20120315 m&m hk v0
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1
Kasbah Resources Limited
[ ASX : KAS ]
Mines & Money Hong Kong 2012
An Emerging Tin Producer
DISCLAIMER
Certain oral and written statements contained or incorporated by reference in this presentation, including information as to the future financial or operating performance of the Company and its projects, constitute forward-looking statements. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements.
Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of tin or other metal production and prices, operating costs and results,
capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and
assumptions related to future business, economic, market, political, social and other conditions that, while considered reasonable by the Company, are inherently subject to significant uncertainties
and contingencies.
Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such factors
include, but are not limited to: competition; mineral prices; ability to meet additional funding requirements; exploration, development and operating risks; uninsurable risks; uncertainties inherent in
ore reserve and resource estimates; dependence on third party smelting facilities; factors associated with foreign operations and related regulatory risks; environmental regulation and liability;
currency risks; effects of inflation on results of operations; factors relating to title to properties; native title and aboriginal heritage issues; dependence on key personnel; and share price volatility and
also include unanticipated and unusual events, many of which are beyond the Company’s ability to control or predict.
For further information, please see the Company's most recent annual financial statement, a copy of which can be obtained from the Company on request or at the Company's website:
www.kasbahresources.com.
The Company disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. All forward-looking
statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and,
accordingly, not to put undue reliance on such statements.
The information in this report is based on information compiled by Mr. Chris Bolger a Member of the Australasian Institute of Mining and Metallurgy. Mr. Bolger is a full-time employee of Kasbah Resources Limited and has sufficient experience which is relevant to the style 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. Bolger consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
The information in this report that relates to Kasbah Resources Limited’s mineral resource estimates for the Achmmach Project, is based on information compiled by Michael V.
McKeown who is a Fellow of the Australasian Institute of Mining and Metallurgy. Michael McKeown is employed by Mining One Pty Ltd and he has sufficient experience which is
relevant to the style 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 Exploration Results, Mineral Resources and Ore Reserves” (JORC Code).
Michael McKeown consents to the inclusion in this of the matters based on his information in the form and context in which it appears.
COMPETENT PERSON’S STATEMENT
Two tin projects in Morocco;
Achmmach Project (100% Kasbah - Toyota Tsusho earning in)
Bou El Jaj Project (100% Kasbah)
Achmmach Resource – 14.6 Mt @ 0.9% Sn (135,000 t contained tin)
Strategic partner Toyota Tsusho earning in on Achmmach
Achmmach PFS due for completion April 2012
On track to become next pure tin producer
Experienced tin team and 1st class share register
KASBAH Resources - An Emerging Tin Producer
ASX KAS
ASX : KAS – Corporate Snapshot
Capital Structure
Shares on Issue 364 M
Options on Issue 40.7 M
Market Capitalisation (28cps) $ 101 M
Cash (31 Dec 2011) $ 16.3 M
Major Shareholders
Directors 2.9%
Major Institutional Investors
African Lion 2 Fund 14.4%
IFC (World Bank) 12.7%
Transamine 4.1%
Bond Street Custodians 3.6%
Thailand Smelting & Refining 2.2%
Traxys Projects 1.7%
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.4
0.45
Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12
KAS Share Price
5
Long history of Mining
Tin - since Phoenician times
Phosphate - largest producer in the world
Cu / Pb / Zn / Ag – operating mines
Export driven country (14 km to Europe)
Efficient ports at Tangier and Casablanca
Modern roads and heavy rail infrastructure
Favorable Corporate & Tax Regime
Incentives for exporters
No restrictive ownership laws
WHY MOROCCO ?
Achmmach & BLJ Project
Location
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TIN – 4 Reasons To Be A Bull
Supply gap growing
Production declining from tin majors & few new, sustainable tin projects in development
Low stock to consumption ratio
Electronic demand major growth driver
“ Tin offers, in our view, one of the most persuasively bullish stories, not only
within the base metal, but also the commodities complex as a whole ” Barclays Feb 12
TIN PRICE & STOCK LEVELS – to March 2012
0
5,000
10,000
15,000
20,000
25,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
$11,000
$12,000
$13,000
$14,000
$15,000
$16,000
$17,000
$18,000
$19,000
$20,000
$21,000
$22,000
$23,000
$24,000
$25,000
$26,000
LME Stock (tonnes)
US/t LME Tin
(Cash Price and Stock Levels)
Tin Stock (LME Cash) Tin Price (LME Cash)
Solder 53%
Tin Plate & Packaging
16.5%
Chemicals 14%
Other (Alloys) 10.5%
0 10 20 30 40 50 60
CONSUMPTION – Consumer electronics - not cans
Mike Spratt Non - executive
Chairman
Rod Marston Non - executive
Director
Trevor O’Connor CFO & Company
Secretary
Wayne Bramwell Managing Director
Mike Kitney Chief Operating
Officer
Rob Weinberg Non - executive
Director
Ian McCubbing Non - executive
Director
Gary Davison Non - executive
Director
KASBAH – Our Team
Chris Bolger GM Exploration &
Resource Dev
Extensive tin mining, smelting and engineering experience
Strong capabilities across key disciplines
Geology
Metallurgy & project management
Mine planning, design and operations
Corporate and project finance
ACHMMACH TIN PROJECT, Morocco
11
New Resource Announced
19/3/12 135,000 t
contained tin
Potential for new parallel
lodes
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Meknes Trend only
Open Open
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ACHMMACH – Best in Class
Mineral Resource Estimate for Achmmach Meknes Trend
16 March 2012 (0.5% Sn cut off)
Category Million Tonnes
% Sn
Contained Sn (Kt)
Indicated 5.3 0.8 42
Inferred 9.3 1.0 93
Total 14.6 0.9 135
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TOYOTA TSUSHO JV – A Strategic Partnership
Toyota Tsusho Corporation (Toyota Tsusho)
premier tin trading house in Asia (trades ≈ 8% of the global tin market)
expertise will be utilised to maximise Achmmach concentrate marketing strategy
Toyota Tsusho can earn 20% interest in Achmmach by;
i. making $16M in staged payments plus a Final Payment to Kasbah, &
ii. signing a JV agreement.
Toyota Tsusho’s relationship with Japan Oil, Gas and Metals National Corporation (JOGMEC) opens another conduit to project finance
Expect to receive first $16M from Toyota Tsusho by 30 June 2012
ACHMMACH – Pre-Feasibility Underway
1Mtpa production base case
Decline mine access
Mechanised UG mining methods
Conventional gravity and flotation plant
Clean oxide ore = high purity concentrates
7000 – 8000 tpa of tin in concentrate
All concentrate for export
Project Task 2012 2013
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Drilling – extensional & infill
EIA Complete
PFS complete
Resource upgrades
DFS commences
Metallurgical testwork
Mine design
Engineering Design
Capital & Operating cost
Target DFS Completion
Project Financing
ACHMMACH – Project Schedule
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KASBAH – Tin Project Pipeline
EARLY STAGE EVALUATION
DRILLING RESOURCE
DEVELOPMENT PFS / DFS CONSTRUCTION
ACHMMACH – Meknes Trend
ACHMMACH Sidi Addi Trend
BLJ
KASBAH – A Unique Investment Proposition
Tin asset base expanding
Strategic partner & major shareholders reduce development risk for Achmmach
Active drill program with 5 rigs operational
Proximate & satellite tin targets accretive in value
Pro-mining and pro-development country
$16M in cash (Dec 11)
Experienced tin team
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KASBAH – Looking Ahead
PFS release April 2012
Toyota Tsusho payments to follow
Achmmach resource upside
Q3 Meknes Trend resource upgrade
New targets - Sidi Addi Trend & BLJ
DFS completed Q1 2013
www.kasbahresources.com An Emerging Tin Producer