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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 11/24/2017 USD 1.6800 0.0000 0.0000 - 0.0000 0
TSE:ASR 11/24/2017 CAD 2.2300 0.0000 0.0000 - 0.0000 0
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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 $517.63M 01/25/2017 $-17.30M
Total Assets: $853.95M $1,130.40M 09/30/2017 $276.45M
Total Liabilities: $350.34M $423.75M 09/30/2017 $73.41M
Current Assets: $332.15M $232.19M 09/30/2017 $-99.96M
Current Liabilities: $34.07M $89.37M 09/30/2017 $55.30M
Total Debt: $150.00M $125.96M 09/30/2017 $-24.04M
Cash: $23.36M $131.62M 09/30/2017 $108.26M
Enterprise Value: $661.57M $511.97M 03/23/1986 $-149.60M
Cash Flow: $23.62M $31.93M never $8.32M
Cash Flow Multiple: 22.65 16.21 never -6.44
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 $1.755 16:11 on 11/24/2017 $-0.06
Shares Outstanding: 292,000,000 293,090,000 09/30/2017 1,090,000
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) 
10,221,429
01/25/2017 675,966
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 15.02M
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 12.77M
Maximum Profit (Gold): $446.07M $603.15M n/a $157.08M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $446.07M $603.15M n/a $157.08M
Max Profit / Current MCap: 0.834 1.165 n/a 0.331
Max Profit Per Share (Gold): $1.51 $2.04 n/a $0.53
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.51 $2.04 n/a $0.53
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $209.78 $202.99 n/a $-6.79
FD Mkt. Cap / Silver Eq.: $2.97 $2.68 n/a $-0.29
FD Mkt. Cap / Per Metal
as % Spot Price:
17.48% 15.76% n/a -1.72%
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 30.04M
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 22.98M
Maximum Profit (Gold): $802.93M $1,085.67M n/a $282.74M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $802.93M $1,085.67M n/a $282.74M
Max Profit / Current MCap: 1.501 2.097 n/a 0.596
Max Profit Per Share (Gold): $2.72 $3.68 n/a $0.96
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.72 $3.68 n/a $0.96
Total Free Profit Per Share: $0.35 $1.45 n/a $1.10
FD Mkt. Cap / Gold Eq.: $116.54 $112.77 n/a $-3.77
FD Mkt. Cap / Silver Eq.: $1.65 $1.49 n/a $-0.16
FD Mkt. Cap / Per Metal
as % Spot Price:
9.71% 8.76% n/a -0.96%

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 35.05M
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 25.11M
Maximum Profit (Gold): $877.27M $1,186.20M n/a $308.92M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $877.27M $1,186.20M n/a $308.92M
Max Profit / Current MCap: 1.640 2.292 n/a 0.652
Max Profit Per Share (Gold): $2.97 $4.02 n/a $1.05
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.97 $4.02 n/a $1.05
Total Free Profit Per Share: $0.60 $1.79 n/a $1.19
FD Mkt. Cap / Gold Eq.: $106.67 $103.22 n/a $-3.45
FD Mkt. Cap / Silver Eq.: $1.51 $1.36 n/a $-0.15
FD Mkt. Cap / Per Metal
as % Spot Price:
8.89% 8.01% n/a -0.88%

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 $968.82M n/a $66.20M
Mkt. Cap: $534.93M $517.63M n/a $-17.30M
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% 335% n/a 14%
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 86.27 n/a -2.88
Silver Eq. Reserves: 3.57 3.45 n/a -0.12
Gold Eq. Production: 2,139.71 2,070.50 n/a -69.21
Silver Eq. Production: 85.59 82.82 n/a -2.77
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 $31.93M n/a $8.32M
Current Multiple: 22.65 16.21 n/a -6.44
F
U
T
U
R
E
@ current prices: $29.99M $43.19M n/a $13.20M
Multiple @ current prices: 17.84 11.99 n/a -5.85
Growth @ current prices: 26.97% 35.24% n/a 0.08
@ future prices: $225.00M $225.00M n/a $0.00M
Multiple @ future prices: 2.38 2.30 n/a -0.08
Growth @ future prices: 604.63% 604.63% n/a -2.48

Defaults

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