Intrinsic value of Golden Star Resources - GSS

Previous Close

$2.95

  Intrinsic Value

$27.66

stock screener

  Rating & Target

str. buy

+838%

Previous close

$2.95

 
Intrinsic value

$27.66

 
Up/down potential

+838%

 
Rating

str. buy

We calculate the intrinsic value of GSS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  42.60
  38.84
  35.46
  32.41
  29.67
  27.20
  24.98
  22.98
  21.19
  19.57
  18.11
  16.80
  15.62
  14.56
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
Revenue, $m
  450
  625
  846
  1,120
  1,453
  1,848
  2,310
  2,840
  3,442
  4,116
  4,861
  5,678
  6,564
  7,520
  8,543
  9,631
  10,784
  12,000
  13,277
  14,615
  16,014
  17,473
  18,994
  20,577
  22,222
  23,933
  25,712
  27,559
  29,480
  31,476
Variable operating expenses, $m
  307
  427
  578
  765
  992
  1,262
  1,577
  1,940
  2,351
  2,811
  3,320
  3,878
  4,484
  5,136
  5,835
  6,578
  7,366
  8,196
  9,068
  9,982
  10,937
  11,934
  12,973
  14,054
  15,178
  16,347
  17,561
  18,823
  20,135
  21,498
Fixed operating expenses, $m
  74
  75
  77
  79
  80
  82
  84
  86
  88
  90
  91
  93
  96
  98
  100
  102
  104
  107
  109
  111
  114
  116
  119
  121
  124
  127
  130
  132
  135
  138
Total operating expenses, $m
  381
  502
  655
  844
  1,072
  1,344
  1,661
  2,026
  2,439
  2,901
  3,411
  3,971
  4,580
  5,234
  5,935
  6,680
  7,470
  8,303
  9,177
  10,093
  11,051
  12,050
  13,092
  14,175
  15,302
  16,474
  17,691
  18,955
  20,270
  21,636
Operating income, $m
  69
  123
  191
  277
  380
  504
  648
  815
  1,004
  1,215
  1,449
  1,706
  1,985
  2,286
  2,608
  2,951
  3,314
  3,697
  4,100
  4,522
  4,963
  5,423
  5,902
  6,401
  6,920
  7,460
  8,021
  8,604
  9,210
  9,839
EBITDA, $m
  114
  186
  277
  389
  526
  690
  881
  1,101
  1,350
  1,630
  1,939
  2,278
  2,646
  3,043
  3,468
  3,921
  4,400
  4,905
  5,436
  5,993
  6,575
  7,182
  7,815
  8,473
  9,158
  9,870
  10,610
  11,378
  12,178
  13,008
Interest expense (income), $m
  7
  8
  19
  34
  54
  78
  107
  141
  182
  228
  281
  340
  405
  477
  554
  638
  727
  823
  923
  1,030
  1,142
  1,259
  1,381
  1,509
  1,642
  1,781
  1,925
  2,074
  2,230
  2,392
  2,560
Earnings before tax, $m
  61
  104
  157
  223
  303
  397
  507
  633
  775
  934
  1,110
  1,301
  1,509
  1,732
  1,971
  2,224
  2,492
  2,774
  3,070
  3,380
  3,704
  4,042
  4,393
  4,759
  5,140
  5,535
  5,947
  6,374
  6,818
  7,280
Tax expense, $m
  16
  28
  42
  60
  82
  107
  137
  171
  209
  252
  300
  351
  407
  468
  532
  600
  673
  749
  829
  913
  1,000
  1,091
  1,186
  1,285
  1,388
  1,495
  1,606
  1,721
  1,841
  1,965
Net income, $m
  44
  76
  115
  163
  221
  290
  370
  462
  566
  682
  810
  950
  1,101
  1,264
  1,438
  1,623
  1,819
  2,025
  2,241
  2,467
  2,704
  2,950
  3,207
  3,474
  3,752
  4,041
  4,341
  4,653
  4,977
  5,314

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  515
  715
  968
  1,282
  1,662
  2,114
  2,643
  3,250
  3,938
  4,709
  5,562
  6,496
  7,511
  8,604
  9,775
  11,020
  12,339
  13,729
  15,191
  16,722
  18,322
  19,992
  21,732
  23,543
  25,426
  27,384
  29,418
  31,532
  33,729
  36,013
Adjusted assets (=assets-cash), $m
  515
  715
  968
  1,282
  1,662
  2,114
  2,643
  3,250
  3,938
  4,709
  5,562
  6,496
  7,511
  8,604
  9,775
  11,020
  12,339
  13,729
  15,191
  16,722
  18,322
  19,992
  21,732
  23,543
  25,426
  27,384
  29,418
  31,532
  33,729
  36,013
Revenue / Adjusted assets
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
  0.874
Average production assets, $m
  335
  465
  630
  835
  1,082
  1,377
  1,721
  2,116
  2,564
  3,066
  3,621
  4,230
  4,891
  5,602
  6,364
  7,175
  8,034
  8,940
  9,891
  10,888
  11,930
  13,018
  14,150
  15,330
  16,556
  17,830
  19,155
  20,532
  21,962
  23,449
Working capital, $m
  -114
  -159
  -215
  -285
  -369
  -469
  -587
  -721
  -874
  -1,045
  -1,235
  -1,442
  -1,667
  -1,910
  -2,170
  -2,446
  -2,739
  -3,048
  -3,372
  -3,712
  -4,067
  -4,438
  -4,824
  -5,226
  -5,645
  -6,079
  -6,531
  -7,000
  -7,488
  -7,995
Total debt, $m
  223
  403
  631
  913
  1,255
  1,662
  2,138
  2,684
  3,304
  3,998
  4,765
  5,606
  6,519
  7,503
  8,557
  9,677
  10,864
  12,116
  13,431
  14,809
  16,250
  17,752
  19,318
  20,948
  22,643
  24,405
  26,236
  28,139
  30,116
  32,171
Total liabilities, $m
  463
  643
  871
  1,154
  1,496
  1,903
  2,378
  2,925
  3,545
  4,238
  5,006
  5,847
  6,760
  7,744
  8,797
  9,918
  11,105
  12,356
  13,672
  15,050
  16,490
  17,993
  19,559
  21,189
  22,884
  24,645
  26,476
  28,379
  30,357
  32,412
Total equity, $m
  51
  71
  97
  128
  166
  211
  264
  325
  394
  471
  556
  650
  751
  860
  977
  1,102
  1,234
  1,373
  1,519
  1,672
  1,832
  1,999
  2,173
  2,354
  2,543
  2,738
  2,942
  3,153
  3,373
  3,601
Total liabilities and equity, $m
  514
  714
  968
  1,282
  1,662
  2,114
  2,642
  3,250
  3,939
  4,709
  5,562
  6,497
  7,511
  8,604
  9,774
  11,020
  12,339
  13,729
  15,191
  16,722
  18,322
  19,992
  21,732
  23,543
  25,427
  27,383
  29,418
  31,532
  33,730
  36,013
Debt-to-equity ratio
  4.330
  5.630
  6.520
  7.120
  7.550
  7.860
  8.090
  8.260
  8.390
  8.490
  8.570
  8.630
  8.680
  8.720
  8.750
  8.780
  8.810
  8.820
  8.840
  8.860
  8.870
  8.880
  8.890
  8.900
  8.910
  8.910
  8.920
  8.920
  8.930
  8.930
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  44
  76
  115
  163
  221
  290
  370
  462
  566
  682
  810
  950
  1,101
  1,264
  1,438
  1,623
  1,819
  2,025
  2,241
  2,467
  2,704
  2,950
  3,207
  3,474
  3,752
  4,041
  4,341
  4,653
  4,977
  5,314
Depreciation, amort., depletion, $m
  45
  63
  85
  113
  146
  186
  233
  286
  347
  414
  489
  572
  661
  757
  860
  970
  1,086
  1,208
  1,337
  1,471
  1,612
  1,759
  1,912
  2,072
  2,237
  2,410
  2,589
  2,775
  2,968
  3,169
Funds from operations, $m
  90
  139
  200
  276
  367
  476
  603
  748
  913
  1,096
  1,299
  1,522
  1,762
  2,022
  2,299
  2,593
  2,905
  3,233
  3,578
  3,939
  4,316
  4,709
  5,119
  5,546
  5,989
  6,450
  6,930
  7,427
  7,945
  8,483
Change in working capital, $m
  -34
  -44
  -56
  -70
  -84
  -100
  -117
  -135
  -153
  -171
  -189
  -207
  -225
  -243
  -260
  -276
  -293
  -309
  -324
  -340
  -355
  -371
  -386
  -402
  -418
  -435
  -452
  -469
  -488
  -507
Cash from operations, $m
  124
  183
  256
  345
  452
  576
  720
  883
  1,065
  1,267
  1,489
  1,729
  1,988
  2,264
  2,558
  2,870
  3,197
  3,542
  3,902
  4,279
  4,671
  5,080
  5,506
  5,948
  6,407
  6,885
  7,381
  7,897
  8,433
  8,990
Maintenance CAPEX, $m
  -32
  -45
  -63
  -85
  -113
  -146
  -186
  -233
  -286
  -347
  -414
  -489
  -572
  -661
  -757
  -860
  -970
  -1,086
  -1,208
  -1,337
  -1,471
  -1,612
  -1,759
  -1,912
  -2,072
  -2,237
  -2,410
  -2,589
  -2,775
  -2,968
New CAPEX, $m
  -101
  -130
  -165
  -204
  -248
  -294
  -344
  -395
  -448
  -502
  -555
  -608
  -661
  -712
  -762
  -811
  -859
  -905
  -951
  -997
  -1,042
  -1,087
  -1,133
  -1,179
  -1,226
  -1,275
  -1,325
  -1,377
  -1,431
  -1,487
Cash from investing activities, $m
  -133
  -175
  -228
  -289
  -361
  -440
  -530
  -628
  -734
  -849
  -969
  -1,097
  -1,233
  -1,373
  -1,519
  -1,671
  -1,829
  -1,991
  -2,159
  -2,334
  -2,513
  -2,699
  -2,892
  -3,091
  -3,298
  -3,512
  -3,735
  -3,966
  -4,206
  -4,455
Free cash flow, $m
  -8
  8
  28
  56
  91
  136
  190
  255
  331
  419
  519
  631
  755
  891
  1,039
  1,199
  1,369
  1,550
  1,743
  1,945
  2,158
  2,381
  2,614
  2,857
  3,110
  3,373
  3,647
  3,932
  4,228
  4,535
Issuance/(repayment) of debt, $m
  127
  180
  228
  282
  342
  407
  475
  547
  620
  694
  768
  841
  913
  984
  1,053
  1,121
  1,187
  1,252
  1,315
  1,378
  1,440
  1,503
  1,566
  1,630
  1,695
  1,762
  1,831
  1,903
  1,977
  2,055
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  127
  180
  228
  282
  342
  407
  475
  547
  620
  694
  768
  841
  913
  984
  1,053
  1,121
  1,187
  1,252
  1,315
  1,378
  1,440
  1,503
  1,566
  1,630
  1,695
  1,762
  1,831
  1,903
  1,977
  2,055
Total cash flow (excl. dividends), $m
  119
  188
  256
  338
  433
  543
  665
  802
  951
  1,113
  1,287
  1,472
  1,669
  1,875
  2,093
  2,319
  2,556
  2,802
  3,058
  3,323
  3,598
  3,884
  4,179
  4,486
  4,805
  5,135
  5,478
  5,834
  6,205
  6,590
Retained Cash Flow (-), $m
  -27
  -20
  -25
  -31
  -38
  -45
  -53
  -61
  -69
  -77
  -85
  -93
  -101
  -109
  -117
  -125
  -132
  -139
  -146
  -153
  -160
  -167
  -174
  -181
  -188
  -196
  -203
  -211
  -220
  -228
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  92
  168
  231
  307
  395
  497
  612
  741
  882
  1,036
  1,201
  1,379
  1,567
  1,766
  1,976
  2,195
  2,424
  2,663
  2,912
  3,170
  3,438
  3,717
  4,005
  4,305
  4,616
  4,939
  5,275
  5,623
  5,985
  6,362
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  88
  153
  201
  253
  307
  361
  414
  463
  507
  543
  571
  588
  596
  593
  580
  558
  527
  490
  448
  403
  356
  308
  263
  219
  180
  144
  113
  87
  65
  48
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Golden Star Resources Ltd. is a gold mining and exploration company. The Company's segments include Wassa, Bogoso/Prestea, Other and Corporate. The Company, through its subsidiary, Golden Star (Wassa) Limited, owns and operates the Wassa open-pit gold mine, the Wassa underground mine and a carbon-in-leach (CIL) processing plant (Wassa). The Wassa mine is located in the southwestern region of Ghana approximately 35 kilometers northeast of the town of Tarkwa. The Company, through its subsidiary Golden Star (Bogoso/Prestea) Limited, owns and operates the Bogoso gold mining and processing operations (Bogoso), the Prestea open-pit mining operations and the Prestea underground development project. The Prestea Underground is located 16 kilometers south of the existing Bogoso processing plant. The Company holds interests in various gold exploration projects in Ghana and other parts of West Africa, and in South America the Company holds and manages exploration properties in Brazil.

FINANCIAL RATIOS  of  Golden Star Resources (GSS)

Valuation Ratios
P/E Ratio -24.7
Price to Sales 4.5
Price to Book -18.7
Price to Tangible Book
Price to Cash Flow 18.7
Price to Free Cash Flow -31.9
Growth Rates
Sales Growth Rate -13.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 47.4%
Cap. Spend. - 3 Yr. Gr. Rate -4%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity -188.7%
Total Debt to Equity -217%
Interest Coverage -5
Management Effectiveness
Return On Assets -12.3%
Ret/ On Assets - 3 Yr. Avg. -20.3%
Return On Total Capital -72.1%
Ret/ On T. Cap. - 3 Yr. Avg. -71.7%
Return On Equity 67.8%
Return On Equity - 3 Yr. Avg. 26.8%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 13.1%
Gross Margin - 3 Yr. Avg. 0.5%
EBITDA Margin -6.3%
EBITDA Margin - 3 Yr. Avg. -12.2%
Operating Margin -19%
Oper. Margin - 3 Yr. Avg. -25.2%
Pre-Tax Margin -19%
Pre-Tax Margin - 3 Yr. Avg. -25%
Net Profit Margin -18.1%
Net Profit Margin - 3 Yr. Avg. -22.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.4%
Payout Ratio 0%

GSS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GSS stock intrinsic value calculation we used $315.497 million for the last fiscal year's total revenue generated by Golden Star Resources. The default revenue input number comes from 0001 income statement of Golden Star Resources. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GSS stock valuation model: a) initial revenue growth rate of 42.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for GSS is calculated based on our internal credit rating of Golden Star Resources, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Golden Star Resources.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GSS stock the variable cost ratio is equal to 68.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $72 million in the base year in the intrinsic value calculation for GSS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.5% for Golden Star Resources.

Corporate tax rate of 27% is the nominal tax rate for Golden Star Resources. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GSS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GSS are equal to 74.5%.

Life of production assets of 7.4 years is the average useful life of capital assets used in Golden Star Resources operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GSS is equal to -25.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $24.271 million for Golden Star Resources - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 380.581 million for Golden Star Resources is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Golden Star Resources at the current share price and the inputted number of shares is $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
RGLD Royal Gold 72.51 9.39  str.sell
AKG Asanko Gold 0.650 0.53  sell

COMPANY NEWS

▶ Golden Star Hosts an Analyst and Investor Site Visit   [Nov-08-18 06:55AM  PR Newswire]
▶ Golden Star: 3Q Earnings Snapshot   [Oct-31-18 05:54PM  Associated Press]
▶ Golden Star Announces Share Consolidation   [Oct-18-18 06:55AM  CNW Group]
▶ Golden Star Third Quarter 2018 Results Conference Call   [Oct-11-18 06:55AM  PR Newswire]
▶ Golden Star Announces Results of Special Meeting   [Sep-18-18 06:55AM  CNW Group]
▶ Top 4 Gold Penny Stocks as of August 2018   [Aug-31-18 05:38PM  Investopedia]
▶ Golden Star: 2Q Earnings Snapshot   [Aug-02-18 05:04AM  Associated Press]
▶ Golden Star Reports Second Quarter 2018 Results   [Aug-01-18 04:45PM  PR Newswire]
▶ Golden Star Second Quarter 2018 Results Conference Call   [Jul-12-18 06:55AM  PR Newswire]
▶ Golden Star Refinances Royal Gold Loan   [Jun-28-18 06:55AM  PR Newswire]
▶ Golden Star Refinances Royal Gold Loan   [06:55AM  CNW Group]
▶ Results of Annual General and Special Meeting   [May-04-18 06:55AM  CNW Group]
▶ Golden Star Reports First Quarter 2018 Results   [May-02-18 04:35PM  CNW Group]
▶ TSX Companies Insiders Just Bought   [Apr-25-18 09:02AM  Simply Wall St.]
▶ Golden Star Announces its 2018 Exploration Strategy   [Feb-22-18 06:55AM  CNW Group]
▶ Golden Star Resources Ltd. to Host Earnings Call   [Feb-21-18 07:50AM  ACCESSWIRE]
▶ Golden Star meets 4Q profit forecasts   [05:02AM  Associated Press]
▶ Golden Star hosts an analyst and investor site visit   [Nov-10-17 07:02AM  PR Newswire]
▶ New Strong Buy Stocks for November 3rd   [Nov-03-17 08:01AM  Zacks]
▶ Golden Star posts 3Q profit   [05:48AM  Associated Press]
▶ Golden Star Reports Third Quarter 2017 Results   [Nov-01-17 04:35PM  PR Newswire]
▶ Top Ranked Value Stocks to Buy for October 17th   [Oct-17-17 10:07AM  Zacks]
▶ Golden Star Third Quarter 2017 Results Conference Call   [Oct-03-17 06:55AM  PR Newswire]
▶ Why Gold Remains Coveted for the Long Term   [Sep-22-17 02:07PM  Zacks]
▶ Gold Mining Stock Outlook - Sept. 2017   [Sep-21-17 04:36PM  Zacks]

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