MONTREAL, QUEBEC–(Marketwired – Nov. 9, 2016) – SEMAFO Inc. (TSX:SMF)(OMX:SMF) today reported its financial and operational results for the three-month period ended September 30, 2016. All amounts are in US dollars unless otherwise stated.
Third Quarter 2016 – in Review
- Gold production of 62,500 ounces compared to 67,200 ounces for the same period in 2015
- Gold sales of $80.2 million compared to $72.5 million for the same period in 2015
- Total cash cost1 of $574 per ounce sold and all-in-sustaining cost1 of $751 per ounce sold compared to $485 and $616, respectively, for the same period in 2015
- Adjusted operating income1 of $21.5 million compared to $17.8 million for the same period in 2015
- Adjusted net income attributable to equity shareholders1 of $14.9 million or $0.05 per share1 compared to $12.2 million or $0.04 per share1 for the same period in 2015
- Cash flows from operating activities2 of $39.3 million or $0.12 per share1 compared to $34.8 million or $0.12 per share1 for the same period in 2015
- Resumed development of Wona North pit
Natougou Development:
- Permitting anticipated by year-end 2016
- Hiring of key personnel for the construction of Natougou
- Suppliers selected for earthworks and contract mining
- Development progressing on time and on budget, with $7.7 million spent as at September 30, 2016
- Detailed design and engineering 37% complete
| 1. | Total cash cost, all-in sustaining cost, adjusted operating income, adjusted net income attributable to equity shareholders, adjusted basic earnings per share and operating cash flows per share are non-IFRS financial performance measures with no standard definition under IFRS. See the “Non-IFRS financial performance measures” section of the Corporation’s MD&A, note 18. |
| 2. | Cash flows from operating activities exclude changes in non-cash working capital items. |
Mana, Burkina Faso
Mining Operations
| Three-month period | Nine-month period | |||||||
| ended September 30, | ended September 30, | |||||||
| 2016 | 2015 | Variation | 2016 | 2015 | Variation | |||
| Operating Data | ||||||||
| Ore mined (tonnes) | 555,200 | 541,200 | 3 | % | 1,620,000 | 1,831,100 | (12 | %) |
| Ore processed (tonnes) | 751,700 | 618,300 | 22 | % | 2,039,100 | 1,756,500 | 16 | % |
| Waste mined (tonnes) | 3,155,800 | 4,375,000 | (28 | %) | 11,424,900 | 16,089,700 | (29 | %) |
| Operational stripping ratio | 5.7 | 8.1 | (30 | %) | 7.1 | 8.8 | (19 | %) |
| Head grade (g/t) | 2.71 | 3.67 | (26 | %) | 3.01 | 3.81 | (21 | %) |
| Recovery (%) | 95 | 92 | 3 | % | 94 | 92 | 2 | % |
| Gold ounces produced | 62,500 | 67,200 | (7 | %) | 185,100 | 198,400 | (7 | %) |
| Gold ounces sold | 60,000 | 64,800 | (7 | %) | 183,500 | 193,100 | (5 | %) |
| Statistics (in dollars) | ||||||||
| Average realized selling price (per ounce). | 1,337 | 1,119 | 19 | % | 1,261 | 1,179 | 7 | % |
| Cash operating cost (per tonne processed)1 | 41 | 47 | (13 | %) | 44 | 49 | (10 | %) |
| Total cash cost (per ounce sold)1 | 574 | 485 | 18 | % | 542 | 494 | 10 | % |
| All-in sustaining cost (per ounce sold)1 | 751 | 616 | 22 | % | 730 | 621 | 18 | % |
| Depreciation (per ounce sold)² | 330 | 296 | 11 | % | 312 | 339 | (8 | %) |
| 1. | Cash operating cost, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the “Non-IFRS financial performance measures” section of the Corporation’s MD&A, note 18. |
| 2. | Depreciation per ounce sold is a non-IFRS financial performance measure with no standard definition under IFRS and represents the depreciation expense per ounce sold. |
2016 Third Quarter Results
SEMAFO’s third quarter 2016 gold production was 62,500 ounces compared to 67,200 ounces in the prior-year quarter. During the third quarter of 2016, the ore processed increased and the head grade decreased compared to the same period in 2015. This results from a decision to take advantage of higher gold prices and available milling capacity in order to generate additional cash flow. We achieved this by adding 127,400 tonnes of low-grade material to the mix in the third quarter of 2016. Absent the impact of this decision, the head grade would have been 3.1 g/t in the third quarter of 2016. The decrease in cash operating cost per tonne processed to $41 relative to the third quarter of 2015 was expected and is attributable to the lower operational stripping ratio and the positive volume effect of the higher throughput.
During the third quarter, we resumed development of the Wona North pit. As a result, 891,100 tonnes of waste material were extracted from the Wona North pit during this pre-stripping phase.
The Corporation’s third quarter gold sales increased relative to 2015 as an increase in the average realized selling price partially offset the lower gold ounces sold. Relative to the third quarter of 2015, the average realized selling price increased by $218 per ounce of gold or 19%.
Mining operating expenses increased during the third quarter of 2016 compared to the third quarter of 2015 mainly as a result of the higher throughput. Third quarter adjusted operating income increased by 21% compared to the same period in 2015, primarily as a result of higher revenues.
In the third quarter of 2016, the Corporation’s cash flow generated by operating activities increased by 13% to $39.3 million on the back of higher sales.
Year-to-Date Operational Results and 2016 Guidance
In the first nine months of 2016, SEMAFO produced 185,100 ounces of gold, in line with its full-year production guidance of 225,000 to 245,000 ounces. For the nine-month period ended September 30, 2016, SEMAFO’s all-in sustaining cost of $730 per ounce and total cash cost of $542 per ounce were higher than those in the prior year and within our 2016 cost guidance ranges. The increase in our total cash cost to $542 per ounce was anticipated and is due to lower head grade, partially offset by a lower cash cost operating cost per tonne. The increase in all-in sustaining cost is mainly attributable to an increase in the capitalized stripping expenditure and to the higher total cash cost.
Debt Amendment
In March 2016, the Corporation entered into an amendment of its Original Credit Facility with Macquarie Bank Limited that increased the available credit facility to $120 million. We have already drawn down $60 million and have the option of drawing down the incremental $60 million by June 30, 2017. The interest rate was reduced to LIBOR plus 4.75% per annum, with the principal repayable in eight equal quarterly installments of $15 million, starting on March 31, 2019.
A second amendment occurred in September 2016 under which the principal will be repayable in eight quarterly installments of $7.5 million as of March 31, 2019, provided no drawdown of the incremental $60 million has taken place.
Development Resumed at Wona North
As announced in September, in light of the commencement of stripping at Wona, the annual mining capacity at Mana will increase to 40 million tonnes for the next three years in order to produce over 200,000 ounces of gold per year. As a result, in order to reach this mining capacity in 2017, we will purchase mining equipment at a cost of $10 million and we have established development capital expenditures at Mana of $2.7 million.
In 2017, the Mana Mine should process ore from the Fofina, Siou and Wona North pits with the Fofina deposit expected to be depleted in the first half of 2017. As of December 31, 2015, mineral reserves at Wona totalled 12.7 million tonnes at an average grade of 2.30 g/t Au for 935,100 ounces of gold contained.
The table below presents the 2016 production guidance in addition to consolidated production targets for the coming three years:
| Target 3 | ||||
| Guidance 20161, 3 | 2017 | 2018 | 2019 | |
| Mana (‘000 ounces) | 225-245 | 225-245 | 200+ | 200+ |
| Natougou 2 (‘000 ounces) | 100 | 226 | ||
| Total (‘000 ounces) | 225-245 | 225-245 | 300+ | 426+ |
| 1. | See press release of January 20, 2016. |
| 2. | Contingent on receipt of permits and construction start-up by year-end 2016; for more details, refer to press release of February 25, 2016 or the NI 43-101 technical report for Natougou, which is filed on http://www.sedar.com/ and available at http://www.semafo.com/. |
| 3. | Assumption: Mineral reserves were estimated using a gold price of $1,100 per ounce. |
Natougou Development
In the third quarter, the Corporation made steady progress with regard to the Natougou Project and continues to target construction start-up by year-end 2016. To date, the following milestones have been achieved:
- Development on time and budget, with $7.7 million spent as at September 30, 2016
- Detailed design and engineering 37% complete
- Procurement:
- Suppliers selected for earthworks and contract mining
- Issue of purchase orders for comminution equipment and seven other packages
- Award of contracts for the resettlement action plan follow-up
- Hiring of key personnel for the construction team has commenced
- Permitting is in line for receipt by year-end 2016
Exploration
Mana Project, Burkina Faso
In the quarter, the RC drill program on the Mana Project was primarily carried out within trucking distance of the Mana Mill such as to the northeast of Wona-Kona, on strike. Year to date, a total of 29,620 meters of RC drilling has been effected on the Mana Project, mostly on the Fobiri II and Kona Blé permits.
As a result of the rainy season, the auger drill program slowed down in the third quarter, completing 5,580 meters in 622 holes. Year to date, a total of 38,250 meters of auger drilling has been conducted on the Fobiri II, Bombouéla Nord, Wona Nyafé and Mana Ouest permits. One RC drill rig is currently active on the Mana Ouest permit.
Natougou Project
In the quarter, we completed a total of 8,360 meters in 86 RC holes across the Tapoa Permit Group. In addition, 1,210 meters of drilling, including 3 core holes, were conducted. Two RC drill rigs are currently in operation on the Tapoa proximal area.
During the third quarter of 2016, we completed an airborne magnetic radiometry survey totalling 4,430 line kilometers over the Tapoa Permit Group. Data from all previously conducted surveys were subsequently compiled in order to produce a full coverage mapping. The Natougou deposit is located to the northwest of a plus 45-degree oriented regional structure. The structure, dubbed Trend 045, is an important deep-seated deformation zone that may have played a role in the formation of the deposit. A series of lineaments are observed across the entire property within a two- to four-kilometer wide corridor.
The lineaments were combined with mapping, soil geochemistry, auger drilling and trenching, which enabled us to identify targets and commence an RC drill program in the fourth quarter of 2016.
West Sector and Boungou Shear Zone
A portion of the RC drilling in the quarter focused on defining the limits of the footwall zone below the Boungou Shear Zone within the pit area and extending the west flank mineralized zone of the Boungou Shear Zone. In addition, three core holes were drilled within the hangingwall zone. At this stage, our objective with regard to the hangingwall zone is to better understand the style of the mineralization, which seems to be different from the Boungou Shear Zone.
In the fourth quarter, we intend to complete a drill program at 80-meter spacing in order to bring the west flank mineralized zone into the inferred resources category by year-end.
Korhogo (Côte d’Ivoire)
An airborne geophysical survey was completed (1,290 line kilometers of magnetic radiometry) over the northern half of the Korhogo Ouest permit in the quarter. Data from this survey are currently being processed. Supplementing the survey, an infill soil sampling program commenced in early October that will better delineate the newly identified gold-in-soil anomalies.
SEMAFO’s Management’s Discussion and Analysis, Consolidated Financial Statements and related financial materials are available in the “Investor Relations” section of the Corporation’s website at www.semafo.com. These and other corporate reports are also available on www.sedar.com.
Third Quarter Conference Call
A conference call will be held today, Wednesday, November 9, 2016 at 10:00 EST to discuss this press release. Interested parties are invited to call the following telephone numbers to participate in the conference:
| Tel. local & overseas: +1 (647) 788 4922 |
| Tel. North America: 1 (877) 223 4471 |
| Webcast: http://www.semafo.com/ |
| Replay number: 1 (800) 585 8367 or +1 (416) 621 4642 |
| Replay pass code: 5375098 |
| Replay expiration: November 30, 2016 |
About SEMAFO
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation operates the Mana Mine in Burkina Faso, which includes the high-grade satellite deposits of Siou and Fofina, and is developing the advanced gold deposit of Natougou. SEMAFO’s strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as “anticipated”, “guidance”, “expects”, “in order to”, “should”, “expected”, “will”, “targets”, “in line for”, “objective”, “intend”, “pursuing”, “growth”, “opportunities” and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to achieve permitting at Natougou by year-end 2016, the ability to start construction by year-end 2016, the ability to meet our 2016 production guidance of 225,000 to 245,000 ounces, the ability to meet our 2016 total cash cost and all-in sustaining cost guidance, the ability to increase the annual mining capacity at Mana to 40 million tonnes for the next three years, the ability to produce over 200,000 ounces through 2019 at Mana, the ability to meet our consolidated production targets for the coming three years, the ability to better understand the style of mineralization at the hangingwall zone, the ability to bring the west flank mineralized zone into the inferred resources category by year-end, the accuracy of our assumption, the ability to execute on our strategic focus, fluctuation in the price of currencies, gold prices and operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO’s documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO’s 2015 Annual MD&A, as updated in SEMAFO’s 2016 First Quarter MD&A, 2016 Second Quarter MD&A, 2016 Third Quarter MD&A and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
The information in this release is subject to the disclosure requirements of SEMAFO under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on November 9, 2016 at 7:00 a.m., Eastern Standard Time.
Consolidated Results and Mining Operations
Financial and Operating Highlights
| Three-month period | Nine-month period | ||||||||||||||
| ended September 30, | ended September 30, | ||||||||||||||
| 2016 | 2015 | Variation | 2016 | 2015 | Variation | ||||||||||
| Gold ounces produced | 62,500 | 67,200 | (7 | %) | 185,100 | 198,400 | (7 | %) | |||||||
| Gold ounces sold | 60,000 | 64,800 | (7 | %) | 183,500 | 193,100 | (5 | %) | |||||||
| (in thousands of dollars, except amounts per share) | |||||||||||||||
| Revenues – Gold sales | 80,200 | 72,523 | 11 | % | 231,346 | 227,654 | 2 | % | |||||||
| Mining operation expenses | 30,410 | 28,469 | 7 | % | 89,203 | 86,170 | 4 | % | |||||||
| Government royalties | 4,028 | 2,950 | 37 | % | 10,185 | 9,142 | 11 | % | |||||||
| Depreciation of property, plant and equipment | 19,880 | 19,290 | 3 | % | 57,384 | 65,688 | (13 | %) | |||||||
| Share-based compensation | (576 | ) | (988 | ) | (42 | %) | 8,229 | 2,309 | 256 | % | |||||
| Other | 3,442 | 3,316 | 4 | % | 11,065 | 10,828 | 2 | % | |||||||
| Operating income | 23,016 | 19,486 | 18 | % | 55,280 | 53,517 | 3 | % | |||||||
| Finance costs | 314 | 347 | (10 | %) | 1,678 | 3,557 | (53 | %) | |||||||
| Foreign exchange loss (gain) | (191 | ) | 1,110 | – | (2,386 | ) | 5,705 | – | |||||||
| Income tax expense | 3,853 | 3,762 | 2 | % | 12,125 | 16,011 | (24 | %) | |||||||
| Other | (519 | ) | (224 | ) | 132 | % | (1,465 | ) | (513 | ) | 186 | % | |||
| Net income | 19,559 | 14,491 | 35 | % | 45,328 | 28,757 | 58 | % | |||||||
| Attributable to equity shareholders | |||||||||||||||
| Net income | 17,680 | 12,829 | 38 | % | 39,168 | 24,434 | 60 | % | |||||||
| Basic earnings per share | 0.05 | 0.04 | 25 | % | 0.13 | 0.08 | 63 | % | |||||||
| Diluted earnings per share | 0.05 | 0.04 | 25 | % | 0.13 | 0.08 | 63 | % | |||||||
| Adjusted amounts | |||||||||||||||
| Adjusted operating income1 | 21,451 | 17,775 | 21 | % | 60,435 | 52,503 | 15 | % | |||||||
| Adjusted net income attributable to equity shareholders1 | 14,855 | 12,186 | 22 | % | 40,210 | 36,672 | 10 | % | |||||||
| Per share1 | 0.05 | 0.04 | 25 | % | 0.13 | 0.13 | – | ||||||||
| Cash flows | |||||||||||||||
| Cash flows from operating activities2 | 39,266 | 34,830 | 13 | % | 111,860 | 108,131 | 3 | % | |||||||
| Per share1 | 0.12 | 0.12 | – | 0.36 | 0.37 | (3 | %) | ||||||||
| 1. | Adjusted operating income, adjusted net income attributable to equity shareholders, adjusted basic earnings per share and operating cash flows per share are non-IFRS financial performance measures with no standard definition under IFRS. See the “Non-IFRS financial measures” section of the Corporation’s MD&A, note 18. |
| 2. | Cash flows from operating activities exclude changes in non-cash working capital items. |
| Interim Consolidated Statement of Financial Position |
| (Expressed in thousands of US dollars – unaudited) |
| As at | As at | |
| September 30, | December 31, | |
| 2016 | 2015 | |
| $ | $ | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 282,239 | 167,166 |
| Trade and other receivables | 17,512 | 17,028 |
| Income tax receivable | – | 1,634 |
| Inventories | 48,602 | 53,200 |
| Other current assets | 2,986 | 2,622 |
| 351,339 | 241,650 | |
| Non-current assets | ||
| Advance receivable | 3,395 | 4,532 |
| Restricted cash | 4,342 | 4,388 |
| Property, plant and equipment | 533,866 | 529,087 |
| Intangible asset | 1,655 | 1,856 |
| Other non-current assets | 4,025 | – |
| 547,283 | 539,863 | |
| Total assets | 898,622 | 781,513 |
| Liabilities | ||
| Current liabilities | ||
| Trade payables and accrued liabilities | 41,263 | 35,869 |
| Current portion of long-term debt | 310 | 29,052 |
| Share unit plans liabilities | 8,186 | 1,360 |
| Provisions | 2,726 | 6,346 |
| Income tax payable | 6,284 | – |
| 58,769 | 72,627 | |
| Non-current liabilities | ||
| Long-term debt | 56,502 | 59,379 |
| Share unit plans liabilities | 5,282 | 4,485 |
| Provisions | 7,847 | 7,313 |
| Deferred income tax liabilities | 30,627 | 31,846 |
| 100,258 | 103,023 | |
| Total liabilities | 159,027 | 175,650 |
| Equity | ||
| Equity Shareholders | ||
| Share capital | 621,902 | 516,070 |
| Contributed surplus | 7,357 | 10,685 |
| Accumulated other comprehensive income | 1,046 | – |
| Retained earnings | 82,623 | 48,242 |
| 712,928 | 574,997 | |
| Non-controlling interest | 26,667 | 30,866 |
| Total equity | 739,595 | 605,863 |
| Total liabilities and equity | 898,622 | 781,513 |
| Interim Consolidated Statement of Income |
| (Expressed in thousands of US dollars, except per share amounts – unaudited) |
| Three-month period | Nine-month period | |||||||
| ended September 30, | ended September 30, | |||||||
| 2016 | 2015 | 2016 | 2015 | |||||
| $ | $ | $ | $ | |||||
| Revenue – Gold sales | 80,200 | 72,523 | 231,346 | 227,654 | ||||
| Costs of operations | ||||||||
| Mining operation expenses | 34,438 | 31,419 | 99,388 | 95,312 | ||||
| Depreciation of property, plant and equipment | 19,880 | 19,290 | 57,384 | 65,688 | ||||
| General and administrative | 3,195 | 3,087 | 10,503 | 10,139 | ||||
| Corporate social responsibility expenses | 247 | 229 | 562 | 689 | ||||
| Share-based compensation | (576 | ) | (988 | ) | 8,229 | 2,309 | ||
| Operating income | 23,016 | 19,486 | 55,280 | 53,517 | ||||
| Other expenses (income) | ||||||||
| Finance income | (519 | ) | (224 | ) | (1,465 | ) | (513 | ) |
| Finance costs | 314 | 347 | 1,678 | 3,557 | ||||
| Foreign exchange (gain) loss | (191 | ) | 1,110 | (2,386 | ) | 5,705 | ||
| Income before income taxes | 23,412 | 18,253 | 57,453 | 44,768 | ||||
| Income tax expense (recovery) | ||||||||
| Current | 3,521 | 4,605 | 14,086 | 13,477 | ||||
| Deferred | 332 | (843 | ) | (1,961 | ) | 2,534 | ||
| 3,853 | 3,762 | 12,125 | 16,011 | |||||
| Net income for the period | 19,559 | 14,491 | 45,328 | 28,757 | ||||
| Attributable to: | ||||||||
| Equity shareholders | 17,680 | 12,829 | 39,168 | 24,434 | ||||
| Non-controlling interests | 1,879 | 1,662 | 6,160 | 4,323 | ||||
| 19,559 | 14,491 | 45,328 | 28,757 | |||||
| Earnings per share | ||||||||
| Basic | 0.05 | 0.04 | 0.13 | 0.08 | ||||
| Diluted | 0.05 | 0.04 | 0.13 | 0.08 | ||||
| Interim Consolidated Statement of Comprehensive Income |
| (Expressed in thousands of US dollars – unaudited) |
| Three-month period | Nine-month period | |||
| ended September 30, | ended September 30, | |||
| 2016 | 2015 | 2016 | 2015 | |
| $ | $ | $ | $ | |
| Net income for the period | 19,559 | 14,491 | 45,328 | 28,757 |
| Other comprehensive income | ||||
| Change in fair value of the investment in GoviEx | 1,046 | – | 1,046 | – |
| Total comprehensive income for the period, net of tax | 20,605 | 14,491 | 46,374 | 28,757 |
| Attributable to: | ||||
| Equity shareholders | 18,726 | 12,829 | 40,214 | 24,434 |
| Non-controlling interest | 1,879 | 1,662 | 6,160 | 4,323 |
| 20,605 | 14,491 | 46,374 | 28,757 | |
| Interim Consolidated Statement of Cash Flows |
| (Expressed in thousands of US dollars – unaudited) |
| Three-month period | Nine-month period | ||||||||
| ended September 30, | ended September 30, | ||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||
| $ | $ | $ | $ | ||||||
| Cash flows from (used in): | |||||||||
| Operating activities | |||||||||
| Net income for the period | 19,559 | 14,491 | 45,328 | 28,757 | |||||
| Adjustments for: | |||||||||
| Depreciation of property, plant and equipment | 19,880 | 19,290 | 57,384 | 65,688 | |||||
| Share-based compensation | (576 | ) | (988 | ) | 8,229 | 2,309 | |||
| Write-off of other non-current assets related to financing fees | – | – | – | 2,520 | |||||
| Unrealized foreign exchange loss (gain) | 172 | 1,865 | (2,756 | ) | 5,278 | ||||
| Deferred income taxes expense | 332 | (843 | ) | (1,961 | ) | 2,534 | |||
| Adjustment for withholding taxes | – | – | 5,827 | – | |||||
| Other | (101 | ) | 1,015 | (191 | ) | 1,045 | |||
| 39,266 | 34,830 | 111,860 | 108,131 | ||||||
| Changes in non-cash working capital items | 8,052 | (2,728 | ) | 11,239 | (11,204 | ) | |||
| Net cash provided by operating activities | 47,318 | 32,102 | 123,099 | 96,927 | |||||
| Financing activities | |||||||||
| Drawdown (repayment) of long-term debt | (52 | ) | – | (30,052 | ) | 90,000 | |||
| Long-term debt transaction costs | – | – | (259 | ) | (1,200 | ) | |||
| Proceeds on issuance of share capital, net of expenses | 3,374 | 304 | 92,017 | 44,229 | |||||
| Dividend paid to non-controlling interest | – | (2,656 | ) | (10,359 | ) | (2,656 | ) | ||
| Net cash provided by (used in) financing activities | 3,322 | (2,352 | ) | 51,347 | 130,373 | ||||
| Investing activities | |||||||||
| Acquisition of Orbis Gold Limited | – | – | – | (154,550 | ) | ||||
| Acquisitions of property, plant and equipment | (22,840 | ) | (21,031 | ) | (62,780 | ) | (56,402 | ) | |
| Advance made to Sonabel | – | – | – | (566 | ) | ||||
| Decrease in restricted cash | 210 | – | 210 | – | |||||
| Net cash used in investing activities | (22,630 | ) | (21,031 | ) | (62,570 | ) | (211,518 | ) | |
| Effect of exchange rate changes on cash and cash equivalents | 159 | (1,805 | ) | 3,197 | (5,925 | ) | |||
| Change in cash and cash equivalents during the period | 28,169 | 6,914 | 115,073 | 9,857 | |||||
| Cash and cash equivalents – beginning of period | 254,070 | 130,871 | 167,166 | 127,928 | |||||
| Cash and cash equivalents – end of period | 282,239 | 137,785 | 282,239 | 137,785 | |||||
| Interest paid | 1,065 | 1,521 | 3,557 | 3,038 | |||||
| Interest received | 419 | 3 | 1,273 | 292 | |||||
| Income tax paid | 2,237 | 1,043 | 8,410 | 1,043 | |||||
Vice-President, Corporate Affairs & Investor Relations
Robert.Lavalliere@semafo.com
Cell: +1 (514) 240 2780
Ruth Hanna
Analyst, Investor Relations
Ruth.Hanna@semafo.com
Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
www.semafo.com