Corporate Overview. Capital Structure Monthly Volume (shares)

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2 Disclaimer Forward Looking Statements These materials include forward looking statements. Forward looking statements inherently involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to, the company. Actual results and developments may vary materially from that expressed in these materials. The types of uncertainties which are relevant to the company may include, but are not limited to, commodity prices, political uncertainty, changes to the regulatory framework which applies to the business of the company and general economic conditions. Given these uncertainties, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, the company undertakes any obligation to publicly update or revise any of the forward looking statements, changes in events, conditions or circumstances on which any such statement is based. Competent Persons Statement The information in this report relating to Open Pit Ore Reserves is based on information compiled by Mr Sjoerd Rein Duim who is a member of the Australian Institute of Mining and Metallurgy and who has sufficient experience which is relevant to the styles of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Duim is a full time employee of SRK Consulting and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report relating to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Robert Watkins who is a member of the Australian Institute of Mining and Metallurgy and has sufficient exploration experience which is relevant to the various styles of mineralisation under consideration to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Watkins is a full time employee of Beadell Resources Ltd and he consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report relating Processing Costs and Processing Recoveries is based on information compiled by Mr Greg Lane who is a member of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the various styles of mineralisation under consideration to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Lane is a full time employee of Ausenco Ltd and he consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report relating to Project Financials is based on information compiled by Mr Mark Jewell who is a member of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the project economics under consideration to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Jewell is a consultant employed by Beadell Resources and he consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report relating to Tucano Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Daniel Guibal who is a member of the Australian Institute of Mining and Metallurgy and has sufficient exploration experience which is relevant to the various styles of mineralisation under consideration to qualify as a Competent Person as defined in the 2004 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Guibal is a full time employee of SRK and he consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Reporting on Exploration Targets Any statement or information relating to the potential quantity and grade of an exploration target is based on recent public announcements and is conceptual in nature. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. 2

3 Corporate Overview Capital Structure ASX Code Shares on issue Options Share Price (8 Mar 12) Market Cap Monthly Volume (shares) BDR 716 M 41 M 72 cents $515 M M Est. Available Funds (current) $100 M - Cash $50 M - Undrawn Project Finance $30 M - Offered Project Finance increase $20 M Directors and Officers Craig Readhead Jim Jewell Mike Donaldson Ross Kestel Peter Bowler Rob Watkins Greg Barrett Non-Exec Chairman Non-Exec Director Non Exec Director Non Exec Director Managing Director Executive Director Geology CFO/Company Secretary 3

4 Share Price Movement 1 Tucano Government Approvals Received Definitive Feasibility Study Completed Tucano. Capital Raising $30 85 cents Maiden Iron Ore Resource on Beadell s Mining Concession Drawdown of Project Facility Finance Commences Significant Extension to Urucum Deeps - Tucano Tropicana East Hercules Discovery Grows Market Cap $20 M Tucano Gold resources increase 48% to 4.3 Moz Tucano Institutional and private placement to raise A$57.0 M Tucano DFS commences Tucano High grade results g/t Tucano Sale of Iron Ore Royalty for A$31.25 M Tropicana East Discovery Confirmed 24.8 g/t Tropicana East New Discovery in Tropicana Belt 8.3 g/t Decision to Mine & EPCM Contract Awarded - Tucano. Potential Iron Ore production from Gold Plant Tailings Credit Approval Tucano Gold Project Tucano Construction & Mining Update. Urucum Deeps High Grade Intersection Market Cap ~$ February

5 Building a Gold Company Assets located in miningfriendly and low political risk jurisdictions Short, medium and long term growth potential within existing development and exploration projects Tucano (Brazil) 100% Resources: 4.3 M oz gold Reserves: 1.25 M oz gold Production Forecast of 150 to 180k oz gold per annum High quality, long life Tartaruga (Brazil) 100% Rio de Ouro high grade gold discovery 470g/t, 193g/t, 105g/t Maiden JORC Inferred Resource of 279,000 oz gold Tropicana East and West Musgrave (WA) 100% New West gold Musgrave discovery (WA) g/t & 12.1 g/t gold along strike from 5 Moz Tropicana deposit New gold province discovered at Handpump, West Musgraves first RC hole, 0.9g/t from 13m Reedy Creek (Victoria) 100% Preliminary JORC Inferred Resource of 47,000 oz gold 5

6 Brazil Leading economic powerhouse of South America Mining friendly culture and regulatory regime Real GDP growth of ~4% forecast in 2012, controlled inflation at ~4.5% and stable monetary policy Becoming a major global growth consumer behind China and India 5 th Largest population (193 M) and country size in the world Bright future hosting the 2014 FIFA World Cup & Olympic Games in 2016 Highly underexplored frontier gold belts 6

7 Tucano Project Location / Power Source Located in Amapá State, 200 km by road from state capital, Macapá 69 kv power line connected to 75MW hydro power upgrading to 327MW in Jan 2013 From commissioning to Jan 2013 a combination of hired diesel generator sets with some hydro power will be used From Jan 2013, full hydro power is expected to be available at between US$ / kwh 3 km north of Anglo Ferrous s iron ore beneficiation plant employing 1,400 people 7

8 Tucano Gold Project 4.3 million ounce resource, 1.25 million ounce interim reserve Current 7-10 year mine life from open pits with potential to extend Forecast production up to 180,000 oz p/a of gold Capital spend to convert existing infrastructure into 3.5 mtpa Carbon in Leach (CIL) plant - less than US$100 M Mining of first Gold Open Pit and Tailings Dam commenced June 2011 Commissioning of CIL Gold Plant planned 30 June 2012 with minor delays of a few weeks due to wet weather expected Currently drilling with 4 drill rigs to add significantly to the Resource/Reserve position Government approvals received Experienced and energetic site personnel 8

9 Definitive Feasibility Study(DFS)Snap Shot Mining, Milling MINING TOTAL Ore Mined ex-pit tonnes 19,044,416 Mined ore grade g/t gold 1.70 Total material movement ex-pit tonnes 148,112,308 Stripping ratio (open pits) waste/ore 6.8:1 Stockpile ore tonnes 7,353,000 Stockpile grade g/t gold 0.87 Stripping ratio (stockpile) waste/ore 0:1 Stripping ratio (overall including stockpile) waste/ore 4.9:1 MILLING TOTAL Tonnes milled tonnes 26,397,416 Grade (including stockpiles) g/t gold 1.47 Recovery % 90.6 Recovered gold ounces 1,126,135 Annual throughput tonnes 3,500,000 9

10 DFS Snapshot Production, Financial Analysis PRODUCTION TOTAL Mine life years 7.6 Max annual production ounces (yr 2) 180,184 Min annual production ounces (yr 7) 130,899 Average annual production (steady state) ounces 150,000 Total LOM cash costs (US$557/oz early years) US$/oz 618 FINANCIAL ANALYSIS - GOLD US$1,400/oz TOTAL Revenue US$'000 1,579,586 5% (before tax and 2% royalties) US$' ,977 IRR (before tax and 2% royalties) % 79 Payback period months 11 Cash operating US$1,700/oz (before tax and royalties) US$'000 1,218,478 Capital Cost US$'000 99,394 10

11 CIL Plant Layout 11

12 Magnetic Separation Plant Detailed engineering drawings have commenced to construct a small Magnetic Separation plant at the back end of CIL Gold plant to extract high grade iron ore pellet feed from the CIL tailings. Discussions concerning logistics and off take have commenced with multiple options available. Transport costs to Santana and Port handling fees are yet to be finalised but are likely to total US$25 35 per tonne. Extensive test work indicates production between 250, ,000 tonne per annum of concentrate dependent on gold ore sequencing from open pits. Comparable product (66-67% Fe) currently returning US$120 per tonne FOB Santana. Capital Expenditure is expected to be in the US$10-15M range with Opex ~US$5-10 per tonne 12

13 Open Pit Mining Fleet Fully operational and well maintained mining fleet and ancillary plant on site totaling 35 pieces of equipment including: 1 x Liebherr 994, 3 x 964 excavators 5 x CAT 777D trucks, 12 x A35 trucks 3 x CAT D8R dozers, 2 x 160H motor graders All associated service vehicles World class workshop Existing Mining fleet capacity of 3 million tonnes of ore and 12 million tonnes of waste per year Orders placed for ~US$20M worth of additional earthmoving equipment via a machinery lease facility 13

14 Cap Ex Funding Project financing facility of US$90M completed with first US$60M drawn down 31 December A total of 135,000 ounces hedged over 3 years or 30% of annualised production which represents only 10% of current reserves. Flat forward hedge price of US$1600 per ounce with US$160 million of Brazilian Reals (BRL) also hedged at a flat forward of USD1:BRL The hedging program results in 100,000 ounces effectively hedged at BRL$3,124 per ounce with the remainder hedged at US$1600 per ounce. Equipment Financing Package of US$20M for new earthmoving equipment. A US$20M increase to the existing project finance facility which entails some additional flat forward gold hedging of approximately 50,000 ounces at US$1700 per ounce prior to drawdown has full credit approval. 14

15 Tucano Tenure Mostly contiguous tenure covering 2,500 km² 3 Moz # exploration target on top of existing 4.3 Moz resource being aggressively pursued Only 120 km from Beadell s advanced exploration project, Tartaruga Highly underexplored greenstone belt with numerous regional gold anomalies # The potential quantity and grade related to Exploration Targets in this report is conceptual in nature as there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource. 15

16 Near Mine Exploration Gold mineralisation at Tucano is structurally controlled along a 7 km long north striking fault zone, hosted predominantly within banded iron formation Total Oxide Resources are g/t for 1.0 Moz and total primary resources are 63.6Mt at 1.5 g/t for 3.1 Moz CURRENT TOPO Advanced near mine targets Vila do Meio (Duck Head), diamond drill results including g/t from 80 metres and g/t from 130 metres Numerous sparsely explored near mine targets (within 10 km) from main line of deposits Extensions to known mineralisation in vicinity of existing pits (Gap, Tapereba Sul, Arrependido, Urucum North) 16

17 Tucano Longsection 4.3 Moz Resource targeting 7 Moz Aggressive drilling program underway to rapidly expand resource base Early success at new high grade lode at Tapereba Sul, g/t gold, g/t gold CURRENT TOPO 17

18 Urucum Deeps Target Potential underground expansion to take forecast future steady state annual production over 200,000 oz pa. Width and geometries favorable for underground mining, ~ 2,000 ounces per vertical meter Most recent result of g/t gold including g/t gold (see ASX release 31 January 2012) 18

19 Tapereba AB Tapereba AB Resource g/t gold for 1.2 Moz Tapereba AB Reserve g/t gold for 0.3 Moz Approximately 18 Mt of Iron Ore within the current optimised open pit Starter pit to produce g/t gold for 242,000 oz CURRENT TOPO Pit optimisation is bottoming out on indicated resources in the high grade Trough Zone Exceptional results beneath the optimised open pit, not yet included in the resource or reserve include g/t gold, g/t gold, g/t gold Excellent potential to increase reserves with gold results and iron ore 19

20 Tap Norte Iron Ore Resource Maiden Iron Ore Resource 209 million 36.1% Fe. This includes Measured and Indicated of % (See Appendix 2) Friable itabirite iron ore is beneficiated by a simple process route to concentrate the iron ore to form high grade sinter and pellet feed grading greater than 60% Fe fit for smelting. Discussions continue with Anglo Ferrous in relation to these iron ore resources on our Mining Concession to either continue on with negotiations centred around a Joint Operating Agreement whereby Anglo pay for iron ore extracted out of our gold pits or, Beadell s preferred outcome, to go it alone if the parties are unable to reach agreement on the terms of such a Joint Operating Agreement in respect of Beadell s Mining Concession. (See Appendix 2) 20

21 Iron Ore Resource Extensions Potential extensions from Tap Sul and Tap Leste areas alone are estimated to contain an additional Mt of itabirite iron ore (1) which are currently being aggressively drilled An updated iron ore resource is currently being modelled (1) The potential quantity and grade related to Exploration Targets in this report is conceptual in nature as there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource. 21

22 Tap AB Pit with Gold & Iron Ore in Southern Wall 22

23 Tropicana East Discovery Significant greenfields gold discovery in Western Australia announced in December 2010 Initial Aircore Drilling Results include: g/t gold from 50 m to bottom of hole including g/t gold from 56m 19 m at 12.1 g/t gold from 32 m including 5 m at 39.7 g/t gold from 41 metres The discovery is 60 km along strike from the largest virgin gold development project in Australia for at least the last decade at the AngloGold Ashanti / Independence 6.4 Moz Tropicana gold deposit 15 km long sparsely explored gold trend named Hercules Shear Zone 23

24 Tropicana East Discovery Hercules, Recent RC hole intersected g/t gold from 46 m, including g/t gold open to southwest (see ASX release 21 December 2011). Atlantis, 2 km long zone of high grade gold mineralisation. RC results to date include g/t gold from 63 m, g/t gold from 51 m and g/t gold from 72 m. 5,000 m RC drilling program underway Difficult exploration in covered terrain and generally stripped basement profile causing limited geochemical dispersion of gold 24

25 Conclusions Maiden/interim Reserve of 1.25 million ounces. Large improvements to the Reserve expected within 6 months via re optimisation and further drilling. Anticipated long life, low cost gold production centre from Q3 2012, with first ore to mill targeting 30 June 2012 with delays from wet weather of a few weeks expected, producing ,000 oz pa for 7-10 years from open pits with additional underground extensions likely. Higher production, lower costs in the early years. Highly experienced and enthusiastic team in place. Mining of gold pits is well advanced. Highly supportive government and local community. Government approvals in place. Huge iron ore resource of % Fe within Tucano s gold pit shells has the potential to drive cash costs down significantly. Maiden Iron Ore Resource of % Fe announced August Engineering commenced on the construction of a Magnetic Separation Plant to extract high grade iron ore pellet feed from the CIL tailings to effect a reduction in gold cash costs. 4 Drill Rigs continue drilling 24 hours a day at Tucano. Continuing drilling program at the Tropicana East Discovery. Funded through to commissioning with abundant news flow. 25

26 Peter Bowler Managing Director Telephone: Mobile: +61 (0) The information in this report relating to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Robert Watkins who is a member of the Australian Institute of Mining and Metallurgy and has sufficient exploration experience which is relevant to the various styles of mineralisation under consideration to qualify as a Competent Person as defined in the 2004 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Watkins is a full time employee of the company and he consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

27 Resource Statement Measured Resource Indicated Resource Inferred Resource Total Resource Brazil Tonnes Grade g/t Au Ounces Tonnes Grade g/t Au Ounces Tonnes Grade g/t Au Ounces Tonnes Grade g/t Au Ounces 48% increase in Tucano Resource November 2010 to 4.3 Moz Urucum g/t gold for 2.5 Moz Tapereba AB g/t for 1.2 Moz Stock Pile g/t for 0.2 Moz Urucum Oxide 3, , , Tapereba AB Oxide 4, , , Tapereba C Oxide 1, , , Tapereba D Oxide 1, , Duckhead Oxide Total Oxide 10, , , Urucum Primary 21, , , ,165 Tapereba AB Primary 7, , , Tapereba C Primary , , Tapereba D Primary Total Primary 29, ,431 33, ,709 63, ,139 Spent Ore 5, , Low Grade 1, , Total Stock Pile 7, , Total Tucano 7, , ,953 42, ,150 90, ,308 Tartaruga 5, , Total Brazil 7, , ,953 48, ,429 95, ,587 Measured Indicated Inferred Total Australia Tonnes Grade g/t Au Ounces Tonnes Grade g/t Au Ounces Tonnes Grade g/t Au Ounces Tonnes Grade g/t Au Ounces Reedy Creek Beadell Total 7, , ,953 49, ,476 96, ,634 27

28 Reserve Statement Tucano Tonnes (million) Proved Probable Total Grade g/t Au Ounces Tonnes (milion) Grade g/t Au Ounces Tonnes (million) Grade g/t Au Ounces Cut-off Grade g/t Au Urucum Oxide Tapereba AB Oxide Tapereba C Oxide Tapereba D Oxide Total Oxide Urucum Sulphide Tapereba AB Sulphide Tapereba C Sulphide Tapereba D Sulphide Total Sulphide Spent Ore Low Grade Total Stockpiles Total Tucano , , See Appendix 1 28

29 Appendix 1 Reserve Parameters for Tucano Deposits. Reserve Parameters for Tucano Deposits. Whittle pit optimisation software was used to generate the final pit designs. The pit optimisation was based on geotechnical slope recommendations, which included allowances for the placement of haul roads and geotechnical berms. The geotechnical recommendations assume drained or partially drained slope conditions that include pit dewatering and depressurisation measures. These measures are considered technically possible considering the site conditions but have not yet been proven in the field. The mining model used a regularisation process to generate the diluted grades for the Selective Mining Unit (SMU) of 4m in X, 4m in Y and 2m in the Z direction. Densities were based on lithological modelling and derived from an extensive database of specific gravity measurements. Mining costs were estimated for an owner operator scenario. The processing costs and processing recoveries were provided by Ausenco and allocated by material type for the pit optimisation purposes. The gold recoveries for this ore reserve were based on test work data trends for 80% passing sizes of approximately 115 microns for the initial 3.5 years and 100 microns thereafter. The operating costs for the 3.5 Mt/y throughput, used for this Ore Reserve, were calculated based on the unit cost and methodology outlined in the Tucano Definitive Feasibility Study for the 3 Mt/y plant but adjusted as fixed and variable costs for the higher throughput. Indicated Resource material blocks were assigned revenue value to drive the pit optimisation shell. Inferred Resource material blocks were classified as waste for pit optimisation purposes. Final pit designs, inclusive of batter angles, berm widths, geotechnical safety berms and haul roads were generated for each of the deposit areas. The Probable Ore Reserve is based on final engineered pit design inventories. The open pits are planned to deliver 3.0 Mtpa of Run of Mine (RoM) ore material to the process plant, supplemented by 0.5 Mtpa from the surface stockpiles. Pit optimisation and pit design for the Western part of the Tapereba D3 area has been limited by stand-off distances for the processing plant area. Base gold revenue for the pit optimisations excluding Tapereba D was US$1,050 per troy ounce gold. A 2% royalty charge was deducted from this base revenue as selling costs. TAPEREBA - D2 and D3 AREA results are based on November 2010 pit designs, which were guided by a pit optimisation run using lower processing costs, higher processing recoveries and a US$1,300 per troy ounce gold revenue price. 29

30 Appendix 2 Estimation Parameters for Tucano Iron Ore Deposits. The iron mineralisation occurs mainly as folded banded iron formations (BIFs) metamorphosed to amphibolite grade, hosted by the Vila Nova Group, a sequence of metamorphosed volcanic and sedimentary rocks. The BIFs typically form ridges with a NW-SE or N-S alignment. Fe enriched itabirites, which are banded iron rocks, have been metamorphosed to amphibolite grade. Colluvium occurs at the top of the stratigraphic sequence. Pegmatite intrusions cross cut the itabirites. This resulted in a package of hydrothermally altered rocks. It is postulated that in some areas the iron mineralisation was remobilized and enriched at the contact between the pegmatites and the itabirites. The itabirites have been subjected to weathering processes which leached away portions of quartz resulting in enriched friable iron ore. The granitic intrusions and the intense hydrothermal alteration are also responsible for introducing some of the deleterious elements such as Al2O3 and Mn into the ore bodies. For each deposit a wireframe surface marked the base of colluvium and current topography. These models were extended to match the limits of the resource block models by maintaining a locally consistent depth below the topographic surface. Wireframe models representing the boundary between oxide and fresh material referred to as "W3. A "R4 hardness surface was also supplied, as the boundary between R3 and R4. Where R4 material occurred above the W3 surface this was classified as transitional (i.e. friable oxide but too hard to free dig). When required, the W3 and R4 surfaces were extended to the block model limits. When good continuity of logging could be identified during a 3D inspection of the data, a deterministic or traditional wireframe modelling technique was employed. This generated BIF and Carbonate models for Tap Norte and intrusive models for Tap Norte. The modelling employed the implicit modelling technology in Leapfrog software package to speed up the wireframing process for cross cutting intrusive units and internal waste units. Bulk densities have been measured on wet samples at irregular intervals in the oxide (where reasonable intact core can be collected) and every metre in the fresh material. For SG assignment, the transition material was grouped with the Fresh material. Block model densities have been estimated using nearest neighbour technique and constrained within lithological, hardness and oxidation domains. Blocks 8m x 20m x 4m (x,y,z) were defined and ordinary kriging was used to estimate block grades within individual wireframes. Drill hole samples have been composited to 2m intervals for the resource calculation. No top cuts were applied. Terms of the Exploration Agreement Under the terms of an Exploration Agreement entered into in 2005 between Beadell Brasil Ltda and Anglo Ferrous Amapa Mineracao Ltda, Anglo Ferrous has undertaken exploration for iron ore within the area of Beadell s 100% owned Mining Concession (which work comprises the re-assaying and some additional drilling forming part of the work undertaken to complete the maiden resource described above). If Anglo Ferrous wishes to mine iron ore on Beadell s existing Mining Concession, then it must reach agreement with Beadell on terms of a Joint Operating Agreement. No such agreement has yet been reached. Clause 5(e) below of the Exploration Agreement contemplates this scenario. If the parties are unable to obtain two (2) separate and distinct Mining Concessions or split (desmembrar) a Mining Concession, they will mutually agree on terms for the joint mining of the Mining Concession, which terms shall be without prejudice to the rights of each Party to mine for its own Minerals. Anglo Ferrous shall not conduct or carry out any Mining Operations on the properties of such Mining Concession unless and until the parties have agreed on such joint mining terms. 30