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Avesoro Resources Inc

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

Symbol Currency
LON:ASO GBX
TSE:ASO CAD
OTCMKTS:ARSMF USD

Description

Avesoro Resources Inc are a gold focused mid-tier producer with one mine in development in Liberia and exploration properties. They have approximately 3.7Moz. of gold in the reserves and resources category of which 2.7Moz. are in the measured and indicated category. They have a market capitalisation of ~C$109.95M which is a fall of roughly 29% over the last ten months. As of 03/24/2019 they have ~C$126M debt and ~C$3.6M cash. They have 82M shares outstanding and trade on the Toronto Stock Exchange, the London Stock Exchange and the over-the-counter markets.

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General Details

Financial 03/24/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $154.05M $109.95M 03/24/2019 $-44.10M
Total Assets: $310.49M $318.48M 03/24/2019 $7.98M
Total Liabilities: $211.22M $216.66M 03/24/2019 $5.43M
Current Assets: $73.89M $75.79M 03/24/2019 $1.90M
Current Liabilities: $91.80M $94.16M 03/24/2019 $2.36M
Total Debt: $123.15M $126.32M 03/24/2019 $3.17M
Cash: $3.51M $3.60M 03/24/2019 $0.09M
Enterprise Value: $273.70M $232.67M 05/16/1977 $-41.03M
Cash Flow: $10.46M $51.22M never $40.76M
Cash Flow Multiple: 14.73 2.15 never -12.58
Net Debt to
Cash Flow Ratio:
11.44 2.40 never -9.04
Finance within 1 year: 03/24/2019 n/a
Tax Rate: (guess)  25.00% (CG)  25.00% 03/24/2019 0.00%
Misc 03/24/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 82,000,000 82,000,000 03/24/2019 0
Shares (FD): 86,000,000 86,000,000 03/24/2019 0
Insider Ownership: n/a 73% 03/24/2019 73%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 10/01/2014 03/24/2019 n/a
Production (Gold Eq Oz.): (guess) 
220,000
(guess) 
220,000
03/24/2019 0
Production (Silver Eq Oz.): (guess) 
18,750,681
(guess) 
19,039,823
03/24/2019 289,141
Initial CapEx (Outstanding): $50.00M
32.46% of Mkt.Cap
$50.00M
45.47% of Mkt.Cap
03/24/2019 $0.00M
Funding Option: n/a (guess)  Debt Financing 03/24/2019 n/a
Documentation: none PRODUCER 03/24/2019 n/a
Value Adjustment: -20% -20% never 0%

Resource Data

GOLD 03/24/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 2.00M 2.00M 03/24/2019 0.00M
Measured & Indicated: 2.70M 2.70M 03/24/2019 0.00M
Inferred: 1.00M 1.00M 03/24/2019 0.00M
Reserves & Resources: 3.70M 3.70M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 1.80M 1.80M 03/24/2019 0.00M
Measured & Indicated: 2.30M 2.30M 03/24/2019 0.00M
Inferred: 0.45M 0.45M 03/24/2019 0.00M
Reserves & Resources: 2.75M 2.75M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
220,000oz.
(guess) 
220,000oz.
03/24/2019 0oz.
Cash Cost: $850 $850 03/24/2019 $0.00
Extra Operating Cost: $400 $400 03/24/2019 $0.00
Average Grade: 2.30 g/t 2.30 g/t 03/24/2019 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 03/24/2019 0.00%
F
U
T
U
R
E
Proven & Probable: 3.00M 3.00M 03/24/2019 0.00M
Annual Production: 250,000oz. 250,000oz. 03/24/2019 0oz.
Cash Cost: $800 $800 03/24/2019 $0
Extra Operating Cost: $400 $400 03/24/2019 $0
SILVER 03/24/2019
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 03/24/2019 0.00M
Measured & Indicated: n/a n/a 03/24/2019 0.00M
Inferred: n/a n/a 03/24/2019 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 03/24/2019 0.00M
Measured & Indicated: n/a n/a 03/24/2019 0.00M
Inferred: n/a n/a 03/24/2019 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 03/24/2019 $0.00
Extra Operating Cost: n/a n/a 03/24/2019 $0.00
Average Grade: n/a n/a 03/24/2019 n/a
Recovery Rate: n/a n/a 03/24/2019 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 03/24/2019 0.00M
Annual Production: n/a n/a 03/24/2019 n/a
Cash Cost: n/a n/a 03/24/2019 n/a
Extra Operating Cost: n/a n/a 03/24/2019 n/a

Property

Last Analysis Data  (03/24/2019)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development West Africa, Liberia New Liberty 100% 30,000 Open Pit show
Very large property with significant exploration potential.

Construction is underway for production of 120,000 oz in Q1 2015.

Low cash costs.
Exploration West Africa, Burkina Faso Gassose 100% (guess) n/a n/a show
Early exploration.
Exploration West Africa, Burkina Faso Ourare 100% (guess) n/a n/a show
600,000 oz resource

Still exploration.
Exploration West Africa, Burkina Faso Youga and Balogo 100% (guess) n/a n/a show
Two producing mines.

40,000 oz annually.
Exploration Cameroon Batouri 100% n/a n/a n/a
Exploration West Africa, Liberia Ndablama 100% n/a Open Pit show
1 million oz open pit project. There next mine.
Exploration Liberia Weaju 100% n/a n/a n/a
Total Land Package Size (ha): 30,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development West Africa, Liberia New Liberty 100% 30,000 Open Pit show
Very large property with significant exploration potential.

Construction is underway for production of 120,000 oz in Q1 2015.

Low cash costs.
Exploration West Africa, Burkina Faso Gassose 100% (guess) n/a n/a show
Early exploration.
Exploration West Africa, Burkina Faso Ourare 100% (guess) n/a n/a show
600,000 oz resource

Still exploration.
Exploration West Africa, Burkina Faso Youga and Balogo 100% (guess) n/a n/a show
Two producing mines.

40,000 oz annually.
Exploration Cameroon Batouri 100% n/a n/a n/a
Exploration West Africa, Liberia Ndablama 100% n/a Open Pit show
1 million oz open pit project. There next mine.
Exploration Liberia Weaju 100% n/a n/a n/a
Total Land Package Size (ha): 30,000  

Profitability (by resource)

Proven &
Probable
03/24/2019
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.): 2.00M 2.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 2.63M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.80M 1.80M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 2.37M
Maximum Profit (Gold): $68.47M $335.23M n/a $266.76M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $68.47M $335.23M n/a $266.76M
Max Profit / Current MCap: 0.444 3.049 n/a 2.604
Max Profit Per Share (Gold): $0.80 $3.90 n/a $3.10
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.80 $3.90 n/a $3.10
Total Free Profit Per Share: $0.00 $2.23 n/a $2.23
FD Mkt. Cap / Gold Eq.: $85.58 $61.08 n/a $-24.50
FD Mkt. Cap / Silver Eq.: $1.00 $0.71 n/a $-0.30
FD Mkt. Cap / Per Metal
as % Spot Price:
6.52% 3.91% n/a -2.60%
Measured &
Indicated
03/24/2019
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.): 2.70M 2.70M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 3.55M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.30M 2.30M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 3.03M
Maximum Profit (Gold): $87.64M $429.10M n/a $341.45M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $87.64M $429.10M n/a $341.45M
Max Profit / Current MCap: 0.569 3.903 n/a 3.334
Max Profit Per Share (Gold): $1.02 $4.99 n/a $3.97
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.02 $4.99 n/a $3.97
Total Free Profit Per Share: $0.00 $3.32 n/a $3.32
FD Mkt. Cap / Gold Eq.: $66.86 $47.72 n/a $-19.14
FD Mkt. Cap / Silver Eq.: $0.78 $0.55 n/a $-0.23
FD Mkt. Cap / Per Metal
as % Spot Price:
5.09% 3.06% n/a -2.03%

Reserves &
Resources
03/24/2019
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.): 3.70M 3.70M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 4.86M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.75M 2.75M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 3.62M
Maximum Profit (Gold): $104.76M $512.90M n/a $408.14M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $104.76M $512.90M n/a $408.14M
Max Profit / Current MCap: 0.680 4.665 n/a 3.985
Max Profit Per Share (Gold): $1.22 $5.96 n/a $4.75
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.22 $5.96 n/a $4.75
Total Free Profit Per Share: $0.00 $4.29 n/a $4.29
FD Mkt. Cap / Gold Eq.: $55.94 $39.92 n/a $-16.01
FD Mkt. Cap / Silver Eq.: $0.66 $0.46 n/a $-0.19
FD Mkt. Cap / Per Metal
as % Spot Price:
4.26% 2.56% n/a -1.70%

Future Valuation (Cash Flow & Totals)

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