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Asanko Gold Inc.


Asanko Gold Inc.'s vision is to become a midtier gold mining company that maximizes value for all its stakeholders. The company's flagship project is the fully financed, multimillion ounce Asanko gold mine project located in Ghana, West Africa. Asanko is managed by highly skilled and successful technical, operational and financial professionals. The company is strongly committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.

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 Comments:

The Gold Report Interview with Florian Siegfried (8/20/14) "Asanko Gold Inc. in Ghana [is a potential takeover target]. It's a fully financed, almost fully permitted near-term producer with a massive resource. The Asanko gold deposit contains 7.5 Moz of Measured and Indicated reserves, running 1.68 g/t gold, which is exceptionally high for an open pit these days. Asanko has $250M cash plus a debt facility of $150M. That should be sufficient to bring this mine into production. The first five years of production should produce 220 Koz annually. Asanko offers high-grade ounces at reasonable cash costs for an open-pit mine. The capex is similar to Romarco's, and includes about $80M in pre-stripping. Asanko has relatively low all-in costs of around $800/oz. In the second stage of production Asanko should produce around 400 Koz annually for multiple years. When Asanko acquired PMI Gold Corp. in December 2013, the stock collapsed and nobody was excited about the transaction. But Asanko got the Obotan resource, now named the Asanko mine, and $80M. The market now realizes that that was actually a value-added transaction. . .Asanko is a world-class deposit that is on the radar screen of many companies." More >

The Gold Report Interview with Chris Thompson (8/13/14) "Asanko Gold Inc. has our favorite junior gold company project. We initiated coverage a couple of months ago primarily because of the company's management team. The company has brought together two projects in Ghana, the Obotan and Esaase projects, into one large potential operation. Capital expenditures for Phase 1 of the Asanko gold mine are only $295M. Phase 1 is fully funded and fully permitted for construction and production. [52-week target price is $4.] We derive our value assessment in this instance from a net asset value estimate at a 5% discount rate. For Asanko, we see initial production occurring in Q2/16. For that year, we forecast 160 Koz gold production at an all-in cash cost of about $900/oz. We see that increasing the following year, obviously a full year of production, to over 200 Koz at similar all-in cash costs. Then, ultimately, when the project fully ramps up, we see both projects, Phases 1 and 2, offering the potential to deliver over 400 Koz gold production by 2020. Recognizing our metal price forecast of $1,350/oz and a 5% discount rate, this operational and development scenario warrants a value of $4/share, in our opinion." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (8/7/14) "Asanko Gold Inc. is moving ahead with phase 1 of construction on its Asanko gold mine project in Ghana. The company recently secured the debt financing it needed to fully fund this phase of production. . .Asanko expects to break ground by the end of Q3/14 and to commence production on the project by Q1/16. . .well-managed and well cashed, Asanko appears on its way to entering the ranks of the world's midtier gold producers. . .it looks like a good value at or near current levels."

Joe Mazumdar, Canaccord Genuity (7/29/14) "We are maintaining our Speculative Buy recommendation for Asanko Gold Inc. . .the company announced metallurgical test results for the near-surface Dynamite Hill deposit. Asanko reported averages between 93.2¬–96.2% across the mine's various mineral types, which is slightly higher than our forecasted 92% recoveries for that deposit."

Benjamin Asuncion, Haywood Securities (7/29/14) "Initial metallurgical results from material sourced from Asanko Gold Inc.'s Dynamite Hill gold deposit have returned gold recoveries between 93.2–96.2%, averaging 95%, which is higher than our modelled assumption of 91%. . .the data shows that the company is continuing to progress through the development of the Asanko gold mine, whereby the company is incrementally derisking the technical aspects of the planned operation after now being fully financed with the recent completion of the Red Kite debt facility."

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Morning Coffee (7/18/14) "Asanko Gold Inc. announced that its board of directors has approved the construction of phase 1 (Obotan) of the Asanko gold mine. . .next significant potential catalysts include groundbreaking in August 2014, definitive project plan (phase 1) in late Q3/14E–Q4/14E and a scoping study for phase 2 (Q1/15E)."

Jeff Killeen, CIBC World Markets (7/18/14) "Asanko Gold Inc. announced that the board has approved the construction of phase 1 of the Asanko gold mine. . .timelines for groundbreaking in Q3/14 and first gold pour in Q1/16 remain intact. . .due to a strong balance sheet and available liquidity, phase 1 of the Asanko gold mine is fully financed for construction."

Chris Thompson, Raymond James (7/17/14) "We are reiterating our Outperform rating and $4/share target price on Asanko Gold Inc. following board approval to proceed with construction of phase 1 of the Asanko gold mine project in Ghana. Whilst anticipated, today's announcement signals the commencement of major project construction and ground breaking which we believe, will unlock the value opportunity offered by one of West Africa's premier gold developers in developing one of the region's largest untapped reserve/resource inventories."

Jonathan Guy, RBC Capital Markets (7/17/14) "Asanko Gold Inc.'s board has approved construction of phase 1 of the Asanko gold mine in Ghana. The company is set to release a definitive project plan, due with a revised NI 43-101, in Q4/14, with first production scheduled for Q1/16."

Joe Mazumdar, Canaccord Genuity (7/17/14) "Asanko Gold Inc. announced today that its board of directors has approved the construction of phase 1 (Obotan) of the Asanko gold mine in Ghana. . .at our long-term gold price curve, the mine generates a 24% internal rate of return with a 6.3 year payback. . .the company is well capitalized to fund the development of phase 1 and begin ground breaking in August 2014."

Joe Mazumdar, Canaccord Genuity (7/14/14) "Asanko Gold Inc. announced the execution of the amended definitive agreements for a secured project debt facility ($150M including the overrun facility) with Red Kite. . .the net impacts of the executed agreement versus previous guidance were negligible such that we are maintaining our target price (CA$3.15) and Speculative Buy recommendation."

Geordie Mark, Haywood Securities (7/14/14) "Asanko Gold Inc. announced the execution of the amended definitive agreement for a US$150M project loan facility with Red Kite, a special purpose vehicle of RK Mine Finance Trust I, for the advancement of the Asanko gold mine. . .with the finalization of the debt agreement, in conjunction with cash on hand, the company is fully financed for phase 1 development."

Brien Lundin, Gold Newsletter (Jefferson Financial) (7/11/14) "Asanko Gold Inc.'s multimillion-ounce gold project in Ghana has the potential to be a profitable open-pit mining operation, and management is doing everything it can to ensure that is the case. . .even though one would think the exploration phase was behind it, the project continues to grow through the drill bit. . .the results from the Dynamite Hill program were impressive. . .with the permitting process moving along smoothly, the company appears to be doing all the right things to turn this project into an active and profitable gold mine."

Joe Mazumdar, Canaccord Genuity (6/19/14) "Asanko Gold Inc.'s Dynamite Hill is a good potential source of ore feed early in phase 1, as it lies 7km northeast of the site of the proposed plant facility and a superior option to advancing the marginal Asuadai deposit. . .phase 1 development at Obotan is fully permitted for construction."

Benjamin Asuncion, Haywood Securities (6/18/14) "Asanko Gold Inc. is working on advancing on upgrading the site access road at the Asanko gold mine, as well as refurbishing the mining village. . .the company's coupled Esaase and Obotan deposits hold 4.92 Moz gold in 2P resources, which allows the potential for an extended mine life that could grow if conditions allow for the integration of further resources into the production plant. . .Asanko's sizeable cash balance is a relative defensive option."

Nana Sangmuah, Clarus Securities (5/27/14) "One of our top picks for development companies with attractive cost profiles that are likely M&A targets is Asanko Gold Inc. . .the company is a well positioned developer that has a fully funded project with good grades and low costs. . .we forecast all-in site costs of $911/oz gold—18% below the 2013 producer average of $1,115/oz gold."

The Gold Report interview with Charles Oliver (5/19/14) "Asanko Gold Inc.'s management team ran LionOre Mining, which under a decade ago was the subject of a bidding war between Xstrata Plc and Norilsk Nickel Mining Co. These managers are good people with good operational experience. . .Asanko also has a significant amount of cash." More >

Nana Sangmuah, Clarus Securities (4/3/14) "Asanko Gold Inc. has appointed the DRA Group as the engineering, procurement and construction management contractor of its phase 1 (Obotan) construction, signaling a likely positive production decision in Q3/14. . .we expect a strong rerating of the stock in the near term following delivery of the final derisking milestones. We maintain our Buy recommendation and $4/share target price."

Dan Hrushewsky, Jennings Capital (10/25/13) "Asanko Gold Inc. has entered into a definitive loan agreement with Red Kite for $150M in debt to fund construction of its Esaase gold project. . .this $150M, combined with the company's $185M cash position, fully funds the $290M upfront capex and $40M working capital requirement."

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