Corporate Presentation - Goviex Uranium

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9 Νοε 2013 (πριν από 3 χρόνια και 7 μήνες)

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GoviEx Uranium


September 2013

Disclaimers & Cautionary Statements

This

presentation

is

confidential

and

proprietary

to

GoviEx

Uranium

Inc
.
,

and

may

not

be

reproduced,

disseminated

or

referred

to,

in

whole

or

in

part

without

the

prior

consent

of

the

company
.

The

company

assumes

no

responsibility

for

verification

of

the

information

in

these

materials,

and

no

representation

or

warranty

is

made

as

to

the

accuracy

or

completeness

of

such

information
.

The

company

assumes

no

obligation

to

correct

or

update

these

materials
.

These

materials

do

not

contain

all

information

that

may

be

required

to

evaluate,

and

do

not

constitute

a

recommendation

with

respect

to,

any

transaction

or

matter
.

Any

recipient

of

these

materials

should

conduct

its

own

independent

analysis

of

the

matters

referred

to

herein
.

This

presentation

includes

certain

“forward
-
looking

statements”
.

All

statements

other

than

statements

of

historical

facts,

are

forward

looking

statements

that

involve

various

risks

and

uncertainties
.

Statements

relating

to

“resources”

are

deemed

to

be

forward
-
looking

statements,

as

they

involve

the

implied

assessment,

based

on

certain

estimates

and

assumptions,

that

the

resources

described

can

be

profitably

produced

in

the

future
.

There

can

be

no

assurances

that

such

statements

will

prove

accurate

and

actual

results

and

future

events

could

differ

materially

from

those

anticipated

in

such

statements
.

Such

information

contained

herein

represents

management’s

best

judgment

as

of

the

date

hereof

based

on

information

currently

available
.

The

company

can

not

guarantee

future

results,

levels

of

activity,

performance,

or

achievements
.

The

company

does

not

assume

the

obligation

to

update

any

forward
-
looking

statement
.

Information

contained

in

this

presentation

regarding

Areva

and

its

mines

and

mineral

projects

in

Niger

has

been

derived

from

publicly

available

information
.

The

company

does

not

assume

any

responsibility

or

liability

for

the

accuracy

of

any

such

information
.

Disclosure

of

a

scientific

or

technical

nature

in

this

presentation

relating

to

the

companies

mineral

properties

was

prepared

by,

or

under

the

supervision

of,

Dr
.

Rob

Bowell

of

SRK

Consulting

UK,

a

“qualified

person”

as

defined

in

NI

43
-
101
.

Historical

data

disclosed

herein

has

not

been

verified

by

Dr
.

Bowell



2

The Republic of
Niger


Uranium Country


World’s 6
th

largest uranium
-
producing nation


50

years of uninterrupted uranium exports on

highway across GoviEx tenements


2011 Presidential Election lauded by independent observers and the

EU


President Issoufou
, elected on
platform of job creation, mining background


Cominak Mill &
Somair Mine near Arlit, adjacent to
GoviEx’s

Madaouela Project


Mining accounts for
50
-
70
% of export revenues, national priority for job creation


Well established infrastructure


Mining Code encourages FDI

3

GoviEx Licenses in Niger’s Mining Heart

4


Partners for the Future


2007


Commenced operations
focused

on building local team


2008


Signed Strategic Partnership with
Cameco

Corporation


2009


Expanded exploration program at Madaouela, close to
Arlit


2010


Completed 43
-
101 Preliminary Economic Assessment (PEA)


2011


Surpass 400,000m of drilling and updated resource estimate


2012



Signed
Strategic Financing
and off
-
take agreement with Toshiba


2013


Completed 43
-
101 Integrated Development Plan (IDP)

5

2006

2007

2008

2009

2010

2011

2012

Uranium resources

(millions of pounds)

20

40

60

80

100

$85 million raised
to fund
acquisitions and
exploration

$25 million raised

(historical resource)

$40 million strategic
financing with Toshiba
Corporation

What We’ve Done
-

So Far…

537% increase

in resources

122M lbs U308

6

Madaouela Project Licenses


Renewed Madaouela 1, 2, 3, 4 and
Anou

Melle

permits in Nov 2012,
extended for a further 36 months


Agal

and Era reapplied for in Nov 2012, issuance expected Q4 2013


7

Madaouela

Historical Drilling

License

Metres
*

Mad 1 &
Agal

457,400

Mad 2

10,200

Mad 3

16,300

Mad 4 & Era

14,100

Anou

Melle

3,300

Total

501,300




*End 2012




Resource extension
drilling targets still open
on Mad 1



Agal

targets for resource
development and
extension



Considerable “blue sky”
remains

8

Madaouela

Formation Upside Potential

9




Madaouela Project “Pearls on

a

String”



Marianne
-
Marilyn


sub horizontal
tabular body 5km by 2km in plan,
thickness 0.2 to over 2m (average
thickness ~ 1m). Mineralization depths
30m to 120m




Maryvonne

-

smaller body similar in
depth and thickness to
Marianne
-
Marilyn




MSNE


Sub horizontal tabular body
spans approx 2km by 2.5km, occurs at
depths from 120 to 160m with an average
thickness of 1 to 2m




Miriam is a tabular body approximately
1.4km by 0.7km. Mineralization thickness
is approx 20 to 25m at depths from 60m
to 80m

10




Madaouela Project Deposits (Plan & 3D)

Plan View

3D View


Miriam

Marianne
& Marilyn

MSNE

11

Summary of the
classified mineral
resources in
accordance with
CIM guidelines
for Madaouela
Project using cut
-
Off: 0.4 kg/t
eU


March 14, 2013

*On November 22, 2012, GoviEx submitted to the Niger authorities a license application covering certain portions of the origi
nal

Madaouela

I and IV licences surface areas that
were excluded from the renewed licences granted on November 2, 2012. GoviEx has been advised that the two applications for th
e e
xcluded areas of
Madaoula

I and IV will be
approved, but is awaited at the time of writing its applications, and hence has not adjusted its resources to account for any

po
tential changes. However, it

should be noted that
resources associated with MSEE, and La
Banane

would be materially affected, and to a limited extent Miriam’s resources would be affected should GoviEx not be successful in

i
ts
application
.


Madaouela Classified Mineral Resources

12

Integrated Development Plan

13

Ore reserves

ROM

Uranium Oxide

Deposit

Cut
-
O
ff

Grade

e
U

(k
g
/
t)

To
n
n
es

(M
t)

Grade

U
3
O
8

(k
g
/
t)

C
o
n
ta
i
n
e
d

U
3
O
8

(t)

M
i
ri
a
m
OP

0.41

6.4

1.07

6,800

M
a
ri
a
n
n
e
-
M
a
ri
l
y
n
U/G

0.60

11.1

1.0
0


1
1
,100

M
SN
E
-
M
a
ry
v
o
n
n
e
U/G

0.48

7.8

0.89

7,000

Pr
o
b
a
b
l
e

M
i
n
e
r
a
l

R
e
s
e
r
v
e
s

25.3

0.98

24,900


CIM mineral reserve statement (June 7
th
, 2013) for the
Madaouela

deposit *

*

Open

Pit

Mineral

Reserves

for

Miriam

are

reported

within

a

designed

pit

shell

at

a

cut
-
off

grade

of

0
.
41

kg/
t

eU
.

Cut
-
off

grades

are

based

on

a

price

of

USD

70

per

pound

of

U
3
O
8

(USD

154

/kg

U
3
O
8
)

and

uranium

recoveries

of

84
.
4

%
,

without

considering

revenues

from

other

metals
.

Note

Mineral

Reserves

are

based

on

both

Measured

and

Indicated

Resources
.

Underground

Mineral

Reserves

for

MSNE
-
Maryvonne

are

reported

at

a

cut
-
off

grade

of

0
.
48

kg/
t

eU

for

MSNE
-
Maryvonne
.

Cut
-
off

grades

are

based

on

a

price

of

USD

70

per

pound

of

U
3
O
8

(USD

154

/kg

U
3
O
8
)

and

uranium

recoveries

of

84
.
4

%
,

without

considering

revenues

from

other

metals
.

Note

Mineral

Reserves

are

based

on

both

Measured

and

Indicated

Resources
.

Underground

Mineral

Reserves

for

Marianne

Marilyn

are

reported

at

a

cut
-
off

grade

of

0
.
60

kg/
t

eU

for

Marianne

Marilyn,

higher

than

the

estimated

cut
-
off

grade

0
.
48

kg/
t

eU
.

On

November

22
,

2012
,

GoviEx

submitted

to

the

Niger

authorities

an

application

covering

certain

portions

of

the

original

Madaouela

I

and

IV

licences

surface

areas

that

were

excluded

from

the

renewed

licences

granted

on

November

2
,

2012
.

GoviEx

has

been

advised

that

the

two

applications

for

the

excluded

areas

of

Madaoula

I

and

IV

will

be

approved,

but

is

awaited

at

the

time

of

writing,

and

hence

has

not

adjusted

its

reserves

to

account

for

any

changes
.

However,

it

should

be

noted

that

to

a

limited

extent

Miriam’s

resources

and

hence

reserves

would

be

impacted

should

GoviEx

not

be

successful

in

its

application
.



Ore reserves are 54.88
mlb

U
3
O
8


Accounts for dilution, mining losses and
stope

design losses


Based on June 2013 IDP cash costs, still to be revised for lower Sept IDP costs


14

Mine Designs

Mining units above cut
-
off grade for
Marianne
-
Marilyn at a minimum mining
height of 1.8

m

(conventional mining)

Miriam final pit shell and block model

(Green measured, Blue Indicated)

15

Two optimization options were analyzed with potential to be applied
to the base case process design improving project economics:


Ablation to upgrade the leach feed material by removal of
associated feed waste material resulting in higher grade and
lower mass of leach feed


Cyanex

600 solvent to improve molybdenum and uranium
separation and recovery at lower pH, enabling removal of IX plant


Project Optimisation

16

Ablation
Testwork


Pre
-
Ablation material (crushed,
screened) ROM
-
3.35 mm

Post
-
Ablation material

+
50
-
100
fraction post ablation

17

Ablation Results

Mesh Size

18


C
ompleted three large scale bench tests on Miriam ore


Recovery of 93% of contained Uranium in 36% of the total mass


Molybdenum recovery of 71%


Secondary recovery optimisations to be reviewed



New solvent extraction approach developed for copper industry to
remove molybdenum and uranium


Testwork

focussed on a
sequential strip to produce

separate
molybdenum
and uranium streams at high acidity/low
pH


Results indicate two stage strip for both molybdenum and uranium


Forecast recovery of 99% for uranium and 99% for molybdenum


IX plant no longer required


Saleable molybdenum oxide by
-
product produced (< 50 ppm U)




Cyanex

600 Solvent

19

Modifications to IDP Circuit:



Improve

milling circuit post ROS to ensure p80 < 5mm and
screens at 20 microns


Insert

three stage Ablation unit with screens post ROS


Two stage acid leach circuit reduced in size by 64%


Remove

Ion Exchange circuit


Increase

Solvent Extraction circuit to have five strip streams


Precipitation,

drying and packaging plant for molybdenum
oxide


Precipitation,

drying and packaging plant for uranium oxide


Total Uranium Recovery 83.0%
vs

84.4% in IDP


Smaller simplified plant

Process Updates

20

ECONOMICS SUMMARY TABLE

Parameter

Units

June IDP

Base
Case

September IDP

Base Case

Sales U
3
O
8

(
Mlb
)

46,33

45,59

Prices U
3
O
8

(USD/lb)

70

70

Cash Operating Costs

(USD/lb U
3
O
8
)

35.89

26.39

Total Operating Costs (
incld

Rylty
)

(USD/lb U
3
O
8
)

39.74

33.10

Total Capital Expenditure

(
USDm
)

681

646

Capital Costs

(USD/lb U
3
O
8
)

14.69

14.16

Total Costs

(USD/lb U
3
O
8
)

50.58

40.55

NPV @ 8.00%

(
USDm
)

123.00

251.14

IRR

(%)

14.3%

21.9%

Break even price (NPV=0 @ 8%)

(USD/lb U
3
O
8
)

61.6

50.5

NPV

IRR

NPV at 10% (USD70/lb U
3
O
8
)

(USDm)

185

21.9%

NPV at 8% (USD70/lb U
3
O
8
)

(
USDm
)

251

21.9%

NPV at 8% (USD65/lb U
3
O
8
)

(USDm)

184

18.5%

NPV at 8% (USD75/lb U
3
O
8
)

(USDm)

317

25.2%

21

SUMMARY


Large High
H
rade

R
esource



40 Mt of ore @ 1.4 kg/
t
, containing 122
Mlb

U3O8


80% of resource in Measured & Indicated



Open Pit & Underground mining at approx 4,000tpd mill feed


Simplified process
circuit



-

ROS, Ablation,

Acid Leach, SX


Molybdenum by
-
product benefits due to
Cyantex

600


Positive

P
roject Economics;


Cash costs $26.39/lb and total cost $40.55/lb


IRR = 21.9%, NPV (8%) = $251

M



No fatal flaws identified to date


ESIA on track



22

22

Other IDP Items


Hydrogeology confirms sufficient water


Environmental Impact Study well advance for DFS


Baseline studies continue, community engagement commenced


Geotechnical Drilling to DFS level for majority of the Project


Approx 75% capital costs based on supplier quotations


Operating costs based on supplier information and quotations


Reserves not updated for lower process costs in September Report

23

23

Five Year Plan


Completed
IDP

by Q2
20
13


Mining Permit in 2013
-
2014


Secure financing 2013
-
2014


Complete DFS in 2013
-
2014


Mine development in 2014/2015


Commence initial

production 2016


Full commercial production in 2017





24

24

Toshiba $40M Financing to advance Madaouela


Japanese industrial and nuclear

giant provided $40m
to GoviEx to
advance the Madaouela
project



Signed o
ff
-
take agreement
for

up to 600,000 pounds
of uranium per year for 14 years, starting in 2020.*




Toshiba:

“GoviEx stood out from others and it is
significant for Toshiba to make

an upstream
investment to secure a long
-
term, stable supply for
our clients worldwide.”


*
Off
-
take agreement and delivery of concentrates subject to Niger governmental consents and approvals

April
18
, 2012

25

25

Investment Strategy in Niger





Sustainable Success
T
hrough Local Investment


Over US
$100 million
invested in Niger since 2007


100% in
-
country
leadership positions occupied by
locals


Substantial investment in training
programs


Approaching 500

Nigeriens employed
&

contracted


Top FDI (non Sovereign, ex France / China)

26

26

Delivering Value to Shareholders

Pounds of Uranium Resource per Share Outstanding

0.00
0.20
0.40
0.60
0.80
1.00
1.20
0.27

0.56

0.82

1.05


October 2007

Private Placement


April 2010

Private Placement


Sept 2011

Private Placement


September 2012

NI 43
-
101 Resource



27

27

Committed to Responsible Practices


$1+5 million donation for local social relief


Investments to improve educational facilities


Focus on water
delivery
that serve 2,000 locals


Partnership with Rain 4 Sahara


We

believe

that

the

realization

of

a

broad,

common

good

can

be

assisted

by

enterprise

that

demonstrates,

through

its

Corporate

Citizenship

practices,

its

support

for

human

rights,

social

justice

and

sound

environmental

management



and

is

encouraged

to

prosper

in

a

free

market

business

environment
.



-

Statement

of

Values

and

Responsibilities

28

28

GoviEx Core Team

Executive Management

Board of Directors



Govind Friedland,
Exec.
Chairman,
GE, Colorado School of Mines


Daniel Major, CEO, Mining Engineer, Camborne School of Mines


Pierre
Massé
, CFO
,
Mining
Engineer, McGill


B. Matthew Hornor, EVP & GC, M&A corporate finance


Vicki
Etcheverry, Corporate
Secretary






Aminou

Boukari
, Niger Country Manager


Ibrahim
Mamadou

Aouami
,
On
-
Site Manager,
Arlit

operations


Dr. Henri
Sanguinetti, Head of Exploration, 35 years experience in
uranium
exploration and
mining, 25+
years with COGEMA and AREVA


Dr
. Rob Bowell, SRK Project Manager for Madaouela PFS


Ryan Freeman, SRK Mining Engineer for Madaouela PFS


Assane

Adamou,
Legini

Niger, geotechnical and environmental (EIA)








Matthew Lechtzier,
Lead Director


Govind Friedland, Exec Chairman


Daniel Major, CE0 & Exec Director


Robert Hanson, HRCC Chair


Rachid

Benyakhlef
,
TC Chair


William
Assini
, Audit Chair


David
Marsh, Director, TC Member


Benoit LaSalle, Director




SRK Consulting, Madaouela Project
Consultants


Tenova

Bateman Engineering (EPCM)


Deloitte &
Touche

LLP,
Auditors


Blake,
Cassels

&
Graydon

LLP, Canadian
counsel

External Advisors

Niger Management

29

29




Questions?

30