Roxgold Reports Solid Performance in Second Quarter 2018; Record Throughput with Stoping Operations Commencing at Bagassi South

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14/08/2019 06:18
TORONTO, Aug. 13, 2019 /CNW/ - Roxgold Inc. ("Roxgold" or the "Company") (TSX: ROXG) (OTCQX: ROGFF) today reported its second quarter and first half financial results for the period ended June 30, 2019.

For complete details of the unaudited Condensed Interim Consolidated Financial Statements and associated Interim Management's Discussion and Analysis please refer to the Company's filings on SEDAR ( or the Company's website ( All amounts are in U.S. dollars unless otherwise indicated.


During the three and six-month period ended June 30, 2019 the Company:

•Continued a strong safety record with no lost time injuries recorded in Q2 2019 with a 12-month rolling lost time injury frequency rate ("LTIFR") of 0.39 per one million hours worked;

•Sold 33,102 ounces of gold1 for a total of $42.9 million in gold sales1 (35,320 ounces and $45.8 million respectively in Q2 2018) and sold 65,900 ounces of gold1 for a total of $85.8 million in gold sales1 YTD 2019 (75,370 ounces and $99.0 million respectively YTD Q2 2018);
•Cash operating cost2 of $518 per ounce produced and all-in sustaining cost2 of $836 per ounce sold and $493 per ounce produced and $806 per ounce sold for the three and six-month periods ended June 30, 2019;
•Operating costs2 of $156 per tonne processed were 22% lower than Q2 2018 as a result of increased throughput and improved efficiencies;
•Mined 109,840 tonnes and achieved record quarterly throughput of 113,866 tonnes which exceeded increased nameplate capacity of 1,100 tonnes per day by approximately 14%;

•Achieved an adjusted EBITDA2 of $15.7 million at a margin2 of 37% in Q2 2019 increasing adjusted EBITDA to $34.0 million at a margin of 41% for YTD 2019;
•Generated cash flow from mining operations2 totalling $21.8 million for cash flow from mining operations per share2 of $0.06 (C$0.08/share);
•Adjusted net income2 of $0.7 million in Q2 2019 and six-month period ended June 30, 2019 of $4.8 million;

•Continued ramp up of production from Bagassi South with first production stopes established in Q2 2019 with commercial production expected to be achieved by the end of August 2019;
•Completion of the Séguéla gold project acquisition from Newcrest Mining in April 2019;
•Maiden Séguéla Gold Project ("Séguéla") Indicated Mineral Resource estimate prepared in accordance with NI 43-101 of 496,000 ounces at 2.4 g/t Au and an Inferred Mineral Resource Estimate of 34,000 ounces at 2.4g/t Au for the Antenna deposit;
•Additional infill and extension drilling at Antenna subsequent to the completion of the maiden Mineral Resource Estimate is anticipated to add to the resource while results from Boulder highlight the potential of the satellite prospects.

"The first half of 2019 saw a solid operating performance at Yaramoko and we continue to remain on track to achieve our annual production guidance. The processing plant continued to outperform achieving record throughput and operating approximately 14% above nameplate capacity during the second quarter. This enabled us to maintain a cash operating margin of $724 per ounce delivering strong cashflow from mining operations of $21.8 million. Stoping operations at Bagassi South commenced during the quarter positioning production from Yaramoko to be stronger during the second half of 2019," said John Dorward, President and CEO. "We are continuing our exploration activities at Yaramoko as well as advancing the progression of the Séguéla gold project, our second development project, where we expect to deliver a Preliminary Economic Assessment with an upgraded resource estimate in the fourth quarter of this year."

2. 2019 OUTLOOK
•Gold production between 145,000 and 155,000 ounces;
•Cash operating cost2 between $440 and $470/ounce;
•All-in sustaining cost2 between $765 and $795/ounce;
•Exploration budget of $10-$12 million;
•Bagassi South pre-commercial production development spend of $12-$15 million.

In 2019, Yaramoko is expected to produce a stronger second half due to the Bagassi South mine commencing stoping operations during Q2 2019.

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