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Category: Mid-tier Producer
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Avesoro Resources Inc
www: aureus-mining.com     email: info@aureus-mining.com

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Notes
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Your Data

Symbol Data

Symbol Currency
TSE:ASO CAD
OTCMKTS:ARSMF USD

Description

Avesoro Resources Inc are a gold focused mid-tier producer with one mine in development in Liberia and exploration properties. They have approximately 3.3Moz. of gold in the reserves and resources category of which 2.3Moz. are in the measured and indicated category. They have a market capitalisation of ~C$204.21M which is a fall of roughly 33% over the last five months. As of 04/15/2018 they have ~C$104M debt and ~C$14.03M cash. They have 82M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 04/15/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $306.79M $204.21M 04/15/2018 $-102.58M
Total Assets: $211.19M $207.26M 04/15/2018 $-3.93M
Total Liabilities: $68.76M $67.48M 04/15/2018 $-1.28M
Current Assets: $29.38M $28.83M 04/15/2018 $-0.55M
Current Liabilities: $9.29M $9.12M 04/15/2018 $-0.17M
Total Debt: $106.39M $104.41M 04/15/2018 $-1.98M
Cash: $14.29M $14.03M 04/15/2018 $-0.27M
Enterprise Value: $398.89M $294.59M 05/03/1979 $-104.30M
Cash Flow: $48.63M $25.36M never $-23.27M
Cash Flow Multiple: 6.31 8.05 never 1.74
Net Debt to
Cash Flow Ratio:
1.89 3.56 never 1.67
Finance within 1 year: 04/15/2018 n/a
Tax Rate: (guess)  25.00% (CG)  25.00% 04/15/2018 0.00%
Misc 04/15/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 81,560,758 81,560,758 04/15/2018 0
Shares (FD): 84,000,000 84,000,000 04/15/2018 0
Insider Ownership: n/a 73% 04/15/2018 73%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 10/01/2014 04/15/2018 n/a
Production (Gold Eq Oz.): (guess) 
220,000
(guess) 
220,000
04/15/2018 0
Production (Silver Eq Oz.): (guess) 
17,799,880
(guess) 
18,609,557
04/15/2018 809,678
Initial CapEx (Outstanding): $50.00M
16.3% of Mkt.Cap
$50.00M
24.48% of Mkt.Cap
04/15/2018 $0.00M
Funding Option: n/a (guess)  Debt Financing 04/15/2018 n/a
Documentation: none PRODUCER 04/15/2018 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 04/15/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 1.20M 1.20M 04/15/2018 0.00M
Measured & Indicated: 2.30M 2.30M 04/15/2018 0.00M
Inferred: 1.00M 1.00M 04/15/2018 0.00M
Reserves & Resources: 3.30M 3.30M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 1.08M 1.08M 04/15/2018 0.00M
Measured & Indicated: 1.87M 1.87M 04/15/2018 0.00M
Inferred: 0.45M 0.45M 04/15/2018 0.00M
Reserves & Resources: 2.32M 2.32M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
220,000oz.
(guess) 
220,000oz.
04/15/2018 0oz.
Cash Cost: $650 $650 04/15/2018 $0.00
Extra Operating Cost: $400 $400 04/15/2018 $0.00
Average Grade: 2.30 g/t 2.30 g/t 04/15/2018 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 04/15/2018 0.00%
F
U
T
U
R
E
Proven & Probable: 3.00M 3.00M 04/15/2018 0.00M
Annual Production: 250,000oz. 250,000oz. 04/15/2018 0oz.
Cash Cost: $750 $750 04/15/2018 $0
Extra Operating Cost: $400 $400 04/15/2018 $0
SILVER 04/15/2018
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 04/15/2018 0.00M
Measured & Indicated: n/a n/a 04/15/2018 0.00M
Inferred: n/a n/a 04/15/2018 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 04/15/2018 0.00M
Measured & Indicated: n/a n/a 04/15/2018 0.00M
Inferred: n/a n/a 04/15/2018 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 04/15/2018 $0.00
Extra Operating Cost: n/a n/a 04/15/2018 $0.00
Average Grade: n/a n/a 04/15/2018 n/a
Recovery Rate: n/a n/a 04/15/2018 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 04/15/2018 0.00M
Annual Production: n/a n/a 04/15/2018 n/a
Cash Cost: n/a n/a 04/15/2018 n/a
Extra Operating Cost: n/a n/a 04/15/2018 n/a

Property

Last Analysis Data  (04/15/2018)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development West Africa, Liberia New Liberty 100% 30,000 Open Pit show
Very large property with significant exploration potential.

Construction is underway for production of 120,000 oz in Q1 2015.

Low cash costs.
Exploration West Africa, Burkina Faso Gassose 100% (guess) n/a n/a show
Early exploration.
Exploration West Africa, Burkina Faso Ourare 100% (guess) n/a n/a show
600,000 oz resource

Still exploration.
Exploration West Africa, Burkina Faso Youga and Balogo 100% (guess) n/a n/a show
Two producing mines.

40,000 oz annually.
Exploration Cameroon Batouri 100% n/a n/a n/a
Exploration West Africa, Liberia Ndablama 100% n/a Open Pit show
1 million oz open pit project. There next mine.
Exploration Liberia Weaju 100% n/a n/a n/a
Total Land Package Size (ha): 30,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development West Africa, Liberia New Liberty 100% 30,000 Open Pit show
Very large property with significant exploration potential.

Construction is underway for production of 120,000 oz in Q1 2015.

Low cash costs.
Exploration West Africa, Burkina Faso Gassose 100% (guess) n/a n/a show
Early exploration.
Exploration West Africa, Burkina Faso Ourare 100% (guess) n/a n/a show
600,000 oz resource

Still exploration.
Exploration West Africa, Burkina Faso Youga and Balogo 100% (guess) n/a n/a show
Two producing mines.

40,000 oz annually.
Exploration Cameroon Batouri 100% n/a n/a n/a
Exploration West Africa, Liberia Ndablama 100% n/a Open Pit show
1 million oz open pit project. There next mine.
Exploration Liberia Weaju 100% n/a n/a n/a
Total Land Package Size (ha): 30,000  

Profitability (by resource)

Proven &
Probable
04/15/2018
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.): 1.20M 1.20M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 4.42M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.08M 1.08M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 3.97M
Maximum Profit (Gold): $238.71M $124.50M n/a $-114.21M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $238.71M $124.50M n/a $-114.21M
Max Profit / Current MCap: 0.778 0.610 n/a -0.168
Max Profit Per Share (Gold): $2.84 $1.48 n/a $-1.36
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.84 $1.48 n/a $-1.36
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $284.06 $189.08 n/a $-94.98
FD Mkt. Cap / Silver Eq.: $3.51 $2.24 n/a $-1.28
FD Mkt. Cap / Per Metal
as % Spot Price:
21.12% 15.71% n/a -5.42%
Measured &
Indicated
04/15/2018
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.): 2.30M 2.30M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 8.46M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.87M 1.87M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 6.89M
Maximum Profit (Gold): $413.76M $215.79M n/a $-197.96M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $413.76M $215.79M n/a $-197.96M
Max Profit / Current MCap: 1.349 1.057 n/a -0.292
Max Profit Per Share (Gold): $4.93 $2.57 n/a $-2.36
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.93 $2.57 n/a $-2.36
Total Free Profit Per Share: $0.33 $0.00 n/a $-0.33
FD Mkt. Cap / Gold Eq.: $163.88 $109.09 n/a $-54.80
FD Mkt. Cap / Silver Eq.: $2.03 $1.29 n/a $-0.74
FD Mkt. Cap / Per Metal
as % Spot Price:
12.19% 9.06% n/a -3.12%

Reserves &
Resources
04/15/2018
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.): 3.30M 3.30M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 12.15M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.32M 2.32M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 8.55M
Maximum Profit (Gold): $513.22M $267.67M n/a $-245.55M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $513.22M $267.67M n/a $-245.55M
Max Profit / Current MCap: 1.673 1.311 n/a -0.362
Max Profit Per Share (Gold): $6.11 $3.19 n/a $-2.92
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.11 $3.19 n/a $-2.92
Total Free Profit Per Share: $1.51 $0.07 n/a $-1.44
FD Mkt. Cap / Gold Eq.: $132.12 $87.94 n/a $-44.18
FD Mkt. Cap / Silver Eq.: $1.63 $1.04 n/a $-0.59
FD Mkt. Cap / Per Metal
as % Spot Price:
9.83% 7.31% n/a -2.52%

Future Valuation (Cash Flow & Totals)

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