$BAA Banro Announces Q2 2015 Financial Results;
Achieves Record Quarterly and Half-Year Revenues
Toronto, Canada – August 12, 2015 – Banro Corporation ("Banro" or the "Company") (NYSE MKT - "BAA"; TSX - "BAA") today announced its financial and operating results for the second quarter of 2015.
FINANCIAL HIGHLIGHTS
* Record Q2 2015 revenues of $42.6 million, a 61% increase over Q2 2014 revenues of $26.5 million; and record H1 2015 revenues of $83.6 million, compared with $57 million in the comparable period in 2014
* Record EBITDA of $34 million in H1 2015, a 210% increase over H1 2014 ($11 million)
* 35,665 gold ounces sold in Q2 2015, representing a 74% increase over the same period in 2014
* Gross earnings from operations of $15 million in Q2 2015, a 239% increase over Q2 2014 ($4 million)
OPERATIONAL HIGHLIGHTS
* Twangiza continues to outperform expectations, resulting in a 60% increase in gold production to 34,325 ounces from Q2 2014 production of 21,431 ounces
* Twangiza increases the proportion of non-oxide material processed to an average of 43% in Q2 2015
* H1 2015 cash costs per ounce at Twangiza decreased 30% to $558 per ounce from $794 per ounce in H1 2014
* H1 2015 AISC of $643 per ounce, a 29% decrease from H1 2014 of $902 per ounce
* As reported in the Company’s June 8, 2015 press release, Twangiza Reserves increased 59%, extending the mine life utilizing the existing plant to 14 years
PROJECT HIGHLIGHTS
* Namoya continues to increase stacked material as it progresses on schedule to achieving commercial production in Q3 2015
All dollar amounts in this press release are expressed in thousands of dollars and, unless otherwise specified, in United States dollars.
''With the completion of Q2 2015, Twangiza has achieved a new level of consistent steady state performance with strong gold production while processing an increasing proportion of non-oxide material. This operating performance with the additional reserves has improved the flexibility of the operation throughout the current gold environment. Meanwhile, Namoya remains on target to achieve commercial production in the third quarter. Stacked material continues to increase as a result of the enhancements made in Q1. The focus is now shifting to ore delivery, which will receive a significant boost with the receipt of the larger mining fleet due to arrive shortly on site,” commented Banro CEO and President John Clarke.
