ABN 74 084 669 036 Sydney Office P +61 2 9696 2900 F +61 2 9696 2901 Level 24 ASX Announcement 175 Liverpool Street Sydney NSW 2022 www.evolutionmining.com.au 21 SEPTEMBER 2020 DENVER GOLD FORUM PRESENTATION Evolution Mining Limited (ASX: EVN) advises that Jake Klein, Executive Chairman, is today presenting at the 2020 Denver Gold Forum. The presentation for this virtual event is attached. A video recording of the presentation is also available on Evolution’s website www.evolutionmining.com.au under ‘Latest News’ . This announcement has been authorised for release by Jake Klein, Executive Chairman. For further information please contact: Investor Enquiries Media Contact Bryan O’Hara Michael Vaughan General Manager Investor Relations Media Relations Evolution Mining Limited Fivemark Partners Tel: +61 2 9696 2900 Tel: +61 422 602 720 About Evolution Mining Evolution Mining is a leading, growth-focused global mid-tier gold miner. Evolution operates five wholly-owned mines – Cowal in New South Wales, Mungari in Western Australia, Mt Carlton and Mt Rawdon in Queensland and Red Lake in Ontario, Canada. The Company also holds an economic interest in the Ernest Henry copper- gold mine in Queensland. In the 2021 Financial Year Evolution is guiding gold production of 670,000 – 730,000 ounces at an All-In Sustaining Cost of A$1,240 – A$1,300 per ounce. Evolution Mining Limited
DENVER GOLD FORUM 20 – 23 SEPTEMBER 2020
FORWARD LOOKING STATEMENT These materials prepared by Evolution Mining Limited (or “the Company”) include forward looking statements. Often, but not al ways, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “a nti cipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Compan y’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, ma rket, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any a ssurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affec ted in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control. Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. This presentation has been approved for release by Evolution’s Board of Directors. AUD:USD exchange rate assumption of 0.725 used throughout this presentation unless stated otherwise. 2
EVOLUTION SNAPSHOT Production outlook (koz) ASX CODE EVN 850 MARKET CAPITALISATION (1) US$7.3B / A$10.1B 770 730 AVERAGE DAILY TURNOVER (2) US$51M / A$70M 790 700 670 NET DEBT (3) US$142M / A$196M Payout of 50% of FY21 FY22 FY23 DIVIDEND POLICY free cash flow MINERAL RESOURCES (4) 26.2Moz AISC outlook (US$/oz) 940 930 ORE RESERVES (4) 7.3Moz 860 RESERVE PRICE ASSUMPTION A$1,450/oz 900 885 815 670 – 730koz FY21 PRODUCTION GUIDANCE FY21 FY22 FY23 FY21 AISC GUIDANCE (5) US$920/oz / A$1,270/oz Further information can be found on our website, www.evolutionmining.com.au or from the ASX releases entitled “Annual Mineral (4) (1) Based on share price of A$5.90 per share on 14 September 2020 Resources and Ore Reserves Statement” on 12 February 2020; “ Cowal Maiden Underground Ore Reserve” on 23 July 2020; and (2) Average daily share turnover for one month through to 14 September 2020 “Red Lake 11 Million Ounce Mineral Resource” on 13 August 2020. Ore Reserves exclude Red Lake (3) As at 30 June 2020. Bank debt of A$570 million less cash of A$374 million (5) Mid-point of FY21 AISC guidance 3
SUSTAINABLY CREATING VALUE ▪ 40% more Safety Interactions ▪ 18% improvement in TRIF (FY20) ▪ 6,800+ voluntary health sessions ▪ COVID-19 proactive management Economic ▪ 74% local workforce Healthier Contribution ▪ A$1.8B economic contribution 1 and Safer ▪ A$1.2B supplier contribution 2 ▪ 7% Indigenous workers ▪ 62% female graduate intake (FY20) ▪ 17% female workers ▪ Climate Advancing cultural competency Diversity Risk ▪ Technology and innovation lens applied to resource efficiency ▪ Embedded climate risk mitigation Social approach ▪ Responsibility Climate risk position statement ‘High approval’ rating ▪ ▪ 7 new shared value projects Environment ▪ A$3M+ donated to bushfire recovery and and Cultural drought relief Heritage ▪ Zero material events ▪ All sites completed Cultural Heritage Audits ▪ Improved water security and biodiversity management 1. FY20 economic contributions include supplier payments, wages, dividend payments, interest, taxes and royalties 4 2. FY20 supplier contributions include all supplier payments exclusive of any payments made to employees, interest, taxes and royalties
MARCHING TOWARDS THE DEBT PRECIPICE Gold price US National Debt US$2,070/oz US$26.7T US$35/oz US$0.4T 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Sources: worldometers; usdebtclock.org 5 5
RISING POLITICAL RISK Gold mining policy chaos in Philippines 6
CLEAR AND CONSISTENT STRATEGY A portfolio of 6 to 8 assets generating superior returns with an average mine life of at least 10 years Embed financial discipline across the business An active pipeline of quality exploration and development projects Open to all quality gold, silver and copper-gold value accretive investments Build a reputation for sustainability, reliability and transparency Red Lake Mt Carlton Ernest Henry Mt Rawdon Cowal Mungari OUR VALUES: SAFETY EXCELLENCE ACCOUNTABILITY RESPECT 7
Gold Equivalent Ore Reserves per share QUALITY DRIVES VALUE (ounces per 1,000 shares) 5.5 ▪ Increasing reserves and resources per share 4.8 4.6 4.6 4.0 3.1 without diluting quality ▪ Higher gold price delivering higher cash margins Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 + Cowal UG + 1 Red Lake ▪ Shareholders rewarded through growing dividends 1. Assumes most recent Red Lake Ore Reserve of 1.3Moz prior to any additions from new 11Moz Mineral Resource Gold Equivalent Mineral Resources (ounces per 1,000 shares) Increase in Ore Reserve gold price assumption (FY15 - FY20) 16.3 9.6 9.8 9.4 9.4 7.0 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 + Cowal UG + 28% Red Lake 25% 17% Evolution dividends declared per ounce 14% 9% produced (A$) 7% Evolution Newcrest Regis Saracen Northern Star St Barbara A$1,450 A$1,600 A$1,600 A$1,750 A$1,750 A$1,600 365 Current Ore Reserve price assumption per ounce 214 158 100 55 49 FY15 FY16 FY17 FY18 FY19 FY20 8
PORTFOLIO IMPROVEMENTS CREATING VALUE FY20 FY19 FY16 FY17 FY18 Red Lake FY15 acquisition Edna Cracow Ernest May Mungari divested Henry divested acquisition Acquisition of economic interest Cowal Pajingo acquisition divested Mungari acquisition Evolution Mining share price chart 9
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