UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or
15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2015.
Commission File Number 001-32399
BANRO CORPORATION
(Translation of registrants name into English)
1 First Canadian Place
100 King Street West, Suite
7070
Toronto, Ontario, Canada
M5X
1E3
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F
Form 20-F
[X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Note: Regulation S-T Rule 101(b)(1) only permits the
submission in paper of a Form 6-K if submitted solely to provide an attached
annual report to security holders.
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Note: Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report or other
document that the registrant foreign private issuer must furnish and make public
under the laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrants home country), or under the
rules of the home country exchange on which the registrants securities are
traded, as long as the report or other document is not a press release, is not
required to be and has not been distributed to the registrants security
holders, and, if discussing a material event, has already been the subject of a
Form 6-K submission or other Commission filing on EDGAR.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
BANRO CORPORATION |
|
|
|
/s/ Kevin Jennings |
Date: May 14, 2015 |
Kevin Jennings |
|
Chief Financial Officer |
-2-
INDEX TO EXHIBITS
-3-
Banro Announces Record Q1 2015 Production and Revenue Results
Toronto, Canada May 13, 2015 Banro Corporation
("Banro" or the "Company") (NYSE MKT - "BAA"; TSX - "BAA") today announced its
financial and operating results for the first quarter of 2015.
FINANCIAL HIGHLIGHTS
|
|
Record Q1 2015 revenue of $41 million, a 35%
increase over Q1 2014 ($30 million); 39% increase in gold ounces sold
|
|
Gross earnings from operations of $17 million,
a 177% increase over Q1 2014 ($6 million) |
|
EBITDA of $19 million vs Q1 2014 of $7 million
for a 176% improvement |
|
$90 million financing closings in February and
April 2015 allow for extinguishment of backstop facility in April 2015
|
|
OPERATIONAL HIGHLIGHTS |
|
Production increase by 22% to 35,943 ounces of
gold in Q1 2015 compared to 29,445 ounces in Q4 2014 and an increase of
78% compared to 20,137 ounces in Q1 2014 |
|
Q1 2015 cash costs per ounce at Twangiza
decreased 11% to $527 per ounce from $592 per ounce in Q4 2014, as
continued production achievements build on consistent financial
performance |
|
AISC of $581 per ounce for Q1 2015
|
|
PROJECT HIGHLIGHTS |
|
Namoyas commissioned agglomeration drum
contributes to improvements in stacked material |
All dollar amounts in this press release are expressed in
thousands of dollars and, unless otherwise specified, in United States dollars.
''With the completion of Q1 2015, the Twangiza mine has
achieved three quarters of consistent and improving gold production. Twangizas
improving production profile indicates that Twangiza is maturing into a stable
low-cost mine. We are also very pleased with the progress at Namoya, where the
commissioning of the agglomeration drum has led to improvements in the quality
of stacked material, which in turn is supporting the ramp-up towards commercial
operations, commented Banro CEO and President John Clarke.
The table below provides the summary of financial and operating
results for the first quarter of 2015 and 2014 as well as the fourth quarter of
2014.
|
Q1 2015 |
Q1 2014 |
Q4 2014 |
Selected Financial Data |
|
|
|
Revenues |
41,003 |
30,439 |
35,178 |
Total mine operating expenses1 |
(24,281) |
(24,398) |
(24,782) |
Gross earnings from operations |
16,722 |
6,041 |
10,396 |
Net income/(loss) |
6,780 |
(704) |
272 |
Basic net earnings/(loss) per share ($/share)
|
0.03 |
(0.00) |
0.00 |
Key Operating Statistics
|
|
|
|
Average gold price received ($/oz) |
1,208 |
1,246 |
1,202 |
Gold sales (oz) |
33,956 |
24,427 |
29,264 |
Gold production (oz) |
35,943 |
20,137 |
29,445 |
All-in sustaining cost per ounce
($/oz)2 |
581 |
865 |
689 |
Cash cost per ounce ($/oz)2 |
527 |
819 |
592 |
Gold margin ($/oz)3 |
681 |
427 |
610 |
Financial Position |
|
|
|
Cash and cash equivalents |
3,024 |
17,433 |
1,002 |
Gold bullion inventory at market
value3 |
4,922 |
1,231 |
2,834 |
Total assets |
903,489 |
852,574 |
887,482 |
Long term debt |
204,055 |
159,713 |
200,921 |
(1) |
Includes depletion and depreciation. |
(2) |
All-in sustaining cost per ounce, cash cost per ounce and
gold margin are non-IFRS measures. Refer to the non-IFRS measures section
of this press release for additional information. |
(3) |
This represents 4,147 ounces of gold bullion inventory,
with a total cost of $770 per ounce, shown at the March 31, 2015 closing
market price of $1,187 per ounce of gold. |
|
Revenues for the three months ended March 31,
2015 were $41,003, a 35% increase compared to the prior years quarter of
$30,439. During the first quarter of 2015, ounces of gold sold increased
by 39% to 33,956 ounces compared to sales of 24,427 ounces during the
first quarter of 2014. The average gold price per ounce sold in the period
was $1,208 compared to an average price of $1,246 per ounce obtained
during the corresponding prior year period. |
|
|
|
Mine operating expenses, including depletion
and depreciation, for the three months ended March 31, 2015 were $24,281
compared to the prior year of $24,398. The decrease in costs was due to
increased milling throughput of 70%, for a total of 428,844 tonnes,
representing an annualized rate of 101% of the 1.7 million tonnes per
annum (Mtpa) design capacity. Improved mining and processing
productivity resulted in significant year over year unit cost reductions
as gross spending was contained. |
|
|
|
Gross earnings from operations for the three
months ended March 31, 2015 was $16,722 compared to $6,041 in 2014. The
35% higher gold sales with a corresponding 0.5% decrease in mine operating
expenses translated into improving gross margins to 41%. The gross
earnings increase was partially offset by the decrease in revenue per
ounce, resulting in a gold margin per ounce increase from $427 per ounce
in Q1 2014 to $681 per ounce in Q1 2015. |
|
|
|
Cash costs per ounce on a sales basis for the
first quarter of 2015 were $527 per ounce of gold (compared to $819 per
ounce of gold for Q1 2014). Cash costs for first quarter of 2015 were
lower than the prior year quarter as a result of increased mine and plant
productivity as Twangiza achieved steady state production levels and
normalized production costs in line with life of mine expectations. Refer to the non-International
Financial Reporting Standards (IFRS) measures section of this press release
for additional information. |
2
|
All-in sustaining costs declined in the current
quarter to $581 per ounce (compared to $865 per ounce of gold in Q1 2014)
driven by lower cash costs in the period. |
|
|
|
In February 2015, the Company signed definitive
agreements for financing transactions of $90 million and closed the first
tranche of $20 million (refer to corporate development below). The $70
million remainder of the financing transactions were closed in April 2015
(refer to subsequent events below). With the completion of these
transactions in April 2015, the Company has extinguished certain debt
instruments and improved its financial leverage. |
(II) |
OPERATIONAL - TWANGIZA |
|
During the first quarter of 2015, Twangiza was
loss time injury (LTI) free, progressing to over one year and 6 million
LTI free hours since the last recorded LTI. |
|
|
|
During the first quarter of 2015, the plant at
the Twangiza Mine processed 428,844 tonnes of ore (compared to 252,691
tonnes during the first quarter of 2014) achieving 101% of design
capacity. This improvement was due to better management of the seasonal
weather conditions and the full benefit of the upgrade project that was
completed in Q3 of 2014. Ore was processed during the first quarter of
2015 at an indicated head grade of 3.21g/t Au (compared to 2.73 g/t Au
during the first quarter of 2014) with a recovery rate of 80.7% (compared
to 84.97% during the first quarter of 2014) to produce 35,943 (compared to
20,137 during the first quarter of 2014) ounces of gold. |
|
|
|
During the first quarter of 2015, Twangiza
processed up to 28% of transition material to assist with the feed blend,
even though this material is not included in the Companys mineral
reserves. |
(III) |
MINE UNDER CONSTRUCTION
NAMOYA |
Mine Under Construction -
Investment |
Q1 2015 |
Change |
Q4 2014 |
|
($000's) |
(%) |
($000's) |
Additions1 |
16,460 |
1% |
16,372 |
Balance as at March 31 |
430,718 |
4% |
414,258 |
(1) |
Net of pre-commercial revenue of $11,483 and $10,007 in
Q1 2015 and Q4 2014, respectively. |
|
During the first quarter of 2015, the Namoya
Mine produced 9,254 ounces of gold from a total of 255,323 tonnes of ore,
stacked and sprayed on the heap leach pads, at an indicated head grade of
1.97 g/t Au. Now that the financing has been completed, the mine fleet can
be expanded to increase the waste stripping and ore mining to meet the
planned stacking rates required for commercial production. |
|
With the commissioning of the agglomeration
drum in the first quarter of 2015, Namoyas focus is on ore delivery in
order to increase the stacking rate towards commercial levels as well as
optimizing the stacking process with the agglomerated heap leach in order
to improve percolation and gold extraction. Management will continually
assess the optimal utilization of the Carbon-In-Leach (CIL) circuit as
ongoing ore extraction enhances expectation with respect to fines content
and the heap leach circuit is optimized. |
3
|
Consistent with 2014, during the first quarter
of 2015, exploration activities were limited as the Company focused on the
development at Namoya and incremental operational achievements at
Twangiza. |
(V) |
CORPORATE DEVELOPMENT |
|
In February 2015, the Company signed definitive
agreements for two gold forward sale transactions relating to the Twangiza
mine and a gold streaming transaction relating to the Namoya mine,
providing total gross proceeds to the Company of $90 million. Each of the
two forward sale transactions provide for the prepayment by the purchaser
of $20 million for its purchase of 22,248 ounces of gold from the Twangiza
mine, with the gold deliverable over three years, at 618 ounces per month.
The first $20 million forward sale closed on February 27, 2015. The
forward sales may be terminated at any time upon payment to the purchaser
of a one-time termination amount that would result in the purchaser
receiving an internal rate of return of 20%. The terms of the forward
sales also include a gold floor price mechanism whereby, if the gold price
falls below $1,100 per ounce in any month, additional ounces are
deliverable to ensure a realized gold price of $1,100 per ounce for that
month. The streaming transaction provides for the payment by the purchaser
of a deposit in the amount of $50 million and the delivery to the
purchaser over time of 8.33% of the life-of-mine gold production from the
Namoya mine (or any other projects located within 20 kilometres from the
current Namoya gold mine). The ongoing payments to Namoya upon delivery of
the gold are $150 per ounce. |
|
On April 30, 2015, the Company closed the
second $20 million forward sale and the $50 million gold streaming
transactions, as described above. In connection with the closing of these
financing transactions, the Company extinguished all of the outstanding
backstop facility notes issued in the third and fourth quarter of 2014.
|
TWANGIZA MINE
During the first quarter of 2015, the Twangiza Mine achieved
its third consecutive quarter of record production as the site continued to
benefit from the plant expansion activities completed in 2014 while focusing on
incremental operational efficiencies. These efficiencies allowed for the
continuous improvement of ore delivery and throughput levels to achieve 101% of
the upgraded design capacity of 1.7 Mtpa. Management plans, over the next 2
quarters, to continue to debottleneck the process to ensure this capacity can be
maintained permanently, before pursuing higher targets. Twangiza processed up to
28% of transition material to assist with the ore blend, even though this
material is not included in the Companys mineral reserves. The transition
material performed well when mixed with the oxide reserves and hence provided
the basis for some non-oxide material to be incorporated into the on-going
updated NI 43-101 reserves and resources statement.
|
|
|
Prior |
|
|
TWANGIZA MINE |
Q1 2015 |
Q4 2014 |
Quarter |
Q1 2014 |
Prior Year |
|
|
|
Change % |
|
Change % |
Gold sales (oz) |
33,956 |
29,264 |
16% |
24,427 |
39% |
Gold produced (oz) |
35,943 |
29,445 |
22% |
20,137 |
78% |
Material mined (t) |
975,716 |
969,062 |
1% |
727,423 |
34% |
Ore mined (t)1 |
632,264 |
556,856 |
14% |
296,324 |
113% |
Valley fill mined (t) |
- |
- |
- |
49,854 |
(100%) |
Waste mined (t) |
343,452 |
412,206 |
(17%) |
381,245 |
(10%) |
Strip ratio (t:t)2 |
0.54 |
0.74 |
(27%) |
1.29 |
(58%) |
Ore milled (t)1 |
428,844 |
370,881 |
16% |
252,691 |
70% |
Head grade (g/t)3 |
3.21 |
3.01 |
7% |
2.73 |
18% |
Recovery (%) |
80.70 |
81.40 |
(1%) |
84.97 |
(5%) |
Cash cost per ounce ($US/oz)4 |
527 |
592 |
(11%) |
819 |
(36%) |
(1) |
The difference between ore mined and ore milled is,
generally, the result of the stockpiling of lower grade ore. |
(2) |
Strip ratio is calculated as waste mined divided by ore
mined. |
(3) |
Head grade refers to the indicated grade of ore
milled. |
(4) |
Cash cost per ounce is a non-IFRS measure. Refer to the
non-IFRS measures section of this press release for additional
information. |
4
In the first quarter of 2015, Twangiza achieved production
levels above the 2015 monthly average production guidance of 9,000 ounces per
month. Cash costs during the quarter were consistent with the fourth quarter of
2014 and represented a 36% reduction from the first quarter of 2014. Similar to
H2 2014, the improved operating results continue to be driven by the ability for
the operations to increase mining and milling productivity, a 34% and 70%
increase in tonnage compared to the same prior year period, respectively, while
maintaining similar gross expenditures.
Gross spending and unit costs for Q1 2015 in comparison to Q4
2014 and Q1 2014 are as follows:
Mine Operating Costs |
(In '000s) |
Cost per tonne Milled
($/t) |
|
Q1 2015 |
Q4 2014 |
Q1 2014 |
Q1 2015 |
Q4 2014 |
Q1 2014 |
Mining Costs |
4,503 |
4,600 |
4,653
|
10.5 |
12.4 |
18.4
|
Processing Costs |
9,679 |
9,415 |
8,122
|
22.6 |
25.4 |
32.1
|
Overhead |
4,955 |
6,105 |
4,742
|
11.6 |
16.5 |
18.8
|
Inventory Adjustments |
(1,242) |
(2,804) |
2,490 |
(2.9) |
(7.6)
|
9.9 |
Total Mine operating cost |
17,895 |
17,316 |
20,007 |
41.8 |
46.7
|
79.2 |
Total tonnes milled (tonnes) |
428,844 |
370,881 |
252,691 |
|
|
|
Mining
A total of 975,716 tonnes of material (Q1 2014 727,423
tonnes) were mined during the three month period ended March 31, 2015. Total ore
mined was 632,264 tonnes (Q1 2014 296,324 tonnes). The strip ratio for the
quarter decrease to 0.54 as compared to 1.29 during the first quarter of 2014 in
accordance with the mine schedule which decreased the mining cost per tonne
milled from $18.4 to $10.5 per tonne, or a decrease of 43%.
Processing & Engineering
For the three month period ended March 31, 2015, the plant at
the Twangiza Mine processed 428,844 tonnes of ore (2014 252,691 tonnes),
representing a 70% increase over the prior year period, as the operations
exceeded the annualized rate of 1.7 Mtpa. Increased throughput levels reduced
the processing cost per tonne milled from $32.1 per tonne to $22.6 per tonne,
representing a decrease of 30%. The mill productivity achieved in the current
period represented a continuation, as well as additional incremental improvements, of the operational
achievements made in H2 2014. Recoveries during the period decreased compared
from the corresponding prior year period to an average rate of 80.7% (2014
84.97%) . Activities underway to improve the recoveries include optimizing the
crushing and grinding to appropriate fineness, reagent consumption levels, and
leach tank residency time. Site management continues to focus on incremental
operational efficiencies to consistently maintain increased throughput rates and
improve recoveries. The processing costs were $1.6 million higher compared to Q1
2014 as a result of the 70% increase in throughput, partially offset by lower
power costs per tonne due to lower realized diesel prices. Due to the nature of
the processing costs, economies of scale allow the operation to benefit
significantly from the increased throughput and production rates.
5
Sustaining Capital Activities
Following the completion of the plant expansion activities in
2014, capital spending at Twangiza is focused on upgrades to the mobile fleet
and continued construction of the Tailings Management Facility (TMF). Mobile
fleet upgrades during the quarter included the replacement of critical
components to extend the life of the existing fleet. The TMF construction
continued at lower activity levels, with activity levels expected to increase
during the dryer periods of the second and third quarter of 2015.
Cash Cost and All-In Sustaining Cost
Cash costs per ounce for the first quarter of 2015 were
significantly lower than the prior year period, primarily due to increased sales
of 9,529 ounces or 39%, due to increased production over the first quarter of
2014, while gross spending increased slightly as a result of higher throughput
in line with the design capacity of the mill. The all-in sustaining cost
decreased from $865 in Q1 2014 to $581 per ounce in Q1 2015, primarily due to
the lower cash cost.
Cash Cost per ounce sold |
|
($US/ounce) |
|
|
Q1 2015 |
Q4 2014 |
Q1 2014 |
Mining Costs |
133 |
157 |
190
|
Processing Costs |
285 |
322 |
333
|
Overhead |
146 |
209 |
194
|
Inventory Adjustments |
(37) |
(96)
|
102 |
Total cash costs per ounce |
527 |
592
|
819 |
Total ounces
sold (ounces) |
33,956 |
29,264 |
24,427 |
All-in sustaining costs per ounce |
581 |
689
|
865 |
NAMOYA - MINE UNDER
CONSTRUCTION
During the first quarter of 2015, the key objective for Namoya
management was to position the operation to reach commercial production levels
by H2 2015. The agglomeration drum that was procured in late 2014, was
commissioned by the in-house team ahead of schedule on January 27, 2015. The
commissioning of the agglomeration drum will be followed by activities to
de-bottleneck the heap leach operation including increasing the speed and
capacity of the conveyor system as well as activities to prepare and improve the
CIL plant.
As a result of the delay in the financing, the original ramp-up
plans were modified including the pre-stripping of the Kakula reserve pit
earlier than planned in order to open up more mining faces to improve
flexibility in mine scheduling and provide additional time for the delivery of
the mobile truck fleet that would commence waste stripping activities. With the
procurement of additional mobile fleet, the stacking levels are expected to increase to up to 190,000
tonnes per month following the ramp up towards commercial production levels.
6
Mining continued at the Seketi and Mwendamboko pits as well as
the newly opened Kakula pit during the first quarter of 2015 comprising 702,793
tonnes of material of which 178,800 tonnes were ore at a strip ratio of 2.93.
The strip ratio increased in the current period as a result of increased waste
material mined in order to provide access to ore in the Kakula pit.
Additions to Mine under Construction during the first quarter
of 2015 consisted of the costs associated with the completion of the
agglomeration drum, costs associated with commissioning activities, as well as
pre-commercial operating losses due to the mine operating at levels which are
below break-even. The costs associated with the agglomeration drum represent the
only significant capital amounts spent on project construction during the
period.
During the first quarter of 2015, the Namoya mine produced
9,254 ounces of gold from a total of 255,323 tonnes of ore, stacked and sprayed
on the heap leach pads, at an indicated head grade of 1.97 g/t Au. Ore stacked
during the period was comprised of semi-agglomerated material prior to the
commissioning of the agglomeration drum, followed by material that was processed
through the agglomeration drum. Stacking levels during the quarter were impacted
by processing shutdowns surrounding the installation and commissioning of the
drum and the availability of mobile fleet to mine waste. The CIL circuit was not
utilized during the first quarter of 2015 as the Companys focus and resources
were targeted on the progression of the heap leach operation, however, small
scale project activities were carried out on the CIL plant in order to assess
the circuit needs and associated timelines to incrementally contribute to
production. Namoyas production will continue to benefit incrementally from the
increasing stacking rates that are being achieved and as the heap leach curve
progresses toward steady state operating levels.
EXPLORATION
Consistent with the Companys focus on cash flow management
during the completion of development at Namoya as well as the seasonality of
exploration activities in the DRC, exploration activities during the first
quarter of 2015 was comprised of desktop project and target prioritization
reviews in preparation of the 2015 field work, in addition to ground maintenance
activities.
As previously reported, to support the Twangiza and Namoya
operations, near term exploration will focus on the following: |
|
Deliver sufficient drilling to allow mine
operations to define a mineable high grade reserve at the Filon B target
at Namoya to incorporate incremental ounce production for 2015; |
|
Development and execution of the drill program
to convert inferred and indicated resources to higher confidence resources
and mineral reserves within the existing open pits; and |
|
Delineate resources from identified targets
within a 5 kilometre radius of the current operations.
|
Qualified Person
Daniel K. Bansah, the Company's Head of Projects and Operations
and a "Qualified Person" as such term is defined in National Instrument 43-101,
has approved the technical information in this press release.
NON-IFRS MEASURES
Management uses cash cost, all-in sustaining cost, gold margin
and EBITDA to monitor financial performance and provide additional information
to investors and analysts. These metrics do not have a standard definition under IFRS and should not be considered in
isolation or as a substitute for measures of performance prepared in accordance
with IFRS. As these metrics do not have a standardized meaning, it may not be
comparable to similar measures provided by other companies. However, the
methodology used by the Company to determine cash cost per ounce is based on a
standard developed by the Gold Institute, which was an association which
included gold mining organizations, amongst others, from around the world.
7
The Company defines cash cost, as recommended by the Gold
Institute standard, as all direct costs that the Company incurs relating to mine
production, transport and refinery costs, general and administrative costs,
movement in production inventories and ore stockpiles, less depreciation and
depletion. Cash cost per ounce is determined on a sales basis.
Cash Cost |
Q1 2015 |
Q1 2014 |
Q4 2014 |
|
($000's) |
($000's) |
($000's) |
Mine operating expenses |
24,281 |
24,398 |
24,782 |
Less: Depletion
and depreciation |
(6,386) |
(4,391) |
(7,466) |
Total cash costs |
17,895 |
20,007 |
17,316 |
Gold sales (oz)
|
33,956 |
24,427 |
29,264 |
Cash cost per ounce ($/oz) |
527 |
819 |
592 |
The Company defines all-in sustaining costs as all direct costs
that the Company incurs relating to mine production, transport and refinery
costs, general and administrative costs, movement in production inventories and
ore stockpiles, less depreciation and depletion plus all sustaining capital
costs (excluding exploration). All-in sustaining cost per ounce is determined on
a sales basis.
All-In Sustaining Cost |
Q1 2015 |
Q1 2014 |
Q4 2014 |
|
($000's) |
($000's) |
($000's) |
Mine operating expenses |
24,281 |
24,398 |
24,782 |
Less: Depletion
and depreciation |
(6,386) |
(4,391) |
(7,466) |
Total cash costs |
17,895 |
20,007 |
17,316 |
Sustaining capital
|
1,825 |
1,130
|
2,844
|
All-in cash costs |
19,720 |
21,137 |
20,160 |
Gold sales (oz)
|
33,956 |
24,427 |
29,264 |
All-in cash cost per ounce ($/oz) |
581 |
865 |
689 |
The Company defines gold margin as the difference between the
cash cost per ounce disclosed and the average price per ounce of gold sold
during the reporting period.
Banro calculates EBITDA as net income or loss for the period
excluding: interest, income tax expense, and depreciation and amortization.
EBITDA is intended to provide additional information to investors and analysts.
It does not have any standardized meaning prescribed by IFRS and should not be
considered in isolation or as a substitute for measures of performance prepared
in accordance with IFRS. EBITDA excludes the impact of cash costs of financing
activities and taxes, and the effects of changes in operating working capital
balances, and therefore is not necessarily indicative of operating profit or
cash flow from operations as determined under IFRS. Other companies may
calculate EBITDA differently. A reconciliation between net profit for the period
and EBITDA is presented below:
EBITDA |
Q1 2015 |
Q1 2014 |
Q4 2014 |
|
($000's) |
($000's) |
($000's) |
Net income/(loss) |
6,780 |
(704) |
3,750 |
Interest |
5,704 |
2,990 |
4,775 |
Taxes |
- |
- |
- |
Depletion and depreciation |
6,411 |
4,560
|
7,041
|
EBITDA |
18,895 |
6,846 |
15,566 |
8
Q1 2015 Financial Results Conference Call Information
Banro will host a conference call at 11:00AM EST on May 14,
2015. Please use the following dial in numbers:
Q1 2015 Financial Results Conference Call Information
Toll Free (North America): |
+1-877-291-4570 Conf ID: 48284035 |
Toronto Local & International: |
+1 647-788-4919 Conf ID: 48284035 |
Q1 2015 Financial Results Conference Call REPLAY
Toll Free Replay Call (North America): |
+1 800-585-8367 Conf ID: 48284035 |
Toronto Local & International: |
+1 416-621-4642 Conf ID: 48284035 |
The conference call replay will be available from 2:00PM EST on
May 14, 2015 until 11:59PM EST on May 28, 2015.
For further information regarding this conference call, please
contact Banro Investor Relations or visit the Company website,
www.banro.com.
NYSE MKT LLC Company Guide Matters
The following additional information, which relates to the
Companys audited consolidated financial statements as at and for the year ended
December 31, 2014 (the Annual Financial Statements) filed last month, is being
provided pursuant to the requirements of the NYSE MKT Company Guide. NYSE MKT
Company Guide Section 610(b) requires separate disclosure of receipt of an audit
opinion containing going concern explanatory language. The audit opinion
accompanying the Annual Financial Statements includes an emphasis of matter
paragraph with respect to the Company's use of the going concern assumption. The
Annual Financial Statements are included in the Companys annual report on Form
20-F dated April 6, 2015 filed last month with the U.S. Securities and Exchange
Commission and applicable Canadian securities regulators via EDGAR at
www.sec.gov and SEDAR at www.sedar.com, respectively. The Annual
Financial Statements are also available on the Companys website at
www.banro.com, and hard copies of the Annual Financial Statements are
available, free of charge, to shareholders upon written request.
Banro Corporation is a Canadian gold mining
company focused on production from the Twangiza mine, which began commercial
production September 1, 2012, and completion of its second gold mine at Namoya
located approximately 200 kilometres southwest of the Twangiza gold mine. The
Companys longer term objectives include the development of two additional
major, wholly-owned gold projects, Lugushwa and Kamituga. The four projects,
each of which has a mining license, are located along the 210 kilometre long
Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the
Democratic Republic of the Congo (the DRC). Led by a proven management team
with extensive gold and African experience, the initial focus of the Company is
on the mining of oxide material, which has a low capital intensity to develop
but also attracts a lower technical and financial risk to the Company. All
business activities are followed in a socially and environmentally responsible
manner.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission (the "SEC")
permits U.S. mining companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can economically and legally extract or
produce. Certain terms are used by the Company, such as "Measured", "Indicated",
and "Inferred" "Resources", that the SEC guidelines strictly prohibit U.S.
registered companies from including in their filings with the SEC. U.S.
Investors are urged to consider closely the disclosure in the Company's Form
20-F Registration Statement, File No. 001-32399, which may be secured from the
Company, or from the SEC's website at http://www.sec.gov/edgar.shtml.
9
Cautionary Note Concerning Mineral Resource and Mineral
Reserve Estimates
The Companys Mineral Resource and
Mineral Reserve figures are estimates and no assurances can be given that the
indicated levels of gold will be produced. Such estimates are expressions of
judgment based on knowledge, mining experience, analysis of drilling results and
industry practices. Valid estimates made at a given time may significantly
change when new information becomes available. While the Company believes that
Mineral Resource and Mineral Reserve estimates are well established, by their
nature Mineral Resource and Mineral Reserve estimates are imprecise and depend,
to a certain extent, upon statistical inferences which may ultimately prove
unreliable.
Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. There is no certainty that Mineral Resources
can be upgraded to Mineral Reserves through continued exploration.
Due to the uncertainty that may be attached to Inferred
Mineral Resources, it cannot be assumed that all or any part of an Inferred
Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource
as a result of continued exploration. Confidence in the estimate is insufficient
to allow meaningful application of the technical and economic parameters to
enable an evaluation of economic viability worthy of public disclosure (except
in certain limited circumstances). Inferred Mineral Resources are excluded from
estimates forming the basis of a feasibility study.
Cautionary Note Concerning Forward-Looking
Statements
This press release contains forward-looking statements.
All statements, other than statements of historical fact, that address
activities, events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without limitation,
statements regarding estimates and/or assumptions in respect of future gold
production (including the timing thereof), costs, cash flow and gold recoveries,
Mineral Resource and Mineral Reserve estimates, potential Mineral Resources and
Mineral Reserves and the Companys development and exploration plans and
objectives) are forward-looking statements. These forward-looking statements
reflect the current expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking statements are subject to a
number of risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected
consequences to, or effects on the Company. Factors that could cause actual
results or events to differ materially from current expectations include, among
other things: uncertainty of estimates of capital and operating costs,
production estimates and estimated economic return of the Companys projects;
the possibility that actual circumstances will differ from the estimates and
assumptions used in the economic studies of the Companys projects; failure to
establish estimated mineral resources and mineral reserves (the Companys
mineral resource and mineral reserve figures are estimates and no assurance can
be given that the intended levels of gold will be produced); fluctuations in
gold prices and currency exchange rates; inflation; gold recoveries being less
than those indicated by the metallurgical testwork carried out to date (there
can be no assurance that gold recoveries in small scale laboratory tests will be
duplicated in large tests under on-site conditions or during production);
uncertainties relating to the availability and costs of financing needed in the
future; changes in equity markets; political developments in the DRC; lack of
infrastructure; failure to procure or maintain, or delays in procuring or
maintaining, permits and approvals; lack of availability at a reasonable cost or
at all, of plants, equipment or labour; inability to attract and retain key
management and personnel; changes to regulations affecting the Company's
activities; the uncertainties involved in interpreting drilling results and
other geological data; and the other risks disclosed under the heading "Risk
Factors" and elsewhere in the Company's annual report on Form 20-F dated April
6, 2015 filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Any
forward-looking statement speaks only as of the date on which it is made and,
except as may be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement, whether as a
result of new information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the forward-looking statements
are reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such statements
due to the inherent uncertainty therein.
For further information, please visit our website at
www.banro.com, or contact:
Martin Jones
+1 (416) 366-2221, Ext.
3213
+1-800-714-7938, Ext. 3213
info@banro.com
10
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