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Category: Mid-tier Producer
Rating: 2.50   (Likely 3 Bagger as of 01/25/2017)
Risk: High
Alacer Gold Corp
www: www.alacergold.com     email: info@alacergold.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price Change 52 Wk Range Volume
OTCMKTS:ALIAF 05/26/2017 USD 1.5100 0.0100 2.9000 - 1.3100 18,368
TSE:ASR 05/26/2017 CAD 2.0200 0.0000 3.7900 - 1.7500 1,480,000
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Don's Summary (from last analysis - 01/25/2017)

Alacer Gold was created in early 2011 from a merger of Avoca Resources (Australia) and Anatolia Minerals (Turkey). In 2013 Alacer sold their Australian properties. Now it is Turkey focused. Their flagship Copler project is a 6 million oz deposit (their share). They are currently producing 135,000 oz around $550 cash costs (oxide surface mine). Oxide production has a short mine life. Ending in approximately 2020.

Their next mine will be the open pit sulfide ore at Copler, which encompasses 4 million oz. Production will begin at about 150,000 oz per year in 2018. The capex is about $425 million, but they have $250 million in cash and a line of credit for $250 million. Their cash costs will increase, but not too much (expect about $600 per oz). Sulfide production should be able to maintain 200,000 oz per year with their large resources.

If Alacer was not mining in Turkey, I might like this stock. But long term, I think the Middle East could be unstable. Also, their shares are highly diluted. On a positive note, they have a nice pipeline of exploration projects. Long term this could easily be a 250,000 oz producer. They have a 50% JV (Gediktepe) with a $120 million capex that could provide another 50,000 oz of production.

General Details

Financial 01/25/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $534.93M $443.11M 01/25/2017 $-91.81M
Total Assets: $853.95M $892.32M 03/31/2017 $38.37M
Total Liabilities: $350.34M $238.40M 03/31/2017 $-111.94M
Current Assets: $332.15M $238.76M 03/31/2017 $-93.39M
Current Liabilities: $34.07M $48.82M 03/31/2017 $14.75M
Total Debt: $150.00M $0.00M 03/31/2017 $-150.00M
Cash: $23.36M $34.78M 03/31/2017 $11.42M
Enterprise Value: $661.57M $408.33M 12/09/1982 $-253.23M
Cash Flow: $23.62M $29.91M never $6.29M
Cash Flow Multiple: 22.65 14.82 never -7.84
Net Debt to Cash Flow Ratio: 5.36 n/a never 0.00
Finance within 1 year: 01/25/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/25/2017 0.00%
Misc 01/25/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $1.813 $1.502 16:05 on 05/26/2017 $-0.31
Shares Outstanding: 292,000,000 292,850,000 03/31/2017 850,000
Shares Fully Diluted: 295,000,000 295,000,000 01/25/2017 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 01/25/2017 n/a
Production (Gold Eq Oz.): (guess) 
135,000
(guess) 
135,000
01/25/2017 0
Production (Silver Eq Oz.): (guess) 
9,545,463
(guess) 
9,877,383
01/25/2017 331,920
Initial CapEx (Outstanding): n/a n/a 01/25/2017 n/a
Funding Option: n/a n/a 01/25/2017 n/a
Documentation: none PRODUCER 01/25/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 01/25/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 3.00M 3.00M 01/25/2017 0.00M
Measured & Indicated: 6.00M 6.00M 01/25/2017 0.00M
Inferred: 1.00M 1.00M 01/25/2017 0.00M
Reserves & Resources: 7.00M 7.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 2.55M 2.55M 01/25/2017 0.00M
Measured & Indicated: 4.59M 4.59M 01/25/2017 0.00M
Inferred: 0.43M 0.43M 01/25/2017 0.00M
Reserves & Resources: 5.02M 5.02M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
135,000oz.
(guess) 
135,000oz.
01/25/2017 0oz.
Cash Cost: $600 $600 01/25/2017 $0.00
Extra Operating Cost: $350 $350 01/25/2017 $0.00
Average Grade: 1.10 g/t 1.10 g/t 01/25/2017 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 01/25/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 6.00M 6.00M 01/25/2017 0.00M
Annual Production: 250,000oz. 250,000oz. 01/25/2017 0oz.
Cash Cost: $650 $650 01/25/2017 $0
Extra Operating Cost: $350 $350 01/25/2017 $0
SILVER 01/25/2017
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 01/25/2017 0.00M
Measured & Indicated: n/a n/a 01/25/2017 0.00M
Inferred: n/a n/a 01/25/2017 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 01/25/2017 0.00M
Measured & Indicated: n/a n/a 01/25/2017 0.00M
Inferred: n/a n/a 01/25/2017 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 01/25/2017 $0.00
Extra Operating Cost: n/a n/a 01/25/2017 $0.00
Average Grade: n/a n/a 01/25/2017 n/a
Recovery Rate: n/a n/a 01/25/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 01/25/2017 0.00M
Annual Production: n/a n/a 01/25/2017 n/a
Cash Cost: n/a n/a 01/25/2017 n/a
Extra Operating Cost: n/a n/a 01/25/2017 n/a

Property

Last Analysis Data  (01/25/2017)
Stage Location Name Owned Type Au Ag Cu Notes
Production Maltya, Turkey Copler 80% Both show
6 million oz deposit at 1.1 gpt (there share)

Currently mining open pit oxides at about 135,000 oz until 2020.
Development Turkey, Turkey Gediktepe 50% (guess) Open Pit show
50% JV
$120 million capex.

1 million oz gold equivalent (their share)
copper, gold, silver, zinc
Exploration Tunceli, Turkey Cevizlidere 50% n/a show
12 exploration projects.
Exploration Erzincan, Turkey Karakartal 50% n/a n/a
Current Data
Stage Location Name Owned Type Au Ag Cu Notes
Production Maltya, Turkey Copler 80% Both show
6 million oz deposit at 1.1 gpt (there share)

Currently mining open pit oxides at about 135,000 oz until 2020.
Development Turkey, Turkey Gediktepe 50% (guess) Open Pit show
50% JV
$120 million capex.

1 million oz gold equivalent (their share)
copper, gold, silver, zinc
Exploration Tunceli, Turkey Cevizlidere 50% n/a show
12 exploration projects.
Exploration Erzincan, Turkey Karakartal 50% n/a n/a

Profitability (by resource)

Proven &
Probable
01/25/2017
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.): 3.00M 3.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 7.38M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.55M 2.55M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 6.27M
Maximum Profit (Gold): $446.07M $564.95M n/a $118.88M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $446.07M $564.95M n/a $118.88M
Max Profit / Current MCap: 0.834 1.275 n/a 0.441
Max Profit Per Share (Gold): $1.51 $1.92 n/a $0.40
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.51 $1.92 n/a $0.40
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $209.78 $173.77 n/a $-36.01
FD Mkt. Cap / Silver Eq.: $2.97 $2.38 n/a $-0.59
FD Mkt. Cap / Per Metal
as % Spot Price:
17.48% 13.72% n/a -3.76%
Measured &
Indicated
01/25/2017
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.): 6.00M 6.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 14.75M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 4.59M 4.59M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 11.29M
Maximum Profit (Gold): $802.93M $1,016.91M n/a $213.99M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $802.93M $1,016.91M n/a $213.99M
Max Profit / Current MCap: 1.501 2.295 n/a 0.794
Max Profit Per Share (Gold): $2.72 $3.45 n/a $0.73
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.72 $3.45 n/a $0.73
Total Free Profit Per Share: $0.35 $1.43 n/a $1.08
FD Mkt. Cap / Gold Eq.: $116.54 $96.54 n/a $-20.00
FD Mkt. Cap / Silver Eq.: $1.65 $1.32 n/a $-0.33
FD Mkt. Cap / Per Metal
as % Spot Price:
9.71% 7.62% n/a -2.09%

Reserves &
Resources
01/25/2017
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.): 7.00M 7.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 17.21M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 5.02M 5.02M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 12.33M
Maximum Profit (Gold): $877.27M $1,111.07M n/a $233.80M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $877.27M $1,111.07M n/a $233.80M
Max Profit / Current MCap: 1.640 2.507 n/a 0.867
Max Profit Per Share (Gold): $2.97 $3.77 n/a $0.79
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.97 $3.77 n/a $0.79
Total Free Profit Per Share: $0.60 $1.75 n/a $1.14
FD Mkt. Cap / Gold Eq.: $106.67 $88.36 n/a $-18.31
FD Mkt. Cap / Silver Eq.: $1.51 $1.21 n/a $-0.30
FD Mkt. Cap / Per Metal
as % Spot Price:
8.89% 6.98% n/a -1.91%

Future Valuation (Cash Flow & Totals)

Totals 01/25/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $902.62M $952.72M n/a $50.10M
Mkt. Cap: $534.93M $443.11M n/a $-91.81M
Annual Gold Production: (guess) 
135,000oz.
(guess) 
135,000oz.
01/25/2017 0oz.
Annual Silver Production: n/a n/a 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $2,250.00M $2,250M n/a $0M
FD Mkt. Cap Growth: 321% 408% n/a 87%
Annual
Production
Gold: 250,000 oz. 250,000 oz. n/a 0 oz.
Silver: n/a n/a n/a n/a
Current FD
Mkt. Cap /
Gold Eq. Reserves: 89.15 73.85 n/a -15.30
Silver Eq. Reserves: 3.57 2.95 n/a -0.61
Gold Eq. Production: 2,139.71 1,772.46 n/a -367.25
Silver Eq. Production: 85.59 70.90 n/a -14.69
P&P
Reserves
(oz.)
Gold: 6.00M 6.00M 01/25/2017 n/a
Silver: n/a n/a 01/25/2017 n/a
Gold Eq.: 6.00M 6.00M 01/25/2017 n/a
Silver Eq.: 150.00M 150.00M 01/25/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.020 0.020 n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: 0.020 0.020 n/a n/a
Silver Eq.: 0.508 0.508 n/a n/a
Cash Flow 01/25/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $23.62M $29.91M n/a $6.29M
Current Multiple: 22.65 14.82 n/a -7.84
F
U
T
U
R
E
@ current prices: $29.99M $39.98M n/a $9.99M
Multiple @ current prices: 17.84 11.08 n/a -6.76
Growth @ current prices: 26.97% 33.65% n/a 0.07
@ future prices: $225.00M $225.00M n/a $0.00M
Multiple @ future prices: 2.38 1.97 n/a -0.41
Growth @ future prices: 652.28% 652.28% n/a -2.00

Defaults

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