金星资源有限公司
简明中期合并资产负债表
（以千美元计）（
未经审计）

 

GOLDEN STAR RESOURCES LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Stated in thousands of U.S. dollars)
(Unaudited)

 

Non-GAAP Financial Measures

In this press release, we use the terms "cash operating cost", "cash operating cost per ounce", "all-in sustaining costs", "all-in sustaining costs per ounce", "adjusted net income attributable to Golden Star shareholders", "adjusted income per share attributable to Golden Star shareholders", "cash provided by operations before working capital changes", "cash provided by operations before working capital changes per share - basic", "adjusted net income attributable to Golden Star shareholders" and "adjusted income per share attributable to Golden Star shareholders". These should be considered as non-GAAP financial measures as defined in applicable Canadian and United States securities laws and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

"Cost of sales excluding depreciation and amortization" as found in the statements of operations includes all mine-site operating costs, including the costs of mining, ore processing, maintenance, work-in-process inventory changes, mine-site overhead as well as production taxes, royalties, severance charges and by-product credits, but excludes exploration costs, property holding costs, corporate office general and administrative expenses, foreign currency gains and losses, gains and losses on asset sales, interest expense, gains and losses on derivatives, gains and losses on investments and income tax expense/benefit.

"Cash operating cost" for a period is equal to "cost of sales excluding depreciation and amortization" for the period less royalties, the cash component of metals inventory net realizable value adjustments, materials and supplies write off and severance charges, and "cash operating cost per ounce" is that amount divided by the number of ounces of gold sold (excluding pre-commercial production ounces sold) during the period. We use cash operating cost per ounce as a key operating metric. We monitor this measure monthly, comparing each month's values to prior periods' values to detect trends that may indicate increases or decreases in operating efficiencies. We provide this measure to investors to allow them to also monitor operational efficiencies of the Company's mines. We calculate this measure for both individual operating units and on a consolidated basis. Since cash operating costs do not incorporate revenues, 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. Changes in numerous factors including, but not limited to, 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. We believe 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.

"All-in sustaining costs" commences with cash operating costs and then adds the cash component of metals net realizable value adjustment, royalties, sustaining capital expenditures, corporate general and administrative costs (excluding share-based compensation expenses), and accretion of rehabilitation provision. "All-in sustaining costs per ounce" is that amount divided by the number of ounces of gold sold (excluding pre-commercial production ounces sold) during the period. This measure seeks to represent the total costs of producing gold from current operations, and therefore it does not include capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, income tax payments, interest costs or dividend payments. Consequently, this measure is not representative of all of the Company's cash expenditures. In addition, the calculation of all-in sustaining costs does not include depreciation expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of the Company's overall profitability. Share-based compensation expenses are now also excluded from the calculation of all-in sustaining costs as the Company believes that such expenses may not be representative of the actual payout on equity and liability based awards. Share-based compensation expenses were previously included in the calculation of all-in sustaining costs. The Company has presented comparative figures to conform with the computation of all-in sustaining costs as currently calculated by the Company.

The Company believes that "all-in sustaining costs" will better meet the needs of analysts, investors and other stakeholders of the Company in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing the operating performance and also the Company's ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. Due to the capital intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a disconnect between net earnings calculated in accordance with IFRS and the amount of free cash flow that is being generated by a mine.

"Cash provided by operations before working capital changes" is calculated by subtracting the "changes in working capital" from "net cash provided by operating activities" as found in the statements of cash flows. "Cash provided by operations before working capital changes per share - basic" is "Cash provided by operations before working capital changes" divided by the basic weighted average number of shares outstanding for the period.

"Adjusted net income attributable to Golden Star shareholders" is calculated by adjusting Net income/(loss) attributable to Golden Star shareholders for (gain)/loss on fair value of financial instruments, share-based compensation expenses, loss on conversion of 7% Convertible Debentures, severance charges and income tax recovery on previously unrecognized deferred tax assets. "Adjusted income per share attributable to Golden Star shareholders" for the period is "Adjusted net income attributable to Golden Star shareholders" divided by the weighted average number of shares outstanding using the basic method of earnings per share.

Changes in numerous factors including, but not limited to, our 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. The Company 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 the current market environment for gold mining equities, many investors and analysts are more focused on the ability of gold mining companies to generate free cash flow from current operations, and consequently the Company believes these measures are useful non-IFRS operating metrics ("non-GAAP measures") and supplement the IFRS disclosures made by the Company. These measures are not representative of all of Golden Star's cash expenditures as they do not include income tax payments or interest costs. Non-GAAP measures are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.

For additional information regarding the Non-GAAP financial measures used by the Company, please refer to the information under the heading "Non-GAAP Financial Measures" in the Company's Management's Discussion and Analysis of Financial Condition and Results of Operations for the full year ended December 31, 2017, which is available at www.sedar.com.

Cautionary note regarding forward-looking information

This press release contains "forward looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, concerning the business, operations and financial performance and condition of Golden Star.  Generally, forward-looking information and statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases (including negative or grammatical variations) or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking information and statements in this press release include, but are not limited to, information or statements with respect to: production, cash operating costs and AISC per ounce estimates for 2018, on a consolidated basis and for each of Wassa and Prestea; timing for the use of proceeds of La Mancha's strategic investment; allocation of the exploration budget; construction of a paste backfill plant to mine a greater portion of Wassa Underground's Mineral Reserves; the sources of gold production at Wassa during 2018 and the timing thereof;  the sources of gold production at Prestea during 2018 and the timing thereof; the cessation of production from the Prestea Open Pits; planned exploration and drilling at Wassa and Prestea and release of corresponding drilling results; the mining rate and grade from Wassa; capital expenditures, including sustaining capital and development capital, for 2018, on a consolidated basis and for each of Wassa and Prestea; the nature of development capital expenditures at both Wassa and Prestea during 2018; the feed of stockpiled lower grade ore from Wassa Main Pit to the processing plant during 2018; the timing for completion of mining from the Prestea Open Pits during 2018 and the processing of stockpiled ore therefrom; purchase of Alimaks and their installation at Prestea Underground; the growth of Wassa Underground's Inferred Mineral Resources from drilling completed in the first half of 2018; the use of proceeds from the La Mancha strategic investment and nomination of a third Director by La Mancha; the start of trading of common shares on a Consolidation-adjusted basis and the benefits flowing from the Consolidation; and the achievement of full year guidance.

前瞻性信息和陈述是基于某些假设和其他重要因素做出的，如果不真实，可能导致金星的实际结果、表现或成就与此类陈述明示或暗示的未来结果、表现或成就存在重大差异。此类陈述和信息基于有关当前和未来业务战略以及金星未来运营环境的众多假设，包括黄金价格、预期成本和实现目标的能力。前瞻性信息和陈述受已知和未知风险、不确定性和其他重要因素的影响，这些因素可能导致金星的实际结果、表现或成就与此类前瞻性信息和陈述所明示或暗示的内容存在重大差异，包括但不限于：与国际运营有关的风险，包括金星经营所在的外国司法管辖区的经济和政治不稳定;与当前全球金融状况有关的风险;与合资企业运营有关的风险;当前勘探活动的实际结果;环境风险;黄金的未来价格;矿产储量、品位或回收率的可能变化;矿山开发和运营风险;采矿业的事故、劳资纠纷和其他风险;延迟获得政府批准或融资或完成开发或建设活动以及与债务和偿还此类债务有关的风险。尽管金星已试图确定可能导致实际结果与前瞻性信息和陈述中包含的结果存在重大差异的重要因素，但可能还有其他因素导致结果与预期、估计或预期不符。

无法保证此类陈述将被证明是准确的，因为实际结果和未来事件可能与此类陈述中的预期存在重大差异。因此，读者不应过分依赖前瞻性信息和陈述。前瞻性信息和陈述截至本文发布之日，因此在该日期之后可能会发生变化。提供前瞻性信息和陈述的目的是提供有关管理层当前期望和计划的信息，并使投资者和其他人更好地了解公司的经营环境。金星不承诺更新本新闻稿中包含的任何前瞻性信息和陈述，除非符合适用的证券法。

技术信息和质量控制

本新闻稿的技术内容已由Martin Raffield博士（P. Eng.）根据NI 43-101进行审查和批准。Raffield博士是Golden Star项目开发和技术服务高级副总裁。

与本新闻稿中引用的矿产相关的其他科学和技术信息包含在以下 www.sedar.com 的当前技术报告中：（i） Wassa - “关于加纳瓦萨露天矿和地下项目可行性研究的NI 43-101技术报告”，生效日期为2014年12月31日;以及（ii）Bogoso/Prestea-“NI 43-101关于加纳Bogoso/Prestea金矿金星资源和资源和储量的技术报告”，生效日期为2017年12月31日。

给美国投资者的警示

本新闻稿是根据加拿大现行证券法的要求编写的，这些要求与适用于美国公司的美国证券法的要求存在重大差异。术语“矿产储量”、“已探明矿产储量”和“可能矿产储量”是根据NI 43-101定义的加拿大采矿术语。这些定义不同于经修订的 1934 年《美国证券交易法》行业指南 7 中规定的证券交易委员会 （“SEC”） 的定义。根据SEC行业指南7标准，矿化体不得归类为“储量”，除非在确定储量时已确定矿化体可以经济合法地生产或开采。

此外，术语“矿产资源”、“测量矿产资源”、“指示矿产资源”和“推断矿产资源”在NI 43-101中定义并要求披露;但是，这些术语不是SEC行业指南7中定义的术语，通常不允许在向SEC提交的报告和注册声明中使用。 提醒投资者不要假设这些类别的任何部分或全部矿床将转换为储量。“推断矿产资源”的存在存在很大的不确定性，经济和法律可行性也有很大的不确定性。不能假设推断矿产资源的全部或任何部分将升级为更高的类别。投资者应注意不要假设推断矿产资源的全部或任何部分存在，或在经济或法律上可开采。根据加拿大法规，允许披露资源中的“含盎司”;然而，美国证券交易委员会通常只允许发行人报告不构成美国证券交易委员会行业指南7标准“储量”的矿化体，如吨位和品位，而不参考单位措施。

由于上述原因，本新闻稿或此处引用的包含我们矿床描述的文件中包含的信息可能无法与美国公司根据美国联邦证券法及其规则和法规的报告和披露要求公开的类似信息进行比较。

查看原始内容：http://www.prnewswire.com/news-releases/golden-star-reports-third-quarter-2018-results-300741571.html

来源 金星资源有限公司