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SEMAFO: Cash Flow from Operating Activities before Changes in non-Cash Working Capital of $60 Million and Transaction Update

13.05.2020  |  CNW

This is information that Semafo Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 9 p.m. Eastern time on May 12, 2020.

MONTREAL, May 12, 2020 - Semafo Inc. (TSX: SMF) (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
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.

Consolidated Results and Mining Operations




Three-month period



ended March 31,



2020


2019


Variation

Gold ounces produced


81,900


102,400


(20%)

Gold ounces sold


76,800


106,100


(28%)








(in thousands of dollars, except amounts per ounce and per share)







Revenues – Gold sales


123,211


138,541


(11%)

Operating income


33,217


40,359


(18%)








Net income attributable to shareholders of the Corporation


14,066


17,666


(20%)

Basic earnings per share


0.04


0.05


(20%)

Diluted earnings per share


0.04


0.05


(20%)








Adjusted net income attributable to shareholders of the Corporation1


20,793


22,632


(8%)

Per share1


0.06


0.07


(14%)








Cash flow from operating activities before changes in non-cash working capital1


59,985


78,980


(24%)

Per share1


0.18


0.24


(25%)








Average realized selling price (per ounce)


1,604


1,306


23%

Total cash cost (per ounce sold)1


661


484


37%

All-in sustaining cost (per ounce sold)1


888


745


19%

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 capital1 in 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.

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.

About SEMAFO

SEMAFO is a Canadian-based intermediate gold producer with over twenty years' experience building and operating mines in West Africa. The Corporation operates two mines, the Boungou and Mana Mines in Burkina Faso. SEMAFO is committed to building value through responsible mining of its quality assets and leveraging its development pipeline.

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 equivalents


96,681



98,297

Trade and other receivables


39,684



44,645

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 equipment


828,114



843,123

Intangible asset


1,034



1,079

Other non-current financial assets


1,532



3,698



841,643



859,285

Total assets


1,084,526



1,110,113







Liabilities












Current liabilities






Trade payables and accrued liabilities


51,720



67,819

Debt


29,565



59,275

Current portion of lease liabilities


12,125



13,073

Current portion of share unit plan liabilities


4,036



3,269

Provisions


2,788



2,843



100,234



146,279

Non-current liabilities






Lease liabilities


14,276



15,244

Share unit plan liabilities


1,882



2,755

Provisions


26,111



25,617

Deferred income tax liabilities


79,786



72,478



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 comprehensive loss


(19,517)



(17,351)

Retained earnings


176,193



162,127



810,032



798,132

Non-controlling interests


52,205



49,608







Total equity


862,237



847,740

Total liabilities and equity


1,084,526



1,110,113


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 equipment

31,532

39,628

Share-based compensation

1,574

2,832

Amortization of deferred financing costs

290

Unrealized foreign exchange loss

839

116

Deferred income tax expense

8,703

14,999

Other

384

283

Cash flow from operating activities before changes in non-cash working capital

59,985

78,980

Changes in non-cash working capital items

874

(15,736)

Net cash provided by operating activities

60,859

63,244




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, net of expenses

430

Net cash used in financing activities

(33,532)

(16,772)




Investing activities



Acquisition of property, plant and equipment

(26,810)

(43,179)

Net cash used in investing activities

(26,810)

(43,179)




Effect of exchange rate changes on cash and cash equivalents

(2,133)

(827)

Change in cash and cash equivalents during the period

(1,616)

2,466

Cash and cash equivalents – Beginning of period

98,297

96,519

Cash and cash equivalents – End of period

96,681

98,985

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 (tonnes)



5,044,600

(100%)

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 development taxes



2,385

4,724

(50%)

Depreciation of property, plant and equipment



10,624

24,948

(57%)

General and administrative



425

217

96%

Corporate social responsibility expenses



8

82

(90%)

Segment operating income



15,104

37,451

(60%)







Statistics (in dollars)






Average realized selling price (per ounce)



1,629

1,306

25%

Cash operating cost (per tonne processed)1



68

53

28%

Cash operating cost including stripping (per tonne processed)1



68

88

(23%)

Total cash cost (per ounce sold)1



530

337

57%

All-in sustaining cost (per ounce sold)1



550

534

3%

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 stripping ratio



8.4

6.8

24%

Capitalized Stripping Activity






Waste material – Siou (tonnes)



117,600

2,405,900

(95%)

Waste material – Wona (tonnes)



2,486,700

1,825,000

36%




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 (tonnes)



407,000

427,900

(5%)

Low grade material (tonnes)



257,700

212,300

21%

Tonnes processed (tonnes)



664,700

640,200

4%

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 sales



82,418

54,049

52%

Mining operations expenses



33,414

27,182

23%

Government royalties



4,119

2,429

70%

Depreciation of property, plant and equipment



20,768

14,531

43%

General and administrative



588

543

8%

Corporate social responsibility expenses



254

275

(8%)

Segment operating income



23,275

9,089

156%







Statistics (in dollars)






Average realized selling price (per ounce)



1,592

1,306

22%

Cash operating cost (per tonne processed)¹



56

41

37%

Cash operating cost including stripping and UG development (per tonne processed)1



79

61

30%

Total cash cost (per ounce sold)¹



725

715

1%

All-in sustaining cost (per ounce sold)¹



1,052

1,075

(2%)

Depreciation (per ounce sold)²



401

351

14%

_____________________________

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.


SOURCE SEMAFO



Contact
SEMAFO: John Jentz, Vice-President, Corporate Development & Investor Relations, Email: John.Jentz@semafo.com; Ruth Hanna, Analyst, Investor Relations, Email: Ruth.Hanna@semafo.com; Tel. local & overseas: +1 (514) 744 4408, North America Toll-Free: 1 (888) 744 4408, Website: http://www.semafo.com
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