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Building a Premier African Gold Mining Company
Dr. John Clarke, President & CEO
November /December 2014
Cautionary Notes
This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Banro Corporation (“Banro” or “the Company”).
Cautionary Note Concerning Forward-Looking Statements: This document contains forward-looking statements. All statements, other than statements
of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future
(including, without limitation, statements regarding estimates and/or assumptions in respect of gold production, revenue, cash flow and costs,
estimated project economics, mineral resource and mineral reserve estimates, potential mineralization, potential mineral resources and mineral
reserves, projected timing of gold production and the Company's exploration and development plans and objectives with respect to its projects) are
forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of
the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results
or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, gold
production estimates and estimated economic return; the possibility that actual circumstances will differ from the estimates and assumptions used in
the economic studies of Company gold properties; failure to establish estimated mineral resources or mineral reserves; fluctuations in gold prices and
currency exchange rates; uncertainties relating to the availability and costs of any financing needed in the future; inflation; gold recoveries being less
than those indicated by the metallurgical test work carried out to date (there can be no assurance that gold recoveries in small scale laboratory tests will
be duplicated in large tests under on-site conditions or during production); changes in equity markets; political developments in the Democratic Republic
of the Congo; lack of infrastructure; failure to procure or maintain, or delays in procuring or maintaining, permits and approvals; lack of availability at a
reasonable cost or at all, of plants, equipment or labour; inability to attract and retain key management and personnel; changes to regulations affecting
the Company's activities; the uncertainties involved in interpreting drilling results and other geological data; and the other risks disclosed under the
heading "Risk Factors" and elsewhere in the Company's annual information form dated March 29, 2014 filed on SEDAR at www.sedar.com and EDGAR at
www.sec.gov. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or
results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent
uncertainty therein.
Cautionary Note Concerning Resource and Reserve Estimates: The Company’s mineral resource and mineral reserve figures are estimates and no
assurances can be given that the indicated levels of gold will be produced. Such estimates are expressions of judgment based on knowledge, mining
experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information
becomes available. While the Company believes that its mineral resource and mineral reserve estimates are well established, by their nature mineral
resource and mineral reserve estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable.
If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that mineral resources can be
upgraded to mineral reserves through continued exploration.
Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will
be upgraded to an indicated or measured mineral resource as a result of continued exploration. Confidence in the estimate is insufficient to allow
meaningful application of the technical and economic parameters to enable an evaluation of economic viability worthy of public disclosure (except in
certain limited circumstances). Inferred mineral resources are excluded from estimates forming the basis of a feasibility study.
The United States Securities and Exchange Commission (the "SEC") permits U.S. mining companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally extract or produce. Certain terms are used by Banro, such as "measured", "indicated", and
"inferred" "resources", that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are
urged to consider closely the disclosure in Banro's Form 40-F Registration Statement, File No. 001-32399, which may be secured from Banro, or from the
SEC's website at http://www.sec.gov/edgar.shtml.
Additional information regarding Banro and its gold properties is included in the Company’s annual information form dated March 29, 2014, a copy of
which has been filed on, and can be obtained from, SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Qualified Person: Daniel K. Bansah, a Member and a Chartered Professional of The Australasian Institute of Mining and Metallurgy (MAusIMM(CP))who is
Head of Projects & Operations of the Company and a "qualified person" (as such term is defined in Canadian National Instrument 43-101), has reviewed
and approved the technical information in this presentation.
All dollar amounts herein are expressed in US dollars.
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Corporate summary
TSX, NYSE-MKT: BAA
252 million shares outstanding
Offices
Toronto (Corporate)
Bukavu (Operations)
Kinshasa (Government Relations)
Democratic
Republic of the
Congo
2014 Production
• 111,000 to 122,000 oz gold
from 2 mines
2014 Strategy
• Twangiza – continue to reduce
costs and optimize efficiencies
• Namoya – continue ramping up
gold production while optimizing
plant to accommodate ore grain
size
Twangiza – Targeting +90,000 ounces of gold in
2014
2
The Opportunity – Extensive gold resource potential with 4 mining
licensed properties on the 210km Twangiza-Namoya Gold Belt
700000 mE
600000 mE
Shabunda
9700000 mN
68
1572
KAMITUGA
1557
1570
36
39
1573
1575
41
43 42
238
38
Mwenga
3874
3875
3871
Uvira
1551
LUGUSHWA
3876
 Banro upgraded
more than 420km
of road between
Uvira and Namoya
9600000 mN
Kalole
3877
Deposit location and name
South Kivu
NAMOYA
Fizi
Lwiko
9500000 mN
Kabambare
0
Lulimba
50
Kilometres
Lac
Main Roads and Towns
Secondary/other roads
Road under construction
Track
Rivers
Lake
9500000 mN Permits for Exploitation (PE)
43
(with Registration Number)
Prospecting Licenses (PR)
3871
(with Registration Number)
Outstanding application
3876
(Permits Applied For)
PR’s applied for; awaiting approval
N5
Baraka
Kilembwe
600000 mE
Legend
 Reconstruction of
ten bridges along
this route
3878
Tanganyika
18
450000 mE
N5
3873
3872
Kitutu
N2
1552
TWANGIZA
1576
1577
2601
9600000 mN
9700000 mN
Kamanyola
1574
37
Pangi
Kivu
Bukavu
40
44
3883
1548
Lake
N2
Walungu
1571
700000 mE
N
500000 mE
Banro is focused exclusively within the South Kivu and Maniema provinces
of the DRC
 Committed to
ongoing
maintenance of
this route to
benefit both
Namoya and
communities
along the way
Twangiza Mine – oxide open pit mining
Key features & targets





Average grade – 2.7g/t Au to 2.9g/t Au for 2014 & 2015
Target throughput rate of up to 1.7 mtpa, currently 1.6 mtpa
Target production of 9 -10,000oz/mo
New covered stockpile & ore handling area mitigating effects of heavy rains
Cash costs in Q3 2014 of $615/oz and all-in sustaining costs of $698/oz
4
Key issues for 2014
 Intense focus on managing cash flow, debt repayments and
accounts payable
•
Continuously examine all options to manage cash flow &
service debt
 Continue waste reduction and cost containment – ongoing review of
all contracts, expenditures & budgets at Namoya & Twangiza
 Optimize all processes to contain costs
 Target production of 111,000 to 122,000 ounces of gold for 2014
 Twangiza 90,000 to 100,000 oz for 2014
 Namoya 21,000 to 22,000 oz for 2014
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Twangiza
Creating efficiencies & cutting costs
TWANGIZA
Production statistics
Ore mined (t)
Q3
2014
589,288
Q3
2013
494,535
Q2
2014
485,276
Waste mined (t)
438,023
674,340
386,573
0.74
1.36
0.80
394,500
266,320
340,654
2.60g/t Au
2.83g/t Au
2.44g/t Au
82.2%
82.9%
84.30%
Gold produced
27,171 oz
20,784 oz
21,431 oz
Gold sales
26,997 oz
20,410 oz
20,537 oz
Cash cost
$615/oz
US$834/oz
$732/oz
(Adjusted*)
All-in cost
($618/oz)
$698/oz
($1,072/oz)
US$1,059/oz
($764/oz*)
$906/oz
(Adjusted*)
($702/oz)
($1,092/oz)
($945/oz*)
Strip ratio
Ore milled (t)
Head grade
Recovery
* Adjusted to a sales basis (rather than production basis, as was used for previous quarters).
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Namoya Mine – oxide open pit mining
PRE COMMERCIAL PRODUCTION
 First gold pour Dec 2013 during
commissioning of heap leach loaded
carbon, elution and electrowinning
operations
 Targeting production of 9,000-10,000
oz/month following plant enhancements
(H2 2015)
Update
 Modifications underway to enhance the
plant to accommodate high fines content
in Namoya ore
Community
 MOU signed in October for community
projects intended to improve education,
health, infrastructure, sustainable
economic development & employment
prospects of the area
7
Social Development: Ensuring the long term development of
the belt
 The Foundation is the mechanism to deliver Banro’s commitment to
corporate social responsibility throughout its communities in the DRC
 Registered in the DRC as a charity with
a mandate to support
 Education
 Health
 Infrastructure
 Humanitarian
assistance
 Planned funding formula
 1% of net profits
 $1/ounce of gold produced
 External funding
events
 Full pipeline of community projects for 2014
with budget of approximately $1.58 million
 Completion of women’s university residence in Kindu
 Expansion
of market area at Luhwindja
 3 new medical facilities at Namoya, Lugushwa & Kamituga
 Engaging with civil society and NGOs
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Share Structure
Share Structure**
Common shares :
Options:
252,100,672
15,807,349
Warrants: 8,400,000 @ US$6.65 (exp. Mar 2017)
13,300,000 @ CAD$0.269 (exp. Aug 2017)
Broker Warrants:
735,000 @ CAD$3.25
(exp. Feb 2015)
Convertible Preference Shares: 63,000,0001
Series A Preference Shares2:
116,000
** As at November 2014
1 Represents the number of common shares into which convertible shares are exchangeable
2 Not convertible to common shares
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Banro - Building a Premier African Gold Mining Company
Further information on Banro please contact:
10
Naomi Nemeth - Investor Relations
E: [email protected]
T: +1 416 366 9189
TF: +1 800 714 7938, Ext. 2802
Twitter: banrocorp
www.banro.com
Resources & Reserves
Mineral Resources
Property
Twangiza
Oxide
Twangiza
Transition
& Fresh
Namoya
Oxide/FM
Lugushwa
Oxide
Lugushwa
Transition
& Fresh
Kamituga
Surface
Kamituga
UG
TOTAL
(Moz)
Measured
Tonnage Grade
(Mt)
(g/t
Au)
6.56
2.62
0.55
Indicated
Tonnage Grade
(Mt)
(g/t
Au)
9.00
1.89
Ounces
Moz
Ounces
Moz
Inferred
Tonnage
(Mt)
0.55
Ounces
(Moz)
1.27
Grade
(g/t
Au)
1.35
0.06
5.97
2.23
0.43
92.87
1.43
4.26
12.10
1.22
0.47
23.75
1.98
1.51
6.03
1.62
0.31
6.52
1.61
0.34
16.91
1.35
0.73
6.17
1.56
0.31
65.01
1.54
3.22
4.14
2.4
0.32
3.12
6.00
0.60
Measured & Indicated – 8.35 Moz of gold
Namoya Mineral Reserves*
Twangiza Mineral Reserves*
Category
Proven
Probable
Proven + Probable
Tonnage
(Mt)
5.62
8.07
13.69
Grade
(g/t)
2.49
2.23
2.34
Inferred – 5.32 Moz of gold
Category
Ounces
(Moz)
0.45
0.57
1.03
Proven
Probable
Proven + Probable
* included in above mineral resources
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Tonnage
(Mt)
22.39
1.31
23.70
Grade
(g/t)
1.78
1.34
1.75
Ounces
(Moz)
1.28
0.06
1.34
Project Highlights - Lugushwa
Banro’s Lugushwa project in line with Banro strategy - oxide resource
LUGUSHWA
Status
 Minimal exploration work while resources
are focused on Namoya
Resources (oxide)
 Indicated: 0.73Moz; 16.91Mt @ 1.35g/t Au
 Inferred: 0.31Moz; 6.17Mt @ 1.56g/t Au
Resources (transition & fresh rock)
 3.22Moz; 65.01Mt @ 1.54g/t
12
Project Highlights - Kamituga
Banro’s Kamituga project – a focus on oxide and free-milling material
KAMITUGA
Status
 Significant exploration program in 2012,
limited program in 2013 and 2014
 3 main +100 ppb Au in soil anomalies
(each up to 1.0 km x 0.5 km) outlined
by 10 x 3 km grid geochemical sampling
completed in 2011
Resources
 Inferred (surface):
 0.32 Moz; 4.14 Mt @ 2.40g/t Au
 Inferred (underground):
 0.60 Moz; 3.12 Mt @ 6.00g/t Au
Next Steps
 Exploration drilling has confirmed the
potential of a number of targets
including Kibukila, Filon 20 and G22.
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