Developing Gold Projects in Tanzania and Namibia

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Objective Capital's Global Resources Investment Forum 2012 …

Objective Capital's Global Resources Investment Forum 2012
Ironmongers' Hall, City of London
25 September 2012
Speaker: Richard Williams, Helio Resource

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  • 7. -&+&+0.#!()Y&+20.(&)! %E=JHS ! ! ! ! ! !./4X$A8+-! (==TGP!c!&T<=<IHPEHS! ! !;;:U;:9Uoeo! 2IHISGLGH<!c!(H=EPGC= ! !fgXok!KN!(c&! (H=J<TJKHIQ!8KQPEHS= ! ! !feek!KN!(c&! 7ICCIH<= ! ! ! ! !9bUb99Ue::!s!h:Xa:?:Xg;! ! ! ! ! ! ! !f!h;92!<K!.CGI=TCM !! ! ! ! !!! ! ! !!!eUie:U:::!s!h:Xg;!jYGV!aU!9:;bl! ! ! ! ! ! ! !;bUbeiUe::!s!h:Xe:!jYGVX!;eU!9:;bl! ! ! ! !!!! ! ! !!!;Ui;eU:::!s!h:Xa:!jYGVX!;eU!9:;bl!! ! ! ! ! ! ! !!!9Ue::U:::!s!h:Xa9e!j)K@X!9bU!9:;bl! /<KDR!&FJKH= ! ! ! !iUa::U:::! YTQQM!"EQT<GP! ! ! ! !;a:Ug9eUaeo! -I=B!I<!,THG!b:U!9:;9! ! !h;Uo::U:::!!! ! ! ! ! !HK!PGV<!<=>?@ABCD! !!!!"#$%&($)*(+$"+,- )%&.$-G-
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  • 10. /2!&$#+$(#7! !  &OHGP!;::kU!=TVdGD<!<K!CKMIQ<M! !  #0!jb!<ICSG<=l!FT<=!VI=G!DI=G!)$!I<!6/hgeXi2!j(++!KN!9akl!IHP! TF=EPG!)$!I<!6/h;amX;2!j(++!KN!9bklX!.BG! 6F=EPG!-I=G CGTECG=! SGK<GDBHEDIQ!PCEQQEHS!<K!DKH]CL!<BG!@EIVEQE<M!KN!I!ee!PGSCGG!FE<OIQQU! IQQKOEHS!G><CIDJKH!KN!fg::U:::!KTHDG=X! !  ;U:9:U:::K_!2c(!n!9a:U:::K_!(HNX!j:XeSZ<!DT<?KWlt!IQQ!CG=KTCDG!ICGI=! KFGH!NKC!IPPEJKHIQ!KTHDG=! !  /G@GH!<ICSG<=!BI@G!BESB!SCIPG!EH<GCDGF<=!OBEDB!ICG!HK<!EHDQTPGP!EH! <BG!CG=KTCDGU!KHG!KN!OBEDB!OI=!I!LEHG!<BI<!FCKPTDGP!9i:U:::K_!I<! iXeSZ<!0Tt! !  9bgRL9U!beRL!=GDJKH!KN!<BG!/I_I!/BGIC!1KHG! !  &FGH!FEuIVQGU!EH<CT=E@GrBK=<GP!SKQP!LEHGCIQE=IJKH! !  0QQ!b:!<ICSG<=!KT<DCKF!I<!=TCNIDG! !  oek!CGDK@GCEG=!NCKL!LG<IQQTCSEDIQ!<G=<OKCR!<=>?@ABCD!!!!"#$%&($)*(+$"+,--- )%&.$-L-
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  • 13. /2!r!ab?;:;!+#/&6+-#! 012-3%.-2(4$+5-V$)*(+$-T)Y,85$-6-;F/F-Z-;F/;! N*5- 1$89- N#89C$-(,- N%8))! -7998C$-! -1$58%-:-! [! C(8.$! ;F/F-- 9:;9!+G=KTCDG!#=JLI<G! :Xe! 2GI=TCGP! ;Xbg! ;aUg::U:::! mm:U:::! n;a;k! :Xe! (HPEDI<GP! ;X99! oU9::U:::! bm:U:::! nm;k! 1$8)*($.-B- F"G! /"P;! ;OK/FFKFFF! /KF;FKFFF! n;:ek! R9.&+85$.! F"G! R9$(($.! /"FG! WK;FFKFFF! ;OFKFFF! ?;9k! vv!CGNGC!<K!HGO=!CGQGI=G=!PI<GP!)K@GLVGC!b:U!9:;:!IHP!YGVCTICM!!;aU!9:;9!NKC! NTQQ!PG<IEQ=!KH!<BG!CG=KTCDG!DIQDTQIJKH=X!<=>?@ABCD!!!!"#$%&($)*(+$"+,- )%&.$-//-
  • 14. /2!r!)(!ab?;:;!-&2%(0).!#0! J%%-,9$58(]-Z8%*$)-&9-^0_- S8)$-N8)$- ^`)&.$-N8)$a- *KQP!CEDG!FGC!&THDG! h;Uae:! h;Uae:! )$! hgeXi2! h;amX;2! (++! 9ak! 9bk! CG?FCKPTDJKH!-0#4;! h;::2! h;9i2! /T=<IEHEHS!-IFE<IQ;! hab2! hm;2! .K<IQ!*KQP!CKPTDGP!jKTHDG=l! e;:U:::! g:bU:::! %ENG!KN!2EHG!jMGIC=l! o! ;:! CKDG==EHS!-IFIDE<M!jKCGZMGICl! ;Xm2<! 9Xa2<! -I=B!&FGCIJHS!-K=<!;9!j6/hZ<!FCKDG==GPl!! hbaXma! hb;Xai! .K<IQ!-I=B!-K=<!jEHDQX!ek!CKMIQ<M!n!;ek!DKHJHSGHDM!! hg:iX::! hiooX::! "E=DKTH<!+I<G! gk! gk! /-&9+%*.&9C-/GM-+9Y9C$9+]- - -;&9+%*.&9C-(]8%5]----- v.BG! 6F=EPG!-I=G CGTECG=!SGK<GDBHEDIQ!PCEQQEHS!<K!DKH]CL!<BG!@EIVEQE<M!KN!I!ee!PGSCGG!FE<OIQQU!IQQKOEHS! G><CIDJKH!KN!fg::U:::!KTHDG=X!<=>?@ABCD!!!!"#$%&($)*(+$"+,--- )%&.$-/;-
  • 15. /2!r!/#)/(.($(.5!.&!*&%"!+(-#! Base Case Scenario -20% -10% 0% +10% +20% Gold Price /oz $1,160 $1,305 $1,450 $1,595 $1,740 NPV ($9.4M) $38.1M $85.7M $133.2M $180.7M IRR 6% 16% 24% 31% 38% Upside Scenario* -20% -10% 0% +10% +20% Gold Price /oz $1,160 $1,305 $1,450 $1,595 $1,740 NPV $4.8M $75.5M $146.1M $216.7M $287.4M IRR 9% 16% 23% 30% 36% v.BG! 6F=EPG!-I=G CGTECG=!SGK<GDBHEDIQ!PCEQQEHS!<K!DKH]CL!<BG!@EIVEQE<M!KN!I!ee!PGSCGG!FE<OIQQU!IQQKOEHS! G><CIDJKH!KN!fg::U:::!KTHDG=X!<=>?@ABCD!!!!"#$%&($)*(+$"+,--- )%&.$-/P-
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  • 21. )02(3(0!r!"020+0!*&%"!+&,#-.! !  !!b!QEDGHDG=U!9U;giRLw! ! !  !!;::k!KOHGP! ! ! !!-KH]CLGP!FK<GHJIQ!KN!)I@IDBIV?!!!! !!!!=<MQG!LEHGCIQE=IJKH! ! !!9:!?;::RL!<K!<BG!GI=<!IHP!HKC<BGI=<!! !!!!KN!0HSQK*KQP!0=BIHJp=!)I@IDBIV!! !!!!LEHG! ! !!;e:RL!=KT<BOG=<!KN!39*KQPp=!!! !!!!&<dERK<K!FCKdGD<!!<=>?@ABCD!!!!"#$%&($)*(+$"+,--- )%&.$-/X-
  • 22. )02(3(0!r!"020+0!*&%"!+&,#-.!<=>?@ABCD!!!!"#$%&($)*(+$"+,--- )%&.$-;F-
  • 23. )02(3(0!r!"020+0!*&%"!+&,#-.!j"*l! 20km+ section of prospective geology. Only 4km covered by soil sampling 40km+ section of prospective geology. /ILG!SGKQKSEDIQ!<GCCIEH!I=!0HSQK*KQPp=!)I@IDBIV!2EHG!<=>?@ABCD!!!!"#$%&($)*(+$"+,--- )%&.$-;/-
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  • 27. "*!r!*&%"!^&!/&(%!/02%()*!<=>?@ABCD!!!!"#$%&($)*(+$"+,--- )%&.$-;G-
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