SEMAFO: Cash Flow from Operating Activities before Changes in non-Cash Working Capital of $50 Million

Bantou Continues to Deliver Strong Exploration Results

MONTREAL, Nov. 4, 2019 /CNW Telbec/ - SEMAFO Inc. (TSX: SMF) (OMX: SMF) is pleased to announce results of operations, development and exploration activities for the three-month period ended September 30, 2019. All amounts are in US dollars unless otherwise stated.

Highlights

Figure 1 – Location of the Bantou Mineralization (CNW Group/SEMAFO)

• Consolidated gold production of 68,800 ounces with Boungou contributing 55,600 ounces at $497 all-in sustaining cost¹
• Cash flow from operating activities before changes in non-cash working capital¹ of $49.5 million or $0.15 per share¹
• Net income attributable to shareholders of $8.9 million or $0.03 per share (after deferred income tax expenses of $11.3 million)
• Mana third quarter negatively affected by Wona pit wall failure, but processing plant has resumed normal operations and stockpiling of high grade Siou open pit ore has already begun
• Continued strong results from Bantou with five rigs drilling and resource goal of 2.5 - 3.0 million ounces by end of 2020
• Nabanga PEA shows an after-tax NPV of $100 million with upside potential
• Balance sheet remains conservative with net cash and 100% exposure to upside in gold price

____________________________________
^1	All-in sustaining cost, 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 MD&A, note 18.

Benoit Desormeaux, President and Chief Executive Officer of SEMAFO, states: "It's unfortunate that the temporary set-back at Wona potentially over-shadowed an otherwise strong quarter. The Mana processing plant is back up and running with high grade ore from Siou and we are looking forward to a solid finish to the year. Boungou continued its strong performance in the quarter and continued to demonstrate why it is our cornerstone operating asset. Bantou continued to deliver exciting drill results including some expansion potential and the Nabanga PEA provided a baseline economic case on which to improve."

Consolidated Results and Mining Operations
	Three-month period			Nine-month period
	ended September 30,			ended September 30,
	2019	2018	Variation	2019	2018	Variation
Gold ounces produced^1	68,800	58,200	18%	271,000	149,400	81%
Gold ounces sold^2	68,400	50,500	35%	277,200	142,500	95%
(in thousands of dollars, except amounts per ounce, per tonne and per share)
Revenues – Gold sales^2	100,301	60,772	65%	373,827	181,987	105%
Operating income (loss)	27,031	4,513	499%	100,131	(11,110)	—
Net income (loss) attributable to shareholders of the Corporation	8,903	463	1,823%	42,274	(14,678)	—
Basic earnings (loss) per share	0.03	—	—	0.13	(0.05)	—
Diluted earnings (loss) per share	0.03	—	—	0.13	(0.05)	—
Cash flow from operating activities before changes in non-cash working capital^3	49,519	21,041	135%	202,838	55,271	267%
Per share^3	0.15	0.06	150%	0.61	0.17	259%
Average realized selling price (per ounce)	1,466	1,205	22%	1,348	1,277	6%
Total cash cost (per ounce sold)^3	547	670	(18%)	514	788	(35%)
All-in sustaining cost (per ounce sold)^3	706	1,000	(29%)	731	1,059	(31%)

Consolidated Operational Overview and Update

Complete financial statements, including operational statements for Boungou and Mana, are provided at the end of this press release. Consolidated operational results for the quarter were negatively affected by the Wona pit wall failure. The Mana processing plant has resumed normal operations in early November and stockpiling of high grade ore from the Siou open pit has already begun.

As anticipated, Boungou continued its strong performance in the quarter producing 55,600 ounces at an all-in sustaining cost³ of $497 per ounce.

Underground development at Siou continued on-time and on-budget with 5,000 of the total 5,600 meters completed at quarter end. The pace of development continues in line with our goal of reaching full production in the first quarter of 2020. At quarter end, development continued on budget, with $44.7 million of the total $51.7 million budget incurred. Further grade control drilling in the quarter remained consistent with the block model.

______________________________________
^1	Gold ounces produced exclude pre-commercial production of 12,000 ounces from Boungou in 2018.
^2	Gold sales exclude those resulting from pre-production activities that were offset against capitalized construction costs and amounted to $14,994,000 from Boungou in 2018.
^3	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 MD&A, note 18.

Exploration & Development

Bantou

Drilling at Bantou-Karankasso resumed late in the quarter. A total of 8 holes (974 meters) were completed on Bantou, and 62 holes (7,387 meters) completed on Karankasso. Five drills were active on the combined project at the end of the quarter. At Bantou, drilling is focused on coincident geophysical and soil anomalies throughout the exploration permit. At Karankasso, drilling is concentrated on the geophysical/soil trends that host the known deposits but have remained undrilled to date.

New Drill Results from Bantou Nord

In the third quarter, results from north-south lines and depth extension drilling were completed at Bantou Nord. As shown in Table 1, the north-south lines continue to return wide intercepts at above-average grades similar to the southeast-oriented lines, confirming the disseminated nature of the mineralization at Bantou Nord. Figure 1 shows the location of the north-south lines at Bantou Nord.

In addition, hole extensions demonstrated a deeper extension, particularly hole KRC19-0297 which is believed to have crossed the down-plunge extension on line 200N. Previous near-surface holes on line 200N had only returned anomalous gold values. This hole entered mineralization at 211 meters, suggesting a north-east plunge of the disseminated zone.

Table 1 - Highlights of Bantou Nord Q3 2019 Results
Section	Hole No.	From (m)	To (m)	Length (m)	Au (g/t)
407650E	KRC19-0444	2	94	92.0	1.60
407550E	KRC19-0491	32	96	64.0	2.47
407550E	KRC19-0492	2	36	34.0	1.86
407550E	KRC19-0493	5	95	90.0	2.14
200N	KRC19-0297	211	297.6	86.6	1.22
407750E	KRC19-0432	162	192	30.0	2.40
50N	KRC19-0507	11	63	52.0	1.52
50N	KRC19-0508	83	212	129.0	1.46
* All assays are uncut

New Drill Results from Bantou Proximal

During the quarter, results were received from Bantou Proximal. Table 2 shows closer spaced drilling has returned consistently higher grades over significant widths. The zone remains open along strike to the north and at depth. Further drilling to the north is planned later in the fourth quarter. In addition, core drilling is scheduled for preliminary metallurgy analysis and to better understand the mineralization for resource modeling.

In the quarter, we received two new drill results from an area approximately 700 meters east of the Bantou Zone (see Figure 1). The two holes (KRC19-0425 and KRC19-0515) are 150 meters apart and both returned high grade gold values over good widths. Mineralization consists of sheared and sericitized volcaniclastic rocks containing quartz veining and minor pyrite. To date, we have not yet established if the two intersections are interrelated, and their significance remains unknown. Follow-up drilling is ongoing.

Table 2 - Highlights of Bantou Proximal Q3 2019 Results
Zone	Hole No.	From (m)	To (m)	Length (m)	Au (g/t)
East Area	KRC19-0425	62	68	6	6.10
East Area	KRC19-0515	91	96	5	6.47
Proximal	KRC19-0460	63	70	7	44.16
Proximal	KRC19-0463	4	19	15	3.14
Proximal	KRC19-0464	56	67	11	8.55
Proximal	KRC19-0464	72	85	13	4.62
Proximal	KRC19-0476	34	61	27	5.07
Proximal	KRC19-0476	76	101	25	7.86
Proximal	KRC19-0478	64	98	34	2.16
Proximal	KRC19-0479	90	99	9	7.53
Proximal	KRC19-0480	118	140	22	2.99
Proximal	KRC19-0481	71	74	3	22.47
Proximal	KRC19-0487	104	111	7	12.15
* All assays are uncut

Bantou Resource Estimate

Following completion of the drill programs in the fourth quarter, a revised mineral resource will be compiled for the Bantou Project, incorporating the Karankasso portion, for inclusion in the year-end 2019 resource statement. Our resource goal of 2.5-3.0 million ounces at Bantou by the end of 2020 remains unchanged.

Boungou

A three-rig exploration program was launched late in the third quarter north of the Boungou deposit to explore near-surface splays of the Boungou Shear Zone. A total of 31 holes (3,758 meters) were completed by quarter-end. Results remain pending. The three drills are expected to remain in the area until year-end.

Mana

During the third quarter, a total of 35 holes (3,631 meters) were drilled at Mana completing the Pompoï program and following up on significant results obtained on Fofina Sud. At Pompoi, results have been disappointing to date with only local anomalous gold values obtained. Although most auger anomalies are explained by the drill holes, the holes failed to return significant gold mineralization.

At Fofina Sud, a follow-up program of four lines at 50-meter spacing were completed to assess the extension of the mineralization. Drilling covers a strike length of 250 meters. As shown in Table 3, significant mineralization was obtained on each section and the zone remains open along strike and at depth. Saprolite is exceptionally thick in this area, reaching up to 80 meters vertically.

Additional drilling is planned in the fourth quarter to test the northern and southern extensions of the zone, in addition to deepening holes on previous sections to ensure complete coverage down dip and to test a parallel zone to the west that returned locally significant results.

Table 3 - Q3 2019 Select Drilling Results at Fofina Sud
Hole No.	Section	From (m)	To (m)	Length (m)	Au (g/t)
MRC19-5269	1 309 400N	73	77	4	2.28
MRC19-5270	1 309 400N	44	49	5	1.82
MRC19-5272	1 309 400N	52	57	5	1.58
MRC19-5275	3 309 450N	20	27	7	2.72
MRC19-5276	1 309 500N	69	76	7	2.09
MRC19-5277	1 309 500N	32	37	5	1.79
MRC19-5278	1 309 500N	7	13	6	1.04
MRC19-5282	1 309 550N	44	47	3	4.70
MRC19-5283	1 309 550N	16	30	14	1.25
MRC19-5287	1 309 600N	32	38	6	3.22

Nabanga

On September 30, 2019, we announced positive results from a PEA on Nabanga with the following highlights:

• Pre-tax NPV of $147 million and after-tax NPV of $100 million, using a 5% discount rate
• Life of Mine (LoM) gold production of 571,000 ounces at all-in sustaining cost of $760/oz and a gold recovery of 92% during the 8 years of operations
• Over the LoM, combined open-pit and underground production is estimated at 2.98 million tonnes at an average grade of 6.47 g/t Au for 626,000 ounces of gold
• Pre-production capital expenditure of $84 million, including 20% contingency, and $56 million in LoM sustaining capital
• Project economics (base case at $1,300/oz gold price):
• After-tax 5% NPV: $100 million, After-tax IRR: 22.6%, Payback period: 4.4 years
• Preferred mining method - open-pit/ underground mining on the upper and at-depth portions of the ore zone, respectively
• Opportunities exist to improve returns through an increase in resources and additional cost saving measures in the mining operations and development

Mineral Resources

The PEA is based on mineral resources estimated on December 31, 2018 for the Nabanga deposit.

Category	Tonnes Mt	Au g/t	Ounces K oz
Inferred resources ^1	3.4	7.7	840
^1 Nabanga mineral resources are reported above a cut-off grade of 3.0 g/t Au.

Exploration Potential

On the exploration front, the Nabanga deposit remains open to the north and many of the ore shoots are open at depth. Hole NADD18 0005, drilled on the northernmost section, to date returned 5.17 g/t Au over 3.4 meters along the plunge direction, confirming the continuity of the mineralized shoot. In addition, the remainder of the 800-km² property is largely under-explored with many untested soil and auger anomalies within trucking distance of the deposit. More specifically, auger drilling carried out in 2019 within a 10- kilometer radius of the deposit identified gold geochemical anomalies that could offer proximal satellite zones of gold mineralization.

For more information on the basis, qualifications and assumptions of the PEA, refer to the press release dated September 30, 2019.

Qualified Persons & Technical Report

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no guarantee that inferred resources can be converted to indicated or measured resources and as such, there is no certainty that the PEA will be realized. The PEA was conducted by DRA Met-Chem. Patrick Moryoussef, Eng., Vice-President, Mining Operations, SEMAFO and Qualified Person, as defined by National Instrument 43-101 has reviewed this press release for accuracy and compliance with National Instrument 43-101. The PEA is based on the Nabanga resource estimate as of December 31, 2018 as announced on February 20, 2019. A technical report for the PEA prepared in accordance with National Instrument 43-101 will be filed on SEDAR within 45 days of the September 30^th press release.

Korhogo

In the quarter, 567 holes of auger drilling (10,224 meters) and 700 meters of trenching were completed on the Korhogo property in Côte d'Ivoire. The program is complete for the year, and we are currently compiling the results and assessing our plans for 2020.

Third Quarter Conference Call

A conference call will be held tomorrow, November 5, 2019 at 10:00 AM EST, to discuss the third quarter results. Interested parties are invited to call the following telephone numbers to participate in the call. A live audio webcast of the conference call will be accessible for a period of 90 days through SEMAFO's website at www.semafo.com.

Tel. local & overseas: [phone]
Tel. North America: 1 [phone]
Webcast: www.semafo.com 
Replay overseas: [phone]
Replay N. America: 1 [phone]
Replay pass code: 921499#
Expiration: December 5, 2019

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 "goal", "upside", "potential", "improve", "anticipated", "planned", "ongoing", "committed", "building", "leveraging", "development", "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 (i) achieve the resource goal of 2.5 - 3.0M ounces at Bantou by end of 2020, (ii) deliver the Siou Underground on time and on budget, (iii) meet our goal of reaching full production at the Siou Underground in the first quarter of 2020,(iv) better understand the mineralization of Bantou Proximal, (v) deliver long term shareholder value, (vi) meet our 2019 revised guidance, (vii) resume the processing of ore at Mana at the end of October, (viii) 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) 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 2018 Annual MD&A, as updated in SEMAFO's 2019 First, Second and Third Quarter MD&As, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our 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
	September 30,	December 31,
	2019	2018
	$	$
Assets
Current assets
Cash and cash equivalents	77,673	96,519
Current portion of restricted cash	15,000	—
Trade and other receivables	52,677	29,434
Income tax receivable	3,425	6,390
Inventories	96,571	83,211
Other current assets	6,126	5,378
	251,472	220,932
Non-current assets
Advance receivable	1,547	2,117
Restricted cash	9,699	25,340
Property, plant and equipment	854,835	782,060
Intangible asset	1,121	1,204
Other non-current financial assets	1,133	2,622
	868,335	813,343
Total assets	1,119,807	1,034,275
Liabilities
Current liabilities
Trade payables and accrued liabilities	60,875	63,905
Current portion of long-term debt	60,000	60,181
Current portion of lease liabilities	13,741	7,820
Current portion of share unit plan liabilities	5,414	3,311
Provisions	2,892	3,051
	142,922	138,268
Non-current liabilities
Long-term debt	13,912	57,388
Lease liabilities	23,296	20,144
Share unit plan liabilities	4,147	2,263
Provisions	25,121	23,561
Deferred income tax liabilities	73,789	39,548
	140,265	142,904
Total liabilities	283,187	281,172
Equity
Shareholders of the Corporation
Share capital	647,215	623,604
Contributed surplus	6,126	6,771
Accumulated other comprehensive loss	(18,404)	(18,909)
Retained earnings	153,184	109,216
	788,121	720,682
Non-controlling interests	48,499	32,421
Total equity	836,620	753,103
Total liabilities and equity	1,119,807	1,034,275

Interim Consolidated Statements of Income (Loss)
For the three-month and nine-month periods ended September 30, 2019 and 2018, respectively
(Expressed in thousands of US dollars, except per share amounts - unaudited)
	Three-month period		Nine-month period
	ended September 30,		ended September 30,
	2019	2018	2019	2018
	$	$	$	$
Revenue – Gold sales	100,301	60,772	373,827	181,987
Costs of operations
Mining operation expenses	41,370	33,802	146,428	112,259
Depreciation of property, plant and equipment	27,822	18,535	108,388	66,546
General and administrative	4,096	3,736	12,005	11,512
Corporate social responsibility expenses	372	600	746	1,163
Share-based compensation	(390)	(414)	6,129	1,617
Operating income (loss)	27,031	4,513	100,131	(11,110)
Other expenses (income)
Finance income	(511)	(530)	(1,671)	(1,783)
Finance costs	2,210	1,433	8,831	2,033
Foreign exchange loss	683	826	893	1,690
Income (loss) before income taxes	24,649	2,784	92,078	(13,050)
Income tax expense
Current	2,619	376	4,492	665
Deferred	11,311	1,529	36,883	1,419
	13,930	1,905	41,375	2,084
Net income (loss) for the period	10,719	879	50,703	(15,134)
Attributable to:
Shareholders of the Corporation	8,903	463	42,274	(14,678)
Non-controlling interests	1,816	416	8,429	(456)
	10,719	879	50,703	(15,134)
Earnings (loss) per share
Basic	0.03	—	0.13	(0.05)
Diluted	0.03	—	0.13	(0.05)

Interim Consolidated Statements of Cash Flows
For the three-month and nine-month periods ended September 30, 2019 and 2018, respectively
(Expressed in thousands of US dollars - unaudited)
	Three-month period		Nine-month period
	ended September 30,		ended September 30,
	2019	2018	2019	2018
	$	$	$	$
Cash flows from (used in):
Operating activities
Net income (loss) for the period	10,719	879	50,703	(15,134)
Adjustments for:
Depreciation of property, plant and equipment	27,822	18,535	108,388	66,546
Share-based compensation	(390)	(414)	6,129	1,617
Amortization of deferred transaction costs	245	—	1,122	—
Unrealized foreign exchange (gain) loss	(144)	374	(360)	813
Deferred income tax expense	11,311	1,529	36,883	1,419
Other	(44)	138	(27)	10
Cash flow from operating activities before changes in non-cash working capital	49,519	21,041	202,838	55,271
Changes in non-cash working capital items	(21,315)	8,870	(41,297)	(1,727)
Net cash provided by operating activities	28,204	29,911	161,541	53,544
Financing activities
Repayment of long-term debt	(15,000)	—	(45,000)	—
Repayment of equipment financing	(26)	(78)	(181)	(233)
Payments of lease liabilities	(3,449)	(1,292)	(8,835)	(3,602)
Proceeds on issuance of share capital, net of expenses	781	—	2,267	861
Net cash used in financing activities	(17,694)	(1,370)	(51,749)	(2,974)
Investing activities
Acquisition of property, plant and equipment	(39,813)	(50,885)	(127,229)	(160,741)
Net cash received on acquisition of Savary Gold Corporation	—	—	232	—
Proceeds (acquisitions) from equity investments	—	—	63	(1,508)
Decrease in restricted cash	212	212	212	212
Net cash used in investing activities	(39,601)	(50,673)	(126,722)	(162,037)
Effect of exchange rate changes on cash and cash equivalents	(2,094)	(499)	(1,916)	(1,243)
Change in cash and cash equivalents during the period	(31,185)	(22,631)	(18,846)	(112,710)
Cash and cash equivalents – Beginning of period	108,858	108,871	96,519	198,950
Cash and cash equivalents – End of period	77,673	86,240	77,673	86,240
Interest paid	2,256	2,532	7,642	7,268
Interest received	517	520	1,680	1,969
Income tax paid	168	858	1,019	4,224

Boungou, Burkina Faso
Mining Operations
Commercial production at Boungou was declared on September 1, 2018.
			Three-month period	One-month period	Nine-month period	One-month period
			ended September 30,		ended September 30,
			2019	2018	2019	2018
Operating Data
Mining
Waste mined (tonnes)			4,191,400	924,600	9,836,900	924,600
Ore mined (tonnes)			557,400	130,200	1,308,100	130,200
Operational stripping ratio			7.5	7.1	7.5	7.1
Capitalized Stripping Activity
Waste material – Boungou (tonnes)			1,188,800	476,000	9,417,200	476,000
Total strip ratio			9.7	10.8	14.7	10.8
Processing
Tonnes processed (tonnes)			288,100	91,300	879,500	91,300
Head grade (g/t)			6.25	3.96	6.64	3.96
Recovery (%)			96	90	96	90
Gold ounces produced^1			55,600	10,500	180,300	10,500
Gold ounces sold^2			53,100	4,200	181,600	4,200
Financial Data (in thousands of dollars)
Revenues – Gold sales^2			78,301	5,009	246,937	5,009
Mining operation expenses			18,446	2,051	53,135	2,051
Government royalties and development taxes			4,514	241	13,939	241
Depreciation of property, plant and equipment			21,681	1,849	71,272	1,849
General and administrative			262	33	757	33
Corporate social responsibility expenses			95	156	182	156
Segment operating income			33,303	679	107,652	679
Statistics (in dollars)
Average realized selling price (per ounce)			1,475	1,203	1,360	1,203
Cash operating cost (per tonne processed)^3			68	55	61	55
Cash operating cost including stripping (per tonne processed)^3			78	67	85	67
Total cash cost (per ounce sold)^3			432	550	369	550
All-in sustaining cost (per ounce sold)^3			497	807	503	807
Depreciation (per ounce sold)^4			408	444	392	444

^______________________________________________
^1	Gold ounces produced exclude pre-commercial production of 12,000 ounces.
^2	Gold sales exclude those resulting from pre-production activities that were offset against capitalized construction costs and amounted to $14,994,000.
^3	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 this MD&A, note 18.
^4	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			Nine-month period
				ended September 30,			ended September 30,
				2019	2018	Variation	2019	2018	Variation
Operating Data
Mining
Waste mined (tonnes)				1,462,600	3,076,300	(52%)	7,595,600	13,403,400	(43%)
Ore mined (tonnes)				185,300	413,300	(55%)	1,072,000	1,483,800	(28%)
Operational stripping ratio				7.9	7.4	7%	7.1	9.0	(21%)
Capitalized Stripping Activity
Waste material – Siou (tonnes)				2,222,200	2,559,900	(13%)	6,676,800	2,559,900	161%
Waste material – Wona (tonnes)				4,403,300	2,824,500	56%	7,814,300	9,542,400	(18%)
				6,625,500	5,384,400	23%	14,491,100	12,102,300	20%
Total strip ratio				43.6	20.5	113%	20.6	17.2	20%
Processing
Ore processed (tonnes)				179,200	519,400	(65%)	1,110,000	1,735,600	(36%)
Low grade material (tonnes)				168,000	129,700	30%	496,500	202,000	146%
Tonnes processed (tonnes)				347,200	649,100	(47%)	1,606,500	1,937,600	(17%)
Head grade (g/t)				1.39	2.50	(44%)	2.02	2.36	(14%)
Recovery (%)				85	92	(8%)	87	94	(7%)
Gold ounces produced				13,200	47,700	(72%)	90,700	138,900	(35%)
Gold ounces sold				15,300	46,300	(67%)	95,600	138,300	(31%)
Financial Data (in thousands of dollars)
Revenues – Gold sales				22,000	55,763	(61%)	126,890	176,978	(28%)
Mining operations expenses				17,341	29,257	(41%)	73,549	102,030	(28%)
Government royalties				1,069	2,253	(53%)	5,805	7,937	(27%)
Depreciation of property, plant and equipment				5,996	16,590	(64%)	36,673	64,410	(43%)
General and administrative				553	639	(13%)	1,680	1,973	(15%)
Corporate social responsibility expenses				277	444	(38%)	564	841	(33%)
Segment operating (loss) income				(3,236)	6,580	—	8,619	(213)	—
Statistics (in dollars)
Average realized selling price (per ounce)				1,435	1,205	19%	1,327	1,280	4%
Cash operating cost (per tonne processed)¹				33	46	(28%)	42	52	(19%)
Cash operating cost including stripping (per tonne processed)^1				54	68	(21%)	61	68	(10%)
Total cash cost (per ounce sold)¹				946	681	39%	789	795	(1%)
All-in sustaining cost (per ounce sold)¹				1,434	1,017	41%	1,164	1,067	9%
Depreciation (per ounce sold)²				392	358	9%	384	466	(18%)

^____________________________________________
^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 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

SEMAFO, John Jentz, Vice-President, Corporate Affairs & Investor Relations, Email: [email protected]; Ruth Hanna, Analyst, Investor Relations, Email: [email protected]; Tel. local & overseas: [phone], North America Toll-Free: 1 [phone], Website: www.semafo.com

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