MONTREAL, QUEBEC–(Marketwired – March 9, 2016) – SEMAFO Inc. (TSX:SMF)(OMX:SMF) reported its financial and operational results for the fourth quarter and year ended December 31, 2015. All amounts are in US dollars unless otherwise stated.
2015 – The Year in Review
- Gold production of 255,900 ounces, a 9% increase compared to 2014
- Total cash cost1 of $493 per ounce sold and all-in-sustaining cost1 of $645 per ounce sold, which represent year-over-year decreases of 24% and 19%, respectively
- Achieved production guidance for the eighth consecutive year
- Gold sales of $300.1 million, a 4% increase compared to 2014
- Operating income of $66.1 million, a 42% increase compared to the same period in 2014
- Net income attributable to equity shareholders of $24.9 million, compared to $15.8 million in 2014
- Cash flows from operating activities from continuing operations2 of $147.6 million, a 22% increase compared to 2014
- Acquisition of Orbis Gold Limited, which includes the Natougou project
- Bought deal of common shares for $46.5 million
- Long-term debt of $90 million
Fourth Quarter 2015 – in Review
- Gold production of 57,500 ounces, a 7% decrease compared to the same period in 2014
- Gold sales of $72.5 million, an 8% decrease compared to the same period in 2014
- Operating income of $12.5 million compared to $14.9 million for the same period in 2014
- Net income from continuing operations attributable to equity shareholders of $0.5 million or nil per share compared to $4.6 million or $0.02 per share for the same period in 2014
- Cash flows from operating activities from continuing operations of $39.4 million or $0.13 per share compared to $40.4 million or $0.15 per share for the same period in 2014
| 1 | Adjusted net income attributable to equity shareholders, adjusted basic earnings per share, operating cash flows per share, 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 from continuing operations” section of the Corporation’s MD&A, note 21. |
| 2 | Cash flows from operating activities from continuing operations exclude changes in non-cash working capital items. |
Mana, Burkina Faso
Mining Operations
| Year ended December 31, |
||||
| 2015 | 2014 | Variation | ||
| Operating Data | ||||
| Ore mined (tonnes) | 2,390,600 | 2,190,400 | 9 | % |
| Ore processed (tonnes) | 2,399,100 | 2,754,400 | (13 | %) |
| Waste mined (tonnes) | 18,924,700 | 19,201,500 | (1 | %) |
| Operational stripping ratio | 7.9 | 8.8 | (10 | %) |
| Head grade (g/t) | 3.63 | 2.90 | 25 | % |
| Recovery (%) | 91 | 91 | – | |
| Gold ounces produced | 255,900 | 234,300 | 9 | % |
| Gold ounces sold | 258,600 | 230,200 | 12 | % |
| Statistics (in dollars) | ||||
| Average realized selling price (per ounce) | 1,161 | 1,257 | (8 | %) |
| Cash operating cost (per tonne processed)1 | 47 | 49 | (4 | %) |
| Total cash cost (per ounce sold)1 | 493 | 649 | (24 | %) |
| All-in sustaining cost (per ounce sold)1 | 645 | 801 | (19 | %) |
| Depreciation (per ounce sold)2 | 337 | 310 | 9 | % |
| 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 from continuing operations” section of the Corporation’s MD&A, note 21. |
| 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. |
The total cash cost of $493 per ounce sold and all-in sustaining cost of $645 per ounce sold at our Mana Mine, which represent year-over-year decrease of 24% and 19% respectively, are attributable to the higher head grade as well as the reduction in fuel pricing and the strength of the US dollar relative to the Euro. The increase in head grade in 2015 reflects the greater percentage of high-grade ore processed from the Siou and Fofina pits compared to 2014.
During 2015, more ore was mined compared to 2014 when the mine plan sequence was modified in order to reassign a portion of the Wona-Kona mining fleet to the development of the Siou and Fofina deposits in the first quarter of 2014. The decrease in throughput in the year is due to the processing of ore through the secondary ball mill during the five-week shutdown of the SAG mill and the mining sequence.
2015 Reserves and Resources
As at December 31, 2015, consolidated proven and probable mineral reserves stood at 3,265,000 ounces of gold. The reserve grade increased by 10% to 3.32 g/t Au. Consolidated measured and indicated mineral resources increased by 8% to 2,969,900 ounces.
The changes in reserves are net of 2015 depletion due to production and mainly result from the addition of a maiden reserves statement for Natougou. All mineral resources reported are exclusive of mineral reserves. Reserves and resources were estimated using a gold price of $1,100 and $1,400 per ounce, respectively.
Positive Feasibility Study for Natougou
Highlight of the first quarter of 2016 is our announcement of a positive feasibility study and funding for the Natougou project.
With mineral reserves of 9.6 million tonnes at 4.15 g/t Au for 1.3 million ounces, Natougou represents one of the highest grade open-pit projects in West Africa. Results from the feasibility study, which include an after-tax IRR of 48%, 5% NPV of $262 million and a payback period of 1.5 years, demonstrate strong economic support for proceeding with the project and a solid foundation from which to expand its potential.
In the first quarter of 2016, we entered into a commitment letter with Macquarie Bank Limited to amend our credit facility (“Facility”) to $120 million. Closing of the amended Facility is anticipated on or about March 31, 2016 and drawdown of the incremental $60 million is subject to conditions precedent customary in a transaction of this nature. Coupled with our $167 million cash position at year-end 2015 and anticipated cash flow from Mana operations, we estimate we have sufficient funds to bring Natougou into production.
Natougou Milestones
- Complete permitting by year-end 2016
- Complete detailed engineering in fourth quarter of 2016
- Construction start-up by year-end 2016
- Ongoing exploration with the aim of increasing reserves and resources and enhancing economics as of the fourth year of the mine life
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.
Fourth Quarter and Year-End Conference Call
A conference call will be held today, Wednesday, March 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: www.semafo.com |
| Replay number: 1 (800) 585 8367 or +1 (416) 621 4642 |
| Replay pass code: 23405759 |
| Replay expiration: March 30, 2016 |
Annual General Meeting of Shareholders
SEMAFO’s Annual General Meeting of Shareholders will be held on Thursday, May 12, 2016 at 10:00 EDT at Club Saint-James, Salon Midway, 1145 avenue Union, in Montreal, Quebec. Attendees will have the opportunity to ask questions and meet the management team and members of the board of directors.
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 “expand”, “potential”, “anticipated”, “estimate”, “aim”, “target”, “committed”, “evolve”, “become”, “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 generate an after-tax IRR of 48% with a payback period of 1.5 years and an after-tax NPV of $262 million, the ability to bring Natougou into production with the combination of our cash position at year-end 2015, anticipated cash flow from production and the amended Macquarie Facility, the ability to close the Macquarie amended Facility and to meet the various conditions precedent to drawdown, the ability to complete permitting by year-end 2016, the ability to complete detailed engineering in fourth quarter of 2016, the ability to start construction by year-end 2016, the ability to increase reserves and resources, the ability to enhance economics as of fourth year of the mine life, the ability to execute on our strategic focus, fluctuation in the price of currencies, gold or 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, 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 March 9, 2016 at 7:00 a.m., Eastern Standard Time.
Financial and Operating Highlights
| 2015 | 2014 | 2013 | ||||
| Gold ounces produced | 255,900 | 234,300 | 158,600 | |||
| Gold ounces sold | 258,600 | 230,200 | 161,300 | |||
| (in thousands of dollars, except amounts per ounce, per tonne and per share) | ||||||
| From Continuing Operations | ||||||
| Revenues – Gold sales | 300,129 | 289,349 | 226,618 | |||
| Operating income | 66,066 | 46,359 | 18,942 | |||
| Net income (loss) attributable to equity shareholders | 24,910 | 15,812 | (9,227 | ) | ||
| Basic earnings (loss) per share | 0.09 | 0.06 | (0.03 | ) | ||
| Diluted earnings (loss) per share | 0.09 | 0.06 | (0.03 | ) | ||
| Adjusted net income (loss) attributable to equity shareholders1 | 40,956 | 29,603 | (13,468 | ) | ||
| Per share1 | 0.14 | 0.11 | (0.05 | ) | ||
| Cash flows from operating activities2 | 147,561 | 120,730 | 77,562 | |||
| Per share1 | 0.51 | 0.44 | 0.28 | |||
| Average realized selling price (per ounce) | 1,161 | 1,257 | 1,405 | |||
| Cash operating cost (per tonne processed)1 | 47 | 49 | 40 | |||
| Total cash cost (per ounce sold)1 | 493 | 649 | 777 | |||
| All-in sustaining cost (per ounce sold)1 | 645 | 801 | 1,242 | |||
| From Discontinued Operations | ||||||
| Net loss attributable to equity shareholders3 | – | (11,339 | ) | (75,995 | ) | |
| Total | ||||||
| Net income (loss) attributable to equity shareholders | 24,910 | 4,473 | (85,222 | ) | ||
| Basic earnings (loss) per share | 0.09 | 0.02 | (0.31 | ) | ||
| Diluted earnings (loss) per share | 0.09 | 0.02 | (0.31 | ) | ||
| Total assets | 781,513 | 618,302 | 567,546 | |||
| Cash dividends declared per share | – | – | 0.02 | |||
| 1 | Cash operating cost, total cash cost, all-in sustaining cost, 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 from continuing operations” section of this MD&A, note 22. |
| 2 | Cash flows from operating activities from continuing operations exclude changes in non-cash working capital items. |
| 3 | The year ended December 31, 2014 includes a non-cash amount of $9,691,000 regarding the reversal of the non-controlling interest as a result of the sale of the Kiniero Mine. |
Fourth Quarter Financial and Operating Highlights
| Three-month period ended December 31, |
|||||
| 2015 | 2014 | Variation | |||
| Gold ounces produced | 57,500 | 61,800 | (7 | %) | |
| Gold ounces sold | 65,500 | 65,500 | – | ||
| (in thousands of dollars, except amounts per ounce, per tonne and per share) | |||||
| Revenues – Gold sales | 72,475 | 78,591 | (8 | %) | |
| Operating income | 12,549 | 14,873 | (16 | %) | |
| Net income attributable to equity shareholders | 476 | 4,609 | (90 | %) | |
| Basic earnings per share | – | 0.02 | (100 | %) | |
| Diluted earnings per share | – | 0.02 | (100 | %) | |
| Adjusted net income attributable to equity shareholders1 | 3,270 | 9,898 | (67 | %) | |
| Per share1 | 0.01 | 0.04 | (75 | %) | |
| Cash flow from operating activities2 | 39,430 | 40,416 | (2 | %) | |
| Operating cash flow per share1 | 0.13 | 0.15 | (13 | %) | |
| Average realized selling price (per ounce) | 1,106 | 1,200 | (8 | %) | |
| Cash operating cost (per tonne processed)1 | 42 | 51 | (18 | %) | |
| Total cash cost (per ounce sold)1 | 493 | 596 | (17 | %) | |
| All-in sustaining cost (per ounce sold)1 | 719 | 700 | 3 | % | |
| 1 | Adjusted net income attributable to equity shareholders, adjusted basic earnings per share, operating cash flows per share, 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 measures from continuing operations” section of the Corporation’s MD&A, note 21. |
| 2 | Cash flows from operating activities from continuing operations exclude changes in non-cash working capital items. |
| Consolidated Statement of Financial Position |
| (Expressed in thousands of US dollars) |
| As at December 31, |
As at December 31, |
|
| 2015 | 2014 | |
| $ | $ | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 167,166 | 127,928 |
| Trade and other receivables | 17,028 | 21,470 |
| Income tax receivable | 1,634 | 12,086 |
| Inventories | 53,200 | 59,729 |
| Other current assets | 2,622 | 2,311 |
| 241,650 | 223,524 | |
| Non-current assets | ||
| Advance receivable | 4,532 | 4,229 |
| Restricted cash | 4,388 | 3,726 |
| Property, plant and equipment | 529,087 | 382,388 |
| Intangible asset | 1,856 | 1,915 |
| Other non-current assets | – | 2,520 |
| 539,863 | 394,778 | |
| Total assets | 781,513 | 618,302 |
| Liabilities | ||
| Current liabilities | ||
| Trade payables and accrued liabilities | 35,869 | 49,530 |
| Current portion of long-term debt | 29,052 | – |
| Restricted and deferred share unit liabilities | 1,360 | 1,938 |
| Provisions | 6,346 | 6,579 |
| 72,627 | 58,047 | |
| Non-current liabilities | ||
| Long-term debt | 59,379 | – |
| Restricted share unit liabilities | 4,485 | 3,967 |
| Provisions | 7,313 | 6,917 |
| Deferred income tax liabilities | 31,846 | 18,766 |
| 103,023 | 29,650 | |
| Total liabilities | 175,650 | 87,697 |
| Equity | ||
| Equity Shareholders | ||
| Share capital | 516,070 | 466,861 |
| Contributed surplus | 10,685 | 10,889 |
| Retained earnings | 48,242 | 25,932 |
| 574,997 | 503,682 | |
| Non-controlling interests | 30,866 | 26,923 |
| Total equity | 605,863 | 530,605 |
| Total liabilities and equity | 781,513 | 618,302 |
| Consolidated Statement of Income For the years ended December 31, 2015 and 2014 |
| (Expressed in thousands of US dollars, except per share amounts) |
| Year ended December 31, |
||||
| 2015 | 2014 | |||
| $ | $ | |||
| Revenue – Gold sales | 300,129 | 289,349 | ||
| Costs of operations | ||||
| Mining operation expenses | 127,618 | 149,305 | ||
| Depreciation of property, plant and equipment | 87,689 | 72,195 | ||
| General and administrative | 13,559 | 17,432 | ||
| Corporate social responsibility expenses | 857 | 826 | ||
| Share-based compensation | 4,340 | 3,232 | ||
| Operating income | 66,066 | 46,359 | ||
| Other expenses (income) | ||||
| Finance income | (748 | ) | (343 | ) |
| Finance costs | 3,846 | 1,646 | ||
| Foreign exchange loss | 8,161 | 5,251 | ||
| Income before income taxes | 54,807 | 39,805 | ||
| Income tax expense | ||||
| Current | 10,510 | 1,382 | ||
| Deferred income tax liabilities | 13,744 | 19,028 | ||
| 24,254 | 20,410 | |||
| Net income from continuing operations | 30,553 | 19,395 | ||
| Net loss from discontinued operations | – | (1,648 | ) | |
| Net income for the year | 30,553 | 17,747 | ||
| Net income from continuing operations attributable to: | ||||
| Equity shareholders | 24,910 | 15,812 | ||
| Non-controlling interests | 5,643 | 3,583 | ||
| 30,553 | 19,395 | |||
| Net income (loss) from discontinued operations attributable to: | ||||
| Equity shareholders | – | (11,339 | ) | |
| Non-controlling interests | – | 9,691 | ||
| – | (1,648 | ) | ||
| Net income for the year attributable to: | ||||
| Equity shareholders | 24,910 | 4,473 | ||
| Non-controlling interests | 5,643 | 13,274 | ||
| 30,553 | 17,747 | |||
| Basic earnings per share from continuing operations | 0.09 | 0.06 | ||
| Basic loss per share from discontinued operations | – | (0.04 | ) | |
| Basic earnings per share | 0.09 | 0.02 | ||
| Diluted earnings per share from continuing operations | 0.09 | 0.06 | ||
| Diluted loss per share from discontinued operations | – | (0.04 | ) | |
| Diluted earnings per share | 0.09 | 0.02 | ||
| Consolidated Statement of Cash Flows For the years ended December 31, 2015 and 2014 |
| (Expressed in thousands of US dollars) |
| Year ended December 31, |
|||||
| 2015 | 2014 | ||||
| $ | $ | ||||
| Cash flows from (used in): | |||||
| Operating activities | |||||
| Net income for the year from continuing operations | 30,553 | 19,395 | |||
| Adjustments for : | |||||
| Depreciation of property, plant and equipment | 87,689 | 72,195 | |||
| Share-based compensation | 4,340 | 3,232 | |||
| Write-off of other non-current assets related to financing fees | 2,520 | – | |||
| Unrealized foreign exchange loss | 7,612 | 6,799 | |||
| Deferred income taxes expense | 13,744 | 19,028 | |||
| Other | 1,103 | 81 | |||
| 147,561 | 120,730 | ||||
| Changes in non-cash working capital items | 4,756 | 1,140 | |||
| Net cash provided by operating activities from continuing operations | 152,317 | 121,870 | |||
| Net cash used in operating activities from discontinued operations | – | (2,088 | ) | ||
| Net cash provided by operating activities | 152,317 | 119,782 | |||
| Financing activities | |||||
| Financing fees | – | (1,020 | ) | ||
| Long-term debt | 90,000 | ||||
| Long-term debt transaction costs | (1,200 | ) | – | ||
| Proceeds on issuance of share capital, net of expenses | 44,305 | 5,700 | |||
| Dividends paid to non-controlling interest and withholding taxes | (2,656 | ) | – | ||
| Net cash provided by financing activities | 130,449 | 4,680 | |||
| Investing activities | |||||
| Acquisition of Orbis Gold Limited | (154,550 | ) | – | ||
| Acquisitions of property, plant and equipment | (79,449 | ) | (68,591 | ) | |
| Advance made to Sonabel | (566 | ) | (2,068 | ) | |
| Increase in restricted cash | (1,017 | ) | (641 | ) | |
| Net cash used in investing activities | (235,582 | ) | (71,300 | ) | |
| Effect of exchange rate changes on cash and cash equivalents | (7,946 | ) | (7,833 | ) | |
| Change in cash and cash equivalents during the year | 39,238 | 45,329 | |||
| Cash and cash equivalents – beginning of year | 127,928 | 82,599 | |||
| Cash and cash equivalents of continuing operations – end of year | 167,166 | 127,928 | |||
| Interest paid | 4,578 | – | |||
| Interest received | 450 | 343 | |||
| Income tax paid | 1,131 | 5,276 | |||
2015 Reserves and Resources
Table 1 – Consolidated Reserves and Resources
| PROPERTY | Mana 1,2,4,5,6 | Tapoa 1,2,4,5,6 (Natougou Project) |
Yactibo 1,3,4,5,7 (Nabanga Project) |
Total |
| MINERAL RESERVES | ||||
| Proven | ||||
| Tonnes | 12,655,000 | 1,583,000 | 14,238,000 | |
| Grade (g/t Au) | 3.15 | 6.46 | 3.52 | |
| Ounces | 1,281,400 | 329,000 | 1,610,400 | |
| Probable | ||||
| Tonnes | 8,325,000 | 7,984,000 | 16,309,000 | |
| Grade (g/t Au) | 2.64 | 3.69 | 3.16 | |
| Ounces | 707,600 | 947,000 | 1,654,600 | |
| TOTAL MINERAL RESERVES | ||||
| Tonnes | 20,980,000 | 9,567,000 | 30,547,000 | |
| Grade (g/t Au) | 2.95 | 4.15 | 3.32 | |
| Ounces | 1,989,000 | 1,276,000 | 3,265,000 | |
| MINERAL RESOURCES (exclusive of reserves) | ||||
| Measured | ||||
| Tonnes | 8,751,000 | 77,000 | 8,828,000 | |
| Grade (g/t Au) | 1.67 | 1.84 | 1.67 | |
| Ounces | 470,800 | 5,000 | 475,800 | |
| Indicated | ||||
| Tonnes | 33,526,000 | 2,564,000 | 36,090,000 | |
| Grade (g/t Au) | 2.13 | 2.44 | 2.15 | |
| Ounces | 2,293,100 | 201,000 | 2,494,100 | |
| TOTAL M&I | ||||
| Tonnes | 42,277,000 | 2,641,000 | 44,918,000 | |
| Grade (g/t Au) | 2.03 | 2.42 | 2.06 | |
| Ounces | 2,763,900 | 206,000 | 2,969,900 | |
| Inferred | ||||
| Tonnes | 13,041,000 | 2,683,000 | 1,840,000 | 17,564,000 |
| Grade (g/t Au) | 2.82 | 3.99 | 10.00 | 3.75 |
| Ounces | 1,184,200 | 345,000 | 590,000 | 2,119,200 |
| 1 | The Corporation indirectly owns a 100% interest in all of its permits, except for the permits held by SEMAFO Burkina Faso S.A. in which the Government of Burkina Faso holds a 10% interest. |
| 2 | Mineral reserves and resources at Mana and at Tapoa (Natougou project) were estimated using a gold price of $1,100 and $1,400 per ounce, respectively. |
| 3 | Mineral resources at Yactibo Permit Group (Nabanga poject) were reported above a 5.0 g/t Au cut-off grade. |
| 4 | Rounding of numbers of tonnes and ounces may present slight differences in the figures. |
| 5 | All mineral resources reported are exclusive of mineral reserves. |
| 6 | As of December 31, 2015. |
| 7 | As of June 30, 2015. |
2015 Reserves and Resources (continued)
Table 2 – Mana, Burkina Faso1,2,3
| DECEMBER 31, 2015 | |||||||||
| DEPOSITS | PROVEN RESERVES | PROBABLE RESERVES | TOTAL RESERVES | ||||||
| Tonnage | Grade (g/t Au) |
Ounces4 | Tonnage | Grade (g/t Au) |
Ounces4 | Tonnage | Grade (g/t Au) |
Ounces4 | |
| WONA-KONA | 6,107,000 | 2.35 | 460,700 | 6,558,000 | 2.25 | 474,400 | 12,665,000 | 2.30 | 935,100 |
| NYAFÉ | 263,000 | 5.85 | 49,400 | 4,000 | 5.02 | 700 | 267,000 | 5.84 | 50,100 |
| FOFINA | 1,146,000 | 2.74 | 100,800 | 39,000 | 2.30 | 2,900 | 1,185,000 | 2.72 | 103,700 |
| SIOU | 4,800,000 | 4.17 | 644,000 | 1,724,000 | 4.14 | 229,600 | 6,524,000 | 4.16 | 873,600 |
| ROMPAD | 339,000 | 2.43 | 26,500 | – | – | – | 339,000 | 2.43 | 26,500 |
| TOTAL MANA | 12,655,000 | 3.15 | 1,281,400 | 8,325,000 | 2.64 | 707,600 | 20,980,000 | 2.95 | 1,989,000 |
| DECEMBER 31, 2015 | |||||||||
| DEPOSITS | MEASURED | INDICATED | TOTAL RESOURCES | ||||||
| Tonnage | Grade (g/t Au) |
Ounces4 | Tonnage | Grade (g/t Au) |
Ounces4 | Tonnage | Grade (g/t Au) |
Ounces4 | |
| WONA-KONA | 1,427,000 | 1.95 | 89,500 | 20,962,000 | 2.55 | 1,715,300 | 22,389,000 | 2.51 | 1,804,800 |
| NYAFÉ | 300,000 | 5.60 | 54,100 | 230,000 | 5.84 | 43,100 | 530,000 | 5.70 | 97,200 |
| FOFINA | 1,061,000 | 2.99 | 102,000 | 425,000 | 3.87 | 52,800 | 1,486,000 | 3.24 | 154,800 |
| YAHO | 4,654,000 | 1.05 | 157,200 | 9,895,000 | 0.99 | 316,200 | 14,549,000 | 1.01 | 473,400 |
| FILON 67 | 26,000 | 2.72 | 2,300 | 9,000 | 3.59 | 1,000 | 35,000 | 2.93 | 3,300 |
| FOBIRI | 469,000 | 1.80 | 27,100 | 114,000 | 1.52 | 5,600 | 583,000 | 1.74 | 32,700 |
| SIOU | 814,000 | 1.47 | 38,600 | 1,891,000 | 2.62 | 159,100 | 2,705,000 | 2.27 | 197,700 |
| TOTAL MANA | 8,751,000 | 1.67 | 470,800 | 33,526,000 | 2.13 | 2,293,100 | 42,277,000 | 2.03 | 2,763,900 |
| DECEMBER 31, 2015 | |||
| DEPOSITS | INFERRED | ||
| Tonnage | Grade (g/t Au) | Ounces4 | |
| WONA-KONA | 3,010,000 | 2.91 | 281,600 |
| NYAFÉ | 151,000 | 5.86 | 28,400 |
| FOFINA | 162,000 | 4.33 | 22,600 |
| YAHO | 471,000 | 1.45 | 22,000 |
| FILON 67 | 6,000 | 6.32 | 1,100 |
| FOBIRI | 578,000 | 1.39 | 25,800 |
| MAOULA | 2,628,000 | 1.62 | 137,100 |
| SIOU | 6,035,000 | 3.43 | 665,600 |
| TOTAL MANA | 13,041,000 | 2.82 | 1,184,200 |
| 1 | The Corporation indirectly owns a 100%interest in all of its permits, except for the permits held by SEMAFO Burkina Faso S.A., in which the Government of Burkina Faso holds a 10% interest. |
| 2 | Mineral reserves and resources were estimated using a gold price of $1,100 and $1,400 per ounce, respectively. |
| 3 | All mineral resources reported are exclusive of mineral reserves. |
| 4 | Rounding of numbers of tonnes and ounces may present slight differences in the figures. |
