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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

Symbol Data

Symbol Currency
NYSE:AKG USD
TSE:AKG CAD

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 7.5Moz. of gold in the reserves and resources category of which 6.5Moz. are in the measured and indicated category. They have a market capitalisation of ~$194.3M which is a rise of roughly 25% over the last nine months. As of 12/30/2017 they have ~$156M debt and ~$60M cash. They have 203M shares outstanding and trade on the New York Stock Exchange and the Toronto Stock Exchange.

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General Details

Financial 12/30/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $155.68M $194.30M 12/30/2017 $38.62M
Total Assets: $681.01M $681.01M 12/30/2017 $0.00M
Total Liabilities: $250.21M $250.21M 12/30/2017 $0.00M
Current Assets: $117.56M $117.56M 12/30/2017 $0.00M
Current Liabilities: $42.86M $42.86M 12/30/2017 $0.00M
Total Debt: $156.34M $156.34M 12/30/2017 $0.00M
Cash: $60.00M $60.00M 12/30/2017 $0.00M
Enterprise Value: $252.02M $290.64M 03/18/1979 $38.62M
Cash Flow: $20.14M $7.39M never $-12.75M
Cash Flow Multiple: 7.73 26.29 never 18.56
Net Debt to
Cash Flow Ratio:
4.78 13.03 never 8.25
Finance within 1 year: 12/30/2017 n/a
Tax Rate: (guess)  40.00% (guess)  40.00% 12/30/2017 0.00%
Misc 12/30/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 203,450,000 203,450,000 12/30/2017 0
Shares (FD): 220,000,000 220,000,000 12/30/2017 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 12/30/2017 n/a
Production (Gold Eq Oz.): (guess) 
220,000
(guess) 
220,000
12/30/2017 0
Production (Silver Eq Oz.): (guess) 
16,956,923
(guess) 
18,579,832
12/30/2017 1,622,909
Initial CapEx (Outstanding): n/a n/a 12/30/2017 n/a
Funding Option: n/a n/a 12/30/2017 n/a
Documentation: none PRODUCER 12/30/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 12/30/2017
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 12/30/2017 0.00M
Measured & Indicated: 6.50M 6.50M 12/30/2017 0.00M
Inferred: 1.00M 1.00M 12/30/2017 0.00M
Reserves & Resources: 7.50M 7.50M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 4.50M 4.50M 12/30/2017 0.00M
Measured & Indicated: 5.58M 5.58M 12/30/2017 0.00M
Inferred: 0.45M 0.45M 12/30/2017 0.00M
Reserves & Resources: 6.03M 6.03M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
220,000oz.
(guess) 
220,000oz.
12/30/2017 0oz.
Cash Cost: $800 $800 12/30/2017 $0.00
Extra Operating Cost: $350 $350 12/30/2017 $0.00
Average Grade: 1.70 g/t 1.70 g/t 12/30/2017 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 12/30/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 7.00M 7.00M 12/30/2017 0.00M
Annual Production: 400,000oz. 400,000oz. 12/30/2017 0oz.
Cash Cost: $800 $800 12/30/2017 $0
Extra Operating Cost: $350 $350 12/30/2017 $0
SILVER 12/30/2017
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 12/30/2017 0.00M
Measured & Indicated: n/a n/a 12/30/2017 0.00M
Inferred: n/a n/a 12/30/2017 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 12/30/2017 0.00M
Measured & Indicated: n/a n/a 12/30/2017 0.00M
Inferred: n/a n/a 12/30/2017 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 12/30/2017 $0.00
Extra Operating Cost: n/a n/a 12/30/2017 $0.00
Average Grade: n/a n/a 12/30/2017 n/a
Recovery Rate: n/a n/a 12/30/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 12/30/2017 0.00M
Annual Production: n/a n/a 12/30/2017 n/a
Cash Cost: n/a n/a 12/30/2017 n/a
Extra Operating Cost: n/a n/a 12/30/2017 n/a

Property

Last Analysis Data  (12/30/2017)
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
12/30/2017
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 36.88M
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 33.20M
Maximum Profit (Gold): $412.02M $151.20M n/a $-260.82M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $412.02M $151.20M n/a $-260.82M
Max Profit / Current MCap: 2.647 0.778 n/a -1.868
Max Profit Per Share (Gold): $1.87 $0.69 n/a $-1.19
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.87 $0.69 n/a $-1.19
Total Free Profit Per Share: $0.98 $0.00 n/a $-0.98
FD Mkt. Cap / Gold Eq.: $34.60 $43.18 n/a $8.58
FD Mkt. Cap / Silver Eq.: $0.45 $0.51 n/a $0.06
FD Mkt. Cap / Per Metal
as % Spot Price:
2.66% 3.58% n/a 0.92%
Measured &
Indicated
12/30/2017
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.): 6.50M 6.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 47.95M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 5.58M 5.58M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 41.16M
Maximum Profit (Gold): $510.90M $187.49M n/a $-323.42M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $510.90M $187.49M n/a $-323.42M
Max Profit / Current MCap: 3.282 0.965 n/a -2.317
Max Profit Per Share (Gold): $2.32 $0.85 n/a $-1.47
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.32 $0.85 n/a $-1.47
Total Free Profit Per Share: $1.43 $0.00 n/a $-1.43
FD Mkt. Cap / Gold Eq.: $27.90 $34.82 n/a $6.92
FD Mkt. Cap / Silver Eq.: $0.36 $0.41 n/a $0.05
FD Mkt. Cap / Per Metal
as % Spot Price:
2.14% 2.89% n/a 0.75%

Reserves &
Resources
12/30/2017
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.): 7.50M 7.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 55.33M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.03M 6.03M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 44.48M
Maximum Profit (Gold): $552.11M $202.61M n/a $-349.50M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $552.11M $202.61M n/a $-349.50M
Max Profit / Current MCap: 3.546 1.043 n/a -2.504
Max Profit Per Share (Gold): $2.51 $0.92 n/a $-1.59
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.51 $0.92 n/a $-1.59
Total Free Profit Per Share: $1.62 $0.04 n/a $-1.58
FD Mkt. Cap / Gold Eq.: $25.82 $32.22 n/a $6.41
FD Mkt. Cap / Silver Eq.: $0.33 $0.38 n/a $0.05
FD Mkt. Cap / Per Metal
as % Spot Price:
1.98% 2.67% n/a 0.69%

Future Valuation (Cash Flow & Totals)

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