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Guyana Goldfields Inc.

TICKER: GUY:TSX

Guyana Goldfields Inc. is a Canada-based company focused on the exploration and development of gold deposits in Guyana, South America, where the company has operated since 1996. Its Aurora gold project is a 100%-owned flagship asset with a Measured and Indicated resource of 6.54 Moz gold (62.83 Mmt at a grade of 3.24 g/t). Production is targeted to begin in Q3/13. Guyana Goldfields has also made a gold discovery at Sulphur Rose at its nearby Aranka properties, currently in advanced-staged exploration ~35km. away from Aurora. It contains an initial Inferred resource of 460,400 oz.


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:

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."

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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."

David West, Salman Partners (9/10/12) "Guyana Goldfields Inc. announced the appointment of Marcel F. DeGuire as president and COO, effective October 3, 2012, to develop and operate the company's flagship Aurora gold project. . .under the leadership of Mr. DeGuire, the company plans to complete the Bankable Feasibility Study on Aurora, which is scheduled for release by year-end. The company is expected to introduce a phased approach for Aurora in the upcoming study. . .the Aurora Feasibility Study, released in February 2012, detailed a 22-year combined open-pit and underground operation, with the potential to produce an average of 198,000 ounces of gold annually at total cash costs of US$626/oz (including an 8% royalty)."

The Gold Report Interview with Louis James (8/10/12) "Guyana Goldfields Inc. is an interesting story, a real deposit, both high-grade and large, and the company has a mining license. I think it's going to pull that one out of the slump it's in. . .the project is better than it seems now. The company is already retooling in ways that will have a positive material impact on the net present value and rate of return. I don't know how well those changes will be received by the market. In a time when investors are scared and circling the wagons, great numbers are often completely ignored. If that happens, it could be a tremendous opportunity. If a company adds material value and the market just yawns, those are the times to sit up and pay attention." More >

Trevor Turnbull, Scotia Capital (7/11/12) "We are upgrading our rating on Guyana Goldfields Inc. to Sector Outperform based on progress it is making on the Aurora project coupled with its share price decline. . .recently the open-pit resource increased 27% to 2.8 Moz; the conversion of Inferred in-pit resources at Aleck Hill and the addition of more near-surface and softer saprolite ore were largely responsible for the resource growth. The saprolite ore represents an emerging opportunity for the company since it processes faster and is high-margin. . .we would be buyers with the shares not fully reflecting the high-grade Aurora base case, any exploration upside from Aranka or the potential to be a takeover candidate with a 6.5 Moz permitted deposit."

Morning Coffee (6/26/12) "Guyana Goldfields Inc. released an updated mineral resource statement for its 100%-owned Aurora gold project. . .highlights of the new resource were: 78% of all mineral resources are in the Measured and Indicated category (6.54 Moz gold) and 22% are in the Inferred category (1.82 Moz gold); 27% increase in open-pit Measured and Indicated mineral resources from 2.18 to 2.76 Moz gold and 15% increase in combined open-pit and underground Measured and Indicated mineral resources from 5.71 to 6.54 Moz."

Trevor Turnbull, Scotia Capital (6/26/12) "Guyana Goldfields Inc. announced additions to its resource base for the Aurora open-pit and underground project; specifically, Measured and Indicated resources in the open pit increased 27% to 2.8 Moz. The overall Measured and Indicated resources increased to 6.5 Moz. . .our NAV (3%) increases 15% to $5.37/share. . .we feel the company is adding value."

Daniel Earle, TD Newcrest (6/25/12) "Guyana Goldfields Inc. reported an updated resource estimate for its Aurora Gold Project in Guyana, South America. . .total resources climbed to 8.4 Moz grading 3.26 g/t (from 6.9 Moz grading 3.75 g/t) after incorporating an additional 171 drill holes (56,337m) since the previous estimate issued in September 2011. . .the company reiterated that it expects to complete an updated bankable feasibility study for the project by year-end. . .Guyana trades at a significant discount to its closest peers and we expect it to be an outsized beneficiary of an improvement in market conditions."

Brad Humphrey, Raymond James (6/25/12) "Guyana Goldfields Inc. released an updated resource estimate for the Aurora project. . .with the revised/redesigned feasibility study focusing on the first 750m (combined open pit and ramp-access underground), the 27% increase in open-pit Measured and Indicated (M&I) ounces should have a positive impact on the project's economics. . .78% of the global resource estimate is now contained in the M&I category."

Andrew Kaip, BMO Capital Markets (6/25/12) "Guyana Goldfields Inc. provided a resource update for its Aurora project located in Guyana. The company reported that the open-pit Measured and Indicated resource grew by 580 Koz gold (or 27%) to 2.76 Moz as compared to the 2011 estimate of 2.18 Moz. . .the underground Indicated resource grew 7% to 3.78 Moz gold. . .the total Measured and Indicated resource grew 15% to 6.54 Moz gold whereas the total Inferred resource grew 55% to 1.82 Moz."

David West, Salman Partners (6/22/12) "A local newspaper in Guyana, Stabroek News, reported that Guyana Goldfields Inc. is now actively recruiting construction workers for its flagship Aurora project. This comes as a positive indication that the company is serious about advancing Aurora through to production. . .we expect the next significant news item to be the Aurora resource update, scheduled for release within a few weeks; we currently have a CA$6 target price and Buy recommendation on the shares of Guyana Goldfields."

Scott Gardner, Verdmont Capital (6/20/12) "Guyana Goldfields Inc. remains one of our preferred precious metal names. . .the selloff is overdone. . .the Aurora property remains a viable project, given the extensive due diligence done by Baupost in conjunction with the placement. Furthermore, no analysts have sell recommendations on the stock and none have suggested that that the feasibility study sounded the death knell for Aurora. . .the company remains quite attractive to potential suitors given its size, potential mine life, high average grade, permitted status and location in a mine-friendly region."

Andrew Kaip, BMO Capital Markets (6/15/12) "Guyana Goldfields Inc. provided an update for its Aurora project. . .the company has indicated that it is now considering underground plans to mine using a ramp to 750m below surface, thus delaying the need for a shaft. . .based on the revised mine plan, we have moved the start of underground production up two years to Q1/17 and have reduced the up-front capital expenditure by ~$195M to incorporate the delay of the shaft construction. . .the proposed mine plan changes result in a ~10% increase in the Guyana corporate net present value."

Morning Coffee (6/14/12) "Guyana Goldfields Inc. stated that it is on track to publish an updated resource estimate by the end of this month for the Aurora gold project, located in Guyana, South America, which will include an additional 171 drill holes totaling 56,336.52m completed from May 31, 2011, up to the end of April 30, 2012. Management said the revised estimate will update and improve the geological model, upgrade Inferred ounces to the Measured and Indicated categories, and provide guidance on depth extensions from previously defined mineralized structures. . .management believes that the Aurora production timeline can also be significantly shortened."

David West, Salman Partners (6/14/12) "Guyana Goldfields Inc.'s upcoming bankable feasibility study, scheduled for release by year-end, is expected to optimize the mine plan for Aurora and implement a staged-development approach that should lower the elevated upfront capital and life-of-mine operating costs from those detailed in the initial feasibility study, released in February. . .although the location of the Aurora project brings sizable challenges for the company, the quality of the deposit should provide the company the flexibility to arrive at sufficient economics on the project. . .there remains more than enough upside on Guyana Goldfields to maintain it on our Buy list."

Brad Humphrey, Raymond James (6/13/12) "Guyana Goldfields Inc. provided an update on the Aurora project. Given work on the updated feasibility study is in full swing, preliminary indications of the outcomes of these reoptimizations/redesigns show potential for improvement to overall economics versus the previous feasibility study. . .with the elimination of the shaft (replaced by ramp access only) and assessment of alternative underground mining methods to improve costs and dilution seen in the initial study, potential exists for a favorable impact to Aurora's economics."

Morning Coffee (5/11/12) "Guyana Goldfields Inc. is betting on itself and the asset: Since the beginning of May, insiders at the company have purchased 889,000 shares of the company in the public market. . .in late April, Guyana Goldfields announced that it has closed its previously announced non-brokered private placement financing. . .the net proceeds of the private placement will be used towards the strategic plans for 2012 and to continue exploration of the company's portfolio of gold exploration properties in Guyana."

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