Best of British Conference JP Morgan Cazenove
|
|
- Marcia Bailey
- 7 years ago
- Views:
Transcription
1 Well placed to address cyclical uncertainties Best of British Conference JP Morgan Cazenove November 18, 2015 CFO Mario Arreguín LSE:Fres BMV:Fres
2 Disclaimer This document includes statements that are, or may be deemed to be, forward-looking statements. These forwardlooking statements can be identified by the use of forward-looking terminology, including the terms believes, estimates, plans, projects, anticipates, expects, intends, may, will, or should or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this document and include, but are not limited to, statements regarding the Fresnillo Group s intentions, beliefs or current expectations concerning, among other things, the Fresnillo Group s results of operations, financial position, liquidity, prospects, growth, strategies and the silver and gold industries. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance and the actual results of the Fresnillo Group s operations, financial position and liquidity, and the development of the markets and the industry in which the Fresnillo Group operates, may differ materially from those described in, or suggested by, the forward-looking statements contained in this document. In addition, even if the results of operations, financial position and liquidity, and the development of the markets and the industry in which the Fresnillo Group operates are consistent with the forwardlooking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in regulation, currency fluctuations (including the US dollar and Mexican Peso exchange rates), the Fresnillo Group s ability to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources or reserves, changes in its business strategy, political and economic uncertainty. Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document speak only as of the date of this document, reflect the Fresnillo Group s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Fresnillo Group s operations, results of operations, growth strategy and liquidity. Investors should specifically consider the factors identified in this document which could cause actual results to differ before making an investment decision. Subject to the requirements of the Prospectus Rules, the Disclosure and Transparency Rules and the Listing Rules or applicable law, the Fresnillo Group explicitly disclaims any obligation or undertaking publicly to release the result of any revisions to any forward-looking statements in this document that may occur due to any change in the Company s expectations or to reflect events or circumstances after the date of this document. 2
3 Fresnillo at a Glance Location HERRADURA DISTRICT Key Highlights World s largest silver producer (45 moz in 2014) and Mexico s second largest gold producer (596 koz in 2014) ORISYVO Market cap of US$7.5 billion* CIÉNEGA DISTRICT SOUTH PERU SAN JULIÁN FRESNILLO DISTRICT Silver resources of 2 billion ounces and gold resources of 34 million Mining concessions of 2 million hectares in Mexico and 370 thousand hectares in Peru Cash costs and AISC amongst the lowest in the industry Substantial, high quality project pipeline and strong commitment to disciplined and sustainable growth: production target of 65 moz of silver and 750 koz of gold by 2018 Fresnillo plc mines (6 and a satellite mine)** Development projects (2) Advanced exploration projects (4) Prospects in drilling Prospects at an early stage Focus on projects that can be developed into low-cost, worldclass mines As at 16 November 2015 ** Operations at Soledad-Dipolos are currently suspended 3
4 4 Our Business Model and Strategy Our Business Model supported by four strategic pillars to create value 1. Maximise potential of existing operations Operate at 100% capacity Low-cost producer Optimise mining method and metallurgy to maintain high recovery rates 2. Deliver growth through development projects Track record of delivery on time and on budget Focus on CAPEX control Specialised Engineering and Construction team 3. Extend the growth pipeline Evaluate early-state acquisitions Maintain reserves for 10 years Ensure organic growth and assess key acquisition opportunities 4. Advance sustainable development Improve general health Reinforce safety Minimise the environmental impact Maintain sound relations with communities
5 2014 Highlights Silver production of 45 moz and gold production of 596 koz Revenues: US$1.4 billion Continued focus on cost control Operating profit: US$245.6 million EBITDA: US$567.3 million; EBITDA margin of 40.1% Capex of US$425.6 million and total investment in exploration of US$184.5 million (including US$15.7 million capitalised) Total workforce: 7,090 (49.4% unionised employees and 50.6% contractors) Total assets: US$3.8 billion (as at 30 June 2015) Cash and investments: US$475.7 million (as at 30 June 2015) 5
6 Operations Review Fresnillo Key operating statistics 1H15 Silver production moz 7.8 Cost per tonne US$/t 48.5 Gold production koz 15.1 Cash cost - US$/oz 5.8 Silver ore grade - g/t 220 AISC - US$/oz 11.1 Gold ore grade - g/t 0.50 AISC (LoM) (2023) US$/oz H15 silver production decreased: Lower silver ore grade reflecting limited access to high ore grade areas Lower volumes processed due to development delays and stope instability Actions taken: Enhanced contractor supervision Additional contractors Measures to manage stope instability Should allow development rates of c.4,000m / month to be maintained Advancing declines in order to reach higher grade veins & regain operating stope flexibility Stabilise and then improve ore grades and production to provide solid base for potential expansion Ore grades expected to move towards reserve grade once operating stope flexibility regained 6
7 Operations Review (Cont d) Saucito Ciénega Key operating statistics 1H15 Silver production moz 11.4 Gold production koz 44.7 Silver ore grade - g/t 341 Gold ore grade - g/t 1.50 Cost per tonne US$/t 42.7 Cash cost - US$/oz 0.6 AISC - US$/oz 6.0 AISC (LoM) (2021) US$/oz 6.0 Key operating statistics 1H15 Gold production koz 45.7 Silver production moz 2.1 Gold ore grade - g/t 2.25 Silver ore grade - g/t 117 Cost per tonne US$/t 66.7 Cash cost - US$/oz AISC - US$/oz AISC (LoM) (2026) US$/oz Efficiency improvements at Saucito II planned for 1H16: installation of vibrating screens Conclude analysis of alternatives for potential expansion to either 5,000 or 6,000 TPD post good exploration results 7
8 Operations Review (Cont d) Herradura Noche Buena Key operating statistics 1H15 Gold production koz Gold ore grade g/t 0.74 Ore processed mt 10.9 Total volume hauled mt 57.7 Cost per tonne US$/t 8.7 Cash cost US$/oz AISC - US$/oz AISC (LoM) (2019) US$/oz Key operating statistics 1H15 Gold production koz 70.5 Gold ore grade - g/t 0.48 Ore processed mt 8.7 Total volume hauled mt 42.3 Cost per tonne US$/t 8.2 Cash cost - US$/oz AISC - US$/oz AISC (LoM) (2019) US$/oz 1,124.5 Expect to reach steady state production by 4Q15 after ramp-up and resolution of solution processing issues Continue to focus on containing costs and maximising efficiency of production 8
9 Expected Delivery of Growth Investment (US$ million) Expected Avg. Annual Production (1) (2) PROJECT YEAR mill Oz Ag & 44 thds Oz Au SAN JULIÁN (3) CONSTRUCTION LEACHING PLANT CONSTRUCTION FLOTATION PLANT PRODUCTION 30 3 mill Oz Ag FRESNILLO 9,000 TPD (Optimization project) MINE DEVELOPMENT & PLANT ADEQUATION DETAILED ENGINEERING PRODUCTION mill Oz Ag & 13 thds Oz Au (3) PYRITES PLANT (Optimization project) DETAILED ENGINEERING LEACHING PLANT CONSTRUCTION CONSTRUCTION TAILINGS FLOTATION PRODUCTION thds Oz Au & 1.3 mill Oz Ag CIENEGA 5,000 TPD (Optimization project) DETAILED ENGINEERING MINE DEVELOPMENT PLANT CONSTRUCTION PRODUCTION thds Oz Au ORISYVO BASIC ENGINEERING MINE DEVELOPMENT DETAILED ENGINEERING PLANT CONSTRUCTION PRODUCTION mill Oz Ag & 30 thds Oz Au JUANICIPIO BASIC ENGINEERING MINE DEVELOPMENT DETAILED ENGINEERING PLANT CONSTRUCTION PRODUCTION thds Oz Au CENTAURO EXTENSION DEVELOPMENT 2ND DYNAMIC LEACHING PLANT CONSTRUCTION PRODUCTION thds Oz Au CENTAURO DEEP BASIC ENGINEERING DEVELOPMENT DETAILED ENGINEERING PLANT CONSTRUCTION PRODUCTION (1) Estimated. (2) Total average annual production. (3) Approved 9
10 Approved Projects San Julián Key metric estimates Avg. annual silver production Avg. annual gold production Pre-operative capex Cash cost (average LoM) All-in sustaining costs (average LoM) Phase 1 capacity (DLP to treat ore from veins) Phase 2 capacity (flotation plant to process ore from disseminated ore body) Life of mine 10.3 moz 43.9 koz $515 m $7.77 /oz $9.33 /oz 3,000TPD 6,000TPD 13 years Mining works at the main ramp concluded & further progress made on plant infrastructure However, delays in permitting, weather-related issues and high rotation of contractor personnel due to project s remote location together resulted in execution delays Phase 1 now expected to be commissioned 1H16 (vs. previous expectation of 4Q15); phase 2 remains on track (4Q16) 10
11 Approved Projects San Julián: Commissioning 1H16 11
12 Approved Projects Pyrites Plant Key metric estimates Avg. annual silver production 3.5 moz Avg. annual gold production Pre-operative capex 12.8 koz $155 m Fresnillo Plant Saucito I Saucito II Cash cost (average LoM) $2.51 /oz Old Tailings Tailings Plant Fe Plant Detailed engineering continues Filtration Plant Hauling (Truck) Leaching Plant 12
13 Potential Brownfield Expansions Ciénega Optimisation Fresnillo Optimisation Centauro Extension Centauro Deep Description Optimisation project to increase capacity Optimisation project to increase capacity Natural evolution of the Centauro pit at Herradura Potential underground mine beneath the Centauro pit at Herradura Expected avg. annual production 15 koz gold 1.3 moz silver* 3 moz silver 200 koz gold 225 koz gold Estimated preoperative capex $55 m* $30 m $155 m $365 m Status Evaluation of increasing capacity to either 5,000TPD or 6,000TPD, following good exploration results Post evaluation of alternative options, smaller expansion to 9,000TPD now planned (from previous expectation of 10,000TPD) Evaluation of optimal pit design based on increased reserves as at YE 2014 Additional exploration activities ongoing to accurately de-lineate the ore bodies Expected commissioning * Assuming a 5,000TPD expansion 13
14 Advanced Exploration Projects Juanicipio (JV with MAG Silver. Fresnillo: 56%) 8km from the Fresnillo mine; Juanicipio s mineral zones are located in silver-gold rich sulphide shoots of the veins. This project will be developed on a stand-alone basis Key metric estimates (100% basis) Avg. annual production Pre-operative capex Indicated & inferred resources 10 moz silver 30 koz gold $300 m First production moz silver 811 koz gold Orisyvo Assessing a 8,000TPD mine with a DLP processing facility; focusing on higher grade zones of the gold resource base Key metric estimates Avg. annual production Pre-operative capex Indicated & inferred resources 136 koz gold $350 m First production moz gold 11.4 moz silver Positive drilling results will result in an increase in inferred resources Preliminary economic assessment in progress 14
15 Strong Organic Growth Pipeline Mine Operations 2015 Budget: c.us$160m Fresnillo Saucito I & II 34% Herradura (DLP) Noche Buena Ciénega - San Ramón Soledad &Dipolos* Pipeline allows us to focus on projects that have the potential to be developed into low cost, world-class mines Development Projects San Julián Pyrites Plant 1% Advanced Exploration Prospects in drilling Early stage Exploration Orisyvo Juanicipio Cluster Cebollitas Centauro Deep Fresnillo District Rodeo Guanajuato Tajitos Candameña Guachichil Pilarica (Perú) San Nicolás Guazapares Coneto Lucerito Cebadillas La Yesca Cairo Dátil Amata (Perú) Norias Sonora and Sinaloa : San Javier Nudo Carina Cerritos Dorado Rosario Bellavista Olivos Chihuahua: S. Brígida Rosetillas SJPinal Lucero Tempisque Durango: Pereñita La Huerta El Carmen Zacatecas: Urite Atotonilco Corredor Concha-Nieves Argentum Villa García Perú: Huacravilca Sto. Domingo La Pampa 35% 30% * Operations at Soledad & Dipolos are currently suspended. Projects in blue are being prioritised Systematic Project Generation 15
16 Proven Track Record of Delivering on Time and on Budget Saucito I commissioning ($273m / 9 moz Ag) San Ramón satellite at Ciénega ($20m/ 25 koz Au; 2.5 moz Ag) Commissioning of DLP ($116m / 50 koz Au) Commercial production at Soledad-Dipolos began ($68m / 100 koz Au) Commercial production at Noche Buena began ($63m / 75 koz Au) (Total invested / expected average annual production) Milling capacity expansion at Ciénega ($25m / increase of 180 ktpy) Saucito II commissioning ($235m / 8 moz Ag) 16
17 Achieving 65moz Silver by 2018 Thousand Oz 100,000 Attributable Juanicipio - 56% 90,000 Pyrites Plant 80,000 San Julián 70,000 Saucito II 60,000 Saucito I 50,000 Noche Buena 40,000 Herradura 30,000 Ciénega Expansion 20,000 Ciénega 10,000 9,000 TPD Fres Expansion Yr Fresnillo 17
18 Achieving 750koz Gold by 2018 Thousand Oz 1, Attributable Orisyvo Juanicipio - 56% San Julián Pyrites Plant Saucito II Saucito I Ciénega Expansion Ciénega Fresnillo Nochebuena Dynamic Leaching Yr Herradura 18
19 CAPEX & Exploration Spend CAPEX Expectations US$ Million 2015 Sustaining New Prior Sustaining $145 $185 Million Usd Mining Works (Underground) Mining Works (Stripping) New Projects $105 $87 $89 $89 San Julián $130 $133 Pyrites Plant $1 $60 Saucito II $53 $53 Merrill Crowe at DLP $25 $25 Ciénega s exp $4 $30 Others $18 $ * Sustaining Projects Approved Projects for Approval Capex for the full year 2015 now expected to be in the region of US$570m (vs. original budget of c.us$700m) Total risk capital invested in exploration in 2015 now expected to be around US$160m (vs. original budget of c.us$170m) * Includes sustaining capex for projects yet to be approved 19
20 Advancing our Sustainable Development Zero fatalities since May 2014 Zero new cases of occupational diseases in 1H15 Fresnillo included in the new Euronext Vigeo EM 70 Environment, Social and Governance (ESG) Index Maintaining sound relations with personnel and unions Focusing on effectively engaging with local communities Minimising the environmental impact of our activities 20
21 Well placed to address cyclical uncertainties Conclusions & Outlook
22 Conclusions and Outlook Pricing environment continues to be challenging However our strategic objectives remain unchanged Invest through the cycle, delivering growth and returns for our shareholders Low cost operating mines to continue to provide a solid platform for growth Development projects to deliver significant growth Investment in exploration to further extend growth pipeline Financial and operational flexibility allows us to adapt to market dynamics Robust contingency plan if prices continue to decline and remain at lower levels for a prolonged period Remain on track to reach our production targets: moz of silver and koz of gold in moz of silver and 750 koz of gold in
23 Investment Case World-class assets Strong organic growth pipeline Operational excellence Competitive cash cost performance Financial strength and flexibility Strong community support 23
24 Well placed to address cyclical uncertainties Appendix
25 2014 Production Overview 2014 PRODUCTION* 2013 PRODUCTION* SILVER (Koz) GOLD (Oz) SILVER (Koz) GOLD (Oz) Fresnillo mine Silver underground mine 20,098 35,676 22,764 33,079 Saucito mine Silver underground mine 15,397 57,227 11,581 45,177 Ciénega mine (including San Ramón satellite mine) Gold-Silver underground mines 4, ,211 4, ,053 Herradura mine Gold open pit mine , ,562 Noche Buena mine Gold open pit mine , ,729 Soledad-Dipolos mine Gold open pit mine ,285 Subtotal 40, ,920 38, ,884 Silverstream Sabinas polymetallic underground mine (operated by Peñoles) 4,648 N/A 3,945 N/A Total 45, ,920 42, ,884 *All figures include 100% of production from the Penmont mines (Herradura, Soledad-Dipolos and Noche Buena) 25
26 Income Statement (IFRS) ACCUM JUNE CHANGE C O N C E P T 1H 2015 % 1H 2014 % $ % ADJUSTED REVENUES HEDGING (METALS) ,971.1 TREATMENT AND REFINING CHARGES (70.9) (73.3) 2.4 (3.2) REVENUES ADJUSTED PRODUCTION COST (316.2) (42.0) (291.3) (43.0) (24.8) 8.5 PROFIT SHARING (6.0) (0.8) (8.6) (1.3) 2.7 (31.0) DEPRECIATION (159.7) (21.2) (133.3) (19.7) (26.4) 19.8 HEDGING (MXP/USD EXCHANGE RATE) (10.2) (1.4) (0.2) (0.0) (9.9) 4,153.3 N/A CHANGE IN INVENTORIES (47.6) (78.4) UNPRODUCTIVE COST (9.2) (1.4) 9.5 N/A COST OF SALES (478.7) (63.6) (382.0) (56.4) (96.7) 25.3 GROSS PROFIT (21.5) (7.3) ADMINISTRATIVE EXPENSES (17.5) (2.3) (15.4) (2.3) (2.2) 14.1 CORPORATE EXPENSES (15.9) (2.1) (14.5) (2.1) (1.4) 9.9 EXPLORATION EXPENSES (75.4) (10.0) (69.0) (10.2) (6.4) 9.3 OTHER INCOME (EXPENSE) (5.3) (0.7) (7.8) (1.1) 2.5 (32.2) SELLING EXPENSES (6.7) (0.9) (5.1) (0.7) (1.6) 31.9 PROFIT FROM CONTINUING OPERATIONS (30.6) (16.7) SILVERSTREAM REVALUATION (45.5) (96.3) FINANCE INCOME / (EXPENSE) (2.9) (0.4) (24.5) (3.6) 21.6 (88.2) FOREIGN EXCHANGE GAIN / (LOSS) (15.6) (2.1) (17.6) (875.4) PROFIT BEFORE INCOME TAX (72.1) (34.6) MINING RIGHT (11.2) (1.5) (13.1) (1.9) 1.9 (14.5) INCOME TAX EXPENSE (48.6) (6.5) (58.1) (8.6) 9.5 (16.3) PROFIT FOR THE PERIOD (60.7) (44.3) ATTRIBUTABLE TO: EQUITY SHAREHOLDERS OF THE GROUP (53.6) (41.2) MINORITY INTEREST (0.1) (0.0) (7.1) (101.9) (60.7) (44.3) EBITDA (6.7) (2.1) 26
27 Cash Flow (IFRS) CHANGE C O N C E P T (Million USD) 1H H 2014 $ % CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL (21.8) (6.5) WORKING CAPITAL (18.0) (71.5) 53.5 (74.8) INCOME TAX AND PROFIT SHARING PAID (33.5) (110.5) 77.0 (69.7) NET CASH FROM OPERATING ACTIVITIES OTHER PROCEEDS SILVERSTREAM CONTRACT (8.7) (27.6) OTHERS (1.8) (70.3) PROCEEDS FROM THE SALE OF PROPERTY, PLANT AND EQUIPMENT (1.0) (18.1) CAPITAL CONTRIBUTION TOTAL OTHER PROCEEDS (10.0) (24.5) PURCHASE OF PROPERTY, PLANT AND EQUIPMENT (229.1) (212.0) (17.2) 8.1 DIVIDENDS PAID (22.1) (50.1) 28.1 (56.0) NET INTEREST RECEIVED (PAID) (17.1) (19.4) 2.2 (11.6) USES OF CASH (268.3) (281.4) 13.1 (4.7) NET INCREASE / (DECREASE) IN CASH DURING THE PERIOD 26.0 (85.9) (130.2) EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS 0.4 (1.5) 1.9 N/A CASH AND CASH EQUIVALENTS AT 01 JANUARY ,251.7 (802.4) (64.1) CASH AND CASH EQUIVALENTS AND SHORT TERM INVESTMENTS AT 30 JUNE ,164.3 (688.5) (59.1)
28 Balance Sheet (IFRS) Change Concept (Million USD) 30-JUNE DIC-14 % Assets Cash and Investments Trade and Other Receivables (5.6) Inventories Prepaid Expenses (50.0) Silverstream (4.8) Derivative Financial Instruments Property, Plant and Equipment 2, , Other Assets (Long term) (4.7) Total Assets 3, , Liabilities Profit Sharing (46.1) Other Liabilities (Short term) (2.3) Retirement and Pension Plan Reserves Deferred Taxes Senior Notes Other Liabilities ( Long term) Total Liabilities 1, , Share Capital and Share Premium 1, ,522.4 (24.2) Share Capital Subscribed N/A Retained earnings 1, , Other Accounts (513.2) (512.9) 0.1 Stockholder's Equity 2, , Minority Interest Total Stockholder s Equity 2, , Total Liabilities and Stockholder's Equity 3, ,
29 Cost Per Tonne (IFRS) COST PER TONNE * 1H H 2014 % CHANGE MINE UNIT Fresnillo US$/TONNE % Saucito US$/TONNE % Ciénega US$/TONNE % Herradura US$/TONNE 8.71 ** 8.03 ** 8.5% Noche Buena US$/TONNE 8.16 ** 8.89** -8.2% * Cost per tonne is calculated as total production costs less depreciation, profit sharing and the exchange rate hedging effects. ** Cost per tonne excluding unproductive costs 29
30 Cash Cost (IFRS) CASH COST * 1H H 2014 % CHANGE MINE UNIT Fresnillo PER OZ. SILVER % Saucito PER OZ. SILVER % Ciénega PER OZ. GOLD (By-prod.) % ** PER OZ. GOLD (Equiv.) % PER OZ. GOLD (Co-prod.) ** % ** PER OZ. SILVER (Co-prod.) % Herradura PER OZ. GOLD % Noche Buena PER OZ. GOLD % * Cash cost per ounce is calculated as total cash cost (cost of sales plus treatment and refining charges less depreciation) less revenues from by-products divided by the silver or gold ounces sold. ** For Ciénega we have also shown the calculation on a co-product basis, and an equivalent ounces basis. The two coproduct lines should be considered together. 30
31 All In Sustaining Cost (US$/Oz)* LIFE OF MINE CASH COST * 1H H 2014 % CHANGE WEIGHTED AVERAGE MINE UNIT Fresnillo PER OZ. SILVER % 6.20 (2023) Saucito PER OZ. SILVER % 6.00 (2021) Ciénega PER OZ. GOLD % (2026) Herradura PER OZ. GOLD % (2019) Noche Buena PER OZ. GOLD % 1, (2019) * All in sustaining cost is calculated as traditional cash cost plus on-site general, corporate and administrative costs, community costs related to current operations, capitalised stripping & underground mine development, sustaining capital expenditures and remediation expenses. Life of mine weighted average basis is shown from 2015 onwards for each mine 31
32 Consolidated Cost Inflation (1H15 vs. 1H14, USD Based) Unit Price Weighted Increase % Weight (*) Average Labour Unionized Personnel -8.3% 7.4% -0.6% Employees -9.3% 2.7% -0.3% Weighted -8.5% Operating Materials -2.1% 21.3% -0.4% Energy Electric Energy -31.3% 7.4% -2.3% Diesel -5.9% 9.4% -0.6% Gasoline -5.7% 1.4% -0.1% Weighted -16.1% Contractors -5.7% 29.4% -1.7% Maintenance -4.8% 14.4% -0.7% Freights -0.8% 1.1% 0.0% Insurance -5.0% 0.8% 0.0% Others -3.0% 4.7% -0.1% -3.3% TOTAL % (*) Not including Depreciation and Profit Sharing 32
33 Breakdown of Adjusted Production Costs (1H15) Adj Prod Cost: US$316.2m 1 Contrac Mainten Op Mat Person Energy & Diesel Others Freights 1 Contractors are hired to execute specific tasks. Fees paid include labour, operating materials, equipment, diesel and any other items required to fulfill such tasks. Fresnillo Ciénega Herradura Sol & Dip Saucito Noche Buena Other Consol Personnel % % % % % % % Maintenance and repairs % % % % % % % Operating materials % % % % % % % Diesel % % % % % % % Electricity % % % % % % % Total Energy % % % % % % % Contractors % % % % % % (0.28) % Freight % % % % % % % Others % % % (3.59) 0.0% % % % Production Costs % % % (3.59) 0.0% % % % 33
34 Margins by mine (Metal price AISC*) (1H15 vs. 1H14) (USD/Oz) Fresnillo Saucito Ciénega Herradura NB 10.2moz 7.4moz 6.1moz 10.6moz 48.6koz 39.8koz 103.8koz 188.3koz 63.8koz 68.4koz Chg % Chg % Chg % Chg % Chg. +7.2% Ounces Sold Stoppage of operations continued at Soledad-Dipolos *All in Sustaining Cost 34
HSBC 6th Annual LATAM Conference
Driving Long-Term Value from Solid Foundations HSBC 6th Annual LATAM Conference 22-23 June, 2016, New York, U.S. Gabriela Mayor, Head of IR LSE:Fres BMV:Fres www.fresnilloplc.com Disclaimer This document
More informationPreliminary Results to year ending 31 Dec 2014
Preliminary Results to year ending 31 Dec 2014 Disclaimer This document includes statements that are, or may be deemed to be, forward-looking statements. These forwardlooking statements can be identified
More informationLooking beyond the cycle Annual report 2013
Looking beyond the cycle Annual report Our Performance Operational highlights Annual attributable silver production (including Silverstream) up 4.3% to 42.7 moz Annual attributable gold production down
More informationAfrican Barrick Gold. BMO Global Metals & Mining Conference February 2013
African Barrick Gold BMO Global Metals & Mining Conference February 2013 Disclaimer Important Notice This presentation has been provided to you for information purposes only. It does not constitute an
More informationFOURTH QUARTER 2011 RESULTS
FOURTH QUARTER 2011 RESULTS Mexico City, February 27, 2012, Minera Frisco, S.A.B. de C.V. ( Frisco, BMV: FRISCO OTC: MSNFY) announced today its results for the fourth quarter and full year 2011. Highlights
More informationACQUISITION OF TWO QUALITY MINES IN NEVADA
November 12 2015 ACQUISITION OF TWO QUALITY MINES IN NEVADA 1 1 CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION All statements, other than statements of historical fact, contained or incorporated by
More informationTHIRD QUARTER EARNINGS NOVEMBER 12, 2015
THIRD QUARTER EARNINGS NOVEMBER 12, 2015 CAUTIONARY NOTES Qualified Person Brian Morris, is the non-independent Klondex Mines "qualified person" as defined by National Instrument 43-101 Standards of Disclosure
More informationFOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE March 19, 2014 NEWS NYSE MKT: GORO GOLD RESOURCE CORPORATION REPORTS $16.2M NET INCOME AND RECORD ANNUAL METAL PRODUCTION FOR 2014; PROVIDES 2015 PRODUCTION OUTLOOK COLORADO SPRINGS
More informationDenver Gold Show September 24, 2013
Denver Gold Show September 24, 2013 Cautionary Notes CAUTIONARY NOTE REGARDING NON IFRS MEASURE CASH COSTS PER OUNCE THIS PRESENTATION PRESENTS INFORMATION ABOUT OUR CASH COSTS OF PRODUCTION OF AN OUNCE
More informationNEWS RELEASE New York - AG Toronto FR May 10, 2016 Frankfurt FMV Mexico - AG. First Majestic Reports First Quarter Financial Results
FIRST MAJESTIC SILVER CORP. Suite 1805 925 West Georgia Street Vancouver, B.C., Canada V6C 3L2 Telephone: (604) 688-3033 Fax: (604) 639-8873 Toll Free: 1-866-529-2807 Web site: www.firstmajestic.com; E-mail:
More informationSecond Quarter Earnings Release Conference Call. July 23, 2009
Second Quarter Earnings Release Conference Call July 23, 2009 Cautionary Statement This presentation contains forwardlooking statements within the meaning of Section 27A of the Securities Act of 1933,
More informationContinental Gold Announces a Positive Preliminary Economic Assessment for the Buriticá Project
Continental Gold Announces a Positive Preliminary Economic Assessment for the Buriticá Project Toronto, Ontario, November 17, 2014 - Continental Gold Limited (TSX:CNL; OTCQX:CGOOF) ("Continental" or the
More informationTHE VALUATION OF ADVANCED MINING PROJECTS & OPERATING MINES: MARKET COMPARABLE APPROACHES. Craig Roberts National Bank Financial
THE VALUATION OF ADVANCED MINING PROJECTS & OPERATING MINES: MARKET COMPARABLE APPROACHES Craig Roberts National Bank Financial ABSTRACT While various methods are available to estimate a mining project
More informationExploration Day October, 2013
Advancing our strategy in precious metals Exploration Day October, 2013 Octavio M. Alvídrez, CEO David A. Giles, VP of Exploration LSE: FRES BMV:FRES www.fresnilloplc.com October 2013 2 Disclaimer This
More informationAVINO SILVER & GOLD MINES LTD.
AVINO SILVER & GOLD MINES LTD. T 604.682.370 Suite 900, 570 Granville Street ir@avino.com F 604.682.3600 Vancouver, BC V6C 3P www.avino.com August 8, 205 NYSE - MKT: ASM TSX-V: ASM FSE: GV6 Avino Reports
More informationNEVADA COPPER FILES INTEGRATED FEASIBILITY STUDY ON SEDAR
NEWS RELEASE TSX: NCU NEVADA COPPER FILES INTEGRATED FEASIBILITY STUDY ON SEDAR July 9, 2015 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") (the Company ) is pleased to announce that it has completed,
More informationCANADA S INTERMEDIATE GOLD PRODUCER
CANADA S INTERMEDIATE GOLD PRODUCER Third Quarter 2015 Results Conference 1 Call & Webcast October 29, 2015 Forward Looking Information This presentation contains certain forward-looking information and
More informationYear End 2014 Earnings Conference Call
SECOND FOURTH QUARTER OVERVIEW FINANCIAL REVIEW OPERATIONS REVIEW EXPLORATION & PRE-DEVELOPMENT REVIEW Year End 2014 Earnings Conference Call February 18, 2015 Cautionary Statements HECLA MINING COMPANY
More informationBMO Capital Markets 2016 Global Metals and Mining Conference. Diego Hernández Chief Executive Officer
BMO Capital Markets 2016 Global Metals and Mining Conference Diego Hernández Chief Executive Officer 29 February 2016 Cautionary statement This presentation has been prepared by Antofagasta plc. By reviewing
More information2015 Third Quarter Results Webcast October 29, 2015
2015 Third Quarter Results Webcast October 29, 2015 Speaker Randall Oliphant Executive Chairman 2 Cautionary statements ALL AMOUNTS IN U.S. DOLLARS UNLESS OTHERWISE STATED CAUTIONARY NOTE REGARDING FORWARD-LOOKING
More informationInterim results for the six months ended 31 December 2009
Interim results for the six months ended 31 December 29 ARM s financial position continues to be robust with net debt to equity of 8.4%. We are pleased about the significant increase in headline earnings
More informationAvion will host a conference call at 10:30 AM (EST) on Monday, April 2, 2011 to discuss the results. To participate in the call please dial:
March 31, 2012 A v i o n G o l d A n n o u n c e s F o u r t h Q u a r t e r 2 0 1 1 E a r n i n g s o f $ 8. 1 M i l l i o n W i t h E a r n i n g s P e r S h a r e O f $ 0. 0 2 R e c o r d 2 0 1 1 E
More informationHow To Know If Goldcorp Is A Successful Company
Second Quarter Conference Call July 30 th, 2009 Management Participants Chuck Jeannes President and Chief Executive Officer Lindsay Hall Chief Financial Officer Steve Reid Chief Operating Officer Jeff
More informationEndeavour Management Presentation
Endeavour Management Presentation June 2014 GOLD PRODUCER WEST AFRICA CASH FLOW Disclaimer & Forward Looking Statements This presentation contains forward-looking statements including but not limited to,
More informationCorporate Presentation January 25, 2016
Corporate Presentation January 25, 2016 DISCLAIMER This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking
More informationSCORPIO MINING REPORTS FIRST QUARTER 2015 FINANCIAL RESULTS
SCORPIO MINING REPORTS FIRST QUARTER 015 FINANCIAL RESULTS TORONTO, ONTARIO May 13, 015 Scorpio Mining Corporation (TSX: SPM)(OTCQX: SMNPF) ( Scorpio Mining or the Company ) today reported financial and
More informationSECOND QUARTER 2015 CONFERENCE CALL & WEBCAST
SECOND QUARTER 2015 CONFERENCE CALL & WEBCAST JULY 30, 2015 TSX: FM; LSE: FQM CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENT Certain statements and information herein, including all statements that
More informationFirst Quarter 2015 Investor Conference Call May 7, 2015
NYSE:TC NYSE:TC TSX:TCM TSX:TCM First Quarter 2015 Investor Conference Call May 7, 2015 Webcast Information Webcast: This Webcast can be accessed on the Thompson Creek Metals Company website under the
More informationDetour Gold Provides New Life of Mine Plan for Detour Lake
January 25, 2016 NEWS RELEASE Detour Gold Provides New Life of Mine Plan for Detour Lake Detour Gold Corporation (TSX: DGC) ( Detour Gold or the Company ) is pleased to announce a new life of mine plan
More informationFirst Quarter 2015 Earnings Conference Call
SECOND FIRST QUARTER OVERVIEW FINANCIAL REVIEW OPERATIONS REVIEW EXPLORATION & PRE-DEVELOPMENT REVIEW First Quarter 2015 Earnings Conference Call May 7, 2015 HECLA MINING COMPANY 2 Cautionary Statements
More informationSavannah North Scoping Study Looking into the future 3 February 2016
Savannah North Scoping Study Looking into the future 3 February 2016 ASX: PAN Disclaimer Cautionary Statements This presentation includes information extracted from Panoramic Resources Limited ASX announcement
More informationCorporate Presentation September 28, 2015
Corporate Presentation September 28, 2015 DISCLAIMER This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking
More informationFIRST QUARTER CONFERENCE CALL MAY 4, 2010
FIRST QUARTER CONFERENCE CALL MAY 4, 2010 1 Cautionary Statement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation contains or incorporates by reference forwardlooking statements
More informationSecond Quarter 2015 Investor Conference Call August 7, 2015
NYSE:TC NYSE:TC TSX:TCM TSX:TCM Second Quarter 2015 Investor Conference Call August 7, 2015 Webcast Information Webcast: This Webcast can be accessed on the Thompson Creek Metals Company website under
More informationACADIAN TIMBER CORP. REPORTS FOURTH QUARTER AND YEAR-END RESULTS
News Release Investors, analysts and other interested parties can access Acadian Timber Corp. s 2015 Fourth Quarter Results conference call via webcast on Thursday, February 11, 2016 at 1:00 p.m. ET at
More informationLYDIAN ANNOUNCES $325 MILLION CONSTRUCTION FINANCING FOR AMULSAR GOLD PROJECT
LYDIAN ANNOUNCES $325 MILLION CONSTRUCTION FINANCING FOR AMULSAR GOLD PROJECT Conference Call December 1, 2015 Lydianinternational.co.uk TSX:LYD Cautionary Statements Forward Looking Statements & Other
More informationNWM MINING CORP. SONORA, MEXICO PRODUCTION EXPANSION & RESTRUCTURING
CORP. SONORA, MEXICO PRODUCTION EXPANSION & RESTRUCTURING JULY 2014 Forward Looking Statements NWM MINING Cautionary Statements Proposed Financing, Restructuring and Expansion This presentation contains
More informationAngloGold Ashanti La Colosa Site Visit November, 2011
AngloGold Ashanti La Colosa Site Visit November, 2011 Colombia Jorge Tapia Disclaimer Certain statements made in this communication, including, without limitation, those concerning the economic outlook
More informationPRESS RELEASE SEMAFO FOR IMMEDIATE RELEASE. SEMAFO Reports 2011 Cash Flow from Operations of $172 Million
PRESS RELEASE SEMAFO FOR IMMEDIATE RELEASE SEMAFO Reports 2011 Cash Flow from Operations of 172 Million Fourth Quarter Total Cash Margin of 1,029 per Ounce Montreal, Quebec, March 14, 2012, 09:30 EDT SEMAFO
More informationCorporate Presentation January 2016. New Leader in Precious Metals
Corporate Presentation January 2016 Safe Harbour Disclaimer Cautionary Language on Forward Looking Information This presentation contains forward looking information within the meaning of applicable Canadian
More informationNews release. No. 7/2015 KATANGA MINING ANNOUNCES 2015 SECOND QUARTER RESULTS
No. 7/2015 News release KATANGA MINING ANNOUNCES 2015 SECOND QUARTER RESULTS BAAR, SWITZERLAND, August 12, 2015 Katanga Mining Limited (TSX: KAT) ("Katanga" or the "Company") today announces its financial
More informationCorporate Presentation November 2015 TSX: ORA
Corporate Presentation November 2015 TSX: ORA Cautionary Notes TSX: ORA 2 This presentation is subject to change without notice and does not purport to be comprehensive or contain all the information necessary
More informationThe Gold Industry Leader. Goldman Sachs Basic Materials Conference New York June 2 4, 2010
The Gold Industry Leader Goldman Sachs Basic Materials Conference New York June 2 4, 2010 CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain information contained in this presentation, including
More informationDebt investor presentation 2015 financial year
Macedon Debt investor presentation 2015 financial year Peter Beaven Chief Financial Officer 25 August 2015 Disclaimer Forward-looking statements This presentation contains forward-looking statements, including
More informationFinancial Summary and Risk Management
Financial Summary and Risk Management 1 CAUTIONARY STATEMENT ON FORWARD LOOKING INFORMATION Certain information contained in this presentation, including any information as to our strategy, projects, plans
More informationThis discussion and analysis contains forward-looking statements. Please refer to the cautionary language on page 19.
This discussion and analysis of financial condition and results of operation of Thompson Creek Metals Company Inc. ( Thompson Creek or the Corporation ) is prepared as at August 7, 2008, and should be
More informationResources Rising Stars
ASX Code: AYN Resources Rising Stars Andrew King, Managing Director September 2010 Pg 1 Disclaimer and Key Information Disclaimer This presentation has been prepared by the Directors of Alcyone Resources
More informationINVESTOR PRESENTATION JULY 2013
INVESTOR PRESENTATION JULY 2013 DISCLAIMER This presentation contains only a brief overview of Millennium Minerals Limited. The contents of this presentation, including matters relating to the geology
More informationChina Gold International Resources Corp. Ltd.
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More information2016 TD Securities Mining Conference January 2016 TSX: LUN OMX: LUMI
2016 TD Securities Mining Conference January 2016 TSX: LUN OMX: LUMI Cautionary Statements Caution Regarding Forward-Looking Information This presentation contains forward-looking information, including,
More informationBusiness Combination of Tahoe and Rio Alto
February 2015 Business Combination of Tahoe and Rio Alto Two Teams, One Common Vision A Leading Platform For Value Enhancing Growth Safe Harbour Disclaimer Cautionary Language on Forward Looking Information
More informationGOLD RESOURCE CORPORATION REPORTS PRELIMINARY INDEPENDENT RESOURCE ESTIMATE; ANNOUNCES COMPANY CONFERENCE CALL
FOR IMMEDIATE RELEASE April 26, 2012 NEWS NYSE Amex: GORO GOLD RESOURCE CORPORATION REPORTS PRELIMINARY INDEPENDENT RESOURCE ESTIMATE; ANNOUNCES COMPANY CONFERENCE CALL COLORADO SPRINGS April 26, 2012
More informationManagement s Discussion and Analysis For the three and nine months ended September 30, 2015
Management s Discussion and Analysis For the three and nine months ended September 30, 2015 This management s discussion and analysis ( MD&A ) has been prepared as of October 28, 2015 and should be read
More information(NYSE-MKT:XRA, TSX:XRC,
For Immediate Release: NR 15-08 Corporate Update Vancouver, B.C., December 17 th, 2015 Exeter Resource Corporation (NYSE-MKT:XRA, TSX:XRC, Frankfurt:EXB Exeter or the Company ) is pleased to provide the
More informationTrip to Pulacayo. Pulacayo - Paca
Disclaimer This Presentation contains forward-looking information as defined under applicable securities law in Canada. Forward-looking information can be identified by the use of words such as "anticipated",
More informationAFRICAN GOLD GROUP, INC. DEFINITIVE FEASIBILITY STUDY FOR KOBADA GOLD PROJECT GENERATES ROBUST ECONOMIC OUTCOME
African Gold Group, Inc. TSX-V: AGG Yonge & Richmond Centre 151 Yonge Street, 11th Floor. Toronto Canada M5C 2W7 Tel: +1 647 775 8538 website : www.africangoldgroup.com AFRICAN GOLD GROUP, INC. DEFINITIVE
More informationMako Project, Eastern Senegal Completion of Scoping Study
Toro Gold Ltd Trafalgar Court Admiral Park, Guernsey. GY1 3EL. News Release: 18 th April 2013, Guernsey Mako Project, Eastern Senegal Completion of Scoping Study Toro Gold Ltd ( Toro Gold or the Company
More informationManagement Discussion and Analysis for the quarter ended March 31, 2015
Management Discussion and Analysis for the quarter ended March 31, 2015 This Management Discussion and Analysis ( MD&A ) should be read in conjunction with Aurcana Corporation s (the Company or Aurcana
More informationManagement s Discussion and Analysis and Consolidated Financial Statements. Second Quarter 2014
Management s Discussion and Analysis and Consolidated Financial Statements Second Quarter 2014 For the six months ended June 30, 2014 TABLE OF CONTENTS Page Management s Discussion and Analysis INTRODUCTION...
More informationAS GREAT AS OUR PEOPLE 2014 ANNUAL REPORT
AS GREAT AS OUR PEOPLE 2014 ANNUAL REPORT OUR CONFIDENCE IN THE FUTURE IS BASED ON THE GREATNESS OF OUR PEOPLE, IN THEIR ABILITY TO INNOVATE AND GIVE THE BEST OF THEMSELVES, ESPECIALLY IN THE FACE OF ADVERSITY.
More informationFor personal use only
Korab Resources Limited Gold Operations Update November 2012 Andrej K. Karpinski Executive Chairman Korab Projects BOBRIKOVO MELROSE 1 Korab Gold Projects Other Korab Projects Robust Undervalued Gold Portfolio
More informationFebruary 8, 2016. New Leader in Precious Metals
February 8, 2016 Safe Harbour Disclaimer Cautionary Language on Forward Looking Information This presentation contains forward-looking information within the meaning of applicable Canadian securities legislation,
More informationAcquisition of Rice Lake. December 2015
Acquisition of Rice Lake December 2015 CAUTIONARY NOTES Qualified Person Brian Morris, is the non-independent Klondex Mines "qualified person" as defined by National Instrument 43-101 Standards of Disclosure
More informationYAMANA GOLD ANNOUNCES SIGNIFICANT NEW DISCOVERIES AT CHAPADA AND EL PEÑÓN IMPROVE OPERATIONAL OUTLOOK
YAMANA GOLD ANNOUNCES SIGNIFICANT NEW DISCOVERIES AT CHAPADA AND EL PEÑÓN IMPROVE OPERATIONAL OUTLOOK TORONTO, ONTARIO, December 15, 2014 YAMANA GOLD INC. (TSX:YRI; NYSE:AUY) ( Yamana or the Company )
More informationCandelaria and Ojos del Salado Chile
TSX : LUN OMX : LUMI 2016 Candelaria Key Facts Open Pit and Underground Mine Copper, gold, and silver 2016 estimate 124,000-128,000 tonnes copper Cash costs of $1.45 per lb copper after by-product credits
More informationFinancial Overview & Strategy
Financial Overview & Strategy Conservative approach to financial management Risk Management Unhedged gold production Leverage Target Internal Net Debt : EBITDA threshold of 1 times Funding Strategy Combination
More informationPositioned for Production: Exploring for Growth
ASX Code: AYN Positioned for Production: Exploring for Growth Andrew King, Managing Director May 2010 Pg 1 Disclaimer and Key Information Disclaimer This presentation has been prepared by the Directors
More informationSecond Quarter 2015 Results
Second Quarter 2015 Results Conference Call / Webcast August 6, 2015 1 CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain information contained or incorporated by reference in this presentation,
More informationInmet Mining announces third quarter results
Inmet Mining announces third quarter results All amounts are in Canadian dollars, unless otherwise stated. TORONTO, Oct. 24, 2002 / - Inmet Mining Corporation reported net income in the third quarter of
More informationThird Quarter Earnings Call October 31, 2014
Third Quarter Earnings Call Cautionary Statement Cautionary statement regarding forward looking statements, including outlook: This presentation contains forward-looking statements within the meaning of
More informationIMPACT Silver Corp. Interim Consolidated Financial Statements March 31, 2009 Unaudited
Interim Consolidated Financial Statements Statement 1 Consolidated Balance Sheets ASSETS March 31 2009 December 31 2008 Current Cash and cash equivalents $ 5,357,480 $ 5,433,480 Accounts receivable and
More informationManagement s Discussion and Analysis and Consolidated Financial Statements. First Quarter 2014
Management s Discussion and Analysis and Consolidated Financial Statements First Quarter 2014 For the three months ended March 31, 2014 TABLE OF CONTENTS Page Management s Discussion and Analysis INTRODUCTION...
More informationFocusing on Near Term Production and Exploration in Quebec
Focusing on Near Term Production and Exploration in Quebec AGM January 2016 Forward Looking Statement Forward Looking Statement This presentation may contain forward looking statements, being statements
More information2015 FOURTH QUARTER REPORT BUILDING VALUE
2015 FOURTH QUARTER REPORT BUILDING VALUE MANAGEMENT S DISCUSSION AND ANALYSIS of Consolidated Financial Condition and Results of Operations for the Year ended December 31, 2015 (All monetary figures are
More informationForward Looking Statements
Osisko Royalties November 2015 Forward Looking Statements Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements
More informationQ4 & FY2015 OPERATING HIGHLIGHTS. January 29, 2016
Q4 & FY2015 OPERATING HIGHLIGHTS January 29, 2016 1 FORWARD-LOOKING STATEMENTS This presentation contains certain statements that constitute forward-looking information within the meaning of applicable
More informationTD Securities Mining Conference JANUARY 26-27, 2016. Developing the third-largest copper mine
TD Securities Mining Conference JANUARY 26-27, 2016 Developing the third-largest copper mine Forward-looking statements This presentation includes certain forward-looking information within the meaning
More informationAGNICO-EAGLE MINES LIMITED
AGNICO-EAGLE MINES LIMITED Corporate Update January 2008 Agnico-Eagle Mines Limited 1 Forward Looking Statements The information in this document has been prepared as at January 15, 2007. Certain statements
More informationBuilding our Future. Investor Presentation. November 2015. Efemçukuru Gold Mine, Turkey
Building our Future Investor Presentation November 2015 Efemçukuru Gold Mine, Turkey Forward Looking Statement Certain of the statements made in this Presentation may contain forward-looking statements
More informationXtract Resources Plc (AIM:XTR) Chepica Gold Mine: Quarterly Results Presentation
Xtract Resources Plc (AIM:XTR) Chepica Gold Mine: Quarterly Results Presentation London 3 February 2016 Aerial view of Chepica Gold Mine Taken with Phantom 3 Professional Drone 2 We are xtracting significant
More informationQ3 2009 Conference Call - Q3 financial results - Dividend declaration - Near term growth outlook - New Royalty Acquisitions
Q3 2009 Conference Call - Q3 financial results - Dividend declaration - Near term growth outlook - New Royalty Acquisitions November 10, 2009 David Harquail - CEO Alex Morrison - CFO Cautionary Statement
More informationQ2 / H1 2015 results. Investor Presentation 30 July 2015
Q2 / H1 2015 results Investor Presentation 30 July 2015 Information Full year consolidated financial statements at 31 December are audited Half year financial statements are subject to limited review by
More informationMining Indaba Presentation. Capetown, South Africa 8 th 10 th February 2016
Mining Indaba Presentation Capetown, South Africa 8 th 10 th February 2016 www.birimiangold.com 1 Disclaimer This presentation has been prepared by Birimian Gold Limited (BGS) for general information purposes
More informationFIJI GOLD LION ONE METALS
FIJI GOLD LION ONE METALS Tuvatu Gold Project January 2016 Presentation Disclaimer Forward Looking Statements and Qualified Person DISCLAIMER The information provided in this presentation is not intended
More informationTernium Announces First Quarter 2015 Results
Sebastián Martí Ternium - Investor Relations +1 (866) 890 0443 +54 (11) 4018 2389 www.ternium.com Ternium Announces First Quarter 2015 Results Luxembourg, April 29, 2015 Ternium S.A. (NYSE: TX) today announced
More informationACADIAN TIMBER CORP. REPORTS FIRST QUARTER RESULTS
News Release Investors, analysts and other interested parties can access Acadian Timber Corp. s 2012 First Quarter Results conference call via webcast on Wednesday, May 2, 2012 at 1:00 p.m. ET at www.acadiantimber.com
More informationPNG Mining & Petroleum Investment Conference December 2010. Geoff Day Executive General Manager PNG and Indonesia
PNG Mining & Petroleum Investment Conference December 2010 Geoff Day Executive General Manager PNG and Indonesia Disclaimer Competent Persons Statement The information in this presentation that relates
More informationSILVER STANDARD REPORTS THIRD QUARTER 2015 RESULTS
November 5, News Release 15-25 SILVER STANDARD REPORTS THIRD QUARTER RESULTS VANCOUVER, B.C. - Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) ( Silver Standard ) reports consolidated financial
More informationCopper and Gold at Our Core
Copper and Gold at Our Core November 2015 TSX: ETG NYSE MKT: EGI FRANKFURT: EKA Cautionary Statement This presentation contains forward-looking statements within the meaning of the United States Private
More informationCash Drivers and Enterprise Value
Cash Drivers and Enterprise Value Global Investor Forum 2009, Broughton, 1 st & 2 nd April 2009 Gérard Adsuar Corporate Executive Finance & Treasury, EADS 1 1 Safe Harbour Statement Disclaimer This presentation
More informationHTC CORPORATION 2Q15 BUSINESS REVIEW. CHIALIN CHANG, CFO & PRESIDENT OF GLOBAL SALES EDWARD WANG, VP OF FINANCE AUGUST 6 th, 2015
HTC CORPORATION 2Q15 BUSINESS REVIEW CHIALIN CHANG, CFO & PRESIDENT OF GLOBAL SALES EDWARD WANG, VP OF FINANCE AUGUST 6 th, 2015 DISCLAIMER STATEMENT This presentation and release contain forward-looking
More informationDAMANG MINE: SWINGING BACK TO PROFITABILITY ALFRED BAKU EVP & Head of West Africa NG Mining Summit, Cape Town, June 2015
DAMANG MINE: SWINGING BACK TO PROFITABILITY ALFRED BAKU EVP & Head of West Africa NG Mining Summit, Cape Town, June 2015 CONTENT GLOBAL OPERATIONS WHERE WE VE COME FROM REVERSING THE TREND TRANSFORMATION
More informationNEWS RELEASE LEXAM ANNOUNCES POSITIVE PRELIMINARY ECONOMIC ASSESSMENT RESULTS FOR THE OPEN PIT PROJECTS IN TIMMINS
NEWS RELEASE LEXAM ANNOUNCES POSITIVE PRELIMINARY ECONOMIC ASSESSMENT RESULTS FOR THE OPEN PIT PROJECTS IN TIMMINS Project Generates 32% IRR and C$33 Million NPV After-Tax; Cash Costs of US$865 per Ounce
More informationQuarterly Report Newcrest Mining Limited For the three months ending 31 December 2009 (These figures are unaudited)
Quarterly Report Newcrest Mining Limited For the three months ending 31 December 2009 (These figures are unaudited) Overview Gold production of 442,333oz was 17% higher than the previous quarter. Record
More informationTrading Symbol: TSX: SVM February 17, 2011 NYSE: SVM
PRESS RELEASE Trading Symbol: TSX: SVM February 17, 2011 NYSE: SVM SILVERCORP ANNOUNCES POSITIVE PRELIMINARY ASSESSMENT FOR THE SILVERTIP SILVER-LEAD-ZINC PROJECT, BRITISH COLUMBIA, CANADA VANCOUVER, British
More informationPACIFIC ENERGY LIMITED POWER GENERATION
PACIFIC ENERGY LIMITED POWER GENERATION 2015 RESULTS PRESENTATION August 2015 ASX: PEA Important Notice and Disclaimer This presentation has been prepared by (PEL) for information purposes only. This presentation
More informationLydianinternational.co.uk TSX:LYD. Corporate Presentation June 2016 1
Lydianinternational.co.uk TSX:LYD Corporate Presentation June 2016 1 Cautionary Statements Certain information contained in this presentation, including any information relating to Amulsar's expected future
More informationFull year and fourth quarter 2014 results 1
Full year and fourth quarter results 1 Luxembourg, February 12, 2015 Highlights Health and Safety frequency rate 2 of 1.1x in compared to 1.3x in 2013. Shipments of 1,813 thousand tonnes in full year,
More informationFY13 was a year of transformation, including: The Company enters FY14 well positioned, with: ST BARBARA LIMITED 30 JUNE 2013
Annual Report 2013 FY13 was a year of transformation, including: The acquisition of two prospective Pacific Operations: Simberi gold operations in Papua New Guinea and Gold Ridge gold operations in the
More informationCorporate Presentation October 2015
TSX.V: GBB OTC PK: GBBFF THE GRANADA GOLD PROPERTY IN ROUYN - NORANDA QUEBEC a Corporate Presentation October 2015 GoldBullionDevelopmentCorp.com A Compelling Value Proposition High-grade rolling start
More information