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Nordgold: A High Growth International Gold Producer with a Near- Term Pipeline of Low cost, De-Risked Development Opportunities Louw Smith, COO NORD LI (LSE) September 19, 2016 Disclaimer Information contained in this presentation concerns


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September 19, 2016

Nordgold: A High Growth International Gold Producer with a Near- Term Pipeline of Low cost, De-Risked Development Opportunities

Louw Smith, COO NORD LI (LSE)

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Disclaimer

Information contained in this presentation concerns Nord Gold N.V., a company organized and existing under the laws of Netherlands (the “Company”, and together with its subsidiaries, the “Group”), and is for general information purposes only. The opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy

  • r completeness.

These materials may contain forward-looking statements regarding future events or the future financial performance of the Group. One can identify forward looking statements by terms such as “expect”, “believe”, “estimate”, “anticipate”, “intend”, “will”, “could”, “may”, or “might”, the negative of such terms or other similar

  • expressions. These forward-looking statements include matters that are not historical facts and statements regarding the Group’s intentions, beliefs or current

expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Group operates. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may

  • r may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that the Groups’ actual

results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Group operates may differ materially from those described in or suggested by the forward-looking statements contained in these materials. In addition, even if the Group’s results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Group operates are consistent with the forward-looking statements contained in these materials, those results or developments may not be indicative of results or developments in future periods. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in the states where the Group operates, changes in the world [gold] market, as well as many other risks specifically related to the Group and its operations. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its shareholders, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in these materials. None of the Company nor any of its shareholders, directors, officers or any other person accepts any liability whatsoever for any loss howsoever arising from any use of the contents of this presentation or otherwise arising in connection therewith. The presentation and the information contained herein does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United

  • States. The securities of the Company have not been, and will not be, registered under the US Securities Act of 1933, as amended (the “Securities Act”). Accordingly,

the securities of the Company may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Company does not intend to conduct a public offering of any securities in the United States

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Actual production in 2015

Operating Mines Developing Assets Exploration Areas Exploration Assets

Suzdal 75 koz Taparko 83 koz Lefa 214 koz Bissa 235 koz Aprelkovo 20 koz Neryungri 84 koz Gross 230E+ koz Berezitovy 125 koz Buryatzoloto 113 koz Montagne d’Or Bouly 120E+ koz Pistol Bay 34% 10% 24% 33%

H1 2016 Revenue by Geography

Russia Kazakhstan Guinea Burkina Faso

Nordgold: Diversified Asset Base Across Four Continents

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Key Messages

 Focus on Free Cash Flow

  • Low Cost Producer Compared to Peers
  • Target Positive Free Cash Flow Generation at All Mines
  • Robust Balance Sheet and Liquidity Control

 Margin Improvement and Profitable Extensions of Existing Operations

  • Continuous Productivity Improvement Programs
  • Development Projects at Operating Mines
  • Near-Mine Exploration Success

 Growth Pipeline Delivered

  • First Gold Poured at Bouly (Burkina-Faso)
  • Gross (Russia) Construction Ongoing
  • Montagne d’Or (French Guyana) Feasibility Study on Schedule
  • Promising Exploration at Pistol Bay (Canada)
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Nordgold is a LOW COST Producer Compared to Peers

FY 2015 All-In Sustaining Cost, US$/oz Au Eq.

 FY2015 Nordgold AISC was US$793/oz (11% reduction YoY) - one of the lowest compared to peers  US$158.1m Free Cash Flow achieved in 2015, while investing in construction of Bouly mine

200 400 600 800 1,000 1,200 5000 10000 15000 20000 25000 30000 35000 40000

Nordgold

Gold production, koz

793

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311 329 418

200 400 600 800 1,000 1,200 1,400 150 300 450 2013 2014 2015 US$/oz US$ million OCF Gold price

Strong Cash Flow in Challenging Market Environment

Nordgold Consistently Generates Free Cash Flow

63 181 158 238 158 258

100 200 300 2013 2014 2015 US$ million FCF Capex

 Operating Cash Flow (OCF) increased despite of the 2015 falling gold price as a result of higher sales

and lower costs

 Meaningful positive Free Cash Flow (FCF) generation due to strong OCF and low maintenance

CAPEX

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 Nordgold’s debt position, as at 30 June, 2016: – Total Debt of US$905.3 million – Net Debt of US$562.5 million, US$161

million lower vs. Net Debt at end 2013

– Net Debt / LTM EBITDA was 1.3x, which is

significantly below our covenant level of 3.5x Gross Debt / LTM EBITDA

 No large debt repayments due until mid-2018  We continue to manage our leverage and interest

rate in the most efficient manner

84 42 200 400 600 2016 2017 2018 2019

167 615

Debt Profile Improvement

Debt Maturity Schedule, US$ million Debt (in US$ million) and Average Interest Rate Dynamics

500 448 Sberbank Loan Eurobond

968 944 946 905 724 627 584 563 5.9% 4.7% 4.8% 4.9% 4.0% 4.5% 5.0% 5.5% 6.0% 200 400 600 800 1000 2013 2014 2015 1H2016 Total Debt Net Debt Average interest rate (RHS)

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Mine Productivity Improvements at Taparko

 Nordgold implemented Overall Equipment Effectiveness (OEE) project in mining to improve productivity of primary equipment  Key initiatives include:

  • Reorganization of shift and lunch

break schedules to limit lost time

  • Optimizing trucks payloads (training of

trucks operators with payload procedure)

  • Blast fragmentation improvement
  • Introduction of mining fleet dispatching

systems  Resultantly, loading productivity was improved by 65% with less excavators in operation

Productivity Improvement Initiatives

Loading productivity, tonnes per hour

25 30 10 15 5 1 20

Lunch optimization example, additional tones moved, July 2016

Additional 97,110 tonnes moved lead to 9% increase in production

100 200 300 400 500 600 700 5 5 6 6 7 8 7 Loading productivity, t/h Number of excavators

+64,7%

Jul 15 Sep 15 Nov 15 Jan 16 Mar 16 May 16 Jul 16

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Berezitovy Underground Development Project

Location

Location Russia, Amur region Infrastructure 50 km from Trans-Siberian railway, access with all-season road, OP infrastructure

Project parameters

Mine type Open pit, CIL Stage Open pit, UG development Start-up year H1 2017 Estimated CAPEX US$14.7 million Annual production 55 koz, 3 years LoM LoM average TCC & AISC US$589/oz & US$725/oz

Berezitovy Underground Perspective Berezitovy Underground Project Overview

First underground Mineral Resources of 168koz reported in 2015

NG Feasibility study converted 107koz into Ore Reserves

Twin decline development to commence H1 2017 to access high-grade ore extensions below current open pit

First ore accessed in H2 2018, and full production in 2019 at an annual rate of 350kt at 5.4g/t.

Complete mechanized mine operated by 90 technical and operations employees.

Mining method consist of long-hole open stoping with cemented rockfill

Annual processing continue at a rate of 1.82Mtpa until 2021; mill feed consisting of underground ore, open pit

  • re and historical stockpiles.

10,000m of annual exploration drilling will target Mineral Resources conversion and test depth extensions

Regional early stage exploration focused on Khaikta permit north of Berezitovy

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Improving Margin Through Exploration at Bissa

14m at 1.96g/t 2m at 7.04g/t

Location Country Burkina Faso Location 100km north from Ouagadougou Infrastructure Easy access to the national highway Operational Statistics Mine type Open pit Technology Crushing, milling, CIL circuits FY2015 production 235.3 koz P & P reserves 2,067 koz at 1.33 g/t M + I + I resources 2,959 koz at 1.27 g/t

Brief Overview

843

2012 Reserves Depletion Addition

2015 Reserves 1,863 1,047 2,067

Ore Reserves Dynamics at Bissa, koz

 2015 Bissa Ore Reserves at 2.1Moz; circa 1.0Moz

additional ounces added since mining commenced in 2012

 2015 regional exploration delivered maiden Ore

Reserves at Yimiougou, Noungou and Zinigma for 264koz

 2016 exploration drilling focused on:  Infill drilling below existing pits  Exploring potential between Bissa pits  Regional exploration at Yimiougou and Noungou

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Construction Phase Development Phase Advanced Exploration Early Exploration

(1) JV with a partner (50/50)

FS completed In engineering or construction Pilot production at Gross Production in 2-5 years Production in 6-8 years Production in 1-2 years

Satellite Standalone

Nordgold Pipeline is Robust and Balanced with Early Stage and Advanced Projects

Production in 3-5 years Significant drilling performed Established resources Scoping/PEA completed or underway Potential resource identified Target delineation Established Resources FS completed or underway

Onot-Kitoy

Russia

Pistol Bay

Canada

Zhanok

Russia

Lefa Corridor

Guinea

Kolbachi

Russia

Goengo

Burkina Faso

Uryakh

Russia

Prognoz(1)

Russia

Kangarse

Burkina Faso

Yimiougou

Burkina Faso

Yeou

Burkina Faso

Montagne d’Or

French Guiana

Zinigma

Burkina Faso

Ronguen

Burkina Faso

Gross

Russia

Bouly

Burkina Faso

4.4 Moz Reserves 8.5 Moz Resources 1.3 Moz Reserves 3.5 Moz Resources

Robust Pipeline to Underpin Future Growth

Khaikta

Russia

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Location Location Burkina-Faso, 5 km east from Bissa mine Infrastructure Bissa infrastructure is available to support Bouly Project parameters Mine type Open pit, Heap leach Stage Under construction Start-up year H2 2016 Estimated CAPEX US$140 million Annual production 118 koz, LoM 10 years LoM average TCC & AISC US$665/oz & US$730/oz

 Large ore body: 1.3 Moz at 0.56 g/t in Probable

Reserves and 3.5 Moz at 0.57g/t in M,I&I Resources

 Straightforward heap leach metallurgy with

superior gold recovery at above 83%

 Low cost mining at strip ratio of 0.7 t/t  Located within 5 km from Nordgold’s operating

Bissa mine with key infrastructure already in place

 Feasibility Study with strong project economics:

26% IRR at a gold price of US$1,100/oz and 40% IRR at a gold price of US$1,250/oz

 Possibility of Life of Mine extension through

processing of fresh rock ore resources and exploration at flanks

 Construction is completed and the mine is in

commissioning phase

 In Q2 2016 ore stacking commenced with first

gold poured in Q3 2016

Bouly – Brief Overview and Summary

Bouly – Construction completed

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 World class ore body: 4.4 Moz at 0.73 g/t in

P&P Reserves and 8.5 Moz at 0.67 g/t in M,I&I Resources

 Straightforward low cost heap leach

metallurgy with excellent recovery rate at above 82.5%

 Feasibility study indicates IRR above 25% at

a gold price of US$1,100/oz and IRR of almost 40% at a gold price of US$1,250/oz

 The successful pilot production confirmed

project recovery, low cost profile and robust economics and also reduces execution risk

 The mine complex earthworks have ramped

up and excavations for Power Plant and Primary Crusher foundations are underway

 Fabrication and transportation of the mine

complex’s housing facility began in Q2 2016 and construction is expected to begin in Q3 2016

 In 2016, Nordgold will invest c. US$125

million in construction at Gross

Location Location Russia, Yakutia Infrastructure 5 km from Neryungri operating mine, accessible by all-season road Project parameters Mine type Open pit, Heap leach Stage Fully permitted, construction will start in early 2016 Possible start-up year Early 2018 Average production 230 koz, 20 years LoM Capital to start production US$250 million LoM average TCC & AISC US$679/oz & US$760/oz

Gross – Brief Overview and Summary

Gross – Construction ongoing

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Location Location French Guiana, 80 km from port of St Laurent Infrastructure Airstrip, all-season road, camp Project parameters Ownership Nordgold has the right to earn 55.01% Mine Type Open pit Possible start-up year 2020 Average production 250+ koz Development Stage Feasibility Study is underway, to be completed in Q4 2016

Project Summary

 World-class high-grade ore body: 3.8 Moz at 2.14 g/t of

in-pit Indicated and Inferred Resources

 Favorable stripping ratio  Straightforward metallurgy: gravity + cyanidation.

Excellent recovery - averaged at above 95% in lab tests

 Located in politically stable and low-risk jurisdiction  Significant reserve upside potential at strike and in depth

47m at 4.0g/t 50m at 4.6g/t 18m at 1.9g/t 12m at 5.6g/t 8m at 4.2g/t

 Pre-feasibility Study finalized in June, 2015 and

demonstrated positive economic data with CIL technology

 Preliminary ESIA were completed in Q1 2015,

completion of full ESIA is expected by Q1 2017

 Lycopodium won tender to complete Feasibility Study,

will be delivered in Q4 2016

 Nordgold became project operator from January 2016

Deposit Cross Section and Notable Intervals

Montagne d’Or Project Overview

Montagne d’Or - High Quality Project in South America

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Location Location Arctic Canada, Nunavut Territory, on the coast

  • f Hudson Bay

Infrastructure Accessible by air or by sea with about 5-month navigation

  • period. Village, port, airstrip and all season road on site.

Project parameters Mine type Open pit, high grade Development Stage Advanced exploration, 2014 drilling program underway Resources 739 koz at 2.95g/t Inferred resources (NI compliant)

Project Highlights

 Pistol Bay project is wholly owned by Northquest (TSX-V: NQ)  Nordgold increased its stake from 51.5% to circa 96.5% of Northquest

in result of take-over offer

 Best intersections include 8.23 g/t /156m and 5.61 g/t /163m  Preliminary metallurgical tests showed recovery from 93.1% to 99.6%

and indicated gold is recoverable through standard gravity and CIL methods

 High grade open-pit mining conditions with favourable logistics and

best mining jurisdiction

Project Location Map

Pistol Bay Project – Nordgold’s Entry into North America

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Nordgold New Project Criteria

♦ Located in mining-friendly geographies ♦ With gold as the primary metal ♦ Non-refractory ores ♦ Not less than 2Moz of Reserve potential with grade at above 2g/t, low to medium strip ratio ♦ Potential annual production above 150 koz

What We Look For in Greenfield Projects

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Objectives Positive Free Cash Flow Generation at All Operating Mines Reduce Leverage Through Effective Debt Management Pay Dividends to Shareholders Continuation of Growth Achievements 2016 Strategy

Comprehensive cost

reduction program in place at all mines

FY2015 AISC of

US$793/oz, a 10% improvement YoY

8 out of 9 mines were

FCF positive in 2015, FY 2015 consolidated FCF reached US$158m

Total FY2014

dividend at USc10.31/GDR

FY 2015 dividend

at USc15.61/GDR

Reduced cost of debt

and improved liquidity and debt profile through refinancing in 2014

Net debt on 31.12.2015

reduced to US$584m, Cash position of US$362m

Net debt/ LTM EBITDA

as of the end of 2015 was 1.1x

Bouly construction is

completed, production started in Q3 2016

Construction work at

Gross started in June, 2016

Montagne d’Or FS to

be completed in Q4 2016 ♦ Continue to generate efficiencies ♦ Positive FCF generation at all mines ♦ Maintain dividend pay-out ratio (30% of net profit attributable to shareholders) ♦ Launch Bouly and proceed with Gross construction ♦ Continue to invest in the pipeline ♦ Continue to efficiently manage leverage with target level Net debt/ LTM EBITDA in the range 0.5-1.0x

Proven Strategy in Any Price Environment

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For further information please visit www.nordgold.com