The document describes three development options for the Caspiche gold-copper project in Chile. Option 1 involves a standalone heap leach operation to extract 1.7 million ounces of gold from the oxide resource over 10 years. Option 2 adds an open pit mine and processing of both oxide and sulphide ores over 18 years, producing 4.9 million ounces of gold equivalent. Option 3 involves underground mining of the higher grade core in addition to the open pit, extending the mine life to 42 years and total production to 14.2 million ounces of gold equivalent. All options show positive economics, with Option 3 having the highest NPV and longest payback period.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, and is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, and Felix Gold.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, and is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, and Felix Gold.
Sonoro Gold is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora state, Mexico. The company has highly experienced operational and management teams with proven records for the discovery and development of natural resource deposits.
Sonoro Gold is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora state, Mexico. The company has highly experienced operational and management teams with proven records for the discovery and development of natural resource deposits.
Based in Vancouver, BC, NorthIsle Copper and Gold currently owns one of the most promising copper gold porphyry deposits in Canada. Located on northern Vancouver Island, the North Island Project’s access to pre-existing infrastructure in a mining-friendly community makes it one of the most attractive copper development stories in Canada.
Northisle recently completed an updated PEA for its 100% owned North Island Project and is advancing towards a pre-feasibility study.
North Arrow Minerals Corporate Overview - May24, 2017narminerals
An overview of North Arrow Minerals' projects with a focus on the 100% owned Naujaat Project and Mel Diamond Projects. Other active projects touched upon include the Lac de Gras and Loki Projects in the Lac de Gras region, the Pikoo Project in SK, and the Hope Bay Oro Gold Project, on strike from the Doris Mine in NU.
Sonoro Gold is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora state, Mexico. The company has highly experienced operational and management teams with proven records for the discovery and development of natural resource deposits.
Sonoro Gold is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora state, Mexico. The company has highly experienced operational and management teams with proven records for the discovery and development of natural resource deposits.
Based in Vancouver, BC, NorthIsle Copper and Gold currently owns one of the most promising copper gold porphyry deposits in Canada. Located on northern Vancouver Island, the North Island Project’s access to pre-existing infrastructure in a mining-friendly community makes it one of the most attractive copper development stories in Canada.
Northisle recently completed an updated PEA for its 100% owned North Island Project and is advancing towards a pre-feasibility study.
North Arrow Minerals Corporate Overview - May24, 2017narminerals
An overview of North Arrow Minerals' projects with a focus on the 100% owned Naujaat Project and Mel Diamond Projects. Other active projects touched upon include the Lac de Gras and Loki Projects in the Lac de Gras region, the Pikoo Project in SK, and the Hope Bay Oro Gold Project, on strike from the Doris Mine in NU.
Excelsior Gold (ASX:EXG) Investor Presentation July 2014Symposium
Excelsior Gold (ASX:EXG) presentation at Symposium's Investor Roadshow in Sydney and Melbourne to over 250 attendees, July 2014. Presentation was delivered by EXG's Managing Director, David Hamlyn.
SAC Updated December 2011 Corporate Presentationsoamsilver
South American Silver's December 2011 Corporate Presentation. Learn about the Malku Khota silver, indium and gallium project in Bolivia and the Escalones copper, gold, silver project in Chile.
Is AI-Generated Content the Future of Content Creation?Cut-the-SaaS
Discover the transformative power of AI in content creation with our presentation, "Is AI-Generated Content the Future of Content Creation?" by Puran Parsani, CEO & Editor of Cut-The-SaaS. Learn how AI-generated content is revolutionizing marketing, publishing, education, healthcare, and finance by offering unprecedented efficiency, creativity, and scalability.
Understanding
AI-Generated Content:
AI-generated content includes text, images, videos, and audio produced by AI without direct human involvement. This technology leverages large datasets to create contextually relevant and coherent material, streamlining content production.
Key Benefits:
Content Creation: Rapidly generate high-quality content for blogs, articles, and social media.
Brainstorming: AI simulates conversations to inspire creative ideas.
Research Assistance: Efficiently summarize and research information.
Market Insights:
The content marketing industry is projected to grow to $17.6 billion by 2032, with AI-generated content expected to dominate over 55% of the market.
Case Study: CNET’s AI Content Controversy:
CNET’s use of AI for news articles led to public scrutiny due to factual inaccuracies, highlighting the need for transparency and human oversight.
Benefits Across Industries:
Marketing: Personalize content at scale and optimize engagement with predictive analytics.
Publishing: Automate content creation for faster publication cycles.
Education: Efficiently generate educational materials.
Healthcare: Create accurate content for patients and professionals.
Finance: Produce timely financial content for decision-making.
Challenges and Ethical Considerations:
Transparency: Disclose AI use to maintain trust.
Bias: Address potential AI biases with diverse datasets.
SEO: Ensure AI content meets SEO standards.
Quality: Maintain high standards to prevent misinformation.
Conclusion:
AI-generated content offers significant benefits in efficiency, personalization, and scalability. However, ethical considerations and quality assurance are crucial for responsible use. Explore the future of content creation with us and see how AI is transforming various industries.
Connect with Us:
Follow Cut-The-SaaS on LinkedIn, Instagram, YouTube, Twitter, and Medium. Visit cut-the-saas.com for more insights and resources.
Digital Commerce Lecture for Advanced Digital & Social Media Strategy at UCLA...Valters Lauzums
E-commerce in 2024 is characterized by a dynamic blend of opportunities and significant challenges. Supply chain disruptions and inventory shortages are critical issues, leading to increased shipping delays and rising costs, which impact timely delivery and squeeze profit margins. Efficient logistics management is essential, yet it is often hampered by these external factors. Payment processing, while needing to ensure security and user convenience, grapples with preventing fraud and integrating diverse payment methods, adding another layer of complexity. Furthermore, fulfillment operations require a streamlined approach to handle volume spikes and maintain accuracy in order picking, packing, and shipping, all while meeting customers' heightened expectations for faster delivery times.
Amid these operational challenges, customer data has emerged as an important strategy. By focusing on personalization and enhancing customer experience from historical behavior, businesses can deliver improved website and brand experienced, better product recommendations, optimal promotions, and content to meet individual preferences. Better data analytics can also help in effectively creating marketing campaigns, improving customer retention, and driving product development and inventory management.
Innovative formats such as social commerce and live shopping are beginning to impact the digital commerce landscape, offering new ways to engage with customers and drive sales, and may provide opportunity for brands that have been priced out or seen a downturn with post-pandemic shopping behavior. Social commerce integrates shopping experiences directly into social media platforms, tapping into the massive user bases of these networks to increase reach and engagement. Live shopping, on the other hand, combines entertainment and real-time interaction, providing a dynamic platform for showcasing products and encouraging immediate purchases. These innovations not only enhance customer engagement but also provide valuable data for businesses to refine their strategies and deliver superior shopping experiences.
The e-commerce sector is evolving rapidly, and businesses that effectively manage operational challenges and implement innovative strategies are best positioned for long-term success.
Videos are more engaging, more memorable, and more popular than any other type of content out there. That’s why it’s estimated that 82% of consumer traffic will come from videos by 2025.
And with videos evolving from landscape to portrait and experts promoting shorter clips, one thing remains constant – our brains LOVE videos.
So is there science behind what makes people absolutely irresistible on camera?
The answer: definitely yes.
In this jam-packed session with Stephanie Garcia, you’ll get your hands on a steal-worthy guide that uncovers the art and science to being irresistible on camera. From body language to words that convert, she’ll show you how to captivate on command so that viewers are excited and ready to take action.
AI-Powered Personalization: Principles, Use Cases, and Its Impact on CROVWO
In today’s era of AI, personalization is more than just a trend—it’s a fundamental strategy that unlocks numerous opportunities.
When done effectively, personalization builds trust, loyalty, and satisfaction among your users—key factors for business success. However, relying solely on AI capabilities isn’t enough. You need to anchor your approach in solid principles, understand your users’ context, and master the art of persuasion.
Join us as Sarjak Patel and Naitry Saggu from 3rd Eye Consulting unveil a transformative framework. This approach seamlessly integrates your unique context, consumer insights, and conversion goals, paving the way for unparalleled success in personalization.
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
The Forgotten Secret Weapon of Digital Marketing: Email
Digital marketing is a rapidly changing, ever evolving industry--Influencers, Threads, X, AI, etc. But one of the most effective digital marketing tools is also one of the oldest: Email. Find out from two Houston-based digital experts how to maximize your results from email.
Key Takeaways:
Email has the best ROI of any digital tactic
It can be used at any stage of the customer journey
It is increasingly important as the cookie-less future gets closer and closer
A.I. (artificial intelligence) platforms are popping up all the time, and many of them can and should be used to help grow your brand, increase your sales and decrease your marketing costs.In this presentation:We will review some of the best AI platforms that are available for you to use.We will interact with some of the platforms in real-time, so attendees can see how they work.We will also look at some current brands that are using AI to help them create marketing messages, saving them time and money in the process. Lastly, we will discuss the pros and cons of using AI in marketing & branding and have a lively conversation that includes comments from the audience.
Key Takeaways:
Attendees will learn about LLM platforms, like ChatGPT, and how they work, with preset examples and real time interactions with the platform. Attendees will learn about other AI platforms that are creating graphic design elements at the push of a button...pre-set examples and real-time interactions.Attendees will discuss the pros & cons of AI in marketing + branding and share their perspectives with one another. Attendees will learn about the cost savings and the time savings associated with using AI, should they choose to.
Short video marketing has sweeped the nation and is the fastest way to build an online brand on social media in 2024. In this session you will learn:- What is short video marketing- Which platforms work best for your business- Content strategies that are on brand for your business- How to sell organically without paying for ads.
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
Mastering Multi-Touchpoint Content Strategy: Navigate Fragmented User JourneysSearch Engine Journal
Digital platforms are constantly multiplying, and with that, user engagement is becoming more intricate and fragmented.
So how do you effectively navigate distributing and tailoring your content across these various touchpoints?
Watch this webinar as we dive into the evolving landscape of content strategy tailored for today's fragmented user journeys. Understanding how to deliver your content to your users is more crucial than ever, and we’ll provide actionable tips for navigating these intricate challenges.
You’ll learn:
- How today’s users engage with content across various channels and devices.
- The latest methodologies for identifying and addressing content gaps to keep your content strategy proactive and relevant.
- What digital shelf space is and how your content strategy needs to pivot.
With Wayne Cichanski, we’ll explore innovative strategies to map out and meet the diverse needs of your audience, ensuring every piece of content resonates and connects, regardless of where or how it is consumed.
10 Video Ideas Any Business Can Make RIGHT NOW!
You'll never draw a blank again on what kind of video to make for your business. Go beyond the basic categories and truly reimagine a brand new advanced way to brainstorm video content creation. During this masterclass you'll be challenged to think creatively and outside of the box and view your videos through lenses you may have never thought of previously. It's guaranteed that you'll leave with more than 10 video ideas, but I like to under-promise and over-deliver. Don't miss this session.
Key Takeaways:
How to use the Video Matrix
How to use additional "Lenses"
Where to source original video ideas
How to Use AI to Write a High-Quality Article that Ranksminatamang0021
In the world of content creation, many AI bloggers have drifted away from their original vision, resulting in low-quality articles that search engines overlook. Don't let that happen to you! Join us to discover how to leverage AI tools effectively to craft high-quality content that not only captures your audience's attention but also ranks well on search engines.
Disclaimer: Some of the prompts mentioned here are the examples of Matt Diggity. Please use it as reference and make your own custom prompts.
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
5 big bets to drive growth in 2024 without one additional marketing dollar AND how to adapt to the biggest shifting eCommerce trend- AI.
1) Romance Your Customers - Retention
2) ‘Alternative’ Lead Gen - Advocacy
3) The Beautiful Basics - Conversion Rate Optimization
4) Land that Bottom Line - Profitability
5) Roll the Dice - New Business Models
1. ONE OF THE WORLD’S SIGNIFICANT GOLD OXIDE/GOLD-COPPER
PROJECTS
TSX: XRC
NYSE MKT: XRA
www.exeterresource.com
Caspiche
2. Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission (“SEC”) permits mining
companies in their filings with the SEC to disclose only those mineral deposits that a company can economically and
legally extract or produce. We use certain terms in this presentation, such as “inferred resource”, that the SEC
guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged to consider closely the
disclosure contained in our annual report on Form 20. You can review and obtain copies of our filings from the SEC’s
website at
http://www.sec.gov/edgar.shtml.
This document and the information contained in it do not constitute a prospectus and do not form any part of an offer
of, or invitation to apply for, securities in any jurisdiction. Potential investors should not rely solely on the information
contained herein prior to making any investment decision. Investors should seek independent advice from a qualified
finance and investment advisor, giving due regard to their own personal circumstances, prior to forming any
investment decision.
Safe Harbour Statement - This presentation may contain certain “forward-looking statements” within the meaning of
the United States Private Securities Litigation Reform Act of 1995. These statements reflect our current belief and are
based upon currently available information. Actual results could differ materially from those described in this
presentation as a result of numerous factors, some of which are outside of the control of Exeter.
Many of the assay results and the economic analysis presented are preliminary and may not be accurate due to various
factors, including but not limited to sample recoveries, true widths and interpretations.
Wendell Zerb, Exeter´s President & CEO and a “qualified person” (“QP”) within the definition of that term in National
Instrument 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information
in this presentation.
Cautionary Statement
2
3. • A Track Record of Success
- Three significant mineral discoveries in the last decade
- Spun out Extorre to shareholders on a 1-to-1 basis (2010)
- was taken over by for C$414M or C$4.26/share (2012)
• Control 100% of Caspiche
- M&I Mineral Resources1: Oxides 1.7 Moz AuEq, Sulphides 37.9 Moz AuEq
- Unique: gold oxide, higher grade gold/copper core, large scale gold/copper
- Stable Mining Jurisdiction - Chile
• Directing Re-valuation
- Low Capex start up options2, strong economics
- Caspiche sufficiently advanced to fast track development decisions
- Fundamentally and comparatively undervalued
- Favorable timing for select gold equities
• Cash of C$19 million. No Debt.
Why Invest in Exeter?
3
The foundation for success : Track Record, Unique Asset, Cash
1 See mineral Resources slide for details: Oxide M&I 122 MT @ 0.43 g/t Au, 1.58 g/t Ag; Sulphide M&I 1,282 MT @ 0.52 g/t Au, 0.20% Cu, 1.17 g/t Ag.
2 See Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
4. Capital Structure
4
Capital Structure
(as of August 1, 2016)
Common Shares
Outstanding
88.6M
Options 7.2M
Fully Diluted 95.9M
Avg. Daily
Volume
NYSE MKT: 333k
TSX: 92k
Cash C$19M
Shareholders
Management and Insiders: 8%
Institutions: 33%
Retail: 59%
Analyst Coverage
TD Securities
Mr. Daniel Earle
daniel.earle@tdsecurities.com
1.416.308.7906
5. Management and Board of Directors
5
Yale Simpson Co-Chairman
Bryce Roxburgh Co-Chairman
Rob Reynolds Director
Julian Bavin Director
John Simmons Director
President/CEO Wendell Zerb, P. Geol
Geologist/Capital
Markets – 29 yrs
CFO Cecil Bond CA – 30 yrs
Exploration Matthew Williams – Exploration Manager, Americas Geologist – 24 yrs
Development Jerry Perkins – VP Development & Operations Metallurgist – 40 yrs
Matthew Dorman – Study Director Engineer – 29 yrs
Gonzalo Damond – Commercial Manager Engineer – 21 yrs
Corporate Rob Grey – VP Corporate Communications IR – 17 yrs
Strong Board of Directors Experienced Management Team
6. Low Geopolitical Risk - Chile
6
Chile: a mining friendly, politically stable, OECD nation
The Fraser Institute’s 2015 survey on overall risk (PPI*)
placed Chile 26 out of 109 mining jurisdictions and
#1 in South America. (22nd out of 122 mining jurisdictions in 2014)
• World’s largest exporter of
copper.
• Consistently ranked as one
of the top places
to mine in the world
& the #1 place to mine
in South America.
• Clear regulations,
transparency, well-
established legal system.
• Skilled labour force.
• Many large mines
permitted: Escondida,
Andacollo, Cerro Casale.
*PPI or Policy Perception Index: measures the overall attractiveness of the mining jurisdictions surveyed. It includes uncertainties surrounding administration
of current regulations, environmental regulations, legal systems and taxation regimes, infrastructure, labour and skills availability, and security issues.
Source: Fraser Institute 2015 & Exeter Resource Corp.
0 10 20 30 40 50 60 70 80 90 100
Ivory Coast
California
Northwest Territories
Dominican Republic
Uruguay
Peru
Nunavut
Fiji
Ghana
New South Wales
Kazakhstan
France
Ethiopia
Mexico
Bulgaria
Turkey
Burkina Faso
Victoria
Eritrea
British Columbia
Washington
Yukon
New Mexico
Montana
Colorado
Spain
Tasmania
Poland
Queensland
Ontario
New Zealand
Namibia
Minnesota
Serbia
Chile
Greenland
Morocco
Alaska
Quebec
Northern Territory
South Australia
Idaho
Michigan
Nova Scotia
Arizona
Newfl. & Labrad.
Botswana
Manitoba
Norway
Utah
Portugal
New Brunswick
Western Australia
Alberta
Nevada
Finland
Saskatchewan
Sweden
Wyoming
Ireland
Chart includes top 60 out of 109 jurisdictions.
7. Caspiche - Strategically Located
7
Port and Desalination
Facilities
Cardones Power
Substation
-2X500kV expansion in
2017
Candelaria Mine
Copiapo Airport
Caspiche
Maricunga
Mine
Cerro Casale
Exeter’s Peñas Blancas
groundwater discovery
min 400 L/s
Aguas Chañar- Industrial water
Lundin Punta Padrones
500 L/s
Cap Minera Punta Totoralillo
400 L/s expandable to 600 L/s
La Coipa Mine
50 KmAll weather access road
Existing power cooridor
3rd party pipeline route
Potential water pipeline route Caserones Mine
Paipote Cu Smelter
3rd party groundwater rights
Volcan
Marte
Lobo
Cerro Maricunga
Esperanza
8. Material Class Tonnes (Mt) Au (g/t) Cu (%) Ag (g/t) AuEq1 (g/t) AuEq2 (M oz)
Oxide Measured 65.9 0.46 - 1.55 0.46 1.0
Oxide Indicated 55.6 0.39 - 1.63 0.40 0.7
Total Oxide M & I 121.5 0.43 - 1.58 0.43 1.7
Sulphide Measured 554.2 0.58 0.23 1.16 1.02 18.3
Sulphide Indicated 727.9 0.48 0.18 1.17 0.84 19.6
Total Sulphide M & I 1,282.1 0.52 0.20 1.17 0.92 37.9
Total M & I 1,403.6 0.51 0.19 1.20 0.88 39.6
Mineral Resources
8
*The economic analysis contained in the PEA is considered preliminary in nature. There is no certainty that economic forecasts outlined in the PEA will be realized.
1
PAu and PCu are the Au and Cu prices (US$1,150/oz and US$2.50/lb, respectively), and RAu and RCu are the Au and Cu projected metallurgical recoveries, 65% and 85%, respectively for
sulphide material and 78% for Au oxide material.
2 AuEq (M oz) = resource tonnes * AuEq1
3
PAu, PAg and PCu are the gold, silver and copper prices (1,250 US$/oz, 15US$/oz. and 2.75 US$/lb, respectively). RAu and RCu are the Au and Cu projected metallurgical recoveries based on
a number of S % thresholds. For additional information see Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
Material Class Tonnes (Mt) Au (g/t) Cu (%) Ag (g/t) AuEq3 (g/t)
Sulphide Measured 378.6 0.71 0.30 1.30 1.28
Sulphide Indicated 431.6 0.64 0.27 1.40 1.16
Total Sulphide M & I 810.2 0.67 0.29 1.35 1.22
The oxide and sulphide materials were reported above cut-offs of 0.18 g/t AuEq and 0.30 g/t AuEq, respectively:
Mineral Resources underground operation cut-off grade of 0.75 g/t AuEq3 :
The April 2012 Mineral Resource formed the basis for the 2014 PEA
%
%
/$
/$
/000,10/06857.0
%
%
/$
/$
%//
Au
Ag
Au
Ag
Au
Cu
Au
Cu
R
R
ozP
ozP
tgAgozlbg
R
R
ozP
lbP
CutgAutgAuEq
%
%
/$
/$
/000,10/06857.0
%
%
/$
/$
%//
Au
Ag
Au
Ag
Au
Cu
Au
Cu
R
R
ozP
ozP
tgAgozlbg
R
R
ozP
lbP
CutgAutgAuEq
9. 9
EXETER
Caspiche: Cross Section - Gold Values
BARRICK - KINROSS
Cerro Casale: Cross Section - Gold Values
Caspiche Not Just Big – Scaleable Options
Caspiche near surface gold oxide, cohesive higher grade gold-copper core.
10. Caspiche Level Plan Gold Values
10
1640 feet (500m)
985 feet (300m)
Higher Grade
Core
Diorite Porphyry
500m (1640 feet)
300m (985 feet)
Higher Grade Core
is large in scale
Diorite Porphyry
Au g/t
Au g/t
Higher Grade core
510 Mt grading
0.80 g/t Au, 0.33% Cu
hosting 23.5 M oz AuEq1
1 Using 1 g/t AuEq cutoff, See Mineral Resources slide and Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project.
Effective date April 30, 2014.
11. Recent Development Options1 for Caspiche
11
Option 2 and 3:
Combined Oxide Gold/Sulphide Gold-Copper
-Low cost Pit extension/Higher grade UG core
-Low initial capex with additional capital
deferred and supplemented by cash flow
-Compelling economics
-LOM AuEq production 4.9 to 14.1 million oz
Option 1:
Standalone Heap Leach Oxide Gold
-M&I Resources* 1.7 million oz AuEq
-Low Capex
-Low Strip ratio 0.27:1
-Favorable Leach Kinetics
Focusing on higher grade and lower CAPEX, utilizing cash flow to finance future CAPEX.
Thinking big now means starting smaller…
*Refer to the Mineral Resources slide for details.
1 See Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
The 2014 Preliminary Economic Assessment uses a discount rate of 5% and commodity prices of US$1,300/oz Au, US$20/oz Ag, and US$3.00/lb Cu.
12. Option 1: Option 2: Option 3:
Item Unit
30,000 tpd standalone
oxide
Combined: 60,000 tpd oxide;
27,000 tpd Sulphide (open pit)
commencing in year 6
Combined: 60,000 tpd oxide;
27,000 tpd Sulphide (underground)
commencing in year 3
Mine life years 10 18 42
Annual average AuEq* Prod. oz 122,000 289,000 344,000
LOM Production AuEq oz M 1.27 4.9 14.2
Pre-tax
NPV @ 5% US$ M 355 967 1,636
IRR % 34.7% 27.2% 20.0%
Payback Period years 3.4 6.1 7.7
After-tax 27%
NPV @ 5% US$ M 252 656 1,144
IRR % 28.5% 21.1% 16.7%
Payback Period years 3.6 6.8 8.1
Capex Summary
Initial Capex US$ M 251 371 387
LOM Sustaining Capex US$ M 93 926 1,580
Total Capex US$ M 343 1,297 1,967
Capital Utilization per AuEq* oz US$ 270 264 139
Opex Summary
Unit Total Opex Processed US$ / t 6.5 9.4 20.1
Cash Cost
Cash Cost - AuEq US$ / oz 546 486 649
Total Cash Cost - AuEq* US$ / oz 589 551 709
All in Sustaining Cash cost AuEq* US$ / oz 676 752 828
C1 Cash Cost - CuEq* US$ / lb n/a 1.31 1.77
Three options for the development of Caspiche
12
1.The 2014 Preliminary Economic Assessment uses a discount rate of 5% and commodity prices of US$1300/oz Au, US$20/oz Ag, and US$3.00/lb Cu. The economic analysis
contained in the PEA is considered preliminary in nature. There is no certainty that economic forecasts outlined in the PEA will be realized.
*Gold equivalent (AuEq) value is based on gold, silver and copper revenues (prices and recoveries involved). AuEq [troy oz] = [Au g/t * Rec Au * throughput tonnes] / 31.1 + [Ag
g/t * Rec Ag * throughput tonnes] / 31.1 * silver price troy oz / gold price troy oz + [[Cu% * Rec Cu * throughput tonnes] * 2204] * copper price lbs / gold price troy oz.
Recoveries are adjusted based on metallurgical characteristic of the resource. For Resource estimations assumed prices are $1250/oz Au, $15/oz Ag and $2.75/lb for Cu. CuEq
formula accounts for Au and Ag oz converted to lbs Cu.
13. Project La India Amulsar Coffee**
Cerro
Maricunga
El Castillo Bombore Karma* Caspiche1
Company Agnico Eagle Lydian Kaminak
Atacama
Pacific
Argonaut Orezone True Gold Exeter
Location Mexico Armenia Yukon Chile Mexico Burkina Faso Burkina Faso Chile
Market Cap ($M) $16,980 $306 $500 $62 $566 $180 $267 $158
Cash on Hand ($M) $611 $157 $33 $1 $65 $36 $7 $19
EV ($M) $17,769 $150 $467 $61 $501 $145 $261 $138
Reserves/Resources
(tonnes & Au grade)
P&P: 27 MT
@ 0.87 g/t
P&P: 96.7 MT
@ 0.78 g/t
P&P: 46.4 MT
@1.45 g/t
P&P: 294 MT @
0.40 g/t
P&P: 105 MT @
0.36 g/t
P&P: 60 MT @
0.76 g/t
P&P: 33 MT
@ 0.89 g/t
M&I: 124 MT @
0.43 g/t
AuEq Ounces 0.76 Moz 2.4 Moz 2.2 Moz 3.7 Moz 1.2 Moz 1.5 Moz 0.9 Moz 1.7 Moz
Mine Life (years) 7 10 10 13 11 11 9 10
Throughput (tpd) 16,000 27,000 92,000 80,000 35,000 15,000 11,000 30,000
AuEq Production (oz/yr) 90,000 211,000 1184,00000 228,000 85,000 116,000 92,000 122,000
CAPEX (initial) (US$M) $158 $370 $247 $399 n/a $250 $132 $251
Gold Price (US$/oz) $1,379 /oz $1,150 /oz $1,150 /oz $1,350/oz $1,000 /oz $1,250/oz $1,250/oz $1,250 /oz
NPV5% (after-tax) (US$M) $207 $338 $355 $409 $257 $196 $199 $243
IRR (after-tax) 31% 22% 37% 25% n/a 24% 46% 27%
Total Cash Costs (US$/oz) $426 /oz $509 /oz $481/ oz $864 / oz $628 /oz $603/oz $630/oz $589 /oz
Strip Ratio 1.00 2.40 5.70 1.76 0.90 1.07 2.43 0.27
Crush Size (inches) 0.98 0.75 2.00 0.75 0.74 0.98 2.00 1.96
Gold Recovery Rate (%) 80% 87% 86% 79% 70% 87% 87% 80%
Comparable Oxide Gold Heap Leach Projects
13
1See Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014. 20% tax rate used as a comparative.
2Share prices as of July 29, 2016; financials as of Q1 or Q2, 2016 or inclusive of recent closed financings. All amounts in C$ unless stated as US$.
*True Gold Mining Inc. merger with Endeavour Mining completed. True Gold shares delisted as of April 27, 2016. Data as of April 27, 2016.
** Kaminak Gold Corp. merger with GoldCorp completed. Kaminak Gold shares delisted as of July 21, 2016. Data as of July 21, 2016.
14. Final Oxide Metallurgical Test work
14
• Recently completed metallurgical test work suggests previously estimated heap leach
recoveries of approximately 80%, used in the 2014 PEA1, are conservative.
• Confidence levels approaching final feasibility requirements.
• Most important, high recoveries in the first six years of the mine plan also corresponds
with the highest grades in the mine plan.
• Metallurgical projections estimate heap leach cyanide consumptions averaging about
0.4 kg/tonne.
• Potential: Higher project value, faster payback, greater confidence.
1See Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
For additional information refer to Exeter news release November 12, 2014.
Feed Size Head Grade Extraction Reagents
Composite P80 mm g/t Au g/t Ag % Au % Ag kg/t NaCN kg/t Lime
Mineralized Gravel -38 0.74 7.6 78.4 32.9 1.27 2.6
Years 1 & 2 (1 test ) -50 0.66 1.1 93.9 90.9 1.25 4.8
Years 3 & 4 -50 0.81 1.4 87.7 62.5 1.29 4.8
Years 5 & 6 -50 0.33 0.9 84.6 50.0 1.06 6.0
Years 7 & 8 -50 0.37 0.8 78.4 38.1 0.97 4.7
Years 9 & 10 -50 0.63 0.4 79.2 50.0 0.82 3.2
Other material -50 0.47 2.1 83.0 57.1 0.89 5.0
15. Option 1: Option 2: Option 3:
Item Unit
30,000 tpd standalone
oxide
Combined: 60,000 tpd oxide;
27,000 tpd Sulphide (open pit)
commencing in year 6
Combined: 60,000 tpd oxide;
27,000 tpd Sulphide (underground)
commencing in year 3
Mine life years 10 18 42
Annual average AuEq* Prod. oz 122,000 289,000 344,000
LOM Production AuEq oz M 1.27 4.9 14.2
Pre-tax
NPV @ 5% US$ M 355 967 1,636
IRR % 34.7% 27.2% 20.0%
Payback Period years 3.4 6.1 7.7
After-tax 27%
NPV @ 5% US$ M 252 656 1,144
IRR % 28.5% 21.1% 16.7%
Payback Period years 3.6 6.8 8.1
Capex Summary
Initial Capex US$ M 251 371 387
LOM Sustaining Capex US$ M 93 926 1,580
Total Capex US$ M 343 1,297 1,967
Capital Utilization per AuEq* oz US$ 270 264 139
Opex Summary
Unit Total Opex Processed US$ / t 6.5 9.4 20.1
Cash Cost
Cash Cost - AuEq US$ / oz 546 486 649
Total Cash Cost - AuEq* US$ / oz 589 551 709
All in Sustaining Cash cost AuEq* US$ / oz 676 752 828
C1 Cash Cost - CuEq* US$ / lb n/a 1.31 1.77
Three options for the development of Caspiche
15
1.The 2014 Preliminary Economic Assessment uses a discount rate of 5% and commodity prices of US$1300/oz Au, US$20/oz Ag, and US$3.00/lb Cu. The economic analysis
contained in the PEA is considered preliminary in nature. There is no certainty that economic forecasts outlined in the PEA will be realized.
*Gold equivalent (AuEq) value is based on gold, silver and copper revenues (prices and recoveries involved). AuEq [troy oz] = [Au g/t * Rec Au * throughput tonnes] / 31.1 + [Ag
g/t * Rec Ag * throughput tonnes] / 31.1 * silver price troy oz / gold price troy oz + [[Cu% * Rec Cu * throughput tonnes] * 2204] * copper price lbs / gold price troy oz.
Recoveries are adjusted based on metallurgical characteristic of the resource. For Resource estimations assumed prices are $1250/oz Au, $15/oz Ag and $2.75/lb for Cu. CuEq
formula accounts for Au and Ag oz converted to lbs Cu.
16. Staged Development - Capital Advantage
16
1. Capital requirements funded from cash flow were calculated using a 20% tax rate, US$1,300/oz Au, US$3.00/lb Cu, and US$20/oz Ag.
17. Staged Development - Capital Advantage
171. Capital requirements funded from cash flow were calculated using a 20% tax rate, US$1,300/oz Au, US$3.00/lb Cu, and US$20/oz Ag.
18. 18
“Be fearful when others are greedy
Be greedy when others are fearful”
Warren Buffet
26. Arizona Star share price performance
26Source: Exeter Resource Corporation
Arizona Star (controlled 51% of Cerro Casale) share price suffered badly post discovery phase and with the
down turn of the bullion price in the late 1990’s and early 2000’s. Starting in 2002, with a new rising trend in
bullion its share price appreciated from C$0.50 to its takeover value of C$18.00 per share, or $773 million.
250
350
450
550
600
Trending Gold Price US$
27. Gold Equivalent Resources to Mkt Cap
27
1 See Mineral Resources slide and Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
The economic analysis contained in the PEA is considered preliminary in nature. There is no certainty that economic forecasts outlined in the PEA will be realized.
*Gold Equiv M oz (AuEq) Resource tonnes * [Au g/t + {Cu % * Cu price lbs/Au Price troy oz *0.06857 g lb/oz *10000} + Ag g/t * Ag price troy oz/Au price troy oz].
Novagold* 50% share of Donlin and Galore.
Reservoir** 45% interest assumed.
Pricing as of July 11, 2016.
Massively Undervalued
Gold Resources
28. Undeveloped Gold and Gold-Copper Projects
28
1 See Mineral Resources slide and Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
Gold equivalent (AuEq) AuEq g/t = Au g/t + (Cu % * Cu price lbs/Au Price troy oz *0.06857 g lb/oz *10000) + Ag g/t * Ag price troy oz/Au price troy oz.
Includes P&P Reserves and M&I mineral Resources. Reflects % interest in project of outlined companies.
* Caspiche sulphide at 0.30 g/t, 0.75 g/t and 1.0 g/t AuEq cutoff.
Based on majority % interest
NovaGold 50%
Barrick 75%
Gabriel 80.7%
Goldcorp
50%
Reservoir 45%
EXETER 100%
Highest grade lowest grade
29. Large Deposits are Rare
29Source: US Global Research.
+3 million ounce discoveries are scarce
30. Leverage to Gold
30
1 See Mineral Resources slide and Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
The economic analysis contained in the PEA is considered preliminary in nature. There is no certainty that economic forecasts outlined in the PEA will be realized.
Pricing as of July 11, 2016.
31. • A Track Record of Success
- Three significant mineral discoveries in the last decade
- Spun out Extorre to shareholders on a 1-to-1 basis (2010)
- was taken over by for C$414M or C$4.26/share (2012)
• Control 100% of Caspiche
- M&I Mineral Resources1: Oxides 1.7 Moz AuEq, Sulphides 37.9 Moz AuEq
- Unique: gold oxide, higher grade gold/copper core, large scale gold/copper
- Stable Mining Jurisdiction - Chile
• Directing Re-valuation
- Low Capex start up options2, strong economics
- Caspiche sufficiently advanced to fast track development decisions
- Fundamentally and comparatively undervalued
- Favorable timing for select gold equities
• Cash of C$20 million. No Debt.
Why Invest in Exeter?
31
The foundation for success : Track Record, Unique Asset, Cash
1 See mineral Resources slide for details: Oxide M&I 122 MT @ 0.43 g/t Au, 1.58 g/t Ag; Sulphide M&I 1,282 MT @ 0.52 g/t Au, 0.20% Cu, 1.17 g/t Ag.
2 See Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
33. 30,000 tpd standalone heap leach
gold operation
• 122,000 oz AuEq* per year
• 10 year mine life
• Pre-tax NPV5% of US$355
million, IRR of 34.7%.
• Total cash costs US$589 per oz
AuEq*
• Initial CAPEX US$210 million
(plus US$41 million
contingency)
• Peak water requirement is 44
litres per second.
Option 11: 30,000 tpd Heap Leach Gold Operation
33
Value
General Parameters
Plant feed Est (Tonnes & Grade) (oxide) M&I: 107 Mt @ 0.44 g/t Au & 1.62 g/t Ag
Contained AuEq 1.6 million ounces
Throughput 30,000 tpd
Mine Life 10 years
Strip Ratio (Waste:Ore) 0.27 : 1
Gold Recoveries 80%
Silver Recoveries 40%
Production
Avg. Annual AuEq Production 122,000 oz
Annual AuEq Production (year 1-5) (ounces) 148,000 oz
LOM AuEq Production 1.27 million oz
Capital Costs
Initial Capital (incl. Contingency of US$41M) US$251 million
Sustaining Capital US$93 million
Cash Costs
Total Cash Costs US$589/oz
All in Sustaining Cash Cost US$676/oz
Gold Price Assumption US$1300/oz
Valuation (after-tax 27%)
NPV (5%) US$252 million
IRR 28.5%
Payback Period 3.6 years
Valuation (before-tax)
NPV (5%) US$355 million
IRR 34.7%
Payback Period 3.4 years
Near surface, low capex, low strip, with favorable leach kinetics
*Refer to the Mineral Resources slide for details.
1See Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
2Base case assumes a 5% discount rate with commodity prices of US$1,300/oz Au and US$20/oz Ag.
The economic analysis contained in the PEA is considered
preliminary in nature. There is no certainty that economic
forecasts outlined in the PEA will be realized.
34. Sensitivity - Option 1
34
Gold Variability
Sensitivity 30k t/d Heap Leach Open Pit
Item Unit Value Item Unit Value
Pre-tax US$1,100/oz Au After-tax (27% Tax Rate) US$1,100/oz Au
NPV @ 5% US$ M 177 NPV @ 5% US$ M 120
IRR % 21.1% IRR % 17.2%
Payback Period years 4.0 Payback Period years 4.0
Pre-tax US$1,300/oz Au After-tax (27% Tax Rate) US$1,300/oz Au
NPV @ 5% Discount rate US$ M 355 NPV @ 5% US$ M 252
IRR % 34.7% IRR % 28.5%
Payback Period years 3.4 Payback Period years 3.6
Pre-tax US$1,500/oz Au After-tax (27% Tax Rate) US$1,500/oz Au
NPV @ 5% US$ M 533 NPV @ 5% US$ M 381
IRR % 47.3% IRR % 38.6%
Payback Period years 2.9 Payback Period years 3.1
30,000 tpd standalone heap leach operation
1 See Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
The economic analysis contained in the PEA is considered preliminary in nature. There is no certainty that economic forecasts outlined in the PEA will be realized.
2Base case assumes a 5% discount rate with commodity prices of US$1,300/oz Au, US$3.00/lb Cu, and US$20/oz Ag.
Based on 2013/14 costs
• higher input costs – fuel, consumables, power, etc
• unfavorable Chilean Peso exchange
• optimized Met work not included
35. Capex , Opex – Option 1, 2014 PEA
35
OP Opex Unit Value
Crushing US$/t 0.26
Leaching US$/t 2.35
ADR US$/t 0.17
Reagents Plant US$/t 0.03
G&A US$/t 0.42
Power Supply US$/t 0.02
Water Supply US$/t 0.12
Total US$/t 3.36
OP Mine Opex Unit Unit Cost
Loading US$/t 0.44
Hauling US$/t 0.64
Drilling US$/t 0.15
Blasting US$/t 0.32
Ancillary US$/t 0.21
Support US$/t 0.10
Eng. & Adm US$/t 0.19
Pit Dewatering US$/t 0.00
Labour US$/t 0.68
Leasing US$/t 0.40
Total US$/t 3.13
Open Pit Mining - Costs per tonne of material processed
Area
Initial Sustaining Total
US$ M US$ M US$ M
Mine Direct & Indirect Costs 36 6 42
Pre-stripping 13 0 13
Dispatch 1 0 2
Other Investments 9 4 12
Leasing 13 2 15
Oxide Plant Direct Costs 120 58 178
Crushing 16 0 16
Leaching 29 58 87
ADR 12 0 12
Reagents 1 0 1
Infrastructure 16 0 16
Power supply 3 0 3
Water supply 43 0 43
Plant Indirect Cost 54 11 65
Contingency 41 18 59
Mine 6 1 7
Plant 35 17 52
Total Cost 251 93 344
Some rows and columns may not sum due to rounding
30,000 tpd standalone heap leach operation
1 See Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
The economic analysis contained in the PEA is considered preliminary in nature. There is no certainty that economic forecasts outlined in the PEA will be realized.
2Base case assumes a 5% discount rate with commodity prices of US$1,300/oz Au, US$3.00/lb Cu, and US$20/oz Ag.
Costs per tonne of material processed
36. 60,000 tpd open pit heap leach gold
27,000 tpd open pit Au Cu (year 6)
• Average 289,000 oz AuEq* or 125
M CuEq lb per year
• 18 year mine life
• LOM Production 4.9 M oz Eq*
• Total cash cost of US$551 per oz
AuEq*
• Initial CAPEX US$375 million
• Sustaining and closure costs are
estimated at US$924 million
• Pre-tax NPV5% of US$967 million
and an IRR of 27.2%
• Peak water requirement is 185
litres per second.
Option 21 : Heap Leach Gold to Open Pit Gold Copper Operation
36
Value
General Parameters
Plant feed Est (Tonnes & Grade) (oxide) M&I: 143 Mt @ 0.38 g/t Au & 1.54 g/t Ag
Plant feed Est (Tonnes & Grade) (Sulphide) M&I: 111 Mt @ 0.76 g/t Au & 0.27% Cu
LOM Operating Cost US$/t 14.4 “ore”
Throughput 60,000 tpd (oxide); 27,000 tpd (sulphide)
Mine Life 18 years
Strip Ratio (Waste:Ore) 1 : 1
Gold Recoveries 80% (oxide); 75% (sulphide)
Copper Recoveries 89% (sulphide)
Production
Avg. Annual AuEq Production 289,000 oz
Avg. Annual CuEq Production 125 million lbs
LOM AuEq Production 4.9 million oz
Capital Costs
Initial Capital (Incl. Contingency) US$371 million
Additional CAPEX (incl. sustaining and closure) US$926 million
Cash Costs
Total Cash Costs US$551/oz
All in Sustaining Cash Cost US$752/oz
C1 Cash Cost US$1.31/lb
Gold Price Assumption US$1300/oz
Valuation (after-tax 27%)
NPV (5%) US$656 million
IRR 21.1%
Payback Period 6.8 years
Valuation (before-tax)
NPV (5%) US$967 million
IRR 27.2%
Payback Period 6.1 years
Accelerated heap leach; extended Au Cu sulphide open pit
*Refer to Complete Mineral Resources slide in the Appendix for details.
1See Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
2Base case assumes a 5% discount rate with commodity prices of US$1,300/oz Au, US$3.00/lb Cu, and US$20/oz Ag.
The economic analysis contained in the PEA is considered
preliminary in nature. There is no certainty that economic
forecasts outlined in the PEA will be realized.
37. 60,000 tpd open pit heap leach gold
27,000 tpd underground gold copper
(year 3)
• Average 344,000 oz AuEq* or 147
M lb CuEq per year
• 42 year mine life
• Total cash costs US$709 per oz
AuEq*
• Initial CAPEX US$387 million
• Sustaining capital US$1.58 billion
• Pre-tax NPV5% of US$1.64 billion,
IRR of 20.0%
• Peak water requirement is 151
litres per second
• Lower impact environmentally.
Option 31: Heap Leach Gold to Underground HG Gold Copper
37
Value
General Parameters
Plant feed Est (Tonnes & Grade) (oxide) M&I: 110 Mt @ 0.42 g/t Au & 1.62 g/t Ag
Plant feed Est (Tonnes & Grade) (Sulphide) M&I: 351 Mt @ 0.83 g/t Au & 0.35% Cu
LOM Operating Cost US$/t 30.1 “ore”
Throughput 60,000 tpd (oxide); 27,000 tpd (sulphide)
Mine Life 42 years
Strip Ratio (Waste:Ore) 0.27 (oxide); n/a (sulphide)
Gold Recoveries 80% (oxide); 77% (sulphide)
Copper Recoveries 90% (sulphide)
Production
Avg. Annual AuEq Production 344,000 oz
Avg. Annual CuEq Production 147 million lbs
LOM AuEq Production 14.2 million oz
Capital Costs
Initial Capital (incl. Contingency) US$387 million
Additional CAPEX (incl. sustaining and closure) US$1.58 billion
Cash Costs
Total Cash Costs US$709/oz
All in Sustaining Cash Cost US$828/oz
C1 Cash Cost US$1.77/lb
Gold Price Assumption US$1300/oz
Valuation (after-tax 27%)
NPV (5%) US$1.144 billion
IRR 16.7%
Payback Period 8.1 years
Valuation (before-tax)
NPV (5%) US$1.636 billion
IRR 20.0%
Payback Period 7.7 years
Accelerated heap leach; transitioning to underground gold copper sulphide operation
*See Mineral Resource slide for details.
1See Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
2Base case assumes a 5% discount rate with commodity prices of US$1,300/oz Au, US$3.00/lb Cu, and US$20/oz Ag.
The economic analysis contained in the PEA is considered
preliminary in nature. There is no certainty that economic
forecasts outlined in the PEA will be realized.
38. Sensitivity – M&I Mineral Resources
38
Gold – Copper sulphide mineralization - higher grade zone
1 See Mineral Resources slide and Exeter website or Sedar, Amended NI 43 -101 Technical Report on the Caspiche Project. Effective date April 30, 2014.
The economic analysis contained in the PEA is considered preliminary in nature. There is no certainty that economic forecasts outlined in the PEA will be realized.
AuEq Cut-off Mt Au (g/t) Ag (g/t) Cu (%) AuEq6
(g/t) Au Moz Cu Mlbs AuEq Moz
0.60 1,063.2 0.60 1.26 0.26 1.09 20.5 6094.3 37.3
0.65 974.8 0.62 1.29 0.27 1.13 19.4 5802.5 35.4
0.70 891.4 0.65 1.32 0.28 1.18 18.6 5502.2 33.8
0.75 813.7 0.67 1.35 0.29 1.22 17.5 5,202.4 31.9
0.80 742.2 0.70 1.37 0.29 1.26 16.7 4745.3 30.1
0.85 675.6 0.72 1.39 0.30 1.31 15.6 4468.3 28.5
0.90 612.7 0.75 1.41 0.31 1.35 14.8 4187.4 26.6
0.95 558.7 0.77 1.43 0.32 1.39 13.8 3941.8 25.0
1.00 510.1 0.80 1.45 0.33 1.43 13.1 3710.8 23.5
1.05 462.2 0.82 1.48 0.34 1.47 12.2 3464.7 21.8
1.10 415.4 0.85 1.50 0.35 1.52 11.4 3205.6 20.3
1.15 375.1 0.87 1.51 0.36 1.56 10.5 2977.1 18.8
1.20 342.2 0.89 1.53 0.37 1.60 9.8 2791.7 17.6
1.25 311.4 0.92 1.56 0.38 1.63 9.2 2608.3 16.3
1.30 281.9 0.94 1.59 0.38 1.67 8.5 2361.3 15.1
1.35 253.8 0.96 1.63 0.39 1.71 7.8 2182.0 14.0
1.40 226.7 0.99 1.66 0.40 1.75 7.2 1998.9 12.8
1.45 198.7 1.02 1.69 0.40 1.79 6.5 1752.3 11.4
1.50 177.1 1.05 1.71 0.41 1.83 6.0 1600.3 10.4
39. Wendell Zerb, P.Geol, President & CEO (29 years experience)
Mr. Zerb has extensive experience in the mining/mineral resource sector. His technical experience includes senior positions in generative mineral exploration,
development, and open pit and underground mining of base and precious metals. In the capital markets, Mr. Zerb has previously served as Director, Research Analyst,
Metals and Mining (Canaccord Genuity Inc.), Vice President of Research and Institutional Sales, and President and CEO of a wholly owned US subsidiary (PI Financial).
Cecil Bond, CA, Chief Financial Officer (30 years experience)
Mr. Bond has served various positions in a number of public exploration companies with activities in Canada, South America, Africa, Europe and Australia. Throughout
his career, Mr. Bond has managed $700 million in transactions, including the sale of Extorre Gold Mines Ltd. to Yamana Gold in 2012 after successfully spinning it out of
Exeter in 2010.
Jerry Perkins, VP Development and Operations (40 years experience)
Mr. Perkins is a chemical engineer with over 40 years’ experience in the mining and metallurgy sector in technical, operational and corporate management positions in
NSW, Queensland, Tasmania, Australia, Africa, the UK, and Papua New Guinea. Mr. Perkins specializes in mineral project development programs and feasibility studies,
mine production and commissioning, test work / R&D programs, engineering and process design, operations management, and project development and optimization.
Rob Grey, VP Corporate Communications (17 years experience)
Mr. Grey is a Business graduate with 10 years experience in equity sales and 17 years experience in Investor Relations in the junior mining sector. Mr. Grey works
directly with senior management, and investors at the institutional and retails levels.
Matthew Williams, BASc in Applied Geology, Exploration Manager - South & North America (24 years experience)
Mr. Williams has more than 22 years of experience in mineral exploration, specializing in geological appraisal of base and gold metal mining projects in Australia, the
Dominican Republic, W.A., Australia, Mexico, Nevada, USA, Panama, Argentina, and Chile. Mr. Williams served as Exploration Manager of the Don Sixto Project, Cerro
Moro, and early activities at Caspiche.
Gonzalo Damond, Commercial Manager (21 years experience)
Mr. Damond is an Industrial/Electrical/Civil Engineer with operational and managerial experience within significant multinational companies, including rail logistics
between Argentina and Brazil, and intermodal operations for Chilean ports. He has managed the design, organization and commissioning of large distribution centers,
and has substantial experience in purchase management, including the negotiation of supply contracts. Through these experiences, Mr. Damond has built constructive
relationships with communities, clients, trade unions and Government authorities.
Matthew Dorman, Caspiche Study Manager (29 years experience)
Mr. Dorman is a project manager with over 29 years of international experience in the mining sector, specializing in technical due diligence studies. Mr. Dorman has
also managed the design and construction of gold mines in Uzbekistan, Tajikistan, Saudi Arabia, Uruguay and Honduras, and of copper projects in Chile, Peru, and
Kazakhstan.
Management
39
Driving future success with experience
40. Bryce Roxburgh, AusIMM Co-Chairman (41 years experience)
Managed the exploration teams that discovered the Selwyn, Red Dome and Junction Reef ore-bodies in Australia, the Dinkidi
ore-body in the Philippines, and the Don Sixto deposit in Argentina. He established Exeter in 2003 and subsequently discovered
Caspiche in Chile and Cerro Moro (Extorre Gold Mines Ltd.) in Argentina.
Yale Simpson, Co-Chairman (41 years experience)
An experienced, senior geologist, exploration manager and CEO of companies involved in precious metals projects in Australia,
Africa, Eastern Europe and South America with particular expertise in strategic resource planning, financing and corporate
communications.
Robert G. Reynolds, CA (32 years experience)
Served in various positions responsible for corporate planning, finance and administration. Mr. Reynolds participated in the
development of the Granny Smith and Kanowna Belle mines in Australia, and the Hartley Platinum Mine in Zimbabwe. Mr.
Reynolds also served as Chairman of Avoca Resources Ltd. until its merger with Anatolia Minerals Development Ltd. in 2011.
Julian Bavin, BSc, MSc (32 years experience)
Gained technical, operation and commercial experience in mineral exploration in South America, Australia, Indonesia, and
Europe through his experience with the Rio Tinto Group. From 2001 to 2009, Mr. Bavin identified the potential in a range of
projects including the PRC potash and Altar copper/gold projects in Argentina, the Mina Justa, Constancia and La Granja copper
projects in Peru, and the Amargosa bauxite project in Brazil.
John Simmons, CA (42 years experience)
Continues to manage an accounting practice in Australia, where Mr. Simmons has extensive experience advising on taxation,
strategic planning, financial management and general business. He maintains an active involvement in the mining industry
though association with an operating mining company.
Board of Directors
40
A strong foundation
41. “Development options at Caspiche, whether modest or larger scale, deliver strong
economic returns at current metal prices. Our ability in today’s market to focus on
advancing the 1.7 million ounce gold oxide open pit is sensible and achievable. Importantly
for shareholders, with future elevated gold and copper markets, we believe the value of the
very large Caspiche gold-copper inventory will be a strong value driver for Exeter. Caspiche
is unique, representing one of only a few scalable development projects that is not yet
controlled by a major company.” Co-Chairman of Exeter, Yale Simpson.