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Investor Factsheet


Ghana Flag

Operator: Golden Star Resources Ltd.

Location: Western Region, Ghana


10.5% Payable Gold until 240,000 ounces delivered, 5.5% thereafter

Term of Stream: Life of Mine

* includes production from Wassa

The Bogoso and Prestea properties comprise a collection of adjoining mining concessions that together cover a 40 kilometer section of the Ashanti gold district in the central-eastern section of the Western Region of Ghana. The Bogoso mine is located approximately 35 kilometers northwest of the town of Tarkwa, and the Prestea underground mine is located 16 kilometers south of the Bogoso mine, and the Prestea surface deposits lie to the southwest of the town of Prestea and 20 kilometers from the Bogoso mine. Processing facilities are situated approximately 10 kilometers south of the town of Bogoso. Golden Star Resources Ltd. owns a 90% interest in Golden Star Bogoso/Prestea Ltd. and the Government of Ghana owns the remaining 10%.

The mining method used at the Prestea underground mine is mechanized shrinkage mining and longhole open-stoping. Ore is processed via a 1.5 million tonne per annum carbon-in-leach (CIL) processing plant.

Royal Gold owns the right to purchase 10.5% of the gold produced from the Wassa, Prestea and Bogoso mines, operated by Golden Star Resources Ltd., until an aggregate 240,000 ounces from Wassa, Prestea and Bogoso have been delivered. A significant amount of the gold deliveries under the 10.5% gold stream are expected from the Wassa mine. Once the delivery threshold is met, the stream percentage will decrease to 5.5% for the remaining life of mine. The cash purchase price for gold is 20% of the spot price of gold per ounce delivered until the threshold is met, and 30% thereafter. Payable gold is calculated as 99.5% of contained gold in doré.

On July 28, 2015, Royal Gold, through its wholly-owned subsidiary Royal Gold AG, closed a $130 million gold stream transaction with a wholly-owned subsidiary of Golden Star Resources Ltd. On December 30, 2015, the parties executed an amendment providing for an additional $15 million investment (for a total investment of $145 million) by Royal Gold.

*Detailed information on our interest can be found on the Portfolio Asset Summary table