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Corporate Presentation December 2013


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Corporate Presentation December 2013

  1. 1. Western Areas Ltd Corporate Presentation ‐ December 2013 “Think Nickel, think Western Areas”
  2. 2. Disclaimer and Forward Looking Statements This presentation is being furnished to you solely for your information and for your use and may not be copied, reproduced or redistributed to any other person in any manner. You agree to keep the contents of this presentation and these materials confidential. The information contained in this presentation does not constitute or form any part of any prospectus, offer or invitation to purchase any securities and neither the issue of the information nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment on the part of any person to proceed with any transaction. The information in this presentation does not constitute financial product advice (nor investment, tax, accounting or legal advice) and does not take into account your individual investment objectives, including the merits and risks involved in an investment in shares in the Company, or your financial situation, taxation position or particular needs. This presentation is not a recommendation to acquire shares. You must not act on the basis of any matter contained in this presentation, but must make your own independent assessment, investigations and analysis of the Company and the Company’s shares and obtain any professional advice you require before making any investment decision based on your investment objectives. You must not take or transmit this presentation or a copy of this presentation into the United States or Japan or distribute it directly or indirectly in the United States or Japan or it, indirectly, to any US persons. By your acceptance of this document, you acknowledge that you are a not a “U.S. person” for the purposes of the US Securities Act. Neither this document, in whole or in part, nor any copy thereof may be taken or transmitted to any other person. The distribution of this document to other persons or in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the federal securities laws of the United States and the laws of other jurisdictions. The distribution of this presentation in other jurisdictions may be restricted by law, and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. The information contained in this presentation h b h f d h has been prepared b Western Areas Ltd. No representation or warranty, express or implied, is or will b made in or in relation to, d by d l d ll be d l and no responsibility or liability is or will be accepted by Western Areas Ltd, employees or representatives as to the accuracy or completeness of this information or any other written or oral information made available to any interested party or its advisers and any liability therefore is hereby expressly disclaimed. No party has any obligation to notify opinion changes or if it becomes aware of any inaccuracy in or omission from this presentation. All opinions and projections expressed in this presentation are given as of this date and are subject to change without notice. g j g j This document contains forward‐looking statements that are subject to risk factors associated with a mining business. These statements are subject to certain risks and uncertainties that could cause the performance or achievements of Western Areas Ltd to differ materially from the information set forth herein, although such information reflects forecasts and projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as at the dates thereof and although all reasonable care has been taken to ensure that the facts stated herein are accurate and that the forward‐looking statements, opinions and expectations contained herein are based on fair and reasonable assumptions. Western Areas Ltd undertakes no obligation to revise these forward‐looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward‐looking statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect Western Areas Ltd’s view only as of the date hereof. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward looking statements or other forecast. The information within this PowerPoint presentation was compiled by Mr. David Southam, but the information as it relates to mineral resources and reserves was prepared by Mr. Dan Lougher and Mr. Andre Wulfse. Mr. Southam, Mr. Lougher and Mr. Wulfse are full time employees of Western Areas Ltd. Mr. Lougher and Mr. Wulfse are members of AusIMM and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Southam, g p pp Mr. Lougher and Mr. Wulfse consent to the inclusion in this presentation of the matters based on the information in the form and context in which it appears. For Purposes of Clause 3.4 (e) in Canadian instrument 43‐101, the Company warrants that Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. THIS PRESENTATION IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S. 2
  3. 3. Agenda “Western Areas has an enviable track record of  exploring, finding, developing and producing  profitable mines.”  Introduction  O Operations i  Nickel industry   E l Exploration & Growth Outlook i &G hO l k  Financials Explore p Develop Sales Produce 3
  4. 4. Introduction – Corporate Summary Listing: Member of S&P ASX 200 Shares on Issue: 196.8M Share Price: ~ A$2.30 (Dec 2013) Market Cap: ~ A$450 million (undiluted) Cash: A$85M at 30 Sept 2013 Top 15 Shareholders 1 T Streeter 2 JCP Partners 3 Schroder Investment Management Schroder Investment Management 4 Colonial Group 5 A Greenwell 6 Celeste Funds Management 7 Concise Asset Management 8 Antares Equities 9 Avoca Investment Management 10 Giovanni Santalucia 11 Tribeca 12 UBS 13 BlackRock 14 L Legg Mason M 15 JP Morgan % 12.2 8.6 7.5 75 6.0 5.0 4.1 3.3 3.1 2.5 2.4 2.4 2.4 2.0 1.8 18 1.7 TOTAL 65.0 Lounge Lizard 10m wide face of 7% Massive Nickel Sulphide 4
  5. 5. The Company Western Areas is:  Australia’s lowest cash cost nickel producer  A proven explorer, developer and operator led by an experienced management team  An S&P ASX 200 index member An S&P ASX 200 index member  Market cap ~ $550 million at current prices  Profitable, even at the current low A$ nickel price  A A proven dividend payer, with a strong balance sheet. FY13 2 cents/share. di id d ith t b l h t FY13 2 t/h  Australia’s third largest producer of nickel around 25,000 tonnes of nickel in concentrate produced  No 1 = BHP‐B Nickel West and No 2 = Glencore  Employer of approx 500 staff, either directly or through contractors  Into its seventh consecutive year of production, 13th consecutive quarter with no downside  operational surprises. First production 26 October 2006.  Committed to stable growth from the current solid platform 5
  6. 6. Strong Asset Base  Production  Assets Flying Fox Fl i F • 1st nickel mine • 15kt nickel per  annum Exploration  & Growth Forrestania &  F t i & WA Regional • Nickel Spotted Quoll Canadian Assets  • 2nd nickel mine nickel mine • 10kt to 15kt nickel  per annum • Nickel/Copper • PGEs Cosmic Boy Finland • Nickel concentrator  – treats ore from  both mines Disciplined  Acquisition  A iii Potential  (Nickel &  Base Metals) Base Metals) • VMS Outokumpu Cu • Outokumpu Cu 6
  7. 7. Location  WSA concentrate to  BHP Billiton WSA operations WSA  concentrate  exports 7
  8. 8. Western Areas are Safe Areas  Continuous Safety Improvement   LTIFR 1 81 LTIFR  1.81  Flying Fox >114 days LTI free 7.0 LTIFR 6.0 5.0 4.0  Spotted Quoll >929 days LTI free 3.0  Exploration >1,826 days LTI free 2.0  Cosmic Boy Concentrator >131 days LTI free 1.0  MTIFR 8.1 0.0  Contractors and Employees fully integrated  into a site wide commitment Oct Nov Dec Jan Feb Mar Apr May Jun 2012 Jul Aug Sep Oct 2013 Environment & Social Environment & Social  No environmental breaches  Strong local commitments from the Hyden  Respite Centre, Perth Zoo (Northern Quoll)  and Starlight Children’s Foundation WA 8
  9. 9. Operations 9
  10. 10. September Quarterly ‐ Outperformance 2012/2013 Tonnes Mined Total ‐ Ore Tonnes Mined T t l O T Mi d Grade Total Ni Tonnes Mined Dec Qtr Mar Qtr 2013/2014 Jun Qtr Comments Sep Qtr 1. Highest mine production and lowest     140 753    142 003    127 181     163 739 140,753 142,003 127,181 163,739 unit cash cost @ A$2.28/lb i i h @ A$2 28/lb in  4.9% 5.0% 4.7% 5.1% concentrate since the Dec Q 2011. Tns T Ni % Tns         6,957         7,147         6,031         8,290 Ore Processed Ore Processed Grade Ave. Recovery Ni Tonnes in Concentrate Tns % % Tns Dec Qtr Mar Qtr Jun Qtr Sep Qtr    151 855    145 348    146 256     150 475 151,855 145,348 146,256 150,475 4.9% 5.0% 5.1% 4.9% 90% 91% 89% 90%         6,722         6,611         6,634         6,593 Ni Tonnes in Concentrate Sold Tns          6,829          6,845          7,222         6,554 Total Nickel Sold Tns          6,829          6,845          7,222         6,554 Co ce t ato a a ab ty 98%, eco e y 4. Concentrator availability 98%, recovery  90% and 10% above capacity. Tns Dec Qtr Mar Qtr Jun Qtr Sep Qtr          8,074          7,330          5,700         6,661 5. Rain impacted road conditions and  sales to BHP, therefore stocks increased. Tonnes Milled and Sold Stockpiles Contained Ni in Stockpiles Financial Statistics Financial Statistics Dec Qtr Dec Qtr Mar Qtr Mar Qtr Jun Qtr Jun Qtr Sep Qtr Sep Qtr           2.23           0.05           0.41          0 19 0.19           (0.02)           1.87           0.05           0.38          0 18 0.18           (0.02)           1.65           0.06           0.40           0 19 0.19          (0.02) Group Production Cost/lb Mining Cost (*) Haulage Milling Admin By Product Credits A$/lb A$/lb A$/lb A$/lb A$/lb           2.27           0.05           0.41          0 17 0.17           (0.02) Cash Cost Ni in Con (***) A$/lb           2.89           2.86           2.46           2.28 US$/lb (**)           3.00           2.97           2.44           2.09 Cash Cost Ni in Con/lb (***) Exchange Rate US$ / A$ Exchange Rate US$ / A$         1 04 1.04         1 04 1.04 2. Positive reserve reconciliation on  grade/tonnes plus cost reduction  program delivering results. d l l 3. Record Spotted Quoll mine production  4,090t nickel (5.3% grade). 6. Cash at Bank increased A$4.9m to  6 C h tB ki d A$4 9 t A$85.3m despite half yearly interest  payment & QP settlements. 7. 13 quarters in a row of on target or  better operational performance. b i l f 8. FY14 guidance to be updated at half  year ‐ however cannot hide from it  being a very good start ‐ above budget.         0 99           0 92 0.99 0.92 10
  11. 11. Flying Fox Mine Mineral Resource and Ore Reserve Total massive sulphide Ore  Reserve Estimate = 1.6Mt @  4.0%Ni for 64,090 Ni tonnes  High Grade (excluding disseminated sulphide  resource) Mineral Resource: 1.6Mt @ 5.7% Ni =  91,676 Ni Tonnes T 4 Total massive sulphide  Mineral Resource Estimate =  1.6Mt @ 5.7%Ni for 91,676 Ni  1 6Mt @ 5 7%Ni for 91 676 Ni tonnes  Ore Reserve: 1.6Mt @ 4.0% Ni = 64,090 Ni  Tonnes  Nickel grades increase with depth from 3.9% to  5.8%  5 8%  O Over 700m strike length in T5 700 t ik l th i T5 Production T5 Mineralisation n Open   Underground drilling program to extend  Mineral Resource is ongoing  FY2013 – 348,448t @ 4.9% Ni  for 17Kt nickel  Low cash cost operation <US$3/lb  Life of Mine – 5‐6 Years, extensional drilling in  progress T7 Mineralisation open at depth 11
  12. 12. Spotted Quoll Mine Mineral Resource and Ore Reserves  Ore reserve now 2.9mt @ 4.2% containing 121,400t nickel  Remains open at depth and to the North Indicated Resource:2.4Mt @6%Ni  I di dR 2 4M @6%Ni =144Kt Ni Inferred Resource:0.5Mt  @5.1%Ni=27.5Kt Ni  Surface drilling program complete to improve  conversion of inferred resource to indicated  resource – Sept Q  Already >10 year mine life on reserve 900m Vertical  New Spotted Quoll North Resource of 113kt  @ 9.3% for 12,940 nickel tonnes Production  FY2013 – 207,288t @ 5.1% Ni  for 10.6Kt  nickel  Successfully ramped up nickel production to a  12ktpa run rate in FY2014  Top‐down mining using paste fill Plant fully Top down mining using paste fill. Plant fully  operational 12
  13. 13. Spotted Quoll North 13
  14. 14. Forrestania Nickel Concentrator Concentrator Summary  Current nameplate capacity of 550,000tpa of ore (but being  exceeded)  Nickel concentrate output circa 25,000tpa Ni  Concentrate grades of around 14.0% Ni   Premium blending  product (Fe/Mg ratio >15)  Desirable to smelters as it enables lower quality  concentrates to be economically utilised after blending  14,000t of concentrate storage capacity Export Infrastructure and Logistics   Access to >1400 sealed shipping containers  No environmental issues No environmental issues  Using 25 trucks for concentrate transportation  Shipping contract in place, FOB Esperance Port 14
  15. 15. Independent Producer ‐ Offtake Contracts Concentrate Supply  1000  Tightness in smelter supply to be experienced from  2014  Reliable nickel sulphide concentrate supply dwindling   Laterites and Nickel Pig Iron do not fill the void 900 850 Nickel in Conc/ Kt  Global nickel sulphide grades in decline Global Smelter Demand vs Global Concentrate Supply 950 800 750 700 650 600 550 Offtake Contracts  Offt k t BHP 2017 12kt Offtake to BHP 2017 – 12ktpa nickel in concentrate i k li t t 500 2009 2010 2011 2012 2013 2014 2015 Nickel in Concentrate Supply 2016 2017 2018 2019 2020 Smelter Demand  Offtake to Jinchuan Feb 2015  FOB Terms  Very competitive payable terms  WSA in a unique position being an independent  producer  Abilit t Ability to complete spot/opportunistic sales  l t t/ t i ti l NOTE: The graph FORRESTANIA – OFFTAKE CONTRACTS  is based on Western Areas’ 10 Year  Production Targets.  These Targets include estimates and assumptions on production rates of  existing ore reserves, conversion of existing mineral resources to ore resources and assumptions  on potential extensions to existing mineral resources, based on current information.  These  Production Targets may vary due to future drilling results, nickel prices, costs and market  conditions.  Refer to Disclaimer and Forward Looking Statement in Presentation 15
  16. 16. Nickel Industry 16
  17. 17. Nickel Market Outlook Whilst best  known for it’s  use in coins,  nickel has far  more  strategic uses It can be  alloyed with  ll d ith other metals  to create  truly  truly extraordinary  materials 17
  18. 18. Nickel Price Drivers There are a number of factors that influence the nickel price: 1. Level of global nickel supply 1 Level of global nickel supply 2. Cost and capacity of Chinese nickel pig iron production 3. Potential Indonesian nickel laterite export ban – January 2014 4. Stainless Steel demand in China, Europe and North America What we believe is occurring: 1. Any perceived nickel oversupply is marginal – a supply response is beginning to occur:      Glencore – all Australian sulphide production ceased, Falcondo operation closed Norilsk – all Australian operations ceased, ex‐Russia project up for sale Votorantim – nickel smelter being closed down in South America Talvivaara – well publicised production and funding issues Large HPAL projects still facing technical and high cost issues 18
  19. 19. Nickel Price Drivers (Cont’d..) 2. Chinese NPI production capped between 450kt to 500kt of contained nickel.  Unit costs  range from US$6/lb to US$9/lb:     Latest RKEAF technology relies on Indonesian laterite Laterite must be >1.8% Ni and <25% Fe – Philippines laterite is out of spec Large power consumer – power costs rising in China Total Chinese market for nickel is between 800kt to 900kt per year – growing at 5% per  annum 3. Potential Indonesian outcomes may be driven by economics and options include:     Maintain the outright ban on laterite exports Implement a  soft ban on certain exports Implement a “soft ban” on certain exports  Raise laterite export taxes  Use a combination of a “soft ban” and export taxes 4. Stainless Steel demand remains strong in China – moving to consumer based and  building project demand   5. European stainless steel demand is muted, whilst US showing signs of a small recovery 19
  20. 20. Nickel Pig Iron (NPI) to become expensive NPI is too expensive to continue to fill the gap…….. 2012 and 2016 estimated NPI cash cost (US$/lb) Cost Pressures 14 1. Electricity (25‐75% of cost) 1 Electricity (25 75% of cost) 11.90 12 10.80 C Cash cost (US$/l Ni) lb 10 9.10 2. Labour costs increasing 8.10 7.50 8 6.80 6 3. Indonesian Laterite the only  supplier for low cost RKEAF 4. Increase ore export taxes 4 Increase ore export taxes 4 2 0 Blast Furnace Electric Arc Furnace 2012 Rotary-Kiln Electric Furnace 2016 NPI is already a high cost method of nickel production, and domestic economic forces in  l d h h h d f k l d dd f China may adversely impact economics 20
  21. 21. Chinese Nickel Demand Forecast Chinese nickel demand and Nickel Pig Iron (NPI) production 1.8 1.6 Contained ni ickel (Mt) 1.4 1.2 1.0 0.8 0.6 0.4 0.2 NPI production 2030 0 2029 9 2028 8 2027 7 2026 6 2025 5 2024 4 2023 3 2022 2 2021 1 2020 0 2019 9 2018 8 2017 7 2016 6 2015 5 2014 4 2013 3 2012 2 2011 1 2010 0 2009 9 2008 8 2007 7 2006 6 2005 5 0.0 Total Chinese nickel demand NPI production will likely not increase at its current pace into the future.  Chinese demand for nickel will have to be met by alternate sources of production. 21
  22. 22. Stainless Steel Demand Nearly 70% of nickel supply ends up in stainless steel Steel consumption (kg/capita) Stainless consumption (kg/capita) 600 24 Nickel consumption (kg/capita) 1.2 1.1 1.1 507 485 500 20 1.0 18.8 China 400 16 300 12 0.8 12.6 0.6 China 219 200 100 China 8 4 0.4 4.1 0 0.2 0.2 0 World Germany Japan 0.0 World Germany Japan World Germany Japan At Japanese and German per capita consumption levels, Chinese nickel demand would  increase by nearly one million tonnes during this decade 22
  23. 23. Exploration and Growth Outlook 23
  24. 24. Pillars for Growth Western Ultramafic Belt: Organic Growth O i G h New Morning channel New Morning channel Between Spotted Quoll & Flying Fox Selected Overseas Exploration Leverage from WSA’s Concentrate off take Joint Ventures Traka Resources Southern Cross  Base Metals – many opportunities being  presented Acquisitions Base Metals Bottom Half of the Cost Curve Bottom Half of the Cost C r e Use WSA expertise – exploration, dev and ops The 2  D discipline and due diligence The 2 “D” – discipline and due diligence 24
  25. 25. Forrestania Tenements Regional Geology Regional Geology  120km strike length (900 sq km) of  prospective Forrestania Nickel Project,  within 400km long nickel province within 400km long nickel province  Six ultramafic belts p p  Nickel sulphide deposits and most  occurrences in two belts (Eastern and  Western) este U t a a c e t osts t e g  Western Ultramafic Belt hosts the high  grade Flying Fox, Spotted Quoll and new  Morning deposits 25
  26. 26. Short Term – Near Mine Exploration  Exploration Budget of A$15M for FY14, majority spent on drilling at Forrestania Drilling Priority within 8km long zone (below).  New discovery would access existing mine   Drilling Priority within 8km long zone (below) New discovery would access existing mine infrastructure. Systematic approach  Recent New Morning massive sulphide and Sunrise discoveries  26
  27. 27. High Grade Discovery at New Morning  WSA’s latest new high grade discovery,  g g y 2.5km from Flying Fox and 2.8km from  Spotted Quoll  All approvals in place, potential  major capex savings & accessible  j i & ibl from either mine  Massive sulphide discovered below  New Morning: New Morning:  4.4m @ 7.4% nickel including 3.6m  @ 8.7% nickel  3.0m @ 6.3% nickel including 2.4m  @ 7.6% nickel   1.5m @ 5.6% nickel including 0.7m  @ 10.2% nickel  Major drilling program continues with  d ll h use of DHEM data 27
  28. 28. West Musgrave  JV  Attractive entry point for highly prospective Attractive entry point for highly prospective  landholding where significant pre‐work  completed  Up to 70% earn into prospective West Up to 70% earn into prospective West  Musgrave tenements (1,075km2) with Traka  Resources  Demonstrated strong endowment Demonstrated strong endowment (BHPB’s Nebo – Babel – Succoth deposits)  Targeting massive sulphides (nickel/copper)  Geophysical surveys commenced on priority  targets (MLEM)  A number of highly conductive targets A number of highly conductive targets  identified with drilling to commence in  December 28
  29. 29. Finland – FinnAust Mining PLC Projects  Listing on AIM around 2 December 2013.  68% WSA  owned post listing d t li ti  300km long base metal province in Finland Numerous nickel/copper/zinc mines & occurrences  Numerous nickel/copper/zinc mines & occurrences  Focus on two key projects:  Outokumpu Copper Project  Hammaslahti VMS Project  Drill priority targets in December for potential  p pp p extensions and repetitions to known copper deposits  Geophysics proving very effective in defining targets ‐ ZTEM survey completed 29
  30. 30. Financials Lounge Lizard 10m wide face of 7% Massive Nickel Sulphide Spotted Quoll face at average 10.6% Nickel Sulphide 30
  31. 31. Financial Snapshot Full Year Highlights ($'000) FY 2012 FY 2013 Mine Production (tonnes Ni) 31,102 27,639 Mill Production (tonnes Ni) 25,641 26,918 92% 91% 26,637 27,819 Cash Costs (A$/lb) 2.43 2.68 Exchange Rate USD/ AUD 1.03 1.03 Recovery Sales Volume (tonnes Ni) Nickel Price (U$/tn) EBITDA ('000)         17,791 186,662         16,112 125,867 Underlying EBIT ('000) 94,981            40,599 Underlying NPAT ('000) 40,236            5,590 Reported NPAT ('000) 40,181 (94,105) Cash Flow from Operations ('000) 159,253 165,502 165 502 80,719 80 719 11.0 2.0 Nickel price fall in  Nickel price fall in 2HFY2013 negatively  impacted revenue Nickel price decline in  Ni k l i d li i 2H FY2013 impacted  with negative QP of  A$14.0m 112,115 Cash at Bank C h B k Unit cash cost of  concentrate production  below guidance Dividend (cents) Non cash impairment of  $99.7M (post tax) 2H FY2013 stronger with  reduced capex Debt repayments totalled  A$150m 31
  32. 32. Bottom Quartile Producer 50% of nickel production  at a loss, including NPI Top Tier assets will  survive Grade is King 20 Nickel Grade Mined Comparison FY2013 6.0% 15 Cash  Co ost (US$/lb) ) 5.0% 5.0% Losing Money  10 4.0% 3.8% 3.1% 3.0% 5 Spot LME Nickel Price, Spot LME Nickel Price US$6.30/lb  2.0% 1.7% Western Areas  0 1.0% 0.5% 0.0% -5 WSA Company 3 Company 1 Company 4 Company 2 32
  33. 33. Capital Management ANZ Facility  A$125m facility, expiring in 2016 $  Fully covers the July 2014 convertible bond of A$110.2m  Margin is less than the coupon for the 2014 and 2015 convertible bonds July 2014 Convertible Bond  Planned to be repaid via all cash or a mixture of cash & the ANZ Facility Planned to be repaid via all cash or a mixture of cash & the ANZ Facility  Convertible bonds have been a very successful funding tool for both WSA and investors WSA gearing levels have been reduced over the last 12 months:  Repaid $105.5m convertible bond from free cash flow generation  Repaid A$45m to ANZ which was used to facilitate the acquisition of Kagara Ltd’s nickel assets p $ q g  Remain cash flow positive despite a challenging nickel price impacted by a strong AUD  Sustaining capex profile likely to reduce over the coming years 33
  34. 34. Investor Equation • High Grade =  Margin • Survival • Returns to  shareholders in  shareholders in Dividends • Guidance  continually  continually met or  exceeded Highest Grade  Nickel Globally Cash flow  Positive Strong Track  Record of  Delivery • Current global  g production at   marginal cost • New mine  successfully  bought on in  24 months 24 months • Flexibility in  y meeting future  demands or  opportunities Nickel Price  Primed for  Upside History of  Discovery and  Development Strong Balance  Sheet 34
  35. 35. Questions? 35