A Gold Resource Royalty
Company




Paris: EUR
N EWS RELEASE

EURO RESSOURCES REPORTS EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2019
Paris, France, February 21, 2020: EURO Ressources S.A. (“EURO” or “the Company”) (Paris:
EUR ) today announced its audited statutory financial results prepared in accordance with French
Generally Accepted Accounting Principles (“GAAP”) and its audited financial results prepared in
accordance with International Financial Reporting Standards (“IFRS”) for the year ended
December 31, 2019. These audited financial results were approved by the Board of Directors on
February 21, 2020. All financial amounts are expressed in Euros (“€” or “euros”) unless otherwise
spec ified.

Highlights
Under French GAAP, EURO reported a net profit of €16.2 million (€0.259 per share) for the year
ended December 31, 2019, compared to €15.8 million (€0.253 per share) for the year ended
December 31, 2018.
Under IFRS, EURO reported a net profit of €16.0 million (€0.255 per share) for the year ended
December 31, 2019, compared to €15.7 million (€0.252 per share) in 2018.
Under French GAAP, EURO recorded revenues of €24.2 million in 2019, higher than revenues of
€23.9 million reported in 2018.
Under IFRS, EURO recorded revenues of €24.1 million in 2019, higher than revenues of
€23.9 million reported in 2018.
On June 13, 2019, EURO paid dividends in the amount of €12.5 million (€0.20 per share).

Liquidity and capital resources
Cash at December 31, 2019 totaled €31.6 million as compared to €25.7 million at December 31,
2018. The increase was mainly due to cash flow from operating activities partially offset by
dividends paid in 2019.

Marketable securities
EURO holds marketable securities related to mining companies which are part of a volatile
market. Share market price exposure risk is related to the fluctuation in the market price of
marketable securities. Investments in marketable securities are recorded at fair value.
As at December 31, 2019, marketable securities comprised 19,095,345 shares of Columbus Gold
Corp. (“Columbus”) (10.6% of outstanding shares; December 31, 2018: 12.0%) and 3,819,069
shares of Allegiant Gold Ltd. (“Allegiant”) (6.2% of outstanding shares; December 31, 2018:
6.3%).
During the year ended December 31, 2019, the Company recognized an unrealized loss following
the decrease of the fair value of these marketable securities. Under IFRS, the loss of €0.7 million
was recorded in other comprehensive income (€8.5 million in 2018). Under French GAAP, the
loss of €0.5 million was recorded in financial expenses in the statement of earnings (€3.0 million
in 2018).




EURO Ressources S.A. Press Release PR 20-01 Page 1 of 4
Royalty assets
(Refer to MD&A for more detail)

As at December 31, 2019, the Company’s impairment review indicated that some facts and
circumstances represent an indication of potential impairment. In May 2019, The French
Government declared the Montagne D’Or project not yet compatible with environmental
requirements. A new French mining code, that was expected to be enacted by the end of 2019,
finally postponed to a later date, will clarify the framework and the environmental standards of the
m ining operations in France. The recent statements by the French Government regarding
Compagnie Minière Montagne d’Or (the JV) in May 2019, to which the Paul Isnard royalty is
attached, creates some uncertainty around the delivery of the various authorizations and permits
not yet obtained and required for developing the Project, and can potentially affect the operational
and financial capacities of the Project. Nevertheless, work continues on both the design of the
project and the environmental framework around it. In the impairment test performed at
December 31, 2019, the Company considered that the various authorizations and permits would
be granted under conditions that will allow the JV to go on with this project, though the timing is
somewhat uncertain. No impairment charges were recorded in the statement of earnings for the
year ended December 31, 2019.

Comments on financial results prepared in accordance with French GAAP for the year
ended December 31, 2019 compared to 2018
Under French GAAP, revenues totaled €24.2 million in 2019, higher than revenues of €23.9 million
reported in 2018. Revenues were attributable to the Rosebel royalty of €24.2 million in 2019 (2018:
€23.5 million). The increase in revenues was due to the combination of three items: the impact of a
higher average gold price in 2019 of US$1,393 per ounce of gold compared to US$1,266 per ounce
of gold in 2018 (€2.5 million), the impact of a weakened euro (€1.2 million), partially offset by a
lower gold production of 264,307 ounces in 2019 compared to 302,114 ounces in 2018 (€3.0
million). In 2019, there was no royalties from third parties in French Guiana, compared to revenues
of €0.4 million in 2018.
Under French GAAP, operating expenses (excluding amortization and depreciation expenses)
totaled €0.94 million in 2019 compared to €0.80 million in 2018. The increase was mainly due to
higher administrative costs and directors’ fees in 2019. In 2019, the operating expenses also
include a reversal of a previously over estimated royalty receivable from third parties of €0.08
million.
The amortization expense of €0.38 million in 2019 was lower compared to €0.43 million in 2018
mainly due to lower gold production at the Rosebel mine in 2019.
The investment income was €0.7 million in 2019 compared to €0.4 million in 2018. The increase
wa s mainly due to higher bank balances in 2019.
Financial results included a foreign exchange gain on bank accounts under French GAAP of €0.7
million in 2019 compared to a foreign exchange gain on bank accounts of €1.3 million in 2018. The
decrease of the foreign exchange gain in 2019 was mainly due to a smaller change in the closing
foreign exchange rate of the Euro compared to the United States dollar in 2019 compared to 2018.
Under French GAAP, EURO recorded an income tax expense of €7.6 million in 2019 compared to
€7.4 million in 2018. The increase was mainly due to the tax effect of the change in fair value of the
marketable securities partially offset by translation adjustments and the impact of a lower tax rate in
2019 compared to 2018.




EURO Ressources S.A. Press Release PR 20-01 Page 2 of 4
Se lect IFRS financial results
Since December 31, 2010, EURO no longer prepares and publishes consolidated financial
statements for French purposes; only French GAAP can be applied for the presentation of
statutory financial statements and approval by the shareholders. However, in order to comply
with Canadian requirements and have equivalency of information between French financial
requirements and Canadian financial requirements, the following information on the IFRS
financial results is provided for comparison purposes.

2019 compared to 2018 (IFRS)
Under IFRS, EURO recorded a net profit of €16.0 million (€0.255 per share) in 2019 compared to
€15.7 million (€0.252 per share) during 2018.
Under IFRS, revenues totaled €24.1 million in 2019, higher than revenues of €23.9 million reported
in 2018. Revenues were mainly attributable to the Rosebel royalty of €24.2 million in 2019 (2018:
€23.5 million). The increase in revenues was due to the combination of three items: the impact of a
higher average gold price in 2019 of US$1,393 per ounce of gold compared to US$1,266 per ounce
of gold in 2018 (€2.5 million), the impact of a weakened euro (€1.2 million), partially offset by a
lower gold production of 264,307 ounces in 2019 compared to 302,114 ounces in 2018 (€3.0
million). In 2019, other royalties from third parties in French Guiana only included a reversal of a
previously over estimated royalty receivable of -€0.1 million compared to revenues of €0.4 million in
2018.
Operating expenses in 2019 were €0.56 million compared to €0.48 million in 2018. The increase
was mainly due to higher administrative costs and directors’ fees in 2019.
The amortization expense of €0.47 million during 2019 was lower than the amortization expense of
€0 .51 million recorded during 2018, mainly due to lower gold production at the Rosebel mine
partially offset by the impact of a weaker average euro in 2019.
The investment income in 2019 was €0.7 million compared to €0.4 million during the same period in
2018. The increase was mainly due to higher bank balances in 2019.
EURO recorded a foreign exchange gain of €0.06 million in 2019 compared to €0.27 million in
2018, mainly due to a smaller change in the closing foreign exchange rate of the Euro compared to
the United States dollar in 2019 compared to 2018. This rate was used for the revaluation of
dividends payable, bank accounts and income tax payable.

Under IFRS, EURO recorded an income tax expense of €7.94 million in 2019 compared to €7.86
million in 2018. The increase was mainly due to the tax effect of the change in fair value of the
marketable securities, partially offset by translation adjustments and the impact of a lower tax rate in
2019 compared to 2018.

Fourth quarter ended December 31, 2019 compared to the same period in 2018 (IFRS)
Under IFRS, EURO recorded a net profit of €4.2 million (€0.068 per share) for the fourth quarter of
2019 compared to €4.8 million (€0.077 per share) for the fourth quarter of 2018.
Re venues were €6.0 million during the fourth quarter of 2019, a decrease of 13% compared to
revenues of €6.9 million during the fourth quarter of 2018. Revenues were mainly attributable to the
Rosebel royalty of €6.0 million (fourth quarter of 2018: €6.8 million). The decrease in revenues was
mainly due to lower gold production with 59,052 ounces in the fourth quarter of 2019 compared to
88 ,940 ounces during the fourth quarter of 2018 (€2.3 million), partially offset by a higher average
gold price during the fourth quarter of 2019 of US$1,481 per ounce of gold compared to US$1,226
per ounce of gold during the fourth quarter of 2018 (€1.3 million) and the weakened euro (€0.2
million). There were no other royalties from third parties in French Guiana during the fourth quarter
of 2019 (fourth quarter of 2018: €0.1 million).




EURO Ressources S.A. Press Release PR 20-01 Page 3 of 4
Under IFRS, EURO recorded an income tax expense of €1.7 million during the fourth quarter of
2019 compared to €2.0 million during the fourth quarter of 2018. The decrease was mainly due to a
decrease in revenues and translation adjustments, partially offset by the tax effect of the change in
fair value of the marketable securities.

Outlook
The Rosebel royalty production in 2019 was 264,307 ounces and is anticipated to be between
184,000 ounces and 205,000 ounces in 2020. In 2020, the Rosebel royalty is expected to provide
revenues to the Company of between approximately €15.7 million and €17.6 million (US$18.1
m illion and US$20.2 million). These pre-tax numbers assume a gold price of US$1,350 per
ounce and an exchange rate of €1 for US$1.15. The impact of changes in the average gold price
on EURO’s annual revenues, based on an estimated production of 195,000 ounces, would be
approxim ately US$1.9 million for each US$100 per ounce change in the gold price. The impact of
a 5% change in the average foreign exchange rate on EURO’s annual revenues would be
approxim ately €0.8 million. EURO’s cash flow is expected to be primarily affected by income tax
pa yments.

About EURO
EURO is a French company whose main assets are a royalty on the Rosebel gold mine
produc tion in Suriname (the “Rosebel royalty”), a royalty on the Paul Isnard concessions, and
marketable securities. The Rosebel gold mine is 95%-owned by IAMGOLD Corporation
(“IAMGOLD”), and is operated by IAMGOLD. The royalty on the Paul Isnard concessions is a net
sm elter returns production royalty on future production of the Paul Isnard concessions and an
area of interest surrounding the concessions in French Guiana, owned under a joint venture
agreement between Columbus Gold Corp. and Nord Gold SE.
EURO has approximately 62.5 million shares outstanding. At December 31, 2019, IAMGOLD
France S.A.S. (“IAMGOLD France”), a wholly owned subsidiary of IAMGOLD, owned
approxim ately 89.71% of all issued outstanding shares of EURO. Per the regulation (Article
L.233-7 of the French Commercial Code), IAMGOLD France declared it had exceeded, on
September 23, 2018, the threshold of 90% of the voting rights of EURO. As at December 31,
2019, IAMGOLD France held 56,058,191 shares representing 112,116,382 voting rights or
94.25% of the voting rights of EURO. This threshold crossing results from a double voting rights
allocation.

Stateme nts Regarding Forward-Looking Information: Some statements in this news release
are forward-looking statements. Investors are cautioned that forward-looking statements are
inherently uncertain and involve risks and uncertainties. There can be no assurance that future
developments affecting the Company will be those anticipated by management.
No t for distribution to United States newswire services or for dissemination in the United States.
The securities referred to herein have not been registered under the United States Securities Act
of 1933, as amended (the Securities Act), and may not be offered or sold in the United States or
to a U.S. person absent registration, or an applicable exemption from the registration
requ ire ments of the Securities Act.
Additional information relating to EURO Ressources S.A. is available on SEDAR at
www.sedar.c om. Further requests for information should be addressed to:


Sophie Hallé
Tidiane Barry
Directeur Général Délégué
Directeur Général
Tel: +1 450 677 0040
Tel: +1 450 677 0040
Email : shalle@euroressources.net
Email: tbarry@euroressources.net




EURO Ressources S.A. Press Release PR 20-01 Page 4 of 4