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Forward Looking Information

Caution Regarding Forward Looking Information

Certain information included in this presentation constitutes forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information relates to management's future outlook and anticipated events or results, and can include statements or information regarding plans for exploration, development, mining and production activities at the Company's mineral property, sales estimates, expected sales, and expected operating costs. Forward-looking information included in this

presentation includes the estimated mine life and other plans, timelines and targets for exploration, permitting, development, mining and production activities at the Gahcho Kué diamond mine, estimated reserves and resources at the Gahcho Kué diamond mine, the current production forecast and capital and operating cost estimates for the Gahcho Kué diamond mine.

Forward-looking information is based on certain factors and assumptions, including, among other things, the current mine plan for the Gahcho Kué diamond mine; construction and exploration activities at the Company's mineral property; currency exchange rates; and world economic conditions. While the Company considers these assumptions to be reasonable based on the information currently available to it, they may prove to be incorrect. Forward-looking information is subject to certain factors, including risks and

uncertainties, which could cause actual results to differ materially from what the Company currently expects. These factors include, among other things, the uncertain nature of mine development activities, including risks associated with logistical, construction and mining operations, risks associated with joint venture operations, risks associated with the remote location of and harsh climate at the Company's mineral property, risks resulting from the global financial crisis, risks associated with regulatory requirements, the risk of fluctuations in diamond prices and changes in world economic conditions, the risk of fluctuations in the Canadian/US dollar exchange rate, and cash flow and liquidity risks. Please see the Company's most recently filed Management's Discussion and Analysis, as well as the Company's current Annual Information Form, both available at www.sedar.com and www.sec.gov, respectively, for a discussion of these and other risks and uncertainties involved in the Company's operations. Actual results may vary from the forward-looking

information.

Readers are cautioned not to place undue importance on forward-looking information, which speaks only as of the date of this

presentation, and should not rely upon this information as of any other date. Due to assumptions, risks and uncertainties, including the assumptions, risks and uncertainties identified above, actual events may differ materially from current expectations. While the

Company may elect to, it is under no obligation and does not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise at any particular time, except as required by law. This presentation has been prepared under the supervision of Carl Verley, P. Geo., a Qualified Person under National Instrument 43-101.

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Mountain Province - Best in Class

• World’s largest and richest new diamond mine

• Best in class - highest margin new diamond

mine

• Projected highest margin diamond mine in

production

• Potential to be a Tier 1 asset

• +20 year LOM, +$20 Billion in situ value

• Fully funded to production

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Highest Margin New Diamond Mine

Key value driver: GRADE

With fully diluted mining grade of 1.57 c/t, Gahcho Kué is:

2X the grade of next richest

>2.5x the operating margin of next best

Name

Reserve

(Mt)

Grade

(cpt)

Total

Carats

(MMct)

Diamond

Value

($/ct)

Revenue

per

tonne

($/t)

Operating

Cost

($/t)

Operating

Margin

($/t)

Production

(MMct/year)

Gahcho Kué

DeB/MPV

Canada

35.4

1.57

55.5

182

286

65

221

4.5

Bunder

Rio Tinto

India

53.7

0.63

34.2

50

31.5

20

12

0.7

Grib

Lukoil

Russia

98

0.68

67

160

109

25

84

4.0

Ghaghoo

Gem

Botswana

105

0.19

20.5

203

39

25

14

0.6

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Projected Highest Margin Mine

*Macquarie Research June 2015

80% Operating Margin

Red Dog Zinc

72%

Escondida Copper 66%

Freeport ‘s Grasberg 54%

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Capital Structure

• Markets

– TSX: MPV

– NASDAQ: MDM

• Market cap:

~$820M

• Shares outstanding:

158.9M

• Fully diluted:

160.25M

• Cash:

~$98M

July 2015

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Joint Venture with De Beers

• MPV 49% / De Beers 51%

• JV Board - 2 Representatives Each

• All material decisions by Consensus

• Effectively 50/50 JV

• Each market own share of diamonds

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Gahcho Kué Kimberlite Cluster

61M carat open-pit

resource to +350 meters

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Reserve Statement

Pipe

Category Tonnes (Mt)

Grade (cpt)

Carats (Mct)

5034

Probable

13.4

1.74

23.2

Tuzo

Probable

16.4

1.25

20.6

Hearne

Probable

5.6

2.07

11.7

Total

Probable

35.4

1.57

55.5

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Independent Diamond Valuations

Pipe

Actual*

Model**

Model Esc***

5034

169

138.19

167.35

Tuzo

311

101.00

144.36

Hearne

92

107.00

123.19

Total

$182

$118.38

$149.66

*WWW International Diamonds Consultants, August 2014

**WWW, February 2014

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2014 Feasibility Update

IRR

32.6%

Capital (Jan 14) (49%)

US$346M

Contingency

US$33M

Working capital

US$36M

Sust. Cap LOM

US$41M

Operating cost

US$65/tonne

LOM

12 years

LOM Production

53.4 million carats

Revenue

US$150/carat

Source: JDS Mining/Hatch, March 2014

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Diamond Price Gearing

Value

IRR

NPV

(49%)

$150/carat

32.6%

$540M

$174/carat

43%

$900M

$200/carat

62.5%

$1.67M

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Potential Cash Flow (US$)

Revenue

~ $182 per carat

Cost

~ $42 per carat

Margin

~ $140 per carat

Production

~ 4.5M carats/year

Cash Flow

~ $630M/year

MPV 49%

~ $310M/year

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Capital Program

Capital (49%)

2015

$226.6M

2016

$120M

Total

$346.6M

Commissioning opex

$41M

Working capital

$14M

Total

C$401.6M

Total

US$325.3M

Project debt

US$370M

Cost overrun facility

US$75M

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Development Schedule

Permits approved

October 2013

Construction started

December 2013

Current status

~64% complete June 2015

End major construction

End 2015

Target for plant commissioning

H1 2016

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Phase 2 Inferred Resources

Pipe

Category Tonnes (Mt) Grade (cpt) Carats (Mct)

5034

Inferred

0.9

1.51

1.4

Tuzo

Inferred

8.9

1.62

14.6

Hearne

Inferred

1.4

1.67

2.4

Total

Inferred

11.3

1.64

18.4

• Further indicated resource of 1.1M carats

• Mine life potential from 12 to 17 years

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Phase 3 Resource Potential

Depth

(meters)

Volume

(tonnes)

Volume

(carats)

Phase 1

Reserve

Surface to 350

16.4M

20.6M

Phase 2

Resource

350 to 560

8.9M

14.6M

Phase 3

Potential

560 to 750

~7M

~12M

• 2014 Tuzo Deep drill program completed

• Kimberlite intersected to 740 meters

• Target for further delineation

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Phase 4: Tesla & 5034/Hearne Deep

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Path to Tier 1 Asset

Phase

Carats

LOM

Value Est.

Phase 1: Reserve

55M

12 years

$9.4B

Phase 2: Resource

18.4M

5 years

$3.2B

Phase 3: Tuzo Deep

~12M

~3 years

~$2B

Phase 4: Tesla & Other

?

?

?

Phase 5: New Targets

?

?

?

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New Diamond Mines

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Corporate Information

Head Office

161 Bay Street Suite 2315

Toronto, ON

M5J 2S1

Canada

Tel. ++1-416-361-3562

Fax. ++1-416-603-8565

www.mountainprovince.com

[email protected]

TSX: MPV

NASDAQ: MDM

References

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