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Ghana-focused gold miner Golden Star doubles net income in first quarter

Admin
May 9, 2021 Precious Metals News Comments Off on Ghana-focused gold miner Golden Star doubles net income in first quarter



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(Wallace Refiners) – Golden Star Resources (NYSE American: GSS) (TSX: GSC) (GSE: GSR) announced that its Q1 2021 production totaled 40.1 thousand ounces from the company’s Wassa mine in Ghana, in line with Q1 2020 and Q4 2020 performance.

The all-in sustaining cost (AISC) for the period of $1,100 per ounce was slightly higher than expected as sales lagged production by 3%.

EBITDA from continuing operations amounted to $31.6m for Q1 2021, 28% higher than the $24.7m achieved in Q1 2020 as a result of the increased gold price and higher gold sales. Adjusted EBITDA totaled $27.2m, representing a 28% increase on the $21.2m achieved in Q1 2020.

Adjusted net income attributable to Golden Star shareholders was $4.4m or $0.04 basic income per share in Q1 2021 compared to $2.2m or $0.02 basic income per share in Q1 2020.

The company’s 2021 guidance remains unchanged, production of 165-175koz is expected to be delivered at an AISC of $1,000-1,075/oz.

The company said it sees a significant growth potential at Wassa by outlining a mineral reserve plan with a six-year mine life and average annual production of 177koz of gold at an AISC of $881/oz (excluding corporate costs).

Golden Star is an established gold mining company that owns and operates the Wassa underground mine in Ghana, West Africa.



Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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