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Category: Mid-tier Producer
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Golden Star Resources Ltd.
www: www.gsr.com     email: investor@gsr.com

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Symbol Data

Symbol Currency
NYSE:GSS USD
TSE:GSC CAD

Description

Golden Star Resources Ltd. are a gold focused mid-tier producer with two producing mines in Ghana, one mine in development in Ghana and exploration properties. Currently they produce roughly 250koz. of gold per year. They have approximately 10.5Moz. of gold in the reserves and resources category of which 5.5Moz. are in the measured and indicated category. They have a market capitalisation of ~$464.43M which is a rise of roughly 22% over the last two months. As of 01/12/2019 they have ~$218M debt and ~$18M cash. They have 109M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 01/12/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $380.81M $464.43M 01/12/2019 $83.62M
Total Assets: $330.00M $330.00M 01/12/2019 $0.00M
Total Liabilities: $402.00M $402.00M 01/12/2019 $0.00M
Current Assets: $64.00M $64.00M 01/12/2019 $0.00M
Current Liabilities: $155.00M $155.00M 01/12/2019 $0.00M
Total Debt: $218.00M $218.00M 01/12/2019 $0.00M
Cash: $18.00M $18.00M 01/12/2019 $0.00M
Enterprise Value: $580.81M $664.43M 01/20/1991 $83.62M
Cash Flow: $6.44M $10.92M never $4.48M
Cash Flow Multiple: 59.13 42.53 never -16.60
Net Debt to
Cash Flow Ratio:
31.06 18.32 never -12.74
Finance within 1 year: 01/12/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/12/2019 0.00%
Misc 01/12/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 109,000,000 109,000,000 01/12/2019 0
Shares (FD): 113,000,000 113,000,000 01/12/2019 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 01/12/2019 n/a
Production (Gold Eq Oz.): (guess) 
250,000
(guess) 
250,000
01/12/2019 0
Production (Silver Eq Oz.): (guess) 
20,661,529
(guess) 
21,346,779
01/12/2019 685,251
Initial CapEx (Outstanding): n/a n/a 01/12/2019 n/a
Funding Option: n/a n/a 01/12/2019 n/a
Documentation: none PRODUCER 01/12/2019 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 01/12/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 1.70M 1.70M 01/12/2019 0.00M
Measured & Indicated: 5.50M 5.50M 01/12/2019 0.00M
Inferred: 5.00M 5.00M 01/12/2019 0.00M
Reserves & Resources: 10.50M 10.50M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 1.53M 1.53M 01/12/2019 0.00M
Measured & Indicated: 4.27M 4.27M 01/12/2019 0.00M
Inferred: 2.25M 2.25M 01/12/2019 0.00M
Reserves & Resources: 6.52M 6.52M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
250,000oz.
(guess) 
250,000oz.
01/12/2019 0oz.
Cash Cost: $850 $850 01/12/2019 $0.00
Extra Operating Cost: $400 $400 01/12/2019 $0.00
Average Grade: 3.00 g/t 3.00 g/t 01/12/2019 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/12/2019 0.00%
F
U
T
U
R
E
Proven & Probable: 6.00M 6.00M 01/12/2019 0.00M
Annual Production: 250,000oz. 250,000oz. 01/12/2019 0oz.
Cash Cost: $900 $900 01/12/2019 $0
Extra Operating Cost: $400 $400 01/12/2019 $0
SILVER 01/12/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 01/12/2019 0.00M
Measured & Indicated: n/a n/a 01/12/2019 0.00M
Inferred: n/a n/a 01/12/2019 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 01/12/2019 0.00M
Measured & Indicated: n/a n/a 01/12/2019 0.00M
Inferred: n/a n/a 01/12/2019 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 01/12/2019 $0.00
Extra Operating Cost: n/a n/a 01/12/2019 $0.00
Average Grade: n/a n/a 01/12/2019 n/a
Recovery Rate: n/a n/a 01/12/2019 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 01/12/2019 0.00M
Annual Production: n/a n/a 01/12/2019 n/a
Cash Cost: n/a n/a 01/12/2019 n/a
Extra Operating Cost: n/a n/a 01/12/2019 n/a

Property

Last Analysis Data  (01/12/2019)
Stage Location Name Owned Type Au Ag Cu Notes
Production Prestea, Ghana Bogoso 90% n/a show
1 of 3 producing mines in Ghana
Production Prestea, Ghana Wassa 90% n/a show
8 million oz

Producing about 150,000 oz year
Development West Africa, Ghana Prestea 90% n/a show
Production in 2016.
Exploration Cote D'ivoire, Cote d'Ivoire Cote dIvoire 100% n/a n/a
Exploration Prestea, Ghana Akropong Trend 0% n/a n/a
Exploration Prestea, Ghana Benso 90% n/a n/a
Exploration Prestea, Ghana Buesichem 100% n/a n/a
Exploration Prestea, Ghana Chichiwelli Manso 90% n/a n/a
Exploration Prestea, Ghana Dunkwa 100% n/a n/a
Exploration Prestea, Ghana Father Brown 90% n/a n/a
Exploration Prestea, Ghana Hwini-Butre 90% n/a n/a
Exploration Sierra Leone Mano River 0% n/a n/a
Current Data
Stage Location Name Owned Type Au Ag Cu Notes
Production Prestea, Ghana Bogoso 90% n/a show
1 of 3 producing mines in Ghana
Production Prestea, Ghana Wassa 90% n/a show
8 million oz

Producing about 150,000 oz year
Development West Africa, Ghana Prestea 90% n/a show
Production in 2016.
Exploration Cote D'ivoire, Cote d'Ivoire Cote dIvoire 100% n/a n/a
Exploration Prestea, Ghana Akropong Trend 0% n/a n/a
Exploration Prestea, Ghana Benso 90% n/a n/a
Exploration Prestea, Ghana Buesichem 100% n/a n/a
Exploration Prestea, Ghana Chichiwelli Manso 90% n/a n/a
Exploration Prestea, Ghana Dunkwa 100% n/a n/a
Exploration Prestea, Ghana Father Brown 90% n/a n/a
Exploration Prestea, Ghana Hwini-Butre 90% n/a n/a
Exploration Sierra Leone Mano River 0% n/a n/a

Profitability (by resource)

Proven &
Probable
01/12/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 1.70M 1.70M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 4.66M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.53M 1.53M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 4.19M
Maximum Profit (Gold): $39.41M $66.83M n/a $27.42M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $39.41M $66.83M n/a $27.42M
Max Profit / Current MCap: 0.103 0.144 n/a 0.040
Max Profit Per Share (Gold): $0.35 $0.59 n/a $0.24
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.35 $0.59 n/a $0.24
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $248.90 $303.55 n/a $54.65
FD Mkt. Cap / Silver Eq.: $3.01 $3.55 n/a $0.54
FD Mkt. Cap / Per Metal
as % Spot Price:
19.34% 23.13% n/a 3.79%
Measured &
Indicated
01/12/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 5.50M 5.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 15.08M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 4.27M 4.27M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 11.69M
Maximum Profit (Gold): $109.89M $186.34M n/a $76.45M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $109.89M $186.34M n/a $76.45M
Max Profit / Current MCap: 0.289 0.401 n/a 0.113
Max Profit Per Share (Gold): $0.97 $1.65 n/a $0.68
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.97 $1.65 n/a $0.68
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $89.27 $108.87 n/a $19.60
FD Mkt. Cap / Silver Eq.: $1.08 $1.27 n/a $0.19
FD Mkt. Cap / Per Metal
as % Spot Price:
6.94% 8.30% n/a 1.36%

Reserves &
Resources
01/12/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 10.50M 10.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 28.78M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.52M 6.52M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 17.86M
Maximum Profit (Gold): $167.85M $284.62M n/a $116.77M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $167.85M $284.62M n/a $116.77M
Max Profit / Current MCap: 0.441 0.613 n/a 0.172
Max Profit Per Share (Gold): $1.49 $2.52 n/a $1.03
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.49 $2.52 n/a $1.03
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $58.44 $71.28 n/a $12.83
FD Mkt. Cap / Silver Eq.: $0.71 $0.83 n/a $0.13
FD Mkt. Cap / Per Metal
as % Spot Price:
4.54% 5.43% n/a 0.89%

Future Valuation (Cash Flow & Totals)

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