Golden Star reported Q1 2018 gold production of 57,616 ounces, with stronger than expected production from its Wassa Underground mine. Costs are expected to reduce over the course of 2018 as underground production increases. Golden Star's 2018 exploration budget is $6.6 million, focusing on expanding resources at Wassa Underground and Prestea Underground, as well as investigating five new underground targets with potential to increase production and extend mine lives.
Golden Star Resources provides a summary of its Q1 2018 production results and plans for the rest of 2018. Key highlights include:
- Q1 2018 gold production of 57,616oz, with Wassa complex contributing 35,506oz and Prestea complex 22,110oz.
- Stronger than expected production from Wassa Underground of 12% higher grade than Q4 2017.
- Costs are expected to reduce through 2018 as underground production increases.
- $6.6M exploration budget aims to expand resources at Wassa Underground and Prestea Underground and test 5 new targets.
- Operational improvements expected to strengthen Prestea Underground performance in Q2 2018.
Golden Star reported Q1 2018 gold production of 57,616 ounces, with production from Wassa Underground exceeding expectations at 35,506 ounces. Wassa Underground grade was 4.54 g/t Au, a 12% increase from Q4 2017. Golden Star is on track to achieve 2018 consolidated guidance of 230,000-255,000 ounces. Recent drilling at Wassa Underground doubled the inferred mineral resource to 5.2 million ounces and extended mineralization down-plunge, indicating further upside potential.
Golden Star achieved its 2017 gold production guidance of 267,565 ounces. Production increased 38% compared to 2016 due to higher output from its Wassa and Prestea mines in Ghana. Cash operating costs and all-in sustaining costs per ounce for 2017 were below guidance and decreased from 2016, driven by a focus on underground mining at higher grades. Golden Star is forecasting further cost reductions in 2018 as production shifts entirely to underground ore at Wassa and Prestea, with guidance of 230,000-255,000 ounces at costs of $850-950 per ounce.
Golden Star reported Q1 2018 production results, with total gold production of 57,616 ounces. Production at the Wassa complex was 35,506 ounces, while Prestea complex production was 22,110 ounces. Wassa Underground mine performance exceeded expectations, with a 12% increase in grade and average mining rate of 2,400 tonnes per day. Costs are expected to reduce over the course of 2018 as underground production increases, though Q1 costs per ounce were higher than anticipated due to challenges at Prestea Underground. Golden Star reiterated its full-year 2018 production and cost guidance.
Golden Star provides guidance for 2018, focusing on generating cash flow. Production is expected to be between 230,000-255,000 ounces at an AISC of $850-950 per ounce. Capital expenditures are budgeted at $36.5 million. Operations will focus on the high margin underground mines at Wassa and Prestea. Wassa Underground is expected to continue ramping up production in 2018. Commercial production has been achieved at Prestea Underground and step-out drilling indicates potential to increase resources.
Golden Star Resources Ltd. is a gold mining company focused on its two underground mining operations in Ghana - Wassa Underground and Prestea Underground. The presentation provides an operational and financial overview of Golden Star, including 2018 production guidance of 230,000-255,000 ounces of gold at an AISC of $850-950 per ounce. It highlights recent drilling results from Wassa Underground that indicate the deposit may be larger than previously estimated. The presentation also outlines Golden Star's $6.6 million exploration budget and plans to test for resource expansions and new underground targets near its existing operations.
Golden Star provides guidance for 2018 of producing 230,000-255,000 ounces of gold at an all-in sustaining cost of $850-950 per ounce. Capital expenditures are budgeted at $36.5 million. Wassa Underground is expected to produce 137,000-142,000 ounces at a cash operating cost of $600-650 per ounce. Prestea Underground is targeting commercial production in February 2018 and is expected to produce 93,000-113,000 ounces at an all-in sustaining cost of $740-880 per ounce. Drilling continues to extend mineralization at both underground mines.
Golden Star is expanding production and reducing costs at its projects in Ghana. The company is transforming into a high grade, low cost gold producer through its Wassa Underground and Prestea Underground projects. In the second quarter of 2017, Golden Star achieved its fifth consecutive quarter of production growth, delivering 64,176 ounces of gold from multiple ore sources. Operating costs continue to decline as the company transitions away from refractory ore processing.
Golden Star Resources provides a summary of its Q1 2018 production results and plans for the rest of 2018. Key highlights include:
- Q1 2018 gold production of 57,616oz, with Wassa complex contributing 35,506oz and Prestea complex 22,110oz.
- Stronger than expected production from Wassa Underground of 12% higher grade than Q4 2017.
- Costs are expected to reduce through 2018 as underground production increases.
- $6.6M exploration budget aims to expand resources at Wassa Underground and Prestea Underground and test 5 new targets.
- Operational improvements expected to strengthen Prestea Underground performance in Q2 2018.
Golden Star reported Q1 2018 gold production of 57,616 ounces, with production from Wassa Underground exceeding expectations at 35,506 ounces. Wassa Underground grade was 4.54 g/t Au, a 12% increase from Q4 2017. Golden Star is on track to achieve 2018 consolidated guidance of 230,000-255,000 ounces. Recent drilling at Wassa Underground doubled the inferred mineral resource to 5.2 million ounces and extended mineralization down-plunge, indicating further upside potential.
Golden Star achieved its 2017 gold production guidance of 267,565 ounces. Production increased 38% compared to 2016 due to higher output from its Wassa and Prestea mines in Ghana. Cash operating costs and all-in sustaining costs per ounce for 2017 were below guidance and decreased from 2016, driven by a focus on underground mining at higher grades. Golden Star is forecasting further cost reductions in 2018 as production shifts entirely to underground ore at Wassa and Prestea, with guidance of 230,000-255,000 ounces at costs of $850-950 per ounce.
Golden Star reported Q1 2018 production results, with total gold production of 57,616 ounces. Production at the Wassa complex was 35,506 ounces, while Prestea complex production was 22,110 ounces. Wassa Underground mine performance exceeded expectations, with a 12% increase in grade and average mining rate of 2,400 tonnes per day. Costs are expected to reduce over the course of 2018 as underground production increases, though Q1 costs per ounce were higher than anticipated due to challenges at Prestea Underground. Golden Star reiterated its full-year 2018 production and cost guidance.
Golden Star provides guidance for 2018, focusing on generating cash flow. Production is expected to be between 230,000-255,000 ounces at an AISC of $850-950 per ounce. Capital expenditures are budgeted at $36.5 million. Operations will focus on the high margin underground mines at Wassa and Prestea. Wassa Underground is expected to continue ramping up production in 2018. Commercial production has been achieved at Prestea Underground and step-out drilling indicates potential to increase resources.
Golden Star Resources Ltd. is a gold mining company focused on its two underground mining operations in Ghana - Wassa Underground and Prestea Underground. The presentation provides an operational and financial overview of Golden Star, including 2018 production guidance of 230,000-255,000 ounces of gold at an AISC of $850-950 per ounce. It highlights recent drilling results from Wassa Underground that indicate the deposit may be larger than previously estimated. The presentation also outlines Golden Star's $6.6 million exploration budget and plans to test for resource expansions and new underground targets near its existing operations.
Golden Star provides guidance for 2018 of producing 230,000-255,000 ounces of gold at an all-in sustaining cost of $850-950 per ounce. Capital expenditures are budgeted at $36.5 million. Wassa Underground is expected to produce 137,000-142,000 ounces at a cash operating cost of $600-650 per ounce. Prestea Underground is targeting commercial production in February 2018 and is expected to produce 93,000-113,000 ounces at an all-in sustaining cost of $740-880 per ounce. Drilling continues to extend mineralization at both underground mines.
Golden Star is expanding production and reducing costs at its projects in Ghana. The company is transforming into a high grade, low cost gold producer through its Wassa Underground and Prestea Underground projects. In the second quarter of 2017, Golden Star achieved its fifth consecutive quarter of production growth, delivering 64,176 ounces of gold from multiple ore sources. Operating costs continue to decline as the company transitions away from refractory ore processing.
Golden Star Resources Ltd. provides guidance for 2017 including an AISC of $970-1,070 per ounce and production of 255,000-280,000 ounces. Key assets include the Wassa Underground and Prestea Underground mines in Ghana, containing total mineral reserves of 1.9 million ounces and resources of 4.4 million ounces. The company had $25.9 million in cash as of June 30, 2017 and a $69.3 million capital expenditure budget for 2017. Golden Star has an experienced management team led by President and CEO Sam Coetzer to oversee its Ghanaian operations.
Golden Star is expanding production and reducing costs at its projects in Ghana. The company plans to transform into a high grade, low cost gold producer by ramping up production at its Wassa Underground and Prestea Underground projects. This is expected to improve the company's production profile, lower its cash operating costs per ounce and all-in sustaining costs per ounce. Commercial production is targeted to begin at Prestea Underground in the second half of 2017, which will further reduce costs as higher grade ore is produced.
This document provides an overview of Golden Star Resources, including:
- New leadership and corporate structure implemented since 2013 to focus on existing asset base.
- Goals include becoming a stable gold producer by eliminating high-cost refractory production and converting reserves to non-refractory.
- Operations located on prolific Ashanti Gold Belt in Ghana.
- Second quarter 2016 production of 42,461 ounces was in line with expectations, with production impacted by a scheduled plant shutdown at Wassa.
Golden Star Resources is focused on unlocking value at its existing mines in Ghana. At Wassa, the company is accessing higher grade portions of the ore body from an underground mine to supplement production from the open pit. First ore from Wassa Underground is expected in mid-2016, with commercial production in early 2017. At Prestea, open pits are currently producing while rehabilitation of the underground mine is underway to establish additional production. Prestea Underground is expected to begin production in mid-2017. The company aims to become a stable gold producer through these projects and an increased focus on operational efficiencies.
Golden Star plans to expand production and reduce costs at its projects in Ghana. It aims to transform into a high grade, low cost gold producer by ramping up production from its Wassa Underground and Prestea Underground projects. Wassa Underground is expected to increase production and lower costs in 2017, while Prestea Underground is targeting commercial production in mid-2017. Golden Star forecasts total production to increase 31-44% in 2017 compared to 2016, with cash operating costs expected to decrease as higher grade underground ore becomes available.
Golden Star achieved its 2016 production and cost guidance across its operations. Production totaled 194,054 ounces for the year, within the guidance range. Cash operating costs per ounce were $872, in the middle of the guidance range. Capital expenditures totaled $84.4 million for the year, a 48% increase over 2015, to fund development projects including Wassa and Prestea Underground mines. Commercial production was achieved at Wassa Underground on January 1, 2017, as planned.
1) Golden Star Resources provides a snapshot of its operations in Q3 2017, including increased gold production and lower costs. Production guidance for 2017 remains on track.
2) Drilling results from Wassa Underground extended the B Shoot zone to the north and south, indicating potential to increase short and long-term production.
3) Prestea Underground achieved a milestone with its first stoping ore blasted in September 2017 as the high grade underground mine ramps up.
Golden Star has transformed its strategic focus and leadership to become a stable, reliable non-refractory gold producer. Key actions include suspending high-cost refractory production, converting reserves to non-refractory ounces, and unlocking value at existing mines. At Wassa, costs have been reduced by accessing higher grades from the open pit and planned underground mine. Prestea's open pits provide non-refractory production until the underground mine starts in 2017. Fourth quarter costs per ounce fell to $715 as production shifted to only non-refractory ounces. The company is fully funded to develop Wassa and Prestea underground mines to provide long-term production and cost stability.
Q1 2016 results showed that Golden Star's transition to lower-cost operations is taking effect. Cash operating costs and all-in sustaining costs declined significantly from prior periods. Production exceeded expectations and cash flow from operations was positive. A $20 million payment was received from Royal Gold per the streaming agreement and additional financing of $15 million is expected to close in May 2016.
Golden Star conducted a site visit to its Wassa Gold Mine in Ghana in November 2017. Wassa currently mines and processes ore from both an open pit and underground mine. Production is ramping up at the Wassa Underground mine, which is expected to account for all mining at Wassa in 2018 in order to focus on higher grade underground ounces. Exploration and infrastructure expansion opportunities exist to further increase underground production over the next several years.
Golden Star is expanding production and reducing costs at its Wassa and Prestea gold mines in Ghana. Production is expected to increase to 281,000 ounces annually by 2017, a 60% rise from 2016 levels, while cash operating costs are forecast to decrease to $695 per ounce. This will be achieved through commencing production at the high grade Wassa Underground mine in early 2017 and the Prestea Underground mine in mid-2017. Capital expenditures are increasing to fund the underground development projects, which will transform Golden Star into a higher grade, lower cost producer.
Golden Star's Wassa Gold Mine in Ghana includes an open pit mine and underground mine. In Q3 2017, production from the Wassa Underground mine increased to 15,877 ounces, accounting for 50% of Wassa's total gold production. Golden Star plans to transition Wassa to an underground-only operation in 2018 in order to focus on higher grade ounces from underground at a target rate of 2,700 to 3,000 tonnes per day. Exploration and infrastructure expansion at the Wassa Underground mine has the potential to further increase production beyond 2020.
Expanding Production and Reducing Costs at Golden Star's projects. Golden Star plans to expand production and reduce costs by developing two underground mines, Wassa Underground and Prestea Underground. This is expected to transform Golden Star's production and cost profiles, with production forecast to increase 60% between 2016 and 2019 while cash operating costs and AISC decline. Golden Star is on track to achieve its 2016 guidance and the underground development projects are advancing as planned, with infrastructure in place at Wassa Underground and stoping commenced in the third quarter.
Golden Star is expanding gold production and reducing costs at its projects in Ghana. The company plans to commence commercial production at its Prestea Underground mine in 2016 and its Wassa Underground mine. This is expected to increase production and improve grades and costs. Golden Star also aims to strengthen its balance sheet through refinancing debt in mid-2017. The company sees exploration potential to increase mine lives at its current operations.
Golden Star is a gold mining company with operations in Ghana. It is transforming to focus on lower cost, non-refractory mining. Its Wassa Underground and Prestea projects are expected to deliver low cost production starting in 2016, with combined cash costs below $700/oz. The projects have high internal rates of return and will leverage existing infrastructure. Golden Star aims to further reduce costs at its current operations and has potential for new discoveries to extend mine lives.
Kinross Gold Corporation presented at the TD Securities 2016 Mining Conference in January 2016. The presentation focused on Kinross' principles of operational excellence, quality over quantity, disciplined capital allocation, and maintaining a strong balance sheet. It provided updates on Kinross' diversified portfolio of operating mines and organic growth opportunities, including positive pre-feasibility study results for the La Coipa Project and concepts for a phased expansion at Tasiast.
- Golden Star operates two producing gold mines in Ghana - Wassa and Bogoso - with three processing plants and total annual capacity of 7 million tonnes.
- In 2013, Golden Star produced 331,000 ounces of gold at a cash cost of $1,049 per ounce, achieving its production and cost guidance.
- For 2014, Golden Star guidance is 295,000 to 320,000 ounces of gold at a cash cost of $950 to $1,000 per ounce and all-in sustaining costs of $1,150 to $1,200 per ounce.
- Golden Star achieved its 2013 production guidance of 331,000 ounces of gold.
- Cost cutting initiatives helped reduce costs, with cash costs per ounce of $1,044, in line with guidance.
- Capital expenditures were significantly reduced to $102.7 million while maintaining operations.
- The company is well positioned for lower cost production in 2014 and 2015 with pushbacks nearly complete at Bogoso and the large Wassa Main pit now in production.
Microsoft power point 2014 november investor presentationGoldenStarResources
Golden Star is transforming into a lower cost gold producer by closing its higher cost refractory operation in late 2015 and developing the Wassa underground mine. The Wassa underground PEA delivered strong results, indicating it can reduce Wassa's costs per ounce dramatically and generate average annual production of 70koz over 4.5 years at $370/oz after $40 million investment. Golden Star's expenditure of $80 million on developing Wassa and Prestea is expected to unlock significant value for shareholders by reducing the group's life of mine costs below $700/oz from 2016 onward.
Kinross Gold Corporation reported its fourth quarter and full-year 2015 results. Key highlights included meeting or exceeding its revised 2015 guidance by producing 2.6 million ounces of gold equivalent at a cost of sales of $696 per ounce and capital expenditures of $610 million. The company also acquired two producing mines in Nevada, enhancing its American portfolio. For 2016, Kinross expects to produce between 2.7-2.9 million ounces of gold equivalent at a reduced overhead expense of $165 million and capital expenditures of $595 million, excluding potential expansion at Tasiast.
Golden Star is expanding production and reducing costs at its Wassa and Prestea mines in Ghana. Production is expected to increase to an average of 281,000 ounces annually from 2017 onwards. Cash operating costs are forecast to decrease as higher grade ore is accessed at Wassa Underground and Prestea Underground ramps up. Exploration drilling will target expanding reserves and mine lives at both operations.
Golden Star plans to expand production and reduce costs by ramping up its underground mines at Wassa and Prestea. This will transform the company into a higher grade, lower cost gold producer. Golden Star provided production and cost guidance for 2017, forecasting a 31-44% increase in gold production compared to 2016. Exploration drilling will focus on increasing reserves to extend the mine lives at Wassa and Prestea.
Golden Star Resources Ltd. provides guidance for 2017 including an AISC of $970-1,070 per ounce and production of 255,000-280,000 ounces. Key assets include the Wassa Underground and Prestea Underground mines in Ghana, containing total mineral reserves of 1.9 million ounces and resources of 4.4 million ounces. The company had $25.9 million in cash as of June 30, 2017 and a $69.3 million capital expenditure budget for 2017. Golden Star has an experienced management team led by President and CEO Sam Coetzer to oversee its Ghanaian operations.
Golden Star is expanding production and reducing costs at its projects in Ghana. The company plans to transform into a high grade, low cost gold producer by ramping up production at its Wassa Underground and Prestea Underground projects. This is expected to improve the company's production profile, lower its cash operating costs per ounce and all-in sustaining costs per ounce. Commercial production is targeted to begin at Prestea Underground in the second half of 2017, which will further reduce costs as higher grade ore is produced.
This document provides an overview of Golden Star Resources, including:
- New leadership and corporate structure implemented since 2013 to focus on existing asset base.
- Goals include becoming a stable gold producer by eliminating high-cost refractory production and converting reserves to non-refractory.
- Operations located on prolific Ashanti Gold Belt in Ghana.
- Second quarter 2016 production of 42,461 ounces was in line with expectations, with production impacted by a scheduled plant shutdown at Wassa.
Golden Star Resources is focused on unlocking value at its existing mines in Ghana. At Wassa, the company is accessing higher grade portions of the ore body from an underground mine to supplement production from the open pit. First ore from Wassa Underground is expected in mid-2016, with commercial production in early 2017. At Prestea, open pits are currently producing while rehabilitation of the underground mine is underway to establish additional production. Prestea Underground is expected to begin production in mid-2017. The company aims to become a stable gold producer through these projects and an increased focus on operational efficiencies.
Golden Star plans to expand production and reduce costs at its projects in Ghana. It aims to transform into a high grade, low cost gold producer by ramping up production from its Wassa Underground and Prestea Underground projects. Wassa Underground is expected to increase production and lower costs in 2017, while Prestea Underground is targeting commercial production in mid-2017. Golden Star forecasts total production to increase 31-44% in 2017 compared to 2016, with cash operating costs expected to decrease as higher grade underground ore becomes available.
Golden Star achieved its 2016 production and cost guidance across its operations. Production totaled 194,054 ounces for the year, within the guidance range. Cash operating costs per ounce were $872, in the middle of the guidance range. Capital expenditures totaled $84.4 million for the year, a 48% increase over 2015, to fund development projects including Wassa and Prestea Underground mines. Commercial production was achieved at Wassa Underground on January 1, 2017, as planned.
1) Golden Star Resources provides a snapshot of its operations in Q3 2017, including increased gold production and lower costs. Production guidance for 2017 remains on track.
2) Drilling results from Wassa Underground extended the B Shoot zone to the north and south, indicating potential to increase short and long-term production.
3) Prestea Underground achieved a milestone with its first stoping ore blasted in September 2017 as the high grade underground mine ramps up.
Golden Star has transformed its strategic focus and leadership to become a stable, reliable non-refractory gold producer. Key actions include suspending high-cost refractory production, converting reserves to non-refractory ounces, and unlocking value at existing mines. At Wassa, costs have been reduced by accessing higher grades from the open pit and planned underground mine. Prestea's open pits provide non-refractory production until the underground mine starts in 2017. Fourth quarter costs per ounce fell to $715 as production shifted to only non-refractory ounces. The company is fully funded to develop Wassa and Prestea underground mines to provide long-term production and cost stability.
Q1 2016 results showed that Golden Star's transition to lower-cost operations is taking effect. Cash operating costs and all-in sustaining costs declined significantly from prior periods. Production exceeded expectations and cash flow from operations was positive. A $20 million payment was received from Royal Gold per the streaming agreement and additional financing of $15 million is expected to close in May 2016.
Golden Star conducted a site visit to its Wassa Gold Mine in Ghana in November 2017. Wassa currently mines and processes ore from both an open pit and underground mine. Production is ramping up at the Wassa Underground mine, which is expected to account for all mining at Wassa in 2018 in order to focus on higher grade underground ounces. Exploration and infrastructure expansion opportunities exist to further increase underground production over the next several years.
Golden Star is expanding production and reducing costs at its Wassa and Prestea gold mines in Ghana. Production is expected to increase to 281,000 ounces annually by 2017, a 60% rise from 2016 levels, while cash operating costs are forecast to decrease to $695 per ounce. This will be achieved through commencing production at the high grade Wassa Underground mine in early 2017 and the Prestea Underground mine in mid-2017. Capital expenditures are increasing to fund the underground development projects, which will transform Golden Star into a higher grade, lower cost producer.
Golden Star's Wassa Gold Mine in Ghana includes an open pit mine and underground mine. In Q3 2017, production from the Wassa Underground mine increased to 15,877 ounces, accounting for 50% of Wassa's total gold production. Golden Star plans to transition Wassa to an underground-only operation in 2018 in order to focus on higher grade ounces from underground at a target rate of 2,700 to 3,000 tonnes per day. Exploration and infrastructure expansion at the Wassa Underground mine has the potential to further increase production beyond 2020.
Expanding Production and Reducing Costs at Golden Star's projects. Golden Star plans to expand production and reduce costs by developing two underground mines, Wassa Underground and Prestea Underground. This is expected to transform Golden Star's production and cost profiles, with production forecast to increase 60% between 2016 and 2019 while cash operating costs and AISC decline. Golden Star is on track to achieve its 2016 guidance and the underground development projects are advancing as planned, with infrastructure in place at Wassa Underground and stoping commenced in the third quarter.
Golden Star is expanding gold production and reducing costs at its projects in Ghana. The company plans to commence commercial production at its Prestea Underground mine in 2016 and its Wassa Underground mine. This is expected to increase production and improve grades and costs. Golden Star also aims to strengthen its balance sheet through refinancing debt in mid-2017. The company sees exploration potential to increase mine lives at its current operations.
Golden Star is a gold mining company with operations in Ghana. It is transforming to focus on lower cost, non-refractory mining. Its Wassa Underground and Prestea projects are expected to deliver low cost production starting in 2016, with combined cash costs below $700/oz. The projects have high internal rates of return and will leverage existing infrastructure. Golden Star aims to further reduce costs at its current operations and has potential for new discoveries to extend mine lives.
Kinross Gold Corporation presented at the TD Securities 2016 Mining Conference in January 2016. The presentation focused on Kinross' principles of operational excellence, quality over quantity, disciplined capital allocation, and maintaining a strong balance sheet. It provided updates on Kinross' diversified portfolio of operating mines and organic growth opportunities, including positive pre-feasibility study results for the La Coipa Project and concepts for a phased expansion at Tasiast.
- Golden Star operates two producing gold mines in Ghana - Wassa and Bogoso - with three processing plants and total annual capacity of 7 million tonnes.
- In 2013, Golden Star produced 331,000 ounces of gold at a cash cost of $1,049 per ounce, achieving its production and cost guidance.
- For 2014, Golden Star guidance is 295,000 to 320,000 ounces of gold at a cash cost of $950 to $1,000 per ounce and all-in sustaining costs of $1,150 to $1,200 per ounce.
- Golden Star achieved its 2013 production guidance of 331,000 ounces of gold.
- Cost cutting initiatives helped reduce costs, with cash costs per ounce of $1,044, in line with guidance.
- Capital expenditures were significantly reduced to $102.7 million while maintaining operations.
- The company is well positioned for lower cost production in 2014 and 2015 with pushbacks nearly complete at Bogoso and the large Wassa Main pit now in production.
Microsoft power point 2014 november investor presentationGoldenStarResources
Golden Star is transforming into a lower cost gold producer by closing its higher cost refractory operation in late 2015 and developing the Wassa underground mine. The Wassa underground PEA delivered strong results, indicating it can reduce Wassa's costs per ounce dramatically and generate average annual production of 70koz over 4.5 years at $370/oz after $40 million investment. Golden Star's expenditure of $80 million on developing Wassa and Prestea is expected to unlock significant value for shareholders by reducing the group's life of mine costs below $700/oz from 2016 onward.
Kinross Gold Corporation reported its fourth quarter and full-year 2015 results. Key highlights included meeting or exceeding its revised 2015 guidance by producing 2.6 million ounces of gold equivalent at a cost of sales of $696 per ounce and capital expenditures of $610 million. The company also acquired two producing mines in Nevada, enhancing its American portfolio. For 2016, Kinross expects to produce between 2.7-2.9 million ounces of gold equivalent at a reduced overhead expense of $165 million and capital expenditures of $595 million, excluding potential expansion at Tasiast.
Golden Star is expanding production and reducing costs at its Wassa and Prestea mines in Ghana. Production is expected to increase to an average of 281,000 ounces annually from 2017 onwards. Cash operating costs are forecast to decrease as higher grade ore is accessed at Wassa Underground and Prestea Underground ramps up. Exploration drilling will target expanding reserves and mine lives at both operations.
Golden Star plans to expand production and reduce costs by ramping up its underground mines at Wassa and Prestea. This will transform the company into a higher grade, lower cost gold producer. Golden Star provided production and cost guidance for 2017, forecasting a 31-44% increase in gold production compared to 2016. Exploration drilling will focus on increasing reserves to extend the mine lives at Wassa and Prestea.
Golden Star Resources is focused on unlocking value at its existing mines in Ghana. At Wassa, the company is accessing higher grade portions of the ore body from an underground mine to supplement production from the open pit. First ore from Wassa Underground is expected in mid-2016, with commercial production in early 2017. At Prestea, open pits are currently producing while rehabilitation of the underground mine is underway to establish additional production. Prestea Underground is expected to begin production in mid-2017. The company aims to become a stable gold producer through these projects and an increased focus on operational efficiencies.
This document discusses Golden Star Resources Ltd., a gold mining company operating in Ghana. It provides an overview of the company's leadership changes since 2013 which have brought in a new board and management with operational, development and finance expertise. It outlines the strategic shift to focus on the company's existing asset base by becoming a stable, predictable non-refractory gold producer and unlocking additional value. It also provides brief highlights on the company's Q2 2016 operational results, including gold production numbers from its Wassa and Prestea mines in Ghana.
Golden Star Resources Ltd. aims to transform into a high-grade, low-cost gold producer by expanding production and reducing costs at its projects in Ghana. It plans to achieve this through increasing production from its Wassa Underground and Prestea Underground mines, which are expected to improve the company's production profile, costs, and cash flows. Golden Star also sees exploration upside from increasing reserves and resources at its projects to extend mine lives. The company believes this strategy could help increase its share price over time as it transforms into a lower-cost, African-focused mid-tier gold producer.
- The document discusses Golden Star's plans to expand production and reduce costs at its projects in Ghana through underground mining techniques.
- It highlights the exploration upside potential to increase mine lives at existing operations and the experience of management in project delivery.
- Key milestones in the company's transformation include commercial production from the Wassa Underground expected in mid-2017 and from the Prestea Underground also expected in mid-2017.
Golden Star is expanding production and reducing costs at its Wassa and Prestea gold mines in Ghana. Wassa underground production has commenced, which is expected to increase annual production to approximately 281,000 ounces per year and lower cash operating costs to $695 per ounce by 2017. Prestea underground is also in development, with commercial production expected by mid-2017, which will further boost production and reduce costs. Exploration continues to show potential to increase reserves at both mines through additional drilling.
Golden Star is expanding production and reducing costs at its Wassa and Prestea gold mines in Ghana. Production is expected to increase to 281,000 ounces annually by 2017, a 60% rise from 2016 levels, while cash operating costs are forecast to decrease to $695 per ounce. This will be achieved through commencing production at the high grade Wassa Underground mine in early 2017 and the Prestea Underground mine in mid-2017. Capital expenditures are increasing to fund the underground development projects, which are expected to significantly increase production and reduce operating costs going forward.
Golden Star reported its Q3 2015 financial results. Key highlights included suspending high-cost refractory operations, commencing mining development at Prestea Underground and Wassa Underground, and achieving $75 million of $150 million in funding which improved liquidity and allowed retirement of debt. Cost reduction efforts such as optimizing mining and processing operations led to decreases in mine operating expenses and cash operating costs compared to previous quarters.
Golden Star has entered into a financing agreement with Royal Gold and its subsidiary to provide $150 million in funding. The agreement includes a $130 million gold stream and a $20 million secured loan. The funding will be used to develop the Wassa and Prestea underground mines and fully finance Golden Star's transformation into a non-refractory gold producer. The new mines are expected to significantly improve Golden Star's cost profile and production once in operation with short timelines to first production and good free cash flow.
- Golden Star is an established gold miner in Ghana with brownfield development projects transforming its production profile.
- The Wassa underground project is progressing on schedule, with the decline developed and infrastructure installed. First production is expected in early 2016.
- Drilling at Wassa has identified potential to expand resources along strike and at depth.
- Prestea Underground has potential for high grade extensions outside the known resource, with a feasibility study underway on shrinkage mining of the West Reef zone.
- Golden Star Resources Ltd. is an established gold mining company operating in Ghana with existing infrastructure providing operational leverage for its brownfield development projects which are transforming its production profile.
- The company has successfully financed its development projects at a reduced cost of capital and is on track to deliver ounces at a cash operating cost of $750 per ounce by the end of 2016.
- Golden Star has an experienced management team and board with extensive experience in Ghana and international mining.
Detour Gold Corporation is an intermediate Canadian gold mining company with one operating mine, Detour Lake, located in northeastern Ontario. The presentation provides an overview of Detour Lake's operations and growth plans. Key points include:
- Detour Lake is a large, long-life asset with over 16 million ounces of gold reserves and expected production of 540,000-570,000 ounces annually over the next 20 years.
- Production and costs are expected to improve over the mine life as optimizations are implemented and economies of scale are realized. All-in sustaining costs are forecast to decline from $920-980 per ounce in 2016.
- The company is pursuing organic growth through projects like the proposed West
This document provides an overview of Guyana Goldfields Inc. and its Aurora Gold Mine. In 3 sentences:
Guyana Goldfields operates the high-grade Aurora Gold Mine in Guyana, which has over 15 years of reserves and potential for resource growth through exploration. The company is on track to meet 2017 production guidance and has an extensive land package with multiple exploration targets near the operating mine and elsewhere in the prospective greenstone belt. Guyana Goldfields also has a strong balance sheet and is undertaking an expansion to increase mill throughput.
Guyana Goldfields Inc. presented information on their Aurora Gold Mine in Guyana. Key points include:
- Aurora is a high-grade gold mine with over 15 years of reserve life and potential for resource growth through exploration.
- The company is expanding the mill from 5,000 tpd to 8,000 tpd, which is expected to increase recovery and throughput. The expansion is on schedule and on budget.
- Guyana Goldfields has a large land package that they are exploring for additional resources near the operating mine and for new discoveries, including targets at Iroma, Sulphur Rose, and Wynamu.
- Upcoming catalysts include exploration results from multiple brownfield and
The document discusses Guyana Goldfields Inc., an operating gold mine in Guyana. It provides an overview of the Aurora Gold Mine, including production metrics and costs, and highlights exploration targets near the mine and elsewhere in the company's large land package that could provide future production growth. The company aims to increase reserves and resources through exploration drilling at existing deposits and recently identified prospects in order to extend the mine life beyond 15 years.
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World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4
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2. 2 NYSE: GSS
TSX: GSC
Disclaimer
SAFE HARBOUR: Some statements contained in this presentation are forward-looking statements or forward-looking information (collectively, “forward-looking
statements”) within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Investors are cautioned
that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include
comments regarding: production, cash operating cost, all-in sustaining cost and capital expenditure guidance for 2018; the ability to extend production at Prestea Open
Pits until end of H1 2018; the ability to focus on higher margin underground ore; the timing for completing the processing of ore from Prestea Open Pits; the ability to
expand production at Wassa Underground and Prestea Underground; the ability to use excess shaft/decline capacity and processing capacity at Wassa Underground and
Prestea Underground; the targeted 2018 mining rate at Wassa Underground and Prestea Underground; the ability to conduct additional drilling at Wassa Underground
and Prestea Underground and the timing for completion thereof; the impact on grade as mining operations move further into B Shoot; the potential to add additional
ounces to the short term mine plan at Wassa Underground and Prestea Underground; the potential drilling targets in 2018; planned stoping of the B Shoot at Wassa
Underground and at West Reef at Prestea Underground; the ability to achieve 2018 production guidance; the ability to expand Mineral Reserves and Mineral Resources,
extend the life of mine and supply additional ore to processing plants at Prestea Underground and Wassa Underground; the timing for releasing initial drilling results
from the 2018 drilling program; and the dollar amount of capital expenditures to be incurred in 2018. Factors that could cause actual results to differ materially include
timing of and unexpected events at the Prestea and/or the Wassa processing plants; variations in ore grade, tonnes mined, crushed or milled; delay or failure to receive
board or government approvals and permits; construction delays; the availability and cost of electrical power; timing and availability of external financing on acceptable
terms or at all; technical, permitting, mining or processing issues, including difficulties in establishing the infrastructure for Wassa Underground or Prestea Underground,
inconsistent power supplies, plant and/or equipment failures and an inability to obtain supplies and materials on reasonable terms (including pricing) or at all; changes
in U.S. and Canadian securities markets; heavy rainfall and flooding of underground mines; and fluctuations in gold price and input costs and general economic
conditions. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these
and other factors in our Annual Information Form for the year ended December 31, 2016 filed on SEDAR at www.sedar.com. The forecasts contained in this
presentation constitute management's current estimates, as of the date of this presentation, with respect to the matters covered thereby. We expect that these
estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to update
these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event. Investors and others should not
assume that any forecasts in this presentation represent management's estimate as of any date other than the date of this presentation.
NON-GAAP FINANCIAL MEASURES: In this presentation, we use the terms “cash operating cost per ounce”, “All-In Sustaining Cost per ounce” and “AISC per
ounce”. These terms should be considered as Non-GAAP Financial Measures as defined in applicable Canadian and United States securities laws and should not be
considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards (“IFRS”). “Cash
operating cost per ounce” for a period is equal to the cost of sales excluding depreciation and amortization for the period less royalties, the cash component of metals
inventory net realizable value adjustments and severance charges divided by the number of ounces of gold sold (excluding pre-commercial production ounces) during
the period. “All-In Sustaining Costs per ounce” commences with cash operating costs and then adds sustaining capital expenditures, corporate general and
administrative costs, mine site exploratory drilling and greenfield evaluation costs and environmental rehabilitation costs, divided by the number of ounces of gold sold
(excluding pre-commercial production ounces) during the period. This measure seeks to represent the total costs of producing gold from operations. These measures
are not representative of all cash expenditures as they do not include income tax payments or interest costs. Changes in numerous factors including, but not limited to,
mining rates, milling rates, gold grade, gold recovery, and the costs of labor, consumables and mine site general and administrative activities can cause these measures
to increase or decrease. We believe that these measures are the same or similar to the measures of other gold mining companies, but may not be comparable to
similarly titled measures in every instance. Please see our “Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three and
nine months ended September 30, 2017” for a reconciliation of these Non-GAAP measures to the nearest IFRS measure.
INFORMATION: The information contained in this presentation has been obtained by Golden Star from its own records and from other sources deemed reliable,
however no representation or warranty is made as to its accuracy or completeness. The technical information relating to Golden Star's material properties disclosed
herein is based upon technical reports prepared and filed pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and other
publicly available information regarding the Company, including the following: (i) “NI 43-101 Technical Report on a Feasibility Study of the Wassa Open Pit Mine and
Underground Project in Ghana” effective December 31, 2014; (ii) “NI 43-101 Technical Report on Resources and Reserves, Golden Star Resources, Bogoso/Prestea Gold
Mine, Ghana” effective December 31, 2017. Additional information is included in Golden Star's Annual Information Form for the year ended December 31, 2017 which is
filed on SEDAR. Mineral Reserves were prepared under the supervision of Dr. Martin Raffield, Senior Vice President Technical Services for the Company. Dr. Raffield is a
"Qualified Person" as defined by NI 43-101. The Qualified Person reviewing and validating the estimation of the Mineral Resources is S. Mitchel Wasel, Golden Star
Resources Vice President of Exploration.
CURRENCY: All monetary amounts refer to United States dollars unless otherwise indicated.
3. 3 NYSE: GSS
TSX: GSC
Golden Star: Snapshot
2018 AISC1
guidance
$850-950/oz
2018 capex budget
(excl. exploration)
$29.9m
2018 production
guidance
230,000-255,000oz
Cash balance2
$26.2m
2018 exploration
budget
$6.6m
1. See note on slide 2 regarding “Non-GAAP Financial Measures”
2. As at March 31, 2018
4. 4 NYSE: GSS
TSX: GSC
Q1 2018 Production: A Solid Start to the Year
Stronger than expected production from Wassa Underground
• Q1 2018 gold production of 57,616oz
• Wassa complex: 35,506oz
• Prestea complex: 22,110oz
• Stronger than expected production from
Wassa Underground
• 12% increase in grade to 4.54 g/t
Au compared to Q4 2017
• Average mining rate of 2,400 tpd
• Mining sequence at Prestea Underground
continues to strengthen
• Prestea Underground’s performance
in April 2018 represents significant
improvement compared to Q1 2018
• $12.6m of total $18.6m (68%) paid in
severance expenses - majority of
severance payments now complete
5. 5 NYSE: GSS
TSX: GSC
Costs Expected to Reduce As 2018 Progresses
On track to achieve FY 2018 guidance on all stated metrics
• Q1 2018 cash operating cost per ounce1 of $909 and AISC per ounce1 of $1,171
• Higher than anticipated costs per ounce in Q1 2018 due primarily to challenges at
Prestea Underground
• Cash operating cost1 and AISC1 per ounce expected to continue to reduce in 2018
and beyond as underground production profile continues to grow
1. See note on slide 2 regarding Non-GAAP Financial Measures
2. 2018 figures are consolidated guidance. 2015-2017 figures are actual results
$976
$872
$763
2015 2016 2017 2018
Annual Cash Operating Cost
Per Ounce1,2
$650-730
$1,149
$1,093
$944 $850-950
2015 2016 2017 2018
Annual AISC Per Ounce1,2
7. 7 NYSE: GSS
TSX: GSC
2018 Exploration Strategy
Primary focus is to gain stronger understanding of potential of Wassa Underground
ore body at depth
Secondary focus is 2 fold:
Mineral Resource expansion at Prestea Underground
Investigate 5 new potential underground targets
Potential to increase GSR’s high grade, low cost production profile and extend mine
lives of both operations
Initial results expected in Q2 2018
$6.6m exploration budget in 2018 for 46,000 metres of drilling
Wassa Underground1
$2.4m
11,665 metres
Prestea Underground2
$2.8m
22,980 metres
Five new targets
$1.4m
11,550 metres
1. The total $2.4m and 11,665 metres relates to the B Shoot and F Shoot South step out drilling
2. $2.3m relates to drilling of the West Reef and $0.5m relates to drilling of the Main Reef.
18,825m will be drilled into the West Reef and 4,155m into the Main Reef.
8. 8 NYSE: GSS
TSX: GSC
Inferred Mineral Resource Doubled at Wassa Underground
19500N
19300N
19100N
18900N
400 m
BS17DD385D3
BS17DD315M
F Shoot
mined
stopes
Planned
stopes
Wassa
Main Pit
N S
B Shoot
mined
stopes
BS17DD388M
BS17DD389M
Updated Inferred Mineral Resource
(44.9Mt at 3.6 g/t Au for 5.2Moz)
147% increase in Inferred Mineral Resources to 5.2 million ounces
9% increase in
grade of Inferred
Mineral Resources
to 3.6 g/t Au
Gold
mineralization
extends 75m up
dip and 150m
down dip
Ore body remains
open down
plunge – further
upside potential
PEA on Inferred
Mineral Resources
expected to begin
later in Q2 2018
9. 9 NYSE: GSS
TSX: GSC
3.1Moz Added to Wassa’s Inferred Mineral Resource
W
B Shoot
stopes
F Shoot
stopes
Decline
F Shoot
Projection
B Shoot
Projection
Planned
stopes
E
19500N
19300N
19100N
18900N
B Shoot
stopes
F Shoot
stopesDecline
F Shoot
Projection
B Shoot
Projection
200m
N
Planned
stopes
Updated
Inferred
Mineral
Resource
10. 10 NYSE: GSS
TSX: GSC
Prestea Underground: Planned 2018 Drilling
17 Level
N S
24 Level
30 Level
West Reef
planned
stopes
West
Reef
mined
stopes
West
Reef
mined
stopes
Main
Reef
mined
stopes
Main
Reef
mined
stopes
Central
Shaft
2017
drilling
Planned drilling in
H1 2018
Inferred
Resource
blocks
200 m
• Planned drilling in early 2018 will access the larger, longer term exploration target -
the projected down plunge extension of the high grade West Reef ore body
11. 11 NYSE: GSS
TSX: GSC
Five New Underground Targets
Mansiso
South Gap
242FW
Subriso West
Father Brown/
Adiokrom
Prestea
Mill
Wassa
Mill
Target Mill? 2018 Action
Father Brown Wassa Create conceptual
block model
242 FW Wassa 5,250m drilling
South Gap Prestea 2,500m drilling
Mansiso Prestea 3,800m drilling
Subriso West Wassa Create conceptual
block model
New underground
target
Concession area
Haul road
Active/inactive pits
Transport
Forest
River
Processing plant
Legend
Large land package in Ghana (956 sq.km)
Previously known targets reviewed for
underground mining potential
Objective is to find additional sources of
high margin ore to ‘fill the mills’
All targets are within trucking distance
of Wassa or Prestea processing plants
13. 13 NYSE: GSS
TSX: GSC
13
• Underground gold mine in south-
western Ghana
• Production commenced from open
pit in 2005 and underground in 2016
• Wassa Underground Mineral
Reserves of 647Koz (4.9Mt at
4.21g/t Au)
• Wassa Underground is expected to
continue to ramp up during 2018
• Decision taken to defer next
pushback of Wassa Main Pit to focus
on high grade, high margin ounces
• This strategy reduces capital
expenditure required for Wassa in
2018 and is expected to generate
the strongest free cash flow
1. Includes Wassa Main Pit and Wassa Underground
2. See note on slide 2 regarding Non-GAAP Financial Measures
Wassa Gold Mine: Snapshot
Unit Rate
2017 Production1 Koz 137
2017 Cash
Operating Cost1,2 $/oz 880
2018 Forecast
Production2 Koz 137-142
2018 Forecast Cash
Operating Cost2 $/oz 600-650
WASSA
14. 14 NYSE: GSS
TSX: GSC
Wassa Underground: A Strong First Quarter
• First quarter of primarily underground
production (83%)
• Production ceased from Wassa Main Pit
in Jan 2018 as planned
• Production at Wassa focused on higher
grade, higher margin, underground ounces
• 84% increase in grade from Wassa
Underground to 4.54 g/t Au compared to Q1
2017
• 40% increase in average mining rate (2,400
tpd) achieved compared to Q1 2017
• Mining rate from Wassa Underground is
anticipated to be increased to 2,700-3,000
tpd in FY 2018, with potential to expand
further
• Stockpiled open pit ore planned to continue
to be processed during Q2 and Q3 2018
15. 15 NYSE: GSS
TSX: GSC
• +100 year history of mining at
Prestea in Ghana – acquired by GSR
in 1999
• Prestea Underground has very high
grade Mineral Reserves of 1.2Mt at
12.35g/t for 463Koz
• Currently mining non-refractory ore
from Prestea Open Pits and Prestea
Underground
• Commercial production at Prestea
Underground achieved on February 1,
2018
• 5 year mine life of Prestea
Underground expected to be
extended through exploration
• Production from Prestea Open Pits
extended to Q3 2018
1. According to Prestea Underground feasibility study
2. See note on slide 2 regarding Non-GAAP Financial Measures
Prestea Gold Mine: Snapshot
Unit Rate
2017 Production Koz 130
2017 Cash Operating
Cost2 $/oz 632
2018 Forecast
Production
Koz 93-113
2018 Forecast Cash
Operating Cost2 $/oz 740-880
PRESTEA
16. 16 NYSE: GSS
TSX: GSC
Stronger Q2 Expected at Prestea Underground
• Stope 1 blasting issues continued into Q1
2018
• Blasted ore from Stope 1 contained higher
levels of dilution than anticipated – grade
processed of 8.22 g/t Au
• Adjustments made to blasting practices
and initial results from Stope 2 have been
stronger
• Average production rate of 613 tpd
achieved from April 17 to April 29 2018,
reaching a maximum of 851 tpd
• Initial grades from Stope 2 are in line with
the block model expectations
• Management team expects Prestea
Underground’s Q2 2018 results to reflect
significant improvements
17. 17 NYSE: GSS
TSX: GSC
Q1 2018: Financial Snapshot
• 3% increase in revenue compared
to Q1 2017 due primarily to
revenue received from Wassa
Underground (up 22%)
• Net income attributable to GSR
shareholders of $1.0m compared
to $0.2m in Q1 2017
• 31% decrease in capital
expenditures compared to Q1 2017
as both underground mines are
now in commercial production
• $12.6m of severance payments
now complete - $6.0m remaining
in Q2 and Q3 2018
• Drawdown of remaining $15m of
Ecobank debt brings total debt
outstanding to $121.7m
• $26.2m cash at March 31, 2018
1. As at March 31, 2018
Financial position expected to gain strength and flexibility
Cash balance1
$26.2m
Cash provided by
operations
$0.8m
Debt1
$121.7m
Net income
$1.0m
Capex incurred
$11.6m
Mine operating margin
$3.0m
21. 21 NYSE: GSS
TSX: GSC
Appendices: Market Information
• Beacon Securities
• BMO Capital Markets
• CIBC Capital Markets
• Clarus Securities
• Desjardins Capital Markets
• HC Wainwright & Co
• National Bank Financial
• Numis Securities
• Scotia Bank
• Van Eck
• Franklin Templeton
• Condire Investors
• Oppenheimer Funds
• Sentry Investments
• USAA Asset Management
• Earth Resources
• Konwave (Gold 2000)
• AGF Management
• Baker Steel
1. As at April 30, 2018
2. Refers to NYSE American listing
3. As at May 1, 2018
Market Information1One Year Share Price (GSS)1,2
Analyst Coverage Key Institutional Shareholders
Markets
NYSE American /
TSX / GSE
Tickers
NYSE: GSS
TSX: GSC
GSE: GSR
Shares in Issue3 380,824,555
Options3 17,932,033
Share Price2 $0.71
Market
Capitalization
$271m
Cash4 $26.2m
Debt4 $121.7m
Daily Volumes
Traded (3 Month
Average)2
1.3m shares
1. 4. As at March 31, 2018
22. 22 NYSE: GSS
TSX: GSC
Experienced Management and Technical Leadership
André van Niekerk, EVP & Chief
Financial Officer
• Joined GSR in 2006 - 5 years in
Ghana as GSR’s Head of Finance and
Business Operations
• Previously VP, Financial Controller
• Trained at KPMG
Sam Coetzer, President & CEO
• Mining engineer with over 28 years’
experience with Kinross, Xstrata
Nickel, Xstrata Coal and Placer Dome
• Previously SVP South American
Operations for Kinross
Daniel Owiredu, EVP & Chief
Operating Officer
• 30 years’ experience in West African
mining, based in Ghana
• Previously Deputy COO for AngloGold
- managed construction and
operation of the Bibiani, Siguiri and
Obuasi mines
Martin Raffield, SVP, Project
Development & Technical Services
• Ph.D. geotechnical engineering & P.
Engineering
• Previously worked for SRK, Placer
Dome and Breakwater Resources
• Based at Prestea mine in Ghana
Mitch Wasel, VP Exploration
• Joined GSR in 1993
• Based in Ghana for GSR for past 17
years
• Previously spent 10 years in gold &
base metal exploration in north-
western Canada
23. 23 NYSE: GSS
TSX: GSC
A Responsible Corporate Citizen
Winner of PDAC 2018 Environmental & Social Responsibility Award
$6.2m in sustainable
agribusiness to date
$3.5m+ in development fund
projects to date
#gsr17
$67m in salaries in 2017
#gsr17
$47m paid in Government payments in 2017
24. 24 NYSE: GSS
TSX: GSC
Mineral Reserves and Mineral Resources
Mineral Reserves1,2 Tonnes ('000) Grade (Au g/t) Content (Koz)
Proven Mineral Reserves
Wassa 1,595 0.71 37
Prestea 547 1.21 21
Total 2,143 0.84 58
Probable Mineral Reserves
Wassa 17,153 2.10 1,159
Prestea 1,373 10.79 476
Total 18,525 2.75 1,635
Total Proven & Probable 20,668 2.55 1,693
Mineral Resources1 Tonnes ('000) Grade (Au g/t) Content (Koz)
Measured & Indicated Mineral Resources
Wassa 43,906 2.35 3,323
Prestea 23,601 3.52 2,673
Total 67,507 2.76 5,996
Inferred Mineral Resources
Wassa 47,011 3.59 5,431
Prestea 4,666 6.48 973
Total 50,756 3.88 6,326
1. For the Mineral Reserves and Measured and Indicated Mineral Resources please refer to the Company’s Annual Information Form (“AIF”) for the year-
ended December 31, 2017 and dated March 29, 2018. The AIF is available at www.gsr.com. For the Inferred Mineral Resources, please refer to the
press release entitled, ‘Golden Star doubles Inferred Mineral Resources at Wassa Underground Gold Mine’, dated April 12, 2018.
2. All numbers exclude refractory ore.