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Asanko Gold Inc

www: www.asanko.com   email: info@asanko.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
NYSEAMERICAN:AKG USD
TSE:AKG CAD

Description

Asanko Gold Inc are a gold focused mid-tier producer with one producing mine in Ghana, one mine in development in Ghana and three exploration properties. Currently they produce roughly 220koz. of gold per year. They have approximately 3.75Moz. of gold in the reserves and resources category of which 3.5Moz. are in the measured and indicated category. They have a market capitalisation of ~$241.46M which is a rise of roughly 2% over the last two weeks. As of 09/11/2019 they have ~$30M debt and ~$20M cash. They have 226M shares outstanding and trade on the Toronto Stock Exchange.

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General Details

Financial 09/11/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $237.34M $241.46M 09/11/2019 $4.11M
Total Assets: $681.01M $681.01M 09/11/2019 $0.00M
Total Liabilities: $250.21M $250.21M 09/11/2019 $0.00M
Current Assets: $117.56M $117.56M 09/11/2019 $0.00M
Current Liabilities: $42.86M $42.86M 09/11/2019 $0.00M
Total Debt: $30.00M $30.00M 09/11/2019 $0.00M
Cash: $20.00M $20.00M 09/11/2019 $0.00M
Enterprise Value: $247.34M $251.46M 12/20/1977 $4.11M
Cash Flow: $32.50M $35.13M never $2.63M
Cash Flow Multiple: 7.30 6.87 never -0.43
Net Debt to
Cash Flow Ratio:
0.31 0.28 never -0.02
Finance within 1 year: 09/11/2019 n/a
Tax Rate: (guess)  40.00% (guess)  40.00% 09/11/2019 0.00%
Misc 09/11/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 225,804,000 225,804,000 09/11/2019 0
Shares (FD): 239,066,000 239,066,000 09/11/2019 0
Insider Ownership: n/a n/a 02/13/2017 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 03/01/2016 09/11/2019 n/a
Production (Gold Eq Oz.): (guess) 
220,000
(guess) 
220,000
09/11/2019 0
Production (Silver Eq Oz.): (guess) 
18,155,764
(guess) 
18,540,411
09/11/2019 384,647
Initial CapEx (Outstanding): n/a n/a 09/11/2019 n/a
Funding Option: n/a n/a 09/11/2019 n/a
Documentation: none PRODUCER 09/11/2019 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 09/11/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 3.50M 3.50M 09/11/2019 0.00M
Measured & Indicated: 3.50M 3.50M 09/11/2019 0.00M
Inferred: 0.25M 0.25M 09/11/2019 0.00M
Reserves & Resources: 3.75M 3.75M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 3.15M 3.15M 09/11/2019 0.00M
Measured & Indicated: 3.15M 3.15M 09/11/2019 0.00M
Inferred: 0.11M 0.11M 09/11/2019 0.00M
Reserves & Resources: 3.26M 3.26M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
220,000oz.
(guess) 
220,000oz.
09/11/2019 0oz.
Cash Cost: $850 $850 09/11/2019 $0.00
Extra Operating Cost: $400 $400 09/11/2019 $0.00
Average Grade: 1.70 g/t 1.70 g/t 09/11/2019 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 09/11/2019 0.00%
F
U
T
U
R
E
Proven & Probable: 3.50M 3.50M 09/11/2019 0.00M
Annual Production: 300,000oz. 300,000oz. 09/11/2019 0oz.
Cash Cost: $850 $850 09/11/2019 $0
Extra Operating Cost: $400 $400 09/11/2019 $0
SILVER 09/11/2019
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 09/11/2019 0.00M
Measured & Indicated: n/a n/a 09/11/2019 0.00M
Inferred: n/a n/a 09/11/2019 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 09/11/2019 0.00M
Measured & Indicated: n/a n/a 09/11/2019 0.00M
Inferred: n/a n/a 09/11/2019 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 09/11/2019 $0.00
Extra Operating Cost: n/a n/a 09/11/2019 $0.00
Average Grade: n/a n/a 09/11/2019 n/a
Recovery Rate: n/a n/a 09/11/2019 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 09/11/2019 0.00M
Annual Production: n/a n/a 09/11/2019 n/a
Cash Cost: n/a n/a 09/11/2019 n/a
Extra Operating Cost: n/a n/a 09/11/2019 n/a

Property

Last Analysis Data  (09/11/2019)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production West Africa, Ghana Nkran 100% (guess) n/a Open Pit show
2.5 million oz open pit project.

200,000 oz production beginning in 2017.

800 per oz cash costs.

25% post-tax IRR
Development Kumasi, Ghana Esaase 45% 21,000 Open Pit show
JV with Goldfields.

$350 million capex.

3.5 million oz project (they get 45%).
Exploration Ahafo, Ghana Asamura 100% 28,000 Open Pit show
Early exploration. Large property with excellent exploration potential.
Exploration Asankrangwa, Ghana Asanko Regional 100% n/a n/a show
They have 3 projects on 150,000 acres in Ghana.
Exploration Ashanti Gold Belt, Ghana Kubi 90% n/a n/a n/a
Total Land Package Size (ha): 49,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production West Africa, Ghana Nkran 100% (guess) n/a Open Pit show
1.7 million oz open pit project.

200,000 oz production beginning in 2017.

800 per oz cash costs.

25% post-tax IRR
Development Kumasi, Ghana Esaase 45% 21,000 Open Pit show
JV with Goldfields.

$350 million capex.

3.5 million oz project (they get 45%).
Exploration Ahafo, Ghana Asamura 100% 28,000 Open Pit show
Early exploration. Large property with excellent exploration potential.
Exploration Asankrangwa, Ghana Asanko Regional 100% n/a n/a show
They have 3 projects on 150,000 acres in Ghana.
Exploration Ashanti Gold Belt, Ghana Kubi 90% n/a n/a n/a
Total Land Package Size (ha): 49,000  

Profitability (by resource)

Proven &
Probable
09/11/2019
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.): 3.50M 3.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 6.12M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.15M 3.15M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 5.51M
Maximum Profit (Gold): $465.32M $502.93M n/a $37.61M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $465.32M $502.93M n/a $37.61M
Max Profit / Current MCap: 1.961 2.083 n/a 0.122
Max Profit Per Share (Gold): $1.95 $2.10 n/a $0.16
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.95 $2.10 n/a $0.16
Total Free Profit Per Share: $0.95 $1.09 n/a $0.14
FD Mkt. Cap / Gold Eq.: $75.35 $76.65 n/a $1.31
FD Mkt. Cap / Silver Eq.: $0.91 $0.91 n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
5.04% 5.06% n/a 0.02%
Measured &
Indicated
09/11/2019
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.): 3.50M 3.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 6.12M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.15M 3.15M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 5.51M
Maximum Profit (Gold): $465.32M $502.93M n/a $37.61M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $465.32M $502.93M n/a $37.61M
Max Profit / Current MCap: 1.961 2.083 n/a 0.122
Max Profit Per Share (Gold): $1.95 $2.10 n/a $0.16
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.95 $2.10 n/a $0.16
Total Free Profit Per Share: $0.95 $1.09 n/a $0.14
FD Mkt. Cap / Gold Eq.: $75.35 $76.65 n/a $1.31
FD Mkt. Cap / Silver Eq.: $0.91 $0.91 n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
5.04% 5.06% n/a 0.02%

Reserves &
Resources
09/11/2019
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.): 3.75M 3.75M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 6.56M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.26M 3.26M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 5.70M
Maximum Profit (Gold): $481.94M $520.89M n/a $38.95M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $481.94M $520.89M n/a $38.95M
Max Profit / Current MCap: 2.031 2.157 n/a 0.127
Max Profit Per Share (Gold): $2.02 $2.18 n/a $0.16
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.02 $2.18 n/a $0.16
Total Free Profit Per Share: $1.02 $1.17 n/a $0.15
FD Mkt. Cap / Gold Eq.: $72.75 $74.01 n/a $1.26
FD Mkt. Cap / Silver Eq.: $0.88 $0.88 n/a $0.00
FD Mkt. Cap / Per Metal
as % Spot Price:
4.86% 4.88% n/a 0.02%

Future Valuation (Cash Flow & Totals)

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