Roxgold reports financial results for period ended September 30, 2016 - 14.11.16 - News

TORONTO, Nov. 14, 2016

For complete details of the unaudited Condensed Interim Consolidated Financial Statements and associated Management's Discussion and Analysis ("MD&A") please refer to the Company's filings on SEDAR (www.sedar.com) or the Company's website (www.roxgold.com). All amounts are in US dollars unless otherwise indicated.

1. HIGHLIGHTS

For the three month period ended September 30, 2016, the Company:

Achieved 1,000,000 hours free of lost time injuries ("LTI") in August;
Pre-commercial production of 32,990 ounces of gold;
Sold 34,590 ounces of gold totalling pre-commercial production revenue of $46,181,000;
Incurred a cash operating cost¹ of $348 per ounce produced for a total cash cost² of $417 per ounce sold and an all-in sustaining cost³ of $702 per ounce sold, including additional investment to advance underground development 46% ahead of the initial mine plan;
Generated pre-commercial production cash flow from operations⁴ totalling $29,482,000 for cash flow per share⁵ of $0.08/share (C$0.10/share);
Mined 49,270 tonnes of ore at an average grade of 17.0 grams per tonne ("gpt") including two stopes with an overall dilution of 10.7% and 17.9%, respectively, which compares favourably to the Company's Feasibility Study ("FS") assumption of 20.5%;
Deep drilling program resumed at 55 Zone, with results expected to be included in mineral resource estimate planned for Q1 2017;
Received $9 million from the early exercise of all outstanding warrants, held by International Finance Corporation ("IFC");
Declared commercial production as of October 1, 2016; and
Was awarded the "Prix Responsabilité Sociale des Entreprises minières 2016" or "2016 CSR Award of Mining Companies" by Redevabilité in Burkina Faso.

¹

Cash operating cost is a non-IFRS measure with no standard definition under IFRS and is calculated using ounces produced and tonnes processed. See the "Non-IFRS financial performance measures" section of the Company's 2016 Third Quarter MD&A.

²

ARIVA.DE Börsen-Geflüster

Kurse

Roxgold

-

0,00%

Total cash cost is a non-IFRS financial performance measure with no standard definition under IFRS and represents the mining operation expenses and the government royalties per ounce sold.

³

All-in sustaining cost is a non-IFRS financial performance measure with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Company's 2016 Third Quarter MD&A.

⁴

Pre-commercial production cash flow from operations is a non-IFRS financial performance measure with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Company's 2016 Third Quarter MD&A.

⁵

Cash flow per share is a non-IFRS financial performance measure with no standard definition under IFRS. See the "Non-IFRS financial performance measures" section of the Company's 2016 Third Quarter MD&A.

2. PRE-COMMERCIAL PRODUCTION

The Company considers that pre-commercial production operations at the Yaramoko gold mine commenced in June 2016 as the construction of the processing plant and associated infrastructure was completed, the contractual performance test associated with the engineering, procurement, and construction ("EPC") lump sum contract with DRA/Group Five Joint Venture was passed and a first gold shipment was exported and refined. Ramp-up of pre-commercial production continued during the third quarter ended September 30, 2016 with higher productivity from the mine being realized month-over-month.

The Company has combined the month of June 2016 and the third quarter pre-commercial production financial operating results in the financial performance section table below as the Company believes that this grouping more accurately represents its overall activities during the ramp-up period, leading to the declaration of commercial production on October 1, 2016.


		June 2016	Three months ended September 30, 2016	Four months ended September 30, 2016
Operating Data
Ore mined (tonnes) .......................................................		11,770	49,270	61,040
Ore processed (tonnes) ...............................................		21,710	60,880	82,590
Head grade (g/t) ............................................................		14.9	17.0	16.4
Recovery (%) ................................................................		97.7	98.7	98.4
Gold ounces produced ..................................................		12,400	32,990	45,390
Gold ounces sold ...........................................................		8,250	34,590	42,840

Financial Data (in thousands of dollars)
Pre-commercial production revenues – Gold sales........		10,445	46,181	56,625
Mining operating expenses
	(excluding government royalties) ........................	2,616	12,112	14,728
Government royalties .....................................................		410	2,320	2,730
Sustainability and other in-country costs........................		160	300	460
Investment in underground development ........................		2,400	8,697	11,097

Statistics (in dollars)
Average realized selling price (per ounce) .....................		1,265	1,335	1,322
Cash operating cost (per ounce produced)¹...................		355	348	350
Cash operating cost (per tonne processed)¹..................		202	189	192
Total cash cost (per ounce sold)²...................................		367	417	408
Sustaining capital cost (per ounce sold)³........................		291	251	259
All-in sustaining cost (per ounce sold)⁴...........................		729	702	707

^1.

Cash operating cost is a non-IFRS measure with no standard definition under IFRS and is calculated using ounces produced and tonnes processed. See the "Non-IFRS financial performance measures" section of the Company's 2016 Third Quarter MD&A.

²

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