MelloTuesday, 16th March 2021, 6pm - 9.30pm
Following the popularity of the first MelloTuesday, Investing in Gold event, we are delighted to announce that we are running a follow up event, Investing in Gold Mining.
We will look at how to invest in Gold & Mining, covering everything from buying gold coins and bars through to stakes in gold producers paying regular dividends. We will also cover ETFs, gold indexes, gold exploration & mining companies and investment funds, featuring a number of presentations. The webinar will provide a broad range with a panel session to cover all these options and assessing the risks and opportunities now open to investors.
We have a fantastic line up for our investors to include the listed companies as detailed below, which generate returns from Gold. The evening will include the latest insights and analysis from investment managers, research professionals, analysts and experienced investors.
Company Presentation – Pure Gold
PureGold is a growth company, located in the very heart of Red Lake, Canada. Red Lake is the world-famous high-grade gold district which has already produced more than 30 million ounces of gold, valued at over USD $50 billion in today’s prices.3 Little wonder Red Lake is called the high-grade gold capital of the world.
Our Mandate. Our mandate is pure and simple. To dream big. To colour outside the lines. To use smart science and disciplined creativity to exponentially increase the size and scale of our high-grade gold assets along PureGold’s 100%-owned property – historically the second-highest gold-producing property in the Red Lake District.
Our Objective. Our objective is also pure and simple. To develop a highly-profitable long-life gold mining company in the heart of Red Lake, becoming Canada’s next iconic gold producer.
Our Plan. Our plan is very disciplined, very methodical, and financially sound. To expand organically, and develop PureGold’s multi-million-ounce high-grade gold asset incrementally, step-by-step, using a Phased mining development plan to deliver maximum profitability.
Our Growth Strategy. Our growth and profitability strategy is focused on two parallel paths. First, to generate exponential growth in the size and scale of our multi-million-ounce gold asset. Second, to simultaneously generate over $2.3 billion in revenue – and over $1.2 billion in pre-tax free cash flow – from our Phase One mine alone.
What Have We Accomplished To Date? In less than six years, PureGold has advanced it’s project from exploration, through development and into production, on budget and on schedule.
Even more impressive is our pre-tax operating margin of more than $1,350 an ounce – an extraordinary margin expected to generate more than $1.2 billion in pre-tax cash flow over the next 12 years alone.
Darin Labrenz, President, CEO & Director
Mr. Labrenz is a registered professional geologist with over 25 years of experience in the mineral exploration industry. Most recently, Mr. Labrenz was Vice President, Business Development for Terrane Metals Corp., a BC-based development company that was acquired by Thompson Creek Metals in 2010. Prior to Terrane, Mr. Labrenz was employed by the Placer Dome group, where he was responsible for the design and supervision of exploration programs, management of geological activities at both underground and open pit mining operations, as well as technical support and geological management of several feasibility studies and economic evaluations. Mr. Labrenz has significant experience in the Red Lake Camp, including former Chief Geologist at the Campbell Mine.
Company Presentation – Condor Gold
Condor Gold is listed on the AIM market, ticker CNR and the TSX ticker COG. The Company has the key Environmental Permit to construct and operate a 2,800tpd mine producing approximately 100,000 oz gold per annum from la India open pit. Condor has recently permitted 2 high grade feeder pits and currently has 1.12M oz gold open pit mineral resource including a mineral reserve permitted for production. The 1.2M oz gold underground mineral resource could be permitted once in production.
The Company is currently completing all engineering studies to make the Project “shovel ready” and commenced site preparation in December 2020. The Company is running a number of mining scenarios ahead of a construction decision, including a minimum capex, maximum cashflow scenario. There are currently 3 drill rigs on site.
Condor Gold currently has a high-grade gold mineral resource of 2.33M oz gold at 4.0g/t gold, which contains an economic probably mineral reserve of 6.9 million tonnes at 3.0 grammes per tonne gold for 675,000 ounces gold. The high grade means the breakeven all in sustaining cash costs are low at US$700 per oz gold. The internal rate of return is approximately 31%. A second part of the strategy is to prove a 5M oz gold district.
The company website can be found here.
Mark Child, CEO
Mr. Child was commissioned as an officer in the 2nd King Edward VII’s Own Gurkha Rifles and served in the British Army for 4 years. He has taken London Stock Exchange and other finance exams and has a Diploma in Company Strategy. He joined Condor’s Board in May 2006 and became CEO in July 2011. He acquired the 11 concessions that comprise La India Project, overseen 65,000m drilling, PFS studies, engineering studies, land acquisiton and fully permitted the mine. He has raised US$65M and developed the Project into what it is today.
Mr Child has 20 years of equity capital markets experience, as an institutional stockbroker and in corporate finance/private equity, mainly in emerging markets. At board level Mr. Child has been an executive director of Hong Kong listed Regent Pacific Group, an emerging market fund manager and private equity group, which spun off Charlemagne Capital Limited. He has board level experience of AIM listed and private companies.
Company Presentation – Taseko Mining
Taseko Mines is a dynamic and growing mining company focused on the operation and development of copper mines in North America.
Headquartered in Vancouver, Taseko operates the state-of-the-art Gibraltar Mine, the second largest copper mine in Canada, with a nearly 700-person workforce producing an average of 140 million pounds of copper and 2.5 million pounds of molybdenum per year.
The Company is also well-advanced in the permitting and funding of the US$230m Florence Copper Project in Arizona, a unique in-situ copper recovery project that boasts significantly reduced energy consumption, carbon emissions and water use when compared with a similar sized conventional copper mine. Producing cathode on site, Florence’s annual output of 85Mlbs would significantly boost group production.
Taseko recently announced that it has completed its offering of US$400 million notes which will be used to repurchase existing debt and result in a cash balance of circa US$200m. Permitting is nearing completion, after the all-important Aquifer protection permit was granted by Arizona environmental authorities in December.
Taseko’s Full Year results stated that adjusted EBITDA* for 2020 is expected to be in the range of $105-110 million, up from $51 million in 2019. Gibraltar produced 123 million pounds of copper for the year and 2.3 million pounds of molybdenum. Looking ahead to 2021, the Company expects copper production of approximately 125 million pounds from Gibraltar.
Stuart McDonald, President
Mr. McDonald is a mining executive with 25 years of experience in mining, corporate development, financial and management roles. He joined Taseko as Chief Financial Officer in 2013 and was appointed President in June 2019.
Prior to Taseko, he held a number of senior roles in the mining industry including CFO of Quadra FNX Mining Ltd. (and its predecessor Quadra Mining Ltd.) and CFO of Yukon Zinc Corp. He was also Corporate Controller at Cumberland Resources Ltd. until its acquisition by Agnico-Eagle Mines in 2007. Prior to joining the mining industry, he spent 10 years in public accounting with Deloitte & Touche and Ernst & Young.
Mr. McDonald is a Chartered Professional Accountant (British Columbia) and a U.S. Certified Public Accountant (Illinois). He holds a Bachelor of Commerce (Finance) degree from the University of British Columbia.
Company Presentation – Caledonia Mining
Caledonia Mining (NYSE:CMCL, AIM:CMCL) is a profitable cash generative gold producer with a strong growth profile, Caledonia’s primary asset is the Blanket Mine in Zimbabwe. By 2022 the Company plans to increase its annual production by 37%, up to 80,000 ounces.
The Company is listed in New York and London with a current Market Capitalisation of U$188m. Caledonia’s flagship asset is the Blanket Gold Mine in Zimbabwe, Caledonia has a prime position in Zimbabwe, one of the last gold frontiers in Africa with substantial exploration potential. Production in 2020 was 58,000 ounces at an AISC of around $900 per ounce. AISC Cost guidance post the growth to 80,000 ounces by 2022 is $700 – $800 per ounce. Caledonia has a life of mine of 14 years to 2034 with a total resource base of approximately 1.8Moz at an average grade of 4.1g/t. Caledonia has a strong balance sheet with no long-term debt and $21m in cash.
The Company pays a quarterly dividend which increased in January 2021 to 11 cents a share. The dividend has been increased 4 times in the last 18 months & is a 60% cumulative increase from 6.875 cents announced in October 2019.
Caledonia is committed to evaluating investment opportunities in Zimbabwe and has entered into two option agreements to acquire the mining claims over Glen Hume and Connemara North.
Our long-term vision is to become a sustainable, multi asset mid-tier producer, focused on organic growth and making genuine return for our shareholders
Mark Learmouth, CFO
Mr Learmonth joined Caledonia in July 2008. Prior to this, he was a Division Director of Investment Banking at Macquarie First South in South Africa, and has over 17 years’ experience in corporate finance and investment banking, predominantly in the resources sector in Africa.
Mr Learmonth graduated from Oxford University and is a chartered accountant. Mr Learmonth is a member of the Executive Committee of the Chamber of Mines, Zimbabwe. Mr Learmonth was appointed Caledonia’s Chief Financal Officer in November 2014.
Steve Curtis, CEO
Member of Strategic Planning, Technical and Disclosure Committees
Mr. Curtis is a Chartered Accountant with over 30 years’ experience and has held a number of senior financial positions in the manufacturing industry. Before joining Caledonia in March 2006, he was Director Finance and Supply Chain for Avery Dennison SA and prior to this Financial Director and then Managing Director of Jackstadt GmbH South African operation. Mr. Curtis is a member of the South African Institute of Chartered Accountants and graduated from the University of Cape Town. He was appointed to the Caledonia board in July 2008.
Steve was appointed Caledonia’s Chief Executive Officer in November 2014, prior to which he was Caledonia’s Chief Financial Officer.