ACA.L Regulatory News (ACA)

ACACIA MINING PLC - Third Quarter 2018 Production Results

PR Newswire

London, October 5

8 October 2018

Acacia Mining plc(“Acacia”, “Group” or the “Company”)

Third Quarter 2018 Production Results

“We are very pleased to report a strong operational performance for the year to date, delivering 391,000 gold ounces in the nine months to the end of September 2018. As a result, we expect to exceed the upper end of our full year production guidance range of 435,000 to 475,000 ounces and are now targeting production to be marginally in excess of 500,000 ounces for the full year,” said Peter Geleta, Interim Chief Executive Officer.

The Group achieved gold production for the third quarter of 136,640 ounces, 29% lower than Q3 2017 (191,203 ounces), which was primarily attributable to the move to reduced operations at Bulyanhulu and to stockpile processing at Buzwagi. This was partly offset by higher gold production at North Mara driven by higher head grades. Production for the quarter exceeded management expectations due to strong production performances across all three sites. Gold sold for the quarter of 135,875 ounces was broadly in line with production.

North Mara achieved gold production of 89,287 ounces for the quarter, 24% higher than Q3 2017 (72,011 ounces). This was mainly due to 21% higher head grades compared to Q3 2017, driven by higher grade ore received from the eastern part of the Nyabirama open pit.

At Buzwagi, gold production of 36,460 ounces for Q3 2018 was 47% lower than in Q3 2017 (69,097 ounces), as a result of the mine transitioning to a lower grade stockpile processing operation in line with its remaining life of mine plan. The final cut of higher grade ore remaining at the bottom of the pit was mined during the quarter, resulting in slightly higher than expected production.

Bulyanhulu produced 10,893 gold ounces for the quarter, 78% below Q3 2017 (50,094 ounces). During the quarter all production continued to be produced from the retreatment of tailings as a result of the underground mine being placed on reduced operations in late 2017.

The cash balance as at 30 September 2018 amounted to approximately US$117 million, broadly flat on the prior quarter. Net cash increased by US$11 million during the quarter to approximately US$74 million at period end which also included a loan repayment of US$14 million during the quarter.

Acacia will be releasing its third quarter results at 07:00 BST on 19 October and a conference call will be held for analysts and investors at 09:00 BST on the same day. The access details for the conference call are as follows:

Participant dial in: +44 (0)20 3936 2999Participant access code: 30 43 00

A replay of the call will be available for 7 days

Replay dial in: + 44 (0)20 3936 3001 and access code: 772251

ENQUIRIESFor further information, please visit our website or contact:

Acacia Mining plc +44 (0) 20 7129 7150Sally Marshak, Head of Investor Relations & Communications

Camarco +44 (0) 20 3757 4980Gordon 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 announcement.

Disclaimer and forward-looking statements

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of Acacia in any jurisdiction.

This announcement includes “forward-looking statements” that express or imply expectations of future events or results as opposed to historical facts. These statements include, 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 herein. 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 and 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 announcement. Any forward-looking statements in this announcement only reflect information available at the time of preparation. Save as required under the Market Abuse Regulation or otherwise as may be required under applicable law, Acacia explicitly disclaims any obligation or undertaking publicly to update or revise any forward-looking statements in this announcement, whether as a result of new information, future events or otherwise. Nothing in this announcement 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 its historical published profits or earnings per share.