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Asanko Gold Inc.

TICKER: AKG:TSX; AKG:NYSE.MKT

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:

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/11/14) "The prospect of near-term cash flow, combined with very attractive leverage to rising gold prices, make Asanko Gold Inc. a must-own company for bullish gold bugs. . .simply put, the upside here is tremendous, particularly if gold prices resume their bull run. It;s a buy at current levels.

Joe Mazumdar, Canaccord Genuity (12/10/14) "Our selection of well-funded, liquid, near-term development plays includes Asanko Gold Inc."

Haywood Securities (12/10/14) "Asanko Gold Inc. is among the companies best positioned to deliver in 2015. . .it is fully financed through construction, with commercial production expected in Q1/16."

Joe Mazumdar, Canaccord Genuity (11/30/14) "We maintained our Speculative Buy recommendation for Asanko Gold Inc., as our target generates a potential return of ~35% to current levels after the drop in gold price at the end of last week due to the strengthening U.S. dollar related to the fall in oil prices. There are a number of critical milestones, including a prefeasibility study for P2 Esaase (H1/15E) and production from P1 Obotan (H1/16E)."

The Gold Report Interview with Florian Siegfried (11/24/14) "Asanko Gold Inc. has released an optimized mine plan and associated operating costs for the Asanko gold mine in Ghana. This, together with the previously disclosed capex ($295M) and mineral resource update (reserves of 2.51 Moz at 2.15 g/t gold), builds the company's Definitive Project Plan. The optimized mine plan basically reduces the waste mined, and as a result the strip ratio comes down to 5.3:1, while the sustaining capital has been increased moderately, by approximately $9M. Overall, this confirms the robust project economics based on the very low $781/oz all-in sustaining costs (AISC) over life of mine. With the recent weakness in the West African gold stocks, the market did not honor these results." More >

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Geordie Mark, Haywood Securities (11/14/14) "Asanko Gold Inc. has awarded the mining contract for phase 1 at its Asanko gold project to PW Ghana Ltd. . .mobilization and clearing of the site are expected to take place in November and December, followed by the commencement of pre-stripping in January 2015. . .we anticipate a steady pipeline of news flow from the company as it progresses through construction and into production in 2016."

Nana Sangmuah, Clarus Securities (11/14/14) "Asanko Gold Inc. announced a detailed mine plan for phase 1 of the Asanko gold mine (Obotan). Overall project economics remain compelling with an after-tax internal rate of return of 20% at a gold price of $1,150/oz based on average annual production of 194 Koz. . .we maintain our Buy rating."

Geordie Mark, Haywood Securities (11/6/14) "Phase 1 construction at Asanko Gold Inc.'s Asanko gold mine is deemed to be 12% complete overall. . .the company appears to be tracking well with on-site project development and schedule for a first gold pour in Q1/16."

The Gold Report Gold Conference Roundup with Joe Mazumdar (10/1/14) "Companies like Asanko Gold Inc. aren't as impacted by the gold price, as they can still generate catalysts with their current working capital. They are in good shape to advance and develop their respective projects." More >

The Gold Report Interview with Joe Mazumdar (10/1/14) "Companies that are fully funded to production such as Asanko Gold Inc. are less susceptible to changes in their equity prices in the near term. The gold price doesn't impact them as much as it does companies that have not financed themselves to production. These companies have managed to raise the funds to bring their respective development projects into production through various means including equity, offtake agreements, joint ventures and vanilla debt facilities with hedging components." More >

The Gold Report Interview with Brien Lundin (9/15/14) "We have followed Asanko Gold Inc. in Gold Newsletter from its inception and still recommend it." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (9/11/14) "Asanko Gold Inc. has begun construction on phase 1 of its Asanko gold mine development in Ghana. . .the company's ambitious construction plan aims to achieve steady-state gold production of 200 Koz/year by Q2/16. The company has the financing and the team in place to make this aggressive plan a reality. . .on the belief that a rising gold market will reward near-term producers like Asanko first, I am keeping my buy recommendation on the company."

Jeff Killeen, CIBC World Markets (9/11/14) "Asanko Gold Inc. announced an updated mineral resource estimate for phase 1 of the Asanko gold mine (AGM), which included a maiden resource for the Dynamite Hill deposit. Measured and Indicated resources increased by 430 Koz to 3.54 Moz Au. . .the AGM is fully permitted and funded to production, and with a seasoned mine development team behind its development, the company is expected to largely maintain its construction schedule and reach production in Q2/16. . .our price target for the company is CA$3.25/share."

Joe Mazumdar, Canaccord Genuity (9/11/14) "Asanko Gold Inc. reported a revised resource estimate for the first phase (Obotan) of its Asanko gold mine which incorporated a maiden resource for the Dynamite Hill deposit. Phase 1 now hosts 3.54 Moz grading 2.22 g/t Au in the Measured and Indicated (M&I) category. . .the increase in M&I (+0.43 Moz) was driven by the Nkran deposit (+0.59 Moz) and the addition of the Dynamite Hill deposit (+0.11 Moz). . .Dynamite Hill contained 110 Koz M&I grading 1.86 g/t Au. . .we maintain our CA$3.25/share target price and Speculative Buy recommendation."

Chris Thompson, Raymond James (9/10/14) "We are reiterating our Outperform rating on Asanko Gold Inc. following the tabling of a revised resource estimate for phase 1 of the Asanko gold mine in Ghana. . .the announcement is a precursor to the announcement of a definitive project plan anticipated in Q4/14, which will serve as a blueprint for unlocking the value opportunity offered by one of West Africa’s largest untapped reserve/resource inventories. . .we feel the market is currently giving little value to the company and its project's attributes, considering that it is fully permitted, fully funded and has near-term West African gold development exposure deliverable by a proven and experienced management team."

Nana Sangmuah, Clarus Securities (9/10/14) "Asanko Gold Inc. provided a resource update on phase 1 of the Asanko gold mine (formerly Obotan) in Ghana. While there was no significant movement in ounces, the update adds certainty to the resource and paves the way for completion of a detailed mine plan by November 2014 for the fully funded phase 1 project. We maintain our Buy rating and $4/share price target."

Geordie Mark, Haywood Securities (9/10/14) "Asanko Gold Inc.'s revised phase1 resource estimate shows improved confidence and grades. . .the updated resources for the four main deposits (Nkran, Adubiaso, Abore and Asuadai) did not incorporate any new drill information, but were remodeled to more precisely represent grade distribution and continuity within the deposits, which is required for detailed mine planning."

The Gold Report Interview with Jeff Killeen (9/10/14) "The gold exploration stocks that are still on the radar for institutional investors are companies like Asanko Gold Inc. . .developers under coverage that are getting the most attention from institutional buyers." More >

The Mining Report Interview with Filipe Martins (9/9/14) "Asanko Gold Inc. just announced the commencement of phase 1 construction at its Asanko gold mine. The company acquired Obotan project through the PMI Gold acquisition. We like Obotan. It has pretty robust economics at US$1,300/oz gold, and on Aug. 26 Asanko eliminated a 2% net smelter royalty on the project. Obotan is in our top five best undeveloped gold assets in Africa." More >

The Gold Report Interview with Charles Oliver (9/8/14) "Asanko Gold Inc. is in my top 15 companies. It features top-notch management, including much of the ex-team of LionOre Mining International Ltd., which was bought out by Norilsk Nickel after a bidding war with Xstrata Plc. Asanko's team paid about $30M to take over Keegan Resources, which merged with PMI Ventures and now owns two Ghana deposits within 10km of each other. They can be processed by the same plant. The company has begun construction of its first phase of the Asanko gold mine at Obotan. This is a very cheap stock. In fact, before the merger with PMI, Keegan was trading very close to cash. It has great assets, and I have a big position in it. [On the elimination of a 2% net smelter royalty on the Asanko gold mine] I am always happy when companies can buy back royalties at a reasonable price, because NSRs skim the cream off the top." More >

Geordie Mark, Haywood Securities (8/27/14) "Asanko Gold Inc. announced a settlement with Goknet Mining Co. Ltd. on phase 1. . .reduction of the encumbrance of the 2% NSR on phase 1 production is deemed to be a net positive, not only on a NAV basis but also because it creates a marginally financially stronger operation as it heightens future cash flows and operating margin that translates to phase 1 production being a lower risk option that becomes more attractive for potential acquirers."

Nana Sangmuah, Clarus Securities (8/27/14) "Asanko Gold Inc. announced that it has eliminated a 2% net smelter royalty (NSR) on phase 1 of the Asanko gold mine, lowering the total NSR on the project to 5% (from 7%). We view this as a positive transaction as it increases project cash flows available to shareholders."

Joe Mazumdar, Canaccord Genuity (8/26/14) "Asanko Gold Inc. announced an agreement to buy back a 2% net smelter royalty (NSR) reducing the overall NSR from 7% to 5% for Phase 1 (Obotan) of the Asanko gold mine in Ghana, West Africa. We view the acquisition of the NSR as a strong positive and highly accretive given that the phase 1 project is breaking ground and close to production (H1/16E). We raised our target (+CA$0.10) accordingly to CA$3.25, a 30% premium to current price levels, and maintained our Speculative Buy recommendation."

Brent Cook, Exploration Insights (8/24/14) "Asanko Gold Corp. began construction on phase 1 of its Asanko gold project in Ghana. The project is fully funded, and steady-state production from the Obotan deposit of ~200 Koz gold is expected in about 18 months. Cash cost of production, including royalties, is estimated to be $720/oz."

Joe Mazumdar, Canaccord Genuity (8/24/14) "Asanko Gold Inc. broke ground in the phase 1 development of the Asanko gold mine in Ghana, which the company expects will generate an annual production profile of 200 Koz gold beginning in Q2/16. . .we maintain our Speculative Buy recommendation. . .we anticipate a plethora of catalysts over the next few quarters."

Geordie Mark, Haywood Securities (8/21/14) "Asanko Gold Inc. announced the start of an 18-month construction timeline for the development of phase 1 of the Asanko gold mine. . .the company is advancing along the pathway to gold production in 2016."

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."

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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