Golden Star has two producing gold mines in south-western Ghana

Wassa

The Wassa Gold Mine is located in western Ghana, 35 km northeast of the town of Tarkwa along the Ashanti Greenstone Belt. It transitioned to a primarily underground-focused operation in 2018.

Wassa is expected to produce 170,000-180,000 ounces of gold in 2019 at a cash operating cost per ounce of $560-$600.

Prestea

The Prestea Gold Mine transitioned to an underground-focused operation in 2018. The mine is adjacent to the town of Prestea and is 40km from Wassa.

Prestea Underground has Mineral Reserves averaging 13.9 g/t Au and it is recorded to have produced approximately 9 million ounces of gold during its history.

Prestea is expected to produce 50,000-60,000 ounces of gold in 2019 at a cash operating cost per ounce of $840-$1000.

 

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Non-GAAP Information

Golden Star also uses certain non-International Financial Reporting Standards (“IFRS”) financial measures as defined in applicable Canadian and United States securities laws ("non-GAAP measures"), including the terms “cash operating cost per ounce”, “all-in sustaining costs”, “cash generated from operations before working capital changes”, “adjusted net (loss)/income attributable to Golden Star shareholders and “adjusted net (loss)/income per share attributable to Golden Star shareholders”. Golden Star believes that these measures are similar to the measures of other gold mining companies, but may not be comparable to similarly titled measures in every instance. In addition, changes in numerous factors including, but not limited to, Golden Star’s share price, risk free interest rates, gold prices, mining rates, milling rates, ore grade, gold recovery, costs of labor, consumables and mine site general and administrative activities can cause these measures to increase or decrease.

Golden Star believes these measures are useful non-GAAP operating measures and supplement the IFRS disclosures made by the Company. These non-GAAP measures are not representative of all of Golden Star's cash expenditures and there are material limitations associated with the use of such non-GAAP measures. Since these non-GAAP measures do not incorporate all non-cash expense and income items, changes in working capital and non-operating cash costs, they are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.

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