NYSE MKT: GSS

Price: 2.77 Volume: 461,079 Change: +0.06 % Change: +2.21% August 21, 2019

Gold

Price: 1,502.84 Volume: Change: -4.65 % Change: -0.31% August 21, 2019
operations
operations

Reserves and Resources

Golden Star Proven and Probable Mineral Reserves as at December 31, 2018.

Mineral Reserves

 Dec 31, 2018
Proven Mineral
Reserve 		Dec 31, 2018
Probable Mineral
Reserve 		Dec 31, 2018
Proven and Probable Mineral Reserve 		Dec 31, 2017
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

12,254

1.30

512

Wassa Underground

834

4.55

122

6,647

3.87

827

7,481

3.95

949

4,899

4.11

647

Stockpiles

1,205

0.63

24

-

-

-

1,205

0.63

24

1,595

0.71

37

Subtotal Wassa

2,039

2.23

146

16,567

2.49

1,327

18,606

2.46

1,473

18,748

1.98

1,196

Mampon

-

-

-

-

--

-

-

-

105

2.23

8

Prestea South

-

-

-

-

-

-

-

-

-

103

1.80

6

Prestea Underground

37

9.07

11

789

12.04

305

826

11.91

316

1,165

12.35

463

Stockpiles

27

1.18

1

-

-

-

27

1.18

1

547

1.21

21

Subtotal
Prestea

64

5.74

12

789

12.04

305

853

11.57

317

1,920

8.06

497

GSR Total

2,103

2.34

158

17,356

2.93

1,632

19,459

2.86

1,790

20,668

2.55

1,693
  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 2018 Mineral Reserves were prepared under the supervision of Dr. Martin Raffield, Executive Vice President and Chief Technical Officer for the Company. Dr. Raffield is a QP as defined by NI 43-101.
  4. The Mineral Reserves at December 31, 2018 were estimated using a gold price assumption of $1,250 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") 7.0 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 ore is included in Mineral Reserves.

Golden Star Measured and Indicated Mineral Resources as at December 31, 2018

Mineral and
Indicated Mineral
Resources

 Dec 31, 2018
Measured Mineral
Resources 		Dec 31, 2018
Indicated Mineral
Resources 		Dec 31, 2018
Measured and Indicated
Mineral Resources 		Dec 31, 2017
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

0

0.00

0

28,042

1.39

1,254

28,042

1.39

1,254

26,652

1.32

1,134

Wassa Underground

593

5.66

108

11,914

4.21

1,613

12,507

4.28

1,721

13,003

4.10

1,713

Father Brown Adoikrom UG

0

0

0

981

7.54

238

981

7.54

238

1,242

5.84

233

Wassa Other

0

0

0

2,308

2.36

175

2,308

2.36

175

2,997

2.52

243

Subtotal Wassa

593

5.66

108

43,246

2.36

3,281

43,839

2.40

3,388

43,894

2.35

3,323

Bogoso/Prestea Refractory

0

0

0

17,677

2.85

1,619

17,677

2.85

1,619

17,809

2.84

1,625

Mampon

0

0

0

83

1.71

5

83

1.71

5

103

1.59

5

Prestea South

0

0

0

1,521

2.15

105

1,521

2.15

105

1,627

2.12

111

Prestea Underground

9

30.07

9

1,298

16.73

698

1,308

16.82

707

1,649

15.16

804

Bogoso/Prestea Other

0

0

0

2,387

1.66

128

2,387

1.66

128

2,414

1.65

128

Subtotal Bogoso/Prestea

9

30.07

9

22,966

3.46

2,555

22,975

3.47

2,564

23,601

3.52

2,673

Total

602

6.03

117

66,212

2.74

5,836

66,814

2.77

5,952

67,495

2.76

5,996

TOTAL NON REFRACTORY

602

6.03

117

48,535

2.7

4,216

49,137

2.74

4,333

49,686

2.74

4,371

Golden Star Inferred Mineral Resources as at April 13, 2018

 

 December 31, 2018
Inferred Mineral Resources 		April 13, 2018
Inferred Mineral Resources

Tonnes

(000)

Grade
g/t Au

Ounces
(000)

Tonnes

(000)

Grade
g/t Au

Ounces
(000)

Wassa Open Pit

23

0.74

1

91

1.16

3

Wassa Underground

50,661

3.65

5,945

44,909

3.57

5,153

Father Brown Adoikrom UG

2,313

6.38

475

1,506

5.08

246

Wassa Other

382

2.10

26

402

1.86

24

Subtotal Wassa

53,379

3.76

6,446

46,908

3.60

5,426

Bogoso/Prestea Refractory

916

2.61

77

922

2.60

77

Mampon

14

1.68

1

14

1.68

1

Prestea South

68

1.89

4

68

1.89

4

Prestea Underground

2,488

8.42

674

3,193

8.46

868

Bogoso/Prestea Others

468

1.50

23

470

1.50

23

Subtotal
Bogoso / Prestea

3,038

7.18

701

3,745

7.44

896

Total (including refractory)

57,333

3.92

7,224

51,574

3.86

6,399

TOTAL NON REFRACTORY

56,417

3.94

7,147

50,653

3.88

6,322
  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 $1,450 per ounce of gold pit shell using an economic gold grade cut-off of 2.1 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 Father Brown Underground Mineral Resource has been estimated below the $1,450 per ounce of gold pit shell using an economic gold grade cut-off of 3.2 g/t Au, which the Company believes would be the lower cut-off grade for underground mining.
  4. Prestea Underground Mineral Resource has been estimated below the $1,450 per ounce pit shell of Prestea South down to 3,800 metres elevation using a gold cut-off grade at 6.1 g/t Au.
  5. Mineral Resources were estimated using optimized pit shells at a gold price of $1,450 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.
  6. Mineral Resources are inclusive of Mineral Reserves.
  7. Numbers may not add correctly due to rounding.

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.

The non-GAAP information is not prepared in accordance with IFRS and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed in isolation or as a substitute for, or superior to, other data prepared in accordance with IFRS. For an explanation of the Non-GAAP financial measures used by the Company, please refer to the heading “Non-GAAP Financial Measures” in the Company’s Management Discussion and Analysis of Financial Condition and Results of Operations for the Three Months ended March 31, 2014 and the Company’s Management Discussion and Analysis of Financial Condition and Results of Operations for the Year Ended December 31, 2013, available at www.sedar.com.

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