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Nordgold Reports Q3 2013 Operating Results

Amsterdam, Netherlands, October 14, 2013 - Nord Gold N.V. (Nordgold or the “Company”, LSE: NORD), the internationally diversified, pure-play gold producer strategically focused on emerging markets, announces its operating results for the third quarter and nine months ended September 30, 2013.

  • Lost time injury frequency rate (LTIFR) for Q3 2013 was 1.88, a decrease of 4% compared with Q3 2012 (1.96) and an increase of 1% compared with Q2 2013 (1.87).
  • Gold production in Q3 2013 has been 244.7 thousand gold equivalent ounces (“koz”), a 26% increase on Q3 2012 (194.0 koz) and a 5% increase on Q2 2013 (232.6 koz). For the first 9 months of 2013 production has reached 661 koz, a 28% increase compared to the same period of 2012. Production in Q3 was mainly driven by:
    • Outperformance of the new Bissa mine. Bissa is now expected to produce over 200 koz in FY 2013
    • Lefa produced 47.9 koz, an increase of 31% compared with Q2 2013 (36.6 koz) and 18% compared with Q3 2012 (40.7 koz) on the back of improved grade
    • The Neryungri and Aprelkovo heap leach operations increased gold production by 63% and 40% respectively quarter-on-quarter, due to seasonality, producing a total of 33.6 koz between them
  • Average realised gold price in Q3 2013 was US$ 1,325 per oz compared to US$ 1,670 per oz in Q3 2012, representing a fall of 21%. For the first 9 months of 2013, the average realised gold price was 1,425 per oz, a 14% decrease on the corresponding period in 2012.
  • Despite a much lower gold price, revenues for Q3 2013 increased by 1% from Q3 2012 and Q2 2013 to US$324.8 million. Revenues for the first 9 months of 2013 increased by 11% from the same period in 2012 to US$942 million, mainly due to higher production volumes and gold sales.
  • Net debt at September 30, 2013 was approximately US$777 million, a decrease from US$801.8 million at the end of Q2 2013, reflecting the positive free cash flow generated in Q3 2013.
  • We expect capital expenditure (“capex”) to be approximately US$250 million including exploration in 2013.
  • For the full year, the Company is targeting the upper end of the original FY 2013 production range, which is 850 koz.
“I am pleased to announce yet another strong operational quarter for Nordgold, with gold production growing by 26% year-on-year and solid free cash flow generation. This success is being driven by the performance at our flagship African operations, with Bissa continuing to outperform our expectations and Lefa delivering improvements due to impact of the turnaround programme.Based on year-to-date performance, Nordgold is now targeting the upper end of the FY 2013 production range, which is 850 koz.” Nikolai ZelenskiChief Executive Officer of Nordgold

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