Montreal, Quebec, November 4, 2019 /CNW/ - SEMAFO Inc. (TSX, OMX: SMF) is pleased to announce results of operations, development and exploration activities for the three-month period ended September 30, 2019. All amounts are in US dollars unless otherwise stated.

• Consolidated gold production of 68,800 ounces with Boungou contributing 55,600 ounces at $497 all-in sustaining cost(1)
• Cash flow from operating activities before changes in non-cash working capital(1) of $49.5 million or $0.15 per share(1)
• Net income attributable to shareholders of $8.9 million or $0.03 per share (after deferred income tax expenses of $11.3 million)
• Mana third quarter negatively affected by Wona pit wall failure, but processing plant has resumed normal operations and stockpiling of high grade Siou open pit ore has already begun
• Continued strong results from Bantou with five rigs drilling and resource goal of 2.5 - 3.0 million ounces by end of 2020
• Nabanga PEA shows an after-tax NPV of $100 million with upside potential
• Balance sheet remains conservative with net cash and 100% exposure to upside in gold price

Benoit Desormeaux, President and Chief Executive Officer of SEMAFO, states: "It's unfortunate that the temporary set-back at Wona potentially over-shadowed an otherwise strong quarter. The Mana processing plant is back up and running with high grade ore from Siou and we are looking forward to a solid finish to the year. Boungou continued its strong performance in the quarter and continued to demonstrate why it is our cornerstone operating asset. Bantou continued to deliver exciting drill results including some expansion potential and the Nabanga PEA provided a baseline economic case on which to improve."

(1)   All-in sustaining cost, cash flow from operating activities before changes in non-cash working capital and per share are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS Financial Performance Measures" section of the MD&A, note 18.

Consolidated Results and Mining Operations 

Three-month Nine-month
period  period 
ended ended
September 30,  September 30, 
2019  2018  Variation  2019  2018  Variation
Gold ounces 68,800  58,200  18 %  271,000  149,400 81 %
produced(1)
Gold ounces sold(2) 68,400  50,500  35 %  277,200  142,500 95 %

(in thousands of
dollars, except
amounts
per ounce, per
tonne and per
share) 
Revenues - Gold 100,301  60,772  65 %  373,827  181,987  105 %
sales(2)
Operating income 27,031  4,513  499 %  100,131  (11,110 )  - 
(loss) 

Net income (loss) 8,903  463  1,823 %  42,274  (14,678 )  - 
attributable to
shareholders of the
Corporation
     Basic earnings 0.03  -  -  0.13  (0.05 )  - 
(loss) per  share 
     Diluted 0.03  -  -  0.13  (0.05 )  - 
earnings (loss) per
share 

Cash flow from 49,519  21,041  135 %  202,838  55,271 267 %
operating
activities
before changes in
non-cash working
capital(3) 
     Per share(3) 0.15  0.06  150 %  0.61  0.17 259 %

Average realized 1,466  1,205  22 %  1,348  1,277 6 %
selling price (per
ounce) 
Total cash cost 547  670  (18 %)  514  788 (35 %)
(per ounce
sold)(3) 
All-in sustaining 706  1,000  (29 %)  731  1,059 (31 %)
cost (per ounce
sold)(3)

Consolidated Operational Overview and Update

Complete financial statements, including operational statements for Boungou and Mana, are provided at the end of this press release. Consolidated operational results for the quarter were negatively affected by the Wona pit wall failure. The Mana processing plant has resumed normal operations in early November and stockpiling of high grade ore from the Siou open pit has already begun.

As anticipated, Boungou continued its strong performance in the quarter producing 55,600 ounces at an all-in sustaining cost3 of $497 per ounce.

Underground development at Siou continued on-time and on-budget with 5,000 of the total 5,600 meters completed at quarter end. The pace of development continues in line with our goal of reaching full production in the first quarter of 2020. At quarter end, development continued on budget, with $44.7 million of the total $51.7 million budget incurred. Further grade control drilling in the quarter remained consistent with the block model.

(1) Gold ounces produced exclude pre-commercial production of 12,000 ounces from Boungou in 2018.
(2) Gold sales exclude those resulting from pre-production activities that were offset against capitalized construction costs and amounted to $14,994,000 from Boungou in 2018.
(3) Cash flow from operating activities before changes in non-cash working capital and per share, 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" section of the MD&A, note 18.

Exploration & Development

Bantou

Drilling at Bantou-Karankasso resumed late in the quarter. A total of 8 holes (974 meters) were completed on Bantou, and 62 holes (7,387 meters) completed on Karankasso. Five drills were active on the combined project at the end of the quarter. At Bantou, drilling is focused on coincident geophysical and soil anomalies throughout the exploration permit. At Karankasso, drilling is concentrated on the geophysical/soil trends that host the known deposits but have remained undrilled to date.

New Drill Results from Bantou Nord

In the third quarter, results from north-south lines and depth extension drilling were completed at Bantou Nord. As shown in Table 1, the north-south lines continue to return wide intercepts at above-average grades similar to the southeast-oriented lines, confirming the disseminated nature of the mineralization at Bantou Nord. Figure 1 shows the location of the north-south lines at Bantou Nord.

In addition, hole extensions demonstrated a deeper extension, particularly hole KRC19-0297 which is believed to have crossed the down-plunge extension on line 200N. Previous near-surface holes on line 200N had only returned anomalous gold values. This hole entered mineralization at 211 meters, suggesting a north-east plunge of the disseminated zone.

Table 1 - Highlights of Bantou Nord Q3 2019 Results

Section Hole No. From (m) To (m) Length (m) Au (g/t)
407650E KRC19-0444 2 94 92.0 1.60
407550E KRC19-0491 32 96 64.0 2.47
407550E KRC19-0492 2 36 34.0 1.86
407550E KRC19-0493 5 95 90.0 2.14
200N KRC19-0297 211 297.6 86.6 1.22
407750E KRC19-0432 162 192 30.0 2.40
50N KRC19-0507 11 63 52.0 1.52
50N KRC19-0508 83 212 129.0 1.46

* All assays are uncut

Figure 1 - Location of the Bantou Mineralization

[image]

New Drill Results from Bantou Proximal

During the quarter, results were received from Bantou Proximal. Table 2 shows closer spaced drilling has returned consistently higher grades over significant widths. The zone remains open along strike to the north and at depth. Further drilling to the north is planned later in the fourth quarter. In addition, core drilling is scheduled for preliminary metallurgy analysis and to better understand the mineralization for resource modeling.

In the quarter, we received two new drill results from an area approximately 700 meters east of the Bantou Zone (see Figure 1). The two holes (KRC19-0425 and KRC19-0515) are 150 meters apart and both returned high grade gold values over good widths. Mineralization consists of sheared and sericitized volcaniclastic rocks containing quartz veining and minor pyrite. To date, we have not yet established if the two intersections are interrelated, and their significance remains unknown. Follow-up drilling is ongoing.

Table 2 - Highlights of Bantou Proximal Q3 2019 Results

Zone Hole No. From (m) To (m) Length (m) Au (g/t)
East Area KRC19-0425 62 68 6 6.10
East Area KRC19-0515 91 96 5 6.47
Proximal KRC19-0460 63 70 7 44.16
Proximal KRC19-0463 4 19 15 3.14
Proximal KRC19-0464 56 67 11 8.55
Proximal KRC19-0464 72 85 13 4.62
Proximal KRC19-0476 34 61 27 5.07
Proximal KRC19-0476 76 101 25 7.86
Proximal KRC19-0478 64 98 34 2.16
Proximal KRC19-0479 90 99 9 7.53
Proximal KRC19-0480 118 140 22 2.99
Proximal KRC19-0481 71 74 3 22.47
Proximal KRC19-0487 104 111 7 12.15

* All assays are uncut

Bantou Resource Estimate

Following completion of the drill programs in the fourth quarter, a revised mineral resource will be compiled for the Bantou Project, incorporating the Karankasso portion, for inclusion in the year-end 2019 resource statement. Our resource goal of 2.5-3.0 million ounces at Bantou by the end of 2020 remains unchanged.

Boungou

A three-rig exploration program was launched late in the third quarter north of the Boungou deposit to explore near-surface splays of the Boungou Shear Zone. A total of 31 holes (3,758 meters) were completed by quarter-end. Results remain pending. The three drills are expected to remain in the area until year-end.

Mana

During the third quarter, a total of 35 holes (3,631 meters) were drilled at Mana completing the Pompoï program and following up on significant results obtained on Fofina Sud. At Pompoi, results have been disappointing to date with only local anomalous gold values obtained. Although most auger anomalies are explained by the drill holes, the holes failed to return significant gold mineralization.

At Fofina Sud, a follow-up program of four lines at 50-meter spacing were completed to assess the extension of the mineralization. Drilling covers a strike length of 250 meters. As shown in Table 3, significant mineralization was obtained on each section and the zone remains open along strike and at depth. Saprolite is exceptionally thick in this area, reaching up to 80 meters vertically.

Additional drilling is planned in the fourth quarter to test the northern and southern extensions of the zone, in addition to deepening holes on previous sections to ensure complete coverage down dip and to test a parallel zone to the west that returned locally significant results.

Table 3 - Q3 2019 Select Drilling Results at Fofina Sud

Hole No. Section From (m) To (m) Length (m) Au (g/t)
MRC19-5269 1 309 400N 73 77 4 2.28
MRC19-5270 1 309 400N 44 49 5 1.82
MRC19-5272 1 309 400N 52 57 5 1.58
MRC19-5275 3 309 450N 20 27 7 2.72
MRC19-5276 1 309 500N 69 76 7 2.09
MRC19-5277 1 309 500N 32 37 5 1.79
MRC19-5278 1 309 500N 7 13 6 1.04
MRC19-5282 1 309 550N 44 47 3 4.70
MRC19-5283 1 309 550N 16 30 14 1.25
MRC19-5287 1 309 600N 32 38 6 3.22

Nabanga

• Pre-tax NPV of $147 million and after-tax NPV of $100 million, using a 5% discount rate
• Life of Mine (LoM) gold production of 571,000 ounces at all-in sustaining cost of $760/oz and a gold recovery of 92% during the 8 years of operations

• Pre-production capital expenditure of $84 million, including 20% contingency, and $56 million in LoM sustaining capital
• Project economics (base case at $1,300/oz gold price):

• Preferred mining method - open-pit/ underground mining on the upper and at-depth portions of the ore zone, respectively
• Opportunities exist to improve returns through an increase in resources and additional cost saving measures in the mining operations and development

Mineral Resources

The PEA is based on mineral resources estimated on December 31, 2018 for the Nabanga deposit.

Category TonnesMt Au g/t OuncesK oz
Inferred resources(1) 3.4 7.7 840

(1) Nabanga mineral resources are reported above a cut-off grade of 3.0 g/t Au.

Exploration Potential

On the exploration front, the Nabanga deposit remains open to the north and many of the ore shoots are open at depth. Hole NADD18 0005, drilled on the northernmost section, to date returned 5.17 g/t Au over 3.4 meters along the plunge direction, confirming the continuity of the mineralized shoot. In addition, the remainder of the 800-km2property is largely under-explored with many untested soil and auger anomalies within trucking distance of the deposit. More specifically, auger drilling carried out in 2019 within a 10- kilometer radius of the deposit identified gold geochemical anomalies that could offer proximal satellite zones of gold mineralization.

For more information on the basis, qualifications and assumptions of the PEA, refer to the press release dated September 30, 2019.

Qualified Persons & Technical Report

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no guarantee that inferred resources can be converted to indicated or measured resources and as such, there is no certainty that the PEA will be realized. The PEA was conducted by DRA Met-Chem. Patrick Moryoussef, Eng., Vice-President, Mining Operations, SEMAFO and Qualified Person, as defined by National Instrument 43-101 has reviewed this press release for accuracy and compliance with National Instrument 43-101. The PEA is based on the Nabanga resource estimate as of December 31, 2018 as announced on February 20, 2019. A technical report for the PEA prepared in accordance with National Instrument 43-101 will be filed on SEDAR within 45 days of the September 30th press release.

Korhogo

In the quarter, 567 holes of auger drilling (10,224 meters) and 700 meters of trenching were completed on the Korhogo property in Côte d'Ivoire. The program is complete for the year, and we are currently compiling the results and assessing our plans for 2020.

Third Quarter Conference Call

A conference call will be held tomorrow, November 5, 2019 at 10:00 AM EST, to discuss the third quarter results. Interested parties are invited to call the following telephone numbers to participate in the call. A live audio webcast of the conference call will be accessible for a period of 90 days through SEMAFO's website at www.semafo.com.

Tel. local & overseas: +1 (514) 225 7341
Tel. North America: 1 (888) 390 0605
Webcast: www.semafo.com
Replay overseas: +1 (416) 764 8677
Replay N. America: 1 (888) 390 0541
Replay pass code: 921499#
Expiration: December 5, 2019

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. All statements other than statements of present or historical facts are forward-looking. 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 "goal", "upside", "potential", "improve", "anticipated", "planned", "ongoing", "committed", "building", "leveraging", "development", "pipeline" 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 (i) achieve the resource goal of 2.5 - 3.0M ounces at Bantou by end of 2020, (ii) deliver the Siou Underground on time and on budget, (iii) meet our goal of reaching full production at the Siou Underground in the first quarter of 2020,(iv) better understand the mineralization of Bantou Proximal, (v) deliver long term shareholder value, (vi) meet our 2019 revised guidance, (vii) resume the processing of ore at Mana at the end of October, (viii) 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 2018 Annual MD&A, as updated in SEMAFO's 2019 First, Second and Third Quarter MD&As, 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.

Interim Consolidated Statements of Financial Position 
(Expressed in thousands of US dollars - unaudited) 

As at   As at  
September 30,   December 31,  
2019   2018  
$   $  

Assets

Current assets 
Cash and cash 77,673 96,519
equivalents 
Current portion of 15,000 - 
restricted cash 
Trade and other 52,677 29,434
receivables 
Income tax receivable  3,425 6,390
Inventories 96,571 83,211
Other current assets  6,126 5,378
251,472 220,932
Non-current assets 
Advance receivable  1,547 2,117
Restricted cash 9,699 25,340
Property, plant and 854,835 782,060
equipment
Intangible asset 1,121 1,204
Other non-current 1,133 2,622
financial assets
868,335 813,343
Total assets 1,119,807 1,034,275

Liabilities

Current liabilities 
Trade payables and 60,875 63,905
accrued liabilities
Current portion of long 60,000 60,181
-term debt
Current portion of 13,741 7,820
lease liabilities
Current portion of 5,414 3,311
share unit plan
liabilities
Provisions 2,892 3,051
142,922 138,268
Non-current
liabilities 
Long-term debt 13,912 57,388
Lease liabilities 23,296 20,144
Share unit plan 4,147 2,263
liabilities
Provisions 25,121 23,561
Deferred income tax 73,789 39,548
liabilities
140,265 142,904
Total liabilities 283,187 281,172

Equity

Shareholders of the
Corporation
Share capital 647,215 623,604
Contributed surplus 6,126 6,771
Accumulated other (18,404 ) (18,909 )
comprehensive loss
Retained earnings  153,184 109,216
788,121 720,682
Non-controlling 48,499 32,421
interests 

Total equity 836,620 753,103
Total liabilities and 1,119,807 1,034,275
equity

Interim Consolidated Statements of Income (Loss) 
For the three-month and nine-month periods ended September 30, 2019 and 2018, respectively
(Expressed in thousands of US dollars, except per share amounts - unaudited)

Three-month period   Nine-month period  
ended September 30,   ended September 30,  
2019   2018   2019   2018  
$   $   $   $  

Revenue - Gold sales  100,301 60,772 373,827 181,987 

Costs of operations 
Mining operation 41,370 33,802 146,428 112,259
expenses 
Depreciation of 27,822 18,535 108,388 66,546
property, plant and
equipment 
General and 4,096 3,736 12,005 11,512
administrative 
Corporate social 372 600 746 1,163
responsibility
expenses 
Share-based (390 ) (414 ) 6,129 1,617
compensation 

Operating income 27,031 4,513 100,131 (11,110 )
(loss) 

Other expenses
(income) 
Finance income  (511 ) (530 ) (1,671 ) (1,783 )
Finance costs  2,210 1,433 8,831 2,033
Foreign exchange loss 683 826 893 1,690

Income (loss) before 24,649 2,784 92,078 (13,050 )
income taxes 

Income tax expense 
Current  2,619 376 4,492 665
Deferred  11,311 1,529 36,883 1,419
13,930 1,905 41,375 2,084

Net income (loss) for 10,719 879 50,703 (15,134 )
the period 

Attributable to:
Shareholders of the 8,903 463 42,274 (14,678 )
Corporation
Non-controlling 1,816 416 8,429 (456 )
interests 
10,719 879 50,703 (15,134 )

Earnings (loss) per
share 
Basic 0.03 -  0.13 (0.05 )
Diluted 0.03 -  0.13 (0.05 )

Interim Consolidated Statements of Cash Flows 
For the three-month and nine-month periods ended September 30, 2019 and 2018, respectively
(Expressed in thousands of US dollars - unaudited)

Three-month Nine-month
period   period  
ended ended
September 30,   September 30,  
2019   2018   2019   2018  
$   $   $   $  
Cash flows
from (used in): 

Operating
activities 
Net income (loss) 10,719 879 50,703 (15,134 ) 
for the period 
Adjustments for:
     Depreciation 27,822 18,535 108,388 66,546
of property, plant
and equipment 
     Share-based (390 ) (414 ) 6,129 1,617
compensation 
     Amortization 245 -  1,122 - 
of deferred
transaction costs
     Unrealized (144 ) 374 (360 ) 813
foreign exchange
(gain)
loss 
     Deferred 11,311 1,529 36,883 1,419
income tax expense
     Other (44 ) 138 (27 ) 10
Cash flow from 49,519 21,041 202,838 55,271
operating
activities
before changes in
non-cash working
capital
Changes in non-cash (21,315 ) 8,870 (41,297 ) (1,727 )
working capital
items 
Net cash provided 28,204 29,911 161,541 53,544
by operating
activities 

Financing
activities 
Repayment of long (15,000 ) -  (45,000 ) - 
-term debt 
Repayment of (26 ) (78 ) (181 ) (233 )
equipment
financing 
Payments of lease (3,449 ) (1,292 ) (8,835 ) (3,602 )
liabilities 
Proceeds on 781 -  2,267 861
issuance of share
capital,
net of expenses 
Net cash used in (17,694 ) (1,370 ) (51,749 ) (2,974 )
financing
activities 

Investing
activities 
Acquisition of (39,813 ) (50,885 ) (127,229 ) (160,741 )
property, plant and
equipment
Net cash received -  -  232 - 
on acquisition of
Savary Gold
Corporation 
Proceeds -  -  63 (1,508 )
(acquisitions) from
equity
investments 
Decrease in 212 212 212 212
restricted cash
Net cash used in (39,601 ) (50,673 ) (126,722 ) (162,037 )
investing
activities 

Effect of exchange (2,094 ) (499 ) (1,916 ) (1,243 )
rate changes on
cash
and cash
equivalents
Change in cash and (31,185 ) (22,631 ) (18,846 ) (112,710 )
cash equivalents
during the period
Cash and cash 108,858 108,871 96,519 198,950
equivalents -
Beginning
of period
Cash and cash 77,673 86,240 77,673 86,240
equivalents - End
of
period
Interest paid 2,256 2,532 7,642 7,268
Interest received 517 520 1,680 1,969
Income tax paid 168 858 1,019 4,224

Boungou, Burkina Faso 
Mining Operations
Commercial production at Boungou was declared on September 1, 2018.

Three-month One Nine-month One
period  -month period  -month
period  period 
ended ended
September 30,  September 30, 
2019  2018  2019  2018 
Operating
Data 
Mining
Waste mined 4,191,400  924,600  9,836,900  924,600 
(tonnes)
Ore mined 557,400  130,200  1,308,100  130,200 
(tonnes)
Operational 7.5  7.1  7.5  7.1 
stripping
ratio
Capitalized
Stripping
Activity
Waste material 1,188,800  476,000  9,417,200  476,000 
- Boungou
(tonnes)
Total strip 9.7  10.8  14.7  10.8 
ratio

Processing
Tonnes 288,100  91,300  879,500  91,300 
processed
(tonnes)
Head grade 6.25  3.96  6.64  3.96 
(g/t)
Recovery (%) 96  90  96  90 
Gold ounces 55,600  10,500  180,300  10,500 
produced(1)
Gold ounces 53,100  4,200  181,600  4,200 
sold(2)

Financial Data
(in thousands
of dollars) 
Revenues - 78,301  5,009  246,937  5,009 
Gold sales(2)
Mining 18,446  2,051  53,135  2,051 
operation
expenses
Government 4,514  241  13,939  241 
royalties and
development
taxes
Depreciation 21,681  1,849  71,272  1,849 
of property,
plant
and equipment
General and 262  33  757  33 
administrative
Corporate 95  156  182  156 
social
responsibility
expenses
Segment 33,303  679  107,652  679 
operating
income

Statistics (in
dollars) 
Average 1,475  1,203  1,360  1,203 
realized
selling price
(per ounce)
Cash operating 68  55  61  55 
cost (per
tonne
processed)(3)
Cash operating 78  67  85  67 
cost including
stripping (per
tonne
processed)(3)
Total cash 432  550  369  550 
cost (per
ounce sold)(3)
All-in 497  807  503  807 
sustaining
cost (per
ounce sold)(3)
Depreciation 408  444  392  444 
(per ounce
sold)(4)

(1)    Gold ounces produced exclude pre-commercial production of 12,000 ounces.
(2)    Gold sales exclude those resulting from pre-production activities that were offset against capitalized construction costs and amounted to $14,994,000.
(3)    Cash operating cost, cash operating cost including stripping, 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" section of this MD&A, note 18.
(4)    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.

Mana, Burkina Faso 
Mining Operations

Three-month Nine-month
period   period  
ended ended
September 30,   September 30,  
2019   2018   Variation   2019   2018   Variation  
Operating
Data 
Mining
Waste mined 1,462,600 3,076,300 (52 %) 7,595,600  13,403,400 (43 %)
(tonnes)
Ore mined 185,300 413,300 (55 %) 1,072,000  1,483,800 (28 %)
(tonnes)
Operational 7.9 7.4 7 % 7.1  9.0 (21 %)
stripping
ratio
Capitalized
Stripping
Activity
Waste material 2,222,200 2,559,900 (13 %) 6,676,800  2,559,900 161 %
- Siou
(tonnes)
Waste material 4,403,300 2,824,500 56 % 7,814,300  9,542,400 (18 %)
- Wona
(tonnes)
6,625,500 5,384,400 23 % 14,491,100  12,102,300 20 %
Total strip 43.6 20.5 113 % 20.6  17.2 20 %
ratio

Processing
Ore processed 179,200 519,400 (65 %) 1,110,000  1,735,600 (36 %)
(tonnes)
Low grade 168,000 129,700 30 % 496,500  202,000 146 %
material
(tonnes)
Tonnes 347,200 649,100 (47 %) 1,606,500  1,937,600 (17 %)
processed
(tonnes)
Head grade 1.39 2.50 (44 %) 2.02  2.36 (14 %)
(g/t)
Recovery (%) 85 92 (8 %) 87  94 (7 %)
Gold ounces 13,200 47,700 (72 %) 90,700  138,900 (35 %)
produced
Gold ounces 15,300 46,300 (67 %) 95,600  138,300 (31 %)
sold

Financial Data
(in thousands
of dollars) 
Revenues - 22,000 55,763 (61 %) 126,890  176,978 (28 %)
Gold sales
Mining 17,341 29,257 (41 %) 73,549  102,030 (28 %)
operations
expenses
Government 1,069 2,253 (53 %) 5,805  7,937 (27 %)
royalties
Depreciation 5,996 16,590 (64 %) 36,673  64,410 (43 %)
of property,
plant
and equipment
General and 553 639 (13 %) 1,680  1,973 (15 %)
administrative
Corporate 277 444 (38 %) 564  841 (33 %)
social
responsibility
expenses
Segment (3,236 ) 6,580 -  8,619  (213 ) - 
operating
(loss) income

Statistics (in
dollars) 
Average 1,435 1,205  19 % 1,327  1,280 4 %
realized
selling price
(per ounce)
Cash operating 33 46 (28 %) 42  52 (19 %)
cost (per
tonne
processed)¹
Cash operating 54 68 (21 %) 61  68 (10 %)
cost including
stripping (per
tonne
processed)1
Total cash 946 681 39 % 789  795 (1 %)
cost (per
ounce sold)¹
All-in 1,434 1,017 41 % 1,164  1,067 9 %
sustaining
cost (per
ounce sold)¹
Depreciation 392 358 9 % 384  466 (18 %)
(per ounce
sold)²

(1)    Cash operating cost, cash operating cost including stripping, 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" section of the MD&A, note 18.
(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.

SEMAFO - 11/04/19 News Release PDF (https://mb.cision.com/Public/17699/2953602/a105c512afde5fef.pdf)