Endeavour Mining Plc · TSX:EDV
Endeavour Mining — Endeavour Financial — Investor Presentation (March 2010)
13 slides from Endeavour Mining's investor presentation, March 2010
Slide 1: Investor Presentation
Investor Presentation March 2010 A gold investment company TSX‐Listed, Symbol EDV
Slide 2: Introduction
Introduction Neil Woodyer Frank Giustra Chief Executive Officer President & CEO Endeavour Financial Fiore Financial Exclusive Advisor to Endeavour Financial This presentation may contain forward‐looking information relating to the future performance of Endeavour Financial. Forward‐looking informatio
Slide 3: Endeavour is a Gold Investment Company
Endeavour is a Gold Investment Company Endeavour’s primary business is making active strategic investments in gold producing companies Over 80% of our capital strategically invested in junior gold producers Strategy focuses on listed gold producing companies with quality assets but experiencin
Slide 4: Endeavour's Gold Investments
Endeavour’s Gold Investments • Endeavour has made two gold‐strategy investments • Endeavour has invested US$169 now valued at US$490 million * o We own 55.0% of Etruscan Resources (TSX:EET) o We own 40.25% of Crew Gold (Oslo:CRUR, CRU; TSX:CRU) • Endeavour’s two gold‐strategy companies have combined
Slide 5: Gold: Strategic Investment Process
Gold: Strategic Investment Process Multiple levels of value creation from investing in junior gold producers Our approach actively builds companies and value Etruscan: ENTRY: Oct 2009 Endeavour acquires 55% ownership and 4 of 9 seats on Etruscan’s board. FIXING: Endeavour has restructured senior deb
Slide 6: Crew – Share Price Chart
Crew – Share Price Chart • Endeavour’s initial entry into Crew was a block purchase of 810.1 million CRUR shares at NOK 0.66 in January 2010 to own 37.88% • Additional 50.7 million shares of market purchases to increase Endeavour’s ownership to 40.25%, increasing our average cost to NOK 0.71 (CDN$0.
Slide 7: Endeavour's Two Initial Investments Are Complementary
Endeavour’s Two Initial Investments Are Complementary Etruscan owns the Youga Mine in Burkina Faso and development and exploration projects in Burkina Faso, Côte d’Ivoire, Mali and Ghana Crew Gold owns the Lefa Mine in Guinea with a large land position and numerous exploration targets near the L
Slide 8: Re-Rating: Valuation Indicators – West African Peers
Re‐Rating: Valuation Indicators – West African Peers ENDEAVOUR FINANCIAL 8
Slide 9: Endeavour's Underlying Share value – At Current Market
Endeavour’s Underlying Share value – At Current Market • With a current market capitalization of US$250 million (CDN$2.62 share price), Endeavour is highly undervalued relative to the $589 million value of our underlying assets ENDEAVOUR FINANCIAL 9
Slide 10: Endeavour: Driving Share Price Up
Endeavour: Driving Share Price Up • Endeavour’s underlying assets have a current market value of over US$500 million, as compared to our market capitalization of US$250 million • Factors to drive improvement in share price include: o We have simplified our business model and now have a clear identit
Slide 11: Endeavour: Building Share Price Momentum
Endeavour: Building Share Price Momentum Endeavour share price and trading volumes are building positive momentum ENDEAVOUR FINANCIAL 11
Slide 12: APPENDIX: Endeavour Share Capital
APPENDIX: Endeavour Share Capital Issued & Outstanding Shares: 97,722,902 Options 9,424,000, average strike CDN$2.90 Warrants 32,487,501, average strike CDN$2.50 Fully Diluted: 139,634,403 Current Share Price: CDN$2.62 (as of March 22, 2010) Market Cap: US$250 million Domicile: Cayman Isla
Slide 13: APPENDIX: Historic NAV Ratings – Juniors vs Intermediates
APPENDIX: Historic NAV Ratings – Juniors vs Intermediates Illustrative Investment Gains Climbing the P/NAV Rating Ladder Starting with investments in Junior producers, then combining to achieve Intermediate re‐rating Further upside from: Rising Gold price Return to P/NAV Premium Multiples “Normalize
Endeavour Financial — Investor Presentation (March 2010) on 6ix