Golden Star reports solid Q3 2020 gold production and EBITDA

Golden Star Resources Ltd. (NYSE American: GSS) (TSX: GSC) (GSE: GSR) (“Golden Star” or the “Company”) reports its financial and operational results for the third quarter ended September 30, 2020.

Q3 2020 AND YEAR TO DATE HIGHLIGHTS:

  • On September 30, 2020 the Company completed the previously announced sale of the Bogoso-Prestea gold mine to Future Global Resources (“FGR”). As a result Prestea performance is now reported as a discontinued operation.
  • The Bogoso-Prestea disposal removed $24m of negative working capital and the $53m rehabilitation provision from the Company’s balance sheet, transitioning the group to a positive net asset position.
  • Q3 2020 production totaled 41.6 thousand ounces (“koz”) from continuing operations (Wassa). The underground mining rate was successfully increased to a record quarterly average of 4,960 tonnes per day (“tpd”). The Wassa plant processed in excess of 6,000tpd, demonstrating the significant available capacity and flexibility.
  • The all-in sustaining cost per ounce sold (“AISC”) from continuing operations averaged $1,023 per ounce (“/oz”) during Q3 2020 and $979/oz for the year to date.
  • Q3 2020 free cash flow from continuing operations totaled $14.4m.
  • Cash totaled $48.3m at September 30, 2020, with a reduction in net debt of $7.4m during the quarter.
  • On October 9, 2020, the Company announced the extension and restructuring of the Macquarie credit facility to $70m, further strengthening its balance sheet by creating $35m of incremental liquidity including the deferral of the principal repayments to September 2021.
  • On October 28, 2020, the Company entered into a sales agreement relating to an “at the market” equity program of up to $50 million.
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