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Golden Star Resources 2006 Annual Report

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Golden Star Resources 2006 Annual Report We Are We Are We Are GROWING GHANA GOLD We Are .63+,5:;(9 2006 Annual Report Golden Star Resources Ltd. is a mid-tier gold mining company with two operating mines in Ghana, West Africa. Production is expected to nearly double from approximately 200,000 ounces in 2006 to 390,000 ounces in 2007. Additional growth will be in the form of exploration success and appropriate acquisitions to provide long-term shareholder value. Our strategy of acquiring property during the down cycle of 1999 to 2002 has allowed Golden Star to become [OLKVTPUHU[OVSKLYVMTPUPUNWYVWLY[PLZVU[OLWYVSPÄJ(ZOHU[P.VSK;YLUK;OPZWVY[MVSPVVMWYVWLY[PLZ HSVUN^P[O[OLJVTWSL[PVUVMV\Y)VNVZV:\SÄKL,_WHUZPVU7YVQLJ[^PSSKYP]LV\YNVSKWYVK\J[PVUNYV^[O V]LY[OLUL_[`LHY;OLWV[LU[PHSKL]LSVWTLU[VM/^PUP)\[YLHUK)LUZVHKKZZPNUPÄJHU[]HS\L[VV\Y>HZZH gold mine, as does the potential development of Prestea Underground mine to Bogoso/Prestea. Shares of Golden Star are widely held by both retail and institutional shareholders and are traded on both [OL(TLYPJHU:[VJR,_JOHUNLHUK;VYVU[V:[VJR,_JOHUNL\UKLY[OLZ`TIVSZ.::HUK.:*YLZWLJ[P]LS` GHANA Bogoso/ Prestea Accra Wassa Table of Contents 1 Highlights in 2006 15 Exploration 36 Consolidated Financial 2 Letter to Shareholders 16 Sustainability Statements 6 Mineral Reserves & Mineral 17 Selected Financial Data 68 Board of Directors Resources 18 Management’s Discussion IBC Corporate Information 9 Operations: Bogoso/Prestea and Analysis 12 Operations: Wassa Front Cover Growth, Ghana and gold are recurring themes in the history and evolution of Golden Star Resources. Since 1999, when Peter Bradford set out to transform the company from an exploration company into a gold producer, these themes have maintained their importance in Golden Star’s strategies for growth. The stainless steel tanks house the BIOX®VYNHUPZTZ[OH[MVYT[OLIHZPZVM[OL)VNVZV:\SÄKL Expansion Project, which will be the cornerstone of our future growth. Our employees are the fundamental drivers of our success and our Ghanaian workforce is second to none. The gold doré bar is the end result of all the mining and processing efforts. Forward-Looking Statements are made in this report to give the reader an indication of our business prospects, plans and objectives. Although we believe these statements are reasonable as of the date of this report, readers are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results, performance or achievements to differ materially from those stated. There can be no assurance that future developments affecting Golden Star will be those anticipated by us. Readers should refer to the risks involved in making MVY^HYKSVVRPUNZ[H[LTLU[Z^OPJOHYLNP]LUVUWHNLZHUKVMV\Y-VYT2HZÄSLKH[^^^ZLKHYJVTHUK^^^ZLJNV] Non-GAAP Measures are used in this report, in particular “total cash cost” and “cash operating cost” on a per-ounce of gold basis. This information differs from measures of performance prepared in accordance with GAAP. Readers should examine the cautionary and explanatory statement on pages HUKVMV\Y-VYT2HZÄSLKH[^^^ZLKHYJVTHUK^^^ZLJNV] Highlights in 2006 • Significant progress made on the Bogoso Sulfide Expansion Project with commercial production slated for the second quarter of 2007 • Sold non-core assets for after-tax capital gain of $81.2 million • Improved quarter-on-quarter progress throughout the year • Effectively managed power rationing situation in Ghana • Broadened and strengthened management team • Benefited from Ghanaian Government’s removal of illegal miners from our mining concession areas • Continued progress at Hwini-Butre, Benso, and Prestea Underground projects GSR Stock Investment Compared to Indices Production1 Reserves1 (thousands Canadian Dollars) (thousands ounces) (millions ounces) $ 1,200 500 5 $ 1,000 400 4 $ 800 300 3 $ 600 200 2 $ 400 100 1 $ 200 $ 0 0 0 01 02 03 04 05 06 02 03 04 05 06 07 08 02 03 04 05 06 Golden Star Resources Estimated Proven & Probable Mineral Reserves Canadian Gold Index S&P/TSX Composite Results 2006 2005 Production (thousands oz)1 201.4 201.0 Reserves (millions oz)1 4.15 4.05 Cash operating cost ($/oz) $ 442 $ 383 Total cash cost ($/oz) $ 460 $ 396 Gold price realized ($/oz) $ 607 $ 446 Net (loss)/earnings ($ millions) $ 64.7 $ (13.5) (Loss)/earnings per share ($) $ 0.31 $ (0.09) 6WLYH[PUNJHZOÅV^ TPSSPVUZ3 $ 5.8 $ 1.1 Capital expenditures ($ millions) $ 170.7 $ 110.8 Cash at year end ($ millions) $ 27.1 $ 89.7 Debt at year end ($ millions) $ 86.3 $ 71.2 Shares outstanding at year end (millions) 232.1(2) 206.0 (1) Before minority interests (2) Shares outstanding at March 12, 2007 (millions) (3) After investing $22.3 million in ore stockpile inventory. (SSJ\YYLUJ`PZZ[H[LKPU<:KVSSHYZ[OYV\NOV\[[OPZYLWVY[L_JLW[^OLYLUV[LK 1 2006 Annual Report Our new BIOX® plant at Bogoso/Prestea is expected to start commercial production in the second quarter of 2007, at which time it will be among the largest operating BIOX® plants in the world. Peter Bradford President and CEO Letter to Shareholders :PNUPÄJHU[WYVNYLZZ^HZTHKLPU5V[HIS`^LOH]L! Improving Performance From Existing Operations • Stabilized our operations at the Bogoso/Prestea and Wassa Mines; ([IV[OVWLYH[PVUZ)VNVZV7YLZ[LHHUK>HZZH^LTHKLTLHZ\YHISL PTWYV]LTLU[Z[VPUJYLHZL[OLYLSPHIPSP[`VMVWLYH[PVUZHUK[OLJVZ[ 7YVNYLZZLK[OL)VNVZV:\SÄKL,_WHUZPVU7YVQLJ[PUYLHKPULZZMVY WYVÄSL;OLSH[[LY^HZHJOPL]LKPU[OLMHJLVMPUJYLHZPUNJVZ[WYLZZ\YLZ ÄUHSJVTTPZZPVUPUNHUKJVTTLYJPHSVWLYH[PVUZPULHYS`" L_WLYPLUJLKPUK\Z[Y`^PKL :VSKUVUJVYLHZZL[ZMVYHUHM[LY[H_JHWP[HSNHPUVM TPSSPVU" • Strengthened and broadened our management team; -\UKHTLU[HSS`>HZZHWLYMVYTLK^LSSTLL[PUNV\Y[OYV\NOW\[HUK HIZVS\[LTVU[OS`JVZ[[HYNL[Z/V^L]LY[OLTPULKNYHKLJVU[PU\LK • Improved working relationships with our stakeholder commu- [V\UKLYWLYMVYTYLSH[P]L[V[OLYLZV\YJLTVKLS(ZHYLZ\S[^L nities; and LUNHNLKHUPUKLWLUKLU[JVUZ\S[HU[[VKL]LSVWHUL^YLZV\YJL • Strengthened our policies, procedures, and activities in the TVKLSMVY>HZZH;OPZ^VYR^OPJO^HZJVTWSL[LKSH[LPU governance and sustainability areas. YLZ\S[LKPUHSV^LYYLZV\YJLNYHKLHUK[OLYLJSHZZPÄJH[PVUVMZVTL 6]LYHSS^LH[[HPULKYLJVYKNVSKZHSLZPU>LL_WLJ[[V VM[OLTPULYHSYLZV\YJL;OLLMMLJ[^HZHSV^LYTPULYHSYLZLY]LMVY ZPNUPÄJHU[S`Z\YWHZZ[OPZSL]LSPU^P[OHULHYKV\ISPUNVM >HZZH ^OPJO ^PSS MVYT [OL IHZPZ MVY TVYL YLSPHISL WSHUUPUN HUK gold production year-on-year. WYVK\J[PVULZ[PTH[LZPU[OLM\[\YL 0UTPK^LJVTTLUJLKTPUPUN[OLOPNOLYNYHKL:(2KLWVZP[Z H[>HZZH;OPZJVU[YPI\[LK[VOPNOLYTVU[OS`NVSKZHSLZPU[OLZLJVUK OHSMVMHUK^LL_WLJ[[OPZ[YLUK[VJVU[PU\LPU[V ([)VNVZV7YLZ[LH^LJVTWSL[LKTPUPUN[OL7SHU[5VY[OWP[HUK JVTTLUJLKKL]LSVWTLU[VM[OL7HTWLWP[ RPSVTL[LYZ[V[OL ^LZ[ VM )VNVZV WYV]PKPUN H UL^ ZV\YJL VM VYL MVY [OL V_PKL WYVJLZZPUNWSHU[3H[LYPU^LWSHU[VZ[HY[[OLKL]LSVWTLU[VM [OL7YLZ[LH:V\[OHYLH[VZ\WWSLTLU[[OLZ\WWS`VMV_PKLVYL Golden Star 2 At the heart of the BIOX® plant are 14 stainless steel BIOX® tanks where the Careful planning to ensure an optimal blend of acid-generating IHJ[LYPHLH[[OLZ\SÄKLPUV\YJVUJLU[YH[LKVYL[V\USVJR[OLNVSK and acid-consuming rock will help to keep our BIOX® so that it can be recovered by conventional methods. operating costs per tonne below the industry average. Bogoso Sulfide Expansion Project What’s Next? )`MHY[OLIPNNLZ[KL]LSVWTLU[H[)VNVZV7YLZ[LHPU¶HUK >LL_WLJ[[OLMLHZPIPSP[`Z[\K`MVY[OL/^PUP)\[YLHUK)LUZV MVYV\Y*VTWHU`¶^HZ[OL)VNVZV:\SÄKL,_WHUZPVU7YVQLJ[ WYVWLY[PLZZV\[OVM>HZZH[VILÄUHSPaLKHUKV\Y)VHYKVM+PYLJ[VYZ [V HWWYV]L [OL KL]LSVWTLU[ VM [OLZL WYVQLJ[Z PU [OL ZLJVUK ([`LHYLUK[OLTHQVYP[`VMJVUZ[Y\J[PVUHJ[P]P[PLZMVY[OLWYVQLJ[^LYL X\HY[LYVM;OPZZOV\SKHSSV^JVTTLUJLTLU[VMVYLTPUPUN JVTWSL[LKHUKJVTTPZZPVUPUNVM[OLUL^WSHU[OHKJVTTLUJLK HUKOH\SHNL[V>HZZHMVYWYVJLZZPUNK\YPUN[OLZLJVUKOHSMVM ;OL[PTLJVUZ\TPUNWVY[PVUVM[OLJVTTPZZPVUPUNWYVJLZZPZ[OL ;OLOPNOLYNYHKLVYLMYVT/^PUP)\[YLHUK)LUZV^OPJO I\PSK\WVM)06?®TH[LYPHS;OLÄYZ[TVK\SLJVUZPZ[PUNVMZL]LU ^PSSKPZWSHJLSV^NYHKL>HZZHVYLPZL_WLJ[LK[VULHYS`KV\ISL[OL [HURZ^HZM\SSVMPUVJ\SH[LI`[OLLUKVM-LIY\HY`HUK^L HUU\HSPaLKNVSKWYVK\J[PVUYH[LH[>HZZHHUK[VJVU[YPI\[L[VH ILNHUWYVJLZZPUNZVTLTH[LYPHSPUV\Y*03[HURZ^P[ONVSKWYVK\J[PVU SVUNLYTPULSPMLHUKSV^LYJHZOVWLYH[PUNJVZ[Z L_WLJ[LKPU4HYJO;OLZLJVUKTVK\SLPZL_WLJ[LK[VILÄSSLKHUK 3H[LYPU^LL_WLJ[[VJVTWSL[LHWYLSPTPUHY`KL]LSVWTLU[ JVTTPZZPVULKI`[OLLUKVM4HYJO WSHUMVY[OL7YLZ[LH<UKLYNYV\UK>LOH]LILN\UHWYVNYHTVM ;OPZ[PTL[HISLPZSH[LY[OHULHYSPLYHU[PJPWH[LK(ZHYLZ\S[^LOH]L YLOHIPSP[H[PUN[OL\UKLYNYV\UKZOHM[PUMYHZ[Y\J[\YL[VPTWYV]L[OL JVTWSL[LK MHY TVYL WYLZ[YPWWPUN HUK PU]LU[VY` I\PSK\W [OHU ZHML[`VMTPULHJJLZZMVYV\Y^VYRLYZ+\YPUN[OL`LHY^L^PSS VYPNPUHSS` I\KNL[LK SLHKPUN [V HU L_WLJ[LK JVZ[ PUJYLHZL MYVT \UKLY[HRL ]HYPV\Z LUNPULLYPUN Z[\KPLZ PUJS\KPUN L]HS\H[PVU VM $150 million to $167 million. These pre-stripping and inventory build-up TPUPUNVW[PVUZMVY[OL>LZ[9LLMYLZV\YJLHUKULHYZ\YMHJL JVZ[Z^LYLJHWP[HSPaLKHZVWWVZLK[VILPUNHJJV\U[LKHZVWLYH[PUN decline accessible targets. Underground production has the long- JVZ[Z"[OLYLMVYLUVSVZZVM]HS\L^HZPUJ\YYLK [LYTWV[LU[PHSVMWYV]PKPUNHOPNONYHKLZ^LL[LULY[V[OL)VNVZV WYVJLZZPUNMHJPSP[`YLZ\S[PUNPUHTHYNPUHSPUJYLHZLPUNVSKWYVK\J[PVU ;OLZ\JJLZZM\SJVUZ[Y\J[PVUHUKJVTTPZZPVUPUNVM[OPZWYVQLJ[PZH at Bogoso/Prestea. UV[HISLHJOPL]LTLU[MVYV\YWYVQLJ[[LHTHUKMVY.VSKLU:[HY 3 2006 Annual Report Golden Star supports a number of schools within In late 2006 the construction of the new crusher house was near completion. its community catchment areas. This equipment has expanded Bogoso/Prestea crushing capacity almost ten-fold. Cost Pressures Continue HUKZLSLJ[WYVQLJ[Z[VILÄUHUJLK;OLM\UKWYV]PKLZH[YHUZWHYLU[ 0UK\Z[Y`^PKLJVZ[WYLZZ\YLZHSZVPTWHJ[LK.VSKLU:[HYPU TLJOHUPZTMVY[OLTHUHNLTLU[VMV\YJVTT\UP[`KL]LSVWTLU[ ^P[OPUJYLHZLKL_WLJ[H[PVUZMYVTLTWSV`LLZHUKNLULYHSS`OPNOLY
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