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Roxgold Reports 2017 Fourth Quarter and Full Year Financial Results - Strong Cash Flow Driven by Robust Operating Performance in First Full Year of Operation
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PR Newswire
TORONTO, March 28, 2018
TORONTO, March 28, 2018 /PRNewswire/ - Roxgold Inc. ("Roxgold" or the "Company") (TSX: ROXG) (OTC: ROGFF) today reported its fourth quarter and full year financial results for the period ended December 31, 2017.
For complete details of the audited Condensed Consolidated Financial Statements and associated Management's Discussion and Analysis please refer to the Company's filings on SEDAR (www.sedar.com) or the Company's website (www.roxgold.com). All amounts are in U.S. dollars unless otherwise indicated.
1. HIGHLIGHTS
For the twelve-month period ended December 31, 2017, the Company:
- Achieved over 4,000,000 hours free of lost time injuries ("LTI") since the mine commenced operations;
- Produced 126,990 ounces of gold, exceeding the upper limit of the increased guidance range 115,000 to 125,000 ounces, compared to 75,078 ounces for the seven-month period in 2016;
- Sold 126,555 ounces of gold totalling revenues of $159.4 million in fiscal year 2017 compared to $41.4 million during the three-month period of commercial production in 2016 ($98.0 million during the seven-month period of 2016);
- Incurred a cash operating cost1 of $438 per ounce produced for a total cash cost1 of $491 per ounce sold and an all-in sustaining cost1 of $740 per ounce sold, including additional investment to advance underground development ahead of the initial mine plan compared to $705 for the seven months ended December 31, 2016;
- Generated cash flow from mining operations1 totalling $83.9 million for cash flow from mining operations per share1 of $0.23 (C$0.28/share);
- Became net cash positive2 with a cash balance of $63 million and a long-term debt face value3 balance of $47 million;
- Connected to the Burkina Faso high voltage grid which provides 95% of the power utilized at the Yaramoko mine site;
- Funded thirty projects originating from the local communities;
- Successfully passed Lenders' Completion test and amended its $75M Initial Facility to a $60M Amended Facility;
- Graduated to the Toronto Stock Exchange on March 30, 2017;
- Completed a positive Feasibility Study for the Bagassi South Project that showed an after-tax IRR of 53.2% with 1.8 year payback on initial capital; and
- Commenced construction work at site to facilitate the Bagassi South expansion project;
For the three-month period ended December 31, 2017, the Company:
- Achieved record tonnes mined of 108,094 tonnes leading to a record quarterly mill throughput of 70,815 tonnes;
- Produced 35,016 ounces of gold and sold 34,876 ounces for gold sales totalling $45.5 million;
- Incurred a cash operating cost1 of $417 per ounce produced for a total cash cost1 of $488 per ounce sold and an all-in sustaining cost1 of $609 per ounce sold;
- Generated cash flow from mining operations1 totalling $22,035,000 for cash flow from mining operations per share1 of $0.06 (C$0.07/share); and
- Received permitting approval in January 2018 to develop the Bagassi South Project.
"In 2017, the Yaramoko gold mine outperformed on several fronts providing strong cash flow as a result of robust operating performance where production exceeded our increased guidance and costs came in below and at the low end of guidance. Our continued operational success has allowed us to build a strong balance sheet providing the flexibility to achieve our accretive growth objectives, while continuing to build net cash," stated John Dorward, President and Chief Executive Officer. "In looking ahead, 2018 is expected to be another exciting year for Roxgold as we shift our focus to expanding our proven operations at the 55 Zone by completing construction of our second high-grade mine, Bagassi South, while executing on our extensive regional exploration program."
2. 2017 GOALS AND ACHIEVEMENTS
In 2017, the Company's main operational focus was to achieve annual gold production at its Yaramoko gold mine between the range of 115,000 and 125,000 ounces (increased from 105,000 to 115,000 ounces in Q3 2017) while being a low-cost producer maintaining a cash operating cost1 at $445-$490 and an all-in sustaining cost1 at $740-$790. The Company also wanted to pursue its organic growth, with the completion of a Feasibility study for its Bagassi South Project.
During the full calendar year for 2017 there were no lost time injuries ("LTI"). There were 2.1 million LTI free hours worked during 2017, with a total of 4 million LTI free hours worked since the start of the operations to December 31, 2017.
Roxgold exceeded the upper limit of the increased guidance range with gold production of 126,990 ounces in 2017. Cash operating cost1 of $438 was below guidance and all-in sustaining cost1 of $740 was at the low end of guidance.
The Company continued its organic growth with the completion of a positive feasibility study for the Bagassi South Project located less than two kilometers from the Company's Yaramoko processing facility. The Feasibility Study envisions a satellite underground operation at Bagassi South and an expanded processing facility at Yaramoko. The Bagassi South project has an after-tax IRR of 53.2% with a 1.8-year payback on initial capital, average total cash cost of $426 per ounce (including royalties) and an average all-in sustaining cost of $630 per ounce. The pre-production capital is estimated at $30 million and is anticipated to be funded entirely from the Company's balance sheet without recourse to external financing.
3. 2018 OUTLOOK
- Gold production between 110,000 and 120,000 ounces;
- Cash operating cost1 between $450 and $500/ounce;
- All-in sustaining costs1 between $780 and $830/ounce;
- Underground capital expenditure between $22 million and $26 million
- Bagassi South pre-production capital expenditure of $30 million
- Exploration budget of $9 million
Due to sequencing of activities within the underground mine, gold production is expected to be slightly higher in the second and third quarters relative to the respective comparative period of prior year. In 2018, the Company also expects to see a greater proportion of the mill feed met by stoping activities as opposed to ore development. Grades from the mine are expected to be in line with those seen in 2017 with an average of 13.7 grams per tonne of gold ("g/t Au") expected across the year.
In the third and fourth quarters of 2018, the processing plant tie-ins for the Bagassi South expansion are expected to occur, slightly affecting mill operating time in those periods; however, it is planned that these exercises will largely occur within planned maintenance stoppages.
With current cash on hand totalling approximately $63 million as of December 31, 2017, combined with the terms of the Amended Facility, the Company has the flexibility to pursue its organic and strategic growth objectives.
4. MINE OPERATING ACTIVITIES
The Company declared commercial production on October 1, 2016. As a result, there is no comparable twelve-month period of mining operations nor mining operating profit for 2016. The Company considers that pre-commercial production operations at the Yaramoko Gold Project commenced in June 2016 as the construction of the processing plant was completed. As such, the seven-month period ended December 31, 2016 includes three months of commercial production and four months of pre-commercial production. The Company believes that these seven months are the best comparison for the twelve months of operation ended December 31, 2017.
| | Twelve months | Twelve months | Pre-commercial | Commercial | TOTAL |
| | | | | | |
| Operating Data | | | | | |
| Ore mined (tonnes) | 319,855 | 72,561 | 61,040 | 72,561 | 133,601 |
| Ore processed (tonnes) | 266,599 | 61,265 | 82,590 | 61,265 | 143,855 |
| Head grade (g/t) | 15.3 | 15.45 | 16.4 | 15.45 | 16.0 |
| Recovery (%) | 98.9 | 98.9 | 98.4 | 98.9 | 98.5 |
| Gold ounces produced | 126,990 | 29,688 | 45,390 | 29,688 | 75,078 |
| Gold ounces sold | 126,555 | 34,271 | 42,844 | 34,271 | 77,115 |
| | | | | | |
| Financial Data (in thousands of dollars) | | | | | |
| Revenues – Gold sales | 159,414 | 41,385 | 56,625 | 41,385 | 98,010 |
| Mining operating expenses | (55,681) | (14,127) | (14,728) | (14,127) | (28,855) |
| Government royalties | (6,443) | (1,685) | (2,730) | (1,685) | (4,415) |
| Depreciation and depletion | (30,152) | (4,080) | - | (4,080) | (4,080) |
| | | | | | |
| Statistics (in dollars) | | | | | |
| Average realized selling price (per ounce) | 1,260 | 1,208 | 1,322 | 1,208 | 1,271 |
| Cash operating cost (per ounce produced)1 | 438 | 414 | 350 | 414 | 375 |
| Cash operating cost (per tonne processed)1 Werbung Mehr Nachrichten zur Roxgold Aktie kostenlos abonnieren
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