ACACIA MINING PLC 3rd Quarter Results

 
TIDMACA 
 
21 October 2015 
 
Results for the three months ended 30 September 2015 (Unaudited) 
 
Based on IFRS and expressed in US Dollars (US$) 
 
Acacia Mining plc ("Acacia") reports third quarter 2015 results 
 
"As previously communicated, we had a challenging third quarter, with short 
term issues impacting Bulyanhulu and Buzwagi. Whilst North Mara again performed 
well, group production of 163,888 ounces was lower than the previous quarter 
and means we expect to fall short of our original plans for 2015", said Brad 
Gordon, Chief Executive Officer of Acacia. "Over the past two years we have 
made significant changes to the business to lay the foundation for improved and 
consistent operational delivery. Although Q3 was disappointing, it does not 
alter our confidence that we are close to completing the turnaround. We have 
addressed each of the issues that impacted the business in Q3 to ensure they do 
not re-occur and, importantly, key underlying metrics at Bulyanhulu are on 
track to sustain a step-up in production in Q4 2015. As announced in early 
October we now expect to deliver full year production at around the level 
achieved in 2014 (718,651 ounces), with cash costs and AISC expected to be 
around 5% above the top of their initial respective guidance ranges of 
US$695-725 per ounce sold and US$1,050-1,100 per ounce sold for the full year." 
 
Operational Highlights 
 
  * Q3 2015 gold production of 163,888 ounces, 14% lower than Q3 2014, with 
    gold sales of 167,116 ounces 
  * Q3 2015 AISC1 of US$1,195 per ounce sold, 9% higher than Q3 2014 and 4% 
    higher than Q2 2015 due to the impact of the lower production base 
  * Q3 2015 cash costs1 of US$807 per ounce sold, 19% higher than Q3 2014 
  * Entered into an earn-in joint venture agreement with OreCorp Limited to 
    progress the Nyanzaga project in Tanzania whilst retaining exposure to 
    future potential upside 
 
Financial Highlights 
 
  * Q3 2015 revenue of US$193 million, 20% lower than Q3 2014, due to the lower 
    gold price and lower sales ounces 
  * Q3 2015 EBITDA1,2 of US$21 million, 73% below Q3 2014, primarily due to 
    lower revenues and higher cost base 
  * Q3 2015 net loss2 of US$13 million (US3.2 cents per share) 
 
  * Operational cash flow of US$4 million, a 96% decrease from Q3 2014 
  * Capital expenditure of US$51 million, 37% lower than Q3 2014 
  * Cash position decreased during Q3 2015 by US$61 million, to stand at US$226 
    million as at 30 September 2015 
 
                                       Three months ended 30      Nine months ended 30 
                                             September                  September 
 
(Unaudited)                                  2015          2014         2015         2014 
 
Gold production (ounces)                  163,888       190,986      531,189      537,567 
 
Gold sold (ounces)                        167,116       178,490      522,586      509,437 
 
Cash cost (US$/ounce)1                        807           679          789          727 
 
AISC (US$/ounce)1                           1,195         1,098        1,153        1,111 
 
Average realised gold price (US$/           1,113         1,268        1,172        1,282 
ounce)1 
 
(in US$'000) 
 
Revenue                                   192,682       240,878      639,463      686,387 
 
EBITDA 1,2                                 20,515        75,835      117,403      207,456 
 
Net (loss)/earnings2                     (13,053)        28,444        1,712       69,266 
 
Basic (loss)/earnings per share             (3.2)           6.9          0.4         16.9 
(EPS) (cents)2 
 
Cash generated from operating               4,262       101,428      111,355      228,535 
activities2 
 
Capital expenditure3                       51,356        81,251      134,413      195,995 
 
Cash balance                                            286,728                   286,728 
                                          226,373                    226,373 
 
Total borrowings                          127,800       142,000      127,800      142,000 
 
  1 These are non-IFRS measures. Refer to page 10 for definitions 
 
    2 EBITDA, net (loss)/earnings, (loss)/earnings per share and cash generated 
from operating activities include continuing and discontinued operations in 
2014 
 
    3 Excludes non-cash capital adjustments (reclamation asset adjustments) and 
includes finance lease purchases 
 
Other Developments 
 
Indirect taxes 
 
The devaluation of the Tanzanian shilling has continued to have a negative 
effect on our shilling denominated indirect tax receivables. Over the third 
quarter, the Tanzanian shilling lost a further 6% of its value against the US 
dollar, in addition to the 17% devaluation over the first half of the year. 
This resulted in a foreign exchange revaluation loss for the quarter of US$6 
million, which impacts EBITDA and earnings. 
 
During the third quarter, we received gross indirect tax refunds of US$18 
million from the Government of Tanzania, but saw a net cash outflow of indirect 
tax of US$10 million, prior to currency adjustments. We continue to engage with 
the Government on this matter in order to increase the rate of refunds and 
reduce the outstanding balance. As at 30 September 2015, the outstanding amount 
relating to the total indirect tax receivable, not covered by the 2011 
Memorandum of Settlement, stood at US$57 million. 
 
Earn-in agreement entered into for Nyanzaga 
 
In September 2015, Acacia announced the formation of an earn-in joint venture 
with OreCorp Limited ("OreCorp") to progress the Nyanzaga Project (the 
"Project") in Tanzania. OreCorp will act as manager of the Project and will be 
able to earn up to a 25% ownership of the Project through the completion of 
various work programme milestones over a three year period for an aggregate 
project investment of US$15 million, including an up-front payment to Acacia of 
US$1 million which has been received after the period end. 
 
The formation of the earn-in joint venture with OreCorp allows the Project to 
be reassessed and then progressed through to the completion of a Definitive 
Feasibility Study ("DFS") by a dedicated team who have experience in delivering 
value from large scale projects in Tanzania and across Africa, whilst allowing 
Acacia the optionality to maintain a 75% stake in the project once it gets to a 
development decision. 
 
Outlook 
 
As previously announced, several short-term factors negatively affected 
production at Bulyanhulu and Buzwagi over the third quarter resulting in lower 
than expected production levels. North Mara performed in line with 
expectations. We continue to expect a stronger fourth quarter performance, with 
production increases at all three mines. 
 
With the increase in fourth quarter production, we expect to deliver full year 
production at around the level achieved in 2014 (718,651 ounces), compared to 
the initial guidance range of 750,000-800,000 ounces. With respect to cash 
costs and AISC, we now expect these to be around 5% above the top of their 
initial respective guidance ranges of US$695-725 per ounce sold and 
US$1,050-1,100 per ounce sold for the full year. 
 
In light of the lower gold price environment we are redoubling our efforts to 
further remove costs from the business in order to return to free cash 
generation. These initiatives will also be incorporated into annual life of 
mine planning which is currently underway. 
 
Key statistics 
 
                                   Three months ended 30         Nine months ended 30 
                                         September                     September 
 
(Unaudited)                              2015          2014           2015          2014 
 
Tonnes mined (thousands of             10,787        11,016         31,262        30,908 
tonnes) 
 
Ore tonnes mined (thousands of          2,584         1,981          7,489         5,889 
tonnes) 
 
Ore tonnes processed (thousands         2,296         2,238          6,855         6,008 
of tonnes) 
 
Process recovery rate (percent)         85.7%         87.9%          87.3%         88.9% 
 
Head grade (grams per tonne)              2.6           3.0            2.8           3.1 
 
Gold production (ounces)              163,888       190,986        531,189       537,567 
 
Gold sold (ounces)                    167,116       178,490        522,586       509,437 
 
Copper production (thousands of         2,993         4,531         10,485        10,961 
pounds) 
 
Copper sold (thousands of               2,770         4,242          9,598         9,633 
pounds) 
 
Cash cost per tonne milled (US$            59            54             60            62 
/t)1,3 
 
Per ounce data 
 
     Average spot gold price2           1,124         1,282          1,178         1,288 
 
     Average realised gold              1,113         1,268          1,172         1,282 
price1 
 
     Total cash cost1                     807           679            789           727 
 
     All-in sustaining cost1            1,195         1,098          1,153         1,111 
 
Average realised copper price            2.04          3.14           2.45          3.10 
(US$/lb) 
 
Financial results 
 
                                    Three months ended 30        Nine months ended 30 
                                          September                    September 
 
(Unaudited, in US$'000 unless              2015         2014           2015         2014 
otherwise stated) 
 
Revenue                                 192,682      240,878        639,463      686,387 
 
Cost of sales                         (173,711)    (164,072)      (537,293)    (496,546) 
 
Gross profit                             18,971       76,806        102,170      189,841 
 
Corporate administration                (8,857)      (8,436)       (27,147)     (22,411) 
 
Share-based payments                      2,469      (1,055)        (5,821)      (5,972) 
 
Exploration and evaluation costs        (6,017)      (2,958)       (14,753)     (13,953) 
 

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Corporate social responsibility         (4,230)      (3,068)        (9,534)      (7,375) 
expenses 
 
Other charges4                         (14,102)     (13,630)       (25,907)     (26,412) 
 
(Loss)/profit before net finance       (11,766)       47,659         19,008      113,718 
expense and taxation 
 
Finance income                              426          309          1,126          939 
 
Finance expense                         (3,253)      (2,357)        (9,729)      (6,861) 
 
(Loss)/profit before taxation          (14,593)       45,611         10,405      107,796 
 
Tax expense                               1,540     (17,167)        (8,693)     (39,883) 
 
Net (loss)/profit from                 (13,053)       28,444          1,712       67,913 
continuing operations 
 
Discontinued operations: 
 
Net profit from discontinued                  -            -              -          886 
operations 
 
Net (loss)/profit for the period       (13,053)       28,444          1,712       68,799 
 
Attributable to: 
 
 Owners of the parent (net             (13,053)       28,444          1,712       69,266 
(loss)/earnings) 
 
- Continuing operations                (13,053)       28,444          1,712       67,913 
 
- Discontinued operations                     -            -              -        1,353 
 
 Non-controlling interests                    -            -              -        (467) 
 
- Discontinued operations                     -            -              -        (467) 
 
1 These are non-IFRS financial performance measures with no standard meaning 
under IFRS. Refer to "Non IFRS measures" on page 10 for definitions. 
 
2 Reflect the London PM fix price. 
 
3 Cash cost per tonne milled excluding the reprocessing of tailings at 
Bulyanhulu amounted to US$69 per tonne for the quarter and US$68 for the nine 
months ended 30 September 2015. 
 
4 Other charges includes non-operational items including foreign exchange 
losses of US$7.8 million (US$23.0 million YTD), legal fees of US$1.7 million 
(US$4.6 million YTD), and unrealised non-hedge derivative losses of US$2.9 
million (gains of US$2.7 million YTD). 
 
*Reported process recovery rates and head grade include tailings retreatment at 
Bulyanhulu. Excluding the impact of the tailings retreatment Q3 and nine months 
ended 30 September 2015 process recovery would be 89.4% for both the quarter 
and year to date, with Q3 and nine months ended 30 September 2015 head grade 
being 2.9g/t and 3.0g/t respectively. 
 
For further information, please visit our website: http://www.acaciamining.com/ 
or contact: 
 
Acacia Mining plc                           [phone] 
 
Brad Gordon, Chief Executive Officer 
 
Andrew Wray, Chief Financial Officer 
 
Giles Blackham, Investor Relations Manager 
 
Bell Pottinger                              [phone] 
 
Daniel Thöle 
 
About Acacia Mining plc 
 
Acacia Mining plc (LSE:ACA), formerly African Barrick Gold, is Tanzania's 
largest gold miner and one of the largest producers of gold in Africa. We have 
three producing mines, all located in Northwest Tanzania: Bulyanhulu, Buzwagi, 
and North Mara and a portfolio of exploration projects in Tanzania, Kenya, 
Burkina Faso and Mali. 
 
Our approach is focused on strengthening our three core pillars; our business, 
our people and our relationships, whilst continuing to invest in our future. 
Our name change from African Barrick Gold to Acacia reflects a new approach to 
mining, and an ambition to create a leading African Company. 
 
Acacia is a UK public company headquartered in London. We are listed on the 
Main Market of the London Stock Exchange with a secondary listing on the Dar es 
Salaam Stock Exchange. Barrick Gold Corporation remains our majority 
shareholder. Acacia reports in US dollars and in accordance with IFRS as 
adopted by the European Union, unless otherwise stated in this report. 
 
Conference call 
 
A conference call will be held for analysts and investors on 21 October 2015 at 
9.00am London time. 
 
The access details for the conference call are as follows: 
 
Participant dial   + 44 20 3059 8125 
in: 
 
Password:          ACA Q3 
 
A recording of the conference call will be available on our website http:// 
www.acaciamining.com/ after the call. 
 
FORWARD- LOOKING STATEMENTS 
 
This report includes "forward-looking statements" that express or imply 
expectations of future events or results. Forward-looking statements are 
statements that are not historical facts. These statements include, without 
limitation, financial projections and estimates and their underlying 
assumptions, statements regarding plans, objectives and expectations with 
respect to future production, operations, costs, projects, and statements 
regarding future performance. Forward-looking statements are generally 
identified by the words "plans," "expects," "anticipates," "believes," 
"intends," "estimates" and other similar expressions. 
 
All forward-looking statements involve a number of risks, uncertainties and 
other factors, many of which are beyond the control of Acacia, which could 
cause actual results and developments to differ materially from those expressed 
in, or implied by, the forward-looking statements contained in this report. 
Factors that could cause or contribute to differences between the actual 
results, performance and achievements of Acacia include, but are not limited 
to, changes or developments in political, economic or business conditions or 
national or local legislation or regulation in countries in which Acacia 
conducts - or may in the future conduct - business, industry trends, 
competition, fluctuations in the spot and forward price of gold or certain 
other commodity prices (such as copper and diesel), currency fluctuations 
(including the US dollar, South African rand, Kenyan shilling and Tanzanian 
shilling exchange rates), Acacia's ability to successfully integrate 
acquisitions, Acacia's ability to recover its reserves or develop new reserves, 
including its ability to convert its resources into reserves and its mineral 
potential into resources or reserves, and to process its mineral reserves 
successfully and in a timely manner, Acacia's ability to complete land 
acquisitions required to support its mining activities, operational or 
technical difficulties which may occur in the context of mining activities, 
delays and technical challenges associated with the completion of projects, 
risk of trespass, theft and vandalism, changes in Acacia's business strategy 
including, the ongoing implementation of operational reviews, as well as risks 
and hazards associated with the business of mineral exploration, development, 
mining and production and risks and factors affecting the gold mining industry 
in general. Although Acacia's management believes that the expectations 
reflected in such forward-looking statements are reasonable, Acacia cannot give 
assurances that such statements will prove to be correct. Accordingly, 
investors should not place reliance on forward-looking statements contained in 
this report. 
 
Any forward-looking statements in this report only reflect information 
available at the time of preparation. Subject to the requirements of the 
Disclosure and Transparency Rules and the Listing Rules or applicable law, 
Acacia explicitly disclaims any obligation or undertaking publicly to update or 
revise any forward-looking statements in this report, whether as a result of 
new information, future events or otherwise. Nothing in this report should be 
construed as a profit forecast or estimate and no statement made should be 
interpreted to mean that Acacia's profits or earnings per share for any future 
period will necessarily match or exceed the historical published profits or 
earnings per share of Acacia. 
 
Third Quarter Review 
 
During the third quarter of 2015, we saw disappointing operational performance 
at Bulyanhulu and Buzwagi leading to group production of 163,888 ounces, a 14% 
decrease from the same period in 2014, with sales volumes exceeding production 
by 2% at 167,116 ounces. All-in sustaining costs per ounce sold ("AISC") 
increased by 9% to US$1,195 per ounce sold, mainly as a result of the impact of 
lower production on fixed operational spending and investments in the areas of 
maintenance and contracted underground development costs incurred to improve 
future operational performance. 
 
Bulyanhulu saw a 2% decrease in production to 62,188 ounces mainly due to 
delays in opening new high grade long-hole stopes, which led to reduced head 
grade and lower ore tonnes mined than planned. A specialist contractor has been 
brought in to undertake the stope opening process, which will ensure sufficient 
long-hole stopes are available as we move into Q4 2015. Production attributable 
to underground mining amounted to 54,804 ounces, 6% lower than in the same 
period in 2014. Production attributable to reprocessed tailings was 7,384 
ounces, 45% higher than the same period in 2014. AISC increased by 2% to 
US$1,373 per ounce sold driven by increased sustaining capital expenditure and 
increased contractor services costs related to underground development, in 
combination with the lower production base. 
 
At North Mara, we continued to deliver against plan, with a step up in 
underground ore tonnes and grade delivered, with approximately 22,600 contained 
ounces mined for the quarter compared to 6,800 contained ounces mined in Q2 
2015. Overall, North Mara produced 67,738 ounces, a 5% increase from Q3 2014 as 
a result of increased grade and improved recovery rates, at AISC of US$939 per 
ounce sold, 7% lower than Q3 2014. 
 
At Buzwagi, gold production of 33,961 ounces for the three months was 46% lower 
than 2014, driven by the mining of lower than planned grades together with 
reduced mill throughput as a result of extended crusher downtime in September 
and an unplanned SAG mill re-line. AISC of US$1,394 per ounce sold was 47% 
higher than in 2014, mainly as a result of the impact of lower production on 
the fixed cost base. 
 

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October 21, 2015 02:00 ET (06:00 GMT)

Total tonnes mined during the quarter amounted to 10.8 million tonnes, a 2% 
decrease from Q3 2014, while ore tonnes mined of 2.6 million tonnes were 30% 
higher than in Q3 2014 due to changes in mine plans driving increased ore 
tonnes moved, mainly at Buzwagi. 
 
Our cash costs for the quarter were 19% higher than in Q3 2014, and amounted to 
US$807 per ounce sold. The increase was primarily due to: 
 
  * Lower capitalisation of mining expenditure due to lower waste stripping at 
    Buzwagi (US$83/oz); 
  * Lower production base and related lower co-product revenue (US$69/oz); and 
  * Increased contracted services costs driven by development contractor 
    activity at Bulyanhulu and North Mara (US$42/oz). 
 
Partly offset by: 
 
  * Lower energy and fuel costs due to lower oil prices, partially offset by 
    losses on economic fuel hedge contracts (US$40/oz); and 
  * Lower labour costs due to a reduction in international employees and 
    savings associated with the local workforce given the devaluation of the 
    Tanzanian shilling (US$39/oz). 
 
AISC of US$1,195 per ounce sold for the quarter was 9% higher than in Q3 2014, 
predominantly due to higher cash costs as described above and increased 
sustaining capital expenditures which were in part offset by lower capitalised 
development expenses and lower share based payment expenses. 
 
Cash generated from operating activities for the quarter amounted to US$4 
million, US$97 million lower than in 2014 mainly due to lower EBITDA and 
increased working capital outflows. Working capital outflows of US$21 million 
for the quarter consisted mainly of a decrease in payables (US$13 million), an 
increase in metals inventory (US$9 million), cash outflows associated with 
indirect tax (US$10 million), offset by a decrease in trade receivables (US$8 
million). 
 
Capital expenditure for the quarter amounted to US$51.4 million compared to 
US$81.3 million in 2014, with the decrease mainly driven by planned lower 
expansionary capital spend and lower capitalised stripping at Buzwagi. Lower 
capitalised stripping at North Mara was offset by increased capitalised 
development driven by the investment in the Gokona underground development. 
Capital expenditure primarily comprised of capitalised development expenditure 
(US$28.0 million), investment in mobile equipment and component change-outs of 
US$13.3 million and investment in tailings and infrastructure of US$6.2 
million. 
 
Mine Site Review 
 
Bulyanhulu 
 
Key statistics 
 
                                          Three months ended     Nine months ended 30 
                                             30 September             September 
 
(Unaudited)                                    2015      2014         2015       2014 
 
Key operational information: 
 
Ounces produced                oz            62,188    63,333      195,329    168,753 
 
Ounces sold                    oz            64,132    51,409      186,108    152,574 
 
Cash cost per ounce sold1      US$/oz           836       752          859        828 
 
AISC per ounce sold1           US$/oz         1,373     1,350        1,362      1,283 
 
Copper production              Klbs           1,465     1,488        4,534      3,919 
 
Copper sold                    Klbs           1,327     1,153        3,865      3,500 
 
Run-of-mine: 
 
Underground ore tonnes hoisted Kt               237       236          701        664 
 
Ore milled                     Kt               236       236          715        661 
 
Head grade                     g/t              8.3       8.8          8.5        8.6 
 
 
Mill recovery                  %              87.8%     87.1%        88.4%      89.9% 
 
Ounces produced                oz            54,804    58,236      173,170    163,383 
 
Cash cost per tonne milled1    US$/t            208       162          205        191 
 
Reprocessed tailings: 
 
Ore milled                     Kt               408       220          988        227 
 
Head grade                     g/t              1.2       1.4          1.2        1.4 
 
Mill recovery                  %              45.4%     52.5%        56.6%      53.8% 
 
Ounces produced                oz             7,384     5,097       22,159      5,370 
 
Capital Expenditure 
 
 - Sustaining capital          US$('000)     15,779     8,970       32,234     13,452 
 
 - Capitalised development     US$('000)     14,227    17,527       48,267     45,941 
 
 - Expansionary capital        US$('000)      (282)    15,907      (1,191)     41,738 
 
                                             29,724    42,404       79,310    101,131 
 
 - Non-cash reclamation asset  US$('000)    (1,381)   (2,399)      (1,788)      6,322 
adjustments 
 
Total capital expenditure      US$('000)     28,343    40,005       77,522    107,453 
 
1These are non-IFRS financial performance measures with no standard meaning 
under IFRS. Refer to 'Non-IFRS measures" on page 10 for definitions. 
 
Operating performance 
 
Gold production for the quarter of 62,188 ounces was 2% lower than the same 
period in 2014. The reduced output was primarily due to delays in opening new 
high grade long-hole stopes, which led to reduced head grade and lower ore 
tonnes mined than planned. A specialist contractor has been brought in to 
undertake the stope opening process, which will ensure that sufficient 
long-hole stopes are available as we move into Q4 2015. 
 
Recoveries have been impacted by the lower grade together with instability in 
the plant caused by power interruptions and contamination of the elution 
circuit, which have both now largely been resolved. Furthermore, in order to 
better manage long term recoveries and processing costs we are looking at 
options to separate the run of mine and the reclaimed tailings streams within 
the CIL circuit. 
 
Production attributable to underground mining amounted to 54,804 ounces, 6% 
lower than in the same period in 2014. Production attributable to reprocessed 
tailings was 7,384 ounces, 45% higher than the same period in 2014 due to 
increased throughput from the new CIL circuit. Gold sold for the quarter 
amounted to 64,132 ounces, 3% higher than production due to the sale of opening 
ounces on hand at the beginning of the quarter. Copper production of 1.5 
million pounds for the quarter was in line with Q3 2014. 
 
Cash costs for the quarter of US$836 per ounce sold were 11% higher than the 
same period in 2014 (US$752). Cash costs were driven by the lower production 
base, combined with increased costs relating to the use of a development 
contractor and lower capitalisation of mining costs. These factors were 
partially offset by lower labour costs due to a lower international employee 
headcount and the impact of a devaluation of the Tanzanian shilling on local 
labour costs. 
 
AISC per ounce sold for the quarter of US$1,373 was 2% higher than in Q3 2014 
(US$1,350) driven by the higher cash cost described above and increased 
sustaining capital expenditure mainly relating to investments in equipment, 
tailings infrastructure and underground ventilation. 
 
Whilst production at Bulyanhulu was disappointing in the quarter, it did not 
reflect the continuing improvement in the operating environment at the mine. We 
have maintained the improvements in development rates and long-hole stoping 
widths over the quarter, with the changed procedures regarding long-hole stope 
openings leading to improved stope availability towards the end of September. 
We remain confident that the fourth quarter will see Bulyanhulu demonstrate the 
benefits from the sustainable underlying operating improvements already made at 
the mine. 
 
Capital expenditure for the quarter before reclamation adjustments amounted to 
US$29.7 million, 30% lower than the 2014 expenditure of US$42.4 million, mainly 
driven by lower expansionary capital spend on the new CIL circuit  and lower 
capitalised development spend, partially offset by increased sustaining spend. 
Capital expenditure consisted mainly of capitalised underground development 
costs (US$14.2 million), investments in equipment (US$9.5 million) and 
investments in tailings and infrastructure (US$3.3 million). The credit in 
expansionary capital expenditure relates to the reversal of amounts accrued on 
2014 expansionary capital projects. 
 
Buzwagi 
 
Key statistics 
 
                                        Three months ended    Nine months ended 30 
                                           30 September             September 
 
(Unaudited)                                 2015       2014      2015          2014 
 
Key operational information: 
 
Ounces produced              oz           33,961     63,321      125,976    165,665 
 
Ounces sold                  oz           33,590     65,641      125,078    158,083 
 
Cash cost per ounce sold1    US$/oz        1,197        645        1,028        782 
 
AISC per ounce sold1         US$/oz        1,394        950        1,171      1,078 
 
Copper production            Klbs          1,528      3,043        5,951      7,042 
 
Copper sold                  Klbs          1,444      3,089        5,734      6,133 
 
Mining information: 
 
Tonnes mined                 Kt            6,523      6,286       19,416     17,632 
 
Ore tonnes mined             Kt            1,518      1,090        4,226      3,444 
 
Processing information: 
 
Ore milled                   Kt              938      1,054        3,025      3,034 
 
Head grade                   g/t             1.2        2.0          1.4        1.8 
 
Mill recovery                %             93.6%      94.8%        93.8%      92.0% 
 
Cash cost per tonne milled1  US$/t            43         40           42         41 
 
Capital Expenditure 
 
 - Sustaining capital        US$('000)     2,980      2,816        8,114      8,592 
 
 - Capitalised development   US$('000)     1,137     13,441        1,480     28,598 
 
                                           4,117     16,257        9,594     37,190 
 
 - Non-cash reclamation      US$('000)     1,577      (652)        1,493        187 
asset adjustments 
 

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October 21, 2015 02:00 ET (06:00 GMT)

Total capital expenditure    US$('000)     5,694     15,605       11,087     37,377 
 
 
1These are non-IFRS financial performance measures with no standard meaning 
under IFRS. Refer to "Non-IFRS measures" on page 10 for definitions. 
 
Operating performance 
 
Gold production for the quarter of 33,961 ounces was 46% lower than Q3 2014, as 
production was impacted by the mining of lower than planned grades together 
with 11% lower mill throughput as a result of extended crusher downtime in 
September and an unplanned SAG mill re-line. Gold sold for the quarter amounted 
to 33,590 ounces, in line with production. 
 
Total tonnes mined for the quarter of 6.5 million tonnes were 4% higher than in 
Q3 2014. Mining during the quarter was primarily focused on lower grade splay 
areas within the open pit; however negative grade reconciliations from a higher 
grade zone, combined with limited flexibility resulting from slower than 
planned waste movement led to mining below reserve grade for the quarter. The 
mine focused on additional waste movement in late September which will continue 
into early Q4 2015 in order to increase access to higher grade areas and lead 
to a step-up in production. Copper production of 1.5 million pounds for the 
quarter was 50% lower than in Q3 2014 driven by lower throughput and grades. 
 
Cash costs for the quarter of US$1,197 per ounce sold were 86% higher than in 
Q3 2014 (US$645). Cash costs were primarily impacted by lower production, lower 
capitalisation of mining costs given the lower strip ratio and lower co-product 
revenue due to lower copper sales. This was partially offset by lower energy 
and fuel costs due to lower oil prices, lower sales related costs due to lower 
sales volumes and lower labour costs driven by a decrease in international 
employees and the impact of the devaluation of the Tanzanian shilling on local 
labour costs. 
 
AISC per ounce sold for the quarter of US$1,394 was 47% higher than in Q3 2014 
(US$950). This was mainly driven by the higher cash costs together with the 
impact of the lower sales volumes, partly offset by the lower capitalised 
development expenditure as discussed above. 
 
Capital expenditure for the quarter of US$4.1 million before reclamation 
adjustments was 75% lower than in Q3 2014 (US$16.3 million). This was mainly 
due to mining taking place in the final stage of the open pit which reduces 
waste mining and resulted in lower capitalised stripping costs. Key capital 
expenditure for the quarter consists of component change out costs (US$1.5 
million) and investments in tailings and infrastructure of US$1.4 million. 
 
North Mara 
 
Key statistics 
 
                                         Three months ended 30    Nine months ended 30 
                                               September               September 
 
(Unaudited)                                    2015       2014         2015       2014 
 
Key operational information: 
 
Ounces produced                oz            67,738     64,332      209,884    203,148 
 
Ounces sold                    oz            69,395     61,440      211,400    198,780 
 
Cash cost per ounce sold1      US$/oz           591        655          585        606 
 
AISC per ounce sold1           US$/oz           939      1,015          908        961 
 
Open pit: 
 
Tonnes mined                   Kt             3,922      4,494       10,977     12,612 
 
Ore tonnes mined               Kt               787        655        2,394      1,781 
 
Mine grade                     g/t              2.3        3.4          2.6        3.6 
 
Underground: 
 
Ore tonnes trammed             Kt               105          -          168          - 
 
Mine grade                     g/t              6.7          -          5.8          - 
 
Processing information: 
 
Ore milled                     Kt               716        721        2,128      2,086 
 
Head grade                     g/t              3.3        3.2          3.5        3.5 
 
Mill recovery                  %              88.7%      87.2%        87.8%      87.3% 
 
Cash cost per tonne milled1    US$/t             57         56           58         58 
 
Capital Expenditure 
 
 - Sustaining capital          US$('000)      4,417      4,994        7,454     13,082 
 
 - Capitalised development     US$('000)     12,638     10,834       36,571     36,226 
 
 - Expansionary capital        US$('000)         33      6,544          962      7,522 
 
                                             17,088     22,372       44,987     56,830 
 
 - Non-cash reclamation asset  US$('000)      2,476    (1,574)        2,270      3,784 
adjustments 
 
Total capital expenditure      US$('000)     19,564     20,798       47,257     60,614 
 
1These are non-IFRS financial performance measures with no standard meaning 
under IFRS. Refer to "Non-IFRS measures" on page 10 for definitions. 
 
Operating performance 
 
Production for the quarter of 67,738 ounces was 5% higher than the prior year 
period as a result of a 3% higher head grade due to higher grade ore delivered 
from underground more than offsetting the lower open pit grade from Nyabirama. 
As expected, mined grade from the underground operation increased from 3.9g/t 
in Q2 2015 to 6.7g/t in Q3 2015 due to the increased proportion of stoping ore 
of total underground ore production. We expect this trend to continue into the 
fourth quarter. Gold ounces sold for the quarter of 69,395 ounces were 2% 
higher than production, and 13% higher than the prior year due to the higher 
production base. Open pit mined grade decreased due to an increased proportion 
of ore being sourced from the lower grade Nyabirama pit. 
 
Cash costs for the quarter of US$591 per ounce sold were 10% lower than Q3 2014 
(US$655). Lower fuel costs, lower labour costs driven by the impact of the 
devaluation of the Tanzanian shilling on local labour costs and the higher 
production base were partly offset by increased contracted services costs as a 
result of the ramp-up of the Gokona Underground. 
 
AISC per ounce sold for the quarter of US$939 was 7% lower than in Q3 2014 
(US$1,015) primarily due to the impact of increased sales volumes and lower 
cash costs. 
 
Capital expenditure for the quarter, before reclamation adjustments, of US$17.1 
million was 24% lower than in 2014 (US$22.4 million). Key capital expenditure 
included capitalised stripping costs (US$8.7 million), capitalised underground 
development costs (US$3.9 million), investment in tailings and infrastructure 
(US$1.5 million) and component costs (US$2.9 million). In addition, US$0.3 
million was spent on land acquisitions primarily around the Nyabirama open pit. 
Land acquisition costs of US$0.3 million are excluded from the capital 
expenditure above as they are recognised as long term prepayments, but are 
included in AISC. 
 
Exploration Review 
 
Tanzania 
 
Bulyanhulu - Near-mine Extensions 
 
In Q3 2015 we continued a programme of diamond drilling and commenced a 
programme of Aircore reconnaissance drilling testing for new Bulyanhulu-style 
reef systems and extensions of known vein structures within a 3-4 kilometre 
radius of the mine to potentially identify new ore sources within trucking 
distance of the Bulyanhulu processing plant. By the end of Q3, a total of 8 
core holes for approximately 2,500 metres of diamond core and 275 Aircore holes 
for approximately 11,000 metres were completed across four target regions, 
namely, the Safari, NW Extensions, Nose Zone and Central East targets. 
 
Results of the Aircore drilling and diamond core drilling are expected to be 
received and compiled in Q4 2015 in order to determine follow-up programmes. 
 
Kenya 
 
West Kenya Joint Venture Projects 
 
During Q3 2015 we commenced a diamond core drilling programme designed to 
follow up on the positive results from the initial drilling programme on the 
Liranda Corridor within the Kakamega Dome gold camp. The planned programme 
consists of nine deeper drill holes for a total of approximately 6,500 metres 
with the objective of testing for down-plunge and down-dip extensions of 
previously intersected gold mineralisation within interpreted shoots below 400 
metres vertical. The follow-up programme commenced late in Q3 2015 with 3 holes 
completed at quarter-end, and all holes intersecting multiple zones of 
silica-sericite-fuchsite-(roscoelite)-pyrite-sphalerite alteration and 
associated quartz veining, but with full assays not yet received. We expect to 
complete this phase of the diamond core programme in late Q4 2015. 
 
In the Lake Zone gold camp, we commenced a reverse circulation (RC) drilling 
programme to test gold-in-soil anomalies and co-incident IP chargeability 
anomalies at Masumbi-Barding and Yala target areas during late Q3 2015, with 
results of this phase of drilling expected during Q4 2015. 
 
Additionally, in the Lake Zone gold camp, results from the seven diamond drill 
holes undertaken during Q2 to test the Kitson target were received during Q3, 
with positive results including: 
 
  * KTD002: 9.5m @ 5.09 g/t Au from 59m 
  * KTD004: 9.5m @ 1.91 g/t Au from 91m 
  * KTD005: 8.0m @ 1.82 g/t Au from 56m 
 
A review of Kitson and drilling of Kitson North will be completed over the 
coming months to test the potential of the Kitson trend. 
 
Burkina Faso 
 
Over the past 12 months Acacia has entered into a number of joint ventures with 
junior exploration companies in Burkina Faso and now has an interest in over 
2,400 square kilometres across the prospective Houndé Belt. The most advanced 
project is the South Houndé JV, managed by Sarama Resources, where Sarama have 
previously delineated an inferred resource of 1.5 million ounces at 1.6g/t Au 
at a 0.8g/t Au cut-off, along a 5.5 kilometre section of two parallel soil 
anomalies that each extend for more than 10 kilometres. 
 
The third quarter saw limited field activity across all of the projects due to 
the wet season, but we expect to recommence Aircore and Reverse circulation 
drilling on the South Houndé JV in November to follow up successful completion 

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October 21, 2015 02:00 ET (06:00 GMT)