Exhibit 99.1
Exhibit 99.1
June 17, 2011
2011 GMC Annual Shareholder Meeting
Toronto Stock Exchange: GMC U.S. Over-the-Counter: GVCM
www.geovic.net
Safe Harbor Statement
This presentation may include or refer to certain forward-looking statements about production, costs, markets, competition, regulatory and environmental issues, earnings, cash flow, commodity prices, reserves, resources, drilling, timing and other considerations, as specified in the various documents filed by Geovic Mining Corp. with the United States Securities and Exchange Commission. These documents may be viewed on the company's website, www.geovic.net, www.sec.gov or www.sedar.com, in accordance with applicable United States, Canadian and TSX regulations. These statements are based upon Geovic’s current expectations known and unknown risks and uncertainties that could cause actual results to differ materially from those described herein. All subsequent written and oral forward-looking statements attributable to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements. We disclaim any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Currency is in US Dollars
Our Current Focus
?Moving the Nkamouna Project in Cameroon Africa into production
Project financing in 2011
Initiate construction late 2011 or early 2012 Continuous mine operations late 2013 Full commercial production by 2014
Diversification of our project portfolio with new exploration and development ventures
Emphasis on rare and critical elements and advancement of existing chromium and gold ventures
Nkamouna Project—Strategic Factors
Cobalt
Critical element
Cameroon
Stable country in central Africa, positive social and political environment ??Encourages development of mining industry
Mineral Resource
Largest primary cobalt resource in world
Entire mining district of 1,250 km², 7 major mineralized areas ??Nkamouna project 23 year life covers only ~22% of mineralized area
Government Participation
SNI (state investment corporation) owns/represents 39.5% ??SNI invests its share of capital, not carried interest
Primary Producer
Largest primary cobalt producer, not by-product
Expect to be able to expand production quickly and economically
Potential Mineralized Area & Current Reserves
Nkamouna/Mada
~22% of mineralized area
Reserves
Category tonnes %Co %Ni %Mn
Proven & 68,132 0.26 0.66 1.48 Probable
Five other deposits
~78% of mineralized area
Area of Current Ore Reserve
Simple Mining Operations
Articulated trucks and excavators allow mining flexibility, mobility, and all-weather production
No blasting required
Economical mining fleet, shallow strip mining methods Concurrent reclamation of each mined zone
Unique Nkamouna Ore
Coarse, Hard Co—Ni—Mn Mineral
Waste
Pen
Crushed, Washed &
Sized Concentrate
Specialized Mineral Processing
Physical upgrading (PUG)
Efficiently reduces the volume of material required to be processed through the hydrometallurgical circuit Sizes the material much like a sand & gravel operation
Produces a very high grade cobalt and manganese concentrate
Hydrometallurgical plant
High grade concentrate dissolved in unique new process to liberate contained metals
Produces very high grade saleable mixed sulfide product (>60% Ni & Co)
Produces saleable manganese carbonate product
Metallurgical process has been proven through pilot testing
General Plant Layout
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Product Marketing
Average annual production
15,200 Tpy unique, very high grade Mixed Co-Ni Sulfide Product containing: 6,100 Tpy Cobalt metal 3,300 Tpy Nickel metal 62,800 Tpy Manganese Carbonate
Advanced discussions and site visits with several potential business partners
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Project Financing
Well-respected financial advisors appointed
Standard Chartered Bank (SCB) represents Geovic Cameroon PLC
Canaccord/Genuity represents Geovic Mining Corp.
Multi-sourced project financing approach
Feasibility Study presents a project financial model which establishes the basis for SCB financing model
Very different metal pricing assumptions
SCB estimates that assuming $15/lb Co, the project will support an indicated debt:equity ratio of 56:44
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Estimated Project Funding Requirements
$ millions
Initial Capital Investment $617
Working Capital $38
Financing fees $43
Subtotal $698
Cost Overrun Allowance $100
Total $798
GeoCam FS and SCB
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Possible Capital Structure (using SCB assumptions)
Debt requirements
US$ 387m senior debt ??US$ 25m fleet finance (debt)
Equity requirements
Base Equity
Geovic (60.5%): US$ 185m
SNI (39.5%): US$ 121m
Over-run contingency ($100 m)
Assumed to be funded on a 50:50 D:E ratio
Resulting owner obligations
Geovic (60.5%): US$ 30.25m
SNI (39.5%): US$ 19.75m
Possibilities to cover this obligation through various instruments, including subordinated debt facilities and standby Letters of Credit
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Equity Financing Considerations/Alternatives
Potential strategic investors/partners driven to secure major long term supply of cobalt from politically stable country
Mezzanine/convertible/private equity investors
Joint venture or other arrangements with product consumers Ongoing discussions with major potential equity investors Sale of additional GMC equity
Low share price and dilution considerations suggest it may be preferable to reduce interest in connection with project financing
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2010 Cobalt Equivalent Cost Curve (summarized by SCB)
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Geovic Mining Corp.
New Venture Prospects
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Geovic New Caledonia Chromite June 2011
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Geovic NC Exploration Licenses
granted early 2011
31 licenses-100 km2 3 yr term—renewable
2X @2 yrs ea.
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Uses of Chromite
Chromite has many uses
Stainless Steel:10-20% ferrochrome
Metal Casting- foundry grade-NC
Furnace Walls-refractory grade
Chrome Plating ??Paint
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Summary of prospects for stainless steel production
Stainless steel melted production by region, 2009-2012, m tonnes and % change
2010 % change 2011 % change 2012 % change
N. America 2.2 +36.0% 2.4 +8.0% 2.4 +2.0%
Europe 7.7 +25.8% 7.9 +2.6% 8.3 +5.1%
China 11.8 +28.5% 13.0 +10.0% 14.2 +9.1%
Rest of Asia 9.1 +17.6% 9.2 +1.0% 10.0 +8.8%
Rest of World 0.9 +2.1% 1.0 +10.9% 1.1 +11.8%
Total World 31.7 +24.1% 33.5 +5.5% 36.0 +7.6%
Data: CRU Analysis
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Pirogue Bay
10 meters thick
15 meters thick
Ngo Bay
Ngo Bay
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Metallurgical test work results
Chromite is easily concentrated by gravity, magnetic and electrostatic separation
Product testing suggests suitability for premium foundry grade product with limited processing
Based on initial testing
+54% chromium oxide (Cr2O3) discovered at multiple locations
World production Cr2O3 average: 46% Cr2O3
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Geovic NC Objectives – 2011-2012
April-June: Baseline environmental assessment for drilling impact assessment July-Aug: Local Commune engagement; Mines Dept. review, exploration approval
3 Qtr 2011- 3Qtr 2012: Chromite resource/reserve assessment – 31 Licenses / 100 Km2— 13,000 meters / 2,000 holes on/offshore 2012- Finalize mineral separation process for top tonnage/grade prospects Conduct chromite product market analysis – bulk samples for offtake-foundry grade and met grade chromite validation tests 2012- PFS and DFS-Definitive Feasibility Study
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Other Prospects
Arizona Gold Exploration
Early-stage exploration with 9-mile long gold trend and 66.5 square mile land position
Outcrop gold mineralization exceeding 1 gram per tonne
Wyoming and Colorado Uranium
Fully-paid leases on 15 properties in the Denver/Cheyenne Basin
New Mexico Rare Earth Elements
Early exploration for heavy rare earth mineral eudialyte
Enrichment of zirconium, hafnium, tantalum, tin, yttrium and niobium have also been confirmed
California Yttrium & Rare Earths
Very high grade heavy rare earth yttrium resource reported by USGS just south of claims area
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June 17, 2011
2011 GMC Annual Shareholder Meeting
Toronto Stock Exchange: GMC U.S. Over-the-Counter: GVCM
www.geovic.net
