operations
operations

Reserves and Resources

Golden Star Proven and Probable Mineral Reserves as at December 31, 2019.

Mineral Reserves

 Dec 31, 2019
Proven Mineral
Reserve 		Dec 31, 2019
Probable Mineral
Reserve 		Dec 31, 2019
Proven and Probable Mineral Reserve 		Dec 31, 2018
Proven and Probable Mineral Reserve

Tonnes
(000)

Grade
g/t Au

Ounces
(000)

Tonnes
(000)

Grade
g/t Au

Ounces
(000)

Tonnes
(000)

Grade
g/t Au

Ounces
(000)

Tonnes
(000)

Grade
g/t Au

Ounces
(000)
Wassa Open Pit

-

-

-

9,920

1.57

500

9,920

1.57

500

9,920

1.57

500

Wassa Underground

1,723

4.11

228

5,701

3.61

661

7,424

3.72

889

7,481

3.95

949

Stockpiles

1,062

0.62

21

-

-

-

1,062

0.62

21

1,205

0.63

24

Subtotal Wassa

2,785

2.78

249

15,621

2.31

1,160

18,405

2.38

1,410

18,606

2.46

1,473

Prestea Open Pit

-

-

-

-

--

-

-

-

-

-

-

Prestea Underground

-

-

-

856

11.00

302

856

11.00

302

826

11.91

316

Stockpiles

-

-

-

-

-

-

-

-

-

-

-

-

Subtotal
Prestea

-

-

-

856

11.00

302

856

11.00

302

826

11.91

316

GSR Total

2,785

2.78

249

16,476

2.76

1,463

19,261

2.76

1,712

19,432

2.86

1,789
  1. The stated Mineral Reserves comply with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards – For Mineral Resources and Mineral Reserves”. Mineral Reserve estimates reflect the Company’s reasonable expectation that all necessary permits and approvals will be obtained and maintained. Mining dilution and mining recovery vary by deposit and have been applied in estimating the Mineral Reserves.
  2. Mineral Reserves are the economic portion of the Measured and Indicated Mineral Resources. Mineral Reserve estimates include mining dilution at grades assumed to be zero.
  3. The Mineral Reserves at December 31, 2019 were prepared under the supervision of Matt Varvari, VP Technical Services for the Company. Mr. Varvari is a QP as defined by NI 43-101.
  4. The Mineral Reserves at December 31, 2019 were estimated using a gold price assumption of $1,300 per ounce.
  5. The slope angles of all pit designs are based on geotechnical criteria as established by external consultants. The size and shape of the pit designs are guided by consideration of the results from a pit optimization program.
  6. Cut-off grades have been estimated based on operating cost projections, mining dilution and recovery, royalty and stream payment requirements and applicable metallurgical recovery.
  7. Marginal cut-off grade estimate for the Wassa open pit is 0.7 grams per tonne (“g/t”) of gold (“Au”).
  8. Break-even cut-off grade estimates for the underground mines are as follows: Wassa Underground 2.4 g/t Au; and the Prestea Underground Gold Mine (“Prestea Underground”) 7.5 g/t Au.
  9. Prestea Underground Proven Mineral Reserve includes underground broken stocks.
  10. Numbers may not add due to rounding.
  11. Only non-refractory material is included in Mineral Reserves.

Golden Star Measured and Indicated Mineral Resources as at December 31, 2019

Mineral and
Indicated Mineral
Resources

 Dec 31, 2019
Measured Mineral
Resources 		Dec 31, 2019
Indicated Mineral
Resources 		Dec 31, 2019
Measured and Indicated
Mineral Resources 		Dec 31, 2018
Measured and Indicated
Mineral Resources

Tonnes
(000)

Grade
g/t Au

Ounces
(000)

Tonnes
(000)

Grade
g/t Au

Ounces
(000)

Tonnes
(000)

Grade
g/t Au

Ounces
(000)

Tonnes
(000)

Grade
g/t Au

Ounces
(000)

Wassa Open Pit

-

-

-

29,179

1.29

1,206

29,179

1.29

1,206

28,042

1.39

1,254

Wassa Underground

2,831

4.99

454

13,371

3.66/span>

1,573

16,202

3.89

2,027

12,507

4.28

1,721

Father Brown Adoikrom UG

-

-

-

913

8.67

254

913

8.67

254

981

7.54

238

Wassa Other

-

-

-

2,512

2.32

187

2,512

2.32

187

2,308

2.36

175

Subtotal Wassa

2,831

4.99

454

45,975

2.18

3,221

48,806

2.34

3,675

43,839

2.40

3,388

Bogoso/Prestea Refractory

-

-

-

19,812

2.76

1,760

19,812

2.76

1,760

17,667

2.85

1,619

Mampon

-

-

-

106

1.61

5

106

1.61

5

83

1.71

5

Prestea South

-

-

-

1,707

2.08

114

1,707

2.08

114

1,521

2.15

105

Prestea Underground

-

-

-

1,136

17.15

626

1,136

17.15

626

1,308

16.82

707

Bogoso/Prestea Other

-

-

-

2,181

1.68

118

2,181

1.68

118

2,387

1.66

128

Subtotal Bogoso/Prestea

-

-

-

24,942

3.27

2,624

24,942

3.27

2,624

22,975

3.47

2,564

Total

-

-

-

70,917

2.56

5,845

73,749

2.66

6,299

66,814

2.77

5,952

TOTAL NON REFRACTORY

-

-

-

51,105

2.49

4,084

53,936

2.62

4,539

49,137

2.74

4,333

Golden Star Inferred Mineral Resources as at December 31, 2019

 

 December 31, 2019
Inferred Mineral Resources 		DECEMBER 31, 2018
Inferred Mineral Resources

Tonnes

(000)

Grade
g/t Au

Ounces
(000)

Tonnes

(000)

Grade
g/t Au

Ounces
(000)

Wassa Open Pit

616

1.31

26

23

0.74

1

Wassa Underground

58,820

3.75

7,097

50,661

3.65

5,945

Father Brown Adoikrom UG

1,879

6.07

367

2,313

6.038

475

Wassa Other

421

2.11

29

382

2.10

26

Subtotal Wassa

61,737

3.79

7,518

53,379

3.76

6,446

Mampon

17

1.66

1

14

1.68

1

Prestea South

73

1.87

4

68

8.42

4

Prestea Underground

1,585

9.54

486

2,488

1.50

674

Bogoso/Prestea Others

673

1.47

32

468

7.18

23

Subtotal
Bogoso / Prestea (non refractory)

2,348

6.93

523

3,038

7.18

701

Bogoso/Prestea Refractory

826

2.69

71

916

2.61

77

Total (including refractory)

64,910

3.89

8,113

57,333

3.92

7,224

TOTAL NON REFRACTORY

64,085

3.90

8,042

56,417

3.94

7,147
  1. The Mineral Resources for “Bogoso/Prestea Others” include Chujah, Dumasi, Bogoso North, Buesichem, Opon and Ablifa.
  2. The Wassa Underground Mineral Resource has been estimated below the $1,500 per ounce of gold pit shell using an economic gold grade cut-off of 1.89 g/t Au, which the Company believes would be the lower cut-off grade for underground mining and constrained to a 0.4 g/t Au mineralized grade shell.
  3. The 2019 Mineral Resources were prepared under the supervision of Mitchel Wasel, VP Exploration for the Company. Mr. Wasel is a QP as defined by NI 43-101.
  4. The Father Brown Underground Mineral Resource has been estimated below the deepest mined topography using an economic gold grade cut-off of 3.1 g/t Au, which the Company believes would be the lower cut-off grade for underground mining.
  5. Prestea Underground Mineral Resource has been estimated below the $1,500 per ounce pit shell of Prestea South down to 3,800 m elevation using a gold cut-off grade at 6.84 g/t Au.
  6. Mineral Resources were estimated using optimized pit shells at a gold price of $1,500 per ounce. Other than gold price, the same optimized pit shell and underground parameters and modifying factors used to determine the Mineral Reserves were used to determine the Mineral Resources.
  7. Mineral Resources are inclusive of Mineral Reserves.
  8. Numbers may not add due to rounding.
  9. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

Mr. S. Mitchel Wasel is a "Qualified Person" as defined by Canada's NI 43-101. Mineral Resources were prepared under the supervision of S. Mitchel Wasel, Vice President of Exploration for Golden Star.

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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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