UNLOCKING VALUE FOR A BETTER TOMORROW
Transcript of UNLOCKING VALUE FOR A BETTER TOMORROW
UNLOCKING VALUE FOR
A BETTER TOMORROW
Corporate Presentation – December 2021
Turning around Undervalued Assets
A Proven Strategy
CORPORATE PRESENTATION
Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or future financial or
operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words
“believe”, “expect”, “anticipate”, “target”, “plan”, “objective”, “assume”, “intend”, “project”, “pursue”, “goal”, “continue”, “budget”, “estimate”, “potential”, “may”, “will”, “can”,
“could”, “would”, “should” and similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements including,
without limitation, with respect to: (i) Boroo’s forward-looking production guidance; (ii) estimates of future cost of sales per ounce for gold, total cash costs per ounce,
and all-in-sustaining costs per ounce; (iii) mine life and production rates; (iv) estimated timing for construction of, and production from, new projects; (v) potential
mineralization and metal or mineral recoveries; (vi) our ability to convert resources into reserves; and (vii) expectations regarding future price assumptions, financial
performance and other outlook or guidance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors
set forth below that, while considered reasonable by the Company as at the date of this presentation in light of management’s experience and perception of current
conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such
statements and information.
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the
forward-looking statements made in this presentation are qualified by these cautionary statements.
DEC 2021BOROO 2
FORWARD-LOOKING STATEMENT
CORPORATE PRESENTATION DEC 2021BOROO 3
Growth Oriented Management
CORPORATE STRATEGY AND HISTORY
October 2018
Boroo (then OZD Asia Pte. Ltd) acquired
Centerra Gold Inc’s Mongolian Mining
Asset
1
March 2019
Boroo Heap Leach operation starts
commercial production
2
July 2020
Boroo Mill commercial production started and fully re-commissioned
at 5,500tpd
3
February 2021
Boroo reached an agreement to acquire Lagunas Norte mine
from Barrick Gold
4
June 2021
Boroo completes the acquisition of Lagunas
Norte Mine
5
OUR STRATEGY
Optimize our mineral resources, capital assets and human resources to turn-around under-valued assets through:
EFFICIENCY INNOVATION OPERATIONAL
EXCELLENCE
DISCIPLINED CAPITAL
ALLOCATION
RESPONSIBLE
ESG
CORPORATE PRESENTATION DEC 2021BOROO 4
Diverse Producing Asset Base
OUR PORTFOLIO
CENTRAL ASIA
MONGOLIA
Boroo Gold Mine
Ulaanbulag Gold Mine
Mineral Resource
1.0 Moz
Average Grade
2.0 g/t
Mineral Reserve
4.0 Moz
Operating Mine
Exploration Targets
SOUTH AMERICA
PERU
Lagunas Norte Gold Mine
LN Exploration Targets
SINGAPORE
Corporate Headquarters
CORPORATE PRESENTATION DEC 2021BOROO 5
WELL DEFINED GROWTH STRATEGY
DEVELOPMENT &
GROWTH PROJECTS
CONSTRUCTION
STAGE PROJECTS
PRODUCING
MINES
PRODUCING MINES
Lagunas Norte Gold Mine
Boroo Gold Gold Mine
Ulaanbulag Gold Mine
STRATEGIES
EXPANDING our producing asset base through
mergers and acquisitions
RESTARTING and OPTIMIZING operations at our
producing mines through leveraging well-
established infrastructures and our approach
GENERATING and INCREASING cashflow as
shortest time possible for enabling next growth
projects
CONSTRUCTION STAGE PROJECTS
CMOP Project
Zona Sur Project
STRATEGIES
Under BUDGET
On SCHEDULE
Constant OPTIMIZATION
DEVELOPMENT & GROWTH PROJECTS
PMR Project
12 exploration targets near Lagunas Norte
STRATEGIES
ADVANCING and further OPTIMIZING the
PMR project
DISCOVERING and INCREASING our
mineral resources from our identified
exploration targets
CORPORATE PRESENTATION DEC 2021BOROO 6
PERU OPERATIONS
TURNING AROUND UNDERVALUED ASSETSA PROVEN STRATEGY
World-class mine which was operated
by Barrick Gold Corporation
Owns 100% of the Lagunas Norte Gold
Operations
Located in center of a district with over
25 Moz Au endowment
Continuous production since
2005
Historical production of
over 10 Moz Au
CORPORATE PRESENTATION DEC 2021BOROO 7
Our Advantages
PERU OPERATIONS
Existing
well-established
infrastructure
Extensively studied
construction stage
projects
Experienced
management and
employees
Strong relationship
with governments
and regulators
Excellent community
support for ongoing
mining and
exploration activities
CORPORATE PRESENTATION DEC 2021BOROO 8
Lagunas Norte Gold Mine
PERU OPERATIONS
PERU
Lagunas Norte Gold Mine
Lagunas Norte
Trujillo
Lima PERU
165 Koz p.a
LOM Target
Production
US$ 800 – 830
LOM Target
AISC
4.0 Moz
At Jun 2021
P&P Reserves
0.7 Moz
At Jun 2021
M&I Resources
LOM KPI
LAGUNAS NORTE GOLD MINE
Acquired on 1 June 2021 from Barrick Gold Corporation, Lagunas
Norte is located in Alto Chicama gold district, which has produced
over 25 Moz to date and it was the second biggest mine with gold
reserve and resource in Peru
Over 1.5 million meters of drilling work completed at Lagunas Norte.
2P reserves of 4.0 Moz Au + M&I resource of 0.7 Moz Au
Lagunas Norte mine has 12 near-mine targets with potential of up to
8 Moz Au under various stages of advancement. Infill drilling
program planned to commence at La Capilla area in 2022
Since acquisition, Boroo focused on increasing gold recoveries from
the secondary leaching, such as remining, irrigation optimization
and solution management and low-pressure deep injection leaching
Overview
CORPORATE PRESENTATION DEC 2021BOROO 9
Construction Stage and Development/Exploration Projects at Lagunas Norte to Unlock Value
PERU OPERATIONS
Contained Ounces of 1.2 Moz Au
+ CMOP Project
1
Contained Ounces of 90 Koz Au
+ Leaching Extension
Opportunity
2
Contained Ounces of 324 Koz Au
+ Zona Sur Project
3
Contained Ounces of 3.0 Moz Au
+ PMR Project
4
Potential Discoveries of Recoverable Ounces
+ New Discoveries from Exploration Areas
5
CORPORATE PRESENTATION DEC 2021BOROO 10
Growing to Become a Mid-Tier Metals Producer
PERU OPERATIONS
ACHIEVEMENTS MILESTONES TO ACHIEVE
FY2021 FY2022-2023 FY2023-2024 FY2024-2025 FY2025+
Acquired Lagunas Norte
Gold Mine from Barrick Gold
Corporation in February
2021
Early construction work of
CMOP
Accelerate CMOP
production through
processing higher grades in
the early years
Initiate Zona Sur ProjectDevelopment of PMR
Project
Successfully closed the deal
on 1 June 2021
Regulatory approval for
construction permit for
CMOP
Regulatory approval for the
new EIA and Mine Life
Extension
Exploration projects to
evaluate platform for future
expansion
Started development
projects at the current Heap
Leach (technical upgrade,
re-mining, wobbler and
solution stacking)
CMOP Plant commissioning Leaching Extension
Opportunity Project
Production of 67 Koz En route to increase annual production to 200 Koz+Production of 90 Koz
CORPORATE PRESENTATION DEC 2021BOROO 11
Major Milestones
CMOP PROJECT TIMELINE
Milestones2021 2022
Q3 Q4 Q1 Q2 Q3 Q4
Update the 2018 CMOP Feasibility
Study
Golder
Associates Inc.
Commence Site Early WorksRelocation of buildings
and early groundworks
Submit Application for the ITM
Permit ITM permit approval
Complete the Basic Engineering Golder Associates Inc.
Complete Detailed Engineering Golder Associates Inc.
Project Construction Project Construction of ~11 months
Commissioning and Ramp Up
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Located in the Prolific Center of a +25 Moz Au Endowment
EXPLORATION TARGETS AROUND LAGUNAS NORTE
Lagunas Norte
Trujillo
LimaPERU
PIEDRA GRANDE
YANAHUANCA
LAGUNAS NORTEGENUSA
SUYAY
EL ALTO
ZS PMR
LA BANDERA
LA CAPILLA
RUECAS
PMR SUR
LA ANTENA
MORRENA ESTE
5 km10 km
El Toro1.1 Moz Au
Shahuindo2.3 Moz Au
Santa Rosa0.8 Moz Au
Quiruvilca>260 Moz Ag
La Arena6.3 Moz Au
Tres Cruces1.5 Moz Au
La Virgen0.7 Moz Au
Lagunas Norte 14 Moz Au
Intrusive & Domes
Ts Clastic Sed
And-Dac Tuff
And-Dac Flow
Cretaceous Sed
Chimu Fm
Jurassic Sed
Quaternary
Hydrothermal Bx
Geology Legends
Intrusives
In Operation
Project Legends
Closed
Project
EXPLORATION TARGETS SURROUNDING LAGUNAS NORTE TO PROVIDE EXPLORATION UPSIDE AND EXTEND THE LIFE OF MINE
CORPORATE PRESENTATION DEC 2021BOROO 13
World-Class Infrastructure
PERU OPERATIONS
LN Pit (LEO+PMR Projects)
Leach Pad 1
Leach Pad 2
500 m
Camps
Heap Leach Process Plant
Mining Rights Area
Airstrip Zona Sur Project
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MONGOLIA OPERATIONS
TURNING AROUND UNDERVALUED ASSETSA PROVEN STRATEGY
Outstanding mine which was operated
by Centerra Gold Inc.
Owns 100% of the Boroo Gold Operations
Experienced management team
and employees
Continuous production since
2004
Historical production of
over 1.8 Moz Au
CORPORATE PRESENTATION
BOROO GOLD MINE
The mines were previously owned and operated by Centerra Gold
(TSE: CG) and Boroo Pte Ltd (then OZD Group) acquired 100% of its
interests in October 2018
Since acquisition, Boroo implemented significant optimization
initiatives and restarted operations in 2019 since its care and
maintenance mode in 2016
Heap Leach operation restarted in March 2019, followed by Boroo
Mill operation restarted with throughput 5,500tpd in July 2020
Fully repaid acquisition price within 18 months since the acquisition
Cash generating projects with an NPV5% of US$284 MM at long-term
price of US$1,500, which excludes any value from the Gatsuurt
project
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Leveraging Mineral Resources through Boroo Mill and Heap Leach Plants
MONGOLIA OPERATIONS
Overview
70 Koz p.a
LOM Target
Production
US$ 710 – 730
LOM Target
AISC
US$ 690 – 710
LOM Target
Cash Cost
593.7 Koz
At Dec 2020
M&I Resources
LOM KPI
MONGOLIA
Boroo Gold Mine
Ulaanbulag Gold Mine
Ulaanbulag
Ulaanbaatar
Boroo
MONGOLIA
CORPORATE PRESENTATION DEC 2021BOROO 16
Growing to Become a Mid-Tier Metals Producer
MONGOLIA OPERATIONS
ACHIEVEMENTS MILESTONES TO ACHIEVE
FY2018 FY2019-2020 FY2020-2021 FY2021-2022 FY2023-2024
Acquisition in October 2018
from Centerra Gold Inc.
Initiated developments
works at the Boroo Heap
Leach
Pit Extension Project started
at Boroo Gold Mine
Consistent mining rates at
Boroo and Ulaanbulag
deposits
Accelerate open pit
production through mining
higher grades
Re-evaluated Boroo Gold’s
projects to restart the
operation
Successfully restarted
Boroo Heap Leach, poured
first gold dore in March
2019
Re-commissioned Boroo
Mill with daily throughput of
5,500tpd
Further optimization on
mineable reserves
Exploration projects in
Boroo district
Mining started at alluvial
deposit
Mining started at
Ulaanbulag hard rock gold
deposit
10,000m infill and resource
development drilling
Developing high return open-pit gold mine Long-term objective to grow resources & reserves
CORPORATE PRESENTATION DEC 2021BOROO 17
Outstanding Infrastructure
MONGOLIA OPERATIONS
HL Pad
BorooPit
BorooPit
1,000m
Tailings Storage Facility
Camp
HL Crusher
Mill Process Plant
Heap Leach Process Plant
Mining License Area
CORPORATE PRESENTATION
KEY OBJECTIVES (2022 TO 2027)
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Focused on Discovering High Quality Ounces at a Low Discovery Cost
UNLOCKING EXPLORATION VALUE
LOW DISCOVERY COST
< $15/oz for indicated resource
BRING TO PRODUCTION QUICKLY
< 3 years from discovery to production
REPLACE DEPLETION & EXTEND MINE LIFE
Add 10 years of mine life to Lagunas Norte
IMPROVE PRODUCTION QUALITY
High grade discoveries to displace low grade production
DISCOVER NEW PROJECTS
Discovered La Capilla project
KEY FACTORS UNDERLYING OUR SUCCESS
Long mineralized volcanic
belt including world-class
Au-Ag deposits
Experienced team with
strong track record
Strong local
community
engagement
Vast
underexplored
area near
Lagunas Norte
inherited from
Barrick Gold
CORPORATE PRESENTATION DEC 2021BOROO 19
Goal of Discovering Economical Ounces at AISC < $900/oz
STRONG ALIGNMENT WITH CORPORATE OBJECTIVES
3 MINES
Immediate cash flow
FROM PRODUCTION
3 PROJECTS
Near-term growth
FROM PROJECTS
< $15/oz discovery costs
TARGET CRITERIA
+25% after-tax IRR at $1,500/oz
TARGET CRITERIA
+20% ROCE
TARGET CRITERIA
TARGET PORTFOLIO CRITERIA
12 PROPERTIES
Long-term upside
FROM GREENFIELD EXPLORATION
+10 year mine life potential > 100 Koz per year AISC < $900/oz
CORPORATE PRESENTATION
ENVIRONMENTAL
STEWARDSHIP
We recognize that long-term success of our
business is dependent upon good stewardship
of the environment across the life cycle of our
operations
We closely monitor our footprint on the
environment and seek to continuously
improve our performance
DEC 2021BOROO 20
RESPONSIBLE MINING
EMPLOYEE
HEALTH AND SAFETY
Our approach to health and safety is to adopt
a proactive approach to prevent occupational
injuries and work-related illnesses
Our aim is ZERO accidents or safety incidents.
This is a collective responsibility involving all
our employees, subcontractors and our
communities
COMMUNITY
DEVELOPMENT
Our local communities are at the heart of our
operations’ livelihood and fundamental to our
day-to-day activities
Strong social license to operate in our host
countries and local communities is
fundamental to the long-term viability and
success of our business
CORPORATE PRESENTATION DEC 2021BOROO 21
RESPONSIBLE MINING
PERU
implemented community
development projects
483Class I
environmental incidents in 2020
0Strong environmental
team and ISO 14001/2015 certified
High Potential Incidents registered
in 2020
0of employees are
Peruvians
99%of purchases were
domestic
95%
MONGOLIA
implemented community
development projects
160Environmental
incidents in 2020
0Strong environmental
team and ISO 14001/2015 certified
Medical Aid registered in 2020
1of employees are
Mongolians
100%of purchases were
domestic
96%
CORPORATE PRESENTATION
APPENDICES
DEC 2021BOROO 22
CORPORATE PRESENTATION
EVALUATION
PMR Project
PRODUCTION
Lagunas Norte Open Pit
Boroo Gold Open Pit
Ulaanbulag Open Pit
DEC 2021BOROO 23
WELL DEFINED GROWTH STRATEGY
EXPLORATION
Genusa
La Capilla
Ruecas
La Antena
El Alto
Piedra Grande
Morrenas Este
La Bandera
Yanahuanca
Suyay
PMR Sur
ZS PMR
DEVELOPMENT
CMOP Stockpile
Zona Sur
CORPORATE PRESENTATION DEC 2021BOROO 24
BOARD OF DIRECTORS
NELSON PIZARRO CONTADOR Vice Chairman
50+ years of experience in the industry in a broad range of
areas, including project administration, management, design
and planning, and corporate governance and oversight.
Held several senior positions, including CEO of Codelco, EVP
and General Manager of Minera Lumina Copper Chile - a
subsidiary of Pan Pacific Copper, Antofagasta Minerals, Los
Bronces mine, Cemento Melón and Lota Schwager.
MICHAEL TAY Independent Director
International professional with a breadth of experience
spanning international capital markets specializing in M&As,
government and diplomacy, business, education, media, arts
and hospitality.
Held senior and advisory positions in Ecosysventures,
Russia-Singapore Business Forum, Asia-Pacific Economic
Cooperation and ASEAN-Singapore.
STEPHEN CROSBY Non-Independent Director
30+ years of experience in the mining industry in both
technical and management roles.
Was extensively involved in advising on M&As and exploring
internal growth opportunities.
Held several senior positions at Freeport-McMoran and
Capstone Mining Corp and was a key person in Freeport-
McMoran’s Morenci mine’s Metcalf mill upgrade project.
JAMES PALMER Independent Director
20+ years of experience in the field of international
investment treaty law, commercial arbitration, public
international law, litigation and mediation.
Currently, he is a Partner at the international law firm, Omnia
Strategy, where he heads the disputes practice and pursues
Omnia’s unique law approach focusing on elegant solutions
to complex problems.
DULGUUN ERDENEBAATAR Non-Independent Director
10+ years of experience in mining sector M&As and financial
consultancy for the mining and commodity businesses.
Led the negotiations of the acquisition of Centerra Gold Inc’s
(TSE: CG) Mongolian business units and most recently with
Barrick Gold Corporation for Boroo’s acquisition of the
Lagunas Norte gold mine in Peru.
CORPORATE PRESENTATION DEC 2021BOROO 25
EXECUTIVE MANAGEMENT
DULGUUN ERDENEBAATAR
Chief Executive Officer
Appointed Chief Executive Officer of Boroo in October 2018,
following completion of the acquisition of Centerra Gold Inc’s
(TSE: CG) Mongolian Business Units.
Experienced in mining sector M&As and financial
consultancy for the mining and commodity businesses.
TSOLMONBAATAR BORIS
Senior Executive VP, Strategic Matters
Appointed Senior Executive VP, Strategic Matters of Boroo in
February 2021.
Served as Advisor to Boroo, following the acquisition of
Centerra Gold Inc’s (TSE:CG) Mongolian Business Units.
Held senior positions in financial institutions, where he was
advising Mongolia’s largest and most successful companies.
STEPHEN CROSBY
Senior Executive VP, Engineering and Technical Services
Appointed Senior Executive VP, Engineering and Technical
Services of Boroo in February 2021.
Held several senior positions at Freeport-McMoran and
Capstone Mining Corp and was a key person in Freeport-
McMoran’s Morenci mine’s Metcalf mill upgrade project.
MENG YAU YEOH
Chief Financial Officer
Appointed Chief Financial Officer of Boroo Pte Ltd in February
2021.
Obtained his professional accounting qualification from the
Association of Chartered Certified Accountants (United
Kingdom) (“ACCA”) in 1994 and has over 26 years of
experience in auditing, finance and business development.
KHURELBAATAR GANBAT
Executive VP, Investor Relations
Appointed Executive VP, Investor Relations of Boroo in
February 2021.
Involved and was part of the negotiation team of Boroo with
Barrick Gold Corporation.
Held senior positions in international financial institutions,
specializing in M&A and capital markets.
ALTAN-OCHIR ERDENECHULUUN
Executive VP, Business Development
Appointed Executive VP of Business Development of Boroo in
October 2018, following completion of the acquisition of
Centerra Gold Inc’s (TSE: CG) Mongolian Business Units.
Held positions in a financial firm that provided consulting
services to mining and financial institutions in Mongolia.
CORPORATE PRESENTATION DEC 2021BOROO 26
EXECUTIVE MANAGEMENT
JONATHON CURRANT
Processing Executive
Joined Boroo in November 2019 as a Processing Executive.
20+ years of experience from multiple world-wide mining
companies and projects in Australia, Laos, Turkey,
Kazakhstan, DRC, Indonesia, Burkina Faso and United States
of America.
BILEGTUVSHIN DORJ
Exploration and Growth Manager
Joined Boroo as an Exploration and Growth Manager in
October 2019.
20+ years of experience in the mining industry, including with
Centerra Gold Inc (TSE: CG) and several other gold
companies in Mongolia.
JAIME ZÚÑIGA IDE
General Manager - Lagunas Norte Mine
Appointed General Manager of Minera Boroo Misquichilca in
June 2021 following the acquisition of Lagunas Norte mine
from Barrick Gold.
20+ years of experience in mining operations and engineering
gained at Barrick Gold, Codelco and Hatch, in Chile, Perú,
Dominican Republic, Brazil and USA.
CORPORATE PRESENTATION
SINGAPORE OFFICE12 Marina View#23-09 Asia Square, Tower 2Singapore 018961
PERU OFFICE12th FloorManuel Olguín Avenue 325Santiago de Surco, Lima, Peru
INVESTOR [email protected]
READ MORE ATwww.boroomc.com.sg
UNLOCKING VALUE FOR
A BETTER TOMORROW
DEC 2021BOROO 27