GUY:TSX

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.
GUY:TSX

Expert Comments:

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."

Stuart McDougall, M Partners (8/12/16)
"Guyana Goldfields Inc. is moving ahead with placing long-lead orders for the planned mill expansion, to 8,000 tpd from 5,000 tpd currently. Completion is expected in 2017. . .Our NAV is now CA$8.05/share, up from CA$7.80/share, partly reflecting our decision to value the Sulphur Rose deposit at $50/oz, instead of $10/oz; a higher in situ value is warranted by the onset of production and completion of the equity financing, including management’s decision to get more aggressive on the exploration front."

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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