Opinions
Charles Oliver, HBSc CFA
Asanko Gold Inc
AKG-T
TOP PICK
Dec 11, 2013
$2.150
Stock price when the opinion was issued
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COMMENT
Big believer in the story. Have a ton of cash. Recently acquired PMI Gold Corp, which has a property about 10 km away from their Asankrangwa project in Ghana. One of the nice things is that they are capitalized so they will be able to build their project. The asset they bought close by is in such close proximity that they could actually process the ore from that deposit at the same plant. This gives some economies of scale of putting 2 companies together. A couple of years ago, the management team bought into the company with about $20 million of their own personal money. Cheap.
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Market Cap is about the same as its cash. Came out with a feasibility project in Ghana with about a $286 million CapX to produce 200 million. Just announced financing and will be breaking ground early next year.