Skip to main content

Roxgold shares 2Q19 results

Published by , Assistant Editor
Global Mining Review,

Roxgold Inc. (Roxgold) today reported its second quarter and first half financial results for the period ended 30 June 2019.

For complete details of the unaudited Condensed Interim Consolidated Financial Statements and associated Interim Management's Discussion and Analysis please refer to the company's filings on SEDAR ( or the company's website (  All amounts are in US dollars unless otherwise indicated.


Continued a strong safety record with no lost time injuries recorded in 2Q19 with a 12 month rolling lost time injury frequency rate (LTIFR) of 0.39 per one million hours worked. 


  • Sold 33 102 oz of gold1 for a total of US$42.9 million in gold sales1 (35 320 oz and US$45.8 million respectively in 2Q18) and sold 65 900 oz of gold1 for a total of US$85.8 million in gold sales YTD 2019 (75 370 oz and US$99.0 million respectively YTD 2Q18);
  • Cash operating cost2 of US$518/oz produced and all-in sustaining cost2 of US$836/oz sold and US$493/oz produced and US$806/oz sold for the three and six-month periods ended 30 June 2019;
  • Operating costs2 of US$156/t processed were 22% lower than 2Q18 as a result of increased throughput and improved efficiencies;
  • Mined 109 840 t and achieved record quarterly throughput of 113 866 t which exceeded increased nameplate capacity of 1100 tpd by approximately 14%;


  • Achieved an adjusted EBITDA2 of US$15.7 million at a margin2 of 37% in 2Q19 increasing adjusted EBITDA to US$34.0 million at a margin of 41% for YTD 2019;
  • Generated cash flow from mining operations2 totalling US$21.8 million for cash flow from mining operations per share2 of US$0.06 (CAN$0.08/share);
  • Adjusted net income of US$0.7 million in 2Q19 and six month period ended 30 June 2019 of US$4.8 million;


  • Continued ramp up of production from Bagassi South with first production stopes established in 2Q19 with commercial production expected to be achieved by the end of August 2019;
  • Completion of the Séguéla gold project acquisition from Newcrest Mining in April 2019;
  • Maiden Séguéla Gold Project (Séguéla) Indicated Mineral Resource estimate prepared in accordance with NI 43-101 of 496 000 oz at 2.4 g/t Au and an Inferred Mineral Resource Estimate of 34 000 oz at 2.4g/t Au for the Antenna deposit;
  • Additional infill and extension drilling at Antenna subsequent to the completion of the maiden Mineral Resource Estimate is anticipated to add to the resource while results from Boulder highlight the potential of the satellite prospects.

"The first half of 2019 saw a solid operating performance at Yaramoko and we continue to remain on track to achieve our annual production guidance.  The processing plant continued to outperform achieving record throughput and operating approximately 14% above nameplate capacity during the second quarter. This enabled us to maintain a cash operating margin of US$724/oz delivering strong cashflow from mining operations of US$21.8 million. Stoping operations at Bagassi South commenced during the quarter positioning production from Yaramoko to be stronger during the second half of 2019," said John Dorward, President and CEO.

"We are continuing our exploration activities at Yaramoko as well as advancing the progression of the Séguéla gold project, our second development project, where we expect to deliver a Preliminary Economic Assessment with an upgraded resource estimate in the fourth quarter of this year."

Read the article online at:

You might also like


Embed article link: (copy the HTML code below):


Global Mining Review is not responsible for the content of external internet sites.