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Category: Mid-tier Producer
Rating: 3.00   (Potential 5 Bagger as of 05/15/2016)
Risk: High
Banro Corp.
www: www.banro.com     email: info@banro.com

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Notes
Forum
Your Data

Price Data

Symbol Date Price Change 52 Wk Range Volume
NYSEMKT:BAA 05/24/2017 USD 0.076 -0.009 0.480 - 0.070 0
TSE:BAA 05/24/2017 CAD 0.1050 -0.0050 0.6200 - 0.1000 146,565
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Don's Summary (from last analysis - 05/15/2016)

Banro Corp is a growing mid-tier producer. Other than political risk (Democratic Republic of Congo) and debt issues, this stock is a slam dunk 5 to 10 bagger. They have an incredible amount of gold (15 million oz) and production just began in 2011. Thus, this company is going to be growing rapidly over the next 3 to 5 years. By 2019 they should have 3 producing mines and 350,000 of production.

Also, they have several targets to explore (500,000 acres), and the mineralization is 1 to 2 gpt surface mining, which is very low cost in Africa. This company has the potential to a major, with a market cap over $3 billion. 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 ($204 million in debt), but they are one of the lowest cost producers in the world, with all-in costs around $800 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 $129 million, their future reserves are selling for $16 per oz. If they were in a more stable country it would be a top pick.

General Details

Financial 05/15/2016
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $129.68M $10.95M 05/24/2017 $-118.73M
Total Assets: $871.73M $897.94M 12/31/2016 $26.21M
Total Liabilities: $452.23M $520.53M 12/31/2016 $68.30M
Current Assets: $50.55M $115.12M 12/31/2016 $64.57M
Current Liabilities: $130.79M $369.71M 12/31/2016 $238.92M
Total Debt: $204.00M $253.77M 12/31/2016 $49.77M
Cash: $35.00M $1.29M 12/31/2016 $-33.71M
Enterprise Value: $298.68M $263.43M 05/07/1978 $-35.25M
Cash Flow: $45.72M $43.65M never $-2.07M
Cash Flow Multiple: 2.84 0.25 never -2.59
Net Debt to Cash Flow Ratio: 3.70 5.78 never 2.09
Finance within 1 year: 05/15/2016 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 05/15/2016 0.00%
Misc 05/15/2016
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $0.325 $0.076 16:05 on 05/24/2017 $-0.25
Shares Outstanding: 302,000,000 109,857,811 05/24/2017 -192,142,189
Shares Fully Diluted: 399,000,000 144,435,438 05/24/2017 -254,564,562
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 05/15/2016 n/a
Production (Gold Eq Oz.): (guess) 
175,000
(guess) 
175,000
05/15/2016 0
Production (Silver Eq Oz.): (guess) 
13,029,825
(guess) 
12,826,867
05/15/2016 -202,958
Initial CapEx (Outstanding): n/a n/a 05/15/2016 n/a
Funding Option: n/a n/a 05/15/2016 n/a
Documentation: none PRODUCER 05/24/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 05/15/2016
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 05/15/2016 0.00M
Measured & Indicated: 10.00M 10.00M 05/15/2016 0.00M
Inferred: 5.00M 5.00M 05/15/2016 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 05/15/2016 0.00M
Measured & Indicated: 7.78M 7.78M 05/15/2016 0.00M
Inferred: 2.25M 2.25M 05/15/2016 0.00M
Reserves & Resources: 10.03M 10.03M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
175,000oz.
(guess) 
175,000oz.
05/15/2016 0oz.
Cash Cost: $600 $600 05/15/2016 $0.00
Extra Operating Cost: $300 $300 05/15/2016 $0.00
Average Grade: 1.60 g/t 1.60 g/t 05/15/2016 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 05/24/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 10.00M 10.00M 05/15/2016 0.00M
Annual Production: 350,000oz. 350,000oz. 05/15/2016 0oz.
Cash Cost: $750 $750 05/15/2016 $0
Extra Operating Cost: $350 $350 05/15/2016 $0
SILVER 05/15/2016
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 05/15/2016 0.00M
Measured & Indicated: n/a n/a 05/15/2016 0.00M
Inferred: n/a n/a 05/15/2016 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 05/15/2016 0.00M
Measured & Indicated: n/a n/a 05/15/2016 0.00M
Inferred: n/a n/a 05/15/2016 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 05/15/2016 $0.00
Extra Operating Cost: n/a n/a 05/15/2016 $0.00
Average Grade: n/a n/a 05/15/2016 n/a
Recovery Rate: n/a n/a 05/15/2016 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 05/15/2016 0.00M
Annual Production: n/a n/a 05/15/2016 n/a
Cash Cost: n/a n/a 05/15/2016 n/a
Extra Operating Cost: n/a n/a 05/15/2016 n/a

Property

Last Analysis Data  (05/15/2016)
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
05/15/2016
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 -3.71M
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 -3.34M
Maximum Profit (Gold): $752.37M $718.30M n/a $-34.07M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $752.37M $718.30M n/a $-34.07M
Max Profit / Current MCap: 5.802 65.609 n/a 59.807
Max Profit Per Share (Gold): $1.89 $4.97 n/a $3.09
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.89 $4.97 n/a $3.09
Total Free Profit Per Share: $1.56 $4.90 n/a $3.34
FD Mkt. Cap / Gold Eq.: $45.03 $3.80 n/a $-41.22
FD Mkt. Cap / Silver Eq.: $0.60 $0.05 n/a $-0.55
FD Mkt. Cap / Per Metal
as % Spot Price:
3.54% 0.30% n/a -3.23%
Measured &
Indicated
05/15/2016
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 -11.60M
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 -9.02M
Maximum Profit (Gold): $2,031.40M $1,939.41M n/a $-91.99M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,031.40M $1,939.41M n/a $-91.99M
Max Profit / Current MCap: 15.665 177.144 n/a 161.479
Max Profit Per Share (Gold): $5.09 $13.43 n/a $8.34
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $5.09 $13.43 n/a $8.34
Total Free Profit Per Share: $4.77 $13.35 n/a $8.59
FD Mkt. Cap / Gold Eq.: $16.68 $1.41 n/a $-15.27
FD Mkt. Cap / Silver Eq.: $0.22 $0.02 n/a $-0.20
FD Mkt. Cap / Per Metal
as % Spot Price:
1.31% 0.11% n/a -1.20%

Reserves &
Resources
05/15/2016
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 -17.40M
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 -11.63M
Maximum Profit (Gold): $2,619.19M $2,500.58M n/a $-118.61M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,619.19M $2,500.58M n/a $-118.61M
Max Profit / Current MCap: 20.198 228.401 n/a 208.203
Max Profit Per Share (Gold): $6.56 $17.31 n/a $10.75
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.56 $17.31 n/a $10.75
Total Free Profit Per Share: $6.24 $17.24 n/a $11.00
FD Mkt. Cap / Gold Eq.: $12.93 $1.09 n/a $-11.84
FD Mkt. Cap / Silver Eq.: $0.17 $0.01 n/a $-0.16
FD Mkt. Cap / Per Metal
as % Spot Price:
1.02% 0.09% n/a -0.93%

Future Valuation (Cash Flow & Totals)

Totals 05/15/2016
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $1,914.77M $1,889.35M n/a $-25.42M
Mkt. Cap: $129.68M $10.95M n/a $-118.73M
Annual Gold Production: (guess) 
175,000oz.
(guess) 
175,000oz.
05/15/2016 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: 2,792% 34,152% n/a 31,360%
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: 12.97 1.09 n/a -11.87
Silver Eq. Reserves: 0.52 0.04 n/a -0.47
Gold Eq. Production: 370.50 31.28 n/a -339.22
Silver Eq. Production: 14.82 1.25 n/a -13.57
P&P
Reserves
(oz.)
Gold: 10.00M 10.00M 05/15/2016 n/a
Silver: n/a n/a 05/15/2016 n/a
Gold Eq.: 10.00M 10.00M 05/15/2016 n/a
Silver Eq.: 250.00M 250.00M 05/15/2016 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.025 0.069 n/a 0.044
Silver: n/a n/a n/a n/a
Gold Eq.: 0.025 0.069 n/a 0.044
Silver Eq.: 0.627 1.731 n/a 1.104
Cash Flow 05/15/2016
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $45.72M $43.65M n/a $-2.07M
Current Multiple: 2.84 0.25 n/a -2.59
F
U
T
U
R
E
@ current prices: $36.37M $32.82M n/a $-3.55M
Multiple @ current prices: 3.57 0.33 n/a -3.23
Growth @ current prices: -20.44% -24.80% n/a -0.04
@ future prices: $294.00M $294.00M n/a $0.00M
Multiple @ future prices: 0.44 0.04 n/a -0.40
Growth @ future prices: 573.59% 573.59% n/a 0.31

Defaults

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