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Asante Gold Corp

www: www.asantegold.com   email: Douglas@asantegold.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
CNSX:ASE CAD
OTCMKTS:ASGOF USD

Description

Asante Gold Corp are a gold focused mid-tier producer with one mine in development in Ghana and five exploration properties. They have approximately 5Moz. of gold in the reserves and resources category of which 3Moz. are in the measured and indicated category. They have a market capitalisation of ~C$380.84M which is a fall of roughly 20% over the last eight months. As of 09/20/2023 they have ~C$165M debt and ~C$25.61M cash. They have 443M shares outstanding and trade on the Canadian Securities Exchange and the over-the-counter markets.

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General Details

Financial 09/20/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $475.32M $380.84M 09/20/2023 $-94.48M
Total Assets: $727.54M $714.92M 09/20/2023 $-12.62M
Total Liabilities: $629.24M $618.33M 09/20/2023 $-10.92M
Current Assets: $111.70M $109.76M 09/20/2023 $-1.94M
Current Liabilities: $529.46M $520.27M 09/20/2023 $-9.19M
Total Debt: $167.55M $164.64M 09/20/2023 $-2.91M
Cash: $26.06M $25.61M 09/20/2023 $-0.45M
Enterprise Value: $616.81M $519.88M 06/22/1986 $-96.93M
Cash Flow: $111.70M $223.73M never $112.03M
Cash Flow Multiple: 4.26 1.70 never -2.55
Net Debt to
Cash Flow Ratio:		 1.27 0.62 never -0.65
Finance within 1 year: 09/20/2023 n/a
Misc 09/20/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 443,000,000 443,000,000 09/20/2023 0
Shares (FD): 491,000,000 491,000,000 09/20/2023 0
Insider Ownership: n/a 35% 03/22/2024 35%
Dividend (Annual): n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 06/01/2022 09/20/2023 n/a
Production (Gold Eq Oz.): (guess) 
260,000		 (guess) 
260,000		 09/20/2023 0
Production (Silver Eq Oz.): (guess) 
21,775,000		 (guess) 
21,504,205		 09/20/2023 -270,795
Initial CapEx (Outstanding): $60.00M
12.62% of MCap		 $60.00M
15.75% of MCap 		09/20/2023 $0.00M
Funding Option: n/a n/a 09/20/2023 n/a
Documentation: none PRODUCER 03/22/2024 n/a
Future MCap Modifier: 0.25
Producer: Quality
 0.25
Producer: Quality
 04/24/2023 0
Cash Flow Multiplier: 8 8 09/19/2023 0.00

Resource Data

GOLD 09/20/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 2.80M 2.80M 09/20/2023 0.00M
Measured & Indicated: 3.00M 3.00M 09/20/2023 0.00M
Inferred: 2.00M 2.00M 09/20/2023 0.00M
Reserves & Resources: 5.00M 5.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.38M 2.38M 09/20/2023 0.00M
Measured & Indicated: 2.52M 2.52M 09/20/2023 0.00M
Inferred: 0.85M 0.85M 09/20/2023 0.00M
Reserves & Resources: 3.37M 3.37M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
260,000oz.		 (guess) 
260,000oz.		 09/20/2023 0oz.
Cash Cost: $1,000 $1,000 09/20/2023 $0.00
Extra Operating Cost: $500 $500 09/20/2023 $0.00
G
R
A
D
E		 Underground (Avg): 3.00 g/t 3.00 g/t 09/20/2023 n/a
Open Pit (Avg): n/a 1.00 g/t 03/22/2024 1.00 g/t
Recovery Rate: (CG)  85.00% (CG)  85.00% 03/22/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: 4.00M 4.00M 09/20/2023 0.00M
Annual Production: 350,000oz. 350,000oz. 09/20/2023 0oz.
Cash Cost: $1,000 $1,000 09/20/2023 $0
Extra Operating Cost: $500 $500 09/20/2023 $0
SILVER 09/20/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 09/20/2023 0.00M
Measured & Indicated: n/a n/a 09/20/2023 0.00M
Inferred: n/a n/a 09/20/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/20/2023 0.00M
Measured & Indicated: n/a n/a 09/20/2023 0.00M
Inferred: n/a n/a 09/20/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 09/20/2023 $0.00
Extra Operating Cost: n/a n/a 09/20/2023 $0.00
G
R
A
D
E		 Underground (Avg): n/a n/a 09/20/2023 n/a
Open Pit (Avg): n/a n/a 09/20/2023 n/a
Recovery Rate: n/a n/a 09/20/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 09/20/2023 0.00M
Annual Production: n/a n/a 09/20/2023 n/a
Cash Cost: n/a n/a 09/20/2023 n/a
Extra Operating Cost: n/a n/a 09/20/2023 n/a

Property

Last Analysis Data  (09/20/2023)
Stage Name Owned Au Ag Cu Notes
Dev Kubi 50% show
350,000 oz high grade deposit.

50% JV

Production in 2018 or 2019 at 35,000 oz (500 tpd).
Exp Betenase 100% show
Early exploration.
Exp Bibiani 100% show
2.5 million oz deposit.
Exp Chirano 100% show
150,000 oz to 200,000 oz producer

1 million oz of reserves
1 million oz of M&I
Exp Fahiakoba 95% show
Good location, next to two large mines. Early exploration. Very little drilling.
Exp Keyhole 100% show
Early Exploration.
Total Land Package Size (ha): 4,100  
Current Data
Stage Name Owned Au Ag Cu Notes
Dev Kubi 50% show
350,000 oz high grade deposit.

50% JV

Production in 2018 or 2019 at 35,000 oz (500 tpd).
Exp Betenase 100% show
Early exploration.
Exp Bibiani 100% show
2.5 million oz deposit.
Exp Chirano 100% show
150,000 oz to 200,000 oz producer

1 million oz of reserves
1 million oz of M&I
Exp Fahiakoba 95% show
Good location, next to two large mines. Early exploration. Very little drilling.
Exp Keyhole 100% show
Early Exploration.
Total Land Package Size (ha): 4,100  

Profitability (by resource)

Proven &
Probable		 09/20/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 2.80M 2.80M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -2.92M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.38M 2.38M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -2.48M
Maximum Profit (Gold): $1,022.45M $2,047.99M n/a $1,025.54M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,022.45M $2,047.99M n/a $1,025.54M
Max Profit / Current MCap: 2.151 5.377 n/a 3.226
Max Profit Per Share (Gold): $2.08 $4.17 n/a $2.09
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.08 $4.17 n/a $2.09
Total Free Profit Per Share: $0.78 $3.11 n/a $2.33
FD MCap / Gold Eq.: $199.71 $160.02 n/a $-39.70
FD MCap / Silver Eq.: $2.38 $1.93 n/a $-0.45
FD MCap / Per Metal
as % Spot Price:		 10.35% 6.78% n/a -3.57%
Measured &
Indicated		 09/20/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 3.00M 3.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -3.12M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.52M 2.52M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -2.62M
Maximum Profit (Gold): $1,080.87M $2,165.02M n/a $1,084.14M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,080.87M $2,165.02M n/a $1,084.14M
Max Profit / Current MCap: 2.274 5.685 n/a 3.411
Max Profit Per Share (Gold): $2.20 $4.41 n/a $2.21
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.20 $4.41 n/a $2.21
Total Free Profit Per Share: $0.90 $3.35 n/a $2.45
FD MCap / Gold Eq.: $188.92 $151.37 n/a $-37.55
FD MCap / Silver Eq.: $2.26 $1.83 n/a $-0.43
FD MCap / Per Metal
as % Spot Price:		 9.79% 6.41% n/a -3.38%

Reserves &
Resources		 09/20/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 5.00M 5.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -5.21M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.37M 3.37M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -3.51M
Maximum Profit (Gold): $1,446.03M $2,896.44M n/a $1,450.41M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,446.03M $2,896.44M n/a $1,450.41M
Max Profit / Current MCap: 3.042 7.605 n/a 4.563
Max Profit Per Share (Gold): $2.95 $5.90 n/a $2.95
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.95 $5.90 n/a $2.95
Total Free Profit Per Share: $1.65 $4.84 n/a $3.19
FD MCap / Gold Eq.: $141.21 $113.14 n/a $-28.07
FD MCap / Silver Eq.: $1.69 $1.37 n/a $-0.32
FD MCap / Per Metal
as % Spot Price:		 7.32% 4.79% n/a -2.52%

Future Valuation (Cash Flow & Totals)

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