Avesoro Resources Company Profile

Avesoro Resources

BUILDING A PREMIER MID-TIER AFRICAN GOLD PRODUCER
Company Exposure

Gold

Company Listing

Avesoro Resources

Stock Code

AIM/TSX:ASO

Company Overview



Avesoro Resources is a TSX and AIM-listed gold producer and developer that operates two gold
mines in West Africa. Avesoro is the sixth largest UK listed gold producer, achieving 2018 gold production of 220.5koz, a 15% increase on FY 2017 production levels.

The Company’s assets include the New Liberty Gold Mine in Liberia and the Youga Gold Mine in Burkina Faso. The group has a Proven & Probable Mineral Reserve base of 18.8Mt grading 2.3g/t Au containing 1.36 million ounces of gold.

Investment Highlights

Key Differentiators

  • Proven low cost operator with ability to turn around non-performing assets
  • Proven in-house mine build capability
  • Rapid growth to date with appetite to continue at pace

2018 Highlights

  • Record gold production of 220,458oz
    • New Liberty: 109,707oz
    •  Youga: 110,751oz
  • 147koz increase (+29%) in Youga Mineral Reserves & 120koz (+12%) in New Liberty Mineral Resources delivered in 2018

2019 Outlook

  • Operational improvements and mine life extensions are expected to deliver further shareholder returns throughout 2019
  • New Liberty Underground PFS, including Ndabalama satellite deposit Reserves due Q1 2019
  • Strong cashflow & debt reduction following the substantial reinvestment of cash generated by operations in 2018
  • Positioned for growth through maximising upside potential at operating mines and accretive M&A activity
Live Financials

Latest Announcements

Share Price Performance

Team

Mehmet Nazif Günal – Non-Executive Chairman & Director
Serhan Umurhan – Chief Executive Officer & Director
Geoff Eyre – Chief Financial Officer & Director
David Netherway – Non-Executive Director
Jean-Guy Martin – Non-Executive Director
Loudon Owen – Non-Executive Director

Major Shareholders

Avesoro Jersey – 72.9%
Lombard Odier Asset Management – 5.55%
Richard Griffiths and Controlled Undertakings – 4.35%
Condire Investors – 4.27%

Projects Overview


LIBERIA
  • New Liberty Gold Mine – (Production)
  • Ndablama – (Exploration)
BURKINA FASO
  • Youga Gold Mine – (Production)
  • Balogo Gold Mine – (Production)
  • Ouaré – (Exploration)

* The Kokoya Gold Mine is  owned by Avesoro Jersey,  the 72.9% shareholder of  Avesoro Resources

LIBERIA – New Liberty Gold Mine

  • Liberia’s first and largest commercial gold mine
  • Conventional gravity & CIL processing
  • High grade open pit
  • Proven and Probable Mineral Reserve estimate of 7.4 million tonnes grading 3.03 g/t for 717,000 contained ounces of gold
  • Measured and Indicated Mineral Resource of 11.5Mt grading 3.0g/t Au containing 1,105koz of gold and an Inferred Mineral Resource of 3.7Mt grading 3.6g/t Au containing 424koz of gold.
  • Production: 110,000-120,000 oz forecast for 2018
  • Average LOM operating cash costs of US$659/oz and all in sustaining cash costs of US$749oz
  • Underground PFS due Q1 2019

 

Ndablama
  • 35km north east of New Liberty
  • Located within 13km gold corridor, with 10 identified targets
  • Indicated Resource of 7.6Mt grading 1.6g/t Au (containing 386koz of gold)
  • Inferred Mineral Resource of 9.6Mt grading 1.7g/t Au (containing 515koz of gold)
  • Maiden Mineral Reserves expected in Q1 2019

 

LIBERIA – Exploration Programme
  • Very large area only partly explored – New Liberty could act as central processing hub
  • Potential for multiple satellite pits
  • Ndablama on a 13km gold belt with potential to host multi-million ounce resource
  • Matambo, Silver Hills, Weaju and other areas – unknown potential
BURKINA FASO Youga & Balogo Gold Mines

  • Located in the “Centre-Sud” region of Burkina Faso adjacent to the border with Ghana
  • Strong cash flow generative assets
  • Proven and Probable Mineral Reserves of 11.2 Mt grading 1.8g/t Au containing 660.1koz of gold
  • Measured and Indicated Mineral Resource of 16.6Mt grading 1.7g/t Au containing 924koz of gold and Inferred Mineral Resource of 13Mt grading 1.6g/t Au containing 686koz of gold
  • Production of 110,751 ounces in 2018
  • Average LOM operating cash costs of US$860/oz and all in
  • sustaining cash costs of US$920oz
Exploration Programme
  • 139,000m drilling budgeted for 2018:
    • Youga: 45,500m, strike extension of Gassore and along strike southeast of the A2NE pit
    • Balogo: 29,000m, targeting down dip extensions in the main Balogo pit and nearby along strike discoveries
    • Ouaré: 65,000m, infill drilling programme targeting an upgrade of resources to reserves and testing new targets within licence
  • Gassoré and Ouaré Resource and Reserve upgrade expected during H1 2019

Contact Details

WEBSITE: www.avesoro.com

EMAIL: nick.smith@avesoro.com

PHONE: +44 (0)20 3405 9160

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