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Toro Gold Ltd Gabon Investment Forum London November 2012.

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Presentation on theme: "Toro Gold Ltd Gabon Investment Forum London November 2012."— Presentation transcript:

1 Toro Gold Ltd Gabon Investment Forum London November 2012

2 Disclaimer This presentation is for informational purposes only and may not be reproduced or distributed to any other person or published, in whole or in part, for any purpose. This presentation does not constitute an offering memorandum or an offer to sell or a solicitation to buy securities of Toro Gold Ltd (the Company) and should not be relied on in connection with a decision to purchase or subscribe for any such securities. No reliance may be placed for any purpose whatsoever on the information contained in this presentation or the completeness or accuracy of such information. No representation or warranty, express or implied, is given by or on behalf of the Company, its shareholders, directors, officers or employees nor any other person as to the accuracy or completeness of the information or opinions contained in the presentation. The Company shall not be liable for any claims, expenses, damages (including direct, indirect, special or consequential damages), loss of profits, or opportunities arising from the use of or reliance on the information contained in this presentation. The shares of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (Securities Act) or state securities laws and may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are defined in Regulation S under the Securities Act) except pursuant to certain exemptions. The distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. Any such distribution could result in a violation of the law of such jurisdiction. This presentation should not be redistributed by recipients to persons with addresses in the United States. Any such distribution could result in violations of US law. This presentation is distributed in the United Kingdom only to persons who are approved persons or exempted persons within the meaning of the Financial Services and Markets Act 2000, or any Order made there under (including, without limitation, persons falling within either article 19 (Investment Professionals) or article 49 (High Net Worth Companies) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005) and, if permitted by applicable law, for distribution outside the United Kingdom to professionals or institutions whose ordinary business involves them engaging in investment activities. It is not intended to be distributed or passed on, directly or indirectly, to any other class or persons in the United Kingdom. This presentation and its contents are confidential and are being supplied for informational purposes and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. This presentation contains forward-looking information which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company, its subsidiaries and affiliated companies, and its mineral projects, the future price of gold, the estimation of mineral resources and ore reserves, the realisation of mineral resource and ore reserve estimates, costs of production, capital and exploration expenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines, costs and exploration capital of mining exploration operations approvals licences and timing of future exploration, requirements for additional capital, governmental regulation operations and operations, timing and receipt of approvals, licences, conversions under applicable mineral legislation, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Often, but not always, forward-looking statements can be identified by the use of words such as plans, expects, is expected, budget, scheduled, estimates, forecasts, intends, anticipates, or believes or variations (including negative variations) of such words and phrases, or state that certain actions, events or results may, could, would, might or will be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries and/or its affiliated companies to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations and studies; changes in project parameters as plans continue to be refined; future prices of gold; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability, insurrection or war; delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this presentation and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. Technical disclosure in this presentation has not been prepared in accordance with Canadian National Instrument or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC)

3 Toro Gold Ltd - Overview Toro Gold Limited is a gold exploration and development company focussed on Equatorial Africa Its flagship asset is the Mako Project in the Republic of Senegal (100% indirect interest) Mineral Resource Estimate of 1.6 million ounces at 2.0 g/t Including 1.0Moz at 3.0g/t in the Indicated category Actively drilling highly prospective Guilengbe Project in Guinea (100% earn-in) Initial target to identify resource of approx 2 Moz at >1 g/t Strong pipeline of additional 7 exploration projects across 6 African countries Experienced management team with pan African gold exploration success High quality, supportive shareholders Macquarie Bank (18.4%), RCF (13%) African Lion (11.4%), Laurium (8.3%), RMB (6.6%) and Sprott (5,7%) Drilling, Mako Poject, Senegal (Source: Company) Toro Gold projects (Source: Company)

4 Management Team – A Wealth of Experience The Management team brings a wealth of experience in the African Natural Resources Sector and is complemented by a board of directors consisting of experienced financial and legal personnel The Toro Gold management team has the experience and capability to take a project from the earliest stages of exploration through to development and into production. This includes not only the technical aspects of project development, but the associated corporate, financial and environmental/social aspects essential to the development of a modern mining operation. Adonis PouroulisNon-Executive Chairman (Petra Diamonds, Chariot) Martin HorganDirector & CEO (SRK, BarCap, BDI Mining) Jeff GardDirector (Fluor Group) Howard BillsDirector & Exploration Manager (SAMAX, SRK, AXMIN) Boubacar TheraDirector & International Business Dev. (AMSG, AXMIN) Gary TownsendCFO (Ashanti Goldfields, Guinor) Glen ArmstrongSustainable Development (IFC, World Bank Group, BG Group)

5 A Discretionary Dollar – Why Gabon? Natural Resource companies and their investors have many choices when it comes to choosing the jurisdictions in which they operate – an argument can be made that host jurisdictions are competing against each other to attract foreign investment A number of factors will determine a companys willingness to operate in any given country and the question is – what are these factors and how do they relate to Gabon? Geological Prospectivity – Excellent Potential Demonstrated and relatively under-explored Emerging Gold Mining Sector – Bakoudou Mine (Managem SA )in Production Political Stability – Democratically elected Government with a track record of stability Established Regulatory Framework Established Fiscal Regime – Free Carried Interest / Royalty Rate / Tax Holidays Established Infrastructure – Roads / ports etc and banking / professional services etc

6 Zomoko Projects – Northern Gabon In May 2011, TGL entered into a Joint venture agreement with Mineroil Gold Gabon Ltd. (Mineroil) Jointly Toro and Mineroil would apply for and explore gold licences in Gabon. Under the terms of the Joint Venture, Mineroils 30% holding is free carried for the first US$3m of expenditure, then interest is participatory. Toro Gold Gabon was granted two provisional exclusive exploration permits in April 2011 Zomoko Nord Zomoko Sud The Project areas were selected based on their prospectivity Archean geological setting 50km of mapped Greenstone Belts Coincident magnetic anomalies plus high ground – interpreted as Banded Iron Formations – prospective for gold Evidence of artisanal workings within project areas Greenfield projects with no previous exploration data available Zomoko Nord adjacent to the southern buffer zone of the Minkebe national park

7 Work Completed to Date: A Fast Start Exploration work commenced in August 2011 – 3 phases of field work undertaken to date during dry seasons 6 initial exploration targets identified – 50 km of Banded Ironstone Formation ridges Further structural targets identified and tested Next phase of work commencing in January 2013 – follow-up at Ntou North gold prospect and additional reconnaissance soil sampling programmes across the permits Phase 1 and 2: 50km of BIF ridges sampled in Q and Q1 2012; 400 * 100 metre soil grids Phases 1 and 2: 4600 soil samples collected and analysed for gold and selected multi-element geochemistry Phase 1 results: identified soil anomaly NE tip of 19km long Nko BIF ridge Phase 2 results: identified a 5km long soil anomaly at Ntou North BIF ridge >50ppb Phase 3 conceptual structural targets based on regional structural trends – awaiting analytical results of 2600 soil samples 800*100 metre grids covering 100km of strike on major regional scale geological structures

8 Zomoko Projects – north central Gabon

9 Zomoko - Planned Programme Some US$700,000 invested to date since May 2011 Further US$360,000 planned until Q Potential for drill targets to be identified If positive - commence drill testing in late 2013

10 Gabon – The Challenges While Toro has found operating in Gabon to be well organised and professional, there are a number of challenges to be faced: Lots of trees – difficult terrain to operate in for basic exploration work of mapping and soils Lots of trees – operating co-ordination with Forestry Companies for access Limited Services / Support companies for field work – no international analytical facilities, lack of competitive tension for drilling companies Expensive – High standard of living in Gabon means field costs are higher than competing jurisdictions

11 Capital Structure BackgroundShareholder Structure Toro has raised ~£30m in six private placements Last financing completed for £16m at 4.50/share (March 2012) Toro currently has 13,519,468 ordinary shares outstanding The Company has a policy in place limiting total options outstanding to 10% of issued share capital. To date 972,196 options have been issued as follows under the share option scheme: 169,196 at £1.75/share 198,000 at £2.25/share 200,000 at £3.25/share 285,000 at £3.75/share 120,000 at £4.75/share In addition, within the 10% limit of issued capital, 195,000 shares have been issued to Artemis Trustees Limited as Trustees for the Toro Gold Employee Benefit Trust. The Company currently has 280,000 warrants as follows: 250,000 at £8.00/share 30,000 at £5.00/share Major ShareholdersShares held Holding in Co Macquarie Bank Limited 2,450, % Resource Capital Fund 1,753, % African Lion 3 Limited 1,515, % Laurium LP 1,099, % RMB Resources Limited 876, % Galena Special Situations Master Fund 755, % Kansala Resources SA 625, % Westward Investments Limited 604, % Sprott 500, % Chiswick Group International Ltd 238, % Ocean Equities Limited 213, % CD Capital 205, % Artemis trustees Limited 195, % Martin Horgan 183, % John Howard Bills 177, % Other shareholders (<1.3%) 2,128, % Total shares in issue 13,519,468100% Fully Diluted 14,771,664

12 Toro Gold in Gabon - Summary Toro Gold benefits from a highly experienced and successful management team that is backed by a pool of high quality international resource focussed investors. Gabon is well regarded by the international investment community as a good place to invest. We have commenced work at the Zomoko permits with good results already achieved that are providing further encouragement to continue the exploration process. We have established an operating framework in the country headquartered in Libreville and are actively building relationships with our key stakeholders. Given our presence in Gabon and the encouragement received to date from both the geological potential and the country as a whole, we are looking to expand our operational footprint should other opportunities be identified.

13 Contacts Toro Gold LtdToro Technical Services Ltd Trafalgar Court48 Albemarle St, Admiral Park, London, Guernsey, United Kingdom. GY1 3ELW1S 4JP Registered Number: 50076Registered Number:


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