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Guyana Goldfields Inc.


Guyana Goldfields Inc. is a Canada-based company focused on the exploration and development of gold deposits in Guyana,South America. The company is focused on the construction and development of the Aurora gold project scheduled for commercial production in mid-2015. The Aurora gold project has a total gold resource of 6.54 Moz in the Measured and Indicated categories (62.83 Mmt at 3.24 g/t Au) as well as an additional 1.82 Moz in the Inferred category (16.93 Mmt at 3.34 g/t Au). Guyana Goldfields also holds a significant portfolio of attractive exploration properties and holds cash and cash equivalents of US$68M as of July 31, 2014.

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 Charles Oliver (9/8/14) "Among explorers, another company in my top 10 is Guyana Goldfields Inc., run by Scott Caldwell, whose CV includes Kinross Gold Corp. I've been a shareholder for many years. The management and board of directors are large shareholders and have participated in the most recent round of financing to a large degree. Guyana Goldfields has a nice asset in Aurora: 6.54 Moz Measured and Indicated, and 1.8 Moz Inferred. The after-tax internal rate of return is great at 31%, as is the NPV at $735M. Aurora is fully funded, and the engineering, procurement and construction management contracts are complete. Guyana Goldfields is building the mine. Commercial production is scheduled for mid-2015. The number of ounces per year will depend to a certain extent on whether they go underground or not, but first-year production is estimated at 126 Koz, ramping up to about 300 Koz by year six or seven. Aurora has a 17-year mine life, and all-in sustaining costs will be lower than $700/oz." More >

Andrew Mikitchook, Edgecrest Capital (9/4/14) "Guyana Goldfields Inc. announced the signing of the credit agreement for the $185M loan facility. This is the last requirement ahead of an expected drawdown in late September. . .we have made minor adjustments to our valuation to reflect the larger equity issue ($44M versus $33M) and the ongoing capex spend. While the net impact on our NAVPS is a modest dilution with the imminent drawdown of the debt financing we are increasing our P/NAV target setting multiple to 0.9x from 0.8x. Our Buy rating remains unchanged and our target increases to $4.25/share from $4/share."

The Gold Report Interview with Keith Phillips (8/27/14) "Guyana Goldfields Inc. is a Toronto-based company with a sizable high-grade, open-pit gold project in Guyana. It's fully permitted, fully financed and in construction. Production should start later this year. There will be a startup curve but over the course of the next 12–18 months it will ramp up to full production. If the ramp up goes smoothly, Guyana stock should react quite favorably. It's an asset that, over time, could have strategic appeal for a lot of people. It's in the Americas. It's high grade. It has a long mine life. It's low cost. That's one people should have their eyes on." More >

The Gold Report Interview with Michael Fowler (8/25/14) "I like Guyana Goldfields Inc. It has the Aurora gold project in Guyana. It just did a deal with the World Bank's International Finance Company and it's now fully financed. It's looking good. . .Guyana was put on the map by Cambior when it started mining the Omai gold mine in 1993. Next door, there's Gros Rosebel in Suriname, which is still being mined by IAMGOLD. I say Suriname because it's still part of the Guiana Shield in South America. The government of Guyana is a fairly mining-friendly and it generally follows British law. It's not a bad spot to be, although there is a net smelter royalty on production. . .Guyana's tax regime is not too bad. The royalties and mining taxes are all in one package. Guyana Goldfields should make very good returns from its Aurora project, despite the royalty." More >

Caesars Report (7/1/14) "Guyana Goldfields Inc. has announced it secured $185M in debt and is raising $44M in equity to fund the construction works at its Aurora project. . .the positive thing is that no gold hedge was required by the lenders, and the terms of the debt facility are very reasonable. . .this debt facility allows the company to remain on track to reach the commercial production phase at Aurora halfway through 2015."

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Richard Gray, Cormark Securities (6/10/14) "Guyana Goldfields Inc. secured credit approvals for $185M in debt financing alongside a $33M private placement financing, which together mean that Aurora is now fully funded. The long-awaited project funding announcement is a major catalyst for the company. . .for long-term investors with modestly bullish views on the gold price, we consider Guyana Goldfields an ideal holding and maintain our Buy rating. "

Andrew Mikitchook, Edgecrest Capital (6/10/14) "Guyana Goldfields Inc. announced a $185M debt package from a banking syndicate led by the IMF, and a $33M nonbrokered equity financing to complete the financing requirements for the Aurora project. . .construction remains on schedule for mid-2015 commercial production. . .the company's high-grade, lower-quartile cost Aurora project can support over 200 Koz/year of gold production capacity. In our opinion, shareholders of Guyana Goldfields should expect ongoing incremental reratings over the next 12 months as the Aurora project completes debt financing, advances through construction and enters commercial production in Q3/15."

Trevor Turnbull, Scotia Capital (6/10/14) "Guyana Goldfields Inc. reported credit approval for a US$185M senior secured project finance facility. It also announced plans for a US$33M private placement to complete funding of the open-pit phase of its high-grade Aurora gold project in Guyana. . .we have incorporated the financing details into our model, including fees, amortized interest, and working capital adjustments. The result is a 4% increase to our net asset valuation (NAV8%). . .we are maintaining our Sector Perform rating following this milestone pending definitive documentation and the close of the private placement."

Jamie Spratt, Clarus Securities (6/10/14) "Guyana Goldfields Inc. announced credit approval by an IFC-led debt syndicate for a US$185M secured project loan facility to fund the construction of the 5 Moz gold Aurora project. . .this is a key milestone that puts the company on track to achieve our estimate of commercial production by Q4/15. . .we are increasing our target price and maintaining our Buy recommendation for Guyana Goldfields."

Phil Russo, Raymond James (6/10/14) "Guyana Goldfields Inc. is moving toward first production by mid-2015 with sufficient funding now in place to complete its Aurora project. With engineering complete and construction advancing, the risk profile continues to lessen for the firm. . .a scalable, funded and adaptable initial open-pit phase offers favorable optionality for investors in the current market environment, and total secured funding now totals CA$288M. . .we maintain our Outperform rating and CA$3.25/share target price."

Daniel Earle, TD Securities (6/9/14) "Guyana Goldfields Inc. announced this morning that its financiers have received credit approval to provide a US$185M senior secured project finance facility to fund the development and construction of the Aurora gold project. . .the maximum term of the facility is eight years and surprisingly there are no associated gold hedging requirements. . .obtaining credit approval for the project finance facility is a major accomplishment, in our view."

Sam Crittenden, RBC Capital Markets (6/9/14) "Guyana Goldfields Inc. announced that lenders of its $185M senior secured project facility had received credit approvals needed to finance the build-out of the company's Aurora project. Overall, we view this as a positive because it secures a majority of the remaining initial outlay needed to bring Aurora into production by mid-2015."

Adam Graf, Cowen & Co. (6/9/14) "Lenders have approved financing for the Aurora project, which once complete, should allow Guyana Goldfields Inc. to be more than fully funded for activities through construction. . .Aurora is fully permitted and construction-ready. . .our Outperform rating reflects our view that shares are undervalued."

Andrew Kaip, BMO Capital Markets (6/9/14) "Guyana Goldfields Inc. announced that the mandated lead arrangers for the debt financing syndicate have received credit approvals to provide a US$185M senior secured project finance facility to fund the development and construction of the Aurora gold project. . .securing credit approvals for the US$185M debt financing closes the funding gap for the Aurora project and reflects a key derisking event for the company."

The Gold Report Interview with Charles Oliver (5/19/14) "Guyana Goldfields Inc. is among my top holdings. The company is at the point where it is ordering equipment, getting its financing in place, and then it will start building and moving Aurora forward." More >

Andrew Mikitchook, Edgecrest Capital (5/14/14) "High-grade production at Guyana Goldfields Inc.'s Aurora project is on the horizon. . .the experienced management team, led by Scott Caldwell, president and CEO, has extensive development and operational experience with large mining projects in remote jurisdictions. The company currently has $87M in the treasury and is in advanced talks to secure a $165M debt facility. . .we are initiating coverage on Guyana Goldfields with a Buy rating."

Jamie Spratt, Clarus Securities (5/5/14) "We are initiating coverage on Guyana Goldfields Inc. with a target price of $4/share and a Buy rating. We believe that Guyana is among the top quality development opportunities available in the sector today. . .it has a seasoned management team. . .and a coveted asset in a mining-friendly jusrisdiction; Aurora's size, grade and substantial annual production profile will ultimately put the company on the radar of larger producers looking to add profitable ounces to their production profiles."

Jamie Spratt, Clarus Securities (5/5/14) "We are initiating coverage on Guyana Goldfields Inc. with a target price of $4/share and a Buy rating. We believe that Guyana is among the top quality development opportunities available in the sector today. . .Aurora's size, grade and substantial annual production profile will ultimately put Guyana on the radar of larger producers looking to add profitable ounces to their production profiles."

Jordan Roy-Byrne, The Daily Gold (4/13/14) "Guyana Goldfields Inc. has been one of the strongest stocks over the past year or even two years. . .Guyana is a development company that is essentially financed to production."

Tickerscores (4/10/14) "Guyana Goldfields Inc. is loaded up in cash and gold: $108M on October financials and 11.8 Moz Au at 2.87 g/t."

The Gold Report Interview with Rick Rule (3/17/14) "There have been some really dramatic turnarounds so far this year in the gold and precious metals fund: Guyana Goldfields Inc. was down 36% in Q4/13 and is up 67% YTD. . . Guyana Goldfields simply was a recovery from a ridiculously oversold level." More >

Jordan Roy-Byrne, The Daily Gold (3/16/14) "Guyana Goldfields Inc. has consolidated in a tight range over the past four weeks from roughly $2.80 to $3.25. . .as long as this holds at $2.80, then the short-term outlook is bullish. . .the company is very well funded to become a midtier producer."

Jordan Roy-Byrne, The Daily Gold (3/5/14) "Guyana Goldfields Inc. is very well financed and has a strongly economic deposit in Guyana that is headed for production in 2015."

Ben Kramer-Miller, Wall St. Cheat Sheet (3/4/14) "I think Guyana Goldfields Inc. will continue to be an excellent stock to own as low-cost production fast approaches. . .while a pullback is in order given the 66% gain in two months, I think the stock will be much higher a year from now."

The Gold Report Interview with Killian Charles (2/10/14) "Guyana Goldfields Inc. has a positive NPV at $1,000/oz gold. . .the interesting [mining companies] are currently entering construction, which can limit financing risk. Guyana Goldfields Inc. stands out. It has almost all it needs to enter into construction and has a pretty simple mine." More >

Phil Russo, Raymond James (12/9/13) "Guyana Goldfields Inc. provided an update of its capital estimate and project funding plans for its Aurora project. . .we maintain our Outperform rating and raise our target price to $3.25 as we update our valuation post the latest updates from the company. While gold developers continue to face headwinds, Guyana Goldfield's distinguishing advantages—fully permitted, well capitalized and scalable project—position it for a successful development phase, in our view."

Andrew Kaip, BMO Capital Markets (12/9/13) "Guyana Goldfields Inc. has approved a $238M expenditure to bring the Aurora gold project into commercial production. . .Guyana signed a heads of agreement and term sheet for the full engineering, procurement, and construction of the processing facility and power plant. Guyana expects construction to last 18 months, with commissioning to begin in Q1/15. . .Guyana continues to strengthen the in-country team with several new additions announced today. . .Guyana is rated Outperform with a CA$3.50 target price."

Adam Graf, Cowen & Co. (11/8/13) "Guyana Goldfields Inc. has low permitting risk, financing risk and is the right size. . .it is advancing the Aurora gold project in Guyana. The most recent feasibility study on the project was released in early 2013 (the initial released a year prior), which more than halved initial capex to $205M, through a ~20% reduction in annual gold production, to 194 Koz/year. The Aurora project currently holds all necessary permits required to begin construction. . .with cash costs of ~$525/oz at $1,300/oz gold, we believe the 17-year project would be a good fit for most producers."

Andrew Kaip, BMO Capital Markets (11/5/13) "Guyana Goldfields Inc. announced that it has signed a mandate letter with the International Finance Corporate of the World Bank Group for a $165M senior debt facility. . .the $165M facility closes the projected ~$135M funding gap with a reserve for cost overruns contingent on a smooth ramp-up. Further, the establishment of a debt facility of this magnitude is rare for a junior gold developer and will contribute to market confidence that Aurora will be delivered on time and on schedule."

Andrew Kaip, BMO Capital Markets (10/17/13) "Guyana Goldfields Inc. provided an update for its Aurora project located in Guyana, South America. The company reports that it has entered into an agreement to purchase a SAG mill for US$6.3M with delivery expected in ~46 weeks. . .Guyana expects to expand production in year three of the operation when the underground mine comes on-line. . .the Aurora project appears to be progressing on schedule, and the order of long-lead-time items reflects a key milestone for the project's development."

Jordan Roy-Byrne, The Daily Gold (9/2/13) "Guyana Goldfields Inc. is acting very strong. . .could B2Gold Corp. soon buy Guyana? Who knows. If Guyana remains very strong against the sector, then it could be a signal that something is coming."

Brad Humphrey, Raymond James (6/7/13) "We continue to believe that a select group of developers—those with robust projects, advanced permitting, manageable capital requirements, in mining friendly jurisdictions—are best placed to provide investors with a favorable risk/reward balance given the transformation and potential multiple rerating a developer offers (as it evolves into a cash generator). We believe Guyana Goldfields Inc. encompasses all of these attributes and as a result we are maintaining our Outperform rating."

Stuart McDougall, Casimir Capital (6/3/13) "Guyana Goldfields Inc.'s new CEO appointment rounds out the senior management team. . .between 2006 and March 2013, Scott Caldwell held similar roles at Allied Nevada Gold Corp., preceded by senior roles at Kincross Gold Corp. and Echo Bay Mines Ltd. . .we maintain our Speculative Buy recommendation."

Andrew Kaip, BMO Capital Markets (6/3/13) "Guyana Goldfields Inc. announced that Scott Cardwell has been appointed president and CEO. . .he recently left a similar position at Allied Nevada Gold Corp. and is a mining engineer with over 30 years of experience. . .the company is focusing on advancing its Aurora project to production. . .we model commercial production of 197 Koz Au at cash cost of $599/oz. over a 17-year mine life (starting in H2/15). . .we maintain our Outperform (Speculative) rating."

Andrew Kaip, BMO Capital Markets (5/22/13) "Guyana Goldfields Inc. announced that Peter Galassi has been named COO of the company. Mr. Galassi has been involved with mine development projects for more than 15 years. . .his mandate will be the supervision of on-site operations for the Aurora project. . .the appointment of Mr. Galassi is a positive step that has the potential to improve investor sentiment."

Eric Winmill, Casimir Capital (5/22/13) "Guyana Goldfields Inc.'s new COO adds considerable strength to its management team. . .Mr. Peter Lello Galassi, who will be based in Georgetown, Guyana, adds over 15 years of development experience to the advancing Aurora gold project. His rather impressive resume includes, most recently, a senior project manager role with Rio Tinto Iron Ore, charged with overseeing the Simandou iron ore project in Guinea. . .Guyana Goldfields also noted that it expects to announce several more senior management appointments and changes in the coming months. . .we maintain our Speculative Buy recommendation and 12-month target price of CA$8/share."

Trevor Turnbull, Scotia Capital (5/21/13) "Effective immediately, Mr. Peter Lello Galassi is appointed chief operating officer of Guyana Goldfields Inc. . .Mr. Galassi will manage the Aurora gold project. . .he has a strong project management and leadership background coming from 15 years of international development and 20 years as an officer in the U.S. Air Force."

Sam Crittenden, RBC Capital Markets (5/21/13) "Guyana Goldfields Inc. announced the appointment of Mr. Peter Lello Galassi to the position of COO, effective immediately. . .Mr. Galassi has 15+ years of project management experience in the mining industry, most recently serving as senior project manager at Rio Tinto's Simandou mine in Guinea. Previously, he spent 20 years as a senior officer in the U.S. Air Force."

Andrew Kaip, BMO Capital Markets (3/28/13) "Guyana Goldfields Inc. announced that it has awarded a contract for detailed engineering of support infrastructure for the Aurora project located in South America. Tetra Tech has been engaged by the company for detailed engineering and design of the river dike, water diversion dams and tailings storage facility. . .BMO Research has a positive view of the announcement, as it demonstrates the company's evolution from an explorer to project developer."

Trevor Turnbull, Scotia Capital (3/4/13) "Following the recent closure of Guyana Goldfields Inc.'s $100M equity offering, in a subsequent transaction the International Finance Corp. (IFC) of the World Bank Group subscribed for 1.6M shares at the same price of $3.40/share. . .we estimate Guyana Goldfields will have about $128M in cash once the IFC deal closes. . .we maintain our Sector Outperform rating given the company's fully permitted project and financial position."

Andrew Kaip, BMO Capital Markets (3/1/13) "Guyana Goldfields Inc. announced that it has entered into an agreement with the International Finance Corporation of the World Bank (IFC) to subscribe for 1.6M shares at a price of $3.40. . .for gross proceeds of CA$5.5M. The financing. . .reinforces a constructive relationship that has existed over the last six years. . .the company has CA$122M in cash and plans to source the remaining capital for Aurora development through a number of options that could include the IFC and equipment financing."

Andrew Kaip, BMO Capital Markets (2/27/13) "In mid-January, Guyana Goldfields Inc. released a revised feasibility study for the Aurora project. . .the company expects to complete a bankable feasibility study by March 2013. . .Guyana Goldfields will also continue its exploration efforts through 2013."

Brad Humphrey, Raymond James (2/26/13) "Guyana Goldfields Inc. announced the closing of its $100M equity raise. . .we are maintaining our Outperform rating and $6 target as we recommend investors accumulate shares of the company. On the back of its revitalized Aurora project, with its enhanced economics and financeable initial capital costs, we believe Guyana Goldfields is at the forefront among its developer peer group."

Daniel Earle, TD Securities (2/25/13) "We are resuming coverage of Guyana Goldfields Inc. following the completion of an offering of common shares. The company sold 29,420,000 shares at a price of $3.40/share for gross proceeds of $100M. . .the successful completion of the offering represents an important step in the advancement of the Aurora project, in our view."

Don Blyth, Paradigm Capital (1/15/13) "Guyana Goldfields Inc. held a conference call and analyst workshop on Jan. 14 to discuss the results of the updated feasibility study on its 100%-owned Aurora gold project. . .overall, the reworking of the project development parameters has focused on maximizing economic returns rather than gold production. . .we congratulate the company for breathing new life into this project, akin to a phoenix rising from the ashes. . .we believe the project is much more attractive, either to equity finance markets or as a takeover target for an existing gold producer looking to add production growth in the 2015+ timeframe."

Trevor Turnbull, Scotia Capital (1/14/13) "Guyana Goldfields Inc. released the results of its scaled-back Aurora feasibility study with lower initial capital of $205M and reduced operating costs. . .the significantly reduced strip ratio indicated in the study (4.7 versus. 8.6) resulted in a 31% reduction in open-pit mining cost per ton. . .underground mining cost estimates are now about half the amount in the original study at $19.28/t. . .we have raised our one-year target price and believe there is good value in this permitted project."

Richard Gray, Cormark Securities (1/14/13) "Guyana Goldfields Inc. provided details of its revised feasibility study at the Aurora project that demonstrates significantly higher returns, lower capital and operating costs, and only modestly lower production, compared with the February 2012 study. . .the improvement in the Aurora economics is nothing less than astounding. . .in addition, Aurora and Guyana Goldfields [will] likely move right back near the top of the list of sought-after acquisition candidates, especially considering the permitting is in place, the project is shovel ready, and there remains significant exploration and resource upside not quantified by the revised feasibility study."

Brad Humphrey, Raymond James (1/14/13) "Guyana Goldfields Inc.'s Aurora, reoptimized and redesigned, presents an attractive project with robust economics. Our thesis on the project is enhanced by the results of this study, a project that is permitted, of material size, is more financeable and has promising exploration potential within a geopolitically favorable location. . .we are maintaining our Outperform rating and increasing our target price 20% to $6 from $5."

Daniel Earle, TD Securities (1/14/13) "Guyana Goldfields Inc. announced the results of an updated feasibility study for its 100%-owned Aurora gold project. . .the updated study represents a significant advancement for the company over the February 2012 feasibility study and should establish Aurora as one of the most robust development projects held by a junior globally. . .the improvements primarily stem from an optimized mine plan that features lower operating costs and a sizeable reduction in upfront capital costs as part of a phased mining and milling approach."

Pope & Company Morning Notes (1/14/13) "Guyana Goldfields Inc. reported the key findings from its feasibility study at its permitted Aurora gold property. . .the results of the feasibility study are very positive and the initial capital cost at $205M to put the mine into production (130–150 Koz Au) does not appear prohibitive to finance. The company has phased capital expenditures so that the expansion capital ($153M) and sustaining capital ($356M) can be funded from cash flow."

Brad Humphrey, Raymond James (12/19/12) "We are maintaining our Outperform rating and $5 target price for Guyana Goldfields Inc. . .the Aurora project's key attributes remain, given its grade, size, permitted status and relatively friendly mining jurisdiction. . .the re-optimized Aurora project still presents attractive upside potential for investors. . .the project is blessed with above-average OP grades and can relatively easily be phased to reduce upfront capital."

The Gold Report Interview with Joe Foster (11/5/12) "Companies like Guyana Goldfields Inc. in South America have been re-engineering their projects and generating plans that have lower capex and often, better rates of return. . .Guyana Goldfields is talking about mining just the saprolite the first couple of years, which would be a very low-cost operation and then bootstrap in the larger-scale, hard-rock operation. Guyana has very good grades. . .it is just a matter of scaling the project properly in a place that is very remote and requires a lot of infrastructure. . .as Guyana Gold progresses toward production, it is derisking the project at every step. Derisking also makes the company more attractive as a takeover candidate." More >

Stuart McDougall, Casimir Capital (10/24/12) "We are initiating coverage on Guyana Goldfields Inc. . .the company offers considerable exploration upside, having only recently begun to step out beyond the main resource area. . .Guyana is poised to begin development at its Aurora gold project and make the leap to producer status. A revised feasibility study, scheduled for completion in Q4/12, could see significant costs eliminated from the original feasibility study and improve the project's overall economics. . .we also see good potential for extending the mine life or improving its overall return with further drilling."

Andrew Kaip, BMO Capital Markets (10/15/12) "We expect Guyana Goldfields Inc.'s ongoing optimization study to have a positive impact on the Aurora project by removing the burden of a large initial capex, thereby making the project more manageable for a junior developer. . .based on the potential benefits of a re-optimized development strategy, the project's fully permitted status and recent company efforts to strengthen management, we are upgrading the company to Outperform (Speculative) and increasing the target price to $5.50."

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