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Nordgold: Robustly Positioned for Cash Flow and Growth in a Volatile Environment September 2014 1 Disclaimer Information contained in this presentation concerns Nord Gold N.V., a company organized and existing under the laws of Netherlands


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Nordgold:

Robustly Positioned for Cash Flow and Growth in a Volatile Environment

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September 2014

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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

  • n information obtained from sources believed to be reliable but does not guarantee its accuracy or 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

  • perates. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on

circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees

  • f 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
  • r 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

  • ther 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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H1 2014 Key Highlights

 Leading emerging markets gold producer with

  • perations in Burkina Faso, Guinea, Russia, and

Kazakhstan

 Diversified asset portfolio: nine producing mines, two

large-scale development project and four advanced exploration projects

 Large JORC resource base, exceeding 37 Moz gold-

equivalent (1), and reserves at 12.6 Moz with life of approximately 13 years

 World class board and management team, with a

commitment to high standards of corporate governance

 Commitment to a solid dividend plan, as Nordgold

pays the dividend quarterly with payout ratio at 30%

 London Stock Exchange listed GDR (ticker: NORD)

with 14.6% free float (incl. into FTSE Gold Mines Index)

(1) Total resources (measured, indicated and inferred) including silver resources (2) Normalised EBITDA is presented / used, before year-end adjustments

Nordgold at a Glance

476koz Gold Production US$708 / oz Total Cash Costs US$899 / oz All-in Sustaining Costs US$245M(2) 40% EBITDA & Margin

Russia Kazakhstan Guinea Burkina Faso

34% 8% 17% 40%

H1 2014 Revenue by Geography

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Operating Mines Developing Assets Exploration Areas

Nordgold: Diversified Asset Base

(1) Actual production in 2013

Suzdal 81 Koz Taparko 108 Koz Lefa 163 Koz Bissa 254 Koz Aprelkovo 33 Koz Neryungri 67 Koz Gross 220E+ Koz Berezitovy 120 Koz Buryatzoloto 99 Koz Montagne d’Or Exploration Assets Bouly 140E+ Koz

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34% 9% 18% 39% 200 400 600 800 1,000 2008 2009 2010 2011 2012 2013

193 koz (1) 534 koz (2) 589 koz (3) 754 koz (4) 717 koz (5) 924 koz (6)

(1) Taparko, Berezitovy and Buryatzoloto production included as of acquisition in November 2008 (2) Figures shown on a 100% consolidated basis. Includes 5.3 koz gold equivalent (“GE”) of silver production (3) Includes production from acquisition of LEFA (Guinea) as of August 2010 and 4.2 koz GE of silver production (4) Includes 7.1 koz GE of silver production (5) Includes 5.2 koz GE of silver production (6) Includes 6.9 koz GE of silver production

History of Operations and Development

2009 2008 2010 2011

 Expands into West Africa acquiring High River Gold  Optimisation and integration of assets  Forms integrated business model  Acquires Crew Gold – further expanding in West Africa and diversifying resource base  Established operations in 4 countries  Completed 4 acquisitions  Next successful year of substantial growth of production and resource base  More than doubled the resource base to 22.7 Moz  Reached c. 50% production

  • utside Russia

 Growth in reserves by more than 50%  Consolidation of 100% of High River Gold  A year of consolidation and construction of Bissa mine

Peer-leading track record of dynamic growth

2012

Production in 2014 is expected to be in the range of 900 – 950 koz

 Significant growth of gold production and enhancement of management team

2013

 Record gold production  Launch of world class Bissa mine  Entering South America with Montagne d’Or project in French Guiana Guinea Russia Kazakhstan Burkina Faso

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Management Team with Broad International Expertise

A balanced management team with strong corporate and technical track record

Nikolai Zelenski Chief Executive Officer

 Head of Strategy of Nordgold since its

formation in late 2007

 Joined OAO Severstal in 2004 and

worked at Strategy of Severstal Mining division

 Previously Consultant at American

Appraisal

 Joined Nordgold in February 2013  Previously: Aureus Mining, (COO),

Ashanti Goldfields, IMC consulting

 PhD in Mining Engineering  Appointed Acting CFO of Nordgold in May,

2014

 Joined Nordgold in July 2013 as Head of

Corporate Reporting

 Previously Head of Corporate Reporting in

SIBUR and in various roles at Deloitte and Arthur Andersen

Martin White Technical Director Oleg Pelevin Head of Strategy

 CEO of Nordgold since its formation in

late 2007

 At OAO Severstal since 2004. Held the

position of Head of Strategy at Severstal Mining division

 Previously at McKinsey & Company,

Mining Industry Practice

Dmitry Guzeev Acting Chief Financial Officer

 Joined Nordgold in August 2013  Over 10 years of experience in

  • ptimising and managing multiple ore

processing plant

 Previously: Vice-President and Head of

Metallurgy of Gold Fields International

 Member of the Australian Institute of

Mining and Metallurgy and Canadian Institute of Metallurgists

 Joined Nordgold in June 2013 and has

  • ver 20 years of experience in the

mining industry

 Previously COO of Alacer Gold and in

various roles at Gold Fields International

 Member of the Australian Institute of

Mining and Metallurgy

Philip Engelbrecht Director of Metallurgy Louw Smith Chief Operating Officer

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On Track to Realize 2014 Strategy

Key Objectives 2014 Targets H1 2014 Achievements Reduce Leverage Through Effective Debt Management Continuation of Growth

♦ Organic debt reduction through positive FCF generation ♦ Effective existing portfolio management to obtain favourable terms ♦ Nordgold entered into a 5-year facility agreement with Sberbank for the amount of US$500 million ♦ Refinancing reduced a cost of debt and improved the liquidity position and debt profile ♦ First debt repayment due to be made in summer 2016. ♦ Develop pipeline of high quality greenfield and brownfield projects through focused exploration expenditure ♦ Evaluate potential purchases of premium-quality reserves to enlarge the reserve base ♦ Mining works commenced at Gross at the end of February 2014. ♦ PEA of Bouly project was completed internally, we progress to FS (will be completed in Q2 2015) ♦ 14-month drill programme commenced at Montagne d’Or in November 2013

Pay Dividends to Shareholders

♦ Nordgold has a policy of paying a dividend equivalent to 30% of profits attributable to shareholders ♦ Interim dividends for Q2 2014 of USc3.81/GDR were approved, record date is September 15, 2014 ♦ Total H1 2014 dividend is USc5.34/GDR ♦ We remain focused on delivering a dividend to

  • ur shareholders

Positive Free Cash Flow Generation at All Operating Mines

♦ We are targeting positive FCF at all our operating mines in 2014 through cost, working capital and capex optimization and mining model update ♦ Consolidated AISC declined 22% YoY to US$899/oz ♦ Reached positive free cash flow of US$72.6 million ♦ Cash and cash equivalents as of June 30, 2014 were US$306.9 million

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Nordgold New Project Criteria

♦ Located near existing operations ♦ With gold as the primary metal ♦ Non-refractory ores ♦ Processed by a familiar to Nordgold technology ♦ Capex minimized to put into production or to significantly increase

  • utput

What We Look For in Brownfield Projects

♦ Located in emerging gold 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 ♦ Possible to generate annual production at above 150 koz

What We Look For in Greenfield Projects

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Nordgold: Further Growth Potential From Exploration

(1) JV with former shareholders of High River Gold (50/50)

Development projects Advanced exploration projects Early exploration projects

Delineated resource Feasibility underway or completed Trial production started in Q1 2014 at Gross Significant drilling performed Scoping underway Potential resource identified Target delineation

Uryakh

Russia

Prognoz(1)

Russia

Kaya

Burkina Faso

Zinigma

Burkina Faso

Tanzaka

Burkina Faso

Vitimkan

Russia

Nerchinsk

Russia

Yeou

Burkina Faso

Lefa Corridor

Guinea

Brownfield / Satellite Greenfield / Standalone

Production in 1-2 years Production in 3-5 years

Wayin

Burkina Faso

Production in 6-8 years

Nordgold pipeline is robust and balanced with early stage and advanced projects

Goengo

Burkina Faso

Montagne d’Or

French Guiana

Banora Corridor

Guinea

Bouly

Burkina Faso

Gross

Russia

13.3Moz resources 4.6Moz reserves

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Gross – Advanced Development Project

Feasibility study completed in February 2014 Start of pilot stage operation in March 2014 – processing of Gross ore on existing facilities of Neryungri mine 1,000 ths tons of ore was mined and processed in H1 2014, including 400 ths tons as a large scale metallurgical test Excellent recovery is confirmed at production scale test – 82,5% recovery has been achieved after 85 days of leaching Obtaining formal project construction permit from Russian authorities expected in late 2014 – early 2015 With construction start in H1 2015, subject to construction permit and financing, Gross can be put into production in 2017

Location Location Russia, Yakutia Infrastructure 5 km from Neryungri operating mine, access by all-season road Project parameters Mine type Open pit, Heap leach M + I + I resources 13.3 Moz at 0.56 g/t P&P reserves 4.6 Moz at 0.73 g/t Mining rate 12 Mtpa Recovery 82,5% for 150 days cycle Average production 220 koz Life of mine 17 years Capital to start production US$300 million All-in sustaining costs US$850-900 /oz

Gross – Brief Overview Development Highlights Gross 2014 pilot stage ore processing

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Gross Project Major Challenges and Solutions

Gross major technical challenges to overcome…

Large but low grade deposit for heap leach technology

  • nly

High seasonality of heap leaching in arctic climate, sharp

slowdown of the process at low temperatures

Difficult hilly landscape and lack of flat space for large

leach pads

No access to electric power grid

… and solutions suggested

Dynamic leach pad with stacking ore and removing it to

  • re dump after leaching cycle. Only one flat space is

required for life of mine volume of ore processing instead of three of similar size

 Cyanide solution heating to reach high and stable

recovery and eliminate seasonality

 Onsite steam coal power plant to supply low cost electric

power and heat

 Presence of a large coal mine within 200 km vicinity All metallurgical tests conducted to date produced

consistently high recoveries in excess of 80% Gross deposit landscape

10 20 30 40 50 60 70 80 90 100 20 40 60 80 100 122 40 мм, sample 1 170 мм 700 мм 40 мм, sample 2 Irrigation period, days Recovery Au, %

Pilot stage metallurgical tests dynamics

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Bouly – Advanced Project

In-house Preliminary Economic Assessment (PEA) completed in Q2 2014 and showed robust project economics We made a decision to progress the project towards a Feasibility Study (FS) Lycopodium was awarded the contract to be the lead consultant for FS and responsible for metallurgy/processing,

engineering and overall study report

Knight Piésold will be responsible for design of the heap Environmental & social study will be conducted locally. Geology & mining peer reviewers will be selected in Q3 2014 Feasibility Study is expected to be completed in Q2 2015. Mining permit is in place

Location Location Burkina-Faso, 10km east from Bissa mine Infrastructure Bissa infrastructure is available to support Bouly Project parameters Mine type Open pit, Heap leach Resources 1 Moz at 0.75 g/t Indicated & Inferred Reserve potential 2-3 Moz at 0.75 g/t for open pit Development stage Feasibility study Possible start-up year 2016 Scoping study Completed in Q2 2014

Bouly – Brief Overview

Development Highlights

Bouly landscape

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Bouly – PEA Results

Mineralization at Bouly is very uniform down to 600 m and open at depth Column tests demonstrated excellent recovery for oxide and transition zones 80-93% confirming heap leach potential Gold recoveries in column tests from fresh rock were 56-73% PEA considered oxide and transition ore only (phase I, <100 m vertical depth), while mine design will take into account

probable future fresh rock mining (phase II)

Minable resources (Indicated + Inferred) for phase I amounted to 1.2 Moz 2014 drilling 30,000 m campaign is focused on upgrading oxide inferred resources to indicated category, but nearby

geochemical anomalies will be tested as well, potentially increasing reserves of oxide ore for phase I

Life of mine (phase I) 8 years Production 145 koz* Total Cash Cost US$630/oz* Capex $140 million Payback period 2 years All-in sustaining costs US$825/oz Processing capacity 7.5 Mtpa Metallurgical recovery 75% (conservative estimate) Strip ratio 0.8 t/t

Bouly – PEA Results Overview

Development Highlights

Bouly long section

* - first three years

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Montagne d’Or - High Quality Project

Montagne d’Or Project Overview

Location Location French Guiana, 115km from port of St Laurent Infrastructure Airstrip, all-season road, camp Ownership Nordgold has the right to earn 50,01% Project parameters Mine type Open pit Resources 4.0 Moz at 1.1 g/t Inferred Reserve potential 2-4 Moz Development Stage Advanced exploration In-fill drilling to convert Inferred resource into Indicated Scoping study Will be done in 1Q 2015 Bankable Feasibility study Will be completed in 2016

Project Highlights

 Nordgold entered into an option agreement with Columbus Gold to earn 50.01% in Montagne d’Or  Nordgold will invest US$30 million and complete Feasibility Study no later than Q1 2017  Nordgold expenditures on the project to date US$11.6 million  Mining concession valid till 2019, renewable for 25 years; application made for adjacent areas  The 14-month drilling program commenced in November 2013, to be completed in October 2014  SRK will update resource estimate by the end of 2014  Preliminary Economic Assessment (PEA) to be completed by SRK in Q1 2015

Deposit cross section and notable intervals 47m at 4.0g/t 50m at 4.6g/t 18m at 1.9g/t 12m at 5.6 g/t 8m at 4.2g/t

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Pistol Bay project – Nordgold’s Recent Investment

Pistol Bay Project Overview

Location Location Arctic Canada, Nunavut Territory, on the coast of 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 No NI or JORC compliant resource yet

Deal and Project Highlights

 Northquest (TSX-V: NQ) is a 100% owner of Pistol Bay project  Nordgold purchases a 22.6% stake in Northquest for

CAD2.5mln, financing 2014 Pistol Bay drilling program

 Promising in-house resource estimate based on drilling results  Best intersections include 8.23 g/t /156m and 5.61 g/t /163m  No metallurgical test doing yet, abundant visible gold suggests

good gravity recovery

 High grade open-pit mining conditions with favourable logistics

and some existing infrastructure on site Project location map

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Key Exploration Assets - Greenfields

Prognoz Silver Project – Brief Overview

Location

Location Russia, Yakutia Infrastructure 300km winter road access

Project parameters

Ownership Nordgold - 50% Mine type Potentially underground Development stage Scoping study completed Resources 290 Moz at 600 g/t of silver in Indicated & Inferred (50^50)

Uryakh – Brief Overview

Location

Location Russia, Irkutsk region, 60km away from BAM railway Infrastructure Will require construction of all-season road

Project parameters

Mine type Underground and/or Open pit are possible Development Stage Advanced exploration Possible start-up year 2018 Resources 946 koz at 1.61 g/t inferred (WAI 2012) Reserve potential 1.5 – 2.5 Moz Scoping study 2014 - 2015 Feasibility study Will take 1-2 years

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83 15 14 13 13 10 9 2 2 29 26 37 28 30 26 6 17 Polyus Randgold ABG Nordgold Polymetal IAMGOLD (1) Petropavlovsk (2) Semafo Highland Reserves Resources 150

Operationally Nordgold Leads its Peer Group

H1 2014 Production (koz Au Eq.) H1 2014 All In Sustaining Cost ($/oz Au Eq.) Reserves & Resources (moz Au Eq.)

Nordgold is a Large, Low-cost vs. Peers Gold Producer with a Solid Resource Base

746 652 561 476 378 362 306 120 108 Polyus Polymetal Randgold Nordgold IAMGOLD (1) ABG Petropavlovsk (2) Highland Semafo 899 905 938 1,034 1,118 n/a n/a n/a n/a Nordgold Polyus Polymetal IAMGOLD (2) ABG Petropavlovsk Randgold Semafo Highland

Source: Company information (1) Excludes Niobium (2) Excludes IRC

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527 489 358 261 200 153 123 107 104 Randgold Semafo Polymetal Highland IAMGOLD (1) Petropavlovsk (2) Polyus ABG Nordgold

Valuation Benchmarking – Nordgold vs. Key Peers

EV / 2014E EBITDA (x) (3) EV / Reserves ($/oz Au Eq.)

Market data as of 28 August 2014 Source: Company information, Broker research (1) Excludes Niobium (2) Excludes IRC

8,685 6,190 5,620 3,497 2,645 2,427 2,193 1,898 1,449 Randgold Polyus Semafo Polymetal Highland IAMGOLD (1) ABG Petropavlovsk (2) Nordgold 14.7 13.2 10.0 6.6 6.2 5.8 4.9 4.0 3.5 Randgold Polyus Semafo Polymetal Petropavlovsk (2) IAMGOLD (1) ABG Highland Nordgold

Nordgold is Undervalued by the Market

EV / 2013 Production ($/oz Au Eq.)

(3) EBITDA estimates as per latest available broker consensus

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Nordgold: Investment Proposition

High Quality, Internationally Diverse Portfolio of Assets

World Class Board and Management Team, with a Demonstrated Commitment to Strong Corporate

Governance

Large JORC Resource/Reserve Base with Substantial Potential for Growth

Proven Track Record of Operational Improvements, Organic Growth and Value Creation

♦ Improving efficiencies/output at producing assets ♦ Commissioned in 2013 Bissa operating at full capacity – a case study in project development ♦ 2 development and 4 advanced exploration projects

Commitment to Delivering Dividends to Shareholders

Conservative Balance Sheet, Strong Cash Generation and Focus on Delivering Competitive Cash

Costs

    

GROSSLY UNDERVALUED

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Contact

Nordgold Investor Relations

Valentina Bogomolova Head of IR Luna ArenA, Herikerbergweg 238 1101 CM Amsterdam Zuidoost The Netherlands T +31 20 406 4480 F +31 20 406 4555 M +7 916 474 59 96 E va.bogomolova@nordgold.com W www.nordgold.com