Golden Star Resources Ltd.

Golden Star Resources Ltd.

Golden Star Resources Ltd.

Overview
Date Founded

1992

Headquarters

Sun Life Financial Tower,150 King Street West,Suite 1200,Toronto, ON M5H 1J9

Type of Company

Public

Employees (Worldwide)

1,923

Industries

Non-Energy Mining & Minerals
Metal Manufacturing & Products

Company Description

Golden Star is a mid-tier gold mining company over a quarter-century in age and total historical production of over two million ounces of gold. The Company has two operating mines situated along the prolific Ashanti Gold Belt in Ghana, West Africa. Our growth strategy is the result of our exploration and expansion activities at both Bogoso/Prestea and Wassa/HBB. The Bogoso/Prestea mine has the ability to process both non-refractory and refractory ores. The Wassa plant processes ore from the Wassa pits in addition to high-grade ore from the HBB satellite mines. In addition to operational growth, the Company has consistently grown through exploration and corporate development activities. Lastly, Golden Star has a long-term commitment to sustainability with particular emphasis on health, education and the environment. The Bogoso/Prestea mining complex consists of several open pit operations along thirty kilometers of the Ashanti Trend feeding both refractory and non-refractory ores to the two processing plants. The oxide plant is a conventional carbon-in-leach ("CIL") operation and can process up to 1.5 million tonnes per year of ore. The 2.7 million tonne per year sulfide plant at Bogoso processes our extensive refractory ore inventory and utilizes bio-oxidation to oxidize the sulphides, followed by a CIL circuit to extract the gold. The Bogoso/Prestea mine produced 140,504 ounces of gold in 2011. The Wassa mine is an open pit operation utilizing a conventional CIL processing plant. Ore is sourced from the nearby Wassa pits and the satellite pits at Benso and Hwini-Butre. Gold production totaled 160,616 ounces in 2011. Total gold production from both mines in 2011 totaled 301,120 ounces. Estimated 2012 production is 338,000 ounces. Over its 25-plus year history, Golden Star has maintained an aggressive exploration program. Year over year, our exploration budget has ranged between $10 and $20 million per year. The exploration expenditures for 2012 are expected to total $14 to $16 million. While the majority of our exploration activities are proximal to our operations in Ghana, we have a property portfolio that includes projects elsewhere in Ghana, in other parts of West Africa and in Brazil. Golden Star’s goal is to grow its business in Ghana, other selected countries in West Africa through organic growth and accretive acquisitions. The Company is well financed and has a strong, experienced and operationally focused management team

Website
Executives & Employees

President & Chief Executive Officer

Executive Vice President & Chief Financial Officer

Executive Vice President & Chief Operating Officer

Managing Director of Operations, Bogoso & Wassa

Senior Vice President, Project Development & Technical Services

Senior Vice President, Corporate Strategy

Vice President, Exploration

Vice President, Investor Relations & Corporate Affairs

Vice President, Investor Relations & Corporate Affairs

Vice President, People & Organizational Development

Board of Directors

Corporate Director at Sherritt International Corp.

Principal at Appliance Warehouse of America, Inc.

Co-Founder at ZinQ Mining

Director, President, Chief Executive Officer at Copper Mountain Mining Corp.

President & Chief Executive Officer at Golden Star Resources Ltd.

Partner at Featherstone Capital, Inc.

Former Group Treasurer at Ashanti Goldfields Co. Ltd.

Executive Vice President & Chief Operating Officer at Golden Star Resources Ltd.

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Owners & Shareholders
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CPMG generally seeks to earn the highest risk-adjusted rate of return through fundamental research and portfolio management. They seek to analyze and invest in securities, which may include derivative instruments, that are either over-valued, in which case they will sell short the securities, or undervalued, in which case they will purchase the securities. The firm selects investments and allocates positions in those investments based on an expected value analysis taking into account downside risk, upside potential and the probabilities of those outcomes.CPMG may purchase or sell short debt securities, derivative instruments and contracts and other investments. They may take positions in companies with various sized market capitalizations, depending upon their analysis of the particular investment opportunity. As a part of their strategy, the firm may also acquire substantial ownership positions in a company, whether private or publicly traded, and may establish short positions with respect to a substantial percentage of the outstanding shares of a company. They may also invest in illiquid investments, which may include the purchase of securities of companies through private placements or through publicly announced corporate transactions such as spin-offs, tender offers, mergers, special dividends, restructuring and liquidations. Our decision to invest is based on the expected value and attractiveness of the investment relative to other investment opportunities.While CPMG's primary focus is on publicly-traded securities, opportunities may arise that will provide attractive rates of return outside the public markets. They may also, from time to time, invest in non-publicly traded securities that they believe are appropriate investments in conjunction with the funds objectives. Some of the funds employ specialized, limited or specific investment strategies and/or were organized for specific purposes or objectives, including each of the institutional funds. In addition, the Condire Funds generally focus on investments in natural resource exploration and development companies.

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BSCM's investment approach is fundamentals-based and valuation-oriented. They perform research and financial analysis and follow a team-based investment selection and decision process. ^The Genus Natural Resources Fund is a Cayman long/short equity-oriented hedge fund based on natural resources. The Genus Energy Fund is a Cayman long/short hedge fund that aims to provide absolute returns. The Genus Dynamic Gold Fund is a Cayman long-only fund invested primarily in gold and precious metal equities

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Konwave invests in global equity across market caps with a strong focus on small- to mid-cap companies. The firm's portfolios are geographically highly diversified, with the majority of their holdings in Canada and Australia, complemented with investments in the US, South Africa, the UK, Brazil, Peru, Papua New Guinea, the Russian Federation, etc.Konwave invests in companies engaged in exploration, extraction, subsequent treatment, handling and trading of gold and other precious metals. They focus on gold mining companies with growth potential, likely to perform when gold prices stagnate. Companies with high production costs are screened for cost reduction potential. Exploration ventures should be well capitalized and hold identified resources. The firm aims at taking advantage of consolidations within the gold sector, brought about by the need for large mining operations to maintain production levels.The firm's investment process is strictly bottom-up within the predefined sector.

Recent Transactions
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Golden Star Resources Ltd. issued Common Shares

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Golden Star Resources Ltd. issued Common Stock

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Golden Star Resources Ltd. issued Common Stock

Transaction Advisors
Underwriter

Advised onGolden Star Resources Ltd. issued Common Stock

Auditor

Advised onGolden Star Resources Ltd. issued Common Stock

Legal Advisor

Advised onGolden Star Resources Ltd. issued Common Stock

Legal Advisor

Advised onGolden Star Resources Ltd. issued Common Stock

Legal Advisor

Advised onGolden Star Resources Ltd. purchases St. Jude Resources Ltd.

Legal Advisor

Advised onGolden Star Resources Ltd. issued Common Stock

Advisors & Consultants
Advisor

Director, President & Chief Executive Officer at First Mining Gold Corp.

Clients

Royal Gold, Inc. engages in the acquisition and management of metal streams, royalties, and similar interests. It operates through Acquisition and Management of Stream Interests and Acquisition and Management of Royalty Interests segments. The Acquisition and Management of Stream Interests segment involves in the purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals. The Acquisition and Management of Royalty Interests segment focuses on non-operating interests in mining projects that provide the revenue or metals produced from the project. The company was founded on January 5, 1981 and is headquartered in Denver, CO.

Key Stats and Financials As of 2017
Market Capitalization
$254M
Total Enterprise Value
$394M
Earnings Per Share
$0.1
Revenue
$315M
EBITDAMargin
22.6%
Enterprise Value Sales
1.25x
Enterprise Value EBITDAOperating
5.53x
TEVNet Income
10.17x
Debt TEV
0.24x
EBITDA
$71.3M
Net Profit
$38.8M
Total Debt
$95.6M
Total Equity
$-41.8M
Three Year Compounded Annual Growth Rate Of Revenue
4.08%
Five Year Compounded Annual Growth Rate Of Revenue
-5.76%