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Golden Star 2014 GOLDEN STAR 2014 gsr.com DELIVERING ON OUR STRATEGY MAIN HEADING CORPORATE AND REGISTERED OFFICE GOLDEN STAR RESOURCES LTD. 150 KING STREET WEST SUN LIFE FINANCIAL TOWER, SUITE 1200 TORONTO, ONTARIO CANADA M5H 1J9 T: +1 416 583 3800 REGIONAL OFFICE PLOT NO. 16 HOUSE NO. A NORTEY ABABIO STREET ROMAN RIDGE, ACCRA GHANA COMPANY PROFILE P.O. BOX 16075, KIA ACCRA, GHANA Golden Star is an established gold mining REGISTRAR AND TRANSFER AGENT company that holds a 90% interest in the Wassa, CONTENTS QUESTIONS REGARDING THE CHANGE OF STOCK Prestea and Bogoso gold mines in Ghana. In 2014, OWNERSHIP, CONSOLIDATION OF ACCOUNTS, Golden Star produced 261,000 ounces of gold LOST CERTIFICATES, CHANGE OF ADDRESS AND HIGHLIGHTS 1 OTHER SUCH MATTERS SHOULD BE DIRECTED TO: and is expected to produce 250,000 – 275,000 CANADIAN STOCK TRANSFER COMPANY ounces in 2015. YEAR AT A GLANCE 2 ATTENTION: SHAREHOLDER SERVICES P.O. BOX 1900 The Company is pursuing brownfield VANCOUVER, BRITISH COLUMBIA CHAIRMAN AND CEO’S REVIEW 3 CANADA V6C 3K9 development projects at its Wassa and Prestea RESERVES AND RESOURCES 6 ONLINE INQUIRY mines that are expected to transform these mines WWW.CANSTOCKTA.COM/INVESTORINQUIRY into lower cost producers from 2016 onwards. OPERATIONS IN GHANA 9 ONLINE ACCESS TO SHAREHOLDER DATA As such, Golden Star offers investors leveraged DIRECTORS AND SENIOR 10 WWW.CANSTOCKTA.COM/ANSWERLINEREGISTRATION exposure to the gold price in a stable African [email protected] MANAGEMENT TF +1 800 387 0825 (CANADA AND U.S. ONLY) mining jurisdiction with significant development T +1 416 682 3860 upside potential. FINANCIAL STATEMENTS 43 STOCK EXCHANGE LISTINGS Golden Star is listed on the Toronto Stock CONTACT DETAILS 81 TORONTO STOCK EXCHANGE SYMBOL: GSC Exchange (TSX: GSC), the New York Stock NYSE MKT STOCK EXCHANGE SYMBOL: GSS GHANA STOCK EXCHANGE SYMBOL: GSR Exchange MKT (NYSE MKT: GSS) and the GHANA COMMERCIAL BANK SHARE REGISTRY Ghanaian Stock Exchange (GSE: GSR). GHANA COMMERCIAL BANK For further information on the Company, THORPE ROAD/HIGH STREET P.O. BOX 134 please visit www.gsr.com. ACCRA, GHANA T +233 21 66 8712/ 8656 AUDITORS PRICEWATERHOUSECOOPERS LLP GOLDEN STAR RESOURCES | ANNUAL REPORT 2014 HIGHLIGHTS WASSA PEA 261,000 OUNCES OF GOLD SOLD IN 2014 IRR 78% (2013: 331,000 ounces) NPV 5% $271M* COST OF SALES $90 PROFITABILITY $80 IMPROVED $84 as adjusted net PRESTEA PEA $78 $70 loss attributable $71 $71 to shareholders IRR 72% NPV 5% $121M* $60 reduced to $12.2 million1 from $21.5 million1 in 2013 $50 Q1 Q2 Q3 Q4 2014 2014 2014 2014 ANNUAL COST OF SALES BEFORE G&A DEPRECIATION AND REDUCED BY AMORTIZATION REDUCED 19% RESPECTIVELY FROM 23% THE PRIOR YEAR Mine operating expenses reduced by 12%, down $41.7 million from 2013 to $297.5 million * Based on a gold price of $1,200 per ounce 1 See non-GAAP financial measures GOLDEN STAR RESOURCES | ANNUAL REPORT 2014 1 YEAR AT A GLANCE SUMMARY OF Years ended December Wassa gold sold , , CONSOLIDATED Bogoso gold sold , , FINANCIAL Total gold sold , , RESULTS Average realized price ,¡ , Cash operating cost per ounce , , All-in sustaining cost per ounce , ,¡ Gold revenues , ¡,¡ Cost of sales excluding depreciation and amortization , , Depreciation and amortization ¡, ,¡¡ Mine operating margin/(loss) (,¡) ,¡ General and administrative expense ¡,¡ , (Gain)/loss on fair value of % of Convertible Debentures (,¡) Impairment charges , ,¡ Income tax recovery () (,) Adjusted net loss attributable to Golden Star Shareholders (,) (,) Net loss attributable to Golden Star shareholders (,) (¡,) Cash provided by operations before working capital changes , , Cash provided by operations , ,¡ Capital expenditures ,¡ ,¡ 1 See non-GAAP financial measures 2 GOLDEN STAR RESOURCES | ANNUAL REPORT 2014 CHAIRMAN AND CEO’S REVIEW TIM BAKER SAM COETZER CHAIRMAN PRESIDENT AND CEO INTRODUCTION occurred during a heavy rainfall and although it was preventable The focus at Golden Star for 2014 was, and continues to be the we are reminded that our diligence toward creating a safe working implementation of the strategy we put in place in 2013 to transform environment can never be taken for granted. the Company to a lower cost gold producer focused on non- Notwithstanding this tragedy, the safety performance at both refractory ore sources. We intend to deliver on this strategy by operations was very good during the year. At Bogoso the LTIFR was leveraging off our extensive operating infrastructure and our in line with 2013 at 0.27. Wassa recorded an exceptional performance favourable position on the prolific Ashanti gold belt. with not one lost time injury in the year. Overall the Company’s LTIFR Production in 2014 was below what we initially anticipated due to was 0.15. This rate has declined over the last five years. lower than planned grades at Wassa, as well as power and rainfall No incident of Ebola has been reported in Ghana. However we took issues impacting production at Bogoso; however, we delivered on a stringent measures to prepare our operations for any potential number of key objectives for the year. The push backs at the Bogoso and Chujah pits were completed, operating and general and outbreak. Appropriate medical facilities have been installed and administrative costs were dramatically reduced, capital expenditure staff and community awareness training is ongoing. was deferred where possible without impacting future production, and positive PEAs were delivered on both the Wassa Underground FINANCIAL REVIEW Project and the Prestea Underground Project. Thus significant We produced 261,000 ounces of gold in 2014 from our two progress has been made on advancing the strategic plan operating mines at a cash operating cost of $1,090 per ounce. At announced mid 2013, and in 2015 we move into the execution phase Bogoso, gold sold increased from 145,000 ounces in 2013 to and start realizing the benefits. 148,000 ounces in 2014, after pushbacks were completed in May of 2014. Gold sold at Wassa decreased from 186,000 ounces in 2013 to HEALTH AND SAFETY 113,000 ounces in 2014 as mining in the high grade Father Brown pit Golden Star prides itself on what we believe is a stellar health and ceased in May 2014. Production was below what we initially safety record, however we were saddened by the drowning of one anticipated due to lower than planned ore grades achieved at of our employees in the Bogoso pit in July of 2014. This incident Wassa as well as power and rainfall issues. 0,8 0,7 0,6 0,5 0,4 LOST TIME INJURY 0,3 FREQUENCY RATE 0,2 0,1 0 2010 2011 2012 2013 2014 GSR GSBPL GSWL GOLDEN STAR RESOURCES | ANNUAL REPORT 2014 3 CHAIRMAN AND CEO’S REVIEW – CONTINUED Revenue for the full year 2014 was $329 million, compared to revenue supply related issues throughout the year. However by year-end of $468 million in 2013. This was as a result of fewer ounces sold careful planning of maintenance and scheduled downtime had but also due to average realized gold prices being 11% lower than the mitigated this impact on our processing capacity. prior year. Mine operating expenses for Wassa totaled $115 million for 2014, As a result of the elimination of higher cost contract miners, $31 million lower than those incurred during 2013. This reduction in reduction in head count, reduced mine site expenditure, material expenses is largely due to the termination of higher cost contract savings in reagent costs and lower administrative costs, 2014 cost mining and long haul distances from the Father Brown pit as well of sales was 19% lower than in 2013. Mine operating expenditure as cost savings in other parts of the operations. also declined from 2013. Despite this, mine operating margin decreased from $31 million in 2013 to negative $2 million for 2014, Wassa’s cash operating cost per ounce for 2014 increased to $971 predominantly as a result of Wassa’s reduced operating margin. from $805 in 2013. In 2015, Wassa is forecast to produce gold at Consolidated cash operating costs per ounce totaled $1,090 per a cash operating cost of between $850 and $990 per ounce. ounce in 2014, up from $1,049 in 2013. However, fourth quarter cash The results of the Wassa Feasibility Study were released at the end of operating costs were $919 per ounce, the lowest cash operating the first quarter of 2015, indicating strong economics. This study costs per ounce achieved since 2012. This bodes well for our ability indicates a very profitable underground mine that is mined in to deliver on our guided cash operating costs of $860-980 per ounce for 2015. parallel with the open pit mine. Details of the results of the Feasibility Study will be available on our website. Cost cutting extended to the corporate office where general and administrative expenditures were reduced by 23%. This project is funded, in part with a loan of $25 million secured in late 2014, and in conjunction with internal cash flow. The equipment The adjusted net loss to shareholders was reduced from $22 million in has been ordered, the exploration decline permit granted, and the 2013 to $12 million in 2014. The improvement in profitability at Bogoso first blast for the construction of the exploration decline is planned is the main contributor to a stronger overall performance. In the for June 2015. First production from stoping at Wassa Underground fourth quarter attributable income was $9 million which again bodes is expected in the first half of 2016 and the mine life is currently well for a solid financial performance in 2015. estimated at ten years thereafter. Capital expenditures for the full year were $34 million, $16 million We will continue to drill the southerly extension of the Wassa ore less than initially anticipated as capital savings were achieved and body which remains open in the future.
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