Andean American Gold Pitch Deck (2010): 23-Slide Breakdown

Andean American Gold (TSX.V: AAG) uses this 23-slide deck to position its Invicta project as a near-production asset with superior economics compared to its peers. The presentation is heavy on technical validation, citing a July 2010 feasibility study that projects an average annual production of 160,857 gold equivalent ounces. A critical component of the deck is the disclosure of a strategic relationship with Trafigura, which includes a $15M sub-debt facility and off-take agreements. By highlighting a negative by-product cash cost of ($126.91) per ounce, the company attempts to demonstrate t…

Key takeaways

• The management team features deep institutional experience, including David Rae's ten-year tenure at Falconbridge/Xstrata (Slide 4).
• Geographic positioning is emphasized by showing the Invicta project's proximity to numerous established production and exploration projects in Peru (Slide 7).
• Resource validation is categorized into Measured, Indicated, and Inferred, totaling over 24 million tonnes of material (Slide 10).
• The feasibility study projects a remarkably short 1-year payback period on an estimated $68M CapEx (Slide 16).
• Operating costs are estimated at $28.31 US per tonne, with zero liquid effluents to meet environmental standards (Slide 16).
• A strategic partnership with Trafigura provides a $15M debt facility and a potential path to full project underwriting (Slide 19).
• The company claims a negative by-product cash cost of ($126.91) per ounce, suggesting the non-gold metals cover all production costs (Slide 22).
• Valuation metrics show Andean American trading at $122M MCAP, which is framed as a deep discount relative to its $65M estimated annual free cash flow (Slide 22).

Frequently asked questions

What is the primary value proposition of the Invicta project?

The primary value proposition is the project's low-cost profile and rapid path to production. According to Slide 16, the project has a 1-year payback period and a negative by-product cash cost of ($126.91) per ounce. This means the revenue from silver, copper, lead, and zinc is expected to exceed the total cost of mining, effectively making the gold production 'free' from a cash-cost perspective.

How does the company handle environmental and social governance (ESG)?

While the deck does not have a dedicated ESG slide, Slide 16 notes that the project 'surpasses the environmental standards of Peru.' Specifically, it mentions a 'contained process with zero liquid effluents,' which is a critical technical detail for gaining social license and regulatory approval in sensitive mining regions like the Andes.

What role does Trafigura play in this fundraising or development stage?

Trafigura acts as both a strategic investor and a backstop. As detailed on Slide 19, they provide a $15M sub-debt facility for overruns and hold the rights to buy all base metal concentrates. Crucially, if other lenders fail to fund the project CapEx by January 31st, Trafigura has an option to underwrite the debt and increase their equity stake by 16%.

How does the resource grade compare across different categories?

Slide 10 breaks this down: Measured resources (868,000 tonnes) have the highest gold grade at 2.71 g/t. Indicated resources (9.8M tonnes) sit at 1.99 g/t, and Inferred resources (14.2M tonnes) are lower at 0.67 g/t. The 'Mineable Reserves' for the first five years focus on higher-grade material, averaging 2.14 g/t gold and 18.76 g/t silver.

Is the company currently generating revenue?

No. The footer on Slide 22 explicitly states that 'The Company's projects are not currently in production.' All financial projections, including the $65M annual free cash flow and the 1-year payback period, are estimates based on the Invicta Project Feasibility Study from July 2010.

Andean American Gold pitch deck: the facts

Company

Andean American Gold

Year

2010

Stage

Pre-production / Public (TSX.V)

Slides

23

Sector

Mining

Deck type

Investor Presentation

Outcome

Not stated

Headquarters

Canada / Peru

Andean American Gold pitch deck PDF

The full Andean American Gold deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the Andean American Gold Corp. (TSX.V: AAG) pitch deck was used for

This is a 23‑slide corporate/project financing presentation from around late 2010 for Andean American Gold Corp., a Vancouver‑listed junior mining company on the TSX Venture Exchange (AAG). It focuses on the Invicta underground gold‑polymetallic project in Peru, describing a planned 3,000–5,000 tpd operation, an optimized July 2010 feasibility study, and a strategic financing partnership with Trafigura. The deck appears to support project debt and subordinated financing for approximately US$68–83 million of Invicta capex rather than an early‑stage equity raise, at a time when the project was still pre‑production but publicly listed.

Business model: Junior mining company focused on developing the Invicta polymetallic gold project in Peru, aiming to bring an underground mine into production using project finance and offtake-backed debt facilities.

Year

2010

Investors

Trafigura Beheer B.V. (strategic partner and equity investor, approximately 8.7% stake for about C$3M)., Barclays Capital (underwriter of senior secured project debt facility)., WestLB (underwriter of senior secured project debt facility).

Headquarters

Vancouver, British Columbia, Canada.

Industry

Mining (gold and polymetallic underground mine development).

Round: Project finance for pre‑production underground mine development at a publicly listed junior miner.

Raising: Approximately US$68M senior secured project debt for Invicta capex plus US$15M subordinated debt for cost overruns and working capital, alongside about C$3M (US$2.9M) in equity from Trafigura and roughly US$15M already invested by Andean American in the project.

Lead investor: Trafigura Beheer B.V. in terms of strategic equity and subordinated debt support; Barclays Capital and WestLB as lead banks for the senior secured debt facility.

Use of funds as presented: Construction and development capital for the Invicta underground polymetallic gold project in Peru, including project costs, refundable IGV taxes, contingency, start‑up facilities, cost‑overrun coverage, and working capital.

What happened after the Andean American Gold Corp. (TSX.V: AAG) deck

The 2010 Invicta financing deck supported a project funding strategy built on a July 2010 optimized feasibility study, a US$68M senior secured debt facility underwritten by Barclays Capital and WestLB, and a US$15M Trafigura‑arranged subordinated facility plus Trafigura’s C$3M equity investment and offtake rights. While these structures indicated strong partner and lender interest, subsequent disc

• March–April 2010: Andean American announces a strategic relationship with Trafigura Beheer B.V., including a roughly C$3
• June 2009 and July 2010: Lokhorst Group issues feasibility studies for the Invicta Mine, including an optimized feasibil
• 2010: Andean American structures a US$68M senior secured project debt facility underwritten by Barclays Capital and West
• February 2011: A corporate presentation reports that the optimized feasibility study is complete, a bankable feasibility
• October 2011: Andean American announces delays in completing the feasibility study due to the need for higher capital an

What the Andean American Gold Corp. (TSX.V: AAG) deck got right

• Robust, data‑driven feasibility study foundation. The deck is anchored in an optimized July 2010 feasibility study for the Invicta underground mine, presenting detailed metrics such as average annual production of roughly 97,931 oz gold and 160,857 oz gold‑equivalent over a five‑year initial mine life, cash costs on multiple bases, operating cost per tonne, one‑year payback, and total capex breakdown.
• Strong strategic partnership and offtake backing from Trafigura. Andean American secured a strategic relationship with Trafigura that combines an equity investment of about C$3M for an 8.7% stake, planned US$15M in subordinated project finance and working‑capital facilities, and long‑term offtake agreements for Invicta’s base‑metal concentrates, which the deck leverages as third‑party validation of project quality and financing viability.
• Structured project financing package with international banks. The financing section outlines a clear capital structure: US$68M senior secured project debt facility underwritten by Barclays Capital and WestLB, US$15M subordinated facility arranged by Trafigura, and roughly US$15M already invested in the project by Andean American, giving investors visibility into sources and uses of funds and cost‑overrun coverage.
• Compelling site infrastructure, metallurgy, and operating context. Operational strengths highlighted include an underground operation ramping from 3,000 tpd to 5,000 tpd, excellent metallurgy and a flexible flow sheet with high recoveries and low grinding costs, proximity to other operating mines, access to state power grid via line extension, secured water rights with wells drilled and tested, strong community support, and an available local labor pool.
• Experienced management team with major‑miner and financing track record. Management bios in the deck emphasize significant experience in major mining companies: the CEO, David Rae, with senior roles at Falconbridge/Xstrata including managing large smelting and copper operations and advising Kinross, Vale Inco and IAMGOLD; and the CFO, Bruce Ramsden, with long‑standing VP/CFO roles in resource companies and a Mining Journal Development Funding Award, providing credibility in both operations and financing.
• Defined mine plan with explicit expansion and exploration upside. The presentation communicates clear growth potential through exploration upside and an intended extension of mine life from an initial five years to a targeted twelve years after resource definition drilling, which is attractive for lenders and equity investors seeking long‑term cash‑flow profiles.

What could have been stronger

• Underplayed execution and capital‑cost risk. The deck presents a highly technical feasibility‑study‑driven case but offers limited discussion of permitting risk, schedule risk, and capital‑cost uncertainty, even though later documents note that initial capital cost to build the underground mine turned out to be considerably higher than forecast in the July 2010 feasibility study.
• Ambiguity around the firmness of financing commitments. While the deck states that financing is in place via a senior secured facility and a Trafigura‑arranged subordinated facility, it does not clearly distinguish between signed, funded facilities and term sheets or options contingent on lender decisions (such as Trafigura’s option if project debt lenders do not fund capex by year‑end).
• Limited context on corporate strategy and commodity‑price risk. The presentation emphasizes technical metrics and financing but provides little detail on Andean American’s broader asset portfolio, corporate strategy beyond Invicta, or hedging/price‑risk management despite reliance on specific commodity price decks.
• Sparse evidence for social license and community agreements. Community support and water rights are asserted as strengths, but the deck does not show concrete social‑license agreements, timelines, or remaining steps, even though subsequent corporate materials indicate that community negotiations and agreements were still in progress into 2011.

How an investor would read this deck

What draws attention

• Status and covenants of the US$68M senior secured project debt facility underwritten by Barclays Capital and WestLB, including whether it was fully executed, drawdown conditions, and any subsequent amendments or cancellations.
• Detailed terms of Trafigura’s US$15M subordinated debt and cost‑overrun/working‑capital facility, plus its equity stake and board representation rights under the strategic relationship.
• Robustness of the July 2010 optimized feasibility study assumptions (capex, opex, grades, recoveries) in light of later findings that capital costs were considerably higher than forecast.
• Permitting status, community agreements, and environmental obligations for Invicta, given that development was later delayed due to higher capital and operating costs and lower ore production estimates.

Risks that stand out

• Feasibility‑study capital cost estimates around US$65–68M later proved too low, with AAG acknowledging that the initial capital cost to build an underground mine at Invicta would be considerably higher, implying potential financing gaps or project delays.
• Project development timelines and completion of bankable feasibility, permitting, and community agreements slipped beyond the optimistic schedules shown in the 2010–2011 presentations, increasing time‑to‑cash‑flow and exposure to market cycles.
• Heavy reliance on a small number of financing counterparties (Barclays, WestLB, Trafigura) and long‑term offtake agreements concentrates counterparty risk and may constrain future strategic options.
• Commodity‑price volatility for gold and base metals could materially affect project economics, especially given that feasibility metrics and payback assumptions rely on specific price decks (e.g., gold US$900/oz, copper US$2.50/lb).*
• As a junior pre‑production miner, Andean American faced typical risks around permitting, community relations, environmental compliance, and access to experienced underground mining talent in Peru, despite the deck’s claims of strong community support and a talented labor pool.

Questions this deck invites

• What is the current status of the senior secured project debt facility with Barclays Capital and WestLB, and were any conditions precedent or market‑outs triggered that prevented full funding?
• How did actual or updated capital and operating costs for Invicta compare to the July 2010 feasibility study, and what revisions were made to the project plan and mine design as a result?
• What specific terms govern Trafigura’s equity stake, offtake rights, subordinated financing, and board representation options, and how do these affect future strategic flexibility or potential M&A?
• What is the current legal, permitting, and community‑agreement status for Invicta, including any commitments made in closure plans and environmental management programs referenced in later technical reports?
• How has the company’s broader portfolio and corporate strategy evolved since this deck, particularly any mergers, asset sales, or restructuring related to Invicta and other projects?

What founders can take from the Andean American Gold Corp. (TSX.V: AAG) deck

• A detailed, NI 43‑101‑style feasibility study with clear capex/opex breakdowns and cash cost metrics can substantially strengthen a mining financing pitch, but investors will later test whether those assumptions proved realistic in execution.
• Strategic partnerships with trading houses like Trafigura that combine equity stakes, offtake agreements, and subordinated debt can be powerful in securing project financing, yet they can also introduce complex options and control provisions that need transparent articulation in the deck.
• Presenting a fully structured financing package (senior debt underwritten by international banks plus cost‑overrun facilities) signals bank and partner confidence, but the deck should clearly distinguish binding commitments from contingent options or negotiations.
• Emphasizing infrastructure strengths—such as proximity to operating mines, access to the state power grid, water rights, and a local labor pool—helps reduce perceived operational risk, but investors will seek supporting evidence in permits and community contracts.
• Technical mining decks that are very data‑heavy benefit from adding more explicit discussion of key risks (capital cost uncertainty, schedule slippage, permitting hurdles) to avoid over‑optimistic messaging that can later be challenged by market developments.
• Comparing initial feasibility estimates with later updated costs and production expectations shows why mining financings should include conservative buffers and contingency in both capital budgets and timelines.

Andean American Gold Corp. (TSX.V: AAG) pitch deck: common questions

What is Andean American Gold and what was its main project?

Andean American Gold Corp. was a Vancouver‑based junior mining company listed on the TSX Venture Exchange under the symbol AAG, focused on developing the Invicta polymetallic gold project in Peru.

What production profile and mine life did the Invicta project presentation claim?

The deck describes Invicta as an underground operation starting at 3,000 tonnes per day in Year 1 and increasing to 5,000 tpd by Year 3+, with an initial 5‑year mine life targeted to extend to 12 years after further resource definition drilling, based on a July 2010 optimized feasibility study.

How much capital did Andean American say was required to build the Invicta project?

The deck and related corporate materials state an estimated capital cost of about US$68 million for Invicta (US$49M project costs, US$9M refundable IGV tax, US$7M contingency, US$3M start‑up facility), with additional facilities raising the total project and cost‑overrun funding envelope to US$83 million.

What financing structure did Andean American Gold present for Invicta in this deck?

The financing structure presented includes a US$68M senior secured project debt facility underwritten by international banks Barclays Capital and WestLB, plus a US$15M subordinated debt facility for cost overruns and working capital arranged by strategic partner Trafigura Beheer B.V., alongside about US$15M already invested by Andean American in the project.

What was Trafigura’s role in funding the Invicta project?

In March–April 2010, Trafigura agreed to invest about C$3 million (roughly US$2.9M) for an 8.7% equity stake in Andean American and to negotiate up to US$15M in project finance, cost‑overrun and working‑capital facilities, as well as long‑term offtake agreements for Invicta’s copper, lead and zinc concentrates.

Sources

Funding and outcome facts on this page were researched on 2026-08-22 from the pages below.

• Aa ggold 10 20-10
• Trafigura penetrates further into Peru - Mines and Communities
• Andean American Gold (TSX.V - AAG) Corporate Presentation - Feb 17th 2011
• Aa ggold presentation 10 4-10
• Andean American - Corporate Presentation (Sept. 2010)
• OINT DISCLO ULARS REFE E CIRCULAR DIRE...
• Trafigura penetra más en Peru
• Republic o

Andean American Gold pitch deck slides

What each slide of the Andean American Gold pitch deck says

Slide 2

—_——— * Certain Sipiements in this ¢ resentation Cosi le ond looking, statements” want the meaning of the Private Securities Liigatol eform acto 1995 an Canadien securities legislation. Suc onvard looking FLotements involve. own and un) non sks, uncértainties an; other factors whic ay cas dl le actual hes: s, performance or ac erement of the Company, or other future Ee inclu [1g folceat ution, caine pl cas| ows, 1p, be ‘materially different from any future results, performances or achievemients or other events éxpressly or implicitly predicted by such forward-looking staternents. + Such risk uncertainties and other factors include, but are not limited to, factors associated with fluctuation…

Slide 3

OVERVIEW * Near Term Gold Production 5 Invicta Project is 100% Owned . Project team with over 200 years development/operations experience . EIA received subject to conditions precedent, long lead time items bought + Commissioning expected 12 months after start of construction . Projected production 160,000 Au Eq Oz per Year @ $US 275/0z LOM Cash Cost + World Class Assets in Pipeline . Sinchao Gold/Copper project with initial inferred resource of 237 M tonnes containing 3.73M oz Au, 2.45B Ib Cu and 92M oz Ag with average grades of .47% Cu, .49g/t Au and 12.1g/t Ag., using prices of $1.50/Ib Cu, $600/0z Au and $8/0z Ag. eee IN @ ANDEAN )

Slide 4

MANAGEMENT e David Rae, President and CEO Ten years in senior positions with Falconbridge/Xstrata, including Senior Vice President Europe & Africa, and worldwide head of sales for all Nickel Group products. Previously he managed the Sudbury Smelter and the Timmins Copper Operations. Prior to joining Andean American, Mr. Rae has been advising in a consulting capacity to companies such as Kinross, Vale Inco and lamgold on operational, productivity and strategic challenges. . Bruce Ramsden, VP Finance and CFO Vice President and CFO with noted resource companies since 1996 and has received the 2006 Mining Journal Development Funding Award for his work with Tiomin Resources Inc. He has a Bachelo…

Slide 5

THE INVICTA PROJECT * Underground Operation: 3,000 tpd Year 1, up to 5,000 tpd Year 3+ « Initial 5 Year Mine Life, target 12 Years after resource definition drilling » Exciting exploration potential * Located in Peru, close to other operating mines + Excellent metallurgy and flow sheet: high recoveries, low grinding costs, flexible process + Power supply via line extension of state power grid * Very strong community support and a talented labor pool » Water rights obtained, wells drilled and tested TSX.V : AAG Q' ANDEAN www.aaggold.com AMERICAN

Slide text above is read directly from the Andean American Gold deck PDF embedded on this page.

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