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Category: Mid-tier Producer
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Asanko Gold Inc
www: www.asanko.com     email: info@asanko.com

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Notes
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Your Data

Price Data

Symbol Date Price Change 52 Wk Range Volume
NYSEMKT:AKG 05/26/2017 USD 2.030 0.010 4.680 - 1.960 0
TSE:AKG 05/26/2017 CAD 2.7300 -0.0200 6.0900 - 2.7300 1,220,000
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Description

Asanko Gold Inc are a gold focused mid-tier producer with two mines in development in Ghana and four exploration properties. They have approximately 8.7Moz. of gold in the reserves and resources category of which 7.3Moz. are in the measured and indicated category. They have a market capitalisation of ~$446.6M which is a fall of roughly 22% over the last two months. As of 03/31/2017 they have ~$156M debt and ~$48.21M cash. They have 203M shares outstanding and trade on the NYSE Mkt Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 03/20/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $569.80M $446.60M 03/20/2017 $-123.20M
Total Assets: $657.09M $675.60M 03/31/2017 $18.51M
Total Liabilities: $232.38M $246.98M 03/31/2017 $14.60M
Current Assets: $107.65M $123.81M 03/31/2017 $16.16M
Current Liabilities: $52.59M $46.99M 03/31/2017 $-5.60M
Total Debt: $151.99M $155.87M 03/31/2017 $3.88M
Cash: $65.00M $48.21M 03/31/2017 $-16.79M
Enterprise Value: $656.79M $554.26M 07/25/1987 $-102.53M
Cash Flow: $22.02M $25.98M never $3.96M
Cash Flow Multiple: 25.88 17.19 never -8.69
Net Debt to Cash Flow Ratio: 3.95 4.14 never 0.19
Finance within 1 year: 03/20/2017 n/a
Tax Rate: (guess)  40.00% (guess)  40.00% 03/20/2017 0.00%
Misc 03/20/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $2.590 $2.030 16:05 on 05/26/2017 $-0.56
Shares Outstanding: 202,000,000 203,280,000 03/31/2017 1,280,000
Shares Fully Diluted: 220,000,000 220,000,000 03/20/2017 0
Insider Ownership: n/a n/a 02/13/2017 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 03/01/2016 03/20/2017 n/a
Production (Gold Eq Oz.): (guess) 
200,000
(guess) 
200,000
03/20/2017 0
Production (Silver Eq Oz.): (guess) 
14,186,314
(guess) 
14,633,160
03/20/2017 446,846
Initial CapEx (Outstanding): n/a n/a 03/20/2017 n/a
Funding Option: n/a n/a 03/20/2017 n/a
Documentation: none PRODUCER 03/20/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 03/20/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 5.00M 5.00M 03/20/2017 0.00M
Measured & Indicated: 7.30M 7.30M 03/20/2017 0.00M
Inferred: 1.40M 1.40M 03/20/2017 0.00M
Reserves & Resources: 8.70M 8.70M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 4.50M 4.50M 03/20/2017 0.00M
Measured & Indicated: 6.16M 6.16M 03/20/2017 0.00M
Inferred: 0.63M 0.63M 03/20/2017 0.00M
Reserves & Resources: 6.79M 6.79M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
200,000oz.
(guess) 
200,000oz.
03/20/2017 0oz.
Cash Cost: $700 $700 03/20/2017 $0.00
Extra Operating Cost: $350 $350 03/20/2017 $0.00
Average Grade: 1.70 g/t 1.70 g/t 03/20/2017 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 03/20/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 8.00M 8.00M 03/20/2017 0.00M
Annual Production: 400,000oz. 400,000oz. 03/20/2017 0oz.
Cash Cost: $750 $750 03/20/2017 $0
Extra Operating Cost: $400 $400 03/20/2017 $0
SILVER 03/20/2017
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 03/20/2017 0.00M
Measured & Indicated: n/a n/a 03/20/2017 0.00M
Inferred: n/a n/a 03/20/2017 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 03/20/2017 0.00M
Measured & Indicated: n/a n/a 03/20/2017 0.00M
Inferred: n/a n/a 03/20/2017 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 03/20/2017 $0.00
Extra Operating Cost: n/a n/a 03/20/2017 $0.00
Average Grade: n/a n/a 03/20/2017 n/a
Recovery Rate: n/a n/a 03/20/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 03/20/2017 0.00M
Annual Production: n/a n/a 03/20/2017 n/a
Cash Cost: n/a n/a 03/20/2017 n/a
Extra Operating Cost: n/a n/a 03/20/2017 n/a

Property

Last Analysis Data  (03/20/2017)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Kumasi, Ghana Esaase 90% 21,000 Open Pit show
$260 million capex and they have $200 million in cash. Production at 200,000 oz per year. Should be a $1 billion company in a few years.
Development West Africa, Ghana Obotan 100% n/a Open Pit show
4 million oz deposit at 2 gpt (surface).

Feasibility study in 2013. Production likely in 2015.

Projected $650 cash costs per oz.

$300 capex. They have $100 million.

220,000 oz of annual production.
Exploration Ahafo, Ghana Asamura 100% 28,000 Open Pit show
Early exploration. Large property with excellent exploration potential.
Exploration Asankrangwa, Ghana Asanko Regional 100% n/a n/a show
They have 3 projects on 150,000 acres in Ghana.
Exploration Ashanti Gold Belt, Ghana Kubi 90% n/a n/a n/a
Exploration Ghana Obotan 100% (guess) n/a n/a show
3 million oz open pit project.

200,000 oz production beginning in 2017.

650 per oz cash costs.

25% post-tax IRR
Total Land Package Size (ha): 49,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Kumasi, Ghana Esaase 90% 21,000 Open Pit show
$260 million capex and they have $200 million in cash. Production at 200,000 oz per year. Should be a $1 billion company in a few years.
Development West Africa, Ghana Obotan 100% n/a Open Pit show
4 million oz deposit at 2 gpt (surface).

Feasibility study in 2013. Production likely in 2015.

Projected $650 cash costs per oz.

$300 capex. They have $100 million.

220,000 oz of annual production.
Exploration Ahafo, Ghana Asamura 100% 28,000 Open Pit show
Early exploration. Large property with excellent exploration potential.
Exploration Asankrangwa, Ghana Asanko Regional 100% n/a n/a show
They have 3 projects on 150,000 acres in Ghana.
Exploration Ashanti Gold Belt, Ghana Kubi 90% n/a n/a n/a
Exploration Ghana Obotan 100% (guess) n/a n/a show
3 million oz open pit project.

200,000 oz production beginning in 2017.

650 per oz cash costs.

25% post-tax IRR
Total Land Package Size (ha): 49,000  

Profitability (by resource)

Proven &
Probable
03/20/2017
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 11.17M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 4.50M 4.50M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 10.05M
Maximum Profit (Gold): $495.45M $584.55M n/a $89.10M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $495.45M $584.55M n/a $89.10M
Max Profit / Current MCap: 0.870 1.309 n/a 0.439
Max Profit Per Share (Gold): $2.25 $2.66 n/a $0.41
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.25 $2.66 n/a $0.41
Total Free Profit Per Share: $0.00 $0.63 n/a $0.63
FD Mkt. Cap / Gold Eq.: $126.62 $99.24 n/a $-27.38
FD Mkt. Cap / Silver Eq.: $1.79 $1.36 n/a $-0.43
FD Mkt. Cap / Per Metal
as % Spot Price:
10.27% 7.84% n/a -2.43%
Measured &
Indicated
03/20/2017
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.): 7.30M 7.30M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 16.31M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.16M 6.16M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 13.75M
Maximum Profit (Gold): $677.78M $799.66M n/a $121.89M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $677.78M $799.66M n/a $121.89M
Max Profit / Current MCap: 1.189 1.791 n/a 0.601
Max Profit Per Share (Gold): $3.08 $3.63 n/a $0.55
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.08 $3.63 n/a $0.55
Total Free Profit Per Share: $0.49 $1.60 n/a $1.11
FD Mkt. Cap / Gold Eq.: $92.56 $72.55 n/a $-20.01
FD Mkt. Cap / Silver Eq.: $1.30 $0.99 n/a $-0.31
FD Mkt. Cap / Per Metal
as % Spot Price:
7.50% 5.73% n/a -1.78%

Reserves &
Resources
03/20/2017
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.): 8.70M 8.70M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 19.44M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.79M 6.79M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 15.16M
Maximum Profit (Gold): $747.14M $881.50M n/a $134.36M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $747.14M $881.50M n/a $134.36M
Max Profit / Current MCap: 1.311 1.974 n/a 0.663
Max Profit Per Share (Gold): $3.40 $4.01 n/a $0.61
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.40 $4.01 n/a $0.61
Total Free Profit Per Share: $0.81 $1.98 n/a $1.17
FD Mkt. Cap / Gold Eq.: $83.97 $65.81 n/a $-18.16
FD Mkt. Cap / Silver Eq.: $1.18 $0.90 n/a $-0.28
FD Mkt. Cap / Per Metal
as % Spot Price:
6.81% 5.20% n/a -1.61%

Future Valuation (Cash Flow & Totals)

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