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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 09/20/2017 USD 1.080 0.020 4.680 - 0.770 1,287,828
TSE:AKG 09/20/2017 CAD 1.3200 0.0200 6.0900 - 0.9900 436,165
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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 ~$237.6M which is a fall of roughly 58% over the last six months. As of 06/30/2017 they have ~$156M debt and ~$54.92M 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 $237.60M 03/20/2017 $-332.20M
Total Assets: $657.09M $681.01M 06/30/2017 $23.92M
Total Liabilities: $232.38M $250.21M 06/30/2017 $17.83M
Current Assets: $107.65M $117.56M 06/30/2017 $9.91M
Current Liabilities: $52.59M $42.86M 06/30/2017 $-9.73M
Total Debt: $151.99M $156.34M 06/30/2017 $4.35M
Cash: $65.00M $54.92M 06/30/2017 $-10.08M
Enterprise Value: $656.79M $339.02M 09/28/1980 $-317.77M
Cash Flow: $22.02M $28.98M never $6.96M
Cash Flow Multiple: 25.88 8.20 never -17.68
Net Debt to Cash Flow Ratio: 3.95 3.50 never -0.45
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 $1.080 15:09 on 09/20/2017 $-1.51
Shares Outstanding: 202,000,000 203,450,000 06/30/2017 1,450,000
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) 
15,229,953
03/20/2017 1,043,639
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 26.09M
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 23.48M
Maximum Profit (Gold): $495.45M $652.05M n/a $156.60M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $495.45M $652.05M n/a $156.60M
Max Profit / Current MCap: 0.870 2.744 n/a 1.875
Max Profit Per Share (Gold): $2.25 $2.96 n/a $0.71
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.25 $2.96 n/a $0.71
Total Free Profit Per Share: $0.00 $1.88 n/a $1.88
FD Mkt. Cap / Gold Eq.: $126.62 $52.80 n/a $-73.82
FD Mkt. Cap / Silver Eq.: $1.79 $0.69 n/a $-1.09
FD Mkt. Cap / Per Metal
as % Spot Price:
10.27% 4.09% n/a -6.18%
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 38.09M
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 32.12M
Maximum Profit (Gold): $677.78M $892.00M n/a $214.23M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $677.78M $892.00M n/a $214.23M
Max Profit / Current MCap: 1.189 3.754 n/a 2.565
Max Profit Per Share (Gold): $3.08 $4.05 n/a $0.97
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.08 $4.05 n/a $0.97
Total Free Profit Per Share: $0.49 $2.97 n/a $2.48
FD Mkt. Cap / Gold Eq.: $92.56 $38.60 n/a $-53.96
FD Mkt. Cap / Silver Eq.: $1.30 $0.51 n/a $-0.80
FD Mkt. Cap / Per Metal
as % Spot Price:
7.50% 2.99% n/a -4.52%

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 45.40M
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 35.41M
Maximum Profit (Gold): $747.14M $983.29M n/a $236.15M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $747.14M $983.29M n/a $236.15M
Max Profit / Current MCap: 1.311 4.138 n/a 2.827
Max Profit Per Share (Gold): $3.40 $4.47 n/a $1.07
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.40 $4.47 n/a $1.07
Total Free Profit Per Share: $0.81 $3.39 n/a $2.58
FD Mkt. Cap / Gold Eq.: $83.97 $35.01 n/a $-48.95
FD Mkt. Cap / Silver Eq.: $1.18 $0.46 n/a $-0.72
FD Mkt. Cap / Per Metal
as % Spot Price:
6.81% 2.71% n/a -4.10%

Future Valuation (Cash Flow & Totals)

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