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Banro Corporation

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Banro Corporation is a Canadian-based gold exploration and development company focused on the development of four major, wholly owned gold projects, each with mining licenses along the 210-km-long Twangiza-Namoya gold belt in the northeast Democratic Republic of the Congo. Led by a proven management team with extensive experience in gold and with Africa, the company's Twangiza oxide mine began production in October 2011 and is projected to produce some 120 Koz gold during its first full year of operation.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Mike Kozak, Cormark Securities (11/22/12) "Banro Corporation recently put its 100%-owned Twangiza open-pit gold project into production and is ramping up to a run rate of ~140 Koz/year. The project is the first of four gold-only assets in the company's project development pipeline. . .on a combined basis, we see the company ultimately producing at a sustainable level of over 250 Koz/year at below-industry-average cash costs by 2015."

Eugene King, Goldman Sachs (11/21/12) "Banro Corporation announced it has arranged short-term financing facility for up to $43M, which can be drawn over the next six months. The company expects to repay the debt in 2014, with the full rampup of Twangiza and Namoya providing a strong cash flow by that time. . .we believe the new debt facility will allow Banro to meet capex requirements for the construction of Namoya over the next six months, leading up to the commissioning of the mine in Q3/14."

Brock Salier, GMP Securities (11/21/12) "Operationally, Banro Corporation reiterated that its operations are c. 200km southwest of Goma, and remain entirely unaffected by the security issues further north. . .we retain our view that the company offers best-in-class organic growth with 53% 201215 production CAGR versus a peer average of 18% for GMP-covered stocks."

Brock Salier, GMP Securities (11/15/12) "Banro Corporation's Twangiza is operating well with teething issues now well and truly resolved: We expect Q4/12 to be a more representative quarter in terms of production and costs, we estimate production of 21 Koz and cash cost of US$805/oz compared to just one month of production in ramp-up phase reported this quarter. With the expected organic growth pipeline comprising of the Namoya heap-leach (2013), Namoya CIL (2014/15) and potentially Kamituga (2016), we retain our view that Banro offers robust growth going forward with a production CAGR of 53% between 201215."

Brock Salier, GMP Securities (11/2/12) "We value Banro Corporation based on Twangiza, Namoya, Namoya CIL, and Kamituga, removing Lugushwa and Twangiza sulphides entirely as a reflection on the positive developments at Namoya CIL and Kamituga oxide, and in line with management's strategy of targeting low-risk oxides first. We lift Twangiza from 0.8x NAV to 1x NAV to reflect improvements and likely reserve increases, Namoya from 0.6x NAV to 0.7x NAV to reflect likely reserve additions, add a nominal $100M for the Namoya CIL, $100M for Kamituga (0.2x NAV), and $100M for regional exploration. . .we believe Banro offers best-in-class organic growth, so retain our Buy rating."

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