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SEMAFO: Cash Flow from Operations of $21.0 million in Third Quarter 2018

06.11.2018  |  CNW

MONTREAL, Nov. 6, 2018 - Semafo Inc. (TSX: SMF) (OMX: SMF) today reported its financial and operational results for the three-month period ended September 30, 2018.  All amounts are in US dollars unless otherwise stated.

Third Quarter 2018 - in Review

  • Consolidated gold production of 58,200 ounces (70,200 ounces including 12,000 ounces of pre-commercial production from Boungou), compared to 53,900 ounces for the same period in 2017

The following highlights exclude pre-commercial production results at the Boungou Mine:

  • Gold sales of $60.8 million compared to $69.8 million for the same period in 2017
  • All-in sustaining cost1 of $1,000 per ounce sold compared to $841 for the same period in 2017
  • Cash flows from operating activities2 of $21.0 million or $0.06 per share1 compared to $34.9 million or $0.11 per share1 for the same period in 2017
  • Net income attributable to equity shareholders of $0.5 million or nil per share compared to net income of $12.2 million or $0.04 per share for the same period in 2017
  • Commercial production at Boungou declared on September 1, 2018
  • Development of Siou underground commenced

____________________________________

1

All-in sustaining cost and operating cash flows per share are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Corporation's MD&A, note 19.

2 

Cash flows from operating activities exclude changes in non-cash working capital items.

 

Mana, Burkina Faso

Mining Operations






Three-month period


Six-month period


ended September 30,


ended September 30,









2018

2017

Variation


2018

2017

Variation

Operating Data







Mining







Waste mined (tonnes)

3,076,300

3,629,200

(15%)


13,403,400

12,215,200

10%

Ore mined (tonnes)

413,300

516,700

(20%)


1,483,800

1,499,300

(1%)

Operational stripping ratio

7.4

7.0

6%


9.0

8.1

11%

Capitalized Stripping Activity






Waste material – Siou (tonnes)

2,559,900

2,675,400

(4%)


2,559,900

11,028,500

(77%)

Waste material – Wona (tonnes)

2,824,500

3,170,300

(11%)


9,542,400

6,884,600

39%


5,384,400

5,845,700

(8%)


12,102,300

17,913,100

(32%)

Total strip ratio

20.5

18.3

12%


17.2

20.1

(14%)








Processing







Ore processed (tonnes)

519,400

462,600

12%


1,735,600

1,580,300

10%

Low grade material (tonnes)

129,700

216,500

(40%)


202,000

506,100

(60%)

Tonnes processed (tonnes)

649,100

679,100

(4%)


1,937,600

2,086,400

(7%)

Head grade (g/t)

2.50

2.55

(2%)


2.36

2.47

(4%)

Recovery (%)

92

97

(5%)


94

95

(1%)

Gold ounces produced

47,700

53,900

(12%)


138,900

156,900

(11%)

Gold ounces sold

46,300

54,500

(15%)


138,300

156,100

(11%)








Statistics (in dollars)







Average realized selling price (per ounce)

1,205

1,282

(6%)


1,280

1,256

2%

Cash operating cost (per tonne processed)¹

46

42

10%


52

46

13%

Cash operating cost, including stripping (per tonne processed)1

68

62

10%


68

63

8%

Total cash cost (per ounce sold)¹

681

557

22%


795

651

22%

All-in sustaining cost (per ounce sold)¹

1,017

841

21%


1,067

929

15%

Depreciation (per ounce sold)²

358

401

(11%)


466

459

2%

 

____________________________________

1

Cash operating cost, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Corporation's MD&A, note 19.

2

Depreciation per ounce sold is a non-IFRS financial performance measure with no standard definition under IFRS and represents the depreciation expense per ounce sold.

 

Boungou, Burkina Faso

Mining Operations




One-month period


ended September 30,


2018

Operating Data


Mining


Waste mined (tonnes)

924,600

Ore mined (tonnes)

130,200

Operational stripping ratio

7.1

Capitalized Stripping Activity


Waste material – Boungou (tonnes)

476,000



Total strip ratio

10.8



Processing


Tonnes processed (tonnes)

91,300

Head grade (g/t)

3.96

Recovery (%)

90

Gold ounces produced1

10,500

Gold ounces sold2

4,200



Statistics (in dollars)


Average realized selling price (per ounce)

1,203

Cash operating cost (per tonne processed)3

55

Cash operating cost, including stripping (per tonne processed)3

67

Total cash cost (per ounce sold)3

550

All-in sustaining cost (per ounce sold)3

807

Depreciation (per ounce sold)4

444

 

____________________________________

1

Gold ounces produced exclude pre-commercial production of 12,000 ounces.

2

Gold sales exclude those resulting from pre-production activities that were offset against capitalized construction costs and amounted to $14,994,000.

3  

Cash operating cost, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Corporation's MD&A, note 19.

4   

Depreciation per ounce sold is a non-IFRS financial performance measure with no standard definition under IFRS and represents the depreciation expense per ounce sold.

 

2018 Third Quarter Results

During the third quarter of 2018, gold sales amounted to $60,772,000 compared to $69,832,000 for the same period in 2017. The decrease is due to the lower average realized selling price as well as the lower gold ounces produced and sold at the Mana Mine, partially offset by gold sales from the Boungou Mine. The decrease in gold ounces produced at the Mana Mine reflects the mine plan. The variation between gold ounces sold and gold ounces produced during the quarter is due to the timing of delivery and the build-up of gold in circuit at the Boungou Mine.

The Corporation reiterates its 2018 consolidated production outlook of between 235,000 and 265,000 ounces of gold at an all-in sustaining cost of between $900 and $940 per ounce.

Mana Mine

During the third quarter of 2018, gold sales amounted to $55,763,000 compared to $69,832,000 for the same period in 2017. The variation is mainly due to the lower gold ounces produced and the lower average realized selling price. The decrease in gold ounces produced at the Mana Mine reflects the mine plan. The variation between gold ounces sold and gold ounces produced during the quarter is due to the timing of delivery. The ore mined decreased by 20% compared to the same period in 2017, in accordance with the mine plan.

The decrease in government royalties is attributable to lower gold sales. As expected, in the third quarter of 2018, the all-in sustaining cost was $1,017 per ounce sold compared to $841 per ounce sold in the same period in 2017. This is attributable to a higher total stripping ratio and a lower recovered head grade.

Boungou Mine

After eighteen months of construction, the Boungou Mine began processing ore in May and achieved its first gold pour on June 28, 2018. During the pre-commercial period from June to the end of August, Boungou produced 12,000 ounces of gold.

Commercial production was declared on September 1, 2018 when operations had reached the internal commercial production measure of 30 consecutive days of mill throughput at 75% of nominal design capacity (4,000 tpd). During the 30-day period, the mill processed more than 90,000 tonnes of ore at an average grade of 2.4 g/t Au and with a recovery rate of 83%.

Ramp-up of Operations

The first month of commercial production, September, was in line with our plan. During the month, mill throughput averaged approximately 3,450 tonnes per day. Since then, throughput has continued to increase and is expected to reach the nominal design capacity of 4,000 tonnes per day late in the fourth quarter.

Grade in September averaged 3.96 g/t Au, in line with the reserves model. Grade is expected to increase in the fourth quarter as the mine plan reaches higher-grade zones.

Recovery rates for September were at 90% and are expected to improve in the fourth quarter.

Siou Underground Development

During the third quarter of 2018, development of Siou underground continued in line with our goal of achieving production in the first quarter of 2020. Specifically, the following was completed:

  • Mobilisation of the mining contractor and equipment on site
  • Development of access ramp commenced - 110 meters completed
  • Development on budget with $2.3 million of the $51.7 million budget incurred
  • Completion of temporary surface infrastructure
  • Filing of Environmental and Social Impact Assessment (ESIA) study - public hearing completed

At the end of October 2018, we had completed 350 of the 5,600 meters of underground development at Siou required to commence production.

Exploration

Tapoa (Boungou Mine)

Boungou Proximal

Prior to the rainy season break, a total of 66 RC holes (6,949 meters) was drilled in the third quarter, most of which consisted of follow-up drilling on the Osaanpalo Zone at Tawori. The Osaanpalo Zone is a shallow west-dipping structure located four kilometers north of the Boungou Mine. Significant gold values had been obtained within the structure earlier in the year that showed a north-trending orientation of mineralization.

In the third quarter, significant mineralization was obtained along the flat-lying shear zone including 17.63 g/t Au over 1 meter, 1.88 g/t Au over 5 meters, and 1.77 g/t Au over 3 meters. The zone remains open down?dip and to the south. Follow-up drilling will be assessed following receipt of pending results and their compilation.

Boungou Regional

In early October, following the rainy season, exploration resumed on the Dangou permit located approximately 30 kilometers east-northeast of the Boungou Mine. Significant mineralization was obtained in the second quarter of 2018 on the permit following realization of a program of 88 RC holes and two core holes (10,561 meters) across the most promising anomalies.

Mana Project

Mana - Siou

In the quarter, a total of 1,881 meters of core drilling was completed at the Siou North target area before the rainy season began. One intersection from MMP18-25 returned 8.99 g/t Au over 7.1 meters from a subsidiary lens parallel to Zone 9. Despite isolated higher-grade values, the mineralization appears discontinuous and uneconomic. No further work is currently planned.

Mana Regional

In the second quarter of 2018, significant assay results were obtained at a zone dubbed Doumakélé, located 25 kilometers southeast of the mill. Highlights include 2.02 g/t Au over 5 meters (MRC18-5107), 8.69 g/t Au across 3.7 meters and 4.19 g/t Au over 4.5 meters (WDC-976), and 6.38 g/t Au over 10.7 meters (WDC-980). The follow-up exploration program at Doumakélé commenced early in the fourth quarter after the rainy season.

Kongolokoro (Houndé Greenstone Belt Permits)

In the quarter, 2,405 meters (14 holes) of RC drilling were carried out primarily on the Tankoro Zone. Results will be released in due course.

Korhogo Ouest, Côte d'Ivoire

The 13,000-meter drill program scheduled in 2018 at Korhogo commenced in September on the Fotamana target area where significant values had been obtained along a regional shear zone in 2017. To date, 13 holes (1,507 meters) have been completed and assays remain pending.

SEMAFO's Management's Discussion and Analysis, Consolidated Financial Statements and related financial materials are available in the "Investor Relations" section of the Corporation's website at www.semafo.com. These and other corporate reports are also available on www.sedar.com.

Third Quarter Conference Call

A conference call will be held tomorrow, November 07, 2018, at 10:00 EST to discuss this press release. Interested parties are invited to call the following telephone numbers to participate in the call:

Tel. local & overseas:  +1 (647) 788 4922  
Tel. North America: 1 (877) 223 4471
Webcast: www.semafo.com
Replay number: 1 (800) 585 8367 or +1 (416) 621 4642 
Replay pass code: 7370499
Replay expiration: December 07, 2018

About SEMAFO

SEMAFO is a Canadian-based intermediate gold producer with over twenty years' experience building and operating mines in West Africa. The Corporation operates two mines, the Mana and Boungou Mines in Burkina Faso. SEMAFO is committed to building value through responsible mining of its quality assets and leveraging its development pipeline.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. Forward-looking statements include words or expressions such as "outlook", "plan", "expected", "increase", "improve", " goal", "will", "remain pending", "committed", "building", "leveraging", "development" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to attain our 2018 consolidated production outlook of between 235,000 and 265,000 ounces of gold at an all-in sustaining cost of between $900 and $940 per ounce, the ability to achieve production at Siou Underground in the first quarter of 2020, the ability of the Boungou mill to reach the nominal design capacity of 4,000 tonnes per day late in the fourth quarter, the ability of the Boungou grade to increase in the fourth quarter, the ability of the Boungou recoveries to improve in the fourth quarter, the ability to build value through responsible mining and leverage our development pipeline, fluctuation in the price of currencies, gold prices and operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2017 Annual MD&A, as updated in SEMAFO's 2018 First Quarter MD&A, 2018 Second Quarter MD&A, 2018 Third Quarter MD&A, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.

 

Consolidated Results and Mining Operations

(Operating data and results at the Boungou Mine only refer to commercial production period starting September 1, 2018)






Three-month period


Nine-month period


ended September 30,


ended September 30,


2018

2017

Variation


2018

2017

Variation

Gold ounces produced1

58,200

53,900

8%


149,400

156,900

(5%)

Gold ounces sold2

50,500

54,500

(7%)


142,500

156,100

(9%)








(in thousands of dollars, except amounts per share)






Revenues – Gold sales2

60,772

69,832

(13%)


181,987

196,033

(7%)







Mining operation expenses

31,308

27,329

15%


104,081

93,467

11%

Government royalties and development taxes

2,494

3,011

(17%)


8,178

8,092

1%

Depreciation of property, plant and equipment

18,535

21,921

(15%)


66,546

71,984

(8%)

Share-based compensation

(414)

1,997


1,617

2,121

(24%)

Other

4,336

3,755

15%


12,675

11,090

14%







Operating income (loss)

4,513

11,819

(62%)


(11,110)

9,279







Finance income

(530)

(952)

(44%)


(1,783)

(2,488)

(28%)

Finance costs

1,433

336

326%


2,033

981

107%

Foreign exchange loss (gain)

826

(2,779)


1,690

(9,711)

Income tax expense (recovery)

1,905

1,407

35%


2,084

(274)







Net income (loss) for the period

879

13,807

(94%)


(15,134)

20,771







Net income (loss) attributable to equity shareholders

463

12,224

(96%)


(14,678)

18,387

Basic earnings (loss) per share

0.04

(100%)


(0.05)

0.06

Diluted earnings (loss) per share

0.04

(100%)


(0.05)

0.06







Adjusted amounts






Adjusted operating income (loss)3

3,201

12,897

(75%)


(12,463)

8,254

Adjusted net income (loss) attributable to equity shareholders3

649

8,446

(92%)


(12,216)

1,179

   Per share3

0.03

(100%)


(0.04)







Cash flows






Cash flows from operating activities4

21,041

34,853

(40%)


55,271

81,614

(32%)

   Per share3

0.06

0.11

(45%)


0.17

0.25

(32%)








Statistics (in dollars)







Average realized selling price (per ounce)

1,205

1,282

(6%)


1,277

1,256

2%

Total cash cost (per ounce sold)3

670

557

20%


788

651

21%

All-in sustaining cost (per ounce sold)3

1,000

841

19%


1,059

929

14%

 

____________________________________

1

Gold ounces produced exclude pre-commercial production of 12,000 ounces from Boungou in 2018

2

Gold sales exclude those resulting from pre-production activities that were offset against capitalized construction costs and amounted to $14,994,000.

3

Adjusted operating income, adjusted net income attributable to equity shareholders, adjusted basic earnings per share, operating cash flows per share, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Corporation's MD&A, note 19.

4

Cash flows from operating activities exclude changes in non-cash working capital items.

 

Interim Consolidated Statements of Financial Position

(Expressed in thousands of US dollars - unaudited)





As at

As at


September 30,

December 31,


2018

2017


$

$




Assets






Current assets



Cash and cash equivalents

86,240

198,950

Trade and other receivables

25,814

22,649

Income tax receivable

6,828

3,186

Inventories

75,310

66,409

Other current assets

6,275

4,094


200,467

295,288

Non-current assets



Advance receivable

2,309

2,867

Restricted cash

22,765

23,237

Property, plant and equipment

782,300

703,341

Intangible asset

1,243

1,374

Other non-current financial assets

2,858

2,256


811,475

733,075

Total assets

1,011,942

1,028,363




Liabilities






Current liabilities



Trade payables and accrued liabilities

58,600

72,720

Current portion of long-term debt

45,258

310

Current portion of finance lease

6,904

4,703

Share unit plan liabilities

3,644

6,404

Provisions

3,063

3,069


117,469

87,206

Non-current liabilities



Long-term debt

71,809

115,247

Finance Lease

20,393

19,008

Share unit plan liabilities

2,245

3,138

Provisions

23,075

12,258

Deferred income tax liabilities

31,568

30,944


149,090

180,595

Total liabilities

266,559

267,801




Equity






Equity Shareholders



Share capital

623,604

622,294

Contributed surplus

6,771

7,220

Accumulated other comprehensive (loss) income

(18,348)

2,256

Retained earnings

102,730

97,710


714,757

729,480

Non-controlling interests

30,626

31,082




Total equity

745,383

760,562

Total liabilities and equity

1,011,942

1,028,363

 

Interim Consolidated Statements of Income (Loss)

(Expressed in thousands of US dollars, except per share amounts - unaudited)






Three-month period


Six-month period


ended September 30,


ended September 30,


2018

2017


2018

2017


$

$


$

$







Revenue – Gold sale

60,772

69,832


181,987

196,033







Costs of operations






Mining operation expenses

33,802

30,340


112,259

101,559

Depreciation of property, plant and equipment

18,535

21,921


66,546

71,984

General and administrative

3,736

3,453


11,512

10,324

Corporate social responsibility expenses

600

302


1,163

766

Share-based compensation

(414)

1,997


1,617

2,121







Operating income (loss)

4,513

11,819


(11,110)

9,279







Other expenses (income)






Finance income

(530)

(952)


(1,783)

(2,488)

Finance costs

1,433

336


2,033

981

Foreign exchange loss (gain)

826

(2,779)


1,690

(9,711)







Income (loss) before income taxes

2,784

15,214


(13,050)

20,497







Income tax expense (recovery)






Current

376

1,331


665

3,566

Deferred

1,529

76


1,419

(3,840)


1,905

1,407


2,084

(274)







Net income (loss) for the period

879

13,807


(15,134)

20,771







Attributable to:






Equity shareholders

463

12,224


(14,678)

18,387

Non-controlling interests

416

1,583


(456)

2,384


879

13,807


(15,134)

20,771







Earnings (loss) per share






Basic

0.04


(0.05)

0.06

Diluted

0.04


(0.05)

0.06

 

Interim Consolidated Statements of Comprehensive Income (Loss)

(Expressed in thousands of US dollars - unaudited)






Three-month period


Nine-month period


ended September 30,


ended September 30,


2018

2017


2018

2017


$

$


$

$







Net income (loss) for the period

879

13,807


(15,134)

20,771







Other comprehensive income (loss)






   Item that will be reclassified to profit or loss






     Changes in fair value of available-for-sale assets (net of tax of nil)

n/a

60


n/a

399

   Item that will not be reclassified to profit or loss






Changes in fair value of equity investments at FVOCI (net of tax of nil)

125

n/a


(906)

n/a

Total comprehensive income (loss) for the period, net of tax

1,004

13,867


(16,040)

21,170

Attributable to:






Equity shareholders

588

12,284


(15,584)

18,786

Non-controlling interests

416

1,583


(456)

2,384


1,004

13,867


(16,040)

21,170

 

Interim Consolidated Statements of Cash Flows

(Expressed in thousands of US dollars - unaudited)






Three-month period


Nine-month period


ended September 30,


ended September 30,


2018

2017


2018

2017


$

$


$

$







Cash flows from (used in):












Operating activities






Net income (loss) for the period

879

13,807


(15,134)

20,771

Adjustments for:






Depreciation of property, plant and equipment

18,535

21,921


66,546

71,984

Share-based compensation

(414)

1,997


1,617

2,121

Unrealized foreign exchange loss (gain)

374

(2,879)


813

(9,218)

Deferred income tax expense (recovery)

1,529

76


1,419

(3,840)

Other

138

(69)


10

(204)


21,041

34,853


55,271

81,614

Changes in non-cash working capital items

8,870

(3,096)


(1,727)

(11,690)

Net cash provided by operating activities

29,911

31,757


53,544

69,924



.




Financing activities






Drawdown of long-term debt


60,000

Repayment of equipment financing

(78)

(76)


(233)

(231)

Payments of finance lease

(1,292)

(4,003)


(3,602)

(4,003)

Proceeds on issuance of share capital, net of expenses

50


861

111







Net cash (used in) provided by financing activities

(1,370)

(4,029)


(2,974)

55,877







Investing activities






Net proceed on acquisition of equity investments


(1,508)

Acquisition of property, plant and equipment

(50,885)

(58,020)


(160,741)

(139,116)

 Decrease (increase) in restricted cash

212

223


212

(14,854)







Net cash used in investing activities

(50,673)

(57,797)


(162,037)

(153,970)







Effect of exchange rate changes on cash and cash equivalents

(499)

3,533


(1,243)

11,158

Change in cash and cash equivalents during the period

(22,631)

(26,536)


(112,710)

(17,011)

Cash and cash equivalents – beginning of period

108,871

283,297


198,950

273,772

Cash and cash equivalents – end of period

86,240

256,761


86,240

256,761

Interest paid

2,532

1,739


7,268

3,519

Interest received

520

770


1,969

1,902

Income tax paid

858

3,208


4,224

8,875

 

SOURCE SEMAFO



Contact
John Jentz, Vice-President, Corporate Development & Investor Relations, Email: John.Jentz@semafo.com; Ruth Hanna, Analyst, Investor Relations, Email: Ruth.Hanna@semafo.com; Tel. local & overseas: +1 (514) 744 4408, North America Toll-Free: 1 (888) 744 4408, Website: www.semafo.com
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