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What gold prices are you applying to your reserves? (US$/ounce)
What gold prices are you applying to your resources? (US$/ounce)
Less than$1,200
$1,200–$1,249
$1,250–$1,299
$1,300–$1,324
$1,325 ormore
8%
25%
29%
34%
4%
Less than$1,200
$1,200–$1,249
$1,250–$1,324
$1,325–$1,424
$1,425 omore
4%
21%
29%
17%
29%
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The average long-term gold price is $1,284 perounce and the median long-term gold price is
$1,300 per ounce.
2014 2015 20161,100
1,200
1,300
1,400
1,500
MedianLow High Average
Long term
What’s the long term price of gold?(US$/ounce)
S&P Capital IQ gold concensus (US$/ounce)
2014 2015 2016 2017 2018 2019 2020600
800
1000
1200
1400
1600
1800
MedianLow High
Concenspric
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Spot rate
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What’s the most important input you use indetermining your long term perspective?
Where do you see the price of gold within thenext 12 months?
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Training on a simulator at Target 1 mine – to provide training on the underground machinery.
Photo courtesy of Harmony Gold Mining Company Ltd.
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Graham Briggs, CEO
Harmony Gold Mining
Company Ltd.
8/9/2019 Pwc Global Gold Price Survey Results 2014 11 en Copia
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What silver prices are you applying to yourreserves? (US$/ounce)
What silver prices are you applying to yourresources? (US$/ounce)
$18 or less $19–$20 $21–$22 Morethan $22
$18 or less $19–$20 $21–$22 Morethan $22
$18 or less $19–$20 $21–$22 Morethan $22
$18 or less $19–$20 $21–$22 Morethan $22
30%
39%
21%
10%
27%
37%
9%
27%
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What is the long term price of silver?(US$/ounce)
S&P Capital IQ silver concensus (US$/ounce)
2014 2015 2016 2017 2018 2019 20200
10
15
25
30
35
40
MedianLow High
20
What is the most important input you use indetermining your long term perspective?
Where do you see the price of silver withinthe next 12 months?
:6(0 6E9 5(&9 _9$/9(59T*$/9(59
<=:<>:
<=:
2014 2015 201615
17
19
21
23
25
27
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Long term
Concensus pricing
!"#
Historical averages
$"#
Management’sestimate
%"#
The average long-term silver price is $22.33and the median long-term silver price is $22.
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First Majestic
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Photo courtesy of First Majestic Silver
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What copper prices are you applying to your reserves? (US$/lb)
What copper prices are you applying to your resources? (US$/lb)
Less than$2.75
$2.75–$2.99
More than$3.25
16%8% 7%
21%
12%
58%
69%
$3.00–$3.24
Less than$2.75
$2.75–$2.99
More than$3.25
$3.00–$3.24
9%
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3.70
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3.10
2.90
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2.50
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Long term
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The average long-term copper price is $3.11and the median long-term copper price is $3.08.
What’s the long term price of copper?(US$/lb)
S&P Capital IQ copper concensus (US$/lb)
2
3
4
5
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
MedianLow High
What’s the most important input you use indetermining your long term perspective?
Where do you see the price of copper withinthe next 12 months?
:6(0 6E9 5(&9 _9$/9(59T*$/9(59
;9:
Concensus pricing
!"#
Spot rat
"#
Management’sestimate
$%#
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Photos courtesy of Capstone Mining Corp.
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Darren Pylot, CEO
Capstone Mining
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Business imperatives for 2015 %
Cost management 36
Productivity 24
M&A 13
Capital expenditures 13
Financing 7
Other 7
What cost measure is your primary keyperformance indicator?
%
All-in sustaining 58%
Total cash costs 21%
All-in costs 13%
Adjusted costs 8%
Have you raised any nancing in the past12 months?
2014
No financing
Corporatedebt
Equity
Projectfinancing
Royalties
Streamingarrangement
0 10 20 30 40 50
2013
What foreign exchange rate do youuse for the following currencies in
your mine planning?
US$:Canadian
US$: Australian
US$:SAR
2014 1.07 1.03 10.58
and what did you use in the past three years?
2013 1.02 1.04 11.00
2012 1.00 1.00 8.00
2011 1.01 1.03 7.10
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