3 - G-Resources
3 - G-Resources 3 - G-Resources
Value Proposition EV / Reserves US$ / oz US$ / oz 500 Comparable's 300 417 Average: 332 400 341 300 311 301 200 200 100 0 HKSE Listed Gold Companies Large Cap Gold Companies Small Cap Gold Companies Mid Cap Gold Companies 2008 Total Cash Costs (Net of by-product credits) US$ / oz 600 500 400 300 200 100 0 Martabe 240 Goldcorp 305 Barrick 337 370 382 399 400 400 421 440 450 517 525 Notes 1. HKSE Listed Gold Companies: Zijin Mining, Zhaojin Mining, Sino Gold, Real Gold, Lingbao Gold 2. Large Cap Gold Companies: Barrick, Goldcorp, Newmont 3. Mid Cap Gold Companies: Kinross, Newcrest, Agnico, Polyus, Yamana, Lihir, Eldorado 4. Small Cap Gold Companies: Red Back Mining, Centerra, Gammon Gold, Alamos, Aurizon Mines, New Gold, Golden Star 28 EV / Resources 100 0 3,000 2,500 2,000 1,500 1,000 500 0 Bonikro (Lihir) 612 246 Large Cap Gold Companies 1,095 Tropican (AngloGold) 1,304 Cerro Blanco (Goldcorp) 153 Mid Cap Gold Companies 1,441 Martabe 1,637 Hidden Valley (Harmony/Newcrest) Ballarat (Lihir) 121 113 Small Cap Gold (4) Companies 1,709 1,817 Cadia East (Newcrest) Comparable's Average: 148 HKSE Listed Gold Companies (1) (2) (4) (3) (2) (3) (1) Eldorado Boroo (Centerra) Aurizon Mines Jinfeng (Sino Gold) Lihir Kinross Newmont Beyinhar (Sino Gold) Kumtor (Centerra) Gammon Gold Capital Cost US$ / annual oz of production 2,358 Didipio (Oceana) 2,468 Boddington (Newmont) Source Company Filings, BMO, Bloomberg, Factset as of 7 July 2009
Value Proposition (cont’d) EV / 09E EBITDA x x 20 40 15 10 5 0 15.5x Mid Cap Gold Companies EV/ 09E Production US$ / oz 10,000 8,000 6,000 4,000 2,000 0 7,557 Mid Cap Gold Companies 12.6x Large Cap Gold Companies 11.7x HKSE Listed Gold Companies Comparable's Average: 11.5x Notes 1. HKSE Listed Gold Companies: Zijin Mining, Zhaojin Mining, Sino Gold, Real Gold, Lingbao Gold 2. Large Cap Gold Companies: Barrick, Goldcorp, Newmont 3. Mid Cap Gold Companies: Kinross, Newcrest, Agnico, Polyus, Yamana, Lihir, Eldorado 4. Small Cap Gold Companies: Red Back Mining, Centerra, Gammon Gold, Alamos, Aurizon Mines, New Gold, Golden Star 6.8x Small Cap Gold Companies 29 09E P/E 30 20 10 0 32.7x Mid Cap Gold Companies Oxiana Share Price AUD 4.0 3.0 2.0 1.0 0.0 29.4x Large Cap Gold Companies 21.8x HKSE Listed Gold (1) Companies Comparable's Average: 27.2x 24.5x Small Cap Gold Companies (3) (2) (1) (4) (3) (2) (4) 6,383 Large Cap Gold Companies 5,273 HKSE Listed Gold Companies Comparable's Average: 5,385 3,112 Small Cap Gold Companies 242% 1-Jan-04 7-Oct-04 14-Jul-05 20-Apr-06 25-Jan-07 31-Dec-07 Source Company Filings, Bloomberg, Factset as of 7 July 2009
- Page 1 and 2: Acquisition & Development of the Ma
- Page 3 and 4: Presentation Team Team Owen Hegarty
- Page 5 and 6: 1. Introduction & Company Overview
- Page 7 and 8: G-Resources Company Overview ► G-
- Page 9 and 10: Company Vision & Strategy The Visio
- Page 11 and 12: Martabe Overview ► The Martabe Pr
- Page 13 and 14: 1 Large High Quality Gold Resource
- Page 15 and 16: 1 Gold & Silver Production Profile
- Page 17 and 18: 3 US$ / oz 600 400 200 0 Low Cost S
- Page 19 and 20: 3 Operating Costs ► Martabe’s t
- Page 21 and 22: 3 Martabe Works Commissioned ►New
- Page 23 and 24: 4 Great Upside for Long-term Growth
- Page 25 and 26: 6 Strong Board and Management Team
- Page 27: 7 Strong Gold Price Outlook ► Gol
- Page 31 and 32: G-Resources Company Statistics G-Re
- Page 33 and 34: Overview of Indonesia Location SE A
Value Proposition<br />
EV / Reserves<br />
US$ / oz US$ / oz<br />
500<br />
Comparable's<br />
300<br />
417<br />
Average: 332<br />
400<br />
341<br />
300<br />
311<br />
301<br />
200<br />
200<br />
100<br />
0<br />
HKSE Listed Gold<br />
Companies<br />
Large Cap Gold<br />
Companies<br />
Small Cap Gold<br />
Companies<br />
Mid Cap Gold<br />
Companies<br />
2008 Total Cash Costs (Net of by-product credits)<br />
US$ / oz<br />
600<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
Martabe<br />
240<br />
Goldcorp<br />
305<br />
Barrick<br />
337<br />
370<br />
382<br />
399<br />
400 400<br />
421 440 450<br />
517 525<br />
Notes<br />
1. HKSE Listed Gold Companies: Zijin Mining, Zhaojin Mining, Sino Gold, Real Gold, Lingbao Gold<br />
2. Large Cap Gold Companies: Barrick, Goldcorp, Newmont<br />
3. Mid Cap Gold Companies: Kinross, Newcrest, Agnico, Polyus, Yamana, Lihir, Eldorado<br />
4. Small Cap Gold Companies: Red Back Mining, Centerra, Gammon Gold, Alamos, Aurizon Mines, New Gold, Golden Star<br />
28<br />
EV / <strong>Resources</strong><br />
100<br />
0<br />
3,000<br />
2,500<br />
2,000<br />
1,500<br />
1,000<br />
500<br />
0<br />
Bonikro (Lihir)<br />
612<br />
246<br />
Large Cap Gold<br />
Companies<br />
1,095<br />
Tropican (AngloGold)<br />
1,304<br />
Cerro Blanco (Goldcorp)<br />
153<br />
Mid Cap Gold<br />
Companies<br />
1,441<br />
Martabe<br />
1,637<br />
Hidden Valley (Harmony/Newcrest)<br />
Ballarat (Lihir)<br />
121 113<br />
Small Cap Gold<br />
(4)<br />
Companies<br />
1,709<br />
1,817<br />
Cadia East (Newcrest)<br />
Comparable's<br />
Average: 148<br />
HKSE Listed Gold<br />
Companies<br />
(1) (2) (4) (3)<br />
(2) (3) (1)<br />
Eldorado<br />
Boroo (Centerra)<br />
Aurizon Mines<br />
Jinfeng (Sino Gold)<br />
Lihir<br />
Kinross<br />
Newmont<br />
Beyinhar (Sino Gold)<br />
Kumtor (Centerra)<br />
Gammon Gold<br />
Capital Cost<br />
US$ / annual oz of production<br />
2,358<br />
Didipio (Oceana)<br />
2,468<br />
Boddington (Newmont)<br />
Source Company Filings, BMO, Bloomberg, Factset as of 7 July 2009
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