Guyana Goldfields Inc.

Guyana Goldfields Inc. is a Canada-based gold producer with operations in Guyana, South America and is focused on the exploration, development, and production of gold deposits. The Company is focused on building a portfolio of high quality, low cost gold assets and owns 100% of the Aurora Gold Mine, a high-grade mine which started initial production in August 2015 and has a total gold resource of 6.54 million ounces in the measured and indicated categories (62.83 million tonnes at 3.24 g/t Au) as well as an additional 1.82 million ounces in the inferred category (16.93 million tonnes at 3.34 g/t Au). In addition, the Company holds advanced exploration projects and has been operating in Guyana continuously since 1996.

Expert Comments:

Jamie Spratt, Clarus Securities (1/10/17)
"Our thesis is that Guyana Goldfields Inc. provides a rare combination of a high margin, long life asset, gold price optionality and M&A potential. . .the stock trades at 1.05x P/NAV and 12.7x 2017E P/CF, ahead of peers trading at 0.95 x and 9.1x, respectively, and we believe the valuation largely reflects the positive features of the story. . .we have updated our model to reflect 2017 guidance which results in 10% higher production than our prior estimate, driving our target price higher to $6.25 per share (was $5.75)."

Jamie Spratt, Clarus Securities (11/14/16)
"Guyana Goldfields Inc.'s Q3/16 results indicate continued progress with the ramp up of operations at Aurora. . .we expect the completion of a feasibility study for a plant expansion from the current ~5,000 tpd to 8,000 tpd by year end 2016. . .Our thesis is that GUY provides a rare combination of a high margin, long-life asset, gold price optionality and M&A potential."

Andrew Breichmanas, BMO Capital Markets (11/11/16)
"Guyana Goldfields Inc.'s EPS was $0.05 vs. our $0.06 estimate and consensus of $0.07. . .GUY disclosed cash of $128.5M, higher than our $121.7M estimate. Management maintained production guidance of 140,000-160,000 oz and cash cost targets of $487-537/oz, but raised its all-in sustaining cost range from $670-720/oz to $740-760/oz. . . Guyana. . .the company states that it could seek out opportunistic investment opportunities in Guyana and elsewhere. . .Goldfields is rated Market Perform."

Phil Russo, Raymond James (11/11/16)
"Guyana Goldfields Inc.continues to expect to expand capacity at the Aurora Mine in 2017 to 8,000 tpd from 5,000 tpd currently. . .following the C$134mln financing in the quarter the company ended the quarter with a healthy cash balance over $105mln while paying down debt. . .GUY has a cumulated a 7.2% interest in SolGold Plc which owns an 85% interest in the Cascabel Copper Gold Porphyry project located in Ecuador. . .our target price of $8.96 is based on a 1.2x multiple applied to our NAVPS to reflect our view of Guyana’s operating, financial and development risk profile."

Stuart McDougall, M Partners (11/11/16)
"Guyana Goldfields Inc.'s all-in sustaining costs averaged $796/oz, up 9% from $729/oz in the prior quarter. . .production totaled 34,400 oz in the quarter,up 7% QoQ but 16% lower than expectations for 40,900 oz, reflecting the noted issues, net of higher throughput rates. . .our project NAV is now C$7.33/share, down from C$8.05/share, to which we continue to apply a multiple of 1.3x and then adjust for cash and corporate expenses at par,providing for a revised 12-month target price of C$9.75/share(was C$10.50/share). We maintain our BUY recommendation."

Jamie Spratt, Clarus Securities (8/15/16)
"Guyana Goldfields Inc.'s Aurora mine is operating well with operations now steady at nameplate capacity. Management is planning constructing a carbon acid wash that should help improve recoveries toward our estimated 94% by 2017. . . .based on success to date at Aurora, we are moving our P/CF based valuation to 2017E CFPS basis (was 2016E CFPS) while maintaining our 12.0x multiple. These changes drive our revised target price of $7.75 per share."

More Expert Comments

Experts Following This Company

Don Blyth, Analyst – Paradigm Capital
Andrew Breichmanas, Analyst Equity Research Mining – BMO Capital Markets
Brent Cook, Analyst, Geologist Exploration Insights
Warren Irwin, President – Rosseau Asset Management
Joe Mazumdar Exploration Insights
Stuart McDougall, VP Research Analyst – Jennings Capital
Andrew Mikitchook, Analyst – M Partners
Phil Russo, Research Associate – Raymond James
Jamie Spratt, Analyst – Clarus Securities

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