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Tanzanian Gold Corp.

www: www.tangoldcorp.com   email: investors@tangoldcorp.com
Category: Junior: Late Stage Developer
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Notes
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Symbol Data

Symbol Currency
TSE:TNX CAD
NYSEAMERICAN:TRX USD

Description

Tanzanian Gold Corp. are a gold focused junior, late stage development company with one mine in development in Tanzania and exploration properties. They have approximately 2.2Moz. of gold in the reserves and resources category of which 1.5Moz. are in the measured and indicated category. They have a market capitalisation of ~C$82.08M which is a fall of roughly 22% over the last eight months. As of 06/03/2019 they have ~C$5M debt and ~C$1.53M cash. They have 140M shares outstanding and trade on the Toronto Stock Exchange.

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General Details

Financial 06/03/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $105.11M $82.08M 06/03/2019 $-23.03M
Total Assets: $40.08M $41.34M 06/03/2019 $1.26M
Total Liabilities: $13.36M $13.78M 06/03/2019 $0.42M
Current Assets: $1.48M $1.53M 06/03/2019 $0.05M
Current Liabilities: $8.91M $9.19M 06/03/2019 $0.28M
Total Debt: $5.05M $5.21M 06/03/2019 $0.16M
Cash: $1.48M $1.53M 06/03/2019 $0.05M
Enterprise Value: $108.67M $85.75M 09/19/1972 $-22.92M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: Yes Yes 06/03/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 06/03/2019 0.00%
Misc 06/03/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 140,000,000 140,000,000 06/03/2019 0
Shares (FD): 152,000,000 152,000,000 06/03/2019 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2021 06/03/2019 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 06/03/2019 0
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 06/03/2019 0
Initial CapEx (Outstanding): $76.00M
72.31% of Mkt.Cap		 $76.00M
92.59% of Mkt.Cap 		06/03/2019 $0.00M
Funding Option: n/a n/a 06/03/2019 n/a
Documentation: none PFS 06/03/2019 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 06/03/2019
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 1.00M 1.00M 06/03/2019 0.00M
Measured & Indicated: 1.50M 1.50M 06/03/2019 0.00M
Inferred: 0.70M 0.70M 06/03/2019 0.00M
Reserves & Resources: 2.20M 2.20M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.85M 0.85M 06/03/2019 0.00M
Measured & Indicated: 1.19M 1.19M 06/03/2019 0.00M
Inferred: 0.30M 0.30M 06/03/2019 0.00M
Reserves & Resources: 1.49M 1.49M never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 06/03/2019 $0.00
Extra Operating Cost: n/a n/a 06/03/2019 $0.00
Average Grade: 1.50 g/t 1.50 g/t 06/03/2019 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 06/03/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: 1.50M 1.50M 06/03/2019 0.00M
Annual Production: 80,000oz. 80,000oz. 06/03/2019 0oz.
Cash Cost: $750 $750 06/03/2019 $0
Extra Operating Cost: $400 $400 06/03/2019 $0
SILVER 06/03/2019
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 06/03/2019 0.00M
Measured & Indicated: n/a n/a 06/03/2019 0.00M
Inferred: n/a n/a 06/03/2019 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 06/03/2019 0.00M
Measured & Indicated: n/a n/a 06/03/2019 0.00M
Inferred: n/a n/a 06/03/2019 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 06/03/2019 $0.00
Extra Operating Cost: n/a n/a 06/03/2019 $0.00
Average Grade: n/a n/a 06/03/2019 n/a
Recovery Rate: n/a n/a 06/03/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 06/03/2019 0.00M
Annual Production: n/a n/a 06/03/2019 n/a
Cash Cost: n/a n/a 06/03/2019 n/a
Extra Operating Cost: n/a n/a 06/03/2019 n/a

Property

Last Analysis Data  (06/03/2019)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Mwanza, Tanzania Buckreef 55% (guess) 10,000 Open Pit show
In 2013 they will complete the feasibility study and attempt to get financing. The PEA calls for 100,000 oz of production for 12 years, which will expand with exploration. Cash costs around $850. I would expect production in 2015.
Exploration Mwanza, Tanzania Itetemia 90% n/a n/a show
In their 5 year production plans.
Exploration Tanzania Kibara 100% n/a n/a n/a
Exploration Tanzania Kigosi 85% 900 Open Pit show
Part of their 5 year production plans.
Exploration Mwanza, Tanzania Luhala 100% n/a n/a n/a
Exploration Tanzania Lunguya 50% n/a n/a n/a
Exploration Tanzania Tembo 100% (guess) n/a Open Pit show
Part of their 5 year production plans.
Exploration Lake Victoria Goldfields, Tanzania Ushirombo 100% n/a n/a n/a
Total Land Package Size (ha): 10,900  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Mwanza, Tanzania Buckreef 55% (guess) 10,000 Open Pit show
In 2013 they will complete the feasibility study and attempt to get financing. The PEA calls for 100,000 oz of production for 12 years, which will expand with exploration. Cash costs around $850. I would expect production in 2015.
Exploration Mwanza, Tanzania Itetemia 90% n/a n/a show
In their 5 year production plans.
Exploration Tanzania Kibara 100% n/a n/a n/a
Exploration Tanzania Kigosi 85% 900 Open Pit show
Part of their 5 year production plans.
Exploration Mwanza, Tanzania Luhala 100% n/a n/a n/a
Exploration Tanzania Lunguya 50% n/a n/a n/a
Exploration Tanzania Tembo 100% (guess) n/a Open Pit show
Part of their 5 year production plans.
Exploration Lake Victoria Goldfields, Tanzania Ushirombo 100% n/a n/a n/a
Total Land Package Size (ha): 10,900  

Profitability (by resource)

Proven &
Probable		 06/03/2019
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.): 1.00M 1.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -3.37M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.85M 0.85M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -2.87M
Maximum Profit (Gold): $103.29M $244.19M n/a $140.90M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $103.29M $244.19M n/a $140.90M
Max Profit / Current MCap: 0.983 2.975 n/a 1.992
Max Profit Per Share (Gold): $0.68 $1.61 n/a $0.93
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.68 $1.61 n/a $0.93
Total Free Profit Per Share: $0.00 $1.07 n/a $1.07
FD Mkt. Cap / Gold Eq.: $123.66 $96.56 n/a $-27.09
FD Mkt. Cap / Silver Eq.: $1.38 $1.12 n/a $-0.26
FD Mkt. Cap / Per Metal
as % Spot Price:		 9.34% 6.19% n/a -3.15%
Measured &
Indicated		 06/03/2019
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.): 1.50M 1.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -5.06M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.19M 1.19M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -4.01M
Maximum Profit (Gold): $144.61M $341.86M n/a $197.25M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $144.61M $341.86M n/a $197.25M
Max Profit / Current MCap: 1.376 4.165 n/a 2.789
Max Profit Per Share (Gold): $0.95 $2.25 n/a $1.30
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.95 $2.25 n/a $1.30
Total Free Profit Per Share: $0.26 $1.71 n/a $1.45
FD Mkt. Cap / Gold Eq.: $88.33 $68.97 n/a $-19.35
FD Mkt. Cap / Silver Eq.: $0.98 $0.80 n/a $-0.19
FD Mkt. Cap / Per Metal
as % Spot Price:		 6.67% 4.42% n/a -2.25%

Reserves &
Resources		 06/03/2019
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.): 2.20M 2.20M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -7.42M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.49M 1.49M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -5.02M
Maximum Profit (Gold): $180.76M $427.33M n/a $246.57M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $180.76M $427.33M n/a $246.57M
Max Profit / Current MCap: 1.720 5.206 n/a 3.486
Max Profit Per Share (Gold): $1.19 $2.81 n/a $1.62
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.19 $2.81 n/a $1.62
Total Free Profit Per Share: $0.50 $2.27 n/a $1.77
FD Mkt. Cap / Gold Eq.: $70.66 $55.18 n/a $-15.48
FD Mkt. Cap / Silver Eq.: $0.79 $0.64 n/a $-0.15
FD Mkt. Cap / Per Metal
as % Spot Price:		 5.34% 3.54% n/a -1.80%

Future Valuation (Cash Flow & Totals)

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