Cliffs Natural Resources Inc. is an international mining and natural resources company that produces iron ore, metallurgical coal, and other minerals. It has operations in North America, Australia, and is pursuing growth opportunities in Brazil and other regions. The document discusses Cliffs' strategy of pursuing scale and diversification through acquisitions and projects globally. It provides an overview of Cliffs' business segments and recent acquisitions, the industries and markets it serves, and the outlook for steel and raw materials demand growth internationally over the long term.
Lara Exploration provides concise summaries of exploration projects in 3 sentences or less. The document summarizes Lara's diverse mineral portfolio across South America, including copper, gold, iron and other projects. It highlights key joint venture partnerships and royalty agreements. The document outlines Lara's prospect generator business model and management team with a track record of success.
F&M invests in resource companies and adds capital, talent, and strategy to increase their value. F&M's objective is to achieve superior returns for shareholders through active management of projects across various resource commodities. F&M provides portfolio companies access to technical, financial, and geopolitical expertise to transform early-stage assets into producing mines. F&M exits investments through public listings and mergers to realize significant returns over 3-5 years.
Forbes & Manhattan Corporate Presentation - January 2015ForbesandManhattan
F&M invests in resource companies with high growth potential, adding capital, talent, and strategy to increase their value. F&M's objective is to achieve superior returns for shareholders through active management of exploration, development, and production assets across various commodities. F&M provides portfolio companies access to expertise, networks, and financial resources to mitigate risks. Over the past 10 years, F&M has discovered over 20 million ounces of gold and 3 billion tons of iron, among other resources. It has a track record of consistently high returns through investments and exits globally.
F&M invests in resource companies to add capital, talent, and strategy to increase their value. F&M's objective is to achieve superior returns for shareholders through active management of exploration, development and production assets across various commodities. F&M provides portfolio companies access to technical, financial and political expertise to mitigate risks. Over the past 10 years, F&M has discovered billions of tons of resources including gold, iron ore, potash and oil, and produced millions of ounces of gold and tons of iron ore.
F&M invests in resource companies and adds capital, talent, and strategy to increase their value. F&M's team has expertise across mining, energy, and agriculture. They have a proven track record of taking projects from exploration to production. F&M uses an active management approach to mitigate risk and unlock value in assets. Their investments have resulted in multi-billion dollar exits and high returns for shareholders.
F&M invests in resource companies and adds capital, talent, and strategy to increase their value. F&M's team has expertise across mining, energy, and agriculture. They have a proven track record of taking projects from exploration to production. Notable deals include discovering over 20 million ounces of gold worth $34 billion, producing almost 1 million ounces of gold, and discovering over 3 billion tons of iron metal. F&M aims to achieve superior returns through active management and mitigating risk. They have strong expertise, relationships, and proven strategies to transform assets and achieve profitable exits.
Forbes & Manhattan (F&M) is an investment firm that focuses on adding value to resource assets through capital investment, management expertise, and strategic guidance. F&M aims to achieve high returns for shareholders by actively managing projects from exploration to production across a range of commodities. F&M has a proven track record of transforming assets, with examples including discovering over 20 million ounces of gold resources and producing almost 1 million ounces, as well as executing profitable exits such as selling companies for billions of dollars in cash. F&M's success is driven by its specialized technical team and ability to mitigate risk through hands-on management from early-stage projects to operational mines.
Forbes & Manhattan (F&M) is an investment firm that specializes in adding value to resource companies. F&M invests capital, management expertise, and strategic guidance to strengthen companies and increase their value from exploration to production. F&M has a proven track record of successfully developing and exiting portfolio companies, generating high returns for shareholders. It utilizes a unique integrated team with technical, operational, and financial expertise to manage risk and transform assets.
Lara Exploration provides concise summaries of exploration projects in 3 sentences or less. The document summarizes Lara's diverse mineral portfolio across South America, including copper, gold, iron and other projects. It highlights key joint venture partnerships and royalty agreements. The document outlines Lara's prospect generator business model and management team with a track record of success.
F&M invests in resource companies and adds capital, talent, and strategy to increase their value. F&M's objective is to achieve superior returns for shareholders through active management of projects across various resource commodities. F&M provides portfolio companies access to technical, financial, and geopolitical expertise to transform early-stage assets into producing mines. F&M exits investments through public listings and mergers to realize significant returns over 3-5 years.
Forbes & Manhattan Corporate Presentation - January 2015ForbesandManhattan
F&M invests in resource companies with high growth potential, adding capital, talent, and strategy to increase their value. F&M's objective is to achieve superior returns for shareholders through active management of exploration, development, and production assets across various commodities. F&M provides portfolio companies access to expertise, networks, and financial resources to mitigate risks. Over the past 10 years, F&M has discovered over 20 million ounces of gold and 3 billion tons of iron, among other resources. It has a track record of consistently high returns through investments and exits globally.
F&M invests in resource companies to add capital, talent, and strategy to increase their value. F&M's objective is to achieve superior returns for shareholders through active management of exploration, development and production assets across various commodities. F&M provides portfolio companies access to technical, financial and political expertise to mitigate risks. Over the past 10 years, F&M has discovered billions of tons of resources including gold, iron ore, potash and oil, and produced millions of ounces of gold and tons of iron ore.
F&M invests in resource companies and adds capital, talent, and strategy to increase their value. F&M's team has expertise across mining, energy, and agriculture. They have a proven track record of taking projects from exploration to production. F&M uses an active management approach to mitigate risk and unlock value in assets. Their investments have resulted in multi-billion dollar exits and high returns for shareholders.
F&M invests in resource companies and adds capital, talent, and strategy to increase their value. F&M's team has expertise across mining, energy, and agriculture. They have a proven track record of taking projects from exploration to production. Notable deals include discovering over 20 million ounces of gold worth $34 billion, producing almost 1 million ounces of gold, and discovering over 3 billion tons of iron metal. F&M aims to achieve superior returns through active management and mitigating risk. They have strong expertise, relationships, and proven strategies to transform assets and achieve profitable exits.
Forbes & Manhattan (F&M) is an investment firm that focuses on adding value to resource assets through capital investment, management expertise, and strategic guidance. F&M aims to achieve high returns for shareholders by actively managing projects from exploration to production across a range of commodities. F&M has a proven track record of transforming assets, with examples including discovering over 20 million ounces of gold resources and producing almost 1 million ounces, as well as executing profitable exits such as selling companies for billions of dollars in cash. F&M's success is driven by its specialized technical team and ability to mitigate risk through hands-on management from early-stage projects to operational mines.
Forbes & Manhattan (F&M) is an investment firm that specializes in adding value to resource companies. F&M invests capital, management expertise, and strategic guidance to strengthen companies and increase their value from exploration to production. F&M has a proven track record of successfully developing and exiting portfolio companies, generating high returns for shareholders. It utilizes a unique integrated team with technical, operational, and financial expertise to manage risk and transform assets.
This document provides an overview and quarterly update for Kirkland Lake Gold Inc. It includes highlights such as production tracking well against guidance, strong financial position with $170 million in cash, and $24 million budget for 2016 exploration programs across properties. Key details include Q2 2016 results such as gold sales, costs, cash flow and financial results. It also provides an overview of the Macassa Mine Complex reserves, resources and 2016 estimates.
Forbes & Manhattan (F&M) is an investment firm that invests in companies across various sectors with high growth potential. F&M adds capital, talent, and strategy to strengthen portfolio companies and increase their value. Over the past 10 years, F&M has discovered significant mineral resources, produced gold and iron ore, and discovered or produced other commodities. F&M has a proven track record of transforming assets and achieving superior returns for shareholders through active management, technical expertise, and global connections.
The document discusses Kirkland Lake Gold's 2016 annual meeting of shareholders. It provides an overview of the company's operations, including its Macassa Mine Complex and East Timmins assets. It also discusses the company's 2016 guidance metrics, including planned gold production of 270,000-290,000 ounces and an all-in sustaining cost of $1,300-$1,350 per ounce. Additionally, it outlines the company's 2016 exploration programs and its commitment to the community.
This corporate presentation from Gran Colombia Gold provides an overview of the company as the leading high-grade gold producer in Colombia. It summarizes Gran Colombia's key assets including its flagship Segovia Operations, the Marmato Project, and the Zancudo Project. It also provides details on recent financial and operating results such as increased annual gold production to 149,687 ounces in 2016 and reduced cash costs. The presentation aims to position Gran Colombia as an undervalued, leading Colombian gold producer with growth potential from resource expansion and exploration upside.
This document provides a summary of a technical session presentation by Richmont Mines on positioning for sustainable growth at their Island Gold mine. The presentation discusses Richmont's vision and strategy, provides an overview of their sustainable business model and capital structure, and reviews operational and financial results for their Island Gold mine. It also summarizes preliminary economic assessments that have been conducted to evaluate expanding mining operations at Island Gold deeper between 450 and 860 levels based on indicated and inferred resources in that area.
This document provides an overview of Forbes & Manhattan ("F&M"), an investment firm that invests in resource companies. It discusses F&M's business model of adding capital, talent, and strategy to resource assets to increase their value. Key points include:
- F&M aims to achieve superior returns for shareholders through active management of projects across various resource commodities.
- F&M provides portfolio companies access to expertise, financial resources, and political/industry connections typically only available to major mining companies.
- Over the past 10 years, F&M has discovered over 20 million ounces of gold and 3 billion tons of iron metal among other accomplishments.
- F&M has a proven track
- Richmont Mines is a Canadian gold mining company that has been producing gold since 1991, with over 1.4 million ounces produced to date.
- It currently operates the Island Gold Mine in Ontario and the Beaufor Mine and Monique Mine properties in Quebec.
- For 2014, Richmont Mines is targeting gold production of 75,000-85,000 ounces and had produced 48,171 ounces in the first half of 2014.
- A key asset is the Island Gold Mine, which has produced over 303,000 ounces of gold since 2007 and for which Richmont Mines is developing a new 1.1 million ounce inferred resource below the existing mine.
The document provides an overview and summary of Newmarket Gold Inc. Key points include:
- Newmarket has three operating gold mines in Australia producing over 200,000 ounces annually with low costs.
- Their flagship Fosterville Gold Mine set production and grade records in Q1 2016 with 33,138 ounces at an average grade of 7.34 g/t and costs of $473/oz.
- Newmarket has a strong balance sheet with $52.1 million in cash and $1.6 million in debt as of Q1 2016.
1) The document discusses Richmont Mines' positioning for sustainable growth through its quality asset base in Canada including the Island Gold and Beaufor mines.
2) At Island Gold, production is expected to grow from 45,000-50,000 ounces in 2015 to an average of 78,000 ounces per year from 2017-2022 according to a PEA study. Costs are also expected to decrease.
3) Exploration drilling is planned around Island Gold to expand reserves and resources laterally and at depth.
Richmont Mines held a technical session to provide an overview of their assets and operations. Their Island Gold mine in Ontario saw record gold production in Q1 2016 and has an increased reserve estimate extending the mine life to 7 years. Exploration potential exists to further expand resources laterally and at depth. The Beaufor mine reserve also increased by 95%, extending the mine life to over 2 years, with continued development of the Q Zone. Overall reserves across both mines increased 187% in 2015. The presentation provided details on geology, production history and future plans to continue growing as a leading intermediate gold producer in Canada.
Richmont Mines is a Canadian gold producer with quality assets in Canada. In Q1 2016, Island Gold mine achieved record production of 26,589 ounces at a cash cost of $674 per ounce. A preliminary economic assessment for Island Gold outlined an average annual production rate of 78,000 ounces per year from 2017-2022 at a cash cost of $552 per ounce. The assessment indicated potential for expanded production up to 1,150 tonnes per day pending a decision in first half of 2017. Richmont has a strong balance sheet with $61.2 million in cash and $9 million in debt to support its growth plans.
This document provides an update from Kirkland Lake Gold on their Q1 2016 performance and outlook. Some key points:
- Kirkland Lake Gold produced 69,464 ounces of gold in Q1/2016, on track to meet their full-year guidance of 270,000-290,000 ounces.
- They have four mines located around Kirkland Lake and Timmins, Ontario that provide production and cash flow diversification.
- The balance sheet has been strengthened through debt repayments and equity raises, with over $100 million in cash and a plan to further reduce debt obligations in the coming years.
- Production for Q1 2016 was a record 32,369 ounces of gold, a 25% increase over Q1 2015, driven by a record quarter from Island Gold. Cash costs and AISC both decreased by 18% and 12% respectively.
- Revenue was a record $52.6 million for Q1 2016. The company has a strong cash position of $61.2 million and is well positioned for organic growth at its mines in Quebec and Ontario.
- Exploration continues to show potential to expand resources at Island Gold both laterally and at depth. Drilling results compare favorably to the previous deep resource block.
- Richmont Mines has a quality asset base in Canada including its Island Gold and Beaufor mines, with a growing production profile and decreasing cost structure.
- In 2015, mineral reserves increased 187% overall, with a 206% increase at Island Gold and a 95% increase at Beaufor, extending mine lives.
- At Island Gold, a preliminary economic assessment outlined an average annual production of 78,000 ounces of gold from 2017-2022 at cash costs of C$552/oz, with potential for expansion.
- For 2016, consolidated gold production is estimated at 87,000-97,000 ounces at cash costs of C$930-C$1,000/oz and all-in
The document discusses Kirkland Lake Gold's Q1 2016 marketing update. It provides an overview of the company's operations, financial position, recent milestones and strategic transactions, share price performance, Q1 2016 financial results, cost trends, estimated 2016-2017 cash flows, and 2016 production guidance. Kirkland Lake Gold is an Ontario-focused intermediate gold producer with four mines in operation targeting annual production of 270,000-290,000 ounces in 2016. It has a strong balance sheet with $130 million in cash and is focused on further deleveraging its balance sheet and organic production growth.
Newmarket Gold Investor Presentation May Metals Investment ForumAdnet Communications
The document provides an overview of Newmarket Gold Inc., including:
- Newmarket owns three gold mines in Australia that produce over 200,000 ounces annually with strong cash flow.
- In Q1 2016, Fosterville mine achieved a record with 33,138 ounces produced at a record grade of 7.34 g/t gold and low operating costs.
- Newmarket has a strong balance sheet with $52.1 million in cash and $1.6 million in long-term debt as of May 2016.
The document summarizes Richmont Mines' second quarter 2015 results. Key points include:
- Gold production of 26,314 ounces for Q2 2015 and 52,173 ounces for the first half of 2015.
- Cash costs of $974/oz for Q2 2015 and $976/oz for the first half of 2015.
- Focus on developing the Island Gold mine, including $48.3 million planned for 2015 for development, drilling and studies to expand resources and reserves.
This document discusses the proposed merger between Kirkland Lake Gold Ltd. (KGI) and St Andrew Goldfields Ltd. (SAS) to create an Ontario-focused intermediate gold producer. The combined company would have production from four mines and two centrally located mills in Ontario's Abitibi greenstone belt, with projected 2016 production of 260-310koz of gold. It would have a strong balance sheet with over C$100m in cash, enhanced market profile with increased analyst coverage and trading liquidity, and significant exploration upside through consolidated land holdings. The pro forma company is expected to have improved diversification and financial flexibility to generate strong cash flows as an emerging intermediate gold producer.
August 2016 - Second Quarter 2016 Financial Results - August 8, 2016Adnet Communications
The document provides financial and operational results for Richmont Mines Inc. for the second quarter of 2016. Some key highlights include:
- Gold production of 23,320 ounces for Q2 2016, with cash costs of $903/ounce and AISC of $1,330/ounce.
- Strong performance at Island Gold mine, the company's flagship asset, with production growth of 24% compared to Q2 2015 and costs well below guidance.
- Overall company remains on track to meet or exceed 2016 consolidated guidance of 87,000-97,000 ounces of gold production.
The document discusses Richmont Mines' Island Gold mine. It notes that in Q1 2016 the mine achieved record production and had a positive grade reconciliation of 44%. The mine life at Island Gold has increased to over 7 years based on 2015 reserves. A preliminary economic assessment for Island Gold outlined average annual production of 78,000 ounces of gold from 2017-2022 at cash costs of C$552 per ounce. The assessment also presented an expanded capacity scenario to 1,150 tonnes per day which could further increase production and lower costs.
Raymond James Texas Gold Investor Forum - October 2014RoyalGold
The document summarizes Royal Gold's presentation at the Raymond James Texas Gold Investor Forum in October 2014. It highlights Royal Gold's near-term growth driven by increasing production at Mt. Milligan, its long-lived world class portfolio of royalty assets, and its strong financial position with $1 billion in capital available to pursue new opportunities. Royal Gold also leads its peers in key per-share metrics like reserves per share and EBITDA per share, but lags in valuation relative to those metrics.
Denver Gold Forum presentation - Royal GoldRoyalGold
The document summarizes the 2014 Denver Gold Forum presentation by Tony Jensen, President and CEO of Royal Gold. It highlights Royal Gold's solid portfolio and future growth opportunities, including near-term growth from ramping production at Mt. Milligan mine. It also notes Royal Gold's $1 billion in uncommitted capital available to invest in royalty/streaming deals over $100 million, and that the company offers strong per-share metrics at a relatively low valuation compared to peers.
This document provides an overview and quarterly update for Kirkland Lake Gold Inc. It includes highlights such as production tracking well against guidance, strong financial position with $170 million in cash, and $24 million budget for 2016 exploration programs across properties. Key details include Q2 2016 results such as gold sales, costs, cash flow and financial results. It also provides an overview of the Macassa Mine Complex reserves, resources and 2016 estimates.
Forbes & Manhattan (F&M) is an investment firm that invests in companies across various sectors with high growth potential. F&M adds capital, talent, and strategy to strengthen portfolio companies and increase their value. Over the past 10 years, F&M has discovered significant mineral resources, produced gold and iron ore, and discovered or produced other commodities. F&M has a proven track record of transforming assets and achieving superior returns for shareholders through active management, technical expertise, and global connections.
The document discusses Kirkland Lake Gold's 2016 annual meeting of shareholders. It provides an overview of the company's operations, including its Macassa Mine Complex and East Timmins assets. It also discusses the company's 2016 guidance metrics, including planned gold production of 270,000-290,000 ounces and an all-in sustaining cost of $1,300-$1,350 per ounce. Additionally, it outlines the company's 2016 exploration programs and its commitment to the community.
This corporate presentation from Gran Colombia Gold provides an overview of the company as the leading high-grade gold producer in Colombia. It summarizes Gran Colombia's key assets including its flagship Segovia Operations, the Marmato Project, and the Zancudo Project. It also provides details on recent financial and operating results such as increased annual gold production to 149,687 ounces in 2016 and reduced cash costs. The presentation aims to position Gran Colombia as an undervalued, leading Colombian gold producer with growth potential from resource expansion and exploration upside.
This document provides a summary of a technical session presentation by Richmont Mines on positioning for sustainable growth at their Island Gold mine. The presentation discusses Richmont's vision and strategy, provides an overview of their sustainable business model and capital structure, and reviews operational and financial results for their Island Gold mine. It also summarizes preliminary economic assessments that have been conducted to evaluate expanding mining operations at Island Gold deeper between 450 and 860 levels based on indicated and inferred resources in that area.
This document provides an overview of Forbes & Manhattan ("F&M"), an investment firm that invests in resource companies. It discusses F&M's business model of adding capital, talent, and strategy to resource assets to increase their value. Key points include:
- F&M aims to achieve superior returns for shareholders through active management of projects across various resource commodities.
- F&M provides portfolio companies access to expertise, financial resources, and political/industry connections typically only available to major mining companies.
- Over the past 10 years, F&M has discovered over 20 million ounces of gold and 3 billion tons of iron metal among other accomplishments.
- F&M has a proven track
- Richmont Mines is a Canadian gold mining company that has been producing gold since 1991, with over 1.4 million ounces produced to date.
- It currently operates the Island Gold Mine in Ontario and the Beaufor Mine and Monique Mine properties in Quebec.
- For 2014, Richmont Mines is targeting gold production of 75,000-85,000 ounces and had produced 48,171 ounces in the first half of 2014.
- A key asset is the Island Gold Mine, which has produced over 303,000 ounces of gold since 2007 and for which Richmont Mines is developing a new 1.1 million ounce inferred resource below the existing mine.
The document provides an overview and summary of Newmarket Gold Inc. Key points include:
- Newmarket has three operating gold mines in Australia producing over 200,000 ounces annually with low costs.
- Their flagship Fosterville Gold Mine set production and grade records in Q1 2016 with 33,138 ounces at an average grade of 7.34 g/t and costs of $473/oz.
- Newmarket has a strong balance sheet with $52.1 million in cash and $1.6 million in debt as of Q1 2016.
1) The document discusses Richmont Mines' positioning for sustainable growth through its quality asset base in Canada including the Island Gold and Beaufor mines.
2) At Island Gold, production is expected to grow from 45,000-50,000 ounces in 2015 to an average of 78,000 ounces per year from 2017-2022 according to a PEA study. Costs are also expected to decrease.
3) Exploration drilling is planned around Island Gold to expand reserves and resources laterally and at depth.
Richmont Mines held a technical session to provide an overview of their assets and operations. Their Island Gold mine in Ontario saw record gold production in Q1 2016 and has an increased reserve estimate extending the mine life to 7 years. Exploration potential exists to further expand resources laterally and at depth. The Beaufor mine reserve also increased by 95%, extending the mine life to over 2 years, with continued development of the Q Zone. Overall reserves across both mines increased 187% in 2015. The presentation provided details on geology, production history and future plans to continue growing as a leading intermediate gold producer in Canada.
Richmont Mines is a Canadian gold producer with quality assets in Canada. In Q1 2016, Island Gold mine achieved record production of 26,589 ounces at a cash cost of $674 per ounce. A preliminary economic assessment for Island Gold outlined an average annual production rate of 78,000 ounces per year from 2017-2022 at a cash cost of $552 per ounce. The assessment indicated potential for expanded production up to 1,150 tonnes per day pending a decision in first half of 2017. Richmont has a strong balance sheet with $61.2 million in cash and $9 million in debt to support its growth plans.
This document provides an update from Kirkland Lake Gold on their Q1 2016 performance and outlook. Some key points:
- Kirkland Lake Gold produced 69,464 ounces of gold in Q1/2016, on track to meet their full-year guidance of 270,000-290,000 ounces.
- They have four mines located around Kirkland Lake and Timmins, Ontario that provide production and cash flow diversification.
- The balance sheet has been strengthened through debt repayments and equity raises, with over $100 million in cash and a plan to further reduce debt obligations in the coming years.
- Production for Q1 2016 was a record 32,369 ounces of gold, a 25% increase over Q1 2015, driven by a record quarter from Island Gold. Cash costs and AISC both decreased by 18% and 12% respectively.
- Revenue was a record $52.6 million for Q1 2016. The company has a strong cash position of $61.2 million and is well positioned for organic growth at its mines in Quebec and Ontario.
- Exploration continues to show potential to expand resources at Island Gold both laterally and at depth. Drilling results compare favorably to the previous deep resource block.
- Richmont Mines has a quality asset base in Canada including its Island Gold and Beaufor mines, with a growing production profile and decreasing cost structure.
- In 2015, mineral reserves increased 187% overall, with a 206% increase at Island Gold and a 95% increase at Beaufor, extending mine lives.
- At Island Gold, a preliminary economic assessment outlined an average annual production of 78,000 ounces of gold from 2017-2022 at cash costs of C$552/oz, with potential for expansion.
- For 2016, consolidated gold production is estimated at 87,000-97,000 ounces at cash costs of C$930-C$1,000/oz and all-in
The document discusses Kirkland Lake Gold's Q1 2016 marketing update. It provides an overview of the company's operations, financial position, recent milestones and strategic transactions, share price performance, Q1 2016 financial results, cost trends, estimated 2016-2017 cash flows, and 2016 production guidance. Kirkland Lake Gold is an Ontario-focused intermediate gold producer with four mines in operation targeting annual production of 270,000-290,000 ounces in 2016. It has a strong balance sheet with $130 million in cash and is focused on further deleveraging its balance sheet and organic production growth.
Newmarket Gold Investor Presentation May Metals Investment ForumAdnet Communications
The document provides an overview of Newmarket Gold Inc., including:
- Newmarket owns three gold mines in Australia that produce over 200,000 ounces annually with strong cash flow.
- In Q1 2016, Fosterville mine achieved a record with 33,138 ounces produced at a record grade of 7.34 g/t gold and low operating costs.
- Newmarket has a strong balance sheet with $52.1 million in cash and $1.6 million in long-term debt as of May 2016.
The document summarizes Richmont Mines' second quarter 2015 results. Key points include:
- Gold production of 26,314 ounces for Q2 2015 and 52,173 ounces for the first half of 2015.
- Cash costs of $974/oz for Q2 2015 and $976/oz for the first half of 2015.
- Focus on developing the Island Gold mine, including $48.3 million planned for 2015 for development, drilling and studies to expand resources and reserves.
This document discusses the proposed merger between Kirkland Lake Gold Ltd. (KGI) and St Andrew Goldfields Ltd. (SAS) to create an Ontario-focused intermediate gold producer. The combined company would have production from four mines and two centrally located mills in Ontario's Abitibi greenstone belt, with projected 2016 production of 260-310koz of gold. It would have a strong balance sheet with over C$100m in cash, enhanced market profile with increased analyst coverage and trading liquidity, and significant exploration upside through consolidated land holdings. The pro forma company is expected to have improved diversification and financial flexibility to generate strong cash flows as an emerging intermediate gold producer.
August 2016 - Second Quarter 2016 Financial Results - August 8, 2016Adnet Communications
The document provides financial and operational results for Richmont Mines Inc. for the second quarter of 2016. Some key highlights include:
- Gold production of 23,320 ounces for Q2 2016, with cash costs of $903/ounce and AISC of $1,330/ounce.
- Strong performance at Island Gold mine, the company's flagship asset, with production growth of 24% compared to Q2 2015 and costs well below guidance.
- Overall company remains on track to meet or exceed 2016 consolidated guidance of 87,000-97,000 ounces of gold production.
The document discusses Richmont Mines' Island Gold mine. It notes that in Q1 2016 the mine achieved record production and had a positive grade reconciliation of 44%. The mine life at Island Gold has increased to over 7 years based on 2015 reserves. A preliminary economic assessment for Island Gold outlined average annual production of 78,000 ounces of gold from 2017-2022 at cash costs of C$552 per ounce. The assessment also presented an expanded capacity scenario to 1,150 tonnes per day which could further increase production and lower costs.
Raymond James Texas Gold Investor Forum - October 2014RoyalGold
The document summarizes Royal Gold's presentation at the Raymond James Texas Gold Investor Forum in October 2014. It highlights Royal Gold's near-term growth driven by increasing production at Mt. Milligan, its long-lived world class portfolio of royalty assets, and its strong financial position with $1 billion in capital available to pursue new opportunities. Royal Gold also leads its peers in key per-share metrics like reserves per share and EBITDA per share, but lags in valuation relative to those metrics.
Denver Gold Forum presentation - Royal GoldRoyalGold
The document summarizes the 2014 Denver Gold Forum presentation by Tony Jensen, President and CEO of Royal Gold. It highlights Royal Gold's solid portfolio and future growth opportunities, including near-term growth from ramping production at Mt. Milligan mine. It also notes Royal Gold's $1 billion in uncommitted capital available to invest in royalty/streaming deals over $100 million, and that the company offers strong per-share metrics at a relatively low valuation compared to peers.
The document provides an overview of Royal Gold's October 2014 presentation. It highlights near-term growth driven by ramping production at Mt. Milligan mine. It also notes Royal Gold's $1 billion in uncommitted capital to invest in royalty/streaming opportunities and its portfolio of long-lived, high-quality assets including Peñasquito, Voisey's Bay and Cortez. The presentation concludes that Royal Gold offers strong per-share metrics and opportunities for growth but trades at a lower valuation than peers.
Cypress Development (TSX-V: CYP) (OTCQB: CYDVF) is focused on developing the Company's 100%-held Clayton Valley Lithium Project in Nevada, U.S.A. Exploration by Cypress has discovered a world-class resource of a leachable lithium-bearing claystone adjacent to the Albemarle Silver Peak mine, North America's only lithium brine operation. The size of the resource makes the Clayton Valley Project a premier target with the potential to impact the future production of lithium for the fast-growing global lithium-ion battery market.
Goldman presentation nov 2014 final screenRoyalGold
This document summarizes Royal Gold's presentation at an annual mining conference. It highlights Royal Gold's solid portfolio and future growth opportunities. Specifically, it notes that near-term growth is being driven by the ramp-up of production at the Mt. Milligan mine. It also states that Royal Gold has over $900 million in uncommitted capital available to invest in new royalty and streaming deals. Finally, it indicates that Royal Gold currently trades at a discount to its historical price-to-book value ratio, representing long-term value.
Sage Gold is a junior mining company focused on developing its Clavos gold and Lynx copper-silver-gold projects in Ontario, Canada into production to generate cash flow. Key points:
1) Sage plans to initially generate cash flow through developing production at its permitted Clavos gold project, which has an existing resource and positive
- Cliffs Natural Resources is an international mining and natural resources company focused on iron ore and metallurgical coal.
- In Q3 2013, the company reported $349 million in sales, a 76% operating margin, and $168 million in operating income.
- Looking forward, Cliffs faces decisions around expanding its Bloom Lake mine in Canada and the future of its higher cost Wabush mine. The company also aims to improve its cost profile and manage capital spending discipline.
The document is an investor presentation that provides an overview of North American Palladium (NAP). It discusses NAP's growth strategy of expanding production at its Lac des Iles mine while lowering costs. It highlights NAP's leverage to rising palladium prices given constrained mine supply and increasing demand from the automotive industry. The presentation also provides market statistics on palladium and an investment case for NAP based on its world-class palladium asset at Lac des Iles.
The document provides an overview of Royal Gold's October 2014 presentation. It highlights near-term growth from ramping up production at Mt. Milligan mine. It also emphasizes Royal Gold's quality portfolio with long-lived assets, focused investment criteria, and $1 billion in capital available for deals. The presentation shows Royal Gold has strong per-share metrics and opportunities for growth but also trades at a lower valuation compared to competitors.
This document provides an overview of Sage Gold Inc., a mining exploration company focused on developing their Clavos gold project and Lynx copper-silver-gold project into production. Key points include:
- Sage Gold plans to generate cash flow from developing existing resources at Clavos and Lynx through near-term production.
- Clavos has a positive preliminary economic assessment showing potential for strong returns, with permits in place for initial development.
- Lynx also has defined resources and potential for open-pit mining, and Sage Gold has an agreement to purchase a nearby mill.
- The company aims to finance production and further increase resources through exploration to realize its goal of "near term production."
Cowen and Company 5th Annual Global Metals, Mining & Materials ConferenceRoyalGold
- Royal Gold owns royalties on several mining projects including Mt. Milligan, Peñasquito, Voisey's Bay, and Andacollo which provide near-term growth and long mine lives.
- The company has over $900 million available to invest in new royalty deals and focuses on high-quality assets from investment-grade companies with world-class long-lived reserves.
- Royal Gold's portfolio provides a solid foundation for future growth while trading at a discount to its historical valuation multiples.
The document provides an overview of Sage Gold Inc., a mining company with gold and copper-silver-gold projects in Ontario, Canada. Sage Gold plans to develop its existing Clavos gold and Lynx copper-silver-gold resources to generate near-term cash flow. The Clavos project has permits to reopen the mine and has indicated resources of over 1.2 million tonnes at 4.81 g/t gold. A preliminary economic assessment on Clavos shows potential for positive economics. Sage Gold aims to increase resources at both projects through continued drilling and advance the projects to production.
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This document provides an overview and summary of Royal Gold Inc.'s portfolio and future opportunities from a presentation given in December 2014. The summary includes:
1) Royal Gold has a solid portfolio with near-term growth driven by the ramp-up of the Mt. Milligan mine. Over 90% of 2014 production came from long-lived mines with mine lives of over 20 years on average.
2) The company has over $900 million in uncommitted capital to pursue new investment opportunities in the mining sector. Deals over $100 million would provide meaningful additions to the portfolio.
3) Royal Gold's portfolio generates high margins, with underlying properties reporting an average cash cost of $578 per ounce and gross
This investor presentation provides an overview of North American Palladium Ltd. (NAP) and its Lac des Iles palladium mine in Ontario, Canada. Some key points:
- The palladium market is expected to remain in deficit due to growing demand from automotive sector and constrained supply from Russia and South Africa.
- NAP's LDI mine is a world-class asset with significant exploration upside potential to increase reserves and resources.
- In 2014, NAP aims to increase production to 170,000-175,000 ounces of palladium at a lower cash cost of $450/ounce by the fourth quarter through expanding mining rates and operational improvements.
- NAP has a strong balance
Presentation Clayton Valley, NevadaFrom Drilling to PEA in under 2 YearsCompany Spotlight
The document summarizes Cypress Development Corp's Clayton Valley lithium project in Nevada. Key points include:
- A Preliminary Economic Assessment shows promising economics including a 32.7% IRR and $1.45 billion NPV.
- Measured and indicated resources total 8.9 million tonnes LCE with additional inferred resources.
- The project has the potential for low-cost production due to favorable geology and metallurgy.
- Upcoming catalysts in 2019 include a metallurgical study and prefeasibility study to further de-risk the project.
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This investor presentation provides an overview of North American Palladium Ltd.'s Lac des Iles palladium mine in Ontario, Canada. Some key points:
- The palladium market is expected to remain in deficit due to constrained global supply and growing demand from the automotive sector.
- Lac des Iles is a world-class asset with significant exploration potential. Production is increasing while costs are decreasing.
- In 2014, guidance includes producing 170,000-175,000 ounces of palladium at a cash cost of around $550/ounce, declining to $450/ounce by Q4.
- Exploration drilling continues to show promise in expanding the Offset Zone resource at depth and along strike.
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Gary Goldberg, President and CEO of Newmont Mining Corporation, presented at the Denver Gold Forum on September 16, 2014. The presentation included:
1) Cautionary statements regarding forward-looking statements and underlying assumptions in estimates and expectations.
2) Newmont has industry-leading safety performance and is delivering on commitments by lowering costs and strengthening its portfolio.
3) Newmont is focused on maximizing productivity and efficiency across its global portfolio of operations and projects.
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CLF November 2010 Investor Presentation
1. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
Cliffs Natural Resources Inc.
November 2010
2. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
2
“Safe Harbor” Statement under the Private Securities
Litigation Reform Act of 1995
This presentation includes predictive information that is intended to be made as “forward-
looking” within the safe harbor protections of the Private Securities Litigation Reform Act
of 1995. Although the Company believes that its forward-looking information is based on
reasonable assumptions, such information is subject to risks and uncertainties, which
could cause materially different results. Important factors that could cause actual results
to differ materially from those in the forward-looking information are set forth in the
Company’s most recent Annual Report and reports on Form 10-K and
10-Q, and news releases filed with the Securities and Exchange Commission. All reports
and news releases are available on Cliffs’ website www.cliffsnaturalresources.com.
3. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
Overview of Cliffs Natural Resources Inc.
3
Cliffs Natural Resources (NYSE: CLF) (Paris: CLF) is an international mining and
natural resources company. A member of the S&P 500, it is the largest producer of
iron ore pellets in North America, a major supplier of direct-shipping lump and fines
iron ore out of Australia and a significant producer of metallurgical coal
Cliffs is executing a strategy designed to increase scale and diversity and focused
on serving the world’s largest and fastest growing steel markets
The Company boasts a conservatively managed balance sheet with low debt and
strong liquidity
With core values of environmental and capital stewardship, our colleagues across
the globe endeavor to provide all stakeholders operating and financial transparency
as embodied in the Global Reporting Initiative (GRI) framework
4. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
4
Cliffs Natural Resources Global Footprint
Access to high-growth Asian markets
Pricing correlates to Australian benchmark
for lump and fines
Largest iron ore producer in North America
Significant position in North American
metallurgical coal
A developing project in a low-cost mining district
5. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
Cliffs’ Strategic Imperatives
5
Scale
Through
Diversification
Global
Execution
Operational
Excellence
Building scale through diversification
Multiple Revenue Streams
Product Diversification
Geographic Presence
Operational excellence
Safety
Technical Competencies
Operating Efficiencies
Global execution
Competencies of the Firm
Outlook of Personnel
Global Scalability
Shareholder returns
Shareholder Value
Risk Management
“Earning the Right to Grow”
Shareholder
Returns
6. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
$0
$30
$60
$90
$120
$150
Jan 2004 Sep 2004 May 2005 Jan 2006 Sep 2006 May 2007 Jan 2008 Sep 2008 May 2009 Feb 2010
6
Impact of Strategic Execution
($ in Millions)
StrategicmilestonesBusinessevolution
Share price performance since January 2004
2005
Acquired 80% of
Portman Limited,
then the third
largest iron ore
mining company
in Australia
Sales: $1,203
2005
Sales: $1,740
2006
Sales: $1,922
North
American Coal
10%
Other
4%
2007
Sales: $2,275
2008
Sales: $3,609
2009
Sales: $2,342
2007
Acquired 30% interest in
Amapá iron ore project in
Brazil
Acquired 45% economic
interest in Sonoma, hard
coking and thermal coal
mine in Queensland,
Australia
Acquired PinnOak, Central
Appalachian high-quality,
low-volatile met coal mines
2008
Acquired remaining
stake in Portman Limited
(20%)
Acquired remaining
stake in United Taconite
(30%)
Acquired stake in
Golden West, an
Australian iron ore junior
mining company
Asia Pacific
Iron Ore
24%
North American
Iron Ore
62%
2009
$347mm in net proceeds
from equity offering
executed in May
Added to S&P 500 Index
2004
2010E
Acquired remaining
stake (73%) in Wabush
Mines
Acquired Freewest
Resources and Spider
Resources, world-class
chromite assets in
Ontario, Canada
Acquired INR Energy,
high-volatile met coal
and thermal coal
2010E
Sales: $4.4B
7. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
7
Track record of growth ($mm) Strong balance sheet
Japan 7%
United States
45%
China
30%
Canada
10%
Other 8%
Financial Overview
Diverse end-market exposure (2004 – 2009)
1
Revenue EBITDA
2004 2009
United States
76%
Canada
19%
China 5%
Other 1%
Revenue by end-market
8. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
2010 Financial Highlights
8
Record-breaking first-half results:
- Revenues of $1.9 billion, up 124%
- Net income of $354 million, up 830%
- Free cash flow of $173 million, up 178%
$1 billion in acquisitions:
- Wabush remaining stake $88 million
- Freewest acquisition $186 million
- INR Energy’s coal operations $757 million
First-half North American Iron Ore shipments total 11 million tons, up 154%
North American Coal contributes $23 million to second-quarter sales margin
Asia Pacific Iron Ore first-half revenue reaches $469 million, up 95%
The Company achieved investment grade rating from Standard and Poor and Moody’s
9. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
Business Segment Overview
9
North American Iron Ore
Manage and operate six North
American mines located in
Michigan, Minnesota, and
Eastern Canada
Annual equity production
capacity of 29.5mm tons of iron
ore pellets
Over 90% of 2010 volume
committed under contract
North American Coal
Own and operate five
metallurgical coal mines and
one thermal coal mine in
West Virginia and Alabama
2011 production capacity in
excess of 7mm tons
A significant portion of
revenue comprised of exports
Asia Pacific Iron Ore
Operations include 100%-owned
Koolyanobbing complex and 50%
equity interest in Cockatoo Island
9mm tonnes of current capacity, with
upgrade underway to reach 11mm
tonnes by 2012
Direct-shipping lumps and fines ore
sold on the seaborne market
North American
Iron Ore
62%
Asia Pacific
Iron Ore
23%
North American
Coal
9%
Other 6%
2009 Revenue
1
Partial year
10. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
10
M&A and Development Strategy
Diversify business into other end-markets
and other steel-related minerals
Expand geographically into low-political-
risk geographies
Objective is to strike a balance among
cash-flow positive, profitable, commercial-
stage businesses and targets in the early
stage of development
NORTH
AMERICA
ASIA PACIFIC
(AUSTRALIA)
SOUTH
AMERICA
(BRAZIL)
NORTH
AMERICAN
MET COAL
SEABORNE
IRON ORE
IRON ORE
SEABORNE MET
COAL
Cliffs’ strategy: geographic and
mineral diversification
Minerals Geographies
SEABORNE
FERROALLOYS
11. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
11
INR Energy's Coal Operations Acquisition
Demonstrates Cliffs’ commitment to further diversify its business into coal
$757 million acquisition funded through available liquidity, including cash on hand and Cliffs’ $600
million credit facility
Transaction will increase Cliffs’ total global coal equity production capacity to nearly 11 million
tons by 2012, from today’s current annualized equity production of approximately 7 million tons
Significant metallurgical coal reserves
Expands global reserve base to over 232 million tons
Southern West Virginia multi-mine complex with features that are complementary to our North
American Coal operations
Two underground continuous mining operations and one open surface mine
Assets include several metallurgical coal development mines
Increases Cliffs’ products portfolio through the addition of high-volatile metallurgical coal and
thermal coal
12. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
12
INR Energy's Coal Operations
Southern West Virginia Mining Complex
Metallurgical Coal
Operations
Thermal Coal/
PCI Operations
Developmental Projects
• Two operating underground
mines:
1. Powellton
2. Chilton-Dingess
• One operating surface
mine:
1. Toney Fork #2
• Two additional underground
metallurgical coal mines in
active development
• Several additional
metallurgical coal mines in
permitting phase
Operations located in near
proximity to Cliffs
Pinnacle Mine
13. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
13
Freewest Resources and Spider Resources Acquisitions position Cliffs to become the
leading North American primary chromite and ferrochrome producer and exporter
Customers would include global stainless steel producers
World-class chromite deposits within the “Ring of Fire” in Northern Ontario, Canada
– 100% Black Thor
– 100% Black Label
– 73.5% Big Daddy
Anticipate mining 1 million to 2 million tonnes of high-grade chromite ore to produce
400,000 to 800,000 tonnes of ferrochrome annually with a >30-year mine life
Prefeasibility studies and initial First Nation discussions are underway; production
anticipated to commence around 2015
Financed with stock and cash
Ring of Fire – Chromite Project
14. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
14
Estimated capex of $800mm required to develop the site
Options for financing capex include:
– Internal cash flow
– Joint-venture partner
– Other financial options
Capex will be deployed only after certain project milestones are
satisfactorily achieved
Cliffs has the opportunity to evaluate proceeding with the development of the
assets over the next 5 years
– Majority of capex spending would occur in 2013 and 2014
Ring of Fire – Chromite Project Capex Requirements
15. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
15
Ring of Fire – Chromite Project
World-Class Assets
CHROMITE
DEPOSITS BLACK THOR
BLACK LABEL
BIG DADDY
17. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
U.S.
Canada
Mexico
Brazil
EU 27
CIS
Japan
China
S. Korea
India
Oceania
0
200
400
600
800
1,000
1,200
0 10 20 30 40 50 60
2009Kg/CapitaSteelConsumption
2009 GDP Per Capita ($US 000s)
Steel Is a Large, Growing, Global Business
BRIC economic growth is substantial and appears inevitable.
In 2009, China’s steel consumption
was nine times that of the U.S.
As countries industrialize, per
capita steel consumption increases
as GDP per capita expands
through the maturing process
Note: Size of bubbles represents size of absolute 2008 finished steel consumption in each respective country
Source: Metals Strategies, CIA World Factbook
17
18. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
18
The Long-Term Outlook Remains Strong
World steel demand
(millions of tonnes)
Source: Metal Strategies
% of crude steel production
Growth in global steel production using blast furnaces
2010-2015
CAGR 3.4%
Source: Metal Strategies
2010-2015
CAGR 2.6%
(millions of tonnes)
0
500
1,000
1,500
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E 2014E 2015E
0%
25%
50%
75%
100%
400
600
800
1,000
1,200
1,400
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E 2014E 2015E
19. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
Source: Metal Strategies
Net imports as a
% of consumption 17% 12% 19% 11% 9% 10% 9% 10% 10% 11% 11% 11%
19
U.S. steel supply/demand (mm tons)
North American Steel Producers Are Particularly
Well-Positioned to Participate in an Economic Recovery
’09 – ’15 Consumption CAGR
+5.4%
110
105
108 108
101
66
92
98
107
111
114 116
133
119
135
122
110
65
89
101
113
118
123
127
2004 2005 2006 2007 2008 2009 2010E 2011E 2012E 2013E 2014E 2015E
Production Consumption
20. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
Source: Metal Strategies
Months supplyTons (mm)
20
Service center inventories
Steel Center Inventories Remain Low Relative to
Historical Levels
1
2
3
4
5
0
2
4
6
8
10
12
14
16
18
2005 2006 2007 2008 2009 2010
21. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
21
Iron ore
– New projects commissioned in countries with medium to high sovereign risk
– High-end of cost curve requiring significant capital deployment
– Suppliers farther inland from deep-water ports, economic logistics
– Further tightening of Indian supply as increased export regulatory pressure
has emerged
Metallurgical coal
– At top of cycle in 2008, Appalachian supplies declined
(mines deeper, seams thinner)
– Environmental and safety regulations make permitting more difficult to secure
– Other global metallurgical coal basins in challenging political geographies
(Mongolia, Mozambique, etc.)
Steelmaking Raw Materials Supply-Side Considerations
22. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
22
Pricing for Core Products Has Corrected Sharply
Metallurgical coal prices ($/metric ton)
0
50
100
150
200
250
300
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010E
Source: Metal Strategies, equity research, Company estimates
$209 *
62%
Iron ore prices ($/metric ton based on 64% iron content)
0
25
50
75
100
125
150
175
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010E
Pellets Lumps Fines
$73
(48%)
$62
(33%)
$85
(44%)
Source: Cliffs and various industry publications/reports
$149
75%
$153
109%
$129
108%
$129
(57%)
($ price and % change)
($ price and % change)
* Latest quarterly Settlement
24. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
24
Source: Company data
Cliffs Managed
45%
% capacity
U.S. Steel
25%
Iron Ore Co.
of Canada
16%
Arcelor Mittal
14%
Firmly established as a critical supplier to the leading
U.S.-based integrated steelmakers
Virtually 100% of sales volume is committed under long-term
supply agreements
Formula-based supply agreements capture steel prices, iron ore
prices and wholesale inflation while mitigating volatility
Cost effectively increased production base during most
recent cycle
Over 900 million tons of proven and probable reserves
North American Leader in Iron Ore
Financial overview
Equity production (MM gross tons) North America pellet production
25. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
25
Source: Company data
The North American Market Is Geographically Protected
ArcelorMittal
Mines
26. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
Virtually all pellet capacity under long-term contracts
Annual price adjustments are based on a variety of factors including:
— Seaborne pellet prices
— Various PPI indices
— Hot-band steel prices
— Contractual-based price increases, lag-year adjustments and capped pricing
A 48% decrease in pricing in 2009 resulted in average prices for Cliffs decreasing only 11%
2010 guidance: 27 million tons of sales volume, $98 - $103 per ton
— Assumes 96% increase in seaborne pellet prices, $600 - $650 hot band steel
26
North American Iron Ore Pellet Contract Pricing
27. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
Source: Company data
Overview
Reserves by Mining Complex
Cliffs North American Coal
Production (millions of tons)
Cliffs will produce primarily high-volatile and low-volatile
metallurgical coal, with some thermal coal production
Reserve base of 225 million tons contains some of the highest
quality metallurgical coal in the world
NAC capacity will be over 9 million tons in 2012
Coal is sold in both domestic and export markets
Oak Grove
19%
INR Met
30%
27
Geographic overview
Oak Grove Mine
Pinnacle Complex
Pinnacle Mine
Green Ridge Mine
North American Coal
Financial overview
1
Partial year
INR Mines:
Powellton Mine
Chilton-Dingess Mine
Toney Fork #2 Mine
225 mm tons
INR Thermal
23%
Pinnacle
28%
1.74
4+
7+
0
2
4
6
8
10
2009 2010E 2011E
28. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
28
Source: Company data
Business overview
Asia Pacific iron ore operations located in Western Australia:
– Koolyanobbing mine (100% owned)
– Cockatoo Island Joint Venture (50% owned)
Serves the Asian iron ore markets with direct-shipping fines
and lump ore, with 2012 capacity to reach 11mtpy
88mm tonnes of proven and probable reserves
Near mine drilling program targeting substantial
reserve additions
China
85%
Customer overview (2009)
Financial overview
Cockatoo Island
Koolyanobbing
Complex
Japan
15%
Asia Pacific Iron Ore
Geographic overview Production (millions of tonnes)
29. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
29
Business overview
45% economic interest, shipments commenced in 2008
2009 equity sales volume: 1.4mm tonnes
21.6 million tonnes of reserves
Mix of metallurgical and thermal coal
Supply agreements in place with JFE, China Steel
(metallurgical) and a Korean utility (thermal)
Moves by rail to the Abbot Point Bulk Coal Terminal
for export
$142 million investment has returned a total sales margin
of $82 million since operations commenced two years ago
Geographic overview
Sonoma
Sonoma Coal
Source: Company data
30. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
30
Source: Company data
Business overview
30% owned by Cliffs, 70% owned by Anglo American
Consists of a significant iron ore deposit, a
192-kilometer railway connecting mine to port, and
71 hectares of real estate for a loading terminal
Majority of production committed under long-term
supply agreement with operator of an iron oxide
pelletizing plant in Bahrain
$62 million equity loss in 2009 and expectations of
profitability in 2010
Geographic overview
Amapá Project
Amapá Project
31. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
In Summary
Steel and the raw materials to make it are extremely important
— Building block of society
— Essential to modernization of Brazil, Russia, India and China
Raw materials will continue to be scarce in the long-term
— Very few meaningful iron ore or metallurgical coal projects came online at the top of the
last cycle
— Worldwide economic recovery is resulting in increased demand
Cliffs is well positioned in its current markets and to benefit from the current environment
— Active business development targeting program
— Strong balance sheet and significant financial flexibility
31
34. OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
2010 Outlook Summary
34
Sonoma Coal
- Equity sales and production of 1.5 million tonnes
- 60%/40% thermal-met mix
- Average revenue per tonne of $120 - $125
- Average cost per tonne of $80 - $85
Amapá Iron Ore Project
- Profitable in 2010 for Cliffs’ equity interest
SG&A Expenses and Other Expectations
- SG&A expenses of approximately $200 million
- Global Exploration costs of $30 million to $35 million
- Chromite project costs of approximately $15 million
- Full year tax rate approximately 30%
- Depreciation and amortization approximately $325 million
Cash from operations
- More than $1.3 billion
Capital expenditures
- Approximately $275 million
2010 Outlook Summary
North American North American Asia Pacific
Iron Ore (1) Coal (2) Iron Ore
Current Previous Current Previous Current Previous
Outlook Outlook Outlook Outlook Outlook Outlook
Sales volume (million tons/tonnes) 27.0 27.0 3.6 3.9 9.0 8.8
Revenue per ton/tonne $98 - $103 $107 - $112 $115 - $120 $115 - $120 $115 - $120 $110 - $115
Cost per ton/tonne $65 - $70 $65 - $70 $120 - $125 $115 - $120 $55 - $60 $55 - $60
(1) Assumes a range of hot band steel pricing of $600 - $650 per ton.
(2) North American Coal outlook includes the impact from INR Energy's coal operations.