOU-SAVARY COMBINATION Savary Acquisition Overview & Update Non-binding letter of intent signed February 11, 2019 Exclusivity until March 11, 2019 Intention to enter binding agreement no later than March 11, 2019 Closing expected late May 2019 Post-closing will announce updated regional exploration program and combination of existing resources All-in cost of 1,250 km 2 district scale land package is $20-$24/oz based on existing resources only Minimal 2.2% dilution to SEMAFO shareholders 16
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