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Golden Star Resources Reports Results for the Three and Six Months Ended June 30, 2021

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  • Q2 2021 production totaled 37.9 thousand ounces (“koz”) from Wassa, at an all-in sustaining cost (“AISC”) of $1,182 per ounce (“/oz”). H1 2021 production totaled 78.0koz at an AISC of $1,140/oz, and the Company remains on track to deliver on the recently revised production guidance of 145-155koz for 2021.
  • The Wassa underground grade averaged 3.1 grams per tonne (“g/t”) in Q2 2021, in line with the reserve grade and 4% higher than achieved in Q1 2021.
  • Paste fill test work continued during the quarter with recent positive results supporting a second test stope currently in progress which, if successful, will lead to the restart of the planned filling schedule in Q4 2021.
  • Q2 2021 saw continued investment in infill drilling and development at Wassa, ahead of planned future production expansion. Q2 2021 capital expenditure totaled $12 million (“m”).
  • Cash increased by $6.6m in Q2 2021 to total $72.7m at June 30, 2021, with net debt reducing to $31m.
  • The senior secured credit facility with Macquarie Bank Limited (the “Macquarie Credit Facility”) was restructured and upsized to a three-year $90m revolving credit facility (“RCF”), with $30m of undrawn liquidity. The amortization profile was also restructured, releasing $30m of liquidity in 2021 and 2022.
  • The refinancing plus the cash on hand position Golden Star for the repayment of the 7% convertible debentures maturing in August 2021 (the “Convertible Debentures”). This deleveraging event will further strengthen the Company’s balance sheet and deliver a lower cost of capital.
  • In-mine exploration continued to deliver positive drill results adjacent to the current and planned reserve mining areas, with infill drilling now underway aimed at identifying mineral resources by the year end.

Table 1 Q2 2021 Performance Summary (Continuing Operations unless otherwise stated)

1. See “Non-GAAP Financial Measures”


Q2

2021

Q2

2020

%

change

H1

2021

H1

2020

%

change









Production – Wassa

Koz

37.9

44.8

(15)%

78.0

85.1

(8)%

Production – Prestea (discontinued operation)

Koz

5.9

(100)%

15.5

(100)%

Total gold produced

Koz

37.9

50.6

(25)%

78.0

100.6

(22)%

Gold sold – Wassa

Koz

37.7

46.5

(19)%

76.6

83.0

(8)%

Gold sold – Prestea (discontinued operation)

Koz

6.2

(100)%

15.2

(100)%

Total gold sold

Koz

37.7

52.7

(28)%

76.6

98.2

(22)%

Average realized gold price (incl. Deferred Revenue)

$/oz

1,709

1,621

5%

1,688

1,559

8%









Cash operating cost per ounce – Wassa1

$/oz

752

633

19%

734

632

16%

Cash operating cost per ounce – Prestea1

$/oz

2,292

(100)%

1,986

(100)%

Cash operating cost per ounce – Consolidated1

$/oz

752

827

(9)%

734

842

(13)%

All-in sustaining cost per ounce – Wassa1

$/oz

1,182

957

23%

1,140

958

19%

All-in sustaining cost per ounce – Prestea1

$/oz

2,910

(100)%

2,471

(100)%

All-in sustaining cost per ounce – Consolidated1

$/oz

1,182

1,186

-%

1,140

1,193

(4)%









Gold revenues

$m

64.4

75.4

(15)%

129.4

129.5

Adj. EBITDA1

$m

26.0

36.4

(28)%

53.3

57.6

(8)%

Adj. income/share attributable to shareholders – basic1

$/share

0.05

0.10

(50)%

0.09

0.12

(25)%









Cash provided by operations before working capital

$m

23.2

34.9

(34)%

46.5

52.1

(11)%

Changes in working capital and taxes paid

$m

(10.3)

(4.0)

(158)%

(23.3)

(13.5)

(73)%

Net cash used in investing activities

$m

(10.4)

(9.6)

(8)%

(23.2)

(22.0)

(5)%

Net cash provided by financing activities

$m

4.2

(5.6)

175%

11.9

(5.5)

316%

Free cash flow1

$m

2.4

21.4

(89)%

16.5

(100)%









Cash

$m

72.7

45.1

61%

72.7

45.1

61%

Net Debt

$m

31.0

56.0

(45)%

31.0

56.0

(45)%

Andrew Wray, Chief Executive Officer of Golden Star, commented:
“Our primary objectives for H1 2021 were to continue positioning the business for future production growth, as well as to be able to address the repayment of the $51.5m Convertible Debentures in August 2021. With the increase in the cash position to $72.7m during the quarter and the successful refinancing of the Macquarie Credit Facility, we now have adequate liquidity to be able to cash settle the Convertible Debentures on maturity.

Following the recent revision of our 2021 guidance, our key operational focus is the completion of the commissioning of the paste fill plant by the end of the year. Recent paste strength test work has yielded positive results and supports the advancement of a second test stope during Q3 2021. We will issue further updates through H2 2021 as we progress towards our target of production from secondary stopes in 2022.

While the paste fill test work progresses, we are also continuing to make operating changes aimed at unlocking further improvements in development rates in order to improve the operational flexibility. This work enabled the decline development to reach the 495 level during the quarter. This milestone was critical in providing the operations with more flexibility – this opens up the new production areas needed to provide access to the primary stopes that were originally planned for 2022 and are now being brought forward to partially replace the secondary stopes that were deferred as a result of the ongoing paste fill strength test work.

The step up in the investment in exploration in 2021 is yielding positive results, particularly the in-mine program where we are now reallocating resources from regional targets to carry out additional in-fill drilling to delineate resource in targets proximal to existing and planned reserve infrastructure.

As we go into H2 2021, the repayment of the convertible debenture represents another significant step in the restructuring and strengthening of our balance sheet while the operational focus on full commissioning of paste fill activities and consistent delivery of the increased development metres will return the operation to where we planned it to be to deliver further growth in 2022 and beyond.”

Q2 2021 RESULTS WEBCAST AND CONFERENCE CALL
The Company will conduct a Q2 2021 results conference call and webcast on Thursday July 29, 2021 at 10.00 am ET.
Toll Free (North America): +1 888 390 0546
Toronto Local and International: +1 416 764 8688
Toll Free (UK): 0800 652 2435
Conference ID: 98666950
Webcast: https://produceredition.webcasts.com/starthere.jsp?ei=1477518&tp_key=0b1e14f35e
Following the conference call, a recording will be available on the Company’s website at: www.gsr.com.

KEY EVENTS – Q2 2021

Wassa Operational Performance and Infrastructure Investment

  • The mining rate averaged 3,963 tonnes per day (“tpd”) in Q2 2021, representing a 10% decrease on the 4,418tpd achieved in Q2 2020 and 12% lower than the mining rate of 4,499tpd achieved in Q1 2021 driven predominantly by an enforced change in the mine plan due to stoping constraints caused by lower than planned development rates.
  • Underground mined grade averaged 3.1g/t, in line with the underground reserve grade of 3.1g/t and 4% higher than the grade achieved in Q1 2021.
  • Processing of low-grade stockpiles continued during Q2 2021, given the continued strength of the gold price. This initiative, which utilizes latent capacity in the process plant without compromising gold recovery rates, contributes additional cash flow, albeit at a slightly higher AISC than achieved by the underground mine. This initiative contributed 5koz of production during Q2 2021.
  • Investment in infrastructure continued throughout Q2 2021 to provide additional mining flexibility with the objective of increasing mining rates. Capital expenditure at Wassa totaled $12m during Q2 2021, including capitalized drilling of $1.9m.
  • Operational improvements and recruitment of additional jumbo operators has seen an increase in development rates over the second half of the quarter, with June seeing rates in line with plan and representing a 15% increase compared to 2020. During the quarter, decline development reached the 495-level, access and level development has commenced bringing on new development and production areas into the mine plan for H2 2021. These stopes were originally planned for 2022 and will be brought forward to replace some of the secondary stope material delayed due to the delay in the completion of the paste plant commissioning process.

Paste Fill Commissioning Update

  • The Paste fill plant commissioning process started in Q1 2021, following the completion of the plant construction in Q4 2020. As previously announced, the commissioning was delayed by some quality assurance testing returning lower than expected fill strengths in the test stope in April 2021.
  • As a result, the test work program has been extended. The Company is working in collaboration with Minefill Services and the University of Mines and Technology in Tarkwa, Ghana. Core samples for the initial test stope have been obtained and are being tested in parallel with further test work on the mix design. Additional samples have now arrived in Australia for confirmatory testing and mix design test work. Recent test results, particularly at a higher cement content of 7-10%, have shown results that support progression of the commissioning process onto filling of a second test stope.
  • The second test stope has been identified and is currently progressing through the production phase ahead of filling, which is anticipated to occur during Q3 2021. The stope will be tested with a 10% cement blend for maximum fill strength, while off-site mix design optimization and test work continue. Should this test work return satisfactory strength results, as expected, the Company anticipates re-commencement of the filling schedule in Q4 2021 allowing for production from secondary stopes, as previously planned, in 2022.

COVID-19 PANDEMIC

  • Ghana experienced a slight increase in COVID-19 cases in Q2 2021. A total of 5,953 positive cases had been confirmed in the Western Region, where the Wassa mine is located, of which 23 were active cases as at June 30, 2021, an improvement over the previous quarter. During Q2 2021, Wassa experienced 10 suspected COVID-19 cases with six confirmed cases and two pending results as at quarter end.
  • During 2021, the COVID-19 pandemic has impacted the availability of our expatriate operators. This resulted in lower than planned development rates being achieved, as reported in the Q1 2021 results and the recent paste fill plant commissioning update. The Company is investing in additional resources and has made changes to our operating structures to mitigate the ongoing impact of the COVID-19 pandemic on development rates.
  • Supply chains for the shipment of dore to the refinery and for the key consumables, including cyanide, lime, grinding media, fuel, and lubricants, have remained intact throughout the pandemic. All supply chains are being continually monitored and alternative suppliers have been identified for essential supply chains.

Safety and Health

  • In June 2021, two employees at the Wassa mining operations suffered minor injuries. Both employees are undergoing medical treatment and review with diagnoses of potential for full recovery. Reflecting these incidents, the all-injury frequency rate (“AIFR”) of the continuing operations as at June 30, 2021 was 2.91 and the total recordable injury frequency rate (“TRIFR”) was 0.97, based on a 12-month rolling average per million hours worked. This compares to the continuing operations AIFR of 3.57 and TRIFR of 0.54 as at June 30, 2020.

Restructuring and Upsizing of the Macquarie Credit Facility

  • On May 31, 2021, the Company announced the restructuring and upsizing of the Macquarie Credit Facility to a three-year RCF. The capacity of the RCF has been upsized by $20 million to $90 million, which created $30 million of liquidity over and above the drawn balance of $60 million.
  • The restructuring also removed the $5 million quarterly capital repayment amortization profile which was due to come into effect in September 2021 if the Macquarie Credit Facility was fully drawn, or March 2022 if the current $60 million drawn amount was sustained. Therefore, this released a further $10 million of liquidity in 2021 and $20 million in 2022.
  • The capacity of the RCF will remain at $90 million to June 30, 2023, when it steps down to $50 million until maturity on June 30, 2024. The term of the RCF and the step down in the capacity will be reviewed annually and could be further extended, subject to the successful conversion of mineral resources to mineral reserves through the planned infill drilling program.

Gold Hedges

  • As a condition of amending the Macquarie Credit Facility, the Company extended its gold price protection hedging program into the first half of 2024 by entering into zero cost collars with Macquarie Bank on an additional 84,375 ounces.
  • This brought the total hedged position to 150,000 ounces as at June 30, 2021, maturing at a rate of 12,500 ounces per quarter from September 30, 2021 to June 30, 2024.
  • The hedging program now covers 25-30% of the forecast production during the current term of the RCF. All hedges have a floor of $1,600/oz and an average ceiling of $2,171/oz in 2021 and $2,179/oz in 2022, and a flat ceiling of $2,115/oz in 2023 and 2024.

At The Market Equity Program

  • On October 28, 2020, the Company entered into an at-the-market equity distribution program (the “ATM Program”) with BMO Capital Markets Corp. (“BMO”) relating to Golden Star common shares pursuant to a sales agreement (the “Sales Agreement”). In accordance with the terms of the Sales Agreement, the Company may distribute shares of common stock having a maximum aggregate sales price of up to $50 million from time to time through BMO as agent for the distribution of shares or as principal. The proceeds from the ATM Program will be used for discretionary growth capital at Wassa, exploration, general corporate purposes and working capital.
  • A total of 4,220,213 shares of common stock had been sold under the Sales Agreement up to June 30, 2021, generating net proceeds of $13.8m, of which $5.2m was generated in Q2 2021.

Changes to the Board of Directors

  • Karen Akiwumi-Tanoh and Gerard De Hert were elected as directors of the Company at the annual general meeting on May 6, 2021 (the “AGM”). Robert Doyle retired as a director of the Company after the AGM in line with Golden Star’s board of directors (the “Board”) mandate of a maximum term limit of 10 years for directors. Mona Quartey replaced Mr. Doyle as chair of the audit committee of the Board.

Sale of Prestea – Deferred Consideration Amendment Agreement

  • On September 30, 2020, the Company completed the sale of its 90% interest in Prestea to Future Global Resources Limited (“FGR”) pursuant to a share purchase agreement (the “SPA”) for the sale by Golden Star’s wholly owned subsidiary, Caystar Holdings (“Caystar”), and the purchase by FGR of all the issued and outstanding share capital of Bogoso Holdings (“Bogoso”), the holder of 90% of the shares of GSBPL, for a deferred consideration of $34.3 million guaranteed by Blue International Holdings (“BIH”), a major shareholder of FGR, which, prior to the amendments to the SPA as described below, was payable by FGR to Golden Star in the following tranches:
    • $5 million in cash to be paid on the earlier of (i) the date at which FGR puts in place a new reclamation bond with the Environmental Protection Agency of Ghana (the “EPA”) in relation to Prestea, and (ii) March 30, 2021;
    • $10 million in cash and the net working capital adjusted balancing payment (as described in the SPA) which as at the date hereof amounts to approximately $4.3 million, to be paid on July 31, 2021; and
    • $15 million in cash to be paid on July 31, 2023.

SPA Amendments

  • On March 28, 2021, the Company and Caystar, entered into an agreement with FGR and BIH, to amend the SPA to account for deferred consideration conditions. The staged payments that form the deferred consideration, as outlined in the SPA, were reprofiled such that (i) the $5 million that was originally due on March 30, 2021 and (ii) the $10 million that was originally due on July 31, 2021, each became payable on May 31, 2021.
  • On May 31, 2021, the Company and Caystar, entered into a second amending agreement with FGR and BIH, to further amend the SPA. The staged payments that form the deferred consideration were reprofiled to allow time for FGR to complete ongoing financing transactions and the environmental bonding process for Bogoso-Prestea. Pursuant to this second amendment to the SPA, the deferred consideration payments fall due as follows:
    • the $15 million payment that was due on May 31, 2021 must be paid by no later than July 16, 2021; and
    • an amount of approximately $4.6 million (comprised of the working capital balancing payment of approximately $4.3 million and fees of approximately $0.3 million for services provided by Caystar to FGR pursuant to a transition agreement dated September 30, 2020) must be paid by no later than July 31, 2021.
  • As of the date hereof, FGR has defaulted on its obligation to pay Caystar $15 million by no later than July 16, 2021. FGR has claimed that it is entitled to set-off its obligation to make such payment under the SPA, as amended, as a result of various alleged breaches of the SPA, a claim which Golden Star and Caystar believe to be completely without merit. Caystar has also demanded that FGR pay the amount of $15 million pursuant to the guarantee made by BIH in the SPA. In the event payment is not received from BIH, Golden Star and Caystar are evaluating all available avenues of recourse in order to seek full recovery of amounts owed by FGR under the SPA.

Severance Claim

  • On September 15, 2020, certain employees of Golden Star (Bogoso/Prestea) Limited, which subsequently changed its name to FGR Bogoso Prestea Limited (“FGRBPL”) initiated proceedings before the courts in Ghana, claiming that the completion of the transaction contemplated by the SPA would trigger the termination of their existing employments, entitling them to severance payments (the “Severance Claim”). Caystar exercised its right under the SPA to assume control of the Severance Claim and legal counsel was retained on behalf of FGRBPL to defend the claim. No employment contracts were severed, amended or modified upon the completion of the sale transaction on September 30, 2020 and FGRBPL (owned by FGR since September 30, 2020) continued to operate with existing employment contracts and contractual terms being honored.
  • On September 22, 2020, FGRBPL filed an application in court for an order striking out the plaintiffs’ statement of claim for lack of standing or capacity and disclosing no reasonable cause of action. On February 16, 2021, the court ruled in favor of FGRBPL that the plaintiffs’ pleadings disclosed no reasonable cause of action and were therefore frivolous, vexatious, and scandalous. Accordingly, the plaintiffs lacked the requisite standing or capacity to institute the action.
  • On March 26, 2021, the plaintiffs filed a notice of appeal. As of the date hereof, the record of appeal is being transmitted from the High Court of Ghana to the Court of Appeal of Ghana. Notwithstanding the foregoing, FGR has entered into a settlement agreement with the plaintiffs in respect of the Severance Claim and it is not certain how such settlement by FGR will impact the pending appeal proceedings.

Energy Management and Climate Change

  • A business-wide energy review was conducted at Wassa in June 2021 in the first stage of updated energy management planning at the business following the successful commissioning of the Genser natural gas power station. The review marks the first stage in establishing a baseline for the operation’s proposed new energy mix. Evaluation of the identified energy opportunities will inform management on the marginal abatement cost curve for the business and in turn potential energy efficiency improvement, emission reduction and cost savings to be realized. These and other initiatives form part of the wider climate change management strategy of the Company.

Golden Star Oil Palm Plantations investment by Royal Gold

  • On April 20, 2021, Golden Star Oil Palm Plantations Limited (“GSOPP”), a wholly-owned non-profit subsidiary of the Company, and RGLD Gold AG (“RGLD”), a wholly-owned subsidiary of Royal Gold, Inc. (“Royal Gold”), entered into an agreement providing for Royal Gold’s investment in the oil palm plantations initiative, Golden Star’s award-winning flagship sustainability project.
  • In consideration of the long-standing relationship with the Wassa mine, and by extension the Wassa operation’s host communities, Royal Gold has committed to provide financial support for the activities of GSOPP that benefit the Wassa operational communities through an annual contribution of $150,000 during each of the next five years. Royal Gold made its first contribution of $150,000 to GSOPP in April 2021. The investment will be used to accelerate development of the Company’s innovative sustainability initiative which is aimed at creating sustainable alternative livelihoods, bringing additional economic stimulation and a legacy of community development to the region. The proceeds will support the further development of palm oil plantations around Wassa as well as activities to grow GSOPP including assessment of downstream processing opportunities.
  • GSOPP is Golden Star’s flagship sustainability and social enterprise initiative. It develops and operates oil palm plantations in communities proximate to the Company’s gold mining operations, located in the Western Region of Ghana, for the benefit of members of the host communities. The program commits to ensuring that there is zero deforestation during the creation of a high value agribusiness on former subsistence farms and land that has previously been used for mining activities. Since its inception in 2006, GSOPP has developed plantations on over 1,500 hectares of land, which support over 700 families at levels of yield three times the small holder average in Ghana. The activities of GSOPP also align with the Company’s wider sustainability goals of establishing high value post-mining land uses, self-funding revegetation and creation of biomass to act as a carbon sink to offset operational emissions.

2020 Corporate Responsibility Report

  • The Company published its 2020 Corporate Responsibility Report on April 30, 2021. The report has been prepared in accordance with the Global Reporting Initiative Standards (Core option), the United Nations Global Compact reporting requirements, and the Sustainability Accounting Standards Board’s (“SASB”) Metals and Mining Sustainability Accounting Standard. The report and an ESG investor presentation are available on the Company’s website at: www.gsr.com/responsibility.
  • Key highlights of the report include:
    • Leading practices in the management of the COVID-19 pandemic resulted in minimal impact to production and, more importantly, no lives lost to COVID-19 and limited serious health outcomes across the workforce.
    • Sustained improvement in injury frequency rates across the Company was marred by a fatal incident at Prestea in March 2020.
    • Wassa was recognized as the safest mine in Ghana, receiving the Best Performer in occupational health and safety at the Ghana Mining Industry Awards.
    • Golden Star continues its leading practice performance in malaria prevention, with 2020 recording the lowest case rates and days lost to malaria on Company record.
    • The Company achieved 100% conformance with its statutory monitoring program requirements and above 99% alignment to relevant quality standards.
    • Consistent with our Inclusion and Diversity Policy launched in March 2020, the Company maintained its high rates of local content, with 99% of the workforce in Ghana being Ghanaian nationals and 59% of the workforce hailing from local host communities.

FULL YEAR 2021 PRODUCTION, COST AND CAPITAL EXPENDITURE GUIDANCE

As previously highlighted in the Q1 2021 results press release, the commissioning process for the new paste fill plant returned lower than expected strength test results in the first test stope. This outcome resulted in a delay to the commissioning process. Further test work and analysis is being carried out to ensure that the paste plant produces material at the required strength to enable safe mining operations and successful pillar extraction.

This test work is ongoing and positive progress has been made, with the most recent strength test results more aligned with the design parameters. A second commissioning test stope has been identified and will be completed in Q3 2021. This will be tested with a higher cement content at 10%, and, should it meet the required design strength requirements, as expected, then filling can recommence in Q4 2021.

The delay to the completion of commissioning of the paste plant impacts 21% of the Company’s planned ore tonnes for 2021. This impact has been exacerbated by the lower than planned development metres primarily due to operator availability caused by issues related to the COVID-19 pandemic. The resolution of both issues is on track for completion in 2021. However, resequencing the mine plan for the remainder of the year means that the volume of ore available will be lower and at a slightly lower grade than initially planned due to the deferral into 2022 of the higher-grade secondary stopes.

As a result, production guidance for 2021 has been reduced to 145koz to 155koz, and the AISC guidance range has increased to $1,150/oz to $1,250/oz, which is driven predominantly by lower production volumes and anticipated cost inflation.

The capital expenditure guidance range is unchanged at $45 million to $50 million. While the overall budget is consistent, the sustaining capital guidance has been increased due to the increased investment in development and the tailings storage facility (“TSF”) expansion project. The expansion capital guidance has been reduced with some ventilation capital deferred from Q4 2021 to early 2022. This deferral is not expected to have an impact on the short to mid-term mine plans.

The $14 million exploration budget for the year is broadly in line with the previous guidance, albeit with an increase in the allocation of spend to the up-dip and down-dip, in-mine, drilling targets that have delivered positive results so far this year.

Table 2: FULL YEAR 2021 Production and Cost Guidance


Unit

Updated 2021
Guidance

2021 Guidance

Production and cost guidance




Gold Production

(koz)

145-155

165-175

Cash Operating cost1

($/oz)

750-800

660-700

AISC1

($/oz)

1,150-1,250

1,000-1,075





Capital expenditure guidance




Sustaining Capital2

($m)

32-35

26-28

Expansion Capital2

($m)

13-15

19-22

Total Capital Expenditure

($m)

45-50

45-50





Capitalized exploration

($m)

8

4

Expensed exploration

($m)

6

11

Total Exploration

($m)

14

15

Total Capital and exploration expenditure

($m)

59-64

60-65


Notes:

1. See “Non-GAAP Financial Measures”. 2. Expansion capital are those costs incurred at new operations and costs related to major projects at existing operations where these projects will materially increase production. All other costs relating to existing operations are considered sustaining capital.

SUMMARY OF CONSOLIDATED OPERATIONAL RESULTS – Q2 2021

Wassa Operational Overview

Gold production from Wassa was 37.9koz in Q2 2021, 15% lower than the 44.8koz produced during Q2 2020. This decrease was driven by slower than planned development rates, which resulted in lower underground ore tonnes. The lower mined volumes were in part offset by higher processing volumes driven by low-grade stockpile tonnes which had an adverse impact on the overall processed grade.

Recovery

The recovery was 95.5% for Q2 2021, remaining consistent with Q1 2021, and demonstrating robust performance despite the volume of low-grade stockpiles processed in the period.

Wassa Underground

Production – The Wassa underground mine (“Wassa Underground”) produced 33.3koz of gold (approximately 88% of Wassa’s total production) in the second quarter of 2021. This compared to 42.4koz produced in Q2 2020 which was a strong comparative period with both higher mining rates and grades.

Mining rate – Wassa Underground mining rates averaged 3,963tpd in Q2 2021, 10% lower than the mining rate of 4,418tpd achieved in Q2 2020 and 12% lower than the 4,499tpd achieved in Q1 2020. The reduction in the mining rate resulted from an enforced change in the mine plan due to stoping constraints caused by lower than planned development rates.

Grade – The underground grade averaged 3.1g/t during the quarter, slightly higher than achieved in Q1 2021 and in line with the reserve grade.

Wassa Main Pit/Stockpiles

Low grade stockpiles from the Wassa main pit of 216.0kt with an average grade of 0.66 g/t were blended with the Wassa Underground ore during Q2 2021 which yielded 4.7koz of gold, compared to 2.4koz in Q2 2020. There has been no material impact on recoveries and the Company will continue to opportunistically process low grade stockpiles in 2021 should the current gold price environment continue.

Unit costs

The unit cost performance remained robust during Q2 2021. The mining unit cost of $40.3/t of ore mined was 29% higher than in Q2 2020 as a result of the lower mining rate. Higher plant throughput as a result of the increased volume of low-grade stockpile material treated benefited processing costs which totaled $16.1/t of ore processed, some 8% lower than the $17.5/t achieved in Q2 2020.

Costs per ounce

Cost of sales per ounce increased 21% to $1,033/oz for Q2 2021 compared to Q2 2020 due to lower production volumes, increased mine operating costs and increased depreciation costs, which was in part offset by the operating costs to metal inventory credit.

Cash operating cost per ounce increased 19% to $752 for Q2 2021 compared to Q2 2020 mainly due to:

  • Lower production volumes translating into lower sales ounces
  • Higher underground mining costs associated with increased grade control drilling
  • Higher labor costs driven by year-on-year inflationary increases
  • Increased fuel costs as Q2 2020 benefited from a temporary government subsidy (COVID-19 related) on power costs that has not continued into the current period

AISC increased 23% to $1,182/oz in Q2 2021 compared to Q2 2020 due to a combination of:

  • Lower production and sales volumes
  • Increased cash operating costs as outlined above
  • Higher sustaining capital expenditure
  • Increased higher cost stockpile tonnes processed

Capital expenditures
Capital expenditures at Wassa for Q2 2021 totaled $12m, in line with expenditure in Q2 2020. The Wassa management team continued to focus its efforts on critical development spend in order to support the medium-term growth of the underground operation including:

  • Sustaining capital on capitalized underground development activities of $3.6m (Q2 2020: $3.8m) and expansion of the TSF of $3.3m (Q2 2020: $ nil).
  • Capitalized exploration drilling of $1.9m (Q2 2020: $0.1m) mainly related to the Wassa up-dip and down-dip extensions, development costs for increased future production of $0.8m (Q2 2020: $0.8m) and diamond drilling decline on 570 Level of $0.7m (Q2 2020: $ nil) where two drill rigs were focused on inferred to indicated resource conversion to the south of the existing reserves in the area covered by the preliminary economic assessment (the “PEA Area”) included in the Wassa Technical Report.
  • $3.7m was incurred on the commissioning of the paste fill plant project in Q2 2021.

Wassa underground infill drilling
For Q2 2021, the Wassa Underground drilling program completed 20,906 metres of diamond core drilling, for a total drilling and assay cost of $2.9m for the period.

Initially, three underground drill rigs focused on converting existing indicated resources to measured resources inside the mine. An additional two drills focused on converting inferred resources to indicated resources in the PEA Area. By mid-May, the drilling activities changed focus, with all five drills converting indicated resources to measured resources inside the mine.

  • Reserve infill drilling – The Q2 2021 resource infill drilling program focused on the conversion of indicated resources to measured resources, with a total of 16,661 metres drilled in Q2, for a total cost of $2.2m. This program is expensed and is anticipated to reach approximately 44,000 metres by year end.
  • Infill drilling of the Southern Extension (PEA Area) – During Q2 2021, the program focused on the conversion of inferred resources to indicated resources in Panel 4. Drilling totaled 4,245 metres for a cost of $0.7m. This program is capitalized and is expected to total around 30,000 metres during 2021. This drilling takes place from the 570 diamond drill decline.

EXPLORATION

During Q2 2021, $3.3m was invested in exploration at Wassa and the regional Hwini Butre and Benso (“HBB”) concessions, of which $1.9m of Wassa in-mine exploration was capitalized and the balance of $1.4m was expensed.

Wassa – In-mine exploration
During Q2 2021, three surface drill rigs continued the testing of targets down-dip of the existing Wassa reserve. The first phase of drilling on an initial 200 metre spaced fences was completed towards the end of the quarter and has been followed by in-fill drilling to reduce the spacing of the initial program to 100 metres and 50 metres for down-dip and up-dip programs respectively, in areas where results have shown extensions of the mineralization of known resources. A total of five holes were completed for 4,827 metres during Q2 2021, bringing the year-to-date drilling to 11,175 metres.

The following table presents a summary of the results of exploration drilling at Wassa during Q2 2021:

Table 3: Q2 2021 Exploration Drilling Results Identify Extensions of the Wassa Underground Mineralization

Hole ID

Azimuth

Dip

From
(metres)

To
(metres)

Drilled Width
(metres)

Estimated
True Width
(metres)

Grade Au
(g/t)

Drilling
target

BSDD21-006

89.2

-64.2

101.7

104.7

3

3

6.33

Down-dip

BSDD21-006

90.8

-65

176

179

3

2.8

15.38

Down-dip

BSDD21-006

91.9

-65.1

315.8

319.8

4

2.1

2.51

Down-dip

BSDD21-006

91.4

-65.3

364.5

368

3.5

1.8

2.25

Down-dip

BSDD21-006

90.1

-66.1

406.1

409

2.9

1.5

2.01

Down-dip

BSDD21-007M

88.1

-55.9

535

553

18

17.3

4.77

Down-dip

Including

88.1

-55.9

536

546

10

9.6

7.28

Down-dip

BSDD21-007M

88

-56.1

629

631.5

2.5

2.4

3.22

Down-dip

BSDD21-008

92

-72.6

176.3

185.7

9.4

9.3

4.71

Down-dip

BSDD21-007D1

88

-71.2

183

190

7

6.9

2.65

Down-dip

BSDD21-009M

94.3

-63.1

299

307

8

6.8

1.49

Down-dip

BSDD21-009M

92.2

-63.6

374

383

9

4.7

2.72

Down-dip

BSDD21-009M

73.5

-68.1

741

746

5

3.8

1.23

Down-dip

BSDD21-009M

66.1

-69

786

788

2

1.5

2.04

Down-dip

BSDD21-009M

61.5

-70.4

833.8

838.8

5

3.7

1.96

Down-dip

Down-dip infill drilling to reduce drill fence spacing to 100 metres is expected to continue in Q3 2021 between sections 19200N and 20000N. The results gathered during Q2 2021 included the following highlights:

  • BSDD21-008 (down-dip) on section 20075N, intercepting 9.3 metres at 4.71g/t, which is in line with the western limb extension of the 242 mineralized structure and will require further follow up drilling.
  • BSDD21-007M (down-dip) intercepting 17.3 metres at 4.77 g/t, This intersection is further confirmation that the B Shoot Hanging Wall mineralization extends along strike of the current reserve therefore warranting further drilling down-dip.
  • BSDD21-007D1 (down-dip) intercepting 6.9 metres at 2.65 g/t c.50 metres down dip of BSDD21-007M, which intersected 17.3m grading 4.77 g/t. Further step-out drilling will be required to test down-dip extension of mineralization below the existing reserve as there is no deep drilling to the west of the current drill hole.

Exploration programs for Q3 2021 are planned to continue with infill drilling of the up-dip and down-dip extensions of mineralization, reducing the initial 200-metre spacing to 100 metres for the down-dip program and 50 metres for the up-dip program. The down-dip infill program will focus between 19400N and 2000N, where zones of mineralization have been intersected. The up-dip follow up program designed to close-up drill spacing to 50 metres will be conducted from 19150N to 19250N. This tighter drill spacing has been plann-ned around the significant intersection on section 19200N, BSDD20-003 which intersected 20.9 metres grading 6.9 g/t. Should the closer drill spacing on this target continue to intersect significant widths and grades, then additional resources close to the existing underground infrastructure could be added.

Wassa – Near-mine exploration

The diamond (“DD”) and reverse circulation (“RC”) drill testing of three additional targets outside of the main Wassa deposit, commenced in Q2 2021. These targets, testing extensions of mineralization beneath the mined and back-filled open pits of South Akyempim (“SAK”), Mid East (“ME”) and Dead Man Hill (“DMH”) and are outside of the forest reserve and required no forest entry permitting to conduct exploration work. Meanwhile, an application for a forest entry permit has been submitted to the Ministry of Lands and Natural Resources of Ghana to conduct follow up drilling on the remaining four targets inside the forest reserve. Planned first phase drilling (RC/DD) at ME and DMH have completed with drilling currently ongoing at SAK. A total of seven holes were drilled for 2,394 metres during Q2 2021. In addition to the RC and DD on other targets, initial air core drilling of a soil anomaly south east of the Wassa trend was also conducted with 59 holes totaling 2,365m being completed.

Table 4: Q2 2021 Exploration Drilling Results – Wassa Near-Mine

Hole ID

Azimuth

Dip

From
(metres)

To
(metres)

Drilled Width
(metres)

Estimated
True Width
(metres)

Grade Au
(g/t)

Drilling
target

SAKDD21-001

275.9

-59.3

318.0

321.0

3.0

2.1

2.64

Below Pit

SAKDD21-002

269.9

-55.5

250.0

253.0

3.0

2.1

1.64

Below Pit

SAKDD21-002

269.9

-55.5

256.7

257.4

0.7

0.5

5.26

Below Pit

SAKDD21-002

270.2

-55.4

266.0

268.0

2.0

2.0

2.52

Below Pit

MEDD21-001

53.3

-47.4

57.0

60.0

3.0

2.9

2.76

Below Pit

MEDD21-001

53.8

-46.7

198.0

204.0

6.0

5.9

2.37

Below Pit

MEDD21-001

53.9

-46.7

210.4

218.4

8.0

7.8

2.07

Below Pit

MEDD21-002

28.4

-59.3

110.0

112.0

2.0

2.0

2.40

Below Pit

MEDD21-002

22.8

-58.7

258.3

260.5

2.2

1.9

1.45

Below Pit

MEDD21-002

22.8

-58.7

267.0

270.0

3.0

2.6

1.26

Below Pit

MEDD21-002

23.0

-58.7

272.4

275.4

3.0

2.6

2.78

Below Pit

Drilling beneath the mined out pits of ME and SAK generally intersected mineralized structures at target areas as projected but at weaker grades beyond existing drilling. Follow up drilling will be designed after comprehensive evaluation of the results for the first phase drilling which will be completed in Q3 2021.

HBB – Regional exploration

Exploration work testing 11 prioritized targets along the HBB trend continued in Q2 2021. Community sensitization and crop compensation have been completed for four of the southern targets. Air core drilling was successfully undertaken at four of the target areas, namely Seikrom, Guadium, Kwahu and Abada South, with a total of 125 holes for 4,902 metres being completed. Drilling and crop compensation negotiations, as well as drill pad and access construction for the remaining targets, are ongoing. Line cutting ahead of the ground geophysics programs has progressed well and the geophysics crews are scheduled to arrive in Q3 2021.

Table 5: Q2 2021 Exploration Drilling Results – Regional Exploration – HBB

Hole ID

Prospect

Northing

Easting

From
(metres)

To (metres)

Drilled
Width
(metres)

Grade
Au (g/t)

SEKAC21-001

Seikrom

36133.47

177840.21

3.0

12.0

9.0

1.09

SEKAC21-001

Seikrom

36133.47

177840.21

27.0

36.0

9.0

1.14

SEKAC21-005

Seikrom

36068.35

177739.60

0.0

3.0

3.0

1.34

SEKAC21-023

Seikrom

36135.51

177835.63

9.0

15.0

6.0

0.98

GUAAC21-001

Guadium

46032.98

177259.73

3.0

9.0

6.0

0.80

GUAAC21-007

Guadium

45833.17

177271.03

54.0

57.0

3.0

2.37

GUAAC21-010

Guadium

45833.13

177157.75

21.0

27.0

6.0

1.20

GUAAC21-013

Guadium

45436.60

177301.55

3.0

9.0

6.0

0.94

GUAAC21-024

Guadium

46230.96

177549.99

3.0

24.0

21.0

4.85

Including

6.0

15.0

9.0

7.24

KWHAC21-001

Kwahu

56135.89

174434.90

45.0

51.0

6.0

1.96

KWHAC21-002

Kwahu

56117.32

174454.69

18.0

21.0

3.0

5.38

KWHAC21-002

Kwahu

56117.32

174454.69

30.0

36.0

6.0

4.98

KWHAC21-002

Kwahu

56117.32

174454.69

51.0

54.0

3.0

2.48

KWHAC21-005

Kwahu

56011.24

174676.77

6.0

15.0

9.0

1.76

KWHAC21-005

Kwahu

56011.24

174676.77

18.0

21.0

3.0

1.41

KWHAC21-007

Kwahu

56040.50

174645.79

48.0

51.0

3.0

1.08

ABSAC21-005

Abada

44929.77

175587.56

9.0

21.0

12.0

1.01

ABSAC21-006

Abada

44925.02

175546.52

45.0

54.0

9.0

1.13

Though the geometry of the mineralized trends is yet to be determined, initial results from the air core program have been encouraging with strong targets for follow up being generated. The highlights include:

  • GUAAC21-024 (Guadium) on section 46225N, testing >200ppb gold in soil anomaly, intercepted 21.0 metres at 4.85g/t at surface. Follow-up drilling will be designed to test the down-dip and strike extensions of the intersection.
  • KWHAC-002 (Kwahu) on section L3, intercepting 6.0 metres at 4.98 g/t, drilled c.35m below BERB443, on same section, which intersected 5.0 metres at 4.0g/t. This intersection is further confirmation of the down-dip extension of the mineralized structure at Kwahu, which remains open.

FINANCIAL PERFORMANCE SUMMARY

Please refer to the Company’s condensed interim consolidated financial statements and related notes for the three and six months ended June 30, 2021 and related Management’s Discussion and Analysis for the detailed discussion on the financial results for the three and six months ended June 30, 2021.

Table 6 Financial Performance Summary (continuing operations) – Three and six months ended June 30, 2021

1. See “Non-GAAP Financial Measures”


Q2

2021

Q2

2020

%

change

H1

2021

H1

2020

%

change









Realized gold price – spot sales

$/oz

1,807

1,713

5%

1,793

1,645

9%

Realized gold price – Streaming agreement2

$/oz

792

836

(5)%

788

823

(4)%

Realized gold price – Consolidated

$/oz

1,709

1,621

5%

1,688

1,559

8%









Gold revenues

$m

64.4

75.4

(15)%

129.4

129.5

Cost of sales

$m

31.9

33.6

(5)%

63.3

59.6

6%

Depreciation and amortization

$m

7.1

6.3

13%

14.4

11.4

26%

Mine operating profit

$m

25.5

35.5

(28)%

51.7

58.5

(12)%









Corporate general and administrative expense

$m

4.2

4.3

(2)%

9.2

9.5

(3)%

Exploration expense

$m

1.4

0.4

250%

2.2

1.2

83%

Share based compensation expense

$m

0.9

0.7

29%

1.5

1.6

(6)%

Other expenses, net

$m

17.7

(0.6)

3,050%

20.6

Loss/(Gain) on fair value of derivative financial instruments, net

$m

0.7

1.8

(61)%

(6.5)

(2.3)

(183)%

Income before finance and tax

$m

0.5

29.0

(98)%

24.8

48.5

(49)%

EBITDA

$m

7.6

35.2

(78)%

39.2

59.9

(35)%

Adj. EBITDA

$m

26.0

36.4

(28)%

53.3

57.6

(8)%









Finance Expense, net

$m

1.0

3.3

(70)%

4.7

6.9

(32)%

Tax expense

$m

10.0

14.0

(29)%

19.7

22.2

(11)%

Net (loss)/income from continuing operations

$m

(10.4)

11.7

(189)%

0.4

19.4

(98)%

Net (loss)/income per share attributable to shareholders

$/share

(0.11)

0.08

(238)%

(0.03)

0.14

(121)%

Adj. income per share attributable to shareholders – basic1

$/share

0.05

0.10

(50)%

0.09

0.12

(25)%









Cash provided by operations before working capital

$m

23.2

34.9

(34)%

46.5

52.1

(11)%

Changes in working capital and taxes paid

$m

(10.3)

(4.0)

(158)%

(23.3)

(13.5)

(73)%

Net cash used in investing activities

$m

(10.4)

(9.6)

(8)%

(23.2)

(22.0)

(5)%

Net cash provided by financing activities

$m

4.2

(5.6)

175%

11.9

(5.5)

316%









Free cash flow

$m

2.4

21.4

(89)%

16.5

(100)%


Notes:


2. Includes cash proceeds and deferred revenue

Discussion on Q2 2021 Financials

  • Realized gold price – Including the unwinding of the deferred revenue from the streaming agreement with RGLD Gold AG (the “RGLD Streaming Agreement”), the realized gold price averaged $1,709/oz. The realized gold price for spot sales of $1,807/oz in Q2 2021 compared favorably to the $1,713/oz achieved in Q2 2020.
  • Revenue totaled $64.4m in Q2 2021, 15% lower than $75.4m in Q2 2020 due to lower gold sales, in part offset by a 5% increase in the average realized gold price.
  • Depreciation increased to $7.1m for Q2 2021 compared to $6.3m for Q2 2020 mainly due to the higher capital cost base following the completion of the infrastructure projects at the end of full year 2020. Depreciation is expected to continue at this elevated level and increase in line with the production rate.
  • Corporate general and administrative expense amounted to $4.2m in Q2 2021 compared to $4.3m in the same period in 2020 and amounted to $9.2m for H1 2021 compared to $9.5m for the same period in 2020. The first four months in 2020 marked the relocation of the corporate office from Toronto, Canada to London, United Kingdom resulting in the Company incurring one-off associated costs. The reduction in staff costs, travel, consulting fees and recruitment costs in 2021 is partly offset by higher insurance costs.
  • Loss on fair value of derivative financial liabilities totaled $0.7m during Q2 2021, this included:
    • Hedging – During Q2 2021, a number of the original hedge contracts matured with no realized losses associated with the contracts during Q4 2020, however, the Company recognized an unrealized loss of $0.9m during the quarter. At the end of Q2 2021, these zero cost collars consist of puts and calls on 150koz maturing at a quarterly rate of 12.5koz. All hedges have a floor of $1,600/oz and an average ceiling of $2,171/oz in 2021 and $2,179/oz in 2022 and a flat ceiling of $2,115/oz in 2023 and 2024.
    • 7% Convertible Debentures – A gain of $0.2m was recorded during the quarter. The Convertible Debentures mature in August 2021 and the Company intends to repay the facility using its current cash and available liquidity.
  • EBITDA (see “Non-GAAP Financial Measures”) from continuing operations amounted to $7.6m for Q2 2021 (Q2 2020 $35.2m).
  • Adjusted EBITDA totaled $26m, representing a decrease of 28% compared to Q2 2020. The decrease in Adjusted EBITDA was primarily due to lower production volumes resulting in lower revenues, increased mine operating costs and increased exploration expenses. The adjustments applied include:
    • The loss on fair value of financial instruments of $0.7m
    • Other expenses of $17.7m. This is mainly comprised of a non-cash loss allowance recognized on the deferred consideration for the sale of Prestea of $17.4 million was recognized in Q2 2021
  • Adjusted net income attributable to Golden Star shareholders (see “Non-GAAP Financial Measures” section) was $6.1m or $0.05 basic income per share in Q2 2021 compared to $9.5m or $0.09 basic income per share in Q2 2020. This was impacted by the lower gold sales and a higher depreciation charge during the quarter. Adjusted net income attributable to Golden Star shareholders reflects adjustments for non-recurring and abnormal items which are mostly non-cash in nature, including:
    • The loss on fair value of financial instruments of $0.7m
    • Loss allowance on deferred consideration on the sale of Prestea $17.4m
  • Working capital and taxes paid – The working capital balance increased during Q2 2021 resulting in a cash outflow of $5m. In addition, $5.4m of income tax liabilities, relating to Q1 2021, were paid during Q2 2021.
  • Investing activities – Net cash used in investing activities totaled $10.4m which includes the following cash flows:
    • Capital expenditures of $12.2m
    • Change in accounts payable and deposits on mine equipment and material $1.8m which relates to an increase in accruals for capital investments during the quarter
  • Net cash from financing activities totaled $4.2m. This includes the $5.2m of net proceeds from the ATM Program received during the quarter.
  • Free cash flow – During Q2 2021, continuing operations generated $2.4m of free cash flow, despite the significant working capital outflow during the quarter of $10.3m and capital investment of $12.2m.

Financial position

The Company held $72.7m of cash and cash equivalents and $103.7m of debt, for net debt of $31m as at June 30, 2021. The net debt position improved by $8.5m during Q2 2021 as a result of the $6.6m increase in the cash position following the use of the ATM Program during the quarter. The table below summarizes the financial position of the Company:

Table 7 Financial Position – Three months ended March 31, 2021



Q2

2021

Q2

2020

%

change






Summary of debt facilities





Macquarie Credit Facility

$m

52.5

52.8

1%

Convertible Debentures

$m

51.2

48.3

6%

Gross Debt Position

$m

103.7

101.1

3






Cash Position

$m

72.7

45.1

61%

Net Debt

$m

31.0

56.0

(45)%

Company Profile:

Golden Star is an established gold mining company that owns and operates the Wassa underground mine in Ghana, West Africa.  Listed on the NYSE American, the Toronto Stock Exchange and the Ghana Stock Exchange, Golden Star is focused on delivering strong margins and free cash flow from the Wassa mine.  As the winner of the Prospectors & Developers Association of Canada 2018 Environmental and Social Responsibility Award, Golden Star remains committed to leaving a positive and sustainable legacy in its areas of operation.

Statements Regarding Forward-Looking Information
Some statements contained in this news release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and “forward looking information” within the meaning of Canadian securities laws. Forward looking statements and information include but are not limited to, statements and information regarding: present and future business strategies and the environment in which Golden Star will operate in the future, including the price of gold, anticipated costs and ability to achieve goals; gold production, cash operating costs, production and cost guidance; capital and exploration expenditure guidance; the ability to expand the Company and its production profile through the exploration and development of its existing mine; expected grade and mining rates for 2021; the sources of gold production at Wassa Underground for the remainder of 2021; estimated costs and timing of the development of new mineral deposits and sources of funding for such development; the anticipated delivery of ore pursuant to delivery obligations under the RGLD Streaming Agreement; the use of proceeds from the Sales Agreement; receipt of payment and timing of the deferred consideration pursuant to the terms of the SPA; RGLD’s continued investment in the Golden Star oil palm plantations; the processing of low grade stockpiles at Wassa; Wassa production contribution from stockpiles and the processing grade thereof for the remainder of 2021; expectations regarding the sustainability of current gold prices; implementation of exploration programs at Wassa and the timing thereof; the acceleration of the growth and development of the resource base at Wassa; the investment in drilling and development in 2021 resulting in increased mining rates; the nature, scope and timing of in-mine exploration activities at Wassa; the timing for the evaluation of the first phase drilling results at Wassa near mine; the generation and identification of targets for follow up drilling in and around HBB; the ability to identify opportunities to further expand Golden Star’s business; the ability to materially increase production at Wassa through development capital investments; the use of the non-hedge gold collar contracts; the delivery of a range of operational initiatives that improve the consistency of the operations and visibility of the longer-term potential of the operations; the life of mine; the timing for rehabilitation work and the expected discounted rehabilitation costs; the ability of the Company to repay the 7% Convertible Debentures when due or to restructure them or make alternate arrangements; the term of the RCF and the step down in capacity; the securing of adequate supply chains for key consumables and potential delays in the supply chain; the Company having sufficient cash available to support its operations and mandatory expenditures for the next 12 months; the continued commissioning process for the new paste plant; the introduction of second stopes planned for mining; the Company increasing exploration activities; planned exploration at Wassa and the timing and budget thereof; the ability to continue as a going concern; the effectiveness of internal controls; the potential impact of a disruption in Wassa’s operations; the ability to generate strong margins and sufficient free cash flow, raise additional financing or establish refinancing options for the Company’s current debt; the continued ATM Program from time-to-time; the timing, duration and overall impact of the COVID-19 pandemic on the Company’s operations and the ability to mitigate such impact; the quantum of cash flow from the sale of Prestea and the anticipated receipt and timing thereof; the outcome of the Prestea Severance Claim, and the timing for the settlement of the record, preparation of the record and transmission of the record of appeal to the Court of Appeal of Ghana related thereto; the availability of mineral reserves based on the accuracy of the Company’s updated mineral reserve and resource models; planned drilling activities; the ability to convert mineral resources to mineral reserves through the planned infill drilling program; the potential to increase the Company’s mineral resources outside of its existing mineral resources footprint; the anticipated impact of increased exploration on current mineral resources and mineral reserves; identification of acquisition and growth opportunities; relationships with local stakeholder communities; and the potential incurrence of further debt in the future.. Generally, forward-looking information and statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases (including negative or grammatical variations) or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Investors are cautioned that forward-looking statements and information are inherently uncertain and involve risks, assumptions and uncertainties that could cause actual facts to differ materially. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Golden Star will operate in the future. Forward-looking information and statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Golden Star to be materially different from those expressed or implied by such forward-looking information and statements, including but not limited to: gold price volatility; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical recoveries; mining operational and development risks; liquidity risks; suppliers suspending or denying delivery of products or services; regulatory restrictions (including environmental regulatory restrictions and liability); actions by governmental authorities; the speculative nature of gold exploration; ore type; the global economic climate; share price volatility; the availability of capital on reasonable terms or at all; risks related to international operations, including economic and political instability in foreign jurisdictions in which Golden Star operates; risks related to current global financial conditions; actual results of current exploration activities; environmental risks; future prices of gold; possible variations in mineral reserves and mineral resources, grade or recovery rates; mine development and operating risks; an inability to obtain power for operations on favourable terms or at all; mining plant or equipment breakdowns or failures; an inability to obtain products or services for operations or mine development from vendors and suppliers on reasonable terms, including pricing, or at all; public health pandemics such as COVID-19, including risks associated with reliance on suppliers, the cost, scheduling and timing of gold shipments, uncertainties relating to its ultimate spread, severity and duration, and related adverse effects on the global economy and financial markets; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; litigation risks; and risks related to indebtedness and the service of such indebtedness. Although Golden Star has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors in management’s discussion and analysis of financial conditions and results of operations for the year ended December 31, 2020, and in our annual information form for the year ended December 31, 2019 as filed on SEDAR at www.sedar.com. The forecasts contained in this press release constitute management’s current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake any estimate at any particular time or in response to any particular event.

Technical Information

The technical contents of this press release have been reviewed and approved by S. Mitchel Wasel, BSc Geology, a Qualified Person pursuant to National Instrument 43-101. Mr. Wasel is Vice President of Exploration for Golden Star and an active member and Registered Chartered Professional of the Australasian Institute of Mining and Metallurgy.

The results for Wassa drilling stated herein are based on the analysis of saw-split HQ/NQ diamond half core or a three kilogram single stage riffle split of a nominal 25 to 30 kg Reverse Circulation chip sample which has been sampled over nominal one metre intervals (adjusted where necessary for mineralized structures). Sample preparation and analyses have been carried out at Intertek Laboratories in Tarkwa, which are independent from Golden Star, using a 1,000 gram slurry of sample and tap water which is prepared and subjected to an accelerated cyanide leach (LEACHWELL). The sample is then rolled for twelve hours before being allowed to settle. An aliquot of solution is then taken, gold extracted into Di-iso Butyl Keytone (DiBK), and determined by flame Atomic Absorption Spectrophotometry (AAS). Detection Limit is 0.01 ppm.

All analytical work is subject to a systematic and rigorous Quality Assurance-Quality Control (QA-QC). At least 5% of samples are certified standards and the accuracy of the analysis is confirmed to be acceptable from comparison of the recommended and actual “standards” results. The remaining half core is stored on site for future inspection and detailed logging, to provide valuable information on mineralogy, structure, alteration patterns and the controls on gold mineralization.

Non-GAAP Financial Measures

In this press release, we use the terms “cash operating cost”, “cash operating cost per ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “adjusted net (loss)/income attributable to Golden Star shareholders”, “adjusted (loss)/income per share attributable to Golden Star shareholders”, “cash provided by operations before working capital changes”, and “cash provided by operations before working capital changes per share – basic”.

“Cost of sales excluding depreciation and amortization” as found in the statements of operations includes all mine-site operating costs, including the costs of mining, ore processing, maintenance, work-in-process inventory changes, mine-site overhead as well as production taxes, royalties, severance charges and by-product credits, but excludes exploration costs, property holding costs, corporate office general and administrative expenses, foreign currency gains and losses, gains and losses on asset sales, interest expense, gains and losses on derivatives, gains and losses on investments and income tax expense/benefit.

“Cost of sales per ounce” is equal to cost of sales excluding depreciation and amortization for the period plus depreciation and amortization for the period divided by the number of ounces of gold sold (excluding pre-commercial production ounces sold) during the period.

“Cash operating cost” for a period is equal to “cost of sales excluding depreciation and amortization” for the period less royalties, the cash component of metals inventory net realizable value adjustments, materials and supplies write-off and severance charges, and “cash operating cost per ounce” is that amount divided by the number of ounces of gold sold (excluding pre-commercial production ounces sold) during the period. We use cash operating cost per ounce as a key operating metric. We monitor this measure monthly, comparing each month’s values to prior periods’ values to detect trends that may indicate increases or decreases in operating efficiencies. We provide this measure to investors to allow them to also monitor operational efficiencies of the Company’s mines. We calculate this measure for both individual operating units and on a consolidated basis. Since cash operating costs do not incorporate revenues, changes in working capital or non-operating cash costs, they are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Changes in numerous factors including, but not limited to, mining rates, milling rates, ore grade, gold recovery, costs of labor, consumables and mine site general and administrative activities can cause these measures to increase or decrease. We believe that these measures are similar to the measures of other gold mining companies, but may not be comparable to similarly titled measures in every instance.

“All-in sustaining costs” commences with cash operating costs and then adds the cash component of metals inventory net realizable value adjustments, royalties, sustaining capital expenditures, corporate general and administrative costs (excluding share-based compensation expenses and severance charges), and accretion of rehabilitation provision. For mine site all-in sustaining costs, corporate general and administrative costs (excluding share-based compensation expenses and severance charges) are allocated based on gold sold by each operation. “All-in sustaining costs per ounce” is that amount divided by the number of ounces of gold sold (excluding pre-commercial production ounces sold) during the period. This measure seeks to represent the total costs of producing gold from current operations, and therefore it does not include capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, income tax payments, interest costs or dividend payments. Consequently, this measure is not representative of all of the Company’s cash expenditures. In addition, the calculation of all-in sustaining costs does not include depreciation expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of the Company’s overall profitability. Share-based compensation expenses are also excluded from the calculation of all-in sustaining costs as the Company believes that such expenses may not be representative of the actual payout on equity and liability based awards.

The Company believes that “all-in sustaining costs” will better meet the needs of analysts, investors and other stakeholders of the Company in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing the operating performance and the Company’s ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. Due to the capital intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a disconnect between net earnings calculated in accordance with IFRS and the amount of free cash flow that is being generated by a mine. In the current market environment for gold mining equities, many investors and analysts are more focused on the ability of gold mining companies to generate free cash flow from current operations, and consequently the Company believes these measures are useful non-IFRS operating metrics (“non-GAAP measures”) and supplement the IFRS disclosures made by the Company. These measures are not representative of all of Golden Star’s cash expenditures as they do not include income tax payments or interest costs. Non-GAAP measures are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.

“Adjusted net (loss)/income attributable to Golden Star shareholders” is calculated by adjusting net (loss)/income attributable to Golden Star shareholders for (gain)/loss on fair value of financial instruments, share-based compensation expenses, severance charges, loss/(gain) on change in asset retirement obligations, deferred income tax expense, non-cash cumulative adjustment to revenue and finance costs related to the Streaming Agreement, and impairment. The Company has excluded the non-cash cumulative adjustment to revenue from adjusted net income/(loss) as the amount is non-recurring, the amount is non-cash in nature and management does not include the amount when reviewing and assessing the performance of the operations. “Adjusted (loss)/income per share attributable to Golden Star shareholders” for the period is “Adjusted net (loss)/income attributable to Golden Star shareholders” divided by the weighted average number of shares outstanding using the basic method of earnings per share. 

For additional information regarding the Non-GAAP financial measures used by the Company, please refer to the heading “Non-GAAP Financial Measures” in the Company’s Management Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2020 and the three months ended March 31, 2021, which are available at www.sedar.com.

SOURCE Golden Star Resources Ltd.

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Viezo Wins 2nd place at Future of Emerging Europe Awards 2021

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Viezo wins 2nd place at Future of Emerging Europe Awards 2021

Sep 22, 2021

  • Almost 50 organisations and individuals from across Central, Eastern, South-Eastern Europe and the Caucasus have been nominated for the fourth edition of the Emerging Europe Awards Programme. 
  • The winners of the awards were chosen by the public – For the first time since the programme was launched in 2018
  • Viezo, a Lithuanian startup, won the 2nd place for their focus on developing vibration energy harvesting solution, capable of converting vibrations into useful electricity

Vilnius, Sep. 22, 2021 – Leading developers of the most powerful PVDF vibration energy harvester Viezo, has celebrated winning the Future of Emerging Europe Awards 2021 distinguishing themselves among other many Green Energy nominees.

Winning of the Future of Emerging Europe Awards 2021

The main theme of the Future of Emerging Europe Summit and Awards is towards a resilient and sustainable emerging Europe. The event this year, that was hosted at the European Parliament in Brussels, took place on September 15th and it was geographically diverse.

Almost 50 organisations and individuals from across Central, Eastern, South-Eastern Europe and the Caucasus have been nominated for the fourth edition of the Emerging Europe Awards Programme.

The Summit focused on five areas: providing fair, equal, quality health care across emerging Europe; lifestyles for a greener and more sustainable emerging Europe redefining and strengthening a post-growth emerging Europe economy; inspiring unity and new transformational leadership in emerging Europe, and building a forward-looking, secure and democratic emerging Europe.

Viezo participated as part of the Green Energy section of the competition among other distinguished nominees as Fuergy from Slovakia & Respect Energy from Poland. For the first time since the programme was launched in 2018, the winners of the awards were chosen by the public. Donat Ponamariov, the founder and CEO of Viezo, presented the company’s overview talking about the importance of vibration energy harvesting and its crucial role in boosting the development of IOT in railways. Upon public votes, Viezo was announced to win the second place.

The rejoice of getting acknowledged

Viezo is a startup, established in early 2018 with the idea and goal to help fourth Industrial revolution expand faster and cheaper without needing to think about powering the sensing equipment. The technology can convert vibrations into usable electricity, therefore powering sensors indefinitely which are deployed on vibrating, dynamic machinery.

Viezo is the first company in the world, commercializing the vibration energy harvesting technology within the piezoelectric PVDF material, which is environmentally friendly and low-cost. Viezo team has expressed their sincere happiness to be recognized in this competition. Their collective commitment of time and effort has contributed to the development process that led to this success.

Public events participation

Viezo has been actively participating in many exhibitions recently as 7th Railway forum in Berlin, Infrarail in Birmingham, and SITL in Paris. Many important meetings took place with current and potential customers planning to many fruitful cooperations to come. Viezo is also participating in the 14th International Railway Fair TRAKO which is taking place in Gdansk, Poland from 21st to 24th of September 2021. Everyone is invited to visit their booth at the exhibition.

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Faster than Fast: How OPPO’s VOOC Flash Charging turned the smartphone industry on its head

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A must-have for users who use their smartphone to game, watch videos and create amazing content, OPPO’s SuperVOOC Flash Charge is not only reliable and incredibly fast, it also uses the highest level of multi-layered protection with all key nodes including the adapter, USB cable, cellphone and battery protected by intelligent chips.

With the popularization of apps like games and videos that consume huge amounts of power and large-scale commercial 5G use, there are new requirements for mobile phone battery life and charging experiences. Today, a quick five minute charge of a Reno6 smartphone using VOOC Flash Charge technology provides users with an impressive four hour video watch time or 100 minutes of PUBG mobile gaming.

Guided by the user-led brand value, OPPO is continuously improving its VOOC Flash Charge technology to meet the different charging needs of users in all weathers, across multiple devices, in any number of situations, and to alleviate the ‘charge anxiety’ of users in the 5G era.

BRINGING TRANSFORMATIVE SOLUTIONS

OPPO, which rolled out its highly anticipated Reno6 Series on September 7th, 2021 has always been at the forefront of bringing transformative solutions to the smartphone industry. In 2014, the tech giant turned the phone charging market on its head when it pioneered its proprietary rapid change technology ‘VOOC Flash Charge’, becoming the first in the industry to offer a low-voltage, fast-charging solution which has completely changed the way we use smartphones.

Since then, the global technology pioneer has continuously strived to improve and upgrade its VOOC technology to offer even faster and safer flash charging to millions of consumers worldwide.  

In 2018, it debuted SuperVOOC, which had twice the charging power of its predecessor. The following year, OPPO unveiled its 65W SuperVOOC 2.0, breaking the previous record. Not one to rest on its laurels, OPPO last year unveiled its future cutting-edge 125W charging technology, 65W AirVOOC wireless flash charge, the ultra-small portable 50W mini SuperVOOC charger, as well as the 110W mini flash charger. In 2021, OPPO launched its new project—The Flash Initiative, at MWCSH, bringing its proprietary VOOC technology to automobiles, public spaces and chips inside a wide variety of technologies.

Currently OPPO VOOC flash charge series has supported 30+ OPPO models. Based on VOOC flash charge technology, OPPO has launched a variety of peripheral accessories including flash charge portable power banks, and flash charge car chargers, and reached cross-border cooperation with Gundam, Pokémon, EVA Evangelion, Detective Conan and others to become a leader in the industry. 

FIVE LEVELS OF PROTECTIVE LAYERING

OPPO has always placed efficiency and safety at the forefront of its development of Flash Charge technology. OPPO has always upheld this concept to the whole charging system, dedicating to providing the most comprehensive hardware & software level charging protection.

VOOC uses five levels of protective layering. Here’s a lowdown on each of these layers:

  • First layer: Protective circuit on the adapter which eradicates hidden danger from the root even if internal circuit is broken.
  • Second layer: An intelligent chip which detects the voltage and current to check if it’s safe to make a flash charge.
  • Third layer: Electrical switch on the connector which acts as a second line of defense against voltage and current fluctuations.
  • Fourth layer: Advanced protection on the cellphone end.
  • Fifth layer: Voltage-fusing protection to guard against deviations from normal limits.

In addition, a safety scheme is in place from the adapter all the way through to the battery. Dedicated charging control units in both the device and the adapter monitor the status of components in real time, checking battery temperature, voltage, current, path impedance and numerous other parameters. The system can then respond quickly if any parameter strays outside the norm, to avoid abnormal charging.

GO BEYONG THE WIDER ECOLOGY

As of June 2021, OPPO has over 195 milion flash charge users world wide, applied for more than 3,000 flash charge-related patents worldwide, owns over 1,500 granted patents, and has licensed the flash charge technology to nearly 40 companies, making it one of the fastest and safest technologies currently available in the world.

As a leader in flash charge technology, OPPO attaches great importance to the building of a robust ecosystem that supports flash charge protocols widely used in the industry to deliver the benefits of its flash charge solutions to more users.  This year, OPPO took things to a whole new level with the launch of its latest project, The Flash Initiative, at the Mobile World Congress Shanghai (MWCS), aims to bring faster charging to every area of  users’ lives including automobiles, public spaces and charging accessories.

Tarek Zaki, Senior Product Manager of OPPO MEA said, “Modern-day smartphones come with big, bright screens and high-end features that consume huge amounts of power and increase battery drain. Based on this observation and guided by the user-led brand value, we are continuously improving our VOOC Flash Charge technology to meet the requirements of users in all climates and situations across multiple devices. We are thrilled to offer the same fast-charging technology which has become synonymous with our brand in the latest Reno6 Series, complementing its innovative design and raft of high-tech features.”

Customers can experience the VOOC flash charging themselves in the Reno6 Series, now available for purchase across OPPO’s e-commerce websites and retail partner stores in the UAE and lower Gulf at a retail price of AED 2,999 for the Reno6 Pro 5G, AED 2,199 for Reno6 5G, and AED 1,499 for Reno6 Z 5G.

About OPPO

OPPO is a leading global technology brand since 2004, dedicated to providing products that seamlessly combines art and innovative technology.

OPPO is on a mission to building a multiple-access smart device ecosystem for the era of intelligent connectivity. The smartphone devices have simply been a gateway for OPPO to deliver a diverse portfolio of smart and frontier technologies in hardware, software and system. In 2019, OPPO launched a $7 Billion US Dollar three-year investment plan in R&D to develop core technologies furthering design through technology.

OPPO is firmly pursuing the creation of the best technology products and technological artistry for global users. Based on the brand elements of leading, young and beautiful, OPPO dedicates to the mission of letting the extraordinary users enjoy the beauty of technology.

For the last 10 years, OPPO has focused on manufacturing smartphones with camera capabilities that are second to none. OPPO launched the first mobile phone, the Smile Phone, in 2008, which marked the launch of the brand’s epic journey in exploring and pioneering extraordinary technology. Over the years, OPPO has built a tradition of being number one, which became a reality through inventing the world’s first rotating camera smartphone way back in 2013, launching the world’s then thinnest smartphone in 2014, being the first to introduce 5X Zoom ‘Periscope’ camera technology and developing the first 5G commercial smartphone in Europe.

Today, OPPO was ranked as the number four smartphone brand globally. OPPO brings the aesthetics of technology of global consumers through the ColorOS system Experience, and Internet service like OPPO Cloud and OPPO+.

OPPO’s business covers 40 countries with over six research institutes and five R&D centers across the world, from San Francisco to Shenzhen. OPPO also opened an International Design Centre headquartered in London, driving cutting edge technology that will shape the future not only for smartphones but for intelligent connectivity.

About OPPO MEA

OPPO started its journey in the Middle East and Africa (MEA) region in 2015 after setting up its regional office in Egypt. Following the immense success of the brand’s sales centre in Cairo in the first year, OPPO accelerated its expansion plan across the MEA region and inaugurated its country operations in the UAE in 2019. Now OPPO is physically present in more than 13 markets across the region, including Egypt, Algeria, Tunisia, Morocco, Bahrain, Saudi Arabia, Oman, Kuwait, Qatar, Kenya, Nigeria, South Africa and the Levant.

To empower its presence in the region in line with its product localisation strategy, OPPO further invested in MENA and set up its very own factory in Algeria in 2017, thus, becoming the first Chinese brand to build a manufacturing premises in North Africa. Based on insights of local consumers in each country, OPPO has evolved the progress of product localisation, taking into consideration several perspectives towards each market, including product localisation, to further meet the core needs of users; marketing localisation, to better communicate with local young customers; and talent localisation, to understand local consumers further and provide an optimum customer service.

Within the last year, OPPO has started to adjust its product line in the Middle East region specifically. This has included the launch of its flagship OPPO Find X Series and the introduction of the OPPO Reno Series. OPPO will continue to evolve its local product line to offer more premium series to consumers in the region.

A forward-thinking international technology company, OPPO strives to be a sustainable company that contributes to a better world and have enacted positive change in every way possible through activating local community initiatives and humanitarian, charity campaigns.

SOURCE OPPO

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Schneider Electric Wins ‘Sustainable Infrastructure Vendor of the Year’ at the CRN UK Tech Impact Awards

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LONDON, Sept. 22, 2021 /PRNewswire/ — Schneider Electric™, the leader in digital transformation of energy management and automation, has been awarded ‘Sustainable Infrastructure Vendor of the Year’ at the CRN Tech Impact Awards 2021. The award recognises the company’s leadership in developing sustainable and energy efficient technologies for data centres and edge computing environments, and its proven track record in helping partners and customers deliver solutions that address the crucial issues of sustainability and the circular economy. Launched in March 2021, the CRN Tech Impact Awards honours the vendors, distributors, IT resellers and MSPs leading the way in addressing their own environmental and social impact, and that of their technologies, solutions and services.

At Schneider Electric, sustainability is part of our DNA. Our purpose is to empower all to make the most of our energy and our resources, and work with our channel community to bring progress and sustainability through digitization and electrification to a wide range of industries including data centres, energy grids, buildings, and industrial facilities.  Named as Corporate Knights’ ‘Most Sustainable Corporation in the World’ in 2021, Schneider Electric has a history of driving digital transformation globally and today it works with both channel partners and customers to reduce their environmental impact through technological innovation and sustainable business strategies.

The company’s Green Premium™ products, for example, offer sustainable performance by design and accounted for more than 76% of sales in 2020. Its ECOFIT™ and Trade-UPS, recycle and take-back programs address the circular economy and ensure the responsible disposal of discarded infrastructure technologies such as MV equipment and UPSs. Further, its EcoStruxure™ solutions and Energy & Sustainability Services directly enable customers to reduce their CO2 footprint and deliver an average of 20% reduced carbon emissions.

The company is also no stranger to Net Zero and has worked tirelessly to address the impact of scope-3 emissions on the environment by creating strategies to minimise CO2 in its supply chain and throughout its partner ecosystem. Today its public commitments include:

  • Accelerating its 2030 goal of carbon neutrality in its extended ecosystem by five years to 2025;
  • Removing gas and ensuring the end of SF6 by the end of 2025;
  • Reaching net-zero operational emissions by 2030 as part of validated SBT target;
  • Achieving a net-zero supply chain by 2050.

In 2020, Schneider Electric announced it was accelerating its sustainability commitments and promised to help customers save/ avoid 800M tonnes of carbon emissions by 2025. Just a short time into that program, it has helped to reduce CO2 by 320 million tonnes. Further, it has launched The Zero Carbon Project, an initiative to halve the carbon emissions of its top supply chain partners by 2025, and a call to action already joined by 91% of them.

Sustainable technologies for the channel

Data centre and edge computing energy demands are increasing exponentially and a new report from Schneider Electric found that IT Energy Demands could increase 50% by 2030.  To help partners design, build and deploy sustainable data centres from the cloud to the edge, Schneider has created an industry-leading portfolio of solutions to address the issues of sustainability and energy efficiency. They include:

  • EcoStruxure Data Center Solutions – bringing together power, cooling, racks and management to support sustainable IT in edge applications and data centres.
  • EcoStruxure IT – The industry’s first vendor-agnostic, open, interoperable remote monitoring software platform enabling partners to gain data driven insights that drive sustainable decision-making and digital services.
  • Single and three-phase lithium-ion uninterruptible power supplies (UPS) – such as its Galaxy series; a Green Premium UPS providing up to 99% efficiency when operated in ECOnversion mode.
  • Uniflair Cooling – free cooling system offering 25% more efficiency and sustainability than comparable systems.
  • Liquid cooling technologies – offering 14% lower CapEx and up to 30% energy reduction compared to air-cooling.
  • EcoStruxure Micro Data Centers – pre-integrated, energy efficient edge computing systems combining power, cooling, security, IT and software.
  • SF6-free switchgear – utilising pure air instead of SF6 gas, which has a high Global Warming Potential (GWP).

Further, its EcoStruxure Micro Data Centres offer partners the ability to design, build, and deploy edge facilities sustainably. These systems are used by Alliance Partners such as Cisco, Dell, and HPE to create a standardised, repeatable approach to edge computing, essential to reducing emissions at the edge. 

“Climate change has become the greatest challenge of our time, and the role of channel partners has never been more crucial,” said Karlton Gray, Channel Director, Schneider Electric, UK and Ireland. “No single company can reduce its environmental impact alone, and only through greater collaboration, digitization and transparency, can we make Net Zero a reality. At Schneider, our mission is to be your partner for efficiency and sustainability, and we’re truly delighted to have been named the CRN Tech Impact Sustainable Infrastructure Vendor of the Year.”

To learn more about Schneider Electric’s sustainability commitments, visit the website.

About EcoStruxure

EcoStruxure™ is our open, interoperable, IoT-enabled system architecture and platform. EcoStruxure delivers enhanced value around safety, reliability, efficiency, sustainability, and connectivity for our customers. EcoStruxure leverages advancements in IoT, mobility, sensing, cloud, analytics, and cybersecurity to deliver Innovation at Every Level. This includes Connected Products, Edge Control, and Apps, Analytics & Services which are supported by Customer Lifecycle Software. EcoStruxure™ has been deployed in almost 500,000 sites with the support of 20,000+ developers, 650,000 service providers and partners, 3,000 utilities and connects over 2 million assets under management.

From energy and sustainability consulting to optimizing the life cycle of your operational systems, we have world-wide services to meet your business needs. As a customer-centric organization, Schneider Electric is your trusted advisor to help increase asset reliability, improve total cost of ownership and drive your enterprise’s digital transformation towards sustainability, efficiency and safety.

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency. We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure, and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive, and Empowered values.

https://www.se.com/uk/en/

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Hashtags:  #CRNTechImpact #Sustainability

Follow us on: Twitter  | Facebook  | LinkedIn  | YouTube  | Instagram  | Blog   

SOURCE Schneider Electric UK


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CGTN: China leads green development, vows no new coal-fired power projects abroad

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This is not surprising but of great significance, as China has previously cooperated with several countries along the routes of the Belt and Road Initiative (BRI) towards “greening” the initiative.

Global development initiative

Phasing out coal investments would be promising to reduce carbon emissions, which pose a threat to the United Nations’ (UN) Agenda 2030 for Sustainable Development, especially Goal 13 on climate action.

Besides decreasing coal-fired power projects, China has pledged an additional $3 billion of international assistance in the next three years to support developing countries in responding to COVID-19 and promoting economic and social recovery.

“Development holds the key to people’s well-being,” Xi said, adding that countries need to work together to steer global development towards a new stage of balanced, coordinated and inclusive growth.

Beijing has highlighted its willingness to work with the international community, including the United States, to jointly advance global environmental governance.

For instance, through joint partnership, China has established the Belt and Road Initiative International Green Development Coalition, which serves as a platform for BRI cooperation on green development. Under the platform, China has provided more than 2,000 training opportunities for environmental protection officials, experts and technicians from over 120 participating countries.

Adhering to green development is engraved in the Chinese government through the Constitution and the master blueprint of national development as an ecological civilization to be observed in all socioeconomic developments and political agendas.

Beating COVID-19 remains a major task 

Undoubtedly, though many countries are busy trying to rebuild their economies amid the pandemic, COVID-19 is still raging in the world, with the number of new cases rising every day globally.

Under such circumstances, President Xi called for putting people and their lives first, taking a science-based approach to origins tracing, enhancing the coordinated global COVID-19 response and minimizing the risk of cross-border virus transmission.

Noting that vaccination is a powerful weapon against COVID-19, he stressed the pressing priority is to ensure the fair and equitable distribution of vaccines globally.

China has promised to provide a total of two billion doses of the COVID-19 vaccine to the world by the end of this year and has donated 100 million doses of the vaccine to other developing countries in the course of this year in addition to $100 million to COVAX.

Practicing true multilateralism is critical

Whether it is improving global environmental governance or beating COVID-19, multilateralism is paramount, which is another key point of Xi’s statement at the UNGA.

“The UN should hold high the banner of true multilateralism and serve as the central platform for countries to jointly safeguard universal security, share development achievements and chart the course for the future of the world,” Xi said.

The Chinese president called on the UN to increase the representation and say of developing countries in international affairs and take the lead in advancing democracy and the rule of law in international relations.

China, a staunch supporter of multilateralism

President Xi also called for building a new type of international relations based on mutual respect, equity, justice and win-win cooperation, stressing that the practice of forming small circles or zero-sum games should be rejected.

“One country’s success does not have to mean another country’s failure, and the world is big enough to accommodate common development and progress of all countries,” he said, adding that differences and problems among countries need to be handled through dialogue and cooperation on the basis of equality and mutual respect.

As the largest developing country, a permanent member of the UN Security Council and the second-largest contributor to the UN’s regular budget and peacekeeping assessments, China has always actively supported the work of the United Nations, firmly safeguarded the international system and upheld multilateralism with concrete actions.

Since the 18th National Congress of the Communist Party of China, China has hosted a series of major international events, including the G20 Hangzhou Summit, the 22nd APEC Economic Leaders’ Meeting, the Belt and Road Forum for International Cooperation, the 2018 Beijing Summit of the Forum on China-Africa Cooperation, the China International Import Expo, and the Conference on Dialogue of Asian Civilizations.

https://news.cgtn.com/news/2021-09-22/China-leads-green-development-with-another-practical-step-13KX5J87auI/index.html 

SOURCE CGTN

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