Pwc Global Gold Price Survey Results 2014 11 en Copia

8/9/2019 Pwc Global Gold Price Survey Results 2014 11 en Copia

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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)

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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

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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

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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

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2014 2015 201615

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19

21

23

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27


Long term

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Historical averages

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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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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

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16%8% 7%

21%

12%

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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

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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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Pwc Global Gold Price Survey Results 2014 11 en Copia

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