Gascoyne Resources : AGM Presentation

AGMASX:GCY

PRESENTATION

20 JANUARY 2022

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• Optimising assets and infrastructure to drive growth and value in the Murchison

CAUTIONARY NOTICE AND DISCLAIMER

This presentation is dated 20 January 2022 and has been prepared by Gascoyne Resources Limited ACN 139 522 900 (Gascoyne or the Company). The information in this presentation remains subject to change without notice. The information in this presentation is of a general nature and does not purport to be complete, is provided solely for information purposes and should not be relied upon by the recipient. All financial information in this presentation is in Australian Dollars ($ or AUD) unless otherwise stated

This presentation is not, and does not constitute, or form any part of, an offer to sell or issue, or the solicitation, invitation or recommendation to purchase any securities.
No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this
presentation. This presentation does not purport to summarise all information that a recipient should consider when making an investment decision and should not form the basis of
a y decision by a recipient.
Recipients should carry out their own investigations and analysis of Gascoyne and verify the accuracy, reliability and completeness of the information contained in this presentation
r any other form of communication to which the recipient is permitted access while evaluating an investment in Gascoyne.
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No liability
To the maximum extent permitted by law, each of Gascoyne, its affiliates or related bodies corporate, their respective officers, directors, employees, agents or advisers (together,
the Limited Parties) expressly disclaims any and all liability (including, without limitation, any liability arising out of fault or negligence) for any direct, indirect, consequential or
contingent loss or damage arising from this presentation or reliance on information contained in or omitted from this presentation.
Past & Future performance
Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of future performance.
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This presentation contains certain "forward-looking statements". The words "expect", "anticipate", "likely", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will",
"forecast", "predict", "plan", "target" and other similar expressions that involve risks and uncertainties are intended to identify forward-looking statements. Indications of, and
guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this
presentation are based on assumptions and contingencies which are subject to change without notice and involve known and unknown risks and certainties and other factors which
re beyond the control of Gascoyne, its directors and management.
You are strongly cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are provided as a general guide only and should not be relied
upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements
and any projections and assumption on which these statements are based.
Except as required by law or regulation, none of Gascoyne, its representatives or advisers assumes any obligation to update these forward-looking statements. No representation or
warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters
contained in this presentation.
This presentation has been authorised for release by the Board of Gascoyne Resources Limited.	2
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INVESTMENT HIGHLIGHTS

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Dalgaranga - Optimised Business Plan to reduce costs, improve cash-flow and increase mine life

Melville Scoping Study underway, Ore Reserve due in March Quarter 2022

Merger with Firefly Resources completed - Enhanced Business Plan to drive future growth

Near-mine drilling at Dalgaranga underway, focus on organic growth and extending mine life

Full integration of Melville deposit into Dalgaranga mine plan underway, exploration/resource growth plan established

Clear strategic value of low-cost, highly efficient Dalgaranga mill - a clear plan to maximise value

De-risked balance sheet to help fund mineral resource growth plans; can now hedge at our own discretion

An attractive valuation compared to peers -

UNDERVALUED

EXPERIENCED BOARD AND MANAGEMENT TEAM

Highly experienced in the Australian gold sector and mining industry

	CORPORATE STRUCTURE1	ASX:GCY
	Shares on Issue	370M
	Share price	A$0.265
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	Market Cap	A$98M
	Cash	A$26.4M
	Con Note Debt	A$20.0M
	Net Cash	A$6.4M
	Hedge Book Value	Nil
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	Enterprise Value	A$92M
	MAJOR SHAREHOLDERS2
	Deutsche Balaton / Delphi / Sparta	17.3%
	NRW Holdings	10.0%
	FirstSentier	6.7%
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1. Cash as at 30 September 2021. Remaining information as at 19 January 2022.

2. Per most recent substantial holder notices lodged by respective shareholders

BOARD

Simon	• Appointed MD of Gascoyne in November 2021
•	Geologist (MSc, MAusIMM) - 16-year career in the gold industry
Lawson		including 6 years "starting up" Northern Star Resources
• Former Managing Director of Firefly Resources until merger with
Managing Director/
	Gascoyne
CEO
• Board positions with Firetail Resources and Labyrinth Resources
George	• Former Managing Director & CEO at ASX-listedrare-earths producer
	Northern Minerals
Bauk	•	30-year career in resource industry and 10 years with WMC
Non-Executive		Resources
•	Board positions with Lithium Australia, Blackearth Minerals, Valor
Chairman
		Resources and PVW Resources
Rowan	•	Mining Engineer
•	Most recently Managing Director of Excelsior Gold Limited
Johnston	•	Previous Acting CEO for Mutiny Gold prior to its takeover by Doray
Non-Executive		Minerals, and previous Executive Director of Integra Mining
Director	• Non-Executive Director of Bardoc Gold and Wiluna Mining
Hansjoerg	• Seasoned finance professional holding an MBA from University of
	Bamberg, with experience in structured debt finance and ECM
Plaggemars	•	Over 14 years experience as a CFO in various industries
Non-Executive	•	Non-Executive Director of a number of ASX-listed companies,
Director		including Wiluna Mining and Kin Mining
David	• Previously CFO of Gascoyne, promoted November 2021
• 30-year career in resources and engineering & construction in
Coyne
	Australia and internationally, focusing on commercial and finance
Finance	•	Previous ASX-listed board positions include Executive Director of
Director		Peninsula Energy and Non-Executive Director of BC Iron

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Optimising assets and infrastructure to drive growth and value in the Murchison

FOCUS - OPTIMISE - MAXIMISE

only"A clear focus on delivering consistent margins from our low-cost +2.5Mtpa processing plant, with grade and growth upside to come from a reinvigorated near-mine exploration and regional resourcing strategy."

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