Montreal, Quebec, May 12, 2020 - SEMAFO Inc. (TSX, OMX: SMF) is pleased to announce results of operations for the three-month period ended March 31, 2020. All amounts are in US dollars unless otherwise stated.

Highlights

• Signing of definitive agreement with Endeavour
• Consolidated gold production of 81,900 ounces 
• Gold sales of $123.2 million 
• All-in sustaining cost1 of $888 per ounce sold 
• Operating income of $33.2 million 
• Net income attributable to shareholders of the Corporation of $14.1 million or $0.04 per share 
• Adjusted net income attributable to shareholders of the Corporation1 of $20.8 million or $0.06 per share1 
• Cash flow from operating activities before changes in non-cash working capital1 of $60.0 million or $0.18 per share1 
• Full production rate of 2,000 tpd reached at Siou underground (UG) 
• SEMAFO provides Endeavour transaction update, including update on timing, mailing of meeting materials for May 28 Special Meeting and Board resolutions passed to apply for delisting from the TSX and Nasdaq Stockholm pending closing of transaction 

Benoit Desormeaux, President and Chief Executive Officer of SEMAFO, stated: "Despite a four-week shutdown at Boungou and the implementation of preventive measures against the COVID-19 virus, we delivered a solid first quarter that included a smooth ramp-up of Siou underground to full production. During the quarter, we announced a strategic transaction with Endeavour that continues to receive strong stakeholder support. We remind our shareholders to vote in favour of the transaction at the special shareholder meeting that will be held virtually on May 28. Details on how to attend and vote are provided in the joint circular that has been mailed to shareholders, filed on SEDAR and is available on our website."

(1) All-in sustaining cost, adjusted net income attributable to shareholders of the Corporation and per share, 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 2020 First Quarter MD&A, note 18.

Consolidated Results and Mining Operations 

Three
-month
period 
ended
March 31, 
2020  2019  Variation 
Gold ounces 81,900  102,400  (20  %) 
produced 
Gold ounces sold  76,800  106,100  (28  %) 

(in thousands of
dollars, except
amounts
per ounce and per
share) 
Revenues - Gold 123,211  138,541  (11  %) 
sales 
Operating income  33,217  40,359  (18  %) 

Net income 14,066  17,666  (20  %) 
attributable to
shareholders
of the Corporation
 
   Basic earnings 0.04  0.05  (20  %) 
per share 
   Diluted earnings 0.04  0.05  (20  %) 
per share 

Adjusted net income 20,793  22,632  (8  )% 
attributable to
shareholders of the
Corporation(1)
   Per share(1) 0.06  0.07  (14  )% 

Cash flow from 59,985  78,980  (24  %) 
operating
activities
before changes in
non-cash working
capital(1) 
   Per share(1) 0.18  0.24  (25  %) 

Average realized 1,604  1,306  23  % 
selling price (per
ounce) 
Total cash cost 661  484  37  % 
(per ounce
sold)(1) 
All-in sustaining 888  745  19  % 
cost (per ounce
sold)(1) 

Consolidated Operational Overview

Financial results for Boungou and Mana are provided at the end of this press release. In early February 2020, the Boungou plant restarted and processing of the stockpile began.

The year-over-year decrease in gold sales and gold ounces produced and sold is mainly due to the four-week suspension of operations at the Boungou Mine, which was partially offset by the increase in the average realized selling gold price.

The decrease in cash flow from operating activities before changes in non-cash working capital1in the first quarter of 2020 compared to the same period in 2019 mainly reflects the four-week suspension of operations at the Boungou Mine.

(1) Adjusted net income attributable to shareholders of the Corporation, adjusted basic earnings per share, 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 2020 First Quarter MD&A, note 18.

Update on COVID-19 

Over the past months, SEMAFO has implemented a series of protocols to help prevent the spread of the COVID-19 virus among its employees, contractors, suppliers and surrounding communities. At the site-level, these involve sensitising employees, mandatory quarantine for expatriates entering Burkina Faso, temperature screening of new arrivals at travel and site access points, cancelling non-essential travel, increasing sanitation measures and heightening its medical response capacity. Personnel with elevated temperatures or other symptoms are immediately placed in preventive isolation, together with co-workers with whom they may have been in contact.

In parallel, the Corporation instigated early preventive measures to mitigate impact on the supply chain. These include increasing stock levels from suppliers from certain regions and stock levels of key supplies in addition to alternate sourcing of key spare parts and reagents.

Endeavour Transaction Update 

As previously announced by the Corporation, in connection with the transaction with Endeavour, a Special Meeting of SEMAFO's shareholders will be held virtually through live audio webcast on Thursday, May 28, 2020 at 09:30 EST. The purpose of the Special Meeting is to seek approval for the acquisition by Endeavour of all the issued and outstanding securities of SEMAFO by way of a Plan of Arrangement under the Business Corporations Act (Québec). Shareholders who wish to attend the virtual Special Meeting must follow the procedures set out in the joint circular which has already been mailed and is available on SEDAR and our website at www.semafo.com (http://file///Y:/filings/livework/wkip/62460/Q1%202020%20EN%20FINAL.docx#Press_Release).

In addition, SEMAFO was advised today by Endeavour that it has received a notice from the Director of Investments under the Investment Canada Act (the "ICA") pursuant to section 25.2(1) of the ICA indicating that the Minister of Innovation, Science and Economic Development is considering whether to order a national security review of the Transaction under section 25.3(1) of the ICA. Endeavour has advised SEMAFO that it will work with the Director to address any outstanding questions or concerns, although neither Endeavour nor SEMAFO is aware of any reasons for the notice. In particular, while SEMAFO's head office is located in Quebec, it has no operating assets in Canada and its operations are confined to gold production and exploration in Burkina Faso. The Minister has until June 25, 2020 to consider whether to order a review under section 25.3(1) of the ICA. If the Minister issues a notice indicating that no such order for a national security review will be made, and assuming all of the conditions to the Transaction are satisfied or waived, the closing of the Transaction is expected to occur before the end of June 2020.

Finally, in response to the COVID-19 pandemic, the Corporation intends to rely on the exemption provided by AMF Decision No. 2020-PDG-0034 (the "Blanket Relief Order") from the requirement to file its executive compensation disclosure within 140 days following the end of its most recently completed financial year.  The Corporation will file its executive compensation disclosure in due course in accordance with the requirements set forth in the Blanket Relief Order, and will hold its annual general meeting of shareholders at the appropriate time.

Delisting from Nasdaq Stockholm 

In conjunction with the anticipated closing of the Endeavour transaction, SEMAFO has resolved to apply for delisting of the SEMAFO shares from Nasdaq Stockholm, subject to the satisfaction or waiver of the conditions to the transaction. The last day of trading of the SEMAFO shares on Nasdaq Stockholm will be announced as soon as SEMAFO has been informed thereof by Nasdaq Stockholm.

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 "expected", "pending", "continues", "will", "seek", "committed", "building", "leveraging", "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 complete the transaction with Endeavour Mining Corporation on the terms and timing proposed; the impact on the closing and timing of the proposed transaction with Endeavour Mining Corporation as a result of any review ordered by the Minister of Innovation, Science and Development pursuant to the ICA; the ability to prevent and manage the COVID-19 virus, 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); the security of our operations; 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 2019 Annual MD&A as updated in the 2020 First Quarter MD&A and other filings made with Canadian securities regulatory authorities, including the joint circular relating to the Endeavour transaction, which are available on SEDAR at www.sedar.com or the SEMAFO 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
March 31,  December 31, 
2020  2019 
$  $ 

Assets

Current assets 
Cash and cash 96,681  98,297 
equivalents 
Trade and other 39,684  44,645 
receivables 
Income tax receivable  1,545  4,434 
Inventories 99,900  98,072 
Other current assets  5,073  5,380 
242,883  250,828 
Non-current assets 
Advance receivable  1,227  1,421 
Restricted cash 9,736  9,964 
Property, plant and 828,114  843,123 
equipment
Intangible asset 1,034  1,079 
Other non-current 1,532  3,698 
financial assets
841,643  859,285 
Total assets 1,084,526  1,110,113 

Liabilities

Current liabilities 
Trade payables and 51,720  67,819 
accrued liabilities
Debt 29,565  59,275 
Current portion of 12,125  13,073 
lease liabilities
Current portion of 4,036  3,269 
share unit plan
liabilities
Provisions 2,788  2,843 
100,234  146,279 
Non-current
liabilities 
Lease liabilities 14,276  15,244 
Share unit plan 1,882  2,755 
liabilities
Provisions 26,111  25,617 
Deferred income tax 79,786  72,478 
liabilities
122,055  116,094 
Total liabilities 222,289  262,373 

Equity

Shareholders of the
Corporation
Share capital 647,251  647,251 
Contributed surplus 6,105  6,105 
Accumulated other (19,517  )  (17,351  ) 
comprehensive loss
Retained earnings  176,193  162,127 
810,032  798,132 
Non-controlling 52,205  49,608 
interests 

Total equity 862,237  847,740 
Total liabilities and 1,084,526  1,110,113 
equity

Interim Consolidated Statements of Income  
For the three-month ending March 31, 2020 and 2019
(Expressed in thousands of US dollars, except per share amounts - unaudited)

Three-month period 
ended March 31, 
2020  2019 
$  $ 

Revenue - Gold sales  123,211  138,541 

Costs of operations 
Mining operation expenses  52,165  51,405 
Depreciation of property, plant and equipment  31,532  39,628 
General and administrative  4,461  3,960 
Corporate social responsibility expenses  262  357 
Share-based compensation  1,574  2,832 

Operating income  33,217  40,359 

Other expenses (income) 
Finance income  (452  )  (548  ) 
Finance costs  2,796  3,556 
Foreign exchange loss 588  496 
Transaction costs  1,578  - 

Income before income taxes  28,707  36,855 

Income tax expense 
Current  3,341  734 
Deferred  8,703  14,999 
12,044  15,733 

Net income for the period  16,663  21,122 

Attributable to:
Shareholders of the Corporation 14,066  17,666 
Non-controlling interests  2,597  3,456 
16,663  21,122 

Earnings per share 
Basic 0.04  0.05 
Diluted 0.04  0.05 

Interim Consolidated Statements of Cash Flows 
For the three-month period ended March 31, 2020 and 2019
(Expressed in thousands of US dollars - unaudited)

Three-month period 
ended March 31, 
2020  2019 
$ $
Cash flows from (used in): 

Operating activities 
Net income for the period  16,663  21,122 
Adjustments for:
Depreciation of property, plant and 31,532  39,628 
equipment 
Share-based compensation  1,574  2,832 
Amortization of deferred financing 290  - 
costs
Unrealized foreign exchange loss  839  116 
Deferred income tax expense 8,703  14,999 
Other 384  283 
Cash flow from operating activities 59,985  78,980 
before changes in non-cash working
capital
Changes in non-cash working capital 874  (15,736  ) 
items 
Net cash provided by operating 60,859  63,244 
activities 

Financing activities 
Repayment of debt  (30,000  )  (15,000  ) 
Repayment of equipment financing  -  (77  ) 
Payments of lease liabilities  (3,532  )  (2,125  ) 
Proceeds on issuance of share capital, -  430 
net of expenses 
Net cash used in financing activities  (33,532  )  (16,772  ) 

Investing activities 
Acquisition of property, plant and (26,810  )  (43,179  ) 
equipment
Net cash used in investing activities  (26,810  )  (43,179  ) 

Effect of exchange rate changes on cash (2,133  )  (827  ) 
and cash equivalents
Change in cash and cash equivalents (1,616  )  2,466 
during the period
Cash and cash equivalents - Beginning 98,297  96,519 
of period
Cash and cash equivalents - End of 96,681  98,985 
period
Interest paid 1,500  2,775 
Interest received 452  548 
Income tax paid 275  851 

Boungou, Burkina Faso 
Mining Operations

Three-month period 
ended March 31, 
2020  2019  Variation 
Operating Data 
Mining
Waste mined (tonnes) -  2,106,000  (100  %) 
Ore tonnes mined -  280,000  (100  %) 
Operational stripping ratio -  7.5  (100  %) 
Capitalized Stripping Activity
Waste material - Boungou -  5,044,600  (100  %) 
(tonnes)
Total strip ratio -  25.5  (100  %) 

Processing
Tonnes processed (tonnes) 199,800  308,700  (35  %) 
Head grade (g/t) 5.29  6.50  (19  %) 
Recovery (%) 94  96  (2  %) 
Gold ounces produced 32,000  61,900  (48  %) 
Gold ounces sold 25,000  64,700  (61  %) 

Financial Data (in thousands of
dollars) 
Revenues - Gold sales 40,793  84,492  (52  %) 
Mining operation expenses 12,247  17,070  (28  %) 
Government royalties and 2,385  4,724  (50  %) 
development taxes
Depreciation of property, plant 10,624  24,948  (57  %) 
and equipment 
General and administrative 425  217  96  % 
Corporate social responsibility 8  82  (90  %) 
expenses
Segment operating income 15,104  37,451  (60  %) 

Statistics (in dollars) 
Average realized selling price 1,629  1,306  25  % 
(per ounce)
Cash operating cost (per tonne 68  53  28  % 
processed)¹
Cash operating cost including 68  88  (23  %) 
stripping (per tonne
processed)¹
Total cash cost (per ounce 530  337  57  % 
sold)¹
All-in sustaining cost (per 550  534  3  % 
ounce sold)¹
Depreciation (per ounce sold)² 425  386  10  % 

(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 2020 First Quarter 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.

Mana, Burkina Faso 

Mining Operations

Three
-month
period 
ended
March 31, 
2020  2019  Variation
Operating Data 
Mining - Open pit
Waste mined (tonnes) 1,771,500  2,766,300  (36  %) 
Ore tonnes mined 211,200  408,100  (48  %) 
Operational 8.4  6.8  24  % 
stripping ratio
Capitalized
Stripping Activity
Waste material - 117,600  2,405,900  (95  %) 
Siou (tonnes)
Waste material - 2,486,700  1,825,000  36  % 
Wona (tonnes)
2,604,300  4,230,900  (38  %) 
Total strip ratio 20.7  17.1  21  % 
Mining - Underground
(UG) 
Ore tonnes mined  163,560  -  - 

Processing
Ore processed 407,000  427,900  (5  %) 
(tonnes)
Low grade material 257,700  212,300  21  % 
(tonnes)
Tonnes processed 664,700  640,200  4  % 
(tonnes)
Head grade (g/t) 2.49  2.27  10  % 
Recovery (%) 94  87  8  % 
Gold ounces produced 49,900  40,500  23  % 
Gold ounces sold 51,800  41,400  25  % 

Financial Data (in
thousands of
dollars) 
Revenues - Gold 82,418  54,049  52  % 
sales
Mining operations 33,414  27,182  23  % 
expenses
Government royalties 4,119  2,429  70  % 
Depreciation of 20,768  14,531  43  % 
property, plant and
equipment 
General and 588  543  8  % 
administrative
Corporate social 254  275  (8  %) 
responsibility
expenses
Segment operating 23,275  9,089  156  % 
income

Statistics (in
dollars) 
Average realized 1,592  1,306  22  % 
selling price (per
ounce)
Cash operating cost 56  41  37  % 
(per tonne
processed)¹
Cash operating cost 79  61  30  % 
including stripping
and UG development
(per tonne
processed)¹
Total cash cost (per 725  715  1  % 
ounce sold)¹
All-in sustaining 1,052  1,075  (2  %) 
cost (per ounce
sold)¹
Depreciation (per 401  351  14  % 
ounce sold)²

(1)   Cash operating cost, cash operating cost including stripping and UG development, 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 2020 First Quarter 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.

Interim Consolidated Statements of Financial Position 

(Expressed in thousands As at As at
of US dollars -
unaudited)
March 31,  December 31, 
2020  2019 
$  $ 

Assets

Current assets 
Cash and cash 96,681  98,297 
equivalents 
Trade and other 39,684  44,645 
receivables 
Income tax receivable  1,545  4,434 
Inventories 99,900  98,072 
Other current assets  5,073  5,380 
242,883  250,828 
Non-current assets 
Advance receivable  1,227  1,421 
Restricted cash 9,736  9,964 
Property, plant and 828,114  843,123 
equipment
Intangible asset 1,034  1,079 
Other non-current 1,532  3,698 
financial assets
841,643  859,285 
Total assets 1,084,526  1,110,113 

Liabilities

Current liabilities 
Trade payables and 51,720  67,819 
accrued liabilities
Debt 29,565  59,275 
Current portion of lease 12,125  13,073 
liabilities
Current portion of share 4,036  3,269 
unit plan liabilities
Provisions 2,788  2,843 
100,234  146,279 
Non-current liabilities 
Lease liabilities 14,276  15,244 
Share unit plan 1,882  2,755 
liabilities
Provisions 26,111  25,617 
Deferred income tax 79,786  72,478 
liabilities
122,055  116,094 
Total liabilities 222,289  262,373 

Equity

Shareholders of the
Corporation
Share capital 647,251  647,251 
Contributed surplus 6,105  6,105 
Accumulated other (19,517  )  (17,351  ) 
comprehensive loss
Retained earnings  176,193  162,127 
810,032  798,132 
Non-controlling 52,205  49,608 
interests 

Total equity 862,237  847,740 
Total liabilities and 1,084,526  1,110,113 
equity

Interim Consolidated Statements of Income  
For the three-month ending March 31, 2020 and 2019
(Expressed in thousands of US dollars, except per share amounts - unaudited)

Three-month period 
ended March 31, 
2020  2019 
$  $ 

Revenue - Gold sales  123,211  138,541 

Costs of operations 
Mining operation expenses  52,165  51,405 
Depreciation of property, plant and equipment  31,532  39,628 
General and administrative  4,461  3,960 
Corporate social responsibility expenses  262  357 
Share-based compensation  1,574  2,832 

Operating income  33,217  40,359 

Other expenses (income) 
Finance income  (452  )  (548  ) 
Finance costs  2,796  3,556 
Foreign exchange loss 588  496 
Transaction costs  1,578  - 

Income before income taxes  28,707  36,855 

Income tax expense 
Current  3,341  734 
Deferred  8,703  14,999 
12,044  15,733 

Net income for the period  16,663  21,122 

Attributable to:
Shareholders of the Corporation 14,066  17,666 
Non-controlling interests  2,597  3,456 
16,663  21,122 

Earnings per share 
Basic 0.04  0.05 
Diluted 0.04  0.05 

Interim Consolidated Statements of Cash Flows 
For the three-month period ended March 31, 2020 and 2019
(Expressed in thousands of US dollars - unaudited)

Three-month period 
ended March 31, 
2020  2019 
$ $
Cash flows from (used in): 

Operating activities 
Net income for the period  16,663  21,122 
Adjustments for:
Depreciation of property, plant and 31,532  39,628 
equipment 
Share-based compensation  1,574  2,832 
Amortization of deferred financing 290  - 
costs
Unrealized foreign exchange loss  839  116 
Deferred income tax expense 8,703  14,999 
Other 384  283 
Cash flow from operating activities 59,985  78,980 
before changes in non-cash working
capital
Changes in non-cash working capital 874  (15,736  ) 
items 
Net cash provided by operating 60,859  63,244 
activities 

Financing activities 
Repayment of debt  (30,000  )  (15,000  ) 
Repayment of equipment financing  -  (77  ) 
Payments of lease liabilities  (3,532  )  (2,125  ) 
Proceeds on issuance of share capital, -  430 
net of expenses 
Net cash used in financing activities  (33,532  )  (16,772  ) 

Investing activities 
Acquisition of property, plant and (26,810  )  (43,179  ) 
equipment
Net cash used in investing activities  (26,810  )  (43,179  ) 

Effect of exchange rate changes on cash (2,133  )  (827  ) 
and cash equivalents
Change in cash and cash equivalents (1,616  )  2,466 
during the period
Cash and cash equivalents - Beginning 98,297  96,519 
of period
Cash and cash equivalents - End of 96,681  98,985 
period
Interest paid 1,500  2,775 
Interest received 452  548 
Income tax paid 275  851 

Boungou, Burkina Faso 
Mining Operations

Three-month period 
ended March 31, 
2020  2019  Variation 
Operating Data 
Mining
Waste mined (tonnes) -  2,106,000  (100  %) 
Ore tonnes mined -  280,000  (100  %) 
Operational stripping ratio -  7.5  (100  %) 
Capitalized Stripping Activity
Waste material - Boungou -  5,044,600  (100  %) 
(tonnes)
Total strip ratio -  25.5  (100  %) 

Processing
Tonnes processed (tonnes) 199,800  308,700  (35  %) 
Head grade (g/t) 5.29  6.50  (19  %) 
Recovery (%) 94  96  (2  %) 
Gold ounces produced 32,000  61,900  (48  %) 
Gold ounces sold 25,000  64,700  (61  %) 

Financial Data (in thousands of
dollars) 
Revenues - Gold sales 40,793  84,492  (52  %) 
Mining operation expenses 12,247  17,070  (28  %) 
Government royalties and 2,385  4,724  (50  %) 
development taxes
Depreciation of property, plant 10,624  24,948  (57  %) 
and equipment 
General and administrative 425  217  96  % 
Corporate social responsibility 8  82  (90  %) 
expenses
Segment operating income 15,104  37,451  (60  %) 

Statistics (in dollars) 
Average realized selling price 1,629  1,306  25  % 
(per ounce)
Cash operating cost (per tonne 68  53  28  % 
processed)¹
Cash operating cost including 68  88  (23  %) 
stripping (per tonne
processed)¹
Total cash cost (per ounce 530  337  57  % 
sold)¹
All-in sustaining cost (per 550  534  3  % 
ounce sold)¹
Depreciation (per ounce sold)² 425  386  10  % 

(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 2020 First Quarter 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.

Mana, Burkina Faso 

Mining Operations

Three
-month
period 
ended
March 31, 
2020  2019  Variation
Operating Data 
Mining - Open pit
Waste mined (tonnes) 1,771,500  2,766,300  (36  %) 
Ore tonnes mined 211,200  408,100  (48  %) 
Operational 8.4  6.8  24  % 
stripping ratio
Capitalized
Stripping Activity
Waste material - 117,600  2,405,900  (95  %) 
Siou (tonnes)
Waste material - 2,486,700  1,825,000  36  % 
Wona (tonnes)
2,604,300  4,230,900  (38  %) 
Total strip ratio 20.7  17.1  21  % 
Mining - Underground
(UG) 
Ore tonnes mined  163,560  -  - 

Processing
Ore processed 407,000  427,900  (5  %) 
(tonnes)
Low grade material 257,700  212,300  21  % 
(tonnes)
Tonnes processed 664,700  640,200  4  % 
(tonnes)
Head grade (g/t) 2.49  2.27  10  % 
Recovery (%) 94  87  8  % 
Gold ounces produced 49,900  40,500  23  % 
Gold ounces sold 51,800  41,400  25  % 

Financial Data (in
thousands of
dollars) 
Revenues - Gold 82,418  54,049  52  % 
sales
Mining operations 33,414  27,182  23  % 
expenses
Government royalties 4,119  2,429  70  % 
Depreciation of 20,768  14,531  43  % 
property, plant and
equipment 
General and 588  543  8  % 
administrative
Corporate social 254  275  (8  %) 
responsibility
expenses
Segment operating 23,275  9,089  156  % 
income

Statistics (in
dollars) 
Average realized 1,592  1,306  22  % 
selling price (per
ounce)
Cash operating cost 56  41  37  % 
(per tonne
processed)¹
Cash operating cost 79  61  30  % 
including stripping
and UG development
(per tonne
processed)¹
Total cash cost (per 725  715  1  % 
ounce sold)¹
All-in sustaining 1,052  1,075  (2  %) 
cost (per ounce
sold)¹
Depreciation (per 401  351  14  % 
ounce sold)²

(1)   Cash operating cost, cash operating cost including stripping and UG development, 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 2020 First Quarter 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.

News release dated May 12, 2020 (https://mb.cision.com/Public/17699/3110095/be89687efc830807.pdf)