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Category: Mid-tier Producer
Rating: 3.00   (Potential 5 Bagger as of 05/26/2017)
Risk: High
Banro Corp.
www: www.banro.com     email: info@banro.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price
NYSEMKT:BAA 12/21/2017 warning USD 0.106
TSE:BAA 11/20/2017 warning CAD 0.1500
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Don's Summary (from last analysis - 05/26/2017)

Banro Corp is a growing mid-tier producer. Other than significant political risk (Democratic Republic of Congo) and debt issues, this stock should be a slam dunk 5 to 10 bagger at higher gold prices. They have an incredible amount of gold (15 million oz) and production of 200,000 oz. This company is going to be growing over the next 3 to 5 years. By 2020 they should have 3 producing mines and 300,000 of production.

They have several targets to explore (500,000 acres), and the mineralization is 1 to 2 gpt surface mining, which is low cost in Africa. This company has the potential to a major. I could be wrong that they will reach that lofty valuation, but if gold goes over $2500 and they hit their production target of 400,000 oz, this will be a very valuable company.

The biggest red flag besides the location is their balance sheet ($250 million in debt), but have significant cash flow, with all-in costs around $1150 per oz. This might be a good speculation stock. If gold prices spike, they could improve their balance sheet and jump in value. With a FD market cap of only $107 million, their future reserves are selling for $11 per oz. If they were in a more stable country it would be a top pick.

They plan to raise $45 million via a gold streaming deal in 2017 to reduce their debt. This will also reduce their cash flow. They also plan to dilute shares by converting preferred shares into common shares, but they do not say how many. They did a 10 to 1 reverse split in 2017 and their stock is down from a high of $130 (split adjusted) in 2007. That's a crash of 99%. It is currently trading at a 5 year low. You could consider this a stock with too much risk, or a potential good entry point.

General Details

Financial 05/26/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $107.17M $15.24M 05/26/2017 $-91.93M
Total Assets: $897.94M $676.40M 06/30/2017 $-221.54M
Total Liabilities: $520.53M $449.21M 06/30/2017 $-71.32M
Current Assets: $115.12M $123.94M 06/30/2017 $8.82M
Current Liabilities: $369.71M $135.63M 06/30/2017 $-234.08M
Total Debt: $253.77M $193.17M 06/30/2017 $-60.60M
Cash: $1.29M $3.49M 06/30/2017 $2.20M
Enterprise Value: $359.65M $204.92M 06/29/1976 $-154.73M
Cash Flow: $23.44M $32.42M never $8.99M
Cash Flow Multiple: 4.57 0.47 never -4.10
Net Debt to Cash Flow Ratio: 10.77 5.85 never -4.92
Finance within 1 year: 05/26/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 05/26/2017 0.00%
Misc 05/26/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $0.742 $0.106 16:12 on 12/21/2017 $-0.64
Shares Outstanding: 109,857,811 109,860,000 06/30/2017 2,189
Shares Fully Diluted: 144,435,438 144,435,438 05/26/2017 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 05/26/2017 n/a
Production (Gold Eq Oz.): (guess) 
200,000
(guess) 
200,000
05/26/2017 0
Production (Silver Eq Oz.): (guess) 
14,660,497
(guess) 
15,647,474
05/26/2017 986,976
Initial CapEx (Outstanding): n/a n/a 05/26/2017 n/a
Funding Option: n/a n/a 05/26/2017 n/a
Documentation: none PRODUCER 05/26/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 05/26/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 3.20M 3.20M 05/26/2017 0.00M
Measured & Indicated: 10.00M 10.00M 05/26/2017 0.00M
Inferred: 5.00M 5.00M 05/26/2017 0.00M
Reserves & Resources: 15.00M 15.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 2.88M 2.88M 05/26/2017 0.00M
Measured & Indicated: 7.78M 7.78M 05/26/2017 0.00M
Inferred: 2.25M 2.25M 05/26/2017 0.00M
Reserves & Resources: 10.03M 10.03M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
200,000oz.
(guess) 
200,000oz.
05/26/2017 0oz.
Cash Cost: $750 $750 05/26/2017 $0.00
Extra Operating Cost: $350 $350 05/26/2017 $0.00
Average Grade: 1.60 g/t 1.60 g/t 05/26/2017 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 05/26/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 10.00M 10.00M 05/26/2017 0.00M
Annual Production: 350,000oz. 350,000oz. 05/26/2017 0oz.
Cash Cost: $750 $750 05/26/2017 $0
Extra Operating Cost: $350 $350 05/26/2017 $0
SILVER 05/26/2017
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 05/26/2017 0.00M
Measured & Indicated: n/a n/a 05/26/2017 0.00M
Inferred: n/a n/a 05/26/2017 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 05/26/2017 0.00M
Measured & Indicated: n/a n/a 05/26/2017 0.00M
Inferred: n/a n/a 05/26/2017 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 05/26/2017 $0.00
Extra Operating Cost: n/a n/a 05/26/2017 $0.00
Average Grade: n/a n/a 05/26/2017 n/a
Recovery Rate: n/a n/a 05/26/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 05/26/2017 0.00M
Annual Production: n/a n/a 05/26/2017 n/a
Cash Cost: n/a n/a 05/26/2017 n/a
Extra Operating Cost: n/a n/a 05/26/2017 n/a

Property

Last Analysis Data  (05/26/2017)
Stage Location Name Owned Type Au Ag Cu
Production Bukavu, DRC Twangiza 100% n/a
Exploration DRC Kamituga 100% n/a
Exploration Bukavu, DRC Lugushwa 100% n/a
Exploration Bukavu, DRC Namoya 100% n/a
Current Data
Stage Location Name Owned Type Au Ag Cu
Production Bukavu, DRC Twangiza 100% n/a
Exploration DRC Kamituga 100% n/a
Exploration Bukavu, DRC Lugushwa 100% n/a
Exploration Bukavu, DRC Namoya 100% n/a

Profitability (by resource)

Proven &
Probable
05/26/2017
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.): 3.20M 3.20M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 15.79M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.88M 2.88M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 14.21M
Maximum Profit (Gold): $337.48M $466.91M n/a $129.43M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $337.48M $466.91M n/a $129.43M
Max Profit / Current MCap: 3.149 30.641 n/a 27.492
Max Profit Per Share (Gold): $2.34 $3.23 n/a $0.90
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.34 $3.23 n/a $0.90
Total Free Profit Per Share: $1.59 $3.13 n/a $1.53
FD Mkt. Cap / Gold Eq.: $37.21 $5.29 n/a $-31.92
FD Mkt. Cap / Silver Eq.: $0.51 $0.07 n/a $-0.44
FD Mkt. Cap / Per Metal
as % Spot Price:
2.94% 0.40% n/a -2.54%
Measured &
Indicated
05/26/2017
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.): 10.00M 10.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 49.35M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 7.78M 7.78M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 38.37M
Maximum Profit (Gold): $911.19M $1,260.65M n/a $349.45M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $911.19M $1,260.65M n/a $349.45M
Max Profit / Current MCap: 8.502 82.731 n/a 74.228
Max Profit Per Share (Gold): $6.31 $8.73 n/a $2.42
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.31 $8.73 n/a $2.42
Total Free Profit Per Share: $5.57 $8.62 n/a $3.06
FD Mkt. Cap / Gold Eq.: $13.78 $1.96 n/a $-11.82
FD Mkt. Cap / Silver Eq.: $0.19 $0.03 n/a $-0.16
FD Mkt. Cap / Per Metal
as % Spot Price:
1.09% 0.15% n/a -0.94%

Reserves &
Resources
05/26/2017
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.): 15.00M 15.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 74.02M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 10.03M 10.03M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 49.48M
Maximum Profit (Gold): $1,174.85M $1,625.42M n/a $450.57M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,174.85M $1,625.42M n/a $450.57M
Max Profit / Current MCap: 10.962 106.669 n/a 95.707
Max Profit Per Share (Gold): $8.13 $11.25 n/a $3.12
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $8.13 $11.25 n/a $3.12
Total Free Profit Per Share: $7.39 $11.15 n/a $3.76
FD Mkt. Cap / Gold Eq.: $10.69 $1.52 n/a $-9.17
FD Mkt. Cap / Silver Eq.: $0.15 $0.02 n/a $-0.13
FD Mkt. Cap / Per Metal
as % Spot Price:
0.84% 0.11% n/a -0.73%

Future Valuation (Cash Flow & Totals)

Totals 05/26/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $1,906.04M $2,002.59M n/a $96.55M
Mkt. Cap: $107.17M $15.24M n/a $-91.93M
Annual Gold Production: (guess) 
200,000oz.
(guess) 
200,000oz.
05/26/2017 0oz.
Annual Silver Production: n/a n/a 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $3,750.00M $3,750M n/a $0M
FD Mkt. Cap Growth: 3,399% 24,510% n/a 21,111%
Annual
Production
Gold: 350,000 oz. 350,000 oz. n/a 0 oz.
Silver: n/a n/a n/a n/a
Current FD
Mkt. Cap /
Gold Eq. Reserves: 10.72 1.52 n/a -9.19
Silver Eq. Reserves: 0.43 0.06 n/a -0.37
Gold Eq. Production: 306.20 43.54 n/a -262.67
Silver Eq. Production: 12.25 1.74 n/a -10.51
P&P
Reserves
(oz.)
Gold: 10.00M 10.00M 05/26/2017 n/a
Silver: n/a n/a 05/26/2017 n/a
Gold Eq.: 10.00M 10.00M 05/26/2017 n/a
Silver Eq.: 250.00M 250.00M 05/26/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.069 0.069 n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: 0.069 0.069 n/a n/a
Silver Eq.: 1.731 1.731 n/a n/a
Cash Flow 05/26/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $23.44M $32.42M n/a $8.99M
Current Multiple: 4.57 0.47 n/a -4.10
F
U
T
U
R
E
@ current prices: $35.15M $48.64M n/a $13.48M
Multiple @ current prices: 3.05 0.31 n/a -2.74
Growth @ current prices: 50.00% 50.00% n/a 0.00
@ future prices: $294.00M $294.00M n/a $0.00M
Multiple @ future prices: 0.36 0.05 n/a -0.31
Growth @ future prices: 806.74% 806.74% n/a -3.48

Defaults

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