2. www.guygold.com 2
This presentation of Guyana Goldfields Inc. (the "Company") contains
statements that constitute "forward-looking statements." Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause our actual results, performance or achievements, or
developments in our industry, to differ materially from the anticipated results,
performance or achievements expressed or implied by such forward-looking
statements. Forward looking statements are statements that are not historical
facts and are generally, but not always, identified by the words "expects,"
"aims," "plans," "anticipates," "believes," "intends," "estimates," "projects,"
"potential" and similar expressions, or that events or conditions "will," "would,"
"may," "could" or "should" occur. Information inferred from the interpretation of
drilling results and information concerning mineral resource and mineral reserve
estimates may also be deemed to be forward looking statements, as such
information constitutes a prediction of what might be found to be present when
and if a project is actually developed. Forward-looking statements this document
include statements regarding: the Company's expectations regarding drilling
and exploration activities on properties in which the Company has an interest;
and the Company's statements regarding estimates of reserves and resources
on properties in which the Company has an interest.
There can be no assurance that such statements will prove to be accurate.
Actual results and future events could differ materially from those anticipated in
such statements, and readers are cautioned not to place undue reliance on
these forward-looking statements that speak only as of their respective dates.
Important factors that could cause actual results to differ materially from the
Company's expectations include among others, risks related to fluctuations in
mineral prices; uncertainties related to raising sufficient financing to fund
planned work in a timely manner and on acceptable terms; changes in planned
work resulting from weather, logistical, technical or other factors; the possibility
that results of work will not fulfill expectations and realize the perceived potential
of the Company's properties; uncertainties involved in the estimation of
resources and reserves; the possibility that required permits may not be
obtained on a timely manner or at all; the possibility that capital and operating
costs may be higher than currently estimated and may preclude commercial
development or render operations uneconomic; the possibility that the estimated
recovery rates may not be achieved; risk of accidents, equipment breakdowns
and labour disputes or
other unanticipated difficulties or interruptions; the possibility of cost overrun or
unanticipated expenses in the work program; the risk of environmental
contamination or damage resulting from the Company's operations; risks
associated with title to mineral properties; and other risks and uncertainties
discussed appear elsewhere in the Company's documents filed from time to
time with the Toronto Stock Exchange and Canadian securities regulators.
These statements are based on a number of assumptions, including
assumptions regarding general market conditions, the availability of financing for
proposed transactions and programs on reasonable terms, the cost of
exploration and development and the ability of outside service providers to
deliver services in a satisfactory and timely manner. Forward-looking statements
are based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made. Except as expressly
required by applicable securities laws, the Corporation undertakes no obligation
to update these forward-looking statements in the event that management's
beliefs, estimates or opinions, or other factors, should change.
This presentation uses the terms "Inferred Resource", "Indicated Resource",
“Measured Resource” and "Mineral Resource". The Company advises readers
that although these terms are recognized and required by Canadian securities
regulations (under National Instrument 43-101 "Standards of Disclosure for
Mineral Projects"), the US Securities and Exchange Commission does not
recognize these terms. Readers are cautioned not to assume that any part or all
of the mineral deposits in these categories will ever be converted into reserves.
In addition, "Inferred Resources" have a great amount of uncertainty as to their
existence, and economic and legal feasibility. It cannot be assumed that any
part of an Indicated or Inferred Mineral Resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of Inferred Mineral Resources
may not form the basis of feasibility or pre-feasibility studies, or economic
studies except for a Preliminary Assessment as defined and permitted under
National Instrument 43-101. Readers are cautioned not to assume that part or
all of an Inferred Resource exists, or is economically or legally mineable. The
Mineral Resources stated in this presentation are not Mineral Reserves and, in
the absence of a current feasibility study, do not demonstrate economic viability.
The determination of Mineral Reserves can be affected by various factors
including environmental, permitting, legal, title, taxation, socio-political, and
marketing issues.
FORWARD LOOKING STATEMENT
3. www.guygold.com 3
High grade Au producer with +16 years reserve life with upside
Production growth of ~15% CAGR from 2018 to 2022
+200,000 acre land package in highly prospective & underexplored greenstone belt
A Scarce Asset
Cash position of US$62M vs. debt of US$50M as at June 30, 2018
Post quarter end US$35mln gross proceeds to be realized from sale of SolGold shares
Strong Balance
Sheet
Management changes: Rene Marion new Non-Executive Chairman & realignment of
organizational structure
Phase 2 mill expansion on schedule for Q4 completion
Mining rate showing Open pit contractor mobilized
Operational
Enhancements
P/NAV multiple of 0.4x versus peer medium producer average of 1.0x
GDX Index rebalance has resulted in significant multiple compression
Value Proposition
INVESTMENT HIGHLIGHTS
4. www.guygold.com
2.9 2.9
2.7
1.7
1.4 1.3 1.3
1.0 1.0 0.9 0.9 0.8
0.7 0.7 0.6
0.4
Guyana Torex SEMAFO Alacer OceanaGold IAMGOLD Alamos B2Gold Detour Eldorado SSR Mining New Gold Kinross Yamana Tahoe Centerra
Gold Equivalent Grade (g/t Au Eq.)
4
Aurora is a High Grade Gold Mine
Source: Company filings
Note: Gold equivalent grade shown for total reserves and resources (precious metals only).
5. www.guygold.com 5
2018 Guidance
2018 Guidance
Gold production 175,000-185,000
Cost of sales (production costs, royalty and depreciation) $905-955/oz
Cash cost¹, excluding royalty $535-585/oz
All-in sustaining cost¹ (“AISC”) $945-995/oz
• Production is weighted towards the second half of the year due to mine sequencing and
increased throughput with completion of the phase 1 expansion.
• 2018 mine plan is primarily made up of all hard rock ore from the central tonalite/diorite ore at
Rory’s Knoll and East Walcott deposits.
• Costs are based on an increased stripping rate during 2018, offset by the increased and more cost-
efficient production offered by the process plant expansion investments.
(1) This is a non-IFRS measure. Refer to non-IFRS Performance Measures section in the latest MD&A
6. www.guygold.com 6
Significant Cash Flow Generation
Source: Company Reports
2Q18 net cash position includes US$35mln of proceeds from sale of SolGold shares, which occurred September 4, 2018
‐30.0
‐20.0
‐10.0
0.0
10.0
20.0
30.0
40.0
50.0
3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18
(US$ mlns)
Net Cash Balance
7. www.guygold.com 7
Value Proposition
Source: Company Reports, Street Research
1. 2Q18 net cash position adjusted for subsequent events. GUY includes US$35mln of proceeds from sale of SolGold shares, which occurred September 4, 2018
($300.0)
($250.0)
($200.0)
($150.0)
($100.0)
($50.0)
‐‐
$50.0
$100.0
PG GUY ROXG TGZ AKG AR ALO SMF TMR LMC ASR TXG
(US$ mlns)
Net Cash Position as at June 30, 2018(1)
8. www.guygold.com 8
Value Proposition
Source: Company Reports, Street Research
‐‐
0.1x
0.2x
0.3x
0.4x
0.5x
0.6x
0.7x
0.8x
0.9x
1.0x
SMF TXG TGZ ROXG ASR AKG PG AR TMR GUY LMC ALO
(P/NAV ratio)
Street Consensus P/NAV
9. www.guygold.com
0
200
400
600
800
1,000
1,200
‐
50
100
150
200
250
300
350
2017 2018E 2019E 2020E 2021E 2022E
Costs (US$/oz)
Recovered Oz
Gold Recovered / Costs
Underground Open Pit Operating Cash Cost AISC
9
Lucrative Growth Profile
(1) 2018 Guidance of 175k‐185koz
(2) Gold Production from January 1 – August 31, 2018 of 96,950 ounces. Production is weighted towards the second half of the year due to mine sequencing and
increased throughput with completion of the phase 1 expansion.
(1)(2)
97koz
YTD
12. www.guygold.com 12
Brownfields Exploration: Resource Additions at East Walcott
EWD099: 20m at 4.79g/t Au from 356m
EWD094: 23m @ 6.80g/t Au from 102m
‐150mRL
0mRL
‐300mRL
‐450mRL
RORY’S KNOLL
(Resource Extends to ‐
2000mRL)
EAST WALCOTT
(Open at Depth)
EWD‐27: 48m at 3.71g/t Au from 366m
EWD094: 21.4m @ 10.85g/t Au from 130.35m
EWD094: 44.8m at 9.09g/t Au from 205.4m
EWD095: 35.25m at 5.84g/t Au from 213.25m
EWD097: 12.7m at 6.33g/t Au from 141m
EWD099: 21.2m at 4.21g/t Au from 291m
EWD099: 14.2m at 3g/t Au from 378.8m
RKD‐51: 56m at 5.5g/t Au from 379m
EWD‐12: 37m at 7.49g/t Au from 300m
EWD‐60: 43m at 6.66g/t Au from 222m
EWD‐19: 7.35m at 12.77g/t Au from 124m
EWD‐19: 20.05m at 9.94g/t Au from 134.95m
Rory’s Knoll
Deposit
Interpreted High
Grade Ore
Shoots – East
Walcott
Historical
Exploration
Drilling
Intersections
2018 East Walcott
Drilling Program
Current Open Pit
Extent
Meters
0 150
13. www.guygold.com 13
Brownfields Exploration: Resource Additions at East Walcott
Meters
0 500
0mRL
‐500mRL
‐1000mRL
‐1500mRL
‐2000mRL
Current extent of
exploration drilling
in East Walcott
Approximate extent
of current LOM Plan
for Rory’s Knoll
SIGNIFICANT EXPLORATION
POTENTIAL DOWN‐PLUNGE
OF ORE SHOOTS
Rory’s Knoll
Deposit
Interpreted High
Grade Ore
Shoots – East
Walcott
Current Open
Pit Extent
EAST WALCOTT
(Open at Depth)
RORY’S KNOLL
(Resource Extends to ‐
2000mRL)
15. www.guygold.com 15
Symbol: TSX: GUY
Total Shares Outstanding 173,530,802
Options 5,949,179
Warrants 0
52 week: Hi/Lo C$5.42 / C$2.74
Market Cap (at C$ 2.97) C$510 million
Cash Balance (June 30, 2018) US$62 million
Debt (June 30, 2018) US$50 million
Top 5 Shareholders Shares %
The Baupost Group 23.7M 13.7%
Van Eck 19.1M 11.0%
Wellington Management 11.2M 6.5%
Franklin Resources (Templeton) 9.0M 5.2%
CI Investments 7.4M 4.3%
CORPORATE SNAPSHOT
16. www.guygold.com 16
Guyana is the only English speaking country in South America
British common law and secure tenure - part of the Commonwealth
Democratically elected government under parliamentary system
Long history of significant gold production:
Gold was the largest export of the country
Royalty:
5%: Gold price $1,000/oz or less
8%: Gold price $1,000/oz +
Corporate income tax:
27.5% with no withholding tax on interest payments
MINING FRIENDLY JURISDICTION & GOVERNMENT
18. www.guygold.com 18
Focus on health and safety of our employees, the well-being of our
community and the protection of the natural environment
Hiring in the region, giving priority to local communities:
96% are Guyanese nationals
Scholarship and job/skills training
Supporting local communities
Local sourcing of goods and services
Business opportunities
Participation in municipal development
Sustainable development initiatives in community
CSR AND SUSTAINABLE DEVELOPMENT
19. www.guygold.com 19
MINERAL RESERVES
As at December 31, 2017
Category
Quantity
(kt)
Grade
(g/t Au)
Ounces
(k Oz)
Proven
OP Saprolite 108 0.73 3
OP Rock 4,569 2.75 404
Total Proven 4,677 2.70 406
Probable
OP Saprolite 2,291 1.77 130
OP Rock 12,959 2.81 1,172
UG Rock 23,120 3.04 2,262
Total Probable 38,370 2.89 3,565
Total P&P 43,047 2.87 3,971
1. The CIM definitions were followed for mineral reserves.
2. Mineral Reserves are based on a gold price of US$1,200 per ounce, an 8% royalty and an average
metallurgical recovery of 96.0% for saprolite and 94.0% for fresh rock material.
3. Open pit saprolite and rock reserves are reported at a cut-off grade of 0.44 g/t Au and 0.42 g/t Au
for vein and upper saprolite material respectively. Open pit rock reserves are reported at a cut-off
grade of 0.76 g/t Au and 0.64 g/t Au for vein and Rory’s Knoll rock material respectively.
4. Underground fresh rock reserves are reported at a cut-off grade of 1.5 g/t Au.
5. Mineral reserves are contained within mineral resources.
6. All figures have been rounded to reflect the relative accuracy of the estimates. Numbers may not
add due to rounding
7. The mineral reserve estimate was prepared by Tysen Hantelmann, P.Eng. and Gord Doerksen,
P.Eng of JDS Mining and both are a “qualified person” under National Instrument 43-101.
20. www.guygold.com 20
MINERAL RESOURCES
As at December 31, 2017
Category
Quantity
(kt)
Grade
(g/t Au)
Ounces
(k Oz)
Measured
OP Saprolite 108 0.73 3
OP Rock 4,728 2.91 442
Total Measured 4,836 2.86 445
Indicated
OP Saprolite 1,404 0.93 42
OP Rock 20,901 2.60 1,747
UG Rock 30,060 3.91 3,780
Total Indicated 52,365 3.31 5,569
Total M + I 57,201 3.27 6,014
Inferred
OP Saprolite 1,939 0.91 57
OP Rock 2,581 1.93 161
UG Rock 11,810 4.12 1,560
Total Inferred 16,330 3.39 1,777
1. The CIM definitions were followed for mineral resources.
2. Mineral resources are inclusive of mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
3. All figures have been rounded to reflect the relative accuracy of the estimates. Number may not add due to rounding.
4. Open pit mineral resources are reported at a cut-off grade of 0.30 g/t for Saprolite and 0.40 g/t for Fresh rock respectively, and underground mineral resources are reported at a cut-off grade of 1.8 g/t. Cut-off
grades are based on a price of US$1,300 per ounce of gold and a gold recoveries of 97 percent for saprolite and 94.5 percent for fresh material.
5. Mineral resources have been adjusted using the 2017 EOY topography, to account for open pit mining to date, and include ore stockpile inventories as of EOY 2017.
6. The qualified person is not aware of any mining, metallurgical, infrastructure, permitting, or other factors that could materially affect the mineral resource estimates.
7. The mineral resource estimate for Rory’s Knoll was prepared under the supervision of Tim Maunula, of T. Maunula & Associates Consulting Ltd. Mr. Maunula is a “qualified person” under NI 43-101 and
is independent of the Company. The mineral resource estimate for the satellites was prepared under the supervision of Daniel Noone of Guyana Goldfields Inc. Mr. Noone is a “qualified person” under
National Instrument 43-101.
23. www.guygold.com 23
BOARD & SENIOR OFFICERS
Alan Ferry
Director
Geologist that has been Involved in the investment industry for over 28 years as a mining
analyst and a mining corporate finance specialist.
Patrick Sheridan Jr.
Founder, Director
Over 25 years of experience in the mining industry
Has actively explored in Guyana since 1996 and is the founder of Guyana Goldfields and lead the
discovery of the Aurora and Sulphur Rose deposits
Scott A. Caldwell
President & CEO
and Director
Mining engineer with 35+ years experience building and operating gold and base metal mines worldwide
Former President, CEO and Director of Allied Nevada Gold Corp. from 2006 - 2013
Michael Richings
Director
40+ years of development and operational experience in the resource sector. Mr. Richings is currently
the Chairman of the Board for Vista Gold, where he also served as CEO from 2007 to 2012
Rene Marion
Non Executive
Chairman, Director
25+ years of diversified management and senior technical experience with resource industry
expertise in operations, mineral exploration, and mine development, along with a successful
history of corporate development.
Wendy Kei
Director
Chartered Professional Accountant and previously served as CFO of Dominion Diamond Corporation
(formerly Harry Winston).
Jean-Pierre Chauvin
Director
40+ years of combined experience in mining operations and construction management.
David Beatty
Director
25+ years of financial capital markets and resource management experience.
Ron Stewart
SVP, Technical
Services & Corp. Dev
30 years of international experience in exploration, project development, operations and capital markets
Paul J. Murphy
Executive VP,
Finance & CFO
Over 40 years of financial experience and former Head of PricewaterhouseCoopers LLP Western’s
World Mining Practice
24. www.guygold.com 24
Scientific and Technical Information
The compilation of the Optimized LOM Plan was completed by Tysen Hantelmann, P.Eng. and Gord Doerksen, P.Eng of JDS Mining. By
virtue of their education, membership to a recognized professional association and relevant work experience, Tysen Hantelmann and
Gord Doerksen are independent Qualified Persons as defined by National Instrument 43-101 and have reviewed, approved and verified
the technical content of this news release.
The mineral reserve estimates were prepared under the supervision of Tysen Hantelmann, P.Eng. and Gord Doerksen, P.Eng of JDS
Mining. Mr. Hantelmann and Mr. Doerksen are a “qualified person” under NI 43-101 and is independent of the Company. The mineral
resource estimate for Rory’s Knoll was prepared under the supervision of Tim Maunula, of T. Maunula & Associates Consulting. Mr.
Maunula is a “qualified person” under NI 43-101 and is independent of the Company. The mineral resource estimates for the satellite
deposits was prepared under the supervision of Danial Noone of Guyana Goldfields Inc. Daniel Noone is a “qualified person” under
National Instrument 43-101 and has also reviewed the contents of this press release.
Securities Laws
This presentation does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such
would be prohibited. This presentation is not an offer to sell, or a solicitation of an offer to purchase, any securities in the United States.
The securities referred to in this presentation will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in
the United States except pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933 and applicable
state securities laws.
The information contained in this presentation does not and is not intended to constitute a "valuation," "formal valuation," "appraisal,"
"prior valuation," or a "report, statement or opinion of an expert" for purposes of any securities legislation in Canada or otherwise.
Currency
Unless otherwise indicated, all dollar values herein are in United States dollars.
SCIENTIFIC, TECHNICAL AND SECURITIES INFORMATION
