Investors Presentation
Grand Junction, Colorado
May 21, 2008
Currency is in US Dollars
© 2008
Summary
• Strong growth mainly in rechargeable batteries (HEV’s) but also
in jet engines will continue to drive cobalt demand
• Cameroon’s huge resources and political stability will positively
impact global cobalt markets indefinitely
• Geovic can become the largest primary cobalt producer
• Significant upside to reserves/resources
• Competitive capital and operating costs
• Management has placed numerous mines into production
• Strong cordial relationship with Cameroonian government
© 2008
Cobalt
A Strategic High‐tech Element
© 2008
*Actual supply and demand by USGS, The CDI and other independent research groups. Projections after 2006 were developed by Geovic.
© 2008
50
Cobalt Price, US $/lb May 2008
Monthly Average
Spot Price
$ 49.00
40
30 3‐Year
Average
2005 ‐ 2007
20
$ 21.12
10
Geovic Cash Cost (2006 Cost/lb) $ 3.12
0
J-08
J-04
J-05
J-06
J-07
J-01
J-02
J-03
J-98
J-99
J-00
© 2008
Project Location
© 2008
Republic of Cameroon
• Politically and economically stable ‐ Same President for 24
years ‐ 4 years of remaining term
• Government mining and environmental codes updated to
international / World Bank standards in 2003
• Enacted incentives for new investment ‐ actively privatizing
national infrastructure
* Exxon / Mobil ‐ $3.5 billion pipeline from Chad
* AES ‐ 56% of Cameroon Electric Co.
* Geovic ‐ Granted 50% tax reduction for 12+ years
* Alcan Aluminum (now RTZ) and La Farge Cement
have been operating in Cameroon for many years
© 2008
Reserves & Resources
Mine Permit: 1,250 sq km
Nkamouna
Proven & probable reserves
54 million tonnes of ore at
0.25% cobalt and 0.69% nickel
12 million tonnes of concentrates
at 0.7% cobalt and 1.0% nickel
Mada
Inferred resource
145 million tonnes
0.21% cobalt and 0.48% nickel
Five Other Deposits
Total mineral area = 337 sq km
Favorable Project Characteristics
• Cameroon cobalt mineralization is higher grade and coarser
size than all other known laterite deposits.
• Cobalt grade is upgraded three‐fold using low‐cost washing
and sizing – similar to simple sand and gravel operations.
• Shallow open pit (less than 16 m deep) allows concurrent
backfilling & reclamation. Blasting not needed.
• Project plans are environmentally friendly and will create
long‐term sustainable development (450 permanent employees)
© 2008
Coarse, Hard Cobalt -
Nickel - Manganese
Mineral
Waste
Concentrate: Crushed,
Shallow & High Grade washed & sized
Mineralization © 2008 Geovic Mining Corp.
Nkamouna After‐Tax Economics *
As of Year‐end 2006
Payback: 2 years First full year: 5,000 tonnes cobalt
Cash Flow: $101 million First full year: 100% basis, 70%
attributed to cobalt production
NPV 8%: $704 million 100% basis, 19‐year life
$422 million Geovic share at 60%
* Financial performance to improve with production of manganese carbonate
Source: WGI FFS and 43-101 Technical Report by Pincock Allen & Holt
© 2008
Capital Structure
As of May 21, 2008
(Millions, except share price)
Shares Outstanding 102.0
Options 14.4
Warrants 20.8
Shares Fully‐Diluted 137.2
Share Price (US$) $1.40
Market Capitalization (based on fully diluted shares). $ 192
Cash (as of March 08) $ 75
Debt nil
© 2008
Geovic Share Trading
• Primarily trades on the Toronto Stock Exchange (TSX), under
symbol GMC. Also trades in the U.S. Over‐the‐Counter
market under symbol GVCM
• Company plans to list on other U.S. exchanges to increase
liquidity and transparency
• Average daily volume of approximately 250,000 shares,
combining U.S. and Canadian trading
• 52‐Week data (Cdn $/share): Low $1.02
High $4.00
Current $1.40
© 2008
Nkamouna Project Financing
• Nkamouna capital estimate of $398 million will likely be
reduced by the upcoming Optimization Study (July 2008)
• Debt financing assumed at 55% of the project total is $219
million. Equity component at 45% is $179 million
• Geovic is responsible for 60% of equity, or $107 million
• Geovic has $75 million of cash plus $15 million credit from past
advances on behalf of GeoCam minority shareholders
• Thus, Geovic’s additional equity needs for the Nkamouna
project are modest
© 2008
Corporate Background
1995 Incorporation of Geovic Cameroon PLC (GeoCam)
2002 Mining Convention issued
2003 Mine Permit decreed
2007 Geovic Mining Corp. graduated to TSX
2008 E Begin construction on Nkamouna infrastructure
2010 E Commence production at Nkamouna late in year
Ownership of GeoCam %
Geovic, Ltd. (GMC owns 100%) 60.0
Geovic Pres. & Founder 0.5
Cameroon Invest Corp. 20.0
Four Cameroonians 19.5
US $30 million invested in GeoCam since 1995
© 2008
Strong Relations with Cameroonian
Government
• Company has cultivated its relationship with Cameroon’s
government and citizens for 13 years
• The Cameroonian government and local investors own
39.5% of the project
• Geovic is highly sensitive to environmental issues, and
helped Cameroon to establish internationally standards
• Geovic established GeoAid (www.geoaid.org), a
humanitarian entity that will continue to have a profound
impact on local and regional populations
GeoAid Humanitarian Program
• GeoAid established in 1999 to promote local business, improve
education/health services and create sustainable development
• Project development plan includes $3.5 million for health,
education, industrial training and micro‐industry loans
Extensive Management Experience
• Jack Sherborne – Chief Executive Officer
Geologist with 39 years executive experience in resources industry
• William Buckovic – President (Director Geovic Cameroon)
Geologist with 34 years exploration and development experience
• David Beling – Executive V.P. & COO (Director GeoCam)
Mining Engineer with 44 years senior executive and operational
experience. Constructed, financed and operated international mines
• Gary Morris – Sr. Vice President (Chairman GeoCam)
Geologist with 35 years mineral exploration, land, resource and
environmental management experience
• Greg Hill – Chief Financial Officer
Financial officer with over 30 years finance and strategic planning
experience in minerals, energy and technology
• Johannes du Preez ‐ Construction Manager
More than 30 years construction management experience with mineral
processing plants and infrastructure installations, principally in Africa
Upcoming Milestones
Jul 08 Completion of all government permitting requirements
necessary to construct and operate
Publication of Nkamouna Feasibility Optimization Study
Sep 08 Upgrade U.S. stock listing to OTC Bulletin Board
Nov 08 Commencement of major Nkamouna construction
Dec 08 Updated resource estimates from additional drilling at
Nkamouna and adjacent Mada properties
Jun 09 Anticipated completion of project debt financing
© 2008
Summary
• Strong growth mainly in rechargeable batteries (HEV’s) but also
in jet engines will continue to drive cobalt demand
• Cameroon’s huge resources and political stability will positively
impact global cobalt markets indefinitely
• Geovic can become the largest primary cobalt producer
• Significant upside to reserves/resources
• Competitive capital and operating costs
• Management has placed numerous mines into production
• Strong cordial relationship with Cameroonian government
© 2008
The Cobalt Company
© 2008
743 Horizon Court (970) 256 - 9681
Grand Junction, CO 81506 www.geovic.net
© 2008
Geovic Field Compound
Access Road
GeoCam Drilling
Cameroon Capitol of Yaounde