SEMAFO Inc. (TSX, OMX: SMF) announced results of operations for the three-month period ended March 31, 2020.
All amounts are in US dollars unless otherwise stated.
The following 2020 highlights include a 4-week suspension of operations at the Boungou Mine.
- 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.
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