GSS - Earnings call transcript Q2 2021 | Golden Star Resources LTD.

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Operator

Good morning, ladies and gentlemen. Welcome to the Golden Star Resources Second Quarter 2021 Results Conference Call. At this time, all lines are in a listen-only mode.

Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] Today's call is being recorded on Thursday, July 29, 2021. to conference like to now I'd turn over the Mr. And Business Director, Investor Stoner, Development. Relations Michael and Please go ahead.

Michael Stoner

Thank call. everyone you for joining QX results

hand our website. team, the disclaimer The over you is I presentation on the X. on please available already note Slide Before could to

website. either CEO; the exploration Graham CFO; COO; Thomson, joined you Crew, PDF the can or and the Andrew that, if over with call, hand to our Wasel, And our on our efforts. follow So today who then webcast by the with could on please. I'm our - Andrew Mitch Wray, Paul I to commence

Andrew Wray

around we you very and also where updated everybody. us on where we Slide mine Slide extension reserve to that on terms in we plan Thank to afternoon the to we the out the put both that in and Michael. plan who much, on of work ongoing X in year are to progress and morning, that's plus reminder earlier through we'll specifically performance plan, slide, the mine takes the move the life on are, good believe we X, of quick this PEA up move And good talk next are QX, life. If a that we And of XX and If respect. in which QX. there we year

a that slide. balance Paul to little numbers resolving on a which position pretty deliver At as on previous can to to investing in strengthen good. the quarter, come to the one go a detail highlighted in give during plan continue we're weeks challenges the on sheet, detail we you referred which that good below continue some into will have is we up to the time, of bit of business which Graham good more making target. been two As progress a or see, which and there we're ago few There will same the bit the I

specifically so situation, think of slide, the a don't we it showing And the COVID. ways COVID I at the be the under cases seen set where year was in same were ago quarter the here looking a anybody to Ghana in up we've On regards the ongoing results next first countries. think and year tick at certainly There's I probably many later as we'd been in time, in other many position, COVID. another as in

affected minimize we no to really in of to our So any Certainly at March. albeit end we're sort no We've think has serious fatalities, early the the had most business back maintained illness into February minimal fortunately, which rates all impact. impact is have going we've probably for get. operational site. important up out were meant plan of seen of we've and more particularly in of complicated lot meant it just we've to skills getting people in development and country some that is terms of seen are had a logistics of that in which that. certain we thing. of controls we've And had areas, than clearly of I the And was some managed and to the is protocols out site, And in which the harder and around

to reflected fortunately, we've see can but of challenges had working the perspective, mentioned, I number slide, a in that, the a from On with we're So health as guidance. next minimal there impact. you

to with year on that, be. this resolving over is business business go with those So to our and the for longer focus year through it and this into And I'll to really expects this challenges the continuing invest where the back as term future hand year, track we XXXX of exiting Graham.

Graham Crew

Andrew. Thanks

just a nine, I give system. little update think the of we'll an bit everyone to move into backfill to number straight slide Paste across

mentioned guidance we the As about in this. spoke update, Andrew

dating in delays QX expected some the less we assurance test results what had some the of to we first from commissioning we fact, the back come work. we and So quality stope back had to pulled would than then the have test when

to we filling QX. So there weeks. originally of more we'll another on cement the coming further At are be will us work in that test than that to had we we've higher the are the design through. test to from work recent some mix able going - we're factor site QX, continue planned now. moved which in stope as test next this And few doing a that we The from results giving just we'll QC QA, to happening should confidence for work And test planning to in recommence blend with additional moves be stage, optimize to be move safety.

second mining positive from get quarter to contingent So current the some clear the testing. reciting the on and test to secondary when results that's But as performing Paste plan it stopes over on site XXXX. is the the expected. on And track that plan to fill back the path comes

That for for. re has had we et And been we touched related stopes we through step that the Moving will and of bit talk the HX than this ramp quarter. from to and was when really And quarter up the for The that on can expatriate the rate see to bit plan. development. across more. 'XX. development were some challenges COVID slower XXXX that's We in not a see slide the equipment about I that up. impetus into put down the the the remind challenges development time is expecting really to step to With little additional been operators, That's a some XXXX here. and mining the the up in QX secondary going then guidance into just really the in planned next you had some certainly the added little cetera. around we slides, Andrew

behind. Pleasingly to little is development closer in June although So QX, development the forward. much it's for looking we're right was that stepping over up, the a bit going

in improvements volumes good seeing with we're with slightly and So line the production, grade progress the lower expectations. site, on at development

ground Moving the looking in bit although cost to next cost through partly increase coming to coming through year a benefit last where from areas Wassa, certainly up bit rebates costs relatively of some the across some QX, cost such base just bit related cost had at little at of a we of power fixed QX little there's costs, step inflation of as a support. and the little slide, and

costs and the of seeing a logistics, development, step transport, in as bit for some more cetera and just for little et bit seeing increase So little grounds a so up coming we're of low through cost from through we're increase extra we're and coming the with benefit still costs, plant the the the through. volume costs. tonnage seeing that stockpiles processing Processing producing grade

costs, line OpEx with volumes. the yes, and sustaining upward production the all-in trend in On

with Wassa, productivities continuing the results. hand see investment expect that, sustaining that capital start the financial to volumes, bring to to with we're Importantly, Paul we And we improve improve. which the talk and those as the we at as about over to up I'll

Paul Thomson

ounces. gold Graham there good our has and financial Thanks afternoon from XX,XXX just And which Good been articulated. lower despite was just quarter good under morning, lately having just perspective QX issues a sold has at Contextualized everyone. Graham.

Part Just XXXX. had really they're QX from that the performance. out by I and this strong gold price. due to strong just the quarter and point macro way perspective reason really the a good of note, to financial that the operational quarter financial a purposes of comparison of environment we is

post average the price Royal realized that business an during an of the stream. of So impact QX, the so ounce, over or $XXXX XXXX Gold XXXX just was

So to XX million million. produce and for robust strong the adjusted quarter EBITDA then X.X business and EBITDA was continues that of the

from XX.X of million. terms adjustments EBITDA, EBITDA in adjusted had those to So we

adjustments So $XXX,XXX the financial that the comprise their following these we adjustments non-cash value for on fair instruments. had

of and movements hedges the in gain the to loss market which receivable, adjustment with These which gold for share XXX,XXX, shared derivatives relates the are earlier. our annotated the expected price which also other [indiscernible] debenture item and function million loss large credit a to the during was XX.XX the quarter. convertible releases we've of that primarily in recently in notes relates by expenses, press the of documented $XXX,XXX. FGR the was offset within of embedded obviously The So

this of the In respect impacted explained primarily earnings XX.X the is terms by per share, expected in million I've just of adjustments. that credit loss

you'd please, go Slide the If XX to balance sheet.

the stronger, the So provide sheet as Andrew continues business. base alluding to balance to to was to earlier, more repositioned be robust a

an upsized a to business business the structure restructured additional and grow facility actually have appropriate to liquidity So the Macquarie RCF. continues And the as provided debt into recently, that's evolve. more and give we

conservative have here. it's highlight ratios important to we So with that debt related that

to our XX and restructuring to what of If So put apologies, QX just a just in actually cast debt restructuring, a million. of terms position million net now that back X has with XXXX we of position done. up context, into net sit with debt actually the to or we mind

in So invested. this It's something investment that's the and million backdrop business XXX been XXXX of has of the the done within XXXX. significant of against order being

two, August so phase key investment will convertible terms that this the now be so QX for three thing we're in the of debenture, medium going time. XX, now. to weeks' So due term, which long that's us on through significant key benefit The in to in is redeemed actually XXXX, in the is business

working we're the assumption cash, price, this million. So which given current that be in on XX.X settled the share will is

and we've actually So cash to forward. of got a level that can with going the to business as do normal you adequate cash see, within proceed

put So of from in as of XXXX program attractive actually zero the we hedging part 'XX some that period callers the over HX floor. to in of place HX refinancing Macquarie, cost terms

XXXX a assuming see but price XXXX. flat we've an floor you that So of can ounce, of over got

a preserve range on at whilst price protection pricing, which ongoing this cost significant sensible good with the Wassa's to a is giving respect upside of actually development. helps gold So level

business. cash XX Slide consideration a the to turn you'd management key to is please, If

points business in follows. the of key balance the QX a this million. with as bridge ended So for $XX.X are The healthy flow cash note quarter to cash

strong So and first million. that you $XX generated block can actually the see Wassa's performance from over operational

with capital a we're investment of the So Wassa. to development program underpin future continuing

that So million see there you we can over $XX CapEx. on spent

So exploration in well. as we're continuing to invest

in during million the ATM which and to were it's actually X.X activities, And proceeds not QX. spent generated with during respect that. since was that April actually And million quarter, financing So were used been May. X.X the the

in facilitates continued So business. position is in which cash summary, XXXX, the into approved just the again investment QX

be if on forward, XX. will off will start going you who's cover to pass Slide over on Mitch exploration Matt, development. going focus so With that, and So geology, exploration our and could to I

Mitch Wasel

Paul. Thanks

We mostly mentioned programs. in up the trend. five at Wassa moved focus reserves. down for X.X of busy as we [ph] areas overall, of Just we rigs Paul regional have exploration had in the this just quarter. on CBC were up several on the Slide million targets with of end aircore drill exploration there, quarter. from which working towards an our registered The known mineralization at the spent general the And overview down drilling one XX focused at on and the East and a Wassa, We three

As completed I been has the little be mentioned area the now which on on to going the is stuff bit focus and on. in-mine a regional and near-mine,

as So look at let's Wassa view over deposits a stands. to Slide of it to an take XX move the isometric

had infill. you we view east. we've circles is is our where lines from received in we're smaller results at looking focusing down-dip is everything Just What drilling drilling here up the the see bold the the here we're results looking the and looking the or you're at red at in a And we're the dotted font towards date. results are QX the the looking that areas red to on and there what is

that to going to going to some up of we just XXXX, up in year. the your to ton follow material is that tightened we're without that's on below at by XX hopefully X.X XXX late in XX up down-dip B-Shoot south some hits meters main up of going into prove meters north we the On XXXX. spacing the the hit up-dip meter and about down-dip be to close and in is per The end the of The resource we're spacing material trend. trying that the in to be grams to some had follow stepping

total we So approximately this drilled five in totaling area the meters. XXXX roughly holes quarter, for

which some actually that is we've and of on move of which a two slide zone, is hole XXX hits XX. and to Slide had. some of on six bit eight, the I'm we're Wassa this what open us looking the part intersected And little we XX, the from at being On and pit underground as one sections big XXX you'll recollect Let's detail see the more interest hole intersections mining the at the from in the for mining and at pit of them that material area. of generating looking because the areas gotten two upper in we're rid is open of we've zone the looking and

So underground assets. decline this a scenario that a enabling hopefully an and us everything having different into would going have we're get separate to be access in where we further

that's So on be up area. going growing to focus that for a this

The section other of the interesting approximately is below point meters B-Shoot. six mineralization depth in on this second the XXX at hole

main and exploration below reserve. really Now, with today is continue what a additional be below demonstrates to the the opens depth B-Shoot for that progress this does new whole mineralization B-Shoot it up tested

that looking significant hole and at intercepted zone intersections DX, This to about open XX.X of of zone zone north to and Moving wall about section the X.X at gram XX - on south. Slide mineralization another in hanging for a the meters is approximately on per strike was long is XX, ton. XXM

of ready at infill be to going that's at just with currently. part that three we're looking the actually off Wassa XXX drilling now the So programs kicking meter

an more know on been what in stepping main where of near-mine room outside is East doing another closure. Man and fill Slide let's Dead the testing at East We've know Okay, on you're we and testing to the which the around right at zones Wassa, been a Hill which the zones table of move side the here the We've usually and a Wassa. big there's several got Mid off West want gold and Man the The to programs one on with the stepping the XX with East. if exploration regional we room itself, the main familiar rigs zones. XXX in Hill higher we've large same deposit Mid zone Dead that And seeing there with in between hand to fly in a they is within values the We associated the results concentrations foreclosures. much foreclosure we are you're see find geology as B-Shoot and limits.

on So south. the we the we've to need do work whether climbing so north or closure some drilling stream between that determine to more is far done in

side the the is broader drilling on Additionally, pits drilling been off there, there. the there, major the of through and at which picture the been we've along a we've SAK when zones and [indiscernible], structure to west left hand intersecting and mineralization

of been little we're structure we So within some zones grade, are accepted are targets lower currently the till going have to five structure. The deferred a that bit XXXX. the and the are set but finishes the still

at permits stuff pursuing [indiscernible] and the is ministry. the for are into currently re-entry We the which

Subriso this drilling concessions. pit the East to a Slide covers currently We've Benso is of targets the move been and which area in south, regional on of Kwahu been and will mined a at at south back that below have sort down We've Abada era aircore [indiscernible] hitting X busy driller of are to projected XXXX we on was there. and down We with also the XX, Seikrom. sort drilling towards the towards busy punch we and Manso which and which Hill,

summarized and up follow the the combination this So be up part for at wrapping is for look grams the those XX some [indiscernible] at hits Guadium, are concession, can interesting. hits will the These year. full X meters we up. in had ton. between regional of on Also geologist's, We're wide follow all is [indiscernible] very and and several I of who per press are coming had the and we've mobilizing a you think which the significant spacing in approximately take next into initially of We've programs which some release growth records. results which at Abada was drilling geophysics about their

can back so Andrew a wrap to Okay, to Andrew. hand on it to you going note, who up with it that back I'm summary,

Andrew Wray

much, very Thanks Mitch. Excellent.

as on we've the just conclude So I to said challenges. XX, quarter, some Slide over had

we've continue at make you've I - as the significant time, some heard, progress to in the just made business. think same

on Graham encountered, we've said, we're where those way we be. resolving to issues operations operational back As to well our the expect them that getting to

balance will focus seen been the the continued has as on front that exploration we've think we've At term, invest. the saying time, sheet. some Mitch really longer business strengthen progress And the I there, in the same the to over was half of encouraging the also activities year.

last same it's the money - business well of on longer is put continue deal the allow said, the getting impressive. and which investment And of Paul the convertible the one for prepared As pretty ourselves a us the we're our we start outlined term since financial reserve bond, the year, lot at pieces placed business time. debts plan in into plans to a term. through properly We've longer net that'll and a the set of And for last with to the up footing. stabilized PEA really

back Michelle take So with hand any that, to I'll happy we're it to questions. and

Operator

and the CIBC. [Operator will comes Thank question-and-answer session. of Your now first Please ahead. we you. from begin gentlemen, Bryce Adams Ladies go Instructions] question

Bryce Adams

Good work questions have afternoon. Paste couple test and development, a the on I right.

the tests can't completed that? involved in there been the or in that something then on at work, test cubes compressive have be one with tests more Australia Firstly, strength Paste cost countries done much is of testing that

Andrew Wray

deal together. give I guess but you the probably questions us we don't Graham, then then for and with both can both that Why both Bryce them

Bryce Adams

good go to Graham. all probably Yeah, guess. It'll that's pretty

crews memory. there's Wassa, was no he up that's rates. next just just one a underground, shotcrete I jumbo us the move said working development many drive? per from on of shotcrete any so jumbos started development that comes I with maybe development is underground faces was clarifying of a what I'll then level, about was that XXX follow more just the meters remind And the wall guess a the would And I my and but of number the on now, at that wondering level indicative then from So on And footprint I on on for just increase levels? to with that - underground one, total the in have rates if developed, drives? you reminder building something you that Or foot they achieved be that think I one where has how average development are the month. there'll access could level? entire the the think over ore And wondering level? the maybe Or the does I've is the be the answers. got XXX other slightly now, were on what

Andrew Wray

Brian. Graham, I you. over think Thanks to

Graham Crew

Services a experts. Australia, worked tell world. you, of quite of we're with that I with UMaT. is be the on why Paste a the have there's But work, questions. in testing that be no I'll Ghana, That's MineFill so in UMaT plants at And done can and done Paste can't list by valuable that's particular both Services our working lot around and Where Paste are MineFill test

So really, the design. that's mix about optimizing

alternative so high test cement that the opportunity we plant ranges, would the work to higher so we a higher cetera. What mid to mix plan degradation in which the going strength down less track the optimize the not now. over an for in certainly there lower ranges, command at binders, initial saw we're always design is of was So the be And et - why time. at would

testing ensuring the role design about really the consistent is our board. optimizing their and is So that across mix

first question. that's the So

on Second underground question is shotcrete.

on the cetera. plan et having now now for have shotcreting walls, we batch So Paste plants commissioning, equipment site, we're part barricades, of as

consistently all challenge and from to now of it like So of challenge. month plans COVID And at a other at frontline for a people in if coordinators the we use have that's four Arsenal those four has long we're been manned that XXX so have And of I no, with up Wassa. out you jumbos. ground rosters cetera we support Jumbo getting et have jumbos. looking this frontline point part no think those time. suffered

XXX XXX drives plunge. moment, At be to cross the What just level On it as the come we're a tends development, the on in will area, focusing - in relatively foot to we cut it's Wassa relatively from wall typical tends the consistent. ore more the there. down at we We'll be development be certainly time. see

develop close. focus that potentially we is slope primary the on wall in we so development So to XXX as then full the get accesses can go

Bryce Adams

Yeah, site of coming I I got fleet vent shotcrete interesting you've and walls specifically barricades. out that for the it. think that that's on guess, it's

you may if in a like still pipeline strength the to do be get and future resolve ground Sounds date. the there support opportunity issues, pipe and properly an working cycle at

Graham Crew

one areas potential. we've is potential ground It's we not down conditions and as The done barricades required. At moment but get one most Certainly walls, mesh split work pretty not built good are on. the done still are seen Bryce, - what's it we've in lot the sets that Wassa for certainly especially that's much that track as deeper. capacity of a and is doing and is you've

Bryce Adams

for Yeah, copy We'll Good test Thanks the second luck watching be updates. with lot. a that. start.

Graham Crew

Bryce. Thanks

Operator

Ray ahead. Your Please next comes from Markets. Capital BMO Raj go question of

Raj Ray

the you for I of QX year. three amount of the was operator. have year. And and beginning team. higher what guided open at of had the speed the second first Thank afternoon, the may. questions, you pits around significantly I question half if stockpile Good Andrew the you, is expect than

balance Second content, on as fill. question increase rough With on about you a of give and some expect my was cement idea the us liquidity. the up that. can much a result was And sheet third increased cost question you follow how Paste if

XX on covenant have the minimum with able to one question to that. of any any facility, to there credit be I of revolving to where as a a cash certainly respect you do see don't you seem million concern. But maintain million to be I you draw was balance had And down the cash doesn't $XX mentioned, have need Now, concern.

So that's now. So a something challenge? of bit are for the could three that is that those a - questions cause yeah,

Andrew Wray

Thank you, Raj.

probably pass first of Paul, for in two you, terms to think, the I Macquarie the facility. Graham, then we'll

Graham Crew

Hi, Yeah. Raj.

On year. now we've to little the maybe the material of We're X.X a gram in year, stockpiles get harder to areas. will pit of sort through and the open into kind bit on end the that last stockpiles, got to the next of to

So we at through while down volumes just of that a took the the bit. opportunity little took some bring we underground second looking - the the we to get And were year, the were half essentially. material forward and of cash that

going development So over continue that and little the do is to be far Paste HX restricted bit given enough we we'll can ahead. stoking fill how get going to a until the

be that'll - part in strategy think form of as HX well. the I that'll

of a terms question. the cement good In increase, it's

some work $X, that'll of of $X binders, we'll the turns cement the going mining I the to that about as $X we adds negate costs, per which assurance alternative form help to that's at year, say issue cement ton certainly to with we be guided initially. logistics percentage, - we that costs. and to to $X.XX Alternative the maybe mix is or becomes continue binder design. adds at $X $X the part half use so fly average or increase to $X.XX of $X round costs that. Paste of optimizing in go said, work. quality the adding XX% net cement to highest for becomes - But in so really will place And - on numbers, cost binder whatever That X% that start least which be, about that Paste to mined the out So the through that in we roughly strength costs, getting saw ash XX% about fill, from degradation very the the cement

Raj Ray

Graham. Thanks

Andrew Wray

Hopefully the questions. two that answers

Raj Ray

it Graham. Thanks Yeah, does.

Andrew Wray

talk the Paul Thanks. covenant. through cash yeah, - maybe

Paul Thomson

It's address Yeah. two this Raj. are There to factors point. good Thanks, actually question. just

you we've identifies CP XX drawdown, rightly So got million. to which quite

So very for that we've obvious been very, closely, reasons. watching

in get able very to we terms are to being comfortable position. of yeah, that So

quite that got suffice that you position. can't sufficient to terms it then say pressure. to is any of headroom of the we've headroom the there. cash And minimum that So a do ongoing bit I covenant exactly after But tell us there is. what to in allow there we have without

goes at ongoing then it cash in of to the So position need we maintain actually million XX terms minimum. the to

Raj Ray

follow just thanks is Mitch. up for if Probably Okay, Andrew, Paul. question. this I a may,

with drilling - end your that's to year, done regional any can the to the or to is and on exploration of targets near-mine anything the date for remaining expect still given we it exploration resources wanted Just any by expect targets, early too been the what's the and year? of initial

Mitch Wasel

Raj, what we're drilling on doing production, infill depended programs themselves. the It right now is starting on right.

estimation getting So going to resource August. that we're in looking kick the at we're off process stuff,

updated realistically, some So on all what into in there. holes we have, won't drill But models. we incorporate to of able results depending actual the state how the holes many resource drill of those we have, have we'll probably be

portion update in you'd So into probably think realistically, have but be resource 'XX that updates. of incorporated I for the that this would of model, more the

Raj Ray

which ones most would highlighted advanced? you and between targets, And and in XX submits XX, prospective most say slides Okay. the the you

Mitch Wasel

at at in that for at - looking the most ones point the advanced Raj, The ones this are what we're you're near-mine at? time, you're is looking looking that

Raj Ray

Yeah, near-mines regional. and the then

Mitch Wasel

old and there. would have done most of open probably the is pits open I from Mid East in in there. Man historical lot drilling to They're a Dead going be Hill advanced the that was we because pits say the ones Yeah, do

spacing Dead assess the Mid as and XXX a kilometer drilling meters back sort to the at in East So structure it going Hill, here. I of sit couple very far was we wide on have fences the as a was and space, what's think is over between half was concerned, because Man

about still think we're And further do come for But hit there room well on I up phase with. then there's next now lot targets the to for on updates year to a for particular have at to out So the are of resource we're what we of a in would going least areas interpretation. drilling we going it, depending that probably how say those it. what

Raj Ray

regional Okay, then the and stuff?

Mitch Wasel

we've away had the some that that. aircore the And But next or good is hits we've help there. phase ways this that'll Regional and from say, doing for I stuff, better well, we're stuff Yeah, IP lines of XXX already. to meter like us targets the got drilling. for run guide going spaced just we're

that Kwahu Hill the already probably expenditures targets, on depending the is Kwahu is Benso We'll be - within it's lease. Hill stuff in and have we'll obviously, for on for budget year's as at at well, important best because next So XXXX. the focusing And mining we Guadium. which

So issues there. permitting through already looking It's be wouldn't within lease. the mining and you stuff at

can to later, So process where have look still bring be have of the other we would should that we than if the you and at go to permitting something drilling one to through targets the on and them would earlier successful. be that accelerate ones stuff prime that

Raj Ray

Okay. Thanks guys.

Thanks that's from Andrew. So me. it

Andrew Wray

Raj. much, very Thanks

Operator

Your comes from Canaccord. Please next question Jeremy of ahead. Hoy go

Jeremy Hoy

Or questions. guys development to able anticipating all was up my Hi, back are point? But taking everyone. XXXX production HX? Thank quickly, guys you to been be you comfortable have impacted wondering that just you at Most that are will questions of be already. answered I for catch pretty at in my this you will

Andrew Wray

on Maybe that. Jeremy. touch to want Graham, Thanks you

Graham Crew

Yeah. Thanks. the Thanks Andrew. question for Thanks Jeremy.

the definitely back online. is and building I is the getting But key flexibility. inventory building us other fill development key think Paste the to

at moment, the in above value are because over what two and unlocks that's operational the So key XXXX. there production, projects really probably

secondary material the where started year. QX, Paste in fill of lot it's unlock So And the we six should start commissioning be operating we that a wanted getting about the it plant behind months XXXX. the site at it when to of in

So of schedules. we really re-jigging the were all

back should unlock getting things the getting development So track pretty Paste those the fill rights on up, XXXX well.

Andrew Wray

Yeah, of that, The to is back the to I tests of strength Graham more think work and to fill the issues underway the targeted, just underline the overlaying out that Jeremy. in those where XXXX. we're said we've starting some consistently hit development, got we coming as containing rates Paste

increases with in XXXX going effectively development what obviously in going to out We're continue we rates. the to So go beyond pace, that's to further we're But achieve year exit to optimize resolved. to continue XXXX. the not target set we to

Jeremy Hoy

very much. it. Got Thank you

So this hand at critical those are in path hand both point.

Andrew Wray

Yeah.

Jeremy Hoy

Yeah. you. Thank

Andrew Wray

you. Thank

Operator

question DeMarco go from Bank. of comes Please next National Don ahead. Your

Don DeMarco

you, thank Hi, Good Operator. gentlemen. Well, morning.

improving that in about have curious needed. the you they're balance leavers the event additional sheet Just for what

XXXX. next I little you. need you pretty are upon, at heading converts think the back feeling draw cash repayment burn you else done a Thank of for all buffer what comfortable year in up necessary, bit they could of into the you coming and the we're with the And additional month. ATM? some if But

Andrew Wray

Don. hand I'll over. Thanks Maybe that

shows there's think available want at to the specifically I we're slide that. address to refer that liquidity looking you just a Paul and how

Paul Thomson

exactly. Yeah,

we've Slide business. terms potential the liquidity liquidity put you'll So in going in see that of on XX, to available available

at - There's RCF Macquarie's cash got million, we of the is XX. we've capacity that of currently respect the XX the the remaining grow then net So available facility. which there's ATM in choose to though, XX should amount and

providing There's of terms also in options, fact within of number stronger gold environment. the of a us that gives forward. liquidity going a price it additional operating So

actually, to very prices us. beneficial plus So of prevailing XXXX obviously, is

Don DeMarco

thank Okay, you.

Andrew Wray

to business that and out, those. fund Don plans think of the basis a the at moment the we will in way detail bit fair lower the is, put even we gold it underline just we set PEA at out maybe of I at the on the look prices

debt put And forward, net mentioned volumes. by Paul terms And of need part the XX%. to as the to development be of place between we've they where this year some and benefits of last earlier, see in business. best the will going to think the start the of year, we're into getting the also XXX billion going be I capital reduced

ups the going which cash of improve incrementally fund then generation out that's will further to investment business, in step the deliver volume. in So to increases

So investment and ongoing the Macquarie as use business. flows was into ongoing from the fund we those we'll what we to at the basis that's look the facility, need that we'll short-term business funds repay on it cash then and an convertible but

Don DeMarco

you that thank Okay, for for all me. color. That's additional

Andrew Wray

Don. Thanks

Paul Thomson

Thanks Don.

Operator

time. Please [Operator no Mr. go questions Wray at Instructions] there further are this ahead.

Andrew Wray

we'll much. forward again Thank else And if soon. to please know you is your and look for us you. you to Thank very everyone you let speaking you Thank and get time. need, back there anything

Operator

participating ask this Ladies concludes and please call you for thank conference disconnect that and gentlemen, We for today. your you lines. your

Golden Star Resources (GSS) 30 Jul 212021 Q2 Earnings call transcript