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Quarterly Report
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SARACEN MINERAL HOLDINGS LIMITED
ACN: 009 215 347
QUARTERLY REPORT: DECEMBER 2015
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Corporate Details:
29th January 2016 ASX code: SAR Corporate Structure:
Ordinary shares on issue: 792.8m
Unvested employee performance rights: 20.2m
Market Capitalisation: A$595m (share price A$0.75)
Cash & Bullion (31 December): A$42.1m Debt (31 December): Nil
Directors:
Mr Geoff Clifford
Non-Executive Chairman
Mr Raleigh Finlayson Managing Director
Mr Mark Connelly Non-Executive
Mr Martin Reed Non-Executive
Ms Samantha Tough Non-Executive
Substantial Shareholders:
Wroxby Pty Ltd 8.2%
Paradice Investment Management 7.9% Karara Capital Pty Ltd 6.2%
Van Eck Associates 6.1%
Registered Office:
Level 4
89 St Georges Terrace Perth WA 6000
Telephone: +61 8 6229 9100
Facsimile: +61 8 6229 9199
For further details contact:
Troy Irvin Telephone +61 8 6229 9100
[email protected]
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Significant cash-flow generation underwrites low-cost/ debt-free growth strategy
Production
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Quarterly gold production of 44,265oz (first half FY16 production of 82,405oz compares favourably with FY16 outlook of 150- 160,000oz - Carosue Dam only)
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Quarterly all-in sustaining cash costs (AISC) of A$1,009/oz, below the FY16 outlook range of A$1,025-1,075/oz
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Karari cash flow positive and in commercial production
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Red October had its second highest quarter of gold production with 21.1koz produced at an average grade of 6.7g/t
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FY16 group production outlook to be re-assessed in the coming weeks taking into account the strong progress at Thunderbox (current group outlook 170-180,000oz)
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Thunderbox plant commissioning and first production both one month ahead in the March and June quarters FY16 respectively
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First ore mined at Deep South underground, on track for first full-scale stoping in the June quarter 2016
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Cash and equivalents at 31 December of A$42.1m, marginally down from A$44.9m at 30 September, after project development expenditure of A$29.3m (A$22.7m at Thunderbox, A$3.1m at Deep South, A$1.5m at Kailis / KOTH, and A$2.0m on exploration)
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Estimated $61m operating cash flow and $9-11m profit before tax for first half of FY16 (based on preliminary unaudited financials)
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Stage 1 of the Kailis Pit cutback is scheduled to commence during FY17, with ~50koz of production and ~$27m indicative cash flow
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Scoping study underway for the King of the Hills project
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Recent multiple shallow high-grade drill results at Carosue Dam include (previously released):
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One LTI occurred during the Quarter, TIFR steady at 376
Development
Financial
Exploration and growth
Karari - 19.0m @ 6.1 g/t, 7.0m @ 8.7 g/t, 12.0m @ 5.6g/t
Deep South - 3.0m @ 22.5g/t, 11.5m @ 4.9g/t
Health and safety
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Summary
Table 1 - Carosue Dam Operations, Key Statistics
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Carosue Dam Units Mar Qtr Jun Qtr Sept Qtr Dec Qtr
2015 2015 2015 2015
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Underground Mining
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Ore Mined
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t
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68,000
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119,000
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143,000
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248,000
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Mine Grade
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g/t
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6.08
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4.77
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4.30
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4.54
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Contained Gold
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oz
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13,252
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18,262
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19,759
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36,229
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Mill Production
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Ore Milled
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t
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549,000
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576,000
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577,000
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569,000
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Mill Grade
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g/t
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2.58
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2.77
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2.25
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2.62
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Contained Gold
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oz
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45,429
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51,281
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41,753
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47,854
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Recovery
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%
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91.5%
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90.8%
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91.3%
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92.5%
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Recovered Gold
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oz
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41,550
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46,563
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38,140
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44,265
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Figures 1-4 - Carosue Dam Operations, Key Charts
Table 2 - Thunderbox Operations, Key Statistics
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Thunderbox Units Sept Qtr Dec Qtr 2015 2015
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Open Pit Mining
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Total Mining
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BCM
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2,421,000
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4,247,000
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Mining Costs
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A$m
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$8.64
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$11.59
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Mining Costs
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A$/BCM
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$3.57
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$2.73
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Carosue Dam Operations
Processing
Table 3 - Carosue Dam Operations, Processing Statistics
Carosue Dam
Units Mar Qtr 2015
Jun Qtr
2015
Sept Qtr
2015
Dec Qtr
2015
Mill Production
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Ore Milled
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t
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549,000
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576,000
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577,000
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569,000
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Mill Grade
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g/t
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2.58
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2.77
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2.25
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2.62
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Contained Gold
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oz
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45,429
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51,281
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41,753
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47,854
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Recovery
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%
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91.5%
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90.8%
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91.3%
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92.5%
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Recovered Gold
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oz
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41,550
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46,563
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38,140
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44,265
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Metallurgical recoveries increased by over 1%, representing an additional 574 recovered ounces or
~A$900k of revenue relative to the September Quarter. This was due to a combination of improved metallurgical properties associated with Red October ore at depth, and continuous processing plant improvements, specifically the installation of a second gravity screen increasing gravity gold extraction. The mill grade increased due to higher grades and production at Red October and Karari.
The closing ore stockpile at the end of the December quarter was 1.6Mt @ 1.0g/t for 50,281oz. These ounces will only incur processing and administration costs, equivalent to ~A$1,081/oz AISC or A$19 million in deferred free cashflow using latest costs and a A$1,511/oz gold price (average hedge price).
Underground
Table 4 - Carosue Dam Operations, Underground Mining Statistics
Carosue Dam
Units Mar Qtr 2015
Jun Qtr
2015
Sept Qtr
2015
Dec Qtr
2015
Underground Mining
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Ore Mined
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t
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68,000
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119,000
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143,000
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248,000
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Mine Grade
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g/t
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6.08
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4.77
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4.30
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4.54
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Contained Gold
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oz
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13,252
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18,262
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19,759
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36,229
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Total underground production has increased 83% relative to the previous quarter due to the commencement of commercial production from Karari. Table 4 includes production from:
The second highest ever month of production was recorded in December, with 9,000oz produced at an average grade of 8.7g/t.
Underground development at Deep South commenced in the December Quarter, with 519m of development completed. First development ore was intersected at the end of the quarter with full scale mining set to commence in the June quarter 2016.
Thunderbox Operations
Open Pit Mining
4.2 million BCMs were pre-stripped from Thunderbox (Zone A) during the quarter with a total mining expenditure of A$11.6 million (inclusive of load and haul, drill and blast, grade control, supervision and overheads). This compares favourably with budgeted movement of 3.5 million BCMs (22% over performance) and budgeted costs of A$14.8 million (27% lower), resulting in mining unit costs for the Quarter being 24% lower than the previous quarter and 29% below YTD budget (A$3.03/bcm vs. A$4.24/bcm).
Figure 5 - Thunderbox Open Pit (looking north)
A second excavator (190t) was mobilised to site during October in accordance with the development schedule. This excavator was purchased by Saracen (under a finance lease arrangement) for approximately A$2.5 million. The machine will be maintained by
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Saracen Mineral Holdings Ltd
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PRODUCTEUR |
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CODE : SAR.AX |
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ISIN : AU000000SAR9 |
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Saracen Minerals Holdings est une société de production minière d'or basée en Australie. Saracen Minerals Holdings détient divers projets d'exploration en Australie. Ses principaux projets en production sont CAROSUE DAM et SOUTH LAVERTON en Australie, ses principaux projets en développement sont PORPHYRY, SAFARI BORE et RED OCTOBER en Australie et ses principaux projets en exploration sont DEEP SOUTH UNDERGROUND, MEXICO, ELLIOTS LODE, MILLION DOLLAR, MONTYS DAM, MARGARET, YUNDAMINDERA, TWIN PEAKS, BUTCHER WELL, ENTERPRISE, DEEP SOUTH, WALLBROOK, PORPHYRY UNDERGROUND, KARARI et WHIRLING DERVISH en Australie. Saracen Minerals Holdings est cotée en Australie. Sa capitalisation boursière aujourd'hui est 3,8 milliards AU$ (2,9 milliards US$, 2,4 milliards €). La valeur de son action a atteint son plus bas niveau récent le 12 juillet 2013 à 0,09 AU$, et son plus haut niveau récent le 31 juillet 2020 à 6,75 AU$. Saracen Minerals Holdings possède 807 550 016 actions en circulation. |
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