TIDMACA 
 
19 April 2018 
 
Results for the 3 months ended 31 March 2018 (Unaudited) 
 
Based on IFRS and expressed in US Dollars (US$) 
 
Acacia Mining plc ("Acacia") reports first quarter results 
 
"Acacia continued to demonstrate resilience during the first quarter, 
delivering solid production of 120,981 ounces at all-in sustaining costs 
("AISC") of US$976 per ounce sold," said Peter Geleta, Interim Chief Executive 
Officer. "Production at all three of our assets was in line with our mine plans 
and puts us in a good position to deliver against our full year guidance of 
435,000-475,000 ounces at an AISC of US$935-985 per ounce. The switch to 
stockpile processing at Buzwagi and the move to reduced operations at 
Bulyanhulu in late-2017 were effectively executed and we are pleased to report 
an increase in our cash balance to US$107 million. This was driven by the 
delivery of our operational plans and the sale of a non-core royalty that 
completed in January 2018. We continue to take measures to further stabilise 
our balance sheet and continue to provide support to Barrick in its on-going 
discussions with the Government of Tanzania." 
 
Operational Highlights 
 
  * Production tracked full-year guidance whilst all three operations delivered 
    in line with their respective mine plans 
  * Gold production of 120,981 ounces, 45% lower than Q1 2017, primarily due to 
    Bulyanhulu being transitioned to reduced operations in September 2017, and 
    Buzwagi's production being sourced primarily from lower grade ore 
    stockpiles 
  * Gold sales of 116,955 ounces, 37% lower than Q1 2017, slightly below gold 
    produced for the quarter due to the timing of shipments 
  * AISC1 of US$976 per ounce sold, 4% above Q1 2017 and cash costs1 of US$715 
    per ounce sold, 24% higher than Q1 2017 
 
Financial Highlights 
 
  * Q1 revenue of US$157 million, 33% lower than Q1 2017 due to lower sales, 
    offset slightly by higher realised gold prices 
  * Q1 EBITDA1 of US$86 million, 4% higher than Q1 2017, primarily due to the 
    sale of a non-core royalty asset for US$45 million which completed in 
    January 2018. Q1 2018 Adjusted EBITDA of US$44 million 
  * Net earnings of US$50 million (US12.2 cents per share), up from US$27 
    million in Q1 2017, with adjusted net earnings1 of US$7 million (US1.7 
    cents per share), 73% lower than Q1 2017 
 
  * Cash on hand of US$107 million as of 31 March, an increase of US$26 million 
    from 2017 year end with net cash of US$50 million 
  * Entered into option agreements to provide a floor price of at least 
    US$1,320 per ounce for majority of H1 2018 production 
  * In response to a number of expressions of potential interest, commenced a 
    process during the quarter with a small number of Chinese investors to 
    explore the value to the Company of selling a stake in its Tanzanian 
    operations. 
 
                                                 Three months ended 31      Year ended 
                                                         March              31 December 
 
(Unaudited)                                             2018        2017         2017 
 
Gold production (ounces)                             120,981     219,670      767,883 
 
Gold sold (ounces)                                   116,955     184,744      592,861 
 
Cash cost (US$/ounce)1                                   715         577          587 
 
AISC (US$/ounce)1                                        976         934          875 
 
Net average realised gold price (US$/ounce)1           1,332       1,221        1,260 
 
(in US$'000) 
 
Revenue                                              156,517     233,901      751,515 
 
EBITDA 1                                              85,774      82,193      257,180 
 
Adjusted EBITDA1                                      43,804      82,193      310,527 
 
Net earnings/(loss)                                   49,995      26,827    (707,394) 
 
Basic earnings/(loss) per share (EPS) (cents)           12.2         6.5      (172.5) 
 
Adjusted net earnings1                                 7,116      26,827      146,218 
 
Adjusted net earnings per share (AEPS) (cents)1          1.7         6.5         35.7 
 
Cash generated from/(used in) operating               23,954      25,224     (22,972) 
activities 
 
Capital expenditure2                                  25,779      46,828      149,376 
 
Cash balance                                         106,557     281,442       80,513 
 
Total borrowings                                      56,800      85,200       71,000 
 
1 These are non-IFRS measures. Refer to page 14 for definitions 
 
2 Excludes non-cash capital adjustments (reclamation asset adjustments) and 
include land purchases recognised as long term prepayments 
 
Other Developments 
 
Update on Discussions between Barrick Gold Corporation ("Barrick") and the 
Government of Tanzania 
 
Barrick and the Tanzanian Government continued their discussions during the 
quarter, aimed at agreeing and documenting in H1 2018 the details of the 
framework announced in 2017. Acacia continues to support Barrick in its 
discussions with the Government as the two parties work towards identifying a 
possible negotiated resolution. Acacia is not directly involved in the on-going 
discussions and awaits a detailed agreed proposal and documented final 
agreements for a comprehensive settlement in the coming months. This will then 
be reviewed by an Independent Committee formed of the Company's Directors. 
 
Asset Level Discussions with Interested Parties 
 
As previously announced, in response to a number of expressions of potential 
interest from Chinese counterparties, the Company is engaging with a small 
number of potential investors to explore the value to the Company of the sale 
of a stake in one or more of its Tanzanian assets. There is currently no 
certainty as to whether any agreement will be reached with any of the potential 
investors. Acacia remains committed to shareholder value and evaluates all 
opportunities against strict strategic and financial criteria. Any transaction 
will be pursued only if it is determined by Acacia's Board to be in the best 
interests of all shareholders. 
 
Buzwagi Flotation Circuit 
 
In September 2017 Buzwagi took the decision to cease operating the flotation 
circuit which had previously been planned to run into the first part of 2018. 
The mine continues to operate the existing gravity and CIL circuits which means 
that all gold production is now in doré form. Buzwagi engaged extensively with 
relevant government agencies prior to and at the time of the implementation of 
this decision, although it did not require prior regulatory approvals and did 
not involve additional or new process plant or processing technology. During 
the first quarter and subsequent to the shutdown of the flotation circuit, 
Buzwagi received correspondence from the Ministry of Minerals requiring the 
restoration of operation of the flotation circuit and seeking further 
explanations from Buzwagi on the Government's position regarding potentially 
applicable regulatory approvals. Buzwagi continues to engage closely with 
Government agencies on this matter. 
 
Indirect Taxation 
 
During the first quarter, Acacia incurred a further US$14 million of VAT 
outflows and received no cash VAT refunds. We have also declared our first 
provisional corporate tax payment for 2018 relating to North Mara, amounting to 
approximately US$10 million. This payment has been offset against indirect tax 
receivables in line with an existing agreement with the Tanzanian Revenue 
Authority. As a result, the net increase in our indirect tax receivable 
amounted to approximately US$4 million, with our total indirect tax receivables 
increasing to approximately US$174 million as at 31 March 2018. 
 
As previously disclosed, Tanzania's new mining legislation includes an 
Amendment to the VAT Act 2015 to the effect that no input tax credit can be 
claimed for the exportation of "raw minerals", with effect from 20 July 2017. 
Bulyanhulu, Buzwagi and North Mara have each now received notices from the 
Tanzania Revenue Authority that they are not eligible for any VAT relief from 
July 2017 onwards on the basis that all production (both doré and concentrate) 
constitutes "raw minerals". The total VAT claims submitted since July 2017 
amount to approximately US$50 million. We have disputed this interpretation of 
the legislation as a matter of Tanzanian law, while this is also a matter that 
is in contravention of the relevant terms of our MDAs with the Government of 
Tanzania. 
 
Entry into Gold Price Protection Measures 
 
As previously reported, in January 2018, as part of on-going measures to 
mitigate cash outflows, Acacia bought put options covering 120,000 ounces of 
gold at a strike price of US$1,320 per ounce. The total cost of the options was 
US$2.0 million and they provide a minimum price for the majority of Acacia's 
planned doré production until June 2018 above our budgeted gold price of 
US$1,200 per ounce, with full upside exposure should the gold price trade above 
US$1,320 per ounce. The options will expire in equal instalments of 30,000 
ounces per month over the period. 
 
Contribution to Tanzania 
 
Since the inception of its businesses, over 15 years ago, the Acacia Group, and 
its predecessors, have invested over US$4 billion into Tanzania and paid over 
US$1 billion of taxes and royalties and we remain committed to supporting 
efforts towards Tanzania's socio-economic advancement and, in particular, the 
realisation of the Government's Development Vision 2025. In the first quarter 
of 2018, Acacia has incurred a total of US$30.3 million to the Tanzanian 
Government in taxes and royalties. This includes royalties and clearing taxes 
of US$12.2 million, corporate tax of US$9.6 million, payroll taxes of US$7.6 
million, and US$0.9 million in import duties.  We have also paid US$1.1 million 
in local service levies due on H2 2017 revenues. 
 

During the first quarter Acacia continued to implement its strategy to develop 
local talent within its workforce, furthering its commitment to localisation. 
In March 2018, 105 of our first line leaders graduated from the Acacia Rainbow 
Leadership Development Programme which is aimed at developing our future 
leaders. 
 
Through its Sustainable Communities programme Acacia has completed projects 
during Q1 2018 which increase the accessibility of clean and safe water in 
rural areas and contribute to resolving challenges identified in Tanzania's 
education sector. In February, Acacia completed a water infrastructure project 
in Msalala District near Bulyanhulu where we invested  US$84,000 in the 
installation of an electric water pump and water tower. The facility, which has 
been linked to the national grid, channels clean water to the local Kakola 
village and provides safe drinking water to 3,000 residents. 
 
Further to the above investment Acacia is currently collaborating with the 
Ministry of Water and Irrigation, three local District Councils, the Kahama 
Shinyanga Water Supply and Sanitation Authority (KASHWASA) to tackle water 
scarcity on behalf of residents around Bulyanhulu.  The Company has committed 
almost US$2 million to fund an extension of a transmission pipeline from Lake 
Victoria to 14 villages spanning four districts. Once complete, the pipeline 
will deliver clean water to approximately 100,000 people living around the 
mine. 
 
We have also continued our library refurbishment project in partnership with 
the NGO, Read International Tanzania. During the quarter we officially opened 
four new libraries in Tarime, Shinyanga and Kahama districts. 
 
Local Content Rules 
 
Post period-end Acacia submitted preliminary local content plans to the 
Tanzanian Government in line with the new local content regulations that came 
into force on April 10, 2018. These preliminary plans build on the work 
undertaken by Acacia over the past years to enhance and develop our local 
supply chain and increase local employment in the workforce. Under Acacia's 
existing Mineral Development Agreements, Acacia is protected from changes to 
laws that govern our operations including the introduction of the local content 
regulations, but as part of our commitment to development in the country, the 
Company intends to work with the Government to clarify the requirements of the 
new local content regulations and to practically meet these requirements where 
possible. We continue to seek advice on clarification of specific points around 
these regulations and the practical implications thereof. 
 
Key Statistics                                  Three months ended 31      Year ended 
                                                        March              31 December 
 
(Unaudited)                                          2018         2017             2017 
 
Tonnes mined                            Kt          4,027        9,481           31,917 
 
Ore tonnes mined                        Kt            838        3,216           13,707 
 
Ore tonnes processed                    Kt          2,159        2,420            8,719 
 
Process recovery rate exc. tailings     %           91.0%        93.4%            92.4% 
reclaim 
 
Head grade exc. tailings reclaim        g/t           2.2          3.5              3.3 
 
Process recovery rate inc. tailings     %           86.5%        89.8%            90.0% 
reclaim 
 
Head grade inc. tailings reclaim        g/t           2.0          3.1              3.0 
 
Gold production                         oz        120,981      219,670          767,883 
 
Gold sold                               oz        116,955      184,744          592,861 
 
Copper production                       Klbs            -        4,656           12,897 
 
Copper sold                             Klbs            -        2,487            1,341 
 
Cash cost per tonne milled exc.         US$/t          47           51               43 
tailings reclaim1 
 
Cash cost per tonne milled inc.         US$/t          39           44               40 
tailings reclaim1 
 
Per ounce data 
 
     Average spot gold price2           US$/oz      1,329        1,219            1,257 
 
     Net average realised gold price1   US$/oz      1,332        1,221            1,260 
 
     Total cash cost1                   US$/oz        715          577              587 
 
     All-in sustaining cost1            US$/oz        976          934              875 
 
Average realised copper price           US$/lbs         -         2.79             2.98 
 
Financial results 
 
                                                  Three months ended 31      Year ended 
                                                          March              31 December 
 
(Unaudited, in US$'000 unless otherwise stated)        2018          2017           2017 
 
Revenue                                             156,517       233,901        751,515 
 
Cost of sales                                     (108,400)     (149,396)      (458,447) 
 
Gross profit                                         48,117        84,505        293,068 
 
Corporate administration                            (5,458)       (6,642)       (26,913) 
 
Share based payments                                  1,527      (10,424)          8,236 
 
Exploration and evaluation costs                    (3,623)       (6,778)       (24,829) 
 
Corporate social responsibility expenses            (1,546)       (2,195)        (8,213) 
 
Impairment charge                                         -             -      (850,182) 
 
Other income/(charges)                               22,767      (10,815)       (90,370) 
 
Profit before net finance expense and taxation       61,784        47,651      (699,203) 
 
Finance income                                          132           597          1,944 
 
Finance expense                                     (3,836)       (2,238)       (12,407) 
 
Profit before taxation                               58,080        46,010      (709,666) 
 
Tax expense                                         (8,085)      (19,183)          2,272 
 
Net profit for the period                            49,995        26,827      (707,394) 
 
1 These are non-IFRS financial performance measures with no standard meaning 
under IFRS. Refer to "Non IFRS measures" on page 14 for definitions. 
 
2 Reflect the London PM fix price. 
 
For further information, please visit our website: http://www.acaciamining.com/ 
or contact: 
 
Acacia Mining plc                             +44 (0) 207 129 7150 
 
Peter Geleta, Interim Chief Executive Officer 
 
Jaco Maritz, Chief Financial Officer 
 
Giles Blackham, Head of Investor Relations and Corporate Development 
 
Camarco                                       +44 (0) 20 3757 4980 
 
Gordon Poole / Nick Hennis 
 
About Acacia Mining plc 
 
Acacia Mining plc (LSE: ACA) is Tanzania's largest gold miner and one of the 
largest producers of gold in Africa. We have three mines, all located in 
north-west Tanzania: Bulyanhulu, Buzwagi, and North Mara, and a portfolio of 
exploration projects in Kenya, Burkina Faso and Mali. 
 
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 is 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 19 April 2018 at 
08:30 BST. 
 
The access details for the conference call are as follows: 
 
      Participant dial in:           +44 020 3936 2999 
 
      Password:                       88 94 64 
 
A recording of the conference call will be made available on the Company's 
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. Save as required under the Market Abuse 
Regulation or otherwise under 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. 
 
Operating Review 
 
Acacia delivered production of 120,981 ounces in Q1 2018, a decrease of 45% 
compared to the prior year quarter, whilst AISC of US$976 per ounce sold was 4% 
higher than Q1 2017. Cash costs of US$715 per ounce sold were 24% higher than 
the prior year period. 
 
North Mara achieved gold production of 76,769 ounces for the quarter, 20% lower 
than in Q1 2017. This was a result of lower average grades at the Gokona 
underground mine on account of a higher proportion of mining taking place in 
the lower-grade West Zone. The grade was also negatively impacted by lower 
grades received from the Nyabirama pit. Gold sold of 74,955 ounces for the 
quarter was 20% lower than the prior year quarter due to the lower production 
base but broadly in line with production. AISC of US$950 per ounce sold was 32% 
higher than Q1 2017 (US$717/oz) as a result of higher cash costs and lower 
sales volumes. 
 
Buzwagi produced 35,685 ounces of gold in the quarter, 40% lower than in Q1 
2017 due to the mine transitioning to the processing of lower grade stockpiles 
compared to run-of-mine ore from open pit. Gold sold for the quarter of 32,460 
ounces was 9% lower than production and 13% behind Q1 2017, due to the timing 
of shipments at quarter end and the lower production base, respectively. 
  Buzwagi will continue to solely produce doré until the end of its life of 
mine. AISC per ounce sold of US$1,052 was 36% higher than Q1 2017 (US$773/oz), 
mainly driven by the transition to processing lower grade stockpiles which 
drove higher cash costs. 
 
At Bulyanhulu, gold production of 8,527 ounces was 87% lower than Q1 2017 as a 
result of the decision to place the underground mine on reduced operations. All 
production resulted from the reprocessing of tailings which was 6% lower 
compared to the prior year quarter due to lower feed grades. Gold sold for the 
quarter of 9,540 ounces was 12% higher than production due to the selling of 
gold ounces on hand at the end of 2017 and 87% lower than Q1 2017 mainly as a 
result of the lower production base. AISC per ounce sold for the quarter of 
US$923 was 25% lower than Q1 2017 (US$1,229/oz) driven by reduced operating and 
capital spend. 
 
Total tonnes mined during the quarter amounted to 4.0 million tonnes, 58% lower 
than Q1 2017, mainly as a result of the transition to a stockpile processing 
operation at Buzwagi and the halting of all underground mining at Bulyanhulu. 
Total tonnes mined at North Mara were in line with Q1 2017. 
 
Total ore tonnes mined of 0.8 million tonnes were 74% lower than Q1 2017 mainly 
due to the cessation of mining at Buzwagi and Bulyanhulu. Ore tonnes mined at 
North Mara were 12% lower than Q1 2017, mainly due to higher rainfall towards 
the end of the quarter which resulted in mining delays at the Nyabirama open 
pit. 
 
Ore tonnes processed amounted to 2.2 million tonnes, a decrease of 11% on Q1 
2017, mainly driven by the halting of run-of mine processing at Bulyanhulu and 
a 7% reduction in ore tonnes processed at Buzwagi due to an extended planned 
plant shutdown during the quarter. North Mara ore tonnes processed were in line 
with Q1 2017. 
 
Cash costs of US$715 per ounce sold for the quarter were 24% higher than in Q1 
2017, primarily due to: 
 
  * A decreased build-up in finished gold inventory compared to Q1 2017 (US$103 
    /oz), given Q1 2017 was impacted by the imposition  of the concentrate 
    export ban, resulting in a build- up of finished gold inventory in Q1 2017 
    of approximately 35,000 ounces; 
  * Increased drawdown of ore stockpiles at Buzwagi (US$133/oz) partially 
    offset by stockpile increases at North Mara (US$37/oz); and 
  * Lower co-product revenue compared to Q1 2017 as a result of the concentrate 
    export ban (US$64/oz). 
 
This was offset by: 
 
  * Savings in direct mining costs at Buzwagi and Bulyanhulu as a result of 
    ceased mining activities partly offset by higher direct mining costs at 
    North Mara mainly driven by increased maintenance costs, offset in part to 
    the impact of the lower production base on unit costs (US$105/oz); and 
 
  * Lower selling related costs driven by lower sales volumes (US$22/oz). 
 
 
All-in sustaining cost of US$976 per ounce sold for the quarter was 4% higher 
than Q1 2017, mainly due to the impact of lower sales volumes on individual 
cost items (US$207/oz) and higher cash costs (refer to above) (US$207/oz). 
This was partly offset by lower capitalised expenditure relating to North Mara 
and Bulyanhulu (US$154/oz), lower shared based payment charges (US$102/oz) and 
lower sustaining capital spend mainly driven by Bulyanhulu being on reduced 
operations (US$24/oz). 
 
Cash generated from operating activities was an inflow of US$24.0 million which 
was a decrease of US$1.2 million from Q1 2017 (US$25.2 million). Adjusted 
EBITDA of US$44 million was offset by working capital outflows of US$7 million, 
provisional corporate tax payments of US$10 million, finance costs of US$3 
million and other non-cash items of US$7 million. Working capital outflows 
mainly relate to an increase in indirect tax receivables of US$5 million. 
 
Capital expenditure amounted to US$25.8 million compared to US$46.8 million in 
Q1 2017. The decrease was mainly driven by lower capitalised development costs. 
Capital expenditure primarily comprised capitalised development and stripping 
(US$15.6 million),   investment in mobile equipment and component change-outs 
mainly relating to North Mara (US$3.9 million), capitalised drilling for 
resource and reserve development at North Mara's Gokona underground (US$1.5 
million). 
 
Mine Site Review 
 
Bulyanhulu 
 
Key statistics 
 
                                             Three months ended 31 March     Year ended 
                                                                                 31 
                                                                              December 
 
(Unaudited)                                             2018         2017          2017 
 
Key operational information: 
 
Ounces produced                     oz                 8,527       63,346       175,491 
 
Ounces sold                         oz                 9,540       53,805       107,855 
 
Cash cost per ounce sold1           US$/oz               713          786           840 
 
AISC per ounce sold1                US$/oz               923        1,229         1,373 
 
Copper production                   Klbs                   -        1,498         3,906 
 
Copper sold                         Klbs                   -          956           588 
 
Run-of-mine: 
 
Underground ore tonnes hoisted      Kt                     -          205           596 
 
Ore milled                          Kt                     -          221           612 
 
Head grade                          g/t                    -          8.4           8.6 
 
Mill recovery                       %                      -        91.4%         90.1% 
 
Ounces produced                     oz                     -       54,256       153,279 
 
Cash cost per tonne milled1         US$/t                  -          171           126 
 
Reprocessed tailings: 
 
Ore milled                          Kt                   450          413         1,010 
 
Head grade                          g/t                  1.1          1.4           1.4 
 
Mill recovery                       %                  52.6%        47.5%         48.0% 
 
Ounces produced                     oz                 8,527        9,089        22,212 
 
Capital Expenditure 
 
 - Sustaining capital               US$                1,355        4,212         9,033 
                                    ('000) 
 
 - Capitalised development          US$                    -       16,070        39,543 
                                    ('000) 
 
 - Expansionary capital             US$                  274          478         1,190 
                                    ('000) 
 
                                                       1,629       20,760        49,766 
 
 - Non-cash reclamation asset       US$              (1,732)        1,042       (4,158) 
adjustments                         ('000) 
 
Total capital expenditure           US$                (103)       21,802        45,608 
                                    ('000) 
 
1These are non-IFRS financial performance measures with no standard meaning 
under IFRS. Refer to 'Non-IFRS measures" on page 14 for definitions. 
 
Operating performance 
 
Gold production amounted to 8,527 ounces, which was 87% lower than Q1 2017 as a 
result of the decision taken in September 2017 to transition to reduced 

operations at Bulyanhulu. Production consisted of the reprocessing of tailings 
which was 6% lower compared to the prior year quarter due to lower feed grades. 
Gold sold for the quarter of 9,540 ounces was 12% higher than production due to 
the selling of gold ounces on hand at the end of 2017 and 87% lower than Q1 
2017 mainly as a result of the lower production base. AISC per ounce sold for 
the quarter of US$923 was 25% lower than Q1 2017 (US$1,229/oz) driven by 
reduced operating and capital spend, partly offset by lower sales. 
 
No copper production or sales for the quarter as a result of Bulyanhulu being 
on reduced operations since the end of Q3 2017, resulting in no concentrate 
production. 
 
No underground ore tonnes hoisted during the quarter due to the mine's reduced 
operational state and cessation of all underground mining activity. 
 
Cash costs of US$713 per ounce sold were 9% lower than Q1 2017 (US$786/oz), 
mainly due to lower direct mining costs compared to the prior year period as a 
result of Bulyanhulu being on reduced operations and lower sales related costs 
driven by lower sales volumes. This was partly offset by the lower production 
base and lower co-product revenue. 
 
AISC per ounce sold for the quarter of US$923 was 25% lower than Q1 2017 
(US$1,229/oz) driven by the impact of lower capitalised development due to the 
ceased underground development activities and lower corporate administration 
charges. This was partly offset by the impact of lower sales ounces on 
individual cost items. 
 
Capital expenditure for the quarter before reclamation adjustments amounted to 
US$1.6 million, significantly lower than Q1 2017 (US$20.8 million), mainly 
driven by lower capitalised development due to Bulyanhulu being on reduced 
operations, resulting in lower sustaining capital spend due to projects being 
deferred or cancelled. 
 
Capital expenditure consisted primarily of investment in mobile equipment and 
component change-outs (US$0.8 million), costs relating to the completion of 
underground ventilation raise borings (US$0.3 million), expansionary capital 
relating to the Bulyanhulu feasibility studies (US$0.3 million) and TSF wall 
raise (US$0.1 million). 
 
During the quarter, reduced operating costs amounted to US$8.2 million and 
mainly consisted of site overhead costs including labour, power and camp 
related costs, security costs associated with protecting the site and 
surrounding infrastructure and ongoing maintenance related work. 
 
Buzwagi 
 
Key statistics 
 
                                             Three months ended 31 March     Year ended 
                                                                                 31 
                                                                              December 
 
(Unaudited)                                             2018         2017          2017 
 
Key operational information: 
 
Ounces produced                     oz                35,685       59,856       268,785 
 
Ounces sold                         oz                32,460       37,199       160,552 
 
Cash cost per ounce sold1           US$/oz               964          694           594 
 
AISC per ounce sold1                US$/oz             1,052          773           667 
 
Copper production                   Klbs                   -        3,158         8,991 
 
Copper sold                         Klbs                   -        1,531           752 
 
Mining information: 
 
Tonnes mined                        Kt                     -        5,267        15,368 
 
Ore tonnes mined                    Kt                     -        2,053         9,309 
 
Processing information: 
 
Ore milled                          Kt                 1,001        1,076         4,256 
 
Head grade                          g/t                  1.3          1.8           2.1 
 
Mill recovery                       %                  88.3%        96.7%         94.3% 
 
Cash cost per tonne milled1         US$/t                 31           24            22 
 
Capital Expenditure 
 
 - Sustaining capital               US$                1,300          141         4,338 
                                    ('000) 
 
 - Capitalised development          US$                    -            -             - 
                                    ('000) 
 
                                                       1,300          141         4,338 
 
 - Non-cash reclamation asset       US$                  133         (78)       (1,978) 
adjustments                         ('000) 
 
Total capital expenditure           US$                1,433           63         2,360 
                                    ('000) 
 
1These are non-IFRS financial performance measures with no standard meaning 
under IFRS. Refer to "Non-IFRS measures" on page 14 for definitions. 
 
Operating performance 
 
Gold production for the quarter of 35,685 ounces was 40% lower than in Q1 2017 
due to Buzwagi transitioning to a low-grade stockpile processing operation 
compared to the processing of run-of-mine ore in the previous period. Gold sold 
for the quarter of 32,460 ounces was 9% lower than production due to the timing 
of shipments at quarter end.  Sales were 13% lower than the prior year period 
due to the lower production base.  Buzwagi will continue to solely produce doré 
until the end of its life of mine. AISC per ounce sold of US$1,052 was 36% 
higher than Q1 2017 (US$773/oz), mainly driven by the impact of the processing 
of lower grade stockpiles. 
 
Following Buzwagi's transition to a stockpile processing operation there was no 
copper production and therefore no copper sales during the quarter. Recoveries 
of 88.3% were lower than the previous year period due to lower grades and the 
bypassing of the flotation circuit due to the low copper content of the 
stockpiles. 
 
There were no tonnes mined for the quarter, but we plan to mine the last ore 
blocks from the main zone in the open pit in late Q2 2018 once the wet season 
has concluded. These tonnes have been deferred from Q4 2017 due to flooding of 
the bottom of the pit. 
 
Cash costs for the quarter of US$964 per ounce sold were 39% higher than Q1 
2017 (US$694/oz) mainly due to a drawdown in ore inventory as a result of 
ceased mining activities (US$133/oz), lower co-product revenue (US$134/oz) and 
the lower production base, offset by lower direct mining costs as a result of 
Buzwagi transitioning to a stockpile processing operation (US$34/oz). 
 
AISC per ounce sold of US$1,052 was 36% higher than Q1 2017 (US$773/oz). This 
was driven by the higher cash costs as discussed above (US$270/oz) and higher 
sustaining capital spend relating to the expansion of the tailings storage 
facility (US$36/oz). 
 
Capital expenditure before reclamation adjustments amounted to US$1.3 million, 
significantly higher than in Q1 2017 (US$0.1 million), mainly consisting of the 
expansion of the tailings storage facility (US$1.0 million) which started in 
late 2017. 
 
North Mara 
 
Key statistics 
 
                                              Three months ended 31 March    Year ended 
                                                                                 31 
                                                                              December 
 
(Unaudited)                                             2018          2017         2017 
 
Key operational information: 
 
Ounces produced                     oz                76,769        96,468      323,607 
 
Ounces sold                         oz                74,955        93,740      324,455 
 
Cash cost per ounce sold1           US$/oz               607           410          498 
 
AISC per ounce sold1                US$/oz               950           717          803 
 
Open pit: 
 
Tonnes mined                        Kt                 3,840         3,854       15,299 
 
Ore tonnes mined                    Kt                   651           803        3,147 
 
Mine grade                          g/t                  1.7           2.8          1.7 
 
Underground: 
 
Ore tonnes trammed                  Kt                   187           154          654 
 
Mine grade                          g/t                  7.8          11.3          8.7 
 
Processing information: 
 
Ore milled                          Kt                   709           710        2,841 
 
Head grade                          g/t                  3.7           4.6          3.9 
 
Mill recovery                       %                  92.3%         92.6%        92.0% 
 
Cash cost per tonne milled1         US$/t                 64            54           57 
 
Capital Expenditure 
 
 - Sustaining capital2              US$                5,688         6,256       22,563 
                                    ('000) 
 
 - Capitalised development          US$               15,568        17,797       61,066 
                                    ('000) 
 
 - Expansionary capital             US$                1,525         1,536       10,270 
                                    ('000) 
 
                                                      22,781        25,589       93,899 
 
 - Non-cash reclamation asset       US$                (491)           124      (2,951) 
adjustments                         ('000) 
 
Total capital expenditure           US$               22,290        25,713       90,948 
                                    ('000) 
 
1These are non-IFRS financial performance measures with no standard meaning 
under IFRS. Refer to 'Non-IFRS measures" on page 17 for definitions. 
 
2 Includes land purchases recognised as long term prepayments. 
 
Operating performance 
 
Gold production for the quarter of 76,769 ounces was 20% lower than in Q1 2017. 
The reduction stemmed from lower average grades at the Gokona underground mine 
on account of a higher proportion of mining taking place in the lower-grade 
West Zone, with the reconciled grade of 7.8g/t (declared ore mined of 7.0g/t), 
compared to 11.3g/t in the previous period. The grade was also negatively 

impacted by lower grades received from the Nyabirama pit. Gold ounces sold for 
the quarter of 74,955 ounces were 20% lower than the prior year quarter due to 
the lower production base but were broadly in line with production. 
 
Cash costs of US$607 per ounce sold were 48% higher than Q1 2017 (US$410), 
mainly driven by increased direct operating costs (US$117/oz) mainly relating 
to increased maintenance costs and a lower proportion of mining costs being 
capitalised as a result of a lower stripping ratio, the lower production base 
(US$51/oz) and higher sales related costs driven by the increase in royalties 
and clearance fees (US$31/oz). 
 
AISC of US$950 per ounce sold was 32% higher than Q1 2017 (US$717/oz) as a 
result of higher cash costs discussed above (US$197/oz) and the impact of lower 
sales volumes on individual cost items (US$77/oz), partly offset by lower 
capitalised development costs (US$30/oz). 
 
Capital expenditure for the quarter before reclamation adjustments amounted to 
US$22.8 million, 11% lower than in Q1 2017 (US$25.6 million). Key capital 
expenditure included capitalised stripping costs (US$10.6 million), capitalised 
underground development costs (US$5.0 million), capitalised drilling mainly for 
resource and reserve development at Gokona underground (US$1.5 million), 
investment in mobile equipment and component change-outs (US$3.9 million). 
 
Exploration Review 
 
Brownfield Exploration 
 
North Mara 
 
Gokona Underground 
 
A total of 9,215 metres of extension and infill drilling were completed by four 
rigs at Gokona Underground during Q1 2018, with a further 76 holes for 8,851 
metres of grade control drilling also undertaken. Drilling continued to define 
the Upper Central zone beneath the open pit; with further significant 
intercepts returned during the quarter including: 
 
UGKD453     15.0m @ 13.2 g/t Au from 176m 
 
UGKD457     7.0m @ 53.1 g/t Au from 193m; and 17.0m @ 6.3 g/t Au from 225m 
 
UGKD458     14.6m @ 8.1 g/t Au from 190m and 26.0m @ 4.1 g/t Au from 222m 
 
 
 
UGKD463     10.0m @ 7.7 g/t Au from 174m 
 
UGKD472     10.0m @ 14.3 g/t Au from 174m 
 
UGKD448     20.0m @ 8.7 g/t Au from 157m 
 
Drilling of the Central zone between the base of the open pit and the 1,000mRL 
elevation has now been completed, and results will be incorporated into an 
updated Mineral Resource model during the year. The mine development design and 
schedule will then be revised in accordance with the defined economic 
mineralisation. The drilling activity in the Central zone is currently 
restricted to two drill rigs that will now test the mineralisation below 1,000m 
RL down to the projected position of the Banana Fault. 
 
The drilling programme testing the base of the second and top of the third 
panels of mineralisation in the West zone continued. Drilling has confirmed a 
low grade zone between the 1,000mRL and 970mRL elevations; which can be left as 
a pillar between the second and third West mining panels. Planned drilling for 
the third mining panel of the West zone is scheduled for the next six months, 
with the Mineral Resource model due to be updated subsequent to this. 
 
Greenfield Exploration 
 
Kenya 
 
West Kenya Project 
 
During Q1 2018 the focus of the exploration was on testing for structures 
within the Liranda Corridor, parallel to Isulu, within five kilometres of the 
existing inferred resources in order to expand the current inferred resource of 
1.17Moz at 12.6g/t. We are also progressing a scoping study, which commenced in 
Q4 2017, with results expected in H2 2018. We continue to believe that 2Moz is 
a resource target for the Liranda Corridor Project. 
 
During Q1 2018 two diamond rigs were active across the West Kenya Project with 
11 holes drilled for 3,590 metres. In addition, prospect focused geological 
mapping and multi-element soil geochemical surveys were underway. 
 
In the Liranda Corridor, nine diamond holes for 3,400 metres were completed on 
the Isulu South East Prospect. These holes intersected multiple shear zones 
with disseminated sulfides, quartz veining, carbonate and sericite alteration. 
Results for two holes were received during Q1 2018 with low grade 
mineralisation within shears of similar orientation and composition to the 
Isulu prospect. Detailed structural analysis is presently underway to assist 
with defining high grade shoots along these shears. 
 
In the Lake Zone Camp geological mapping and soil geochemical surveys were 
undertaken across the historic colonial mine workings at Ramba Lumba and Rambi 
Aila to assist with drill targeting. This has confirmed gold bearing quartz 
veins within several kilometre zones of altered and sheared mafic to 
intermediate volcanics. Drilling commenced in Q1 2018 with six holes totalling 
2,000 metres to be finalised in Q2 2018. The first hole drilled at Rumba Lumba 
intersected a wide, strongly altered shear zone hosting visible gold. 
 
Burkina Faso 
 
During Q1 2018 exploration work on the Houndé Belt in southwest Burkina Faso, 
where Acacia currently manages four joint ventures covering approximately 
2,700km² of prospective greenstone belt, comprised air-core drilling on the 
Tankoro corridor and field mapping, geochemistry sampling and IP surveys on the 
regional targets. 
 
South Houndé JV (Sarama Resources Limited) 
 
Tankoro Corridor 
 
Air-core drilling was conducted at the Djimbaké zone (south-western extension 
of the Tankoro Corridor) to test the continuity of mineralisation along strike. 
3,668 metres were drilled during the quarter out of a programme total of 4,900 
metres. First results include 6m @ 2.63g/t Au from surface (including 2m @ 
7.25g/t Au) in AC3664 and 6m @ 4.01g/t Au from 36m (including 4m @ 5.6g/t Au) 
in AC3665. 
 
An IP geophysical survey, comprising 38 line kilometres, was conducted on the 
Ben target (West of the resource area). Infill soil geochemistry sampling and 
detailed field mapping was also done at Ben. 
 
SRK Consulting (UK) Limited has been contracted to update the mineral resource 
estimation, based on the new 3D geology model. Preliminary results are expected 
in Q2 2018. The programme for the year on the Tankoro Corridor includes 7,000 
metres of diamond drilling to test high-grade shoots at depth and 22,000 metres 
of combined air-core and reverse circulation drilling to outline additional 
high grade mineralisation. This programme may be revised depending on the 
results of the new mineral resource estimation. 
 
Ouangoro Corridor 
 
An IP survey comprising 120 line kilometres, was conducted over the five 
kilometre-long Yankadi zone. Detailed geology and regolith mapping, associated 
with rock-chip and termite mound sampling, continued at Yankadi. The programme 
for the year on the Ouangoro Corridor comprises 7,400 metres of air-core 
drilling and 2,250 metres of reverse circulation drilling to test the 
continuity of the gold mineralisation along strike and at depth. 
 
Central Houndé JV (Thor Explorations Limited) 
 
Detailed field geological mapping and rock-chip sampling continued on the 
Légué-Bongui Corridor and on the Ouéré gold soil anomaly. An IP geophysical 
survey, comprising 40 line kilometres, was conducted on the Legué South-West 
target. The programme for the year on the Central Houndé project comprises 
11,500 metres of air-core drilling to test the continuity of the gold 
mineralisation along strike and to test soil anomalies. The drilling will be 
converted to RC where ground conditions are not suitable. 
 
Pinarello & Konkolikan JV (Canyon Resources Limited) 
 
An IP geophysical survey, comprising 53 line kilometres, was conducted on the 
Tangolobé target. The programme for the year on the Pinarello & Konkolikan 
project comprises 30,000 metres of air-core drilling to test the continuity of 
the gold mineralisation along strike on the priority targets (Tankoro Corridor 
South, Tangolobé and Gagnhy). The drilling will start in Q2 2018. 
 
Frontier JV (Metallor SA) 
 
No field work was conducted on the Frontier project in Q1 2018. The programme 
for the year comprises 6,000 metres of air-core. 
 
Mali 
 
Acacia currently manages two joint ventures and holds one permit covering 191km 
². 
 
Tintinba-Bané Project JV (Demba Camara and Cadem Gold) 
 
The last results from the Q4 2017 reverse circulation drilling programme were 
disappointing. At Tribala, only one significant result was returned: 2m @ 3.01g 
/t Au from 19m in TIRC0136. The original drilling programme planned for Q1 2018 
has been put on hold until a more detailed interpretation of the targets has 
been finalised. 
 
Boubou JV (Mande Empire) & Gourbassi Est - 100% Acacia (ABG Exploration Mali 
SARL) 
 
No field work was conducted on either the Boubou JV or Gourbassi Est in Q1 
2018. A soil geochemistry survey will be conducted on both projects in Q2 2018 
before running a reconnaissance drilling programme. 
 
Non-IFRS Measures 
 
Acacia has identified certain measures in this report that are not measures 
defined under IFRS. Non-IFRS financial measures disclosed by management are 
provided as additional information to investors in order to provide them with 
an alternative method for assessing Acacia's financial condition and operating 
results, and reflects more relevant measures for the industry in which Acacia 
operates. These measures are not in accordance with, or a substitute for, IFRS, 
and may be different from or inconsistent with non-IFRS financial measures used 
by other companies. These measures are explained further below. 
 
Net average realised gold price per ounce sold is a non-IFRS financial measure 
which excludes from gold revenue: 
 
- Unrealised gains and losses on non-hedge derivative contracts; and 
 
- Export duties 
 
It also includes realised gains and losses on gold hedge contracts reported as 
part of cost of sales. 
 
Net average realised gold price per ounce sold have been calculated as follow: 
 
(US$000)                                Three months ended 31 March       Year ended 31 

                                                                            December 
 
(Unaudited)                                         2018         2017                2017 
 
Gold revenue                                     155,746      225,628             744,294 
 
Less: Realised gold hedge losses                       -            -               2,693 
 
Net gold revenue                                 155,746      225,628             746,987 
 
Gold sold (ounces)                               116,955      184,744             592,861 
 
Net average realised gold price (US$/              1,332        1,221               1,260 
ounce) 
 
Cash cost per ounce sold is a non-IFRS financial measure. Cash costs include 
all costs absorbed into inventory, as well as royalties, and production taxes, 
and exclude capitalised production stripping costs, inventory purchase 
accounting adjustments, unrealised gains/losses from non-hedge currency and 
commodity contracts, depreciation and amortisation, reduced operation costs and 
corporate social responsibility charges. Cash cost is calculated net of 
co-product revenue. Cash cost per ounce sold is calculated by dividing the 
aggregate of these costs by total ounces sold. 
 
The presentation of these statistics in this manner allows Acacia to monitor 
and manage those factors that impact production costs on a monthly basis. Cash 
costs and cash cost per ounce sold are calculated on a consistent basis for the 
periods presented. 
 
The table below provides a reconciliation between cost of sales and total cash 
cost to calculate the cash cost per ounce sold. 
 
                                       Three months ended 31 March       Year ended 31 
(US$'000)                                                                   December 
 
(Unaudited)                                       2018         2017                2017 
 
Cost of Sales 
 
Direct mining costs                             70,990       98,783             299,591 
 
Third party smelting and refining                1,269        5,321               9,675 
fees 
 
Realised losses on economic hedges                   -          108                 743 
 
Realised losses on gold hedges                       -            -             (2,693) 
 
Royalty expense                                 12,151       10,642              44,930 
 
Depreciation and amortisation*                  23,990       34,542             106,201 
 
Total                                          108,400      149,396             458,447 
 
Total cost of sales                            108,400      149,396             458,447 
 
Deduct: Depreciation and amortisation         (23,990)     (34,542)           (106,201) 
* 
 
Deduct: Realised losses on gold                      -            -               2,693 
hedges 
 
Deduct: Co-product revenue                       (771)      (8,273)             (7,221) 
 
Total cash cost                                 83,639      106,581             347,718 
 
Total ounces sold                              116,955      184,744             592,861 
 
Total cash cost per ounce sold                     715          577                 587 
 
 
*Depreciation and amortisation includes the depreciation component of the cost 
of inventory sold 
 
All-in sustaining cost (AISC) is a non-IFRS financial measure. The measure is 
in accordance with the World Gold Council's guidance issued in June 2013. It is 
calculated by taking cash cost per ounce sold and adding corporate 
administration costs, share-based payments, reclamation and remediation costs 
for operating mines, corporate social responsibility expenses, mine exploration 
and study costs, realised gains and/or losses on operating hedges, capitalised 
stripping and underground development costs and sustaining capital expenditure. 
This is then divided by the total ounces sold. A reconciliation between cash 
cost per ounce sold and AISC for the key business segments is presented below: 
 
(Unaudited)          Three months ended 31 March 2018       Three months ended 31 March 2017 
 
(US$/oz sold)      Bulyanhulu    North   Buzwagi  Group    Bulyanhulu  North   Buzwagi Group* 
                                 Mara                                   Mara 
 
Cash cost per              713       607     964     715          786      410     694    577 
ounce sold 
 
Corporate                   51        43      42      47           32       26      34     36 
administration 
 
Share based               (43)       (3)     (7)    (13)           13        8      25     56 
payments 
 
Rehabilitation              29         8       6       9           12       10       5     10 
 
CSR expenses                32        11       6      13            8        6      12     12 
 
Capitalised                 27       208       -     135          299      190       -    183 
development 
 
Sustaining capital         114        76      41      70           79       67       3     60 
 
Total AISC                 923       950   1,052     976        1,229      717     773    934 
 
* The group total includes a cost of US$56/oz in Q1 2017 mainly related to 
corporate costs incurred. 
 
AISC is intended to provide additional information on the total sustaining cost 
for each ounce sold, taking into account expenditure incurred in addition to 
direct mining costs and selling costs. 
 
Where reference is made to AISC per ounce produced, this is calculated in a 
similar manner as set out above, but adjusted for the impact of the change in 
inventory charge/credit relating to finished gold inventory. This recalculated 
number is then divided by ounces produced. 
 
Cash cost per tonne milled is a non-IFRS financial measure. Cash costs include 
all costs absorbed into inventory, as well as royalties, co-product credits, 
and production taxes, and exclude capitalised production stripping costs, 
inventory purchase accounting adjustments, unrealised gains/losses from 
non-hedge currency and commodity contracts, depreciation and amortisation and 
corporate social responsibility charges. Cash cost is calculated net of 
co-product revenue. Cash cost per tonne milled is calculated by dividing the 
aggregate of these costs by total tonnes milled. 
 
EBITDA is a non-IFRS financial measure. Acacia calculates EBITDA as net profit 
or loss for the period excluding: 
 
  * Income tax expense; 
  * Finance expense; 
  * Finance income; 
  * Depreciation and amortisation; and 
  * Impairment charges of goodwill and other long-lived assets. 
 
EBITDA is intended to provide additional information to investors and analysts. 
It does not have any standardised 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. 
 
Adjusted EBITDA is a non-IFRS financial measure. It is calculated by excluding 
one-off costs or credits relating to non-routine transactions from EBITDA. It 
excludes other credits and charges that, individually or in aggregate, if of a 
similar type, are of a nature or size that requires explanation in order to 
provide additional insight into the underlying business performance. 
 
A reconciliation between net profit for the period and EBITDA, and between 
EBITDA and adjusted EBITDA is presented below: 
 
(US$000)                                  Three months ended 31 March     Year ended 31 
                                                                             December 
 
(Unaudited)                                        2018           2017              2017 
 
Net profit for the period                        49,995         26,827         (707,394) 
 
Plus income tax expense                           8,085         19,183           (2,272) 
 
Plus depreciation and amortisation*              23,990         34,542           106,201 
 
Plus: impairment charges1                             -              -           850,182 
 
Plus finance expense                              3,836          2,238            12,407 
 
Less finance income                               (132)          (597)           (1,944) 
 
EBITDA                                           85,774         82,193           257,180 
 
Adjusted for: 
 
Restructuring costs                                   -              -            23,577 
 
Profit on sale of non-core mineral             (45,000)              -                 - 
royalty 
 
One off legal settlements                         3,030              -             5,083 
 
Reduced operational costs                             -              -            11,411 
 
Discounting of indirect taxes                         -              -            13,276 
 
Adjusted EBITDA                                  43,804         82,193           310,527 
 
1 For the year ended 31 December 2017, US$850.2 million represents the gross 
impairment charge (net US$644.3 million) following the carrying review 
conducted in light of changes in the operating environment in Tanzania, and by 
reference to the terms of the Framework announcements by Barrick and the GoT, 
US$838 million relating to Bulyanhulu and US$12.2 million relating to Nyanzaga. 
 
*Depreciation and amortisation includes the depreciation component of the cost 
of inventory sold. 
 
EBIT is a non-IFRS financial measure and reflects EBITDA adjusted for 
depreciation and amortisation and goodwill impairment charges. 
 
Adjusted net earnings is a non-IFRS financial measure. It is calculated by 
excluding certain costs or credits relating to non-routine transactions from 
net profit attributed to owners of the parent. It includes other credit and 
charges that, individually or in aggregate, if of a similar type, are of a 
nature or size that requires explanation in order to provide additional insight 

into the underlying business performance. Adjusted net earnings and adjusted 
earnings per share have been calculated as follows: 
 
(US$000)                              Three months ended 31        Year ended 
                                              March               31 December 
 
(Unaudited)                                  2018         2017            2017 
 
Net earnings                               49,995       26,827       (707,394) 
 
Adjusted for: 
 
Restructuring costs1                            -            -          23,577 
 
Profit on sale of non-core mineral       (45,000)            -               - 
royalty 
 
One off legal settlements2                  3,030            -           5,083 
 
Reduced operational costs3                      -            -          11,411 
 
Discounting of indirect taxes                   -            -          13,276 
 
Impairment charges/write-offs4                  -            -         850,182          - 
 
Provision for uncertain tax                     -            -         172,000 
positions5 
 
Tax impact of the above                     (909)            -       (221,917) 
 
Adjusted net earnings                       7,116       26,827         146,218 
 
1 Restructuring costs for the year ending 31 December 2017 mainly relate to 
Bulyanhulu (US$16.9 million) as a result of the transitioning to reduced 
operations and other sites (US$8.2 million). 
 
2 One off legal settlements relates to the North Mara royalty settlement. 
 
3 Reduced operations costs not part of Bulyanhulu's AISC cost and includes 
stock obsolescence costs (US$6 million) and contractor exit costs (US$4.9 
million) for 2017. 
 
4 For the year ended 31 December 2017, US$850.2 million represents the gross 
impairment charge (net US$644.3 million) following the carrying review 
conducted in light of changes in the operating environment in Tanzania, and by 
reference to the terms of the Framework announcements by Barrick and the GoT, 
US$838 million relating to Bulyanhulu and US$12.2 million relating to Nyanzaga. 
 
5 Includes a tax provision raised in 2017 of US$172.0 million for uncertain tax 
positions, based on an estimate of the impact of a comprehensive settlement 
reflecting the key terms of the Framework announcements made by Barrick and the 
GoT in October 2017. 
 
Adjusted net earnings per share is a non-IFRS financial measure and is 
calculated by dividing adjusted net earnings by the weighted average number of 
Ordinary Shares in issue. 
 
Free cash flow is a non-IFRS measure and represents the change in cash and cash 
equivalents in a given period. 
 
Net cash is a non-IFRS measure and is calculated by deducting total borrowings 
from cash and cash equivalents. 
 
Mining statistical information - the following describes certain line items 
used in Acacia's discussion of key performance indicators: 
 
  * Open pit material mined - measures in tonnes the total amount of open pit 
    ore and waste mined. 
  * Underground ore tonnes hoisted - measures in tonnes the total amount of 
    underground ore mined and hoisted. 
  * Underground ore tonnes trammed - measures in tonnes the total amount of 
    underground ore mined and trammed. 
  * Total tonnes mined includes open pit material plus underground ore tonnes 
    hoisted. 
  * Strip ratio - measures the ratio of waste?to?ore for open pit material 
    mined. 
  * Ore milled - measures in tonnes the amount of ore material processed 
    through the mill. 
  * Head grade - measures the metal content of mined ore going into a mill for 
    processing. 
  * Milled recovery - measures the proportion of valuable metal physically 
    recovered in the processing of ore. It is generally stated as a percentage 
    of the metal recovered compared to the total metal originally present. 
 
 
 
END 
 

(END) Dow Jones Newswires

April 19, 2018 02:00 ET (06:00 GMT)