operations
operations

Reserves and Resources

Golden Star Proven and Probable Mineral Reserves as at December 31, 2020.

Mineral Reserves

 Dec 31, 2020
Proven Mineral
Reserve 		Dec 31, 2020
Probable Mineral
Reserve 		Dec 31, 2020
Proven and Probable Mineral Reserve 		Dec 31, 2019
Proven and Probable Mineral Reserve

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)
Wassa Open Pit

-

-

-

-

-

-

-

-

-

9.92

1.57

500

Wassa Underground

4.28

3.28

451

6.54

2.97

625

10.82

3.09

1,076

7.42

3.72

889

Stockpiles

0.69

0.58

13

-

-

-

0.69

0.58

13

1.06

0.62

21

Subtotal Wassa

4.97

2.91

464

6.54

2.97

625

11.50

2.94

1,089

18.41

2.38

1,410
  1. The mineral reserve estimate complies with the requirements of NI 43-101 and has been prepared and classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014, and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 29, 2019.
  2. The mineral reserve is reported at a cut-off grade of 1.9 g/t, calculated at a $1,300 /oz gold selling price.
  3. Modifying factors are applied as 5.0% dilution and 96.1% recovery for stopes.
  4. Material based on measured mineral resources are reported as proven mineral reserves.
  5. Material based on indicated mineral resources are reported as probable mineral reserves.
  6. Material based on inferred mineral resources are excluded from mineral reserves.
  7. Economic analysis of the mineral reserve demonstrates economic viability at $1,300/oz gold price.
  8. All figures are rounded to reflect the relative accuracy of the estimate.

Golden Star Measured and Indicated Mineral Resources as at December 31, 2020

Mineral and
Indicated Mineral
Resources

 Dec 31, 2020
Measured Mineral
Resources 		Dec 31, 2020
Indicated Mineral
Resources 		Dec 31, 2020
Measured and Indicated
Mineral Resources 		Dec 31, 2018
Measured and Indicated
Mineral Resources

Tonnes
(MT)

Grade
g/t Au

Ounces
(koz)

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)

Wassa Open Pit

-

-

-

-

-

-

-

-

-

29.18

1.29

1,206

Wassa Underground

5.90

4.45

843

18.96

3.55

2,162

24.85

3.76

3,005

16.20

3.89

2,027

Father Brown Adoikrom UG

-

-

-

1.31

7.96

355

1.31

7.96

355

0.91

8.67

254

Regional Open Pit

-

-

-

3.10

1.98

197

3.10

1.98

197

2.51

2.32

187

Total Wassa

5.90

4.45

843

23.37

3.59

2,694

29.26

3.76

3,537

48.81

2.34

3,675

Golden Star Inferred Mineral Resources as at December 31, 2020

 

 December 31, 2020
Inferred Mineral Resources 		DECEMBER 31, 2018
Inferred Mineral Resources

Tonnes

(Mt)

Grade
g/t Au

Ounces
(koz)

Tonnes

(Mt)

Grade
g/t Au

Ounces
(koz)

Wassa Open Pit

-

-

-

0.62

1.31

26

Wassa Underground

70.50

3.39

7,689

58.82

3.75

7,097

Father Brown Adoikrom UG

2.66

5.30

453

1.88

6.07

367

Regional Open Pit

0.87

1.47

41

0.42

2.14

29

Total Wassa

74.02

3.44

8,183

61.74

3.79

7,518
  1. The mineral resource estimate complies with the requirements of NI 43-101 and has been prepared and classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014, and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 29, 2019.
  2. Measured and indicated mineral resources are reported inclusive of mineral reserves.
  3. Underground deposits within the mineral resource are reported at a cut-off grade of 1.4g/t.
  4. Open pit deposits within the mineral resource are reported at a cut-off grade of 0.55g/t, within optimized pit shells calculated at a $1,500/oz gold selling price.
  5. The mineral resource models have been depleted using appropriate topographic surveys.
  6. Mineral resources are reported in-situ without modifying factors.
  7. No open pit resource has been reported for the Wassa deposit, as engineering studies have determined Wassa will be mined by underground methods only.
  8. All figures are rounded to reflect the relative accuracy of the estimate.
  9. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
  10. The 2020 mineral resource estimate has been prepared under supervision of S. Mitchel Wasel who is a Qualified Person (“QP”) as defined by NI 43-101.

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.

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