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Denver, Wednesday February 29, 2012
Connecting investors to opportunities www.symposium.net.au
Denver, Wednesday February 29, 2012
Connecting investors to opportunities www.symposium.net.au
Kerry Stevenson Managing Director
Symposium
Connecting investors to opportunities www.symposium.net.au
Mr Stuart A Sanderson President
Colorado Mining Association
Connecting investors to opportunities www.symposium.net.au
Wally Bucknell Executive Director
Atlantic Gold NL
Connecting investors to opportunities www.symposium.net.au
6
PIPELINE OF GOLD PRODUCTION IN NOVA SCOTIA
…applying Australian expertise to an overlooked Canadian gold province…
ASX:ATV
www.atlanticgold.com.au
March 2012
7
•Track record of gold discovery and production in Western Australia
•Focused on the same, but now in the Meguma Goldfield – with OPEN PIT perspective
•Established 450koz Reserves within a Resource inventory of 1.2 million ounces
•Project pipeline: Touquoy – next step: development
Cochrane Hill – next step: feasibility study
Exploration lands – next step: discovery
OVERVIEW
8
9 Touquoy deposit section 21625mE
10
Cochrane Hill
11
12
TOUQUOY
Measured & Indicated 10.1 1.5 480,000
Inferred 1.6 1.5 77,000
TOUQUOY WEST
Indicated 0.9 1.9 54,000
Inferred 0.6 2.2 45,000
COCHRANE HILL Indicated 4.5 1.8 251,000
Inferred 5.6 1.6 298,000
TOTAL M&I 15.5 1.6 785,000
TOTAL INF 7.8 1.7 420,000
MINERAL RESOURCES contained million tonnes grade g/t ounces gold
13
TOUQUOY
Total 11.7 1.5 557,000
TOUQUOY WEST
Total 1.5 2.0 99,000
COCHRANE HILL
Total 10.1 1.7 549,000
TOTAL ALL 23.3 1.6 1,205,000
MINERAL RESOURCES
contained million tonnes grade g/t ounces gold
14
TOUQUOY
Proved 2.49 1.48 118,000
Probable 7.10 1.47 336,000
TOTAL 9.59 1.48 454,000
MINERAL RESERVES
contained million tonnes grade g/t ounces gold
15
TOUQUOY
16 Touquoy gold resource and geology
17 Touquoy geology and drillhole locations
18 Touquoy deposit section 21625mE
19
Touquoy Gold Project NQ DIAMOND CORE – HOLE MR-05-084
121–122 m : 2.16 g/t
122–123 m : 9.23 g/t
123–124 m : 8.98 g/t
Argillite host rock with no quartz veins
20
21
Touquoy Gold Project
Photomicrographs of gold grains in MR-05-084 core at 122-123 m Field of view 1 mm. Light grey = arsenopyrite, dark grey = silicates
22
Low strip ratio – 2.5:1
Soft ore – BWI ~ 10
Excellent metallurgy – 93.5% (70% gravity)
Coarse grind - 150µm
Low reagent consumption – 0.4kg/t CN
Excellent CN detox
No acid rock drainage – carbonate, low sulphide
Grid power – coal-fired – 5km to connect
Excellent infrastructure
Keen local and homecoming workforce
No on-site accommodation required
Supportive government
TOUQUOY’S ADVANTAGES
23
24
Ore reserves 9.59Mt @ 1.48g/t
Production 422,000 oz
Mine life 5.0 years
Ave annual production 84,000 oz pa
Throughput 2.0mtpa
Initial capex $140 million
Gold price US$1700/oz
Cash operating costs US$597/oz
Net cash surplus (pre-tax) US$337 million
Payback period 18 mos after 1st gold
Project NPV (8%, pre-tax) $206 million
Project IRR 52.5%
TOUQUOY SUMMARY FINANCIALS
25
26
27
28
ENVIRONMENTAL ASSESSMENT APPROVAL FEASIBILITY STUDY COMPLETED
MINERAL LEASE GRANTED
ACQUIRE REMAINING SURFACE TITLES
in progress
FINAL PERMITTING
Industrial Approval – documentation done
PROJECT FINANCING
Touquoy Gold Project STEPS TO PRODUCTION
29
COCHRANE HILL
30
31
32
33
COCHRANE HILL
Indicated 4.5 1.8 251,000
Inferred 5.6 1.6 298,000
Total 10.1 1.7 549,000
MINERAL RESOURCES
contained million tonnes grade g/t ounces gold
34
35
36 Cross section 3200E
37
38
CONCEPTUAL FINANCIALS
TOUQUOY + COCHRANE HILL
Throughput
Total production
Ave annual production
Plant
Mine life
Pre-production capex
Total LOM capex
Gold price
Cash operating cost
Net cash surplus (pre-tax)
Payback period
NPV (8%, pre-tax)
Internal rate of return
19.0Mt @ 1.6g/t for 970koz contained
900,000 ounces
93,000 ounce
2.0Mtpa relocated to CH after Touquoy
9.7 years
$140 million
$254 million
$1,700 per ounce
$646 per ounce
$721 million
18 months after first gold pour
$371 million
53%
39
REGIONAL EXPLORATION
40
41
42
43
44
45
46
47
48
MAJOR SEDIMENT-HOSTED GOLD DEPOSITS
Deposit Location Au (t) Grade (g/t) Age Meguma Appalachians 120 1.5 Cambro-Ord Juneau US Cordillera 281 1.4 Jurassic Macreas Flat NZ 251 1.2 Jurassic Natalka Russia 716 4.2 Permian Nezhdaninskoye Russia 311 5.4 Permian Bakyrichik Tien Shan 361 6.8 Carboniferous Carlin Nevada 3000 0.9-19 Siluro-Dev Zarmitan Tien Shan 470 9.5 Silurian Muruntau Tien Shan 5290 3.7 Ord-Silurian Amantaitau Tien Shan 288 3.7 Ord-Silurian Bendigo Victoria 533 12.9 Cambro-Ord Getchell Nevada 800 3.0 Cambro-Ord Sukhoi Log Siberia 1920 2.8 Proterozoic Kumtor Tien Shan 284 4.4 Proterozoic Telfer WA 1564 1.5 Proterozoic Brasilia Brazil 313 0.4 Proterozoic
49
AT TOUQUOY: • Acquire remaining surface titles - Q2/12 (?)
• Grant of Industrial Approval – Q2/12
• Secure project financing - Q3/12
• First gold pour – mid 2014 AT COCHRANE HILL: Complete drill-out, commence Feasibility Study ELSEWHERE MEGUMA: Continue regional exploration
LOOKING AHEAD
50
ATLANTIC GOLD NL
THE COMPANY
51
Fully paid shares 530.0M Partly paid shares (20 cents paid to 9 cents) 30.3M Options unlisted (15.5 cents, 18 months) 2.0M Market Cap @ 4.0 cents/share: $21.0 million
CAPITAL STRUCTURE
52
PIPELINE OF GOLD PRODUCTION IN NOVA SCOTIA
…applying Australian expertise to an overlooked Canadian gold province…
ASX:ATV
www.atlanticgold.com.au
March 2012
Tony Tascone Corporate Advisor
Pareto Capital
Connecting investors to opportunities www.symposium.net.au
An Introduction to our Investment Advisory
Group
About Pareto Capital
Pareto is a Perth based investment advisory group offering capital raising and corporate advisory services to
resource based mining and industrial companies, as well as full service broking services to retail and wholesale
clients.
Pareto is a privately owned enterprise that has created strong alliances within the investment community. Our aim is
to create long term investor and shareholder value.
Pareto’s services include the sourcing of capital for Companies and the creation of investment opportunities for
professional investors. Pareto assists with Venture Capital, IPO's and Placements, corporate advisory and
consultancy services.
Pareto was established in 2010 and has since recapitalised a number of publicly listed entities and completed private
equity syndications as well as the sale of privately owned enterprises.
Pareto has a philosophy of investing alongside its clients through the principals, taking a significant stake in deals
offered via both personal holdings and our wholesale investment company.
Services – Full Service
Broking At Pareto, we have a team of experienced investment advisers ready to work with you to achieve your financial goals.
We are a Full Service Investment Advisory Group with a focus on long term relationships with our clients. Whether you
choose to use an adviser to assist in managing your portfolio or elect to do so yourself, you will have access to:
Domestic share trading
Access to Initial Public Offerings (IPOs) and Placements
Listed managed investments
Portfolio construction for Self-Managed Super Funds
Cash management services
Online access to your portfolio
Our Daily Market Review
Quarterly Performance Reports
Many of our new clients are referrals which we attribute to our success in combining our access to Initial Public Offerings
(IPOs) and Private Placements for clients with a traditional portfolio service based on trust and communication.
Services – Corporate
Pareto works closely with listed companies to assist in many of the Equity Capital Markets transactions and options
available to provide capital and as a means of improving the quality of an existing company’s share register through
promotion and marketing to professional and institutional clients.
At Pareto, we initially raise funds for early stage projects via our extensive network of sophisticated and wholesale
investors. Our team’s ongoing commitment to services through our corporate advisory role then introduces clients to
large scale brokers and institutional investors through a series of investor roadshows throughout Australia, Asia, Europe
and the U.S.
Our team has built outstanding institutional and broker networks in Australia and overseas. We have assisted numerous
ASX listed companies in expanding their networks and shareholder base via presentations with key investment analysts,
institutions and investment groups.
Pareto has had a successful history of identifying, financing and vending resource projects internationally via the “IPO”
process or the introduction to a suitable listed vehicle (“Shell”).
Pareto has established networks with experts and consultants to assist in this process to ensure that your specific
business and requirements are met during this critical stage in any corporate growth strategy.
Services – Roadshows
Pareto specialises in organising all meetings and introductions in the region your company desires, generally targeting
the investment communities in Hong Kong, Singapore, New York, London, Melbourne and Sydney. Our team is able to
tailor a roadshow to meet investors that are sector-specific to your company, and most importantly - we can ensure that
our itinerary fits your available time frames.
Standard roadshows usually require a minimum time allocation of 3 days if conducted in Australia and 4 days if targeting
overseas groups (this provides sufficient time for meetings and travel requirements).
Roadshows are highly effective ways of raising capital and further promoting your company to new and qualified
professional investors. We take the work out of organising this important function and companies can easily leverage
from our established relationships and contacts throughout the global investment community by outsourcing this role to
our team.
Our services include:
Australian Broker introductions and presentations
Institutional Investor Presentations and Roadshows (Australia and overseas)
Relationship management with shareholders and stakeholders (Top 20 shareholder management and analysis)
Marketing / Investor Relations strategy creation and implementation
On-going corporate advice and support to assist in promotional and fundraising requirements in the medium term.
Recent Transactions
AUD$1.65M
AUD$6.0M
AUD$10M
Lead Manager and Corporate Adviser Lead Manager and Corporate Adviser Lead Manager and Corporate Adviser
Lead Manager Pareto Capital Pty Ltd
Pareto Capital Pty Ltd Pareto Capital Pty Ltd Pareto Capital Pty Ltd
June/July 2011
April 2011 March 2011 April 2011
Initial Public Offering
Share Placement Share Placement Share Placement
AUD$1.2M
AUD$1.5M
AUD$2.45M
Share Placement
Joint Manager and Corporate Adviser Pareto Capital Pty Ltd
May 2011
December 2011
Corporate Adviser Pareto Capital Pty Ltd
Trade Sale of
Universal Pumps Business
AUD$3.4M
Rights Issue
Corporate Adviser Pareto Capital Pty Ltd
December 2011
Frequently Asked Questions – ADG Global Supply Case
Study
Can Pareto raise up to $10million?
Working closely with ADG, Pareto will raise sufficient capital as required, $10m was raised in various stages .
– See Appendix A attached
How well established is Pareto on the East Coast?
We have strong institutional and broker relationships on the east coast. Pareto completed 6 roadshows on the
east coast in 2011
Our approach is to partner with a broker(s) with local presence where required
Most recent example of how effectively this strategy of partnering with brokers works was with ADG and
Investor First. By partnering we introduced 8 institutional investors for a $2.45m placement. In addition
the broker initiated coverage and ongoing research
How often will we need to roadshow in 2012?
The need for capital required us to commence roadshowing immediately
The process then becomes one of raising awareness and follow up communication to ensure liquidity is
ongoing
Pareto will maintain contact with all groups post roadshow to secure potential investment in the company
Appendix A: ADG Global Supply - $9.75m Raised
May 2011 - $2.45m Share Placement
Joint manager and corporate adviser to raise funds to increase working capital for an expansion into Europe as a
base for its African operations (placement completed exclusively to east coast institutions).
December 2011 - $1.5m Trade Sale of Universal Pumps Business
Corporate adviser to the sale of the Universal Pumps business held within ADG. Pareto assisted with preparation
of the information memorandum and the marketing and structuring the transaction.
November 2010 – $3.6m Share Placement and Underwritten Rights Issue
Manager and corporate adviser of a $1m strategic placement to introduce a cornerstone investor post an
organised introduction to the group. In addition undertaking a $2.6m 1 for 3 entitlement issue (with shortfall of $1.9m to several external groups).
December 2009 - $2.2m Share Placement and Rights Issue
Manager and corporate adviser of a $0.85m strategic placement to work towards reducing bank debt. Also
completed a $1.35m 1 for 5 rights issue (with shortfall of $0.76m placed to several external groups).
Pareto Capital Partners
Davide Bosio (B.Comm FFin GAICD)
Managing Director
Davide is the Managing Director of Pareto Capital and specialises in offering
professional customised fundraising solutions to corporate clients and
investment services to professional investors. Davide has over 10 years
experience in the finance industry as an Investment Advisor providing financial
product advice and dealing to wholesale and retail clients. Davide is currently a
Fellow Member of the Financial Services Institute of Australia (Finsia) and a
Graduate Member of Australian Institute of Company Directors (GAICD). Davide
holds a Bachelor of Commerce (Marketing) degree and a Graduate Diploma in
applied Finance and Investment.
Dino DiCosta (CA)
Director
Dino is a Director of Pareto Capital and specialises in providing Corporate
Advisory services in both the complex debt markets and global equity markets.
Prior to joining Pareto Capital, Dino spent 10 years as a Director of Credit
Suisse's Structured Product Debt Syndication and Trading team based in
London. Dino's principal role was in Debt Capital Raisings for some of the
largest financial institutions globally. Dino has holds a Bachelor of Commerce
(Acc and Bus Law) and is a member of The Institute of Chartered Accountants
(Australia). He is also the treasurer of The Strike a Chord for Cancer Foundation.
Pareto Capital Details
Pareto Capital Pty Limited
ABN 43 131 858 681 AFSL 389 395
338 Hay Street, Subiaco, Western Australia, 6008
www.paretocapital.com.au
Anthony Tascone
Corporate Advisory
D: +61 (8) 6489 0880
M: +61 (0) 419 870 363
Chad South
Investment adviser
D: +61 (8) 6489 0833
M: +61 (0) 404 307 554
Dino Di Costa
Director
D: +61 (8) 6489 0808
M: +61 (0) 407 450 639
Davide Bosio
Managing Director
D: +61 (8) 6489 0888
M: +61 (0) 414 433 771
D: +61 (8) 6489 0800
F: +61 (8) 9380 9389
E:
Jason Roberts
Investment Adviser
D: +61 (8) 6489 0801
M: +61 (0) 409 296 276
John “Gus” Simpson Executive Chairman
Peninsula Energy Limited
Connecting investors to opportunities www.symposium.net.au
21-Mar-12 65
Disclaimer
This presentation is provided on the basis that the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Presentation and nothing contained in the Presentation is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Presentation contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties, and may differ materially from results ultimately achieved. The Presentation contains “forward-looking statements”. All statements other than those of historical facts included in the Presentation are forward-looking statements including estimates of resources. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Presentation nor any information contained in the Presentation or subsequently communicated to any person in connection with the Presentation is, or should be taken as, constituting the giving of investment advice to any person. Presentation does not relate to any securities which will be registered under the United States Securities Act of 1933 nor any securities which may be offered or sold in the United States or to a US person unless registered under the United States Securities Act of 1933 or in a transaction exempt from registration. The Exploration and Target Potential described in this presentation is conceptual in nature, and there is insufficient information to establish whether further exploration will result in the determination of a Mineral Resource
66
Existing Uranium Demand
Drivers
• 434 operating nuclear power stations (Feb 2012)
operated by 31 countries
• 240 research and medical isotope reactors
• 140 nuclear powered ships
• Consuming 200mlbs uranium p.a.
• One ton of natural uranium produces more than 40 million kilowatt-hours of electricity
• This is equivalent to burning 16,000 tons of coal or 80,000 barrels of oil
• Electricity generation costs • Gas and coal costs 5.0c per Kwh
• Nuclear costs 0.7c per Kwh
source: CNN interview CEO Southern Company Feb 2012
21-Mar-12 67
Future Uranium Demand
68
Demand in Eastern Europe, China and India will increase X 300%
•61 NPP are in construction
• 156 are in the approval stage •China, India and Eastern Europe will increase U consumption by 250% by 2030
Source : UxConsulting Q4 2011
Region
2010 Reactor
Units
U308
Demand mlbs/pa
2015 Reactor
Units
U308
Demand mlbs/pa
2020 Reactor
Units
U308
Demand mlbs/pa
2025 Reactor
Units
U308
Demand mlbs/pa
2030 Reactor
Units
U308
Demand mlbs/pa
North America 124 52 125 54 126 59 125 59 128 60
Western Europe
129 54 118 55 117 58 103 53 97 52
Japan 54 23 49 24 49 26 48 25 43 22
Eastern Europe 67 29 76 33 84 38 93 40 100 44
Asia & Oceania 61 23 101 44 144 67 181 85 221 108
Africa & Middle East
2 1 3 1 8 5 15 10 22 12
South America 4 2 6 3 6 3 8 4 11 7
TOTALS 441 183.9 478 213.1 534 254.5 573 276 622 292.8
Reactor Units and Market Demand Forecasts by Region
China, India & Eastern
Europe Nuclear Build Out Plan
The industrialisation/urbanisation of China, India and Eastern Europe requires low
cost power generation
As this scales up it is increasingly about low emissions power
And for the 21st
Century that’s about nuclear power.
69
Uranium Supply
• Kazakhstan ISL U3O8 Production Growth:
2000, 5mlbs 2008, 18mlbs 2009, 36mlbs 2011, 44mlbs
• Megatons to Megawatts program: Uranium recovery from nuclear weapons – US utilities - end of 2013 24mlbs
• Fukushima more likely to impact supply rather than demand
70
Source: : RBC Uranium Market Outlook June 2011
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
(90,000)
(60,000)
(30,000)
0
30,000
60,000
90,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Net Balance (LHS) World Supply (RHS) World Requirements (RHS)
(000 lbs) (000 lbs)
Supply Deficit
Global Uranium Supply / Demand
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
(90,000)
(60,000)
(30,000)
0
30,000
60,000
90,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Net Balance (LHS) World Supply (RHS) World Requirements (RHS)
(000 lbs) (000 lbs)
Supply Deficit
Long Term Uranium Price
71 Composite Uranium Price Projection, UxC
$0
$15
$30
$45
$60
$75
$90
$105
$120
$135
$150
87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25
© UxC
Historical Spot Ux U3O8 Price
Long-Term vs Spot
Composite Scenario
Historical Ux Long-Term U3O8 Price
72
Corporate
72
Share Price
Shares on issue 2,136m
Share price 6.7c
Market capitalisation $143m
Cash balance $20m
Debt $0
Enterprise value $123m
Equity Facility $100m
Shareholding
Directors & Associates ~ 20%
Top 20 shareholders 28.72%
Peer Comparison
Avg
EV/Resource
Multiple
Market Cap
A$
Uranerz $6.53 $187m
UR Energy Inc $3.40 $121m
Peninsula Energy Limited $2.98 $143m
Options on Issue Number Strike Expiry
Listed options (PENOA) 402,847,569 3c 30-Jun-12
Listed options (PENOC) 467,354,574 3c 31-Dec-15
Unlisted options 24,000,000 Various prices
between 4c – 12.5c Various dates from
Sept 2012 – Dec 2015
Performance Shares 18,500,000 Class C 30-Jun-14
PEN – Daily Line Chart (Close) XAO – Daily Line Chart (Close) PE Simple M(20) (Close)
5000
4800
4600
4400
4200
4200
0.14
0.12
0.08
0.06
0.04
0.02
0.1
Directors and Management
73
• Executive Chairman Gus Simpson Strong leadership, corporate and project management skills
• Executive Director - Operations Malcolm James Strong corporate project mgmt and financing experience
• Technical Director Alf Gillman Highly experienced uranium geologist
• Director Warwick Grigor Experienced mining analyst and corporate director
• Director Mike Barton Charted Accountant with strong background in resources & finance
• Executive Chairman Gus Simpson Strong leadership, corporate and project management skills
• Executive Director - Operations Malcolm James Strong corporate project mgmt. and financing experience
• Technical Director Alf Gillman Highly experienced uranium geologist
• Project Manager Al Berglund ISR mining engineer, 35 yrs+ experience
• Company Secretary Jonathan Whyte Chartered Accountant and experienced Company Secretary
Board of Directors
Executive Management
Wyoming Project Team
Karoo Project Team
• ISR Mining Expert Al Berglund ISR mining and extraction engineer, 35 yrs+ experience
• Exploration Manager Wyoming Jim Guilinger Highly experienced uranium geologist
• Hydrological Engineers Petrotek Engineering Corporation
• Mine Permitting Engineers WWC Engineering Experienced ISR permitting engineers
• ISR Process Design Engineers Lyntek Inc Denver based process design engineers
• Definitive Feasibility Study Lyntek Inc. Denver based process design engineers
• Exploration Manager Henri Lombard Experienced exploration manager
• Project Manager John Simpson Open pit and underground mining consultant
Business Plan –
10mlbs per annum before 2025
74
• To commence ISR production at Lance Projects, Wyoming in 2012/13* building
to 2.2mlbs U3O8 p.a. over 3 years (Plant capacity 3mlbs p.a.)
• Continue to develop the mineral potential at:
– Wyoming 95-145mlbs U3O8
– Karoo 90-150mlbs U3O8
Underpin balance sheet with profit from Wyoming
• Develop conventional mining and milling operation at Karoo Projects, RSA by
2016/17 building to 3mlbs U3O8 p.a. over 3 years
• Look at near production acquisition opportunities in areas of existing operations
to expand production at both CPP’s
• Long term goal to be a 10mlbs per annum uranium producer before 2025
* Subject to regulatory approval
Lance Projects-
Location & Wyoming Uranium
75
In Permitting
Hank & Nichols
Jab & Antelope
Moore Ranch
Ross
Lance Project
Lost Creek
Christensen-Irigaray
Sweetwater
Smith Ranch-Highland
Currently Licenced
Lance Projects –
Development Model
76
• 41.4mlbs U3O8 JORC compliant resource
• To build a 2.18mlbs per year ISR operation inclusive of: – Ion exchange facility ,centralised resin stripping ,drying and
packaging plant at Ross (CPP)
– Remote ion exchange facility at Barber trucking resin to CPP
• Commence production in 2012/13: Capex. – Phase 1 - 750klbs p.a. Ross production unit $63M
– Phase 2 – 750klbs p.a. Kendrick production unit $21M
– Phase 3 – 750klbs p.a. Barber production unit $60M
– Production expansion target of 3mlbs per year by 2017
• Continue to delineate 95-145mlbs of uranium mineralisation through:
– Exploration within the other 11 project areas
– Exploration in the areas between the 13 projects
• Acquisition of other projects
Resource
Classification
Tonnes Ore U3O8 U3O8 Grade
(M) kg (M) lbs (M) (ppm U3O8)
Measured 3.6 1.7 3.7 479 Indicated 7.8 3.0 7.5 433 Total M+I 11.5 4.7 11.2 448 Inferred 33.1 13.7 30.2 414 Total 44.5 18.4 41.4 422
Central Processing Plant: Reverse Osmosis System, Brine Tanks (rear)
Central Processing Plant: Ion Exchange Vessels (left), Elution circuit (right)
Lance Projects-
DFS Expanded Economic Study
77
Revenue (2011 base escalated at 2.6%) $62.58 $164 million
Operating cash cost (C1) $11.93 $26 million
Royalties & Tax $10.80 $24 million
Total Operating Cash Cost $22.73 $50 million
Ongoing Well Field Capital $8.82 $19 million
Depreciation & Amort (average) $6.71 $15 million
Total Production cost $38.26 $84 million
EBITDA $95 million
Tax (average) $14 million
Net Profit after tax (excl. depletion) $66 million
Free cash flow $76 million
NPV (before tax) $207 million
Steady State Production
Assumptions
ISR mining with centralised plant
• 2.188mlbs p.a. U3O8
• Uranium grade 422ppm
• Estimated recovery 76%
• Initial Project Cap. Ex.$63m
Phase 2 (1.50mlbs pa)$21m
Phase 3 (2.19mlbs pa)$60m
• Recovered resource 17.2mlbs U3O8
• Debt to Equity 60:40
• US$76m decommissioning and restoration included in C1 costs
• NPV Assumptions • Interest rate 8%
• Real discount rate 6%
US$ per lb US$ / Year
Market Valuation
Analysis - Uranium Producers
78
Company
Annual
Production 2011
(approx. U3O8 lbs)
Jan 31, 2012
Market Cap
(US$millions)
Pre Fukushima
Market Cap
(US$millions)
Cameco 21,700,000 9,147 14,324
Paladin 5,700,000 1,608 3,677
Uranium One 10,500,000 2,501 5,704
ERA 5,800,000 846 1,186
Production U3O8
(lbs p.a.)
$275 per pound
of production
$600 per pound
of production
Market Cap U3O8 production levels
2,180,000 6,000,000
10,000,000
$600,000,000 $1,650,000,000 $2,750,000,000
$1,300,000,000 $3,600,000,000 $6,000,000,000
Indicative Value as a function of Production:
Market Cap Per Pound of Production:
Lance Projects –
Exploration Potential
Resource Growth-Trend
3,644,099 3,813,347 3,835,486 3,960,000
5,587,760 6,681,340 7,500,039
11,130,000
15,955,169
22,454,321
30,178,789
0
5000000
10000000
15000000
20000000
25000000
30000000
35000000
40000000
45000000
PEN, March 2010 PEN, July 2010 PEN, January 2011 PEN, July 2011
lbs
U3O
8
Inferred
Indicated
Measured
281
1,106
600
805 4,738
4,738
No. PEN holes
No. NuBeth holes
4,738
4,738
80
Drilling Post June 2011
Resource Upgrade
81
Hole ID Easting Northing Total Depth (ft)
Intercept ft over PFN U3O8 grade
ppm
From (ft) GT Peak Concentration
Grade
RMR1730 501106 4934667 920 15.5'@1530ppm 830.75 2.37 4'@5160ppm
RMR1531 500813 4935919 880 21'@830ppm 714.75 1.74 11.5' @1150ppm
RMR1415 501663 4936683 840 39'@436ppm 651 1.70 9.5' @ 890 ppm
RMR1729 500766 4934567 1000 31'@485ppm 845.25 1.50 5.5'@1620ppm
RMR1610 500838 4935590 860 26.5'@390ppm 716.25 1.03 6.5' @ 540 ppm
RMRD0024 501664 4936683 710 638.75 0.99
RMR1339 503403 4938305 600 23.5'@390ppm 431.75 0.92 2.5'@1110ppm
RMR1694 501195 4934540 940 4'@1965ppm 800.25 0.79 2.5'@2990ppm
RMR1595 500745 4935782 860 20.5'@371ppm 711.75 0.76 2.5'@1750ppm
RMR1270 501784 4944022 460 5.5'@1080ppm 253.25 0.60 3'@1780ppm Top 10 average 1.24GT
RMR1431 501672 4936775 840 7'@820ppm 680.25 0.57 6' @ 940 ppm
RMR1660 500616 4934259 1000 7.5'@730ppm 848.25 0.55 3'@1140ppm
RMR1325 503847 4939968 580 7.5'@650ppm 423.75 0.49 2.5' @ 1120ppm
RMR1568 500787 4935796 840 10.5'@460ppm 703.25 0.48 2'@1000ppm
RMR1265 503811 4939486 640 7.5'@590ppm 565.25 0.44 4'@930ppm
RMR1273 503797 4939658 600 7'@630ppm 498.25 0.44 4'@910ppm
RMR1501 500983 4936617 960 11'@390ppm 865.25 0.43 3.5'@730ppm
RMR1290 502470 4943747 700 15.5'@270ppm 105.75 0.42 2.5'@590ppm
RMRD0022 501784 4944020 280 254.75 0.42
RMR1514 500794 4935918 880 17'@240ppm 714.25 0.41 2.5'@320ppm Top 20 average 0.85GT
Lance Projects –
Strategic Partner & Uranium Sales
• First sale contract USA utility: Feb 2011
WAP $75.60 per lb, 7 year contract – first delivery 2013 & 5.5%
planned production
• Boswell Capital: May 2011
Specialist uranium advisory group, ongoing role evaluating juniors for
utilities and completed DD on PEN
• Negotiations advancing with utilities and trading houses
50% to Strategic partner with investment in PEN
30% with 3-4 utilities
20% to spot sales
82
Lance Projects – Permitting
83
Mine permitting on schedule
Deep Disposal Wells • DDW feasibility study completed
• Licence application lodged
• Licence granted 30 March 2011
• Aquifer is deemed exempt
NRC Source Material Licence • Technical reports completed
• Environmental reports completed
• Licence application acceptance
• Enviro & Tech review ongoing
• BLM acknowledged NRC lead
WDEQ Permit to Mine • Technical reports completed
• Environmental reports completed
• Licence applic. accepted
• Enviro & Tech review completed
• Grant on Bonding & CPP site purchase
• Air Quality Permit granted
WWC Engineering Services fast tracking the review and issue period for the required permits by:
• Implementing continuous process of review and discussion with all stakeholders
• Regular meetings with the NRC, EPA ,WDEQ and BLM to discuss the progress
• Lodgement of composite application with all regulatory agencies
Lance Projects –
Proposed Development Schedule
84
2009 2010 2011 2012 2013
Permitting
(subject to
regulatory
approval)
Resource
Definition
Scoping Study/
PFS / DFS/EES
Project
Financing
Construction,
Commissioning,
Production
Expanded
Resource Drilling
Business Plan –
10mlbs per annum before 2025
85
• To commence ISR production at Lance Projects, Wyoming in 2012/13* building
to 2.2mlbs U3O8 p.a. over 3 years (Plant capacity 3mlbs p.a.)
• Continue to develop the mineral potential at:
– Wyoming 95-145mlbs U3O8
– Karoo 90-150mlbs U3O8
Underpin balance sheet with profit from Wyoming
• Develop conventional mining and milling operation at Karoo Projects, RSA by
2016/17 building to 3mlbs U3O8 p.a. over 3 years
• Look at near production acquisition opportunities in areas of existing operations
to expand production at both CPP’s
• Long term goal to be a 10mlbs per annum uranium producer before 2025
* Subject to regulatory approval
Karoo Projects – Location
21-Mar-12 86
Karoo Projects – Regional
Geology
21-Mar-12
87
Stratigraphic Column
Teekloof Formation
Abrahamskraal Formation
Poortjie Member
Davidskolk Member
Moordenaars/ Loxton Members
Karoo Projects – Mineral Potential
88
Exploration
Potential
Tonnes
(m)
Grade
(ppm U3O8)
U3O8
(mlbs)
Range From To From To From To
Total 36 60 1,200 1,400 90 150
Historic
Mineralisation
Tonnes Grade
(ppm eU3O8 )
Total
(eU3O8 mllbs)
Site 22 860,000 1,480 2.8
Site 45 2,786,000 700 4.3
Site 29 246,000 1,107 0.6
Total 3,892,000 1,015 7.7
Site 29 Uranium Potential
89
A
0 2.5 5 1.25
Kilometers
A
B
• 108km2 of Prospective
Poortjie Sandstone
• 308 holes drilled by Union
Carbide
• Drill-defined 600,000 lbs
U3O
8 at 1,107 ppm
• 214 RC twin and
exploration holes
completed in 2011
• 167 historic holes drilled
re-probed
• Drilling confirmed high
grade U3O
8
• >5-8mlbs U3O
8 potential
• Numerous un-tested
uranium occurrences and
channel systems
Site 29 Cross Section
90
Diagrammatic composite section
B A
181 intercepts >200ppm, 70 >1,000ppm
Site 22 Uranium Potential
91
2.8mlbs U3O8 at 1,480ppm
• GT7 prospect 2.8mlbs drill-defined eU3O8
• 707 historic percussion holes drilled by JCI
• 118 RC holes and 4 diamond holes in 2011
• 160 historic holes drilled re-probed
• Stacked uranium bearing channels
• >15mlbs U3O8 potential
• Amenable to open-pit mining
• Numerous un-tested U3O8 occurrences
Site 22 Core Hole Cross Section
92
86 intercepts >1,000ppm, 272 intercepts >200ppm
Site 45 Uranium Potential
21-Mar-12 93
25km
• 4.3mlbs drill-defined eU3O8
• 400 historic drilled by JCI
• 340 km2 prospective Davidskolk formation
• 16 historic holes probed in 2011
• Stacked uranium bearing channels
• Potential 15mlbs U3O8
• Numerous un-tested U3O8 occurrences
Karoo Projects – Project Schedule
94
2010 2011 2012 2013 2014 2015 2016 2017
Resource Definition (JORC
conversion)
Internal Conceptual Study
Ext. Scoping Study PFS/BFS
Construction
Commissioning Production
Expanded Resource Drilling
Karoo Projects – Development Model
95
• Multiple open-pits; with central processing facility at Site 29
• All sites within road-hauling distance
• Planning production in 2016/2017
• Continue to delineate > 120mlbs of uranium mineralisation
Process flow sheet
Karoo Projects – Conceptual Study
21-Mar-12 96
Figures are indicative only and developed for internal project evaluation purposes
Revenue $65-75 $191 million
Capex Amortisation $3.4 $11.6 million
Financing cost $1.0 $3.3 million
Operating Costs $28.5 $76.1 million
Royalty (3%) $2.0 $5.1 million
Total Costs $34.9 $96 million
Molybdenum Credit $5.2 $15 million
Depreciation $14 million
Gross Margin $110 million
Tax $29 million
Net $81 million
NPV $211 million
30% tax, Interest Rate 8%, Real Discount Rate 10%,
60:40 Debt to Equity Ratio
Assumptions
Assumptions
• Open-pit mining with conventional milling
• Central processing facility at Beaufort West near Site 29
• 30mlb U3O8
• 3mlbs pa production
• Estimated recovery 90%
• Estimated capital cost US$197 million
US$ per lb US$ / Year
Nationalisation Debate - NO
• President Jacob Zuma on Friday squashed more than two years of talk about the nationalisation of South Africa’s
mining sector, saying state control or ownership of the mines could not work.
• Asked during a televised breakfast briefing if the government planned to nationalise mines, Zuma said
emphatically: “We’re very clear. It is not our policy. We’ve been saying this inside the country, outside the country.
It cannot be. “We have answered this question many times. We are very clear,” he added. “Our policy is a mixed
economy.”
• Coming at the end of a week in which two senior ministers dismissed nationalisation as unviable and the ANC
released a study describing it as an “unmitigated disaster”, Zuma’s comments lay to rest two years of debate that
hit South Africa’s image as an investor-friendly emerging market.
• However, Malema’s suspension from the party at the end of last year and the growing ranks of declared and
heavyweight opponents of nationalisation mean the idea is not going anywhere.
• “You cannot ask for greater clarity,” said political consultant Nic Borain. “If you look at the words the document
uses, and you take what Zuma said (on Friday), I think we can put this issue to bed.
• “Read altogether, this is the ANC very clearly saying ‘Our task as government is to get the
most out of these resources.’ Nationalisation would be a catastrophe.”
21-Mar-12 97
Investment Highlights
• Emerging uranium producer listed on the (ASX:PEN) with
established project pipeline
• DFS expanded profit projections $66 million pre-tax per annum
• 42mlbs JORC Compliant Resource and growing
• Targeting 2.2mlbs U3O8 pa from Wyoming 2012 /13
• Targeting Karoo production 2016/2017
• Exploration potential 185–295mlbs U3O8 Wyoming and Karoo
• Low CAPEX (Wyoming) – initial development expenditure US$63M
• Strong supply / demand fundamentals for uranium
98
Targeted Milestones
• April 2010: Initial JORC compliant resource at Lance
• May 2010: Pre-feasibility study completed
• July 2010: Revised JORC compliant resource
• Dec 2010: Submit final licence applications
• Jan 2011: 2nd revised JORC compliant resource
• Feb 2011: Uranium sales contract
• Mar 2011: Karoo drilling results
• April 2011 DDW Licence granted
• July 2011: 3rd revised JORC compliant resource
• Dec 2011: Definitive Feasibility Study completed
• Mar 2012: Decision to mine
• Mar 2012: 4th revised JORC compliant resource
• May 2012: Permit to Mine
• June 2012: Initial Karoo resource estimate
• June 2012: Strategic Partner
• June 2012: Project Funding
• TBN Project Construction
• TBN NRC Source Material Licence
• TBN Yellowcake production target
99
Andrew Haythorpe Managing Director & Chairman
Liberty Resources
Connecting investors to opportunities www.symposium.net.au
ASX: LBY
low cost fertilizer
Competent Person Statement The information in the report to which this statement is attached relates to Exploration Results, Mineral Resources or Ore Reserves compiled by Mr D. J. Holden, who is a Member of The Australian Institute of Mining and Metallurgy, with over 20 years experience in the mining and resource exploration industry. Mr Holden has had previous relevant experience and qualifies as a Competent Person as defined in the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore reserves”. Mr Holden consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Claus Wohlert is a mechanical engineer with a Bachelor of Engineering (1st Class Hons) from the University of Canterbury, Doctor of Philosophy from the University of Canterbury. Mr Wohlert has over 30 years local and international experience in the oil and gas industry. His work experience covers major oil companies and consulting firms, all phases of the oil and gas industry, including design engineering, construction, commissioning, and maintenance and a full range of rotating and static equipment.
Disclaimer This presentation contains statistical data, market research and industry forecasts that were obtained from government or other industry publications and reports or based on estimates derived from such publications and reports and management's knowledge of, and experience in, the markets in which Liberty operates. Government and industry publications and reports generally indicate that they have obtained their information from sources believed to be reliable, but do not guarantee the accuracy and completeness of their information. Actual outcomes may vary materially from those forecast in such reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. While management believes this data to be reliable, market and industry data is subject to variations and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. Accordingly, the accuracy, currency and completeness of this information cannot be guaranteed. The Corporation has not independently verified any of the data from third party sources referred to in this presentation or ascertained the underlying assumptions relied upon by such sources. The images of production facilities contained in this document are not actual assets of the Company, but are representative of the proposed Urea Corp Fertiliser Project.
libertyresources.com.au
Global Population Growth
Australia’s a big Importer of Fertiliser
Gas & Coal prices rising
Lowest quartile cost producer
Proven Technology
Location Location Location
Strategic Drivers – why it is happening
ASX: LBY
Share Price* $0.08
Shares on Issue 223m
Market Cap $ 17m
Cash $2.0 m
Other Assets $2.0 m
Debt nil
Largest Shareholders LBY Management Dundee Corp
*Share information as at Feb 2012 (www.asx.com.au)
Investor relations: Karl Cahill +1 (858)531-6100 [email protected] USA
Low Cost Fertilizer
Management Team – Andrew Haythorpe - Managing Director
– Steve McRae- CFO
– Lance Harcourt - Projects Delivery Manager
– Claus Wohlert-Jensen - Senior Mechanical Engineer
– Erica Blumenthal – Geologist
– Jake de Boer – Coal to Urea Project Manager (app March 2012)
– Scott Cross – QLD Manager
Board of Directors – Andrew Haythorpe, MD and Acting Chairman (former mining analyst and fund
manager, company director and investor)
– Michael Fry, NED (extensive experience in capital markets and commodity, currency and interest rate risk management)
– James Becke, NED (ex founding Director of Macquarie Bank, 35 years experience in all facets of the Australian capital markets)
The Liberty Team
LBY shares purchased by management
CEO Skin in the game – shares not gifted
Shareholders and management interests aligned
Tight Share Registry - and improving
Management & Shareholders Aligned
Projects Delivery Manager Lance has been managing projects in the Offshore Oil and Gas Industry for 30 years. During this time, he has gained extensive experience in the design, construction and commissioning of oil and gas projects in Australia and overseas. Lance was an Interface Manager and Area Project Engineer on Woodside's North Rankin B Project, Topsides Construction Manager for BHP, Site Construction Manager for Roc Oil's Cliff Head A Wellhead Platform, Project Engineer and Lead Architect for the Fluor Amec JV, Lead Architect on Phillips Petroleum's Bayu Undan Project, Commercial Manager for Bouygues Offshore and Project Engineer for McDermott International.
General Manager (March 2012 ) Jake has over 26 years in the Fertiliser and Coal Gasification industries and held Senior positions in Perdaman Chemicals & Fertilisers, GHD Oil and Gas & Sasol Technology in South Africa. At Perdaman, he was responsible for technical and Project Finance requirements for the $3.5billion, 2mtpa Urea Collie Coal to Urea in Western Australia. Qualifications include; M Eng (Chemical), University of Pretoria; BCom, University of South Africa, (cum laude Economics); BEng (Honours), University of Pretoria, BSc (Chemical Engineering), University of Natal; Registration as Professional Engineer, SACPE; SAICHe (SA Institute of Chemical Engineers) Secretary; Accredited with Australian Engineering Council. Patents developed at Sasol include; Process for synthesising hydrocarbons. AP Steynberg, JW De Boer, H Nel, W Ernst, JJ Liebenberg: Sasol Technology, June 2007: US 20070142481 (2 citations), EP 1658354; Process for synthesising hydrocarbons. AP Steynberg, JW De Boer, H Nel, W Ernst, JJ Liebenberg: Sasol Technology: US 7432310, March 2005: WO 2005/019384; Fuel cells (JH Fourie / JW De Boer, United States Patent H001849; Biodiesel blending (JW De Boer / M Lamprecht, WO/2003/004588)).
Senior Mechanical Engineer Claus holds a PhD in mechanical engineering (Robotics), with over 30 years of international experience in the oil and gas industry. He started at Shell International Petroleum as Project Engineer and more recently - Rotating Equipment Specialist for Worley Parson Fluor Amec - Woodside Enfield Project, Tiga Joint Venture - Conoco Phillips Bayu Undan Project and Carigali - PTTEPI Operating Company CPOC.
Advisor Justyn joined Linc Energy in 2006, the largest UCG company in the world. During his six years with Linc, he held the positions of General Manager Government and Environment Affairs, General Manager of Business Development, Executive General Manager Asia and Executive General Manager Investor Relations. He has extensive experience in the Environment, UCG and the development of a growing UCG Company. He has served as Legal Counsel for the Department of Environment and Heritage, a Director of Operations for the Qld EPA, Environment Advisor to the Queensland Mining Council, Head of Property and Environment for Airservices Australia. Qualifications include Graduate Diploma in Legal Practice, University of South Australia, LLB(law) University of Adelaide in 1993 and a double BA (Politics) and a BA (Jurisprudence) University of Adelaide (double) in 1991.
Very low cost Fertilizer
Sources: Integer Research Limited, Liberty Resources, Uhde Shedden estimates adjusted for
,minimum $7/GJ gas or gas equivalent input cost 2020.
Source: G.Couch. IEA Clean Coal Centre. Progress with underground coal gasification. www.iea-coal.org.uk (Energy extraction for typical 12km2 deposit)
Insitu Gasification
1,300 PJs
Longwall Coal
Mining
800 PJs
Coal Bed
Methane 60 PJs
Insitu Gasification Advantage
Oil sands 3 GJ/t Alberta (Canada) Coal 18-24 GJ/t QLD Oil shale 6 GJ/t Julia Creek Shale (QLD) Source: Oil Shale & Tar Sands Programmatic EIS (http://ostseis.anl.gov/guide/tarsands/index.cfm)
*Based on Raw oil sand contains 66% sand and 33% heavy bituminous oil ** Kerogen value for Julia Creek (Qld) is 18%. Kerogen is the sole energy component of oil shale and has an energy value of 35GJ/t. Assuming 65% conversion of kerogen to kerosene with an energy value of 43GJ/t.
Barrels of Oil Equivalent
Coals advantage
Population Growth
Urbanisation of emerging economies
Demand growth for Protein
LBY profit inelastic to Coal & Gas price (cost) increases
LBY Leveraged to Global Trends
A new Germany per year
83 million new people – every year
Current world population 7 billion.
Annual births 140 million, deaths 57 million
Source: "U.S. Census Bureau - World POPClock Projection". http://www.census.gov/ipc/www/popclockworld.html
"World Population Clock — Worldometers"
http://www.worldometers.info/population/International Data Base (IDB) — World Population"
"World Population Prospects:The 2008 Revision”
Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat.
http://www.un.org/esa/population/publications/popnews/Newsltr_87.pdf
Increasing demand for Fertilizer
Global population growth
Urbanization
Less farm land
Substantial Middle class growth – emerging markets
• ...Rising wealth
• ...rising food consumption,
• ...fertiliser required.
“Over the past three
decades, the proportion
of the Chinese
population living in
urban centres has more
than doubled to almost 45 per cent.”
Presentation by Dr Philip Lowe, Assistant
Governor of the RBA (Central Bank) to the ABS Natstats conference, Australia.
Fertilizer – Urbanization
Source: Urea world market outlook and forecast, Merchant Research & Consulting Ltd 2010. And Liberty data
Production with consumption – the gap
New Urea capacity required
How we compare – China
How we compare - India
1.3mtpa Urea used in 2011
1.1mt imported
Ammonia imported to Urea and Explosive
Explosive (Ammonia Nitrate) shortages
Australia depends on imported fertilizer
Ports
Rail
Pipelines
People
Strategic location – farms and mines
No environmental concerns
State logging
No farms
No towns
No cropping
Coal – 1.4 billion tonnes*
PROJECT INFERRED RESOURCE AVERAGE COAL QUALITY
DENISON 1.4 billion t Mod Sulphur thermal coal CV of 6200 Kcal/kg
GALILEE 338 million t Mod sulphur thermal coal CV of 5100 Kcal/kg
(*) This resource forms part of the Westgrove Project area resource as announced by the Company on 21 September 2009
Existing Technology – directional drilling
10th February 2012
“ Carbon Energy Delivers Australian first in commercial
power production (from its underground coal
gasification (UCG) plant at Bloodwood Creek) “
ASX Announcement/ Media Release http://www.asx.com.au/asxpdf/20120210/pdf/4248kzn66fhx6t.pdf
UCG – Now commercial in QLD
2004 - UCG industry developing in QLD
2008 - QLD Govt commences scientific review
2009 - 3 Pilots approved in QLD in 2009
2011 - Positive findings on 2 Pilots
2012 - Operational recommendations
UCG – Strong Foundation
Outside the USA,
Gas = 80% of the cost of Urea
Urea is made from gas or coal
Coal prices have risen
Urea Corp will have its own Coal and Gas
Ex USA - gas & coal price rises
Urea Price driven by energy cost
Train 1 Train 2 Train3
Capex ($Am) 3,000 3,000 3,000
Urea capacity (mtpa) 2.2 4.4 6.6
Urea price ($A/t) 500 500 500
Direct Opex, FOB ($A/t) 93 88 88
Total Opex FOB ($A/t) 133 112 104
Net Margin ($A/t) 367 388 396
Project Summary
Expansion Train 2 & Train 3 Source: ** ASX Release - Technical audit completed on scoping study model 4th Sept 2010. Based on audited 30 years plant life scoping study . Excluding accounting adjustments for depreciation and amortisation. Scoping study completed to +/- 30% accuracy. Figures based on certain assumptions. If any assumption is not met, these figures may alter.
Train 1 Train 2 Train 3
Royalties (A$m) 4 7 11
MRRT (A$m) 6 11 17
Carbon Tax (A$m) 61 122 183
Carbon Tax Reduction (A$m) (61) (122) (183)
Total Opex incl taxes FOB (A$/t) 137 116 108
Project Tax Summary
Expansion Train 2 & Train 3 Source: ** ASX Release - Technical audit completed on scoping study model 4th Sept 2010. Based on audited 30 years plant life scoping study . Excluding accounting adjustments for depreciation and amortisation. Scoping study completed to +/- 30% accuracy. Figures based on certain assumptions. If any assumption is not met, these figures may alter.
1. Core focus on advancing and de-risking Urea project
2. Off take agreements
3. JV with partner for Capex requirements
4. Realise value across asset portfolio
5. Surat Basin Coal asset sales
6. Coal exploration drilling
Strategy – build the company
Small companies - Large Projects
IAS – Significant Project Determination from Govt
EPBC – Environmental Management Strategy with Govt
Potential Coal asset Sales
Syngas 1 – First gas production
Off take Agreements and Project Finance
De-risking our investment - 3 Years
New QLD Government March
New UCG Policy July
Conditional finance & off take 2012
Designated Significant Project QLD June
Exploration drilling commences June
Cheap Fertiliser for farmers campaign June
LBY Milestones for 2012
UB3, 431 Roberts Rd SUBIACO WA 6008
www.libertyresources.com.au PH: 08 9287 4488 FX: 08 9388 8862
Low cost fertilizer – Questions?
World’s first truly integrated Urea Facility
Low cost, long life (100+ yrs) operation
Reverse the balance of trade for Urea in Australia
Urea (Nitrogen N )
Potash (Potassium K )
Phosphate (Phosphorous P )
Trace elements
Water + CO2
Fertilisers for food production
Air Separation Unit (ASU) – O2
Supply
2,500 tpd O2
≥ 4 Suppliers ≥ 200 Operating Plants
Syngas Clean up
10,000 tpd
≥ 6 Suppliers ≥ 200 Operating Plants
UCG - Directional Drilling
• 10,000tpd Syngas
• Many Geothermal/ Oil & Gas Contractors
From coal to Syngas
Syngas - hydrogen rich
Power Generation
Coal Gasification
C, H, O
Syngas
N2
H2S
Air Separation N2 + O2
O2
* Please note that figures are nominal only.
Sulphur S
CO2
Electricity
Syngas
Ammonia NH3
Urea CO(NH2) 2
H2 NH3
H2
Syngas Processing, Clean up, Shift and PSA
Hydrogen – essential for Ammonia
Ammonium Sulphate
Ammonium Nitrate
NH3
Electricity
Ammonia
NH3
Power
CBM
Pumps water from the ground
The gas rises
Large water removal cost – still unresolved
UCG
Extracts coal, converting coal into syngas
Uses (low quality) water to produce hydrogen
Very low cost
Large benefit, small impact
CBM vs UCG
Greg Starr Executive Chairman Gold Anomaly Limited
Connecting investors to opportunities www.symposium.net.au
Investor Presentation February 2012
Drilling for world class gold and copper discoveries at Crater Mountain, PNG
Resources Roadshow presentation 27 February 2012
Investor Presentation February 2012
Disclaimer
This presentation contains forward-looking statements that are subject to risk factors associated with exploration, mine development, mining, processing and sale of minerals. Forward-looking statements include those containing such words as anticipate, estimates, should, will, expects, plans or similar expressions.
It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially. These include, but are not limited to: price and currency fluctuations, actual demand, production results, exploration results, reserve and resource estimates, loss of market, industry competition, environmental risks, physical risks, legislative and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.
Competent Person For Crater Mountain
The information contained in this report relating to Exploration Results and Mineral Resources at Gold Anomaly’s Crater Mountain project, PNG is based on information compiled by Mr P Macnab, Non‐Executive Director of Gold Anomaly Limited. Mr Macnab is a Fellow of The Australian Institute of Geoscientists and has the relevant experience in relation to the mineralisation being reported upon to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Macnab consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Competent Person For Fergusson Island
The data in this report that relates to Mineral Resources for the Gameta Deposit is based on information evaluated by Mr Simon Tear who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Tear is a full-time employee of Hellman & Schofield Pty Ltd and he consents to the inclusion in the report of the Mineral Resource in the form and context in which they appear.
Competent Person For Croydon
The information contained in this report that relates to exploration results at Croydon, Queensland is based on information compiled by J. V. McCarthy, MAusIMM, Consulting Geologist. Mr McCarthy is a Member of The Australasian Institute of Mining and Metallurgy and has the relevant experience in relation to the mineralisation being reported upon to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr McCarthy consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
145
Investor Presentation February 2012
Key assets
Crater Mountain, PNG
Shaping up as PNG’s next large scale, bulk tonnage, gold and copper discovery
Fergusson Island, PNG
Twin gold deposits identified, PFS completed, BFS to commence shortly
Croydon, QLD
Large drilled polymetallic and gold projects in world class mineral province
146
2/21/12 Google Maps
1/2maps.google.com.au/maps?hl=en&q=png+queensland+map&gs_sm=3&gs_upl=24426l28635l0l28994l12l12l0l0l0l7l230l2476l0.5.7l12l0&bav=on.2,…
To see all the details that are visible on thescreen, use the Print link next to the map.
Croydon
Crater Mountain
Fergusson Island
Investor Presentation February 2012
Crater Mountain has similar geological setting to Porgera, Wafi Link Zone, Hidden Valley, Misima
Regional Projects – Resource Ounces
147
Investor Presentation February 2012
Flagship asset – Crater Mountain Prime location • PNG: +$20bn multinational investment
transforming nation
• hosts mineral province that is home to several of the world’s largest gold/copper deposits
• province characterised by large mineralised hydrothermal systems related to intrusions underlying variably eroded volcanic complexes
Crater Mountain tenements • 4 prospects: Nevera, Nimi, Masi, Awaunita, most
advanced is Nevera which is a former BHP tier-1 (best prospectivity) asset
• Nevera previously diamond drilled by BHP/Macmin/TPJ
• similar geological setting to many PNG deposits including Porgera (Waruwari), Wafi/Golpu & Hidden Valley
• Nevera location and topography expected to enable lower development and mining costs: amenable to open pit or bulk underground mining
148
GOA Tenements
Extensive zones of gold mineralisation
Investor Presentation February 2012
Flagship asset – Crater Mountain Mineralisation model
Gold Anomaly is currently focused in the northern 20% of the Nevera Prospect
• structurally controlled, sub-volcanic intrusion related mineralisation
• widespread low sulphidation epithermal gold mineralisation, with small centres of younger high sulphidation epithermal gold mineralisation, overlying possible porphyry copper - gold source
• Main Zone comprises mixing zone carbonate - base metal sulphide - gold veins deposited +300m above porphyry source complex by mixing of downwards convecting cold groundwater with rising hot mineralised magmatic fluids
• porphyry source complex may host significant copper - gold mineralization
• Artisanal Mining Area comprises narrow steep zones of high sulphidation quartz-pyrite-gold mineralisation with some bonanza gold grades
• Potential porphyry copper-gold source of deep quartz - pyrite ± chalcopyrite ± gold veins in drill holes inferred by alteration identified in recent drilling
149
Investor Presentation February 2012 150
Crater Mountain – Mineralisation model
Nevera ‘mixing zone’
Mixing Zone 24Mt @ 1.0 g/t Au
for 790koz Au
Style of mineralisation responsible for some of the most prolific gold deposits in the Pacific Rim including Porgera (Waruwari), Kelian, Wafi - Golpu, Hidden Valley Large scale, bulk tonnage gold deposits, grade >1.0 g/t Au
Multi-million ounce gold deposits targeted 1 - 5 Moz targeted1 in Main Zone and nearby
related deposits
Investor Presentation February 2012
Crater Mountain Resource
• high grade high sulphidation epithermal gold in the Artisanal Mining Area
• new gold - copper mineralisation discovered in NEV031
• possible deep feeder zones associated with porphyries recently drilled at depth/ possible porphyry copper - gold underlying mineralised system
• remaining 80% of Nevera Prospect
• regional prospects in the Crater Mountain tenements 151
Maiden inferred resource2
• 790,000 ounces gold
• 24 million tonnes @ 1.0 g/t Au
Substantial upside
• Only considers part of Main Zone at Nevera
• Main Zone still open
• High grade zone identified within Main Zone
• Significant upside potential yet to be drilled
Does NOT incorporate
Investor Presentation February 2012
Crater Mountain – Main Zone
High grade zones recently identified within Main Zone
• Inferred resource – 790,000 oz
• Tremendous upside
• Extensive gold mineralisation
• Further drilling of high grade zone likely to increase resource and grade
Dimensions
~300m high grade zone
152
Investor Presentation February 2012
153
Nevera prospect – plan view
Recent drill results extend mineralised
‘Main Zone’ and identify new
zones
Average Main Zone intercept 201m @ 0.93g/t Au3
3D modelling identifies new high grade gold zone
Investor Presentation February 2012
Crater Mountain - drilling
Drilling summary4
• 32 holes to date
• GOA drilling
– 15 holes to date
– 13 completed
– 5 in Main Zone
– 8 x 600m+ holes
– 3 in Artisanal zone
– 2 x 1000m+ holes 154
Company Hole ID Hole From To Interval Grade
length m m m g/t Au
BHP NEV02 340 201 340 139 1.58
including 225 240 15 3.43
Macmin/ TPJ
NEV05 250 94 250 156 1.36
including 214 238 24 6.55
NEV08 450 26 392 366 0.88
including 284 342 58 1.89
358 378 20 2.33
NEV10 450 301 441 140 0.57
NEV11 349 144 349 205 0.86
including 150 176 26 2.36
Gold Anomaly
NEV018 595 22 306 284 0.82
including 20 36 16 1.92
224 243 19 3.37
262 306 44 1.52
NEV019 524 181 396 215 1.46
including 217 243 26 4.60
272 318 46 2.42
NEV021 604 198 442 244 0.52
including 198 234 36 0.76
324 360 36 0.77
374 382 8 1.30
NEV024 642 272 432 160 0.47
including 380 386 6 2.28
416 432 16 0.95
NEV025 613 246 344 98 1.06
NEV027* 1104 0 1046 1046 0.25
including 692 722 30 1.03
NEV031* 603 92 124 32 0.73
including 106 116 10 1.10
228 454 226 0.57
including 318 342 24 1.30
442 452 10 1.23
Investor Presentation February 2012
Crater Mountain – regional opportunity
Three additional prospects
Excellent potential for Crater discoveries
Nimi - channel sampling underway to assist drill hole planning
Masi Creek - field activities underway
155
Investor Presentation February 2012
Crater Mountain – upcoming catalysts
Nevera Prospect
• Upcoming drill results
– NEV030 – second 1000m+ drill hole targeting porphyry
– NEV032 – infill hole between NEV021 and NEV025
• Scoping Study 1H2012
• Further drilling
– step out & in-fill drilling to expand the mixing zone
• Resource upgrade
Regional exploration 156
Investor Presentation February 2012
Fergusson Island, PNG Twin deposits
• Gameta5 – Inferred Resources of 5.1Mt @ 1.8g/t Au for 295koz Au (2010)
• Wapolu6 – targeting 2-3Mt @ 1.3-1.8 g/t Au*
Prefeasibility Study (2004)
• Based on US$400/oz gold
• Tonnage – 0.6-1.0Mtpa over 7 – 12 years
• Grade - 2.0 - 2.2 g/t gold
• Production - 32,000 – 55,000 ozs pa
• Next step – Bankable Feasibility Study
157
Gameta 3 Pit Block model
* Refer to Endnote 6. Based on 1g/t Au cut off grade. The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource.
Investor Presentation February 2012
Croydon project, QLD
Gilded Rose- Jumbo
Historically rich goldfield, in excess of 1Moz produced
50 of 52 holes drilled encountered gold
Gilded Rose – strike length 1500m, best result 15m@ 6.38g/t Au & 17g/t Ag
Jumbo – strike length 750m, best result 15m @ 0.91g/t Au
Drilled gold mineralisation widths of ~50m for both prospects
158
Exploration on three exciting prospects in 2012
Jolly Tar
Two parallel gold zones identified
31 of 48 holes encountering gold, best result: 12m @ 5.94g/t Au
Eastern zone – strike length 300m, width > 100m
Western zone – strike length >900m, width ~150m, open in both directions
Graphite mineralisation may have commercial significance
Croydon polymetallic
Best intercept at A2: 4m @ 3.09% Zn, 416.6g/t Ag, 0.63% Sn, 0.42% Cu & 0.63% Pb – or 4m @13.3g/t AuEq7
Similar sulphides within 8 of 9 holes at A2 indicate presence of large mineralising system
High Sn indicative of mineralisation sourced from "tin" granite
Coincident gravity & surface IP confirms 1.5km x 1km anomaly at G1, possible source of granite
Drill testing planned to confirm if G1 is indeed the feeder source
G O L D Shallow, bulk tonnage gold projects
POLYMETALLIC Large system found
Investor Presentation February 2012
Croydon Polymetallic Project
159
Investor Presentation February 2012
Company snapshot
Price 1.8 cents
ASX Code GOA GOAOA
Shares issued 1,501 million
Options 280 million
Market cap/ Fully diluted
$25M/ $29M
Cash (31/12/2011)
Placement (19/01/2012)
$1.0M $2.1M
Major shareholders Directors and management
9.1%(undiluted)
Top 20 26.6%
160 As of 22 Feb 2012
Investor Presentation February 2012
Director’s summary
161
Sinton Spence MBE Director •Accountant •Director ships, Shell Exploration and Production PNG Limited •Principle of largest I independent PNG Based Chartered Accounting Practice
Peter Macnab Director of Exploration •Geologist •Discoverer – Co discoverer Frieda River, Misima, Wafi, Simberi, Lihir •Outstanding track record of discovery in PNG
Greg Starr Chairman •Accountant (CPA) •CEO Golden China •CEO Michelago •CEO Emperor Mines
Thomas Fermanis Director •Investment Advisor •PNG gold exploration experience •stock broking/equities trading industry
James Collins Taylor Director •Accountant •Director Union Resources •Venture Capital Co. •Deloitte Touche Tohmatsu
Non Executive Director Executive Director
Exploration, Project development, Corporate expertise, Strong governance,
Operations and Management Corporate Finance and Markets
Investor Presentation February 2012
Summary
• After only 12 months drilling, significant maiden resource at Crater Mountain gold project delivered
• Crater Mountain resources set to increase to target levels
• Significant high grade zone now identified within the large mixing zone
• Exploration team with outstanding track record
• Majority (80%) stake in Crater Mountain
• Control of second advanced PNG gold project Fergusson Island
• Croydon – gold and polymetallic projects advancing
162
Investor Presentation February 2012
Notes
1. The potential quantity is conceptual in nature and dependent on further drilling to verify it.
2. A COG of 0.50 g/t Au was used based on a review of similar bulk tonnage lower grade gold mineralisation such as Intrepid Mine’s Tujuh Bukit (0.30 g/t Au), and Maoling China, 0.50 g/t Au
3. Average hole calculated using weighted average of 10 holes drilled within Main Zone (NEV02, 05, 08, 10, 11, 18, 19, 21, 24 and 25)
4. Unless otherwise stated, the intercepts quoted for GOA’s drilling programs were calculated using a 0.20g/t Au COG, using a minimum intercept width of 2m, and a maximum of 4m of internal dilution. The intercepts are calculated using a weighted average, whereby the summation of the individual sample grade is multiplied by the sample width, then divided by the intercept length. Each sample is of half core and each sample length is 2m.
5. 2010 Hellman & Schofield Pty Limited (H&S) estimated recoverable resources of 5.1 million tonnes at 1.8 g/t for 295,000 ounces of gold for Gameta based on a 1g/t Au cut off. Multiple Indicator Kriging (MIK) incorporating a variance adjustment to reflect open pit mining selectivity was used. The estimates extend over a strike length of approximately 1.4 kilometres and extend to approximately 180 metres below surface.
6. Exploration Target for Wapolu based on 2008 Hellman & Schofield Pty Limited IGR report. 1.0g/t Au cut off grade applied. The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource.
7. Assumes recent commodity prices of Zinc - $2030/t or $1.01/lb, Silver - $35.38/oz or 1.14/g, Tin - $24155/t or $12.07/lb, Copper - $8394.75/t or $4.19/lb, Lead - $2138/t or $ 1.07/lb, Gold - $1784.90/oz or $57.39/g Calculation - 3.09% Zn = 68lbs/T or $68.66/T, 416.6g/t Ag = $474.92/T, 0.63% Sn = 13.86lbs/T or $167.29/T, 0.42% Cu = 9.24lbs/T or $38.72/T, 0.63% Pb = 13.86lbs/T or $14.83/T, Total @ 100% of metal value = $764.44/T equivalent to 764.44/57.39 = 13.3g/t Au equivalent
163
Gerry McGann Managing Director Incremental Oil & Gas
Connecting investors to opportunities www.symposium.net.au
Incremental Oil and Gas Limited
Initial Public Offer
165
INCREMENTAL OIL and GAS (asx: IOG)
www.incrementaloilandgas.com
USA ROADTRIP
FEBRUARY 2012
Incremental Business model
– A producing oil company with a cash flow focus
– We acquire underperforming oilfields and increase production
– Focus is Onshore California
• Five projects:
– Round Mountain producing oilfield
– Sheep Springs producing oilfield
– Ventura development project
– McDonald Anticline development project
– Raven Pass exploration project
– We are 100% WI and operate all of our projects
166
167
Capital Structure
1. Options exercisable at $0.20 on or before 1 November 2014
• Formed 2009 as Private Company
• Listed January 2011 after raising $5.3m at 30 cents.
• 459 shareholders
• 135.6m shares (Directors and management 43%)
92.8m unlisted options1
• Market cap about $35 million
• NO DEBT
2010 2011
REVENUE $6.06m $7.72m
EBITDA $2.40 $3.04
IOG TEAM
DIRECTORS
CALIFORNIA
From left:
Asquith: 20 years CPA.
MacDonald: 13 years in Senate, LLB
Cronin: No 2 in Woodside (23 years)
Stowell: Founder of Anvil and Mawson West, CPA
McGann: 40 years geologist worldwide, CPG
M Pet Eng,
Over 25 years in
California
CFO
The team have done it before... SELMO FIELD PROJECTED PRODUCTION PROFILE
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Jan-22 Jan-24
BO
PD
Past Production Re-entries & New Wells
• INCREMENTAL PETROLEUM formed 2005.
• Raised $61m, bought second largest oilfield in
TURKEY
• Built production from 1500 bopd to 2000 bopd
• Commercialized West Turkey Gas
• Bought California producing assets
HOSTILE TAKEOVER ATTEMPT 2008
SETTLED MARCH 2009.
TOTAL RETURN OVER 3 YEARS 27%
Similar Board formed
INCREMENTAL OIL & GAS (IOG)
in JULY 2009
Share Price 10/05 to 02/09
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
OS
H
ST
O
IPM
WP
L
AW
E
BP
T
AE
D
ST
X
CO
E
NX
S
ND
O
OE
L
TA
P
ST
U
AM
U
SA
E
RO
C
AZ
Z
Re
turn
on
Eq
uit
y
Dividend
Why California ?
– Significant bypassed oil left by early producers
– Few mid-sized oil companies operate in California
– Cheap and competitive service suppliers
– Excellent Fiscal regime
170
San Joaquin Basin
Sacramento
Basin
Ventura
Basin
Los Angeles Basin
The San Joaquin Basin has:
• 10 times Australia’s reserves
• 150% Australia’s production
Why California ?
– Few mid-sized oil companies operate in California
– Excellent Fiscal regime
171 0 10 20 30 40 50 60 70
TurkeySpain
ArgentinaUSA
PortugalG. Mexico
New ZealandAustralia
PeruPhillipines
TunisiaThailand
ColombiaMoroccoMongolia
ChinaIndon. Gas
CongoE. Indonesia
PNGVietnam
IndiaIvory Coast
TrinidadEcuadorAlbania
VenezuelaAlgeriaAngola
SyriaMyanmar
EgyptMalaysia
BruneiIndonesia
Contractor Share of Income Post Gov't Cut & Taxes (%)
Comparison of Fiscal Terms
(Modified from Daniel Johnston & Co., Inc.)
Royalty/Tax System
Production Sharing Contract
Service Agreement
Incremental Projects
• Producing ROUND MOUNTAIN
• Producing SHEEP SPRINGS
• VENTURA Development
• McDONALD A/C Development
• RAVEN PASS Exploration
172
• Field has produced 110m barrels
• Shallow, 18-20° API gravity oil
• 100% Working Interest
173
Round Mountain
174
Round Mountain, 2011 drilling
Drilled 6 wells in 2011
All successful
Production about 110 bopd
CAPEX only $3.5 million
Six additional locations
Have acquired >800 acres
on trend
Smoot 6 Smoot 5
175
Ventura Project
Area produced over 160
million barrels
Very thick oil columns
West Mountain
inadequately developed
176
Ventura Project
Oil column >1500’ thick
Very little water production
Plan to drill in mid year
177
McDonald Anticline
Produced 22 million barrels
Shallow, light oil
Multi reservoirs
Plan to drill 2012
At least 3 well locations
• 100% owned since January 2010
• Revenue $350-400k/month
• Paid out in cash terms in 2011
178
Sheep Springs Oilfield
179
Sheep Springs Oilfield (2)
Shallow heavier oil (15-17 API)
Produced nearby
Remaining 2P Reserves of 1.43 MMB
Raven Pass
• Flowed light oil in 1942.
Not drilled since
• Reservoir, seal, trap all
demonstrated
• 200 m barrel potential
• True wildcat
180
Gross Revenue
181
$ .0 m
$ .2 m
$ .4 m
$ .6 m
$ .8 m
$ 1.0 m
IOG Monthly Gross Revenue
MICROCAPS (<$50m)
MONEY RAISED vs MARKET CAPITALISATION
Source: Oil & Gas weekly
2012 Projected News Flow
• Drill 4-6 wells, Round Mountain vertical wells
• Drill 1-2 wells, Ventura Project
• Drill 2-3 wells, McDonald Anticline
• Raven Pass farmout
• Acquire additional projects
• Declare another after tax profit
184
DISCLAIMER AND IMPORTANT NOTICE
This presentation contains forward looking statements that are subject to risk factors associated
with oil and gas businesses. It is believed that the expectations reflected in these statements are
reasonable but they may be affected by a variety of variables and changes in underlying
assumptions which could cause actual results or trends to differ materially, including but not
limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results,
reserve estimates, loss of market, industry competition, environmental risks, physical risks,
legislative, fiscal and regulatory developments, economic and financial market conditions in
various countries and regions, political risks, project delay or advancement, approvals and cost
estimates.
All references to dollars, cents or $ in this presentation are to Australian currency, unless
otherwise stated.
Bernard Rowe Managing Director
Global Geoscience Limited
Connecting investors to opportunities www.symposium.net.au
Global Geoscience Limited
Greenfield Au, Cu & Ag discoveries in Nevada & Peru
ASX: GSC 27 February 2012
Disclaimer The information contained in this Presentation or subsequently provided to the recipient whether orally or in writing by, or on behalf of the Company or any of its directors, officers, employees, agents, representatives and advisers (the Parties) is provided to the recipient on the terms and conditions set out in this notice.
The information contained in this Presentation has been furnished by the Parties and other sources deemed reliable but no assurance can be given by the Parties as to the accuracy or completeness of this information.
To the full extent permitted by law:
(a) no representation or warranty (express or implied) is given; and
(b) no responsibility or liability (including in negligence) is accepted, by the Parties as to the truth, accuracy or completeness of any statement, opinion, forecast, information or other matter (whether express or implied) contained in this Presentation or its appendices or as to any other matter concerning them.
To the full extent permitted by law, no responsibility or liability (including in negligence) is accepted by the Parties:
(a) for or in connection with any act or omission, directly or indirectly in reliance upon; and
(b) for any cost, expense, loss or other liability, directly or indirectly, arising from, or in connection with, any omission from or defects in, or any failure to correct any information, in this Presentation or any other communication (oral or written) about or concerning them, or the issue of securities in the Company.
The delivery of this Presentation does not under any circumstances imply that the affairs or prospects of the Company or any information affecting it have been fully or correctly stated in
this Presentation or have not changed since the date of this Presentation or since the date at which the information is expressed to be applicable. No responsibility or liability (including in negligence) is assumed by the Parties for updating any such information or to inform the recipient of any new information of which the Parties may become aware.
Notwithstanding the above, no condition, warranty or right is excluded if its exclusion would contravene the Trade Practises Act 1974 or the Corporations Act 2001 or any other applicable law or cause an exclusion to be void.
The provision of this Presentation is not and should not be considered as a recommendation in relation to an investment in the Company or that an investment in the Company is a suitable investment for the recipient. Recipients proposing to invest in the Company must first review the prospectus and should undertake their own analysis and obtain independent advice.
Competent Person Statement
The information in this presentation that relates to Exploration Results is based on information compiled by Bernard Rowe BAppSc (Hons) MAIG. Mr Rowe is a full time employee of Lydail Pty Ltd and Managing Director of Global Geoscience Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (The JORC Code). Mr Rowe consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
• Nevada and Peru
• Cu, Au & Ag focus
• Greenfields explorer
• Targeting large, high
value deposits
• Mostly 100% owned
• Drill ready targets
• Efficient low-cost explorer
• $4 in ever $5 spent in the ground
• $8M funding agreement with Osisko in Nevada
Company Snapshot
Lone Mt Carlin-
Style Au
Excelsior 7.6m at 5.1g/t Au
Large Porphyry Cu With high grade Ag 16.4m at 410g/t Ag
Board and Management
Rob Reynolds - Chairman
Mining/exploration finance and management
Alacer Gold, Exeter Resource Corp, Delta Gold
Bernard Rowe – Managing Director
20yrs exploration and corporate experience Ashton Mining, Drake Resources, Tri Origin
Peter Nicholson – Technical Director
30yrs exploration and management experience Geopeko, Eupene Exploration, Savage Resources
Pat Elliott - Director
Corporate finance and management Morgan Grenfell, Crossland Uranium, MIL Resources, Argonaut Resources
ASX CODE GSC
Listing Date 19 Dec 2007
Shares on Issue 143,252,000
Listed Options ($0.25, 31/8/12) 27,072,500
Top 20 48%
Directors 12%
Market Capitalisation (@ $0.07) $10M
Cash $1.2M
Corporate Profile
Major Shareholders: Osisko Mining Corporation 9.9% ABN AMRO Clearing Sydney Nominees Pty Ltd 5.3% Mr Peter Nicholson 3.9% Yarandi Investments Pty Ltd 2.8% Chifley Portfolios Pty Ltd 2.7%
• 186 Moz Au produced
• 75 Moz Au in Reserves
• 5.6 Moz Au in 2009 (world #6)
• 7% world Au production ‘09
• Fraser Institute Ranking: 1
• Recent >1Moz discoveries
• Net production royalty 1-5%
• GSC in Nevada since 2003
• Funded by Osisko Mining
Nevada
Tokop
Excelsior
Bartlett
Carlin trend 150Moz
Cortez-Pipeline 9Moz
Round Mt 20Moz
Source: Nevada Mineral Industry 2009
USGS Mineral Commodity Summaries 2010
Orovada
Lone Mt
Jerritt Canyon 11Moz
• Osisko may earn an initial 45% interest in five gold projects in
Nevada by spending a total of US$8 million over 4 years.
• Global will manage and operate during this phase.
• Upon completion of the earn-in, Osisko must select which projects
it wishes to continue funding.
• Osisko to sole-fund projects it selects through to completion of
bankable feasibility study and in doing so will increase to 70%.
• Projects not selected by Osisko will be returned to Global and
Osisko will have no ownership interest nor any other rights.
• Global and Osisko will assess other gold opportunities in Nevada.
• $2M budget for 2012 (minimum commitment) including $1M for
drilling on four projects.
Agreement with Osisko Mining
• 35 km2 property covering
highly prospective “window”
• Located between Carlin and
Jerritt Canyon gold deposits
• Results indicate excellent
potential for large Carlin-
style system
• Drill ready targets
• GSC has option to acquire
100% interest from owner
• Osisko funding exploration
Lone Mt Gold Project
Rain 4Moz Au
Gold Quarry 45Moz Au
Goldstrike 100Moz Au
Jerritt Canyon 11Moz Au
Lone Mt
• South Jasperoid Area
• New detailed gravity data
• Defines NW and NE structures –
previously unrecognised
• Zones of gravity low may represent
alteration or brecciation of
limestone
• Drill holes in red have broad zones
of anomalous Au (40ppb to
4.8ppm) and Ag (0.5 to 66ppm)
• Mineralised zones in other holes
generally weak and/or narrow
• Nearly all holes <140m deep
• Targets horizon below 150m
Lone Mt Au Gravity Low
Embayment
Alteration?
Basin
Bounding
Fault
Gravity Low
Alteration?
Gravity High
Limestone
NW Fault
Drill collars in red have
multiple broad zones of
anomalous Au and Ag
WNW Fault
Anomalous Au/Ag
in nearby holes Residual Gravity
Lone Mt Au
Broad zone
of anomalous
Au and Ag
South Jasperoid Area. From Hunsaker (2010)
• Under-explored gold zone
• Walker Lane in southern Nevada
• Drill intercepts over 2.2km of strike
• Multiple zones of shallow, oxidised gold
• Part of a much larger mineralised zone
• Gold mineralisation identified 4km to the
west and 2km to east
• GSC earning 70% by spending US$3M
over 4 years and cash payments of
$100K.
• Approx $0.5M spent to date
• Maiden drill program returned highly
encouraging results
Excelsior Gold Project
Excelsior Au
Excelsior Au Drill Results from Buster Zone
HoleID
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
gram x
metre
EX02 70.1 103.6 33.5 2.7 91.3
including 70.1 88.4 18.3 4.7 86.5
EX04 36.6 79.2 42.6 0.5 19.6
EX12 0.0 16.8 16.8 0.9 15.8
EX13 0.0 13.7 13.7 2.7 37.0
EX14 29.0 47.2 18.2 0.5 9.1
EX15 19.8 68.6 48.8 0.8 39.0
including 19.8 30.5 10.7 1.9 20.1
EX17 0.0 4.6 4.6 1.1 5.1
and 30.5 41.1 10.6 0.9 9.5
EX18 42.7 47.2 4.5 7.2 32.3
EX25 24.4 38.1 13.7 1.0 13.7
EX30 71.6 118.9 47.3 1.5 71.7
including 71.6 93.0 21.4 2.5 54.1
EX33 51.8 54.9 3.1 6.7 20.7
GE2 0.0 3.0 3.0 4.7 14.1
GE8 93.0 100.6 7.6 5.1 39 Intersections calculated using 0.4g/t Au cut-off
Excelsior Au
• Cu-Au target
• 8 sq km 100% owned
• 0.6 sq km option for 100%,
no royalties
• >1600m long zone
• Only 3 previous holes
all hit low-grade Cu-Au
• Permitted for drilling
Bartlett Cu-Au Project Main Target Cu-Au-Mo Widespread alteration IP Chg halo
Gold Anomaly >1600m long >40ppb Au in soil
28m at 0.2g/t Au from 125m to EOH
72m at 0.2g/t Au from 80m to EOH 10m at 0.3g/t Au
from 65m to EOH
• Metal endowment
• World production rankings
Copper: 2
Gold: 6
Silver: 1
• Fraser Institute Ranking: 12
• Good tenure system
• Corporate tax 30%
• Mining royalty 1-3%
• Mgmt first in Peru in 1993
Peru
Sara Sara
Chuquicamata 67Mt Cu
Escondida 47Mt Cu
Sara Sara
Cu-Ag
• Large porphyry
lithocap
• >15 sq km of
advanced
argillic alteration
• IP anomaly
• Cu-Mo, Ag-Re
mineralisation
• 70 sq km,
mostly covered
Sara Sara Cu-Ag
16.4m at 410g/t Ag 9.1g/t Re from 239m
Target Zone
Target Zone
Mancha Pampa Cu-Au Project
• Porphyry Cu target
• Untested new
discovery
• Strong Cu geochem
at surface
• 100% owned
• 2.5% NSR Royalty
• Drill ready
• $2M exploration budget for
Nevada (funded by Osisko)
• Includes $1M on drilling in
Nevada
• Drilling on four NV projects
including Lone Mt & Excelsior
• Drilling on silver target at
Sara Sara. 2000m of RC
• Generative – NV and Peru
2012 Work Program
Corporate Directory
Bernard Rowe
Managing Director
Telephone: 02 9922 5800
Mobile: 04 1944 7280
Email: [email protected]
Web: www.globalgeo.com.au
Rimas Kairaitis Chief Executive Officer
YTC Resources Limited
Connecting investors to opportunities www.symposium.net.au
209
FEBRUARY 2012
BUILDING A MID-TIER
MINING COMPANY IN A
WORLD CLASS TERRAIN
210
• This presentation has been prepared by YTC Resources Limited (“YTC” or the “Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. It is not to be distributed to third parties without the consent of YTC.
• This presentation contains forward-looking statements and projected drilling schedules that are not based on historical fact, including those identified by the use of forward-looking terminology containing such words as “believes”, “may”, “will”, “estimates”, “continue”, “anticipates”, “intends”, “expects”, “should”, “schedule”, “program” , “potential” or the negatives thereof and words of similar import.
• Management of YTC cautions that these forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by the statements. Management believes that the estimates are reasonable, but should not unduly be relied upon.
• YTC makes no representation, warranty (express or implied), or assurance as to the completeness or accuracy of these projections and, accordingly, expresses no opinion or any other form of assurance regarding them. Management does not intend to publish updates or revisions of any forward-looking statements included in this document to reflect YTC’s circumstances after the date hereof or to reflect subsequent market analysis.
• By its very nature exploration for gold and copper is a high risk business and is not suitable for certain investors. YTC securities are speculative. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to YTC and of a general nature which may affect the future operating and financial performance of YTC and the value of an investment in YTC including and not limited to economic conditions, stock market fluctuations, gold, copper and silver price movements, regional infrastructure constrains, securing drilling rigs, timing of approvals from relevant authorities, regulatory risks, operational risks, reliance on key personnel and foreign currency fluctuations.
• You should not act or refrain from acting in reliance on this presentation material. This overview of YTC does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.
DISCLAIMER
211
DEVELOPING AND EXPLORING GOLD AND
BASE-METALS IN THE COBAR BASIN, NSW
• YTC listed in 2007 (25c) as a junior explorer &
acquirer
• Regionally based in central NSW
• Hera- Nymagee Project purchased by YTC in mid-
2009 as a distressed sale.
• Hera since advanced through DFS and the Nymagee
Copper Deposit discovered and advanced to maiden
Resource
• YTC moving toward an integrated development in 2
Stages growing to a substantial copper-gold profile
with lead-zinc-silver credits
• Maintaining an active exploration profile to grow the
Hera-Nymagee Project into a ‘Cobar-Giant’
INTRODUCTION
212
HERA-NYMAGEE PROJECT EVOLVING AS A MAJOR COBAR STYLE MINERAL SYSTEM
• Hera (gold-base metals) & Nymagee (copper-base metals) deposits 4.5km apart
Hera –Nymagee Deposit: Contained Metal in JORC Resources*
STAGE 1: HERA DEPOSIT (YTC-100%) – DFS COMPLETE – AWAITING FINAL PERMITTING
• Near-term, high-grade gold-lead-zinc-silver development
• Operating costs of A$395/ounce (after Pb-Zn credits)
• Hera deposit open to north and south
STAGE 2: NYMAGEE DEPOSIT (YTC-95%) – MAIDEN RESOURCE ESTABLISHED
• Maiden Resource: 8.1Mt @ 1.2% Cu, 0.3% Pb, 0.7% Zn and 9g/t Ag
• High grade copper-lead-zinc & silver open to north and at depth
• Strong geological analogue to the giant CSA Mine
*Refer Appendix 1– Resources and Reserves
INVESTMENT HIGHLIGHTS
Gold (Oz) Silver (Oz) Copper (Tonnes) Lead (Tonnes) Zinc (Tonnes)
HERA DEPOSIT 321,832 1,308,320 4,042 67,278 93,870
NYMAGEE DEPOSIT - 2,342,638 95,935 26,964 52,963
TOTALS 321,832 3,650,958 99,977 94,242 146,833
213
Market Cap (at 40c/share )
Est Cash (1 Jan 2012)
Enterprise Value
249.2 m
$100m
$20m
$ 80m
5.425m
Shares on issue
Options on issue
CORPORATE SNAPSHOT
Major Shareholders (approx. %)
Institutional shareholders
(28%)
Yunnan Tin Group (12%)
China Yunnan Tin
Metals - HK(5%)
Board and Management
(3%)
Retail (48%)
1 year share chart
214
Endeavour Mine Toho Zinc Zn-Pb-Ag
CSA Mine Glencore Cu
The Peak Mine NewGold Au-Cu
Mt Boppy Mine Polymetals Au
Tritton Straits Cu
Girilambone Cu Mine Straits Resources
Mineral Hill Kimberley Metals Cu-Au-Pb-Zn
Northparkes Mine Rio Tinto Cu-Au
Cadia Mine Newcrest Cu-Au
Bourke
Cobar Nyngan
Parkes ORANGE
Bathurst
Lithgow
Newcastle
SYDNEY Cowra
Armidale
YTC Office
100kms
Cobar Gold Field
+7Moz Au Eq production
CSA Copper Mine
+1.5Mt Cu endowment
Highest grade Cu Mine in Aust
Nymagee Cu Deposit
Hera Au-Pb-Zn
Deposit
PROJECT LOCATION
Cobar
Basin
A u s t r a l i a
NSW
215
Perseverance The Peak New
Occidental
Chesne
y
New Cobar Great Cobar
Long Section: Cobar Gold Field +7Moz Au Eq production Eastern
System
QTS
North
500m
1000m
1500m
CSA +1.5Mt
Cu Western
System
10km
COBAR DISTRICT – LONG SECTION
QTS
South
Hera Gold and Base Metals
Resource: 670koz Au Eq
Reserve: 423koz Au Eq.
Nymagee Cu Deposit
96kt Cu, 92kt Pb, 147kt Zn, 2.3Moz Ag
500m
1000m
1500m
HERA - NYMAGEE PROJECT – LONG
SECTION
COBAR BASIN DEPOSITS LONG LIFE, HIGH GRADE – VERTICAL CONTINUITY
216
Hera Deposit
Au-Pb-Zn-Ag
Nymagee
Deposit
Cu-Ag-Pb-Zn
5km
N
Dominion Prospect
Au-Pb-Zn-Cu-Ag
• Hera & Nymagee deposits located
immediately west of the Rookery
Fault, near the eastern margin of
the Cobar Basin
• Equivalent structural position as
CSA Copper Mine and Peak Gold
Mine
• YTC controls 25km of prospective
strike
• Numerous gravity and geochemical
targets associated with high strain
zones for future drill testing
Nymagee JV
YTC 95%
(shaded
area)
EL 6162
YTC 100%
TENEMENT COVERAGE 25KM OF PROSPECTIVE STRIKE
Thorntons Mine
Cu-Ag
Happy Jacks Prospect
Au-Pb-Zn-Ag
Mt Hope Road
Prospect
Au-Pb-Zn-Ag
Shed Paddock Prospect
Pb-Zn-Ag Hebe Prospect
Au-Pb-Zn-Ag
Zeus Prospect
Au-Pb-Zn-Ag
N23 Prospect
Au-Pb-Zn-Cu-Ag
N19 Prospect
Au-Pb-Zn-Ag
217
Nymagee JV: YTC 95%
Nym
agee J
V:
YT
C 9
5%
EL 6162: YTC 100%
Hera Gold Deposit
Zeus Gravity Anomaly
Nymagee Copper Deposit
Untested Gravity Highs
Poorly Tested Gravity High
Untested Gravity High
Untested Gravity Highs
2km
N
Untested Gravity High
PROSPECTIVITY HERA-NYMAGEE CORRIDOR
• The Hera & Nymagee deposits are
both marked by prominent gravity
highs
• Numerous gravity targets defined
by detailed ground gravity along
7km of strike.
• Outstanding potential for Hera-
Nymagee corridor to evolve into
Cobar field equivalent
218
STAGE 1 – HERA
DEVELOPMENT HERA DFS COMPLETE – SEPTEMBER 2011** • Hera DFS confirms a financially & technically robust project
producing gold-silver doré bars and a bulk lead-zinc conc
• Resource 677,200 ounces Au Eq. at grade of 8.6g/t Au Eq*
• Reserve 423,471 ounces Au Eq. at grade of 7g/t Au Eq*
• Minimum 7.3 year mine life
• >A$510 million revenue generated in Stage 1
• Net Revenue (pre tax profit): $94.8m at Au = A$1450/oz
$152m at Au = A$1750/oz
• Production of >390,000 ounces (gold equivalent) over life of mine
• Average annual production exceeds 50,000 Au Eq. ounces over life of mine
• Life of Mine gold recovery of 94%
• Operating costs of A$395 per ounce (after Pb-Zn credits)
• Pre-Production capital of $73.5m
*Refer Appendix 2– Gold Equivalent Calculations ** Refer Appendix 5 – Hera DFS Detail
3D view of Hera Mine Design showing mine capital development,
final stope design and CRF fill.
219
Item Total Cost
Mining & Infrastructure (to first
ore) $26.8 million
Milling (to commissioning) $40.8 million
Administration $5.9 million
TOTAL $73.5 million
Item Cost / Tonne
Mining $ 72.79
Milling $ 34.55
Administration $ 14.25
TOTAL $ 121.59
Pre-production capital costs for the project are
estimated to be $73.5m, being the sum of surface
and process plant infrastructure and pre-production
mine capital costs as summarised in the Table below.
STAGE 1 – HERA
DEVELOPMENT OPEX & CAPEX SUMMARY
Decline
First Stoping Block
Escape way
Return air shafts
9980 Level
PRE-PRODUCTION CAPEX
SITE OPERATING COSTS
Mine Operating costs are established from a tendered schedule of rates.
Mill operating costs provided by Gekko systems.
Hera long section showing pre-production mine
capital
220
STAGE 1 – HERA
DEVELOPMENT SITE LAYOUT
221
STAGE 1 – HERA
DEVELOPMENT PERMITTING & DEVELOPMENT STATUS • YTC progressing early stage earthworks including Hera boxcut under existing Part 5 Approval
• Mining Lease Lodged January 2012
• Environmental Assessment (EA) now in finals stages of permitting – late March/early April
Hera Boxcut – 18th Feb 2012
222
HERA RESOURCE UPGRADED IN JUNE 2011 – 677kOz Au Eq
223
300m ASL
200m
ASL
100m
ASL
0m
ASL
-100m
ASL
-200m
ASL
-300m
ASL
-400m
ASL
Royal Lode
Main Lens South
Main Lens North
Footwall
Zone
NMD50W1 (Deepest Hole)
33.3m @ 0.96% Cu from 422.42m,
including
1.0m @ 12.0% Cu from 438.7m
61.0m @ 0.8% Cu from 547m, including
4.0m @ 2.0% Cu from 558m 10.0m @ 0.5% Cu from 644m
100m
N
6451
400m
N
6451
600m
N
6451
800m
N
Sha
llow
Cu
< 9
0mR
L D
eepe
r C
u >
90m
RL
90m ASL
NYMAGEE RESOURCE MAIDEN RESOURCE – DEC 2011
Nymagee Copper Deposit
December 2011 – Resource
Domains
Long Section – Looking West Grid: GDA Zone 55 - Scale as Shown
• Maiden JORC Nymagee Resource in Dec 2011,
after discovery of high grade copper in Oct
2010.
• 8.1Mt @ 1.2% Cu, 0.3% Pb, 0.7% Zn and 9g/t
Ag
• Open to the north and at depth
• Represents an analogue to the upper part of a
CSA style copper system
Shallow Footwall
South
Footwall
Zone
Shallow Footwall North
Historic Stope Voids (Main Lens)
Historic Production: 422,000 tonnes @ 5.8%
Cu
224
• Deep drilling results show the Nymagee copper
system now extends beyond 500m vertical
• Results for deepest holes show the copper system
continuing at depth:
NMD50W1: 33.3m @ 0.96% Cu from 422.42m,
including 1.0m @ 12.0% Cu from 438.7m
61.0m @ 0.8% Cu from 547m, including
4.0m @ 2.0% Cu from 558m
10.0m @ 0.5% Cu from
644m
NMD057: 16m @ 0.82% Cu from 364m
2.0m @ 2.7% Cu from 416m
67.0m @ 0.55% Cu from 450m
37.0m @ 0.30% Cu from 542m
• Results strongly encouraging for vertical extensions of
economic mineralisation
NYMAGEE OPEN AT DEPTH
225
100m
100m
WESTERN
SYSTEM QTS NORTH
EASTERN
SYSTEM
CZ
LENS
-200m
-400m
-600m
-800m
CSA – Cross Section
>1.5Mt Cu Production
>12mt @ 5% Cu Resource MINERALISATIO
N
CONTINUES TO
>2000m
MAIN SHAFT
NYMAGEE COPPER DEPOSIT vs CSA SCHEMATIC CROSS SECTION COMPARISON - LOOKING NORTH
• Nymagee evolving as the
upper part of a ‘CSA’ style
Cobar deposit
• Model suggests increasing
copper grade with
increasing depth
• Additional 1.5km depth
potential to explore
Pb-Zn-Ag Lens (off section)
SHALLOW
COPPER ZONE
NOMINAL >0.25%
Cu ENVELOPE
MAIN LENS
INTERPRETED
ROYAL LODE
INTERPRETED
CLUB HOUSE LODE
100m
100m
POTENTIAL “QTS”
TARGETS AT
DEPTH
High-Grade Cu Mineralisation
Pb-Zn
Mineralisation
Low-Grade Cu Mineralisation
DEPTH LIMIT
OF DEEPEST
DRILLING
-200m
-400m
-600m
-800m
226
NMRC090:
3m @ 2.75% Cu and 50g/t Ag
200m
N
Shallow Copper
Zones
Nymagee Main
Lode
Lead-Zinc Silver
Lens
New EM
Conductors
NMD068
Intersects Massive
Sulphides
NMD068
Nymagee
Maiden Resource
8.1Mt @ 1.2% Cu, 0.3%
Pb, 0.7% Zn and 9g/t Ag
NYMAGEE OPEN TO NORTH
• Recent drilling has intersected massive sulphides
500m to the north of the Nymagee deposit.
• Intersection is associated with northern end of new
EM conductor
• New zone potentially represents upper part of new ore
system
• Follow up drilling underway Q1 CY2012
IP
Response
NMRC111:
5m @ 0.18g/t Au, 1.3%
Cu , 1.3% Pb and 31g/t Ag
227
SUMMARY
• Hera DFS confirms a financially & technically robust project as Stage 1
• >$510 million in revenue in Stage 1 alone
• Operating Costs of A$395/oz (after Pb-Zn credits)
• Stage 1 development establishes strong foundation for development of Nymagee in
Stage 2
• Feasibility Study evaluating integration of Hera-Nymagee continuing
• Nymagee continues to expand in scale
• Open at depth and to the north
• Strong drilling commitment – minimum 10,000m diamond core drilling in 2012
• Experienced team assembled for transition from explorer to developer/producer
228
BUILDING A MID-TIER MINING COMPANY GROWTH ASSETS IN A PREMIER MINING ADDRESS
GROWTH
229
THANK YOU
copper coated drill bit - Nymagee
YTC Resources Limited
ASX:YTC
2 Corporation Place
ORANGE NSW 2800
T: +61 2 6361 4700 E: [email protected]
www.ytcresources.com
230
Description Cut Off Tonnes Cu % Pb % Zn % Ag g/t
INDICATED
Shallow Cu Resource (above
90mRL) 0.3% Cu 5,147,000 1.00 0.10 0.20 5
Deeper Cu Resource (below 90m
RL) 0.75% Cu 1,984,000 1.80 0.30 0.60 11
Lead-Zinc-Silver Lens 5% Pb + Zn 364,000 0.50 4.40 7.80 41
INFERRED
Deeper Cu Resource (below 90m
RL) 0.75% Cu 601,000 1.30 0.10 0.20 8
GLOBAL 8,096,000 1.20 0.30 0.70 9
Contained Metal (tonnes) 96,000 27,000 53,000 69
Category Tonnes
NSR
(A$) Au g/t Ag g/t
Cu
%
Pb
%
Zn
%
Au Eq
(g/t)
Contained Au
Ozs Eq
Indicated 2,113,000 243 4.2 17.0 0.2 2.8 3.9 9.2
Inferred 330,000 207 3.5 14 0.1 2.3 3.3 7.5
Total 2,444,000 238 4.1 16.7 0.2 2.8 3.8 8.6 677,200
APPENDIX 1: RESOURCES AND
RESERVES MINERAL RESOURCE ESTIMATE- HERA DEPOSIT - JUNE 2011
MINERAL RESOURCE ESTIMATE- NYMAGEE DEPOSIT – DEC
2011
SOURCE Tonnes Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Au Eq
(g/t)
Contained
Au
Ozs Eq
Development Sub-total 278,158 2.86 13.06 0.13 2.26 3.19
Stope Sub-Total 1,597,760 3.72 15.39 0.17 2.56 3.55
MINE PROBABLE RESERVE 1,875,918 3.59 15.04 0.16 2.51 3.50 7.00 423,471
PROBABLE ORE RESERVE: HERA DEPOSIT – DFS: SEPT 2011
231
APPENDIX 2 GOLD EQUIVALENT CALCULATIONS – HERA DFS & HERA
RESERVE
Metal Recovery Payability Source
Au 94% 100% YTC Metallurgical testwork and Marketing Study
Cu 88% 0% YTC Metallurgical testwork and Marketing Study
Pb 91% 95% YTC Metallurgical testwork and Marketing Study
Zn 90% 85% YTC Metallurgical testwork and Marketing Study
Ag to dore 47% 100% YTC Metallurgical testwork and Marketing Study
Ag to Bulk Con 46% 0% YTC Metallurgical testwork and Marketing Study
Metal Price Source
Au US$1450/oz 20% discount to spot
Pb US$2,500/t LME 15 month buyer
Zn US$2,318t LME 15 month buyer
Ag US$32/oz 20% discount to spot
AUD/US
D
1.00 Consensus Forecast
This report makes references to the Hera Ore Reserve, DFS outputs and metal equivalents. It is the Company's opinion
that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered.
Au Equivalent calculation formula = (Metal price x metal grade) ÷ (gold price per oz ÷ 31.1)
The following metal prices, exchange rates and metal recoveries and payabilities were used for the calculation of a gold
equivalent.
232
Metal Price Source
Au US$1200/oz 90% of Consensus forecast, to May 2013 Consensus economics, May2011
Cu US$8,370/t 90% of Consensus forecast, to May 2013 Consensus economics, May2011
Pb US$2,420/t 90% of Consensus forecast, to May 2013 Consensus economics, May2011
Zn US$2,425/t 90% of Consensus forecast, to May 2013 Consensus economics, May2011
Ag US$27/oz 90% of Consensus forecast, to May 2013 Consensus economics, May2011
AUD/US
D 0.90
This presentation makes a number of references to metal equivalents. These metal equivalent values refer to those included
with Hera Resource Estimate released to the ASX on 2nd June 2011
It is the company's opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be
recovered.
Au Equivalent calculation formula = (Metal price x metal grade) ÷ (gold price per oz ÷ 31)
The following metal prices, exchange rates and metal recoveries and payabilities were used in the estimation of “net
recoverable ore value per tonne (NSR)” and for the calculation of a gold equivalent.
Metal Recovery Payability Source
Au 94% 100% YTC Metallurgical testwork and Marketing Study
Cu 88% 0% YTC Metallurgical testwork and Marketing Study
Pb 91% 95% YTC Metallurgical testwork and Marketing Study
Zn 90% 85% YTC Metallurgical testwork and Marketing Study
Ag to dore 47% 100% YTC Metallurgical testwork and Marketing Study
Ag to Bulk Con 46% 0% YTC Metallurgical testwork and Marketing Study
APPENDIX 3 GOLD EQUIVALENT CALCULATIONS – HERA RESOURCE
233
Dr Wenxiang Gao Non-Executive Director
Anthony Wehby Non-Executive Chairman
Rimas Kairaitis Chief Executive Officer
Christine Ng Non-Executive Director
Richard Hill Non-Executive Director
Robin Chambers Non-Executive Director
Stephen Woodham Non-Executive Director
Over 20 years experience as a senior mining engineer in China. Dr Gao is the General Manager of Yunnan Tin Group, the world’s largest tin producer.
Partner of PricewaterhouseCoopers Australia (Coopers & Lybrand) for 19 years specialising in the provision of corporate finance advice. Anthony is based in Sydney and maintains a consulting practice providing advice on mergers and acquisitions, IPO's, funding and valuations
Geologist with over 15 years experience in minerals exploration and resource development in gold, base metals and industrial metals. Mr Kairaitis has a strong record of exploration success in NSW.
Christine is an Executive Director of China Yunnan Tin Minerals Group Co. Ltd (listed on Hong Kong Stock Exchange).
Over 15 years experience in the resources industry as both a solicitor for Clayton Utz and a geologist and commercial manager for mining companies in range of mineral commodities worldwide.
A lawyer with over 30 years experience in the resources sector. He is the Senior Partner of Chambers & Company, an international law firm based in Melbourne, and Special Counsel – China for its affiliate, the New York law firm of Chadbourne & Parke (Beijing, China).
Over 15 years experience in the mining and exploration industry, specialising in field logistics and support and land access in rural and remote environments.
APPENDIX 4 BOARD OF DIRECTORS
234
3D view of Hera Mine Design showing mine capital development,
final stope design and CRF fill.
APPENDIX 5: HERA DFS DETAIL SEPTEMBER 2011
HERA DFS
Diluted Reserve (tonnes) 1,875,918
Diluted Reserve Grade
g/t Au (on gold equivalent basis)
Net Smelter Return (NSR)
7g/t Au Eq.
$218 / tonne
Mine Life (box cut to last revenue) 7.3 years
Mining & Process Rate 350,000 tpa
Payable Metal Production
Gold Production (to dore)
Silver Production (to dore)
Zinc Production
Lead Production
Gold Equivalent Production
204,274 ounces
426,860 ounces
63,439 tonnes
43,399 tonnes
352,324 ounces
Operating Costs
Mining
Milling
Offsite costs
Administration
$72.79 / tonne
$34.55 / tonne
$49.33 / tonne
$14.25 tonne
Operating Margin (after mining and milling) $105.33 / tonne
Operating Costs (after Pb-Zn credits) $394.60 / Au ounce
Pre-Production Capital Costs (to first ore) $73.5 million
Net Revenue (pre-tax Profit)
A$1,450/oz gold price
A$1,750/oz gold price
$94.8 million
$152 million
All $ figures are as Australian Dollars
Item Input Units Source
Lead Price $2,500 US$/Tonne LME 15 month buyer
Zinc Price $2,318 US$/Tonne LME 15 month buyer
Gold Price $1,450 US$/Ounce 20% discount to spot
Silver $32 US$/Ounce 20% discount to spot
Gold Recovery to Dore 94% Recovery DFS Metallurgy Study
Silver Recovery to Dore 47% Recovery DFS Metallurgy Study
Lead Recovery to bulk Con 91% Recovery DFS Metallurgy Study
Zinc Recovery to bulk Con 90% Recovery DFS Metallurgy Study
Bulk Concentrate Grade 56% Pb + Zn DFS Metallurgy Study
Exchange Rate 1.00 AUD/USD Consensus Forecast
Key DFS Inputs
235
Dean Fredericksen –Chief Operations Officer (COO)
Dean closely involved with YTC for the last 2.5 years as a consultant. Dean was closely
involved on the assessment and Feasibility of the Hera and Nymagee Projects since
2009. Dean brings over 20 years mine geology and project assessment experience to
YTC with companies including ACM, MPI, Newcrest & Sino Gold.
Sean Pearce –Hera Project – General Manager
Sean Pearce is a mining engineer and has over 23 years operational experience in
underground metalliferous mines. Sean joins the company from Peak Gold Mines in
Cobar, where he was Mining Manager since 2007. Sean will initially be based in the YTC
offices in Orange, and will work closely with Dean and Stuart Jeffrey on the completion of
the Hera DFS. He will then take on the site management as the Project moves into mine
construction and commissioning.
Ray Dekker – Project Supervisor
Ray holds over 40 years experience in underground and open cut mining. He is a ticketed
Mine Manager and his extensive experience in the industry has included senior roles at Mt
Isa, Bendigo Gold and Renison mines. Rays, consultancy experience ranged form Project
Supervision, relieving Mine Manager and professional mentoring.
Stuart Jeffrey – Principal Geologist – Hera & Nymagee Projects
Stuart brings 20 years of both exploration and mine geology experience to the Hera and
Nymagee Projects, including a close association with the Hera Project extending back to
2004. Stuart has experience with a broad range of Companies including BHP, Triako and
CBH Resources
APPENDIX 6: YTC SENIOR MANAGEMENT BUILDING AN EXPERIENCED OPERATIONS TEAM
236
Competent Persons Statement – Exploration Results
The information in this presentation that relates to Exploration Results is based on information compiled by Rimas Kairaitis, who is a Member of the
Australasian Institute of Mining and Metallurgy. Rimas Kairaitis has sufficient experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Kairaitis consents to the inclusion in this report of the matters based on
his information in the form and context in which it appears.
Competent Persons Statement – Hera Resource Estimate
The Resource Estimation has been completed by Mr Dean Fredericksen the Chief Operating Officer of YTC Resources Ltdwho is a Member of the
Australasian Institute of Mining and Metallurgy. Mr Dean Fredericksen has sufficient experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Fredericksen consents to the inclusion in this report of the matters
based on his information in the form and context in which it appears.
Competent Persons Statement – Hera Ore Reserve
The Information in this report relating to Ore Reserves is based on work undertaken by Mr Michael Leak of Optiro Pty Ltd under supervision of Mr Sean
Pearce. This report has been compiled by Sean Pearce, who is a Member of the Australasian Institute of Mining and Metallurgy. Sean Pearce has
sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves.’ Mr Pearce consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
COMPETENT PERSONS
STATEMENTS
Michael Sandy Managing Director
Burleson Energy Limited
Connecting investors to opportunities www.symposium.net.au
ASX: BUR PRESENTATION – FEBRUARY, MARCH 2012
239
Disclaimer & Important Notices
This presentation contains forward-looking statements that are subject to risk factors associated with the oil and gas industry. It is believed
that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables outside the control of
Burleson Energy Limited and its Directors which could cause actual results or trends to differ materially, including but not limited to: price and
currency fluctuations, geotechnical factors, drilling and production results, development progress, operating results, reserve estimates,
legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates.
Therefore, undue reliance should not be placed on forward-looking statements.
This Presentation is provided on the basis that none of the Company nor its respective officers, shareholders, related bodies corporate,
partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy,
reliability, relevance or completeness of the material contained in the Presentation and nothing contained in the Presentation is, or may be
relied upon as, a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that
can be excluded by law.
All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to the
Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Presentation nor
any information contained in the Presentation or subsequently communicated to any person in connection with the Presentation is, or should
be taken as, constituting the giving of investment advice to any person.
Competent Person Statement: The information in this report that relates to oil and gas exploration results and hydrocarbon resources is based on information verified by Mr Michael Sandy (BSc(Hons) Melbourne University), who is a petroleum geologist. Mr Sandy is a Director of, and consultant to, the Company. Mr Sandy has more than thirty years experience in this discipline and he consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
Abbreviations: Gas: Bcf = billion cubic feet, mmcf = million cubic feet Condensate: b = barrels, bc = barrels of condensate ,mmb = million barrels, WI = Working Interest, NRI = Net Revenue Interest
Burleson (BUR) at a Glance
Financials Market snapshot
Market cap ~A$12m (3cps) Ordinary shares: 420 m
Cash ~A$6m, no debt EV ~$6m
Options Listed : 139 m (10c strike, 2013) Unlisted: 2.5 m (Expiry June 2012)
Revenue from 4 producing wells
70% liquids A $170k per month net to BUR
Shareholders: ~1,500
Gas and liquids (condensate and NGL)
production
Top 20 : ~27%
Low cost Wilcox wells
12 Month Range: $0.028 – $0.09
BUR equity 36 to 75% - usually 38%
Av. Trading Volume: ~450k/day
240
Jargon/acronyms
Mcf = thousand cubic feet of gas (current price ~ $2.60/mcf)
Bcf = billion cf (if sold today, revenue ~ $2.6m)
Condensate sells for the same price as oil (currently ~$110/barrel)
NGL = natural gas liquids (e.g. propane) sell for ~60% of oil price
“Wet” gas contains NGL which are stripped and sold separately
Boe = barrels of oil equivalent, mmboe = million boe
Enterprise value EV = how much it would cost to buy a company
Market capitilization + debt – cash
2P reserves = proved (proved developed producing + proved undeveloped) plus probable
EV/ boe = how much value the market assigns to a company’s reserves
241
242
An Experienced and Well Credentialed Team
A key asset for BUR is the relationship with AKG Energy a private, Austin Texas based, oil and gas company. AKG (Kugler family) have two board members and a significant shareholding in BUR.
BOARD MR NORMAN ZILLMAN - Non-Executive Chairman – Geologist. 40+ years experience in resources industry. Formerly Crusader Limited, Beach Petroleum and inaugural MD Queensland Gas. MR MICHAEL SANDY - Managing Director - Geologist. 35+ years experience in resources industry. Formerly Oil Search and Novus Petroleum.
MR JOHN MCALWEY - Non-Executive Director, Lawyer. 40 + years’ in the resources and finance sectors. Formerly chairman and director of a number of listed resources companies.
DR ANDREW KUGLER JR Non-Executive Director - Geologist, Geophysicist. 45 years international and USA oil industry; Ten years with majors, remainder as owner/CEO of private and public companies. MR KHIB KUGLER - Non-Executive Director, Geologist, Geophysicist with Business Degree. 30+ years in oil and gas USA and internationally. Formerly with Texaco and ChevronTexaco. Current VP G&G at AKG Energy, L.P. ------------------------------------------------------------------------------------------------------------ MR KEVIN LYNN - Company Secretary - Chartered Accountant, 20+ years’ experience in accounting and finance with public companies. --------------------------------------------------------------------------------------------------------------------------- MR KARRAS KUGLER – Petroleum Engineer. BS Petroleum Engineering 1991, University of Texas. Formerly Platt, Sparks & Associates Petroleum Engineers, MR GREIGH KUGLER – Petroleum Landman. BBA Petroleum Land Management 1990, University of Texas. Formerly Marathon Oil Company,
243
CC3D Project Area and BUR Track Record
BUR’s main Project area (“CC3D”) Colorado County, Texas, between Houston and Austin and bisected by Interstate Highway I10.
2006: Following IPO drilled 5 Austin Chalk
horizontal wells for 5 successes, but well
costs escalated so…
Now target conventional reservoirs
with low cost wells based on 3D seismic, onshore Texas.
Five discoveries from seven wells in 2010/2011 drilling campaign Includes large Heintschel field and Joann
83% drilling success rate 100% success rate for wells drilled in
CC3D area.
244
Heintschel #1: Discovery of a Large Field
Discovered April 2010 by H#1, much better results than expected Two successful follow-up wells, D Truchard #1 (Nov 2010) and H#2 (Dec 2010) Reservoir requires fracture stimulation, but is highly productive and liquids rich Existing wells received modest “fracs”
Schematic cross section
245
Heintschel reserves audit: 2.9 mmboe 2P reserves net to BUR’s WI
Independent reserves audit by DeGolyer and MacNaughton (D&M)
With an estimate of the In-Place volumes for the whole field.
Gross 2P reserves of 2.5 mmb of hydrocarbon liquids (condensate + NGL) plus 30 Bcf of dry gas. BUR share 30% NRI is 9 Bcf and 0.75 mmb (~2.3 mmboe) BUR share 38% Working Interest ~ 2.9 mmboe
BUR Enterprise Value ~A$6m
So BUR’s EV/2Pboe is currently ~A$2. Lowest EV/2Pboe on the ASX?
D&M’s study indicates that the field can be developed commercially, even using vertical wells
2P = proved plus probable; mmboe = million barrels of oil equivalent; WI = working interest, NRI= net revenue interest; NGL= natural gas liquids ; EV/boe = enterprise value per boe
246
Heintschel Field Upside
D&M 2P area represents just ~20% of the total field area as mapped on 3D seismic by
operator AKG Energy.
D&M In-Place numbers for the whole field: 3.6 mmb condensate plus 125 Bcf “wet” gas Equates to 9.2 mmb liquids plus 111 Bcf dry gas Using D&M recovery of 60%, equates to recoverable volumes of ~ 5.4 mmb and 67
Bcf dry gas. BUR WI share > 6 mmboe
Operator AKG and BUR believe the field could contain >160 Bcf wet gas plus >10 mmb condensate, If so, BUR WI share >10 mmboe!
Specialist consultant IPT predicts horizontal wells on Heintschel with multiple, staged
fracs will produce at several times the rates and total volumes of existing vertical wells.
Assuming this scenario, the field can be fully developed with excellent financial returns.
Proposed Horizontal Well TRUCHARD #2H
2,300’ (701m) lateral
Development Well
(2011)
DISCOVERY Well
(2010)
Development Well
(2011)
Heintschel (Wilcox 11,080) Field In-Place: 9.2 mmb + 111 Bcf dry gas
248
Heintschel field: what next?
Next stage: planning to drill a horizontal well with multiple, staged fracs
Truchard #2H planned for late 1Q12 Gross cost to drill, frac and complete = US$6m +- 0.5m
A full field development plan will be finalised late 1st half 2012
2H12 and on: develop the Heintschel field via a series of horizontal wells
Lower Wilcox “Prairie Bell” Shale
Lower Wilcox “Prairie Bell” Sand
Lower Wilcox Sand
Proposed Horizontal Well TRUCHARD #2H
2,300’ (701m) lateral
Untested closure
Dry Hole (1981)
Development Well
(2011)
Heintschel (Wilcox 11,080) Field 2P reserves: 2.5 mmb liquids + 30 Bcf dry gas 2P area is 20% of the 4,400 ac. structure
Multiple staged fracs
250
Wildcat Exploration Prospects 36% to 75% (usually 38%) working interest in ~26,000 ac
Acreage has a number of Wilcox prospects plus a very large Edwards carbonate prospect. It also has Eagle Ford shale potential.
Advanced Wilcox Prospects: Peikert: A Heintschel “look-alike” with potential for 57 Bcf + 1.6 mmb condensate Moeller #2: Located 475m updip and 53m structurally high to Moeller #1 (hydrocarbon shows). Potential for 10.4 Bcf and 0.24 mmbc. Hill #2: Colorado County, 4 way closure with potential for 5.7 Bcf and 0.17 mmb Wharton South: Wharton County, four separate structures with potential for 40 Bcf gas. Edwards Prospect Woppa 350 bcf Edwards reef prospect, with 250 Bcf potential in deeper target. On trend with the producing, 600 Bcf Word (Edwards reef) field. Deep, high cost, wells – to be farmed out.
Additional prospects being generated by:
The “IK3D” project (BUR has 38% of a right to
secure 1000 sq miles of 3D seismic from a large
data base)
The “CC3D” project
251
Peikert Prospect – a Heinstchel “look-a-like” Potential for 57 Bcf and 1.6 mmb
252
Woppa Prospect – could live up to its name! Potential for 350 Bcf + 250 Bcf deeper target
253
Summary
BUR 36% to 75% (usually 38%) working interest in ~26,000 acres 83% drilling success rate 4 producing wells generate revenue (3 Heintschel, 1 Joann) $6m cash
Heintschel is the main game
BUR 2P reserves of 2.9 mmboe (net to WI) BUR EV/boe ~$2! Cheapest in the sector?
Field In Place volumes 9.2 mmb liquids plus 111 Bcf dry gas
>6 mmboe net to BUR assuming 60% recovery Field could be even larger (160 Bcf plus liquids, recoverable).
D&M indicate the Heintschel field is commercial even with vertical wells IPT predict multi-fracced horizontal wells will be excellent producers Will drill Truchard #2H in late 1Q12 Heintschel development plan late 1H 2012.
To resume exploration drilling, farmouts in progress (NAPE, APPEX)
254
Burleson Contacts
Registered Office: LEVEL 6, 9 BARRACK ST SYDNEY NSW 2000 Phone +61 2 8252 6177 Contact: Michael Sandy Managing Director Email [email protected] Web www.burlesonenergyltd.com
D. Truchard #1 well Current Project Locations
Anthony Simpson Managing Director
Black Range Minerals Limited
Connecting investors to opportunities www.symposium.net.au
256
Resources Road Show
February 2012
JORC Resource 90.9mlbs U3O8
@ 600ppm
Market Capitalisation
~$25.2million (at $0.030).
Cash reserves ~ $4.1 million.
Shares %
Board &
Management
41.3 m 4.9
Top 20 284.9 m 33.9
Total 840.9 m 100
Alan Scott Non-Executive Chairman
Tony Simpson Managing Director
Ben Vallerine Executive Director
Mike Haynes Non-Executive Director
Duncan Coutts Non-Executive Director
Nick Day Company Secretary
Bev Nichols Chief Financial Officer
Competent Persons Statement
and Disclaimer The information in this report that relates to Mineral Resources at the Hansen and Taylor Ranch Uranium Projects is based on information
compiled by Mr. John Rozelle who is a member of the American Institute of Professional Geologists, which is a Recognised Overseas
Professional Organisation. Mr John Rozelle compiled this information in his capacity as a Principal Geologist of Tetra Tech. Mr.John Rozelle has
sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is
undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves”. Mr. John Rozelle consents to the inclusion in the report of the matters based on his information in the
form and context in which it appears.
The information in this report that relates to Exploration Results is based on information compiled by Mr. Ben Vallerine, who is a member of The
Australian Institute of Mining and Metallurgy. Mr Vallerine is Exploration Manager, USA for Black Range Minerals Ltd. Mr. Vallerine has sufficient
experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves”. Mr. Vallerine consents to the inclusion in the report if the matters based on his information in the form and context in which it
appears.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements contained in this
press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often
identified by terms such as “may”, “should”, “anticipate”, “expects” and similar expressions. Forward-looking statements necessarily involve
known and unknown risks, including, without limitation, risks associated with exploration, marketing and transportation; loss of markets; volatility
of commodity prices; currency and interest rate fluctuations; imprecision of reserve estimates; environmental risks; competition; inability to
access sufficient capital from internal and external sources; changes in legislation, including but not limited to income tax, environmental laws
and regulatory matters. Readers are cautioned that the foregoing list of factors is not exhaustive.
Although Black Range believes that the expectations reflected in this forward-looking information are reasonable in light of the experience of its
officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, undue
reliance should not be placed on them because Black Range can give no assurance that they will prove to be correct. The forward-looking
statements contained in this press release are made as of the date hereof and Black Range undertakes no obligation to update publicly or revise
any forward- looking statements or information, whether as a result of new information, future events or otherwise, unless so required by
applicable securities laws.
Neither the Australian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Australian Stock
Exchange) accepts responsibility for the adequacy or accuracy of this press release.
257
Uranium Market Overview
258
Demand
World Nuclear Association
estimates that the global fleet of
434 operating nuclear reactors
consumed 163Mlbs of U3O8 in
2011.
Reactor numbers have been
flat for the last 5 years but there
are 61 reactors currently in
construction.
The growth is mainly non-
OECD countries like China and
India where there is a struggle
to keep up with demand growth
and balance pollution problems.
Supply
In 2011 mine production was
estimated at 144Mlbs of U3O8,
with the balance coming from
secondary sources.
The USA-Russia HEU deal
ends in 2013 reducing supply
by 24Mlb U3O8.
The current low price of U3O8 is
causing the predicted mine
supply growth to fall behind
predictions; e.g., Areva has
decided to suspend the
Trekkopje uranium mine
project.
0
20
40
60
80
100
120
140
160
Arithmetic Average: US $83/lb
Incentive Price Analysis
Source: JP Morgan Estimates
259
Value Proposition
260
ASX Price Mkt Cap EV Resource U3O8 EV/lb Grade Size
Company Name Code $ $m $m (mlbs) (ppm) A$/lb Rank Rank
Aura Energy AEE 0.22 30 23 689 166 $0.03 18 1
Stonehenge Metals SHE 0.04 12 10 69 324 $0.14 9 9
A-Cap Resources ACB 0.27 54 45 261 152 $0.17 20 4
Marenica Energy MEY 0.02 9 8 43 85 $0.19 21 13
Black Range Min. BLR 0.03 27 22 91 600 $0.24 4 7
Bannerman Res BMN 0.23 67 53 170 193 $0.31 17 5
Energy Ventures EVE 0.04 14 12 38 248 $0.32 16 16
UraniumSA USA 0.135 20 15 42 284 $0.36 14 14
Energy & Min Aus EMA 0.08 32 23 60 490 $0.38 5 10
Curnamona Energy CUY 0.07 5 2 5 260 $0.40 15 21
PepinNini Minerals PNN 0.09 8 4 5 298 $0.80 12 20
Deep Yellow DYL 0.12 135 125 123 286 $1.02 13 6
Energy Metals EME 0.39 60 34 29 316 $1.17 10 17
Uranex UNX 0.34 62 59 44 163 $1.34 19 12
Toro Energy TOE 0.084 82 63 44 433 $1.43 6 11
Manhattan Corp MHC 0.35 32 32 17 300 $1.88 11 19
Peninsula Energy PEN 0.07 160 140 41 422 $3.41 7 15
Paladin Energy PDN 1.78 1,487 2,076 520 679 $3.99 2 2
Extract Resources EXT 8.51 2,137 2,083 515 401 $4.04 8 3
Summit Resources SMM 1.68 366 358 76 664 $4.71 3 8
Alliance Resources AGS 35 120 85 17 3,257 $5.00 1 18
Simple Average Grade and EV/lb 477 $1.49
Excluding Producers Grade and EV/lb 345 $1.26
Stage
# of
Constituents
43-101/JORC
EV/Lb Avg
Global
Resource
EV/Lb Avg
Producer 6 $6.85 $4.87
Developer 4 $5.11 $4.88
Feasibility 11 $0.87 $0.85
Pre-Feasibility 8 $1.52 $1.41
Exploration 31 $1.03 $0.99
60 $1.86 $1.68
261
Source: Versant Partners
EV/Lb Averages by Stage
Value Proposition
262
Great combination of low EV/lb, Grade and Resource size.
Growth opportunity as increased confidence surrounding
permitting increases the EV/lb. eg Valued at $1.26/lb equates to
BLR @ $0.14.
Solid mining jurisdiction; e.g., Kazakhstan, at 32% of global mine
production, rates behind Papua New Guinea in terms of Political
Stability according to the Fraser Institute Survey(2010-11)
Targeting The USA
263
Energy Security?
20% of US electricity comes
from nuclear power plants
104 (23%) of the world’s 441
nuclear power plants are
located within the US
21 additional reactors are either
proposed, planned or under
construction in the US
The Nuclear Regulatory
Commission voted recently
(February 11, 2012) to grant a
license to build two reactors (1st
since 1978)
US reactors consume around
50 million pounds U3O8 per
annum – 85% of which is
imported
In 2010 the US produced 4.23
million pounds of U3O8, with 6
active production facilities
currently operating
The US generates more
electricity from nuclear power
plants than any other country in
the world
Hansen/Taylor Ranch Resources
264
JORC Code compliant
resources, applying a
250 ppm cut-off:
68.9 Mt at 600 ppm
for 90.9Mlbs of U3O8
JORC Code compliant
resources, applying a
750 ppm cut-off:
16.6 Mt at 1200 ppm
for 43.8Mlbs of U3O8
Project Summary
265
Targeting production in 2015/2016 in the USA.
One of the largest uranium resources in the USA.
High-quality development opportunity in a pro-uranium jurisdiction.
Geotechnical studies confirm amenable to U/G, surface & borehole
mining methods.
Update of previous feasibility study for conventional mining and
processing methods underway.
Permitting activities commenced.
Leaching tests confirm +95% recoveries (acid or pressure alkaline).
Borehole mining suitability tests completed.
Ablation process tests encouraging (95% U in 10% of the mass).
Project Timeline
266
Targeting Mine Permit by 2015
Hansen Uranium Deposit –
Long Section
267
Hansen Uranium Deposit –
Cross Section
268
Project Location
269
30km NW of Cañon City, the location
of one of the USA’s five licensed
uranium mills
In the state of Colorado - an
agreement state for permitting
(simpler process)
Energy Fuels Resources Corp. has
obtained all permits required to build
the first new conventional uranium
processing facility in the USA in the
past 25 years – in Colorado
Hosts AngloGold-Ashanti’s Cripple
Creek heap leach gold mine (historic
production of 23Moz gold)
Established mining industry and
mining culture in the district
History
270
Tallahassee Creek
Uranium District
Uranium first
discovered in the
district in 1954
From 1954 until 1972
–16 small open pit
and underground
uranium mines
operated in the
Tallahassee Creek
district
History
271
Hansen Uranium
Deposit
Hansen Uranium
Deposit discovered in
1977
The Hansen Deposit
fully permitted for
mining in 1981
More than 2,200 holes
drilled for more than
350,000 metres
Hydraulic Borehole Mining
272
Selective mining method
Controlled economic pace of
mining
Low capital costs
Utilization of clean, high
pressure water for mining
Lifting of ore to surface in
controlled, safe and closed
environment
Replacement of ore with
sealed inert waste rock
Small surface imprint with
mobile equipment
Photo courtesy Kinley Exploration
Hansen Borehole Mining Layout
273
11 metre cylinders
plotted on high-grade
mineralisation at the
Hansen Deposit –
indicating possible
borehole mining
layout
Proposed open pit
boundary from 1981
feasibility study
100 metres
Single Well Economics
274
Unweighted Averages
Grade: 0.088% U3O8
Thickness: 17.6 metres
Sandstone Hosted
Uranium Deposit
Uplift event exposes uranium bearing source rock
Uranium is eroded out of the exposed source rock and
forms uranium and secondary mineral bearing solutions
Uranium and secondary mineral bearing solution migrate
through surface or permeable subsurface channels into
the sandstone formation
Uranium minerals are left as a patina (outer coating)
around the grains in the formation
275
Flow Chart Combining
Hydraulic Mining and Ablation
276
Water to DI/RO
reclaimed
Hydraulic Miner Uses high pressure water to mine the ore.
Ablation Slurry from the hydraulic miner is pumped through the injection nozzles. This creates
the high energy impact zone that scours the uranium from the host rock materials and
removes the patina.
Grain Removal Screen Screen system removes the grains fraction from the post-ablation slurry stream.
Gravity Separation Elutriation system separates the light fines fraction from the target heavy minerals.
Light Fines Out Heavy Fines to Mill
Resources Road Show
February 2012
Appendix 1: Hansen/Taylor Ranch
JORC Resources
278
Indicated (0.025% Cut-Off) Inferred (0.025% Cut-Off) Total (0.025% Cut-Off)
Deposit Tonnes
Grade U3O8 (%)
Tonnes of U3O8
Pounds of U3O8 Tonnes
Grade U3O8 (%)
Tonnes of U3O8
Pounds of U3O8 Tonnes
Grade U3O8 (%)
Tonnes of U3O8
Pounds of U3O8
Hansen 11,600,262 0.067 7,768 17,124,620 16,399,487 0.062 10,101 22,269,792 27,999,749 0.064 17,869 39,394,412
Boyer 9,102,294 0.059 5,403 11,912,352 7,577,863 0.064 4,871 10,737,856 16,680,157 0.062 10,274 22,650,208
Picnic Tree 1,703,693 0.073 1,248 2,750,840 337,473 0.054 183 403,308 2,041,166 0.070 1,431 3,154,148
NW Taylor 2,385,649 0.058 1,388 3,061,003 3,940,027 0.043 1,710 3,769,842 6,325,676 0.049 3,098 6,830,845
Noah 1,438,200 0.055 784 1,728,025 4,956,582 0.055 2,736 6,031,920 6,394,782 0.055 3,520 7,759,945
High Park 1,954,983 0.053 1,028 2,267,000 433,634 0.077 333 734,000 2,388,617 0.057 1,361 3,001,000
Other (Taylor) 409,627 0.031 126 278,146 4,398,939 0.039 1,729 3,811,314 4,808,565 0.039 1,855 4,089,460
Other (Hansen Area) 333,771 0.085 285 627,955 2,020,228 0.077 1,552 3,421,397 2,353,999 0.078 1,837 4,049,351
Total 28,928,480 0.062 18,030 39,749,941 40,064,232 0.058 23,215 51,179,428 68,992,711 0.060 41,244 90,929,369
Indicated (0.075% Cut-Off) Inferred (0.075% Cut-Off) Total (0.075% Cut-Off)
Deposit Tonnes
Grade U3O8 (%)
Tonnes of U3O8 Pounds of U3O8 Tonnes
Grade U3O8 (%)
Tonnes of U3O8 Pounds of U3O8 Tonnes
Grade U3O8 (%)
Tonnes of U3O8
Pounds of U3O8
Hansen 3,126,521 0.129 4,041 8,908,599 3,909,667 0.125 4,904 10,811,979 7,036,188 0.127 8,945 19,720,578
Boyer 3,010,039 0.103 3,097 6,828,444 2,951,979 0.100 2,964 6,534,032 5,962,018 0.102 6,061 13,362,476
Picnic Tree 532,517 0.141 749 1,650,994 55,338 0.123 68 149,744 587,856 0.139 817 1,800,738
NW Taylor 373,571 0.154 574 1,265,849 346,530 0.098 338 745,633 720,101 0.127 912 2,011,481
Noah 259,397 0.114 295 649,647 806,233 0.125 1,010 2,227,132 1,065,630 0.122 1,305 2,876,779
High Park 326,587 0.114 372 820,000 130,635 0.163 212 468,000 457,221 0.128 584 1,288,000
Other (Taylor) - - - - 234,961 0.105 246 542,864 234,961 0.105 246 542,864
Other (Hansen Area) 84,368 0.213 180 396,180 428,191 0.196 839 1,849,296 512,559 0.199 1,019 2,245,476
Total 7,713,001 0.121 9,308 20,519,713 8,863,534 0.119 10,581 23,328,680 16,576,535 0.120 19,889 43,848,392
Applying a 0.025% cut-off:
Applying a 0.075% cut-off:
Appendix 2:
Global Uranium Comps
279
February 17, 2012 All figures in $CAD Based on Global Resource Resources and Reserves (MM lbs)
SUM Exch Company Name Stage
Stock
Price
Market
Cap
(MM) MKT/LB EV/LB
Avg
Grade P&P M&I Inferred
Historica
l Total
BLR ASX Black Range Minerals Ltd. (ASX:BLR) Exploration $0.04 29.54 $0.32 $0.23 0.06% 0 39.75 51.18 0 90.93
CCO TSX Cameco Corp. (TSX:CCO) Production $22.30 8,802.93 $8.39 $8.41 9.39% 484.04 141.65 355.67 67.28 1,048.64
DML TSX Denison Mines Corp. (TSX:DML) Production $1.75 673.16 $2.01 $1.84 1.57% 2.87 78.8 39.51 214.11 335.29
ERA ASX Energy Resources of Australia Ltd. (ASX:ERA) Production $1.32 683.4 $1.03 $0.04 0.31% 246.2 272.64 144.74 0 663.59
PDN TSX Paladin Energy, Ltd. (TSX:PDN) Production $1.80 1,440.00 $2.75 $4.20 0.08% 159.2 192.06 136.91 34.58 522.74
UEC AMEX Uranium Energy Corp. (AMEX:UEC) Production $3.88 292.01 $6.91 $6.37 0.07% 0 6.53 12.5 23.24 42.27
UUU TSX Uranium One Inc. (TSX:UUU) Production $2.70 2,584.44 $7.87 $8.32 0.06% 47.97 153.23 127.35 0 328.54
AGS ASX Alliance Resources Ltd. (ASX:AGS) Development $0.44 150.11 $8.58 $6.51 0.32% 0 8 9.5 0 17.5
EFR TSX Energy Fuels Inc. (TSX:EFR) Development $0.32 39.68 $2.09 $1.71 0.21% 0 7.86 4.44 6.73 19.03
URZ AMEX Uranerz Energy Corp. (AMEX:URZ) Development $2.50 192.58 $10.10 $7.88 0.10% 0 15.72 3.34 0 19.06
URE TSX UR-Energy Inc. (TSX:URE) Development $1.18 122.34 $4.46 $3.41 0.07% 0 23.72 3.71 0 27.43
ACB ASX A-Cap Resources Ltd. (ASX:ACB) Feasibility $0.29 58.03 $0.37 $0.29 0.02% 0 50.2 107.6 0 157.8
BAN TSX Bannerman Resources Limited (TSX:BAN) Feasibility $0.25 58.61 $0.34 $0.33 0.02% 0 118.96 51.12 0 170.08
BKY ASX Berkeley Resources Ltd. (ASX:BKY) Feasibility $0.38 66.23 $0.85 $0.18 0.05% 0 34.9 43.15 0 78.05
EXT ASX Extract Resources Ltd. (ASX:EXT) Feasibility $9.19 2,306.78 $4.29 $4.14 0.04% 320 38.41 179.6 0 538.01
FSY TSX Forsys Metals Corp. (TSX:FSY) Feasibility $0.75 60.1 $0.58 $0.54 0.01% 60.5 16.7 27.07 0 104.27
KRI TSX Khan Resources Inc. (TSX:KRI) Feasibility $0.18 9.82 $0.25 $0.10 0.13% 30.68 6.61 1.39 0 38.69
MGA TSX Mega Uranium Ltd. (TSX:MGA) Feasibility $0.31 79.7 $2.03 $1.35 0.11% 0 34.56 4.76 0 39.32
STM TSX Strathmore Minerals Corp. (TSX:STM) Feasibility $0.50 44.97 $0.42 $0.33 0.09% 0 36.85 19.51 50.5 106.87
TUE TSXV Titan Uranium Inc. (TSXV:TUE) Feasibility $0.20 25.96 $0.84 $0.76 0.11% 0 30.4 0 0.65 31.05
TOE ASX Toro Energy Ltd (ASX:TOE) Feasibility $0.09 86.84 $1.74 $1.12 0.05% 0 25.84 24.21 0 50.05
TVC TSXV Tournigan Energy Ltd. (TSXV:TVC) Feasibility $0.10 19.37 $0.34 $0.16 0.34% 0 32.24 25.4 0 57.64
AIW ASX Australian American Mining Corporation Limited (ASX:AIWP) Pre-Feasibility $0.05 3.37 $0.27 ($0.08) 0.09% 0 0 12.31 0 12.31
BYU TSXV Bayswater Uranium Corp. (TSXV:BYU) Pre-Feasibility $0.21 4.69 $0.10 $0.09 0.08% 0 11.46 10.16 23.73 45.35
LAM TSX Laramide Resources Ltd. (TSX:LAM) Pre-Feasibility $0.84 57 $0.88 $0.85 0.12% 0 43.26 19.07 2.7 65.03
PEN ASX Peninsula Energy Limited (ASX:PEN) Pre-Feasibility $0.07 146.67 $3.54 $2.87 0.04% 0 11.2 30.2 0 41.4
PWE TSX Powertech Uranium Corp. (TSX:PWE) Pre-Feasibility $0.17 17.56 $0.73 $0.87 0.14% 0 17.06 6.85 0 23.91
RSC TSX Strateco Resources Inc. (TSX:RSC) Pre-Feasibility $0.56 81.16 $2.27 $2.50 0.41% 0 7.78 19.22 8.8 35.8
UEX TSX UEX Corp. (TSX:UEX) Pre-Feasibility $0.86 174.64 $1.98 $1.88 0.74% 0 72.77 15.49 0 88.25
UNX ASX Uranex Limited (ASX:UNX) Pre-Feasibility $0.42 71.24 $2.40 $2.28 0.01% 0 4.35 25.4 0 29.74
Source: Versant Partners and Capital IQ (February 17, 2012)
Appendix 2:
Global Uranium Comps (cont.)
280 Source: Versant Partners and Capital IQ (February 17, 2012)
February 17, 2012 All figures in $CAD Based on Global Resource Resources and Reserves (MM lbs)
SUM Exch Company Name Stage
Stock
Price
Market
Cap
(MM) MKT/LB EV/LB
Avg
Grade P&P M&I Inferred
Historica
l Total
BLR ASX Black Range Minerals Ltd. (ASX:BLR) Exploration $0.04 29.54 $0.32 $0.23 0.06% 0 39.75 51.18 0 90.93
ABE TSXV Abitex Resources Inc. (TSXV:ABE) Exploration $0.05 4.75 $0.72 $0.59 0.53% 0 1.96 4.63 0 6.59
AEK ASX Anatolia Energy Limited (ASX:AEK) Exploration $0.11 10.84 $0.83 $0.68 0.12% 0 8.12 4.94 0 13.06
AEE ASX Aura Energy Limited (ASX:AEE) Exploration $0.22 29.11 $0.05 $0.04 0.02% 0 0 638 0 638
CZQ TSX Continental Precious Minerals, Inc. (TSX:CZQ) Exploration $0.32 16.56 $0.02 $0.00 0.02% 0 14.41 1,037.96 15.34 1,067.71
CXZ AMEX Crosshair Energy Corp. (AMEX:CXZ) Exploration $0.62 29.76 $1.22 $1.06 0.05% 0 12.91 10.4 1.1 24.41
CUE TSXV Cue Resources Ltd (TSXV:CUE) Exploration $0.06 6.85 $0.72 $0.74 0.04% 0 8.3 1.2 0 9.5
DYL ASX Deep Yellow Ltd. (ASX:DYL) Exploration $0.13 146.58 $1.23 $1.11 0.03% 0 39.01 80.57 0 119.58
EMX ASX Energia Minerals Limited (ASX:EMX) Exploration $0.05 5.48 $0.73 ($0.12) 0.03% 0 0 7.46 0 7.46
EME ASX Energy Metals Limited (ASX:EME) Exploration $0.33 50.74 $2.99 $1.27 0.09% 0 4.9 12.08 0 16.98
FIS TSXV Fission Energy Corp. (TSXV:FIS) Exploration $0.77 79.11 $2.62 $2.04 0.35% 0 4.42 25.8 0 30.22
FTE ASX Forte Energy NL (ASX:FTE) Exploration $0.07 48.7 $4.20 $3.42 0.03% 0 0 11.6 0 11.6
JNN TSXV JNR Resources Inc. (TSXV:JNN) Exploration $0.13 13.8 $14.86 $13.69 0.09% 0 0 0 0.93 0.93
KIV TSXV Kivalliq Energy Corp. (TSXV:KIV) Exploration $0.51 62.53 $2.30 $2.04 0.69% 0 0 27.13 0 27.13
YEL TSXV Macusani Yellowcake, Inc. (TSXV:YEL) Exploration $0.16 17.24 $0.63 $0.13 0.02% 0 10.37 16.97 0 27.34
MEY ASX Marenica Energy Ltd (ASX:MEY) Exploration $0.02 9.97 $0.15 $0.12 0.02% 0 9.6 58.4 0 68
MAW TSX Mawson Resources Ltd. (TSX:MAW) Exploration $1.32 68.22 $0.54 $0.46 0.03% 0 0.12 15.17 110 125.29
GEM TSXV Pele Mountain Resources Inc. (TSXV:GEM) Exploration $0.13 17.41 $0.37 $0.32 0.05% 0 15.18 31.44 0 46.63
PIT TSXV Pitchblack Resources Ltd. (TSXV:PIT) Exploration $0.14 3.1 $0.11 $0.08 0.06% 0 0 0 29 29
PXP TSXV Pitchstone Exploration Ltd. (TSXV:PXP) Exploration $0.12 5.43 $1.32 $0.84 0.23% 0 0 4.1 0 4.1
RGT TSX Rockgate Capital Corp. (TSX:RGT) Exploration $1.12 129.02 $5.01 $3.70 0.11% 0 18.65 7.09 0 25.74
SMM ASX Summit Resources Ltd. (ASX:SMM) Exploration $1.82 396.72 $6.38 $6.20 0.08% 0 32.7 29.44 0 62.14
TU TSXV Tigris Uranium Corp. (TSXV:TU) Exploration $0.23 13.68 $0.43 $0.13 0.11% 0 32.08 0 0 32.08
UWE TSXV U308 Corp. (TSXV:UWE) Exploration $0.58 59.55 $1.54 $0.35 0.08% 0 13.6 25.04 0 38.64
ULU TSXV Ultra Uranium Corp. (TSXV:ULU) Exploration $0.05 1.74 $0.32 $0.31 0.06% 0 0 0 5.49 5.49
URC TSXV Uracan Resources, Ltd. (TSXV:URC) Exploration $0.09 11.95 $0.27 $0.25 0.01% 0 6.86 37.1 0 43.95
UNR TSXV Uranium North Resources Corp. (TSXV:UNR) Exploration $0.10 8.56 $0.88 $0.58 0.09% 0 0 9.71 0 9.71
URRE NASDAQ Uranium Resources, Inc. (NasdaqCM:URRE) Exploration $0.95 88.85 $0.81 $0.77 0.17% 0 0 0 109.15 109.15
USA ASX Uraniumsa Limited (ASX:USA) Exploration $0.14 20.62 $0.90 $0.69 0.03% 0 0 22.9 0 22.9
VEM TSX Vena Resources Inc. (TSX:VEM) Exploration $0.33 41.12 $1.54 $1.16 0.02% 0 13.66 13.07 0 26.73
VAE TSXV Virginia Energy Resources Inc. (TSXV:VAE) Exploration $0.20 19.5 $0.61 $0.52 0.08% 0 28.56 0 3.4 31.96
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