CDV 0.94% $1.07 cardinal resources limited

Ann: Cardinal Executes US$25 Million Term Sheet with Sprott, page-27

  1. 7,688 Posts.
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    Again, Goldfields aren't the only fish in the sea.

    Moreover, you simply cannot look at the grade in isolation.....

    Asanko's reserves (and resources) come from like a dozen or more different deposits/pits.......

    Much higher strip ratios more than offset any grade differential.

    From Asanko's most recent ppt:

    https://s21.q4cdn.com/214525344/fil...Presentation_August-2018_FINAL_v6_Amended.pdf

    • Q2 gold production of 53,501oz at AISC of $1,068/oz
    – Nkran returned to steady state in June, mining 178,000t at 1.9g/t
    – Record mill throughput, 10% above design: 1.37Mt ore processed

    • H1 production of 101,731oz @ AISC $1,145/oz
    – Beat H1 2018 guidance: 90,000-100,000oz @ $1,200-$1,300/oz

    A couple of points here:

    1. AISC well over USD1000/oz (indeed the guidance was $1200+ an ounce)
    2. Grade of mined ore - 1.9 g/t (compare that to their overall reserve grade....?)

    Sure a lot depends on the ore type but if they're running 1.9g/t ore through the mill and getting costs at that level, what happens when the grade is (say) 1.5 g/t?

    Ore from Esaase should help - lower strip but also lower grade eg 1.46g/t.

    Clearly, Goldfields are comfortable with Asanko - I'm not sharing that optimism tbh.

    Namdini is a simpler, cleaner, less risky play - by a considerable margin imo.
 
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