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null }, "pageNumber": 41, "frameworkName": "fraud-exposure" }, { "matchId": "38e91ff7-024c-4676-8763-fdea75647023", "evidence": "The slide explicitly links share price collapse with executive resignation and subsequent obfuscation of share ownership.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:50:13.519+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Muddy Waters short report — Word-processor formatting (Times body, no slide design), but densely reinforced with drone/satellite imagery, geological forensics, and management quote-contradictions ('memory hole' framing lifted from Orwell). Carson Block credited as Director of Research on cover; report published under Muddy Waters Capital LLC. Visual production is basic memo-style; narrative architecture is strong (geology → liquidity → management integrity). Closing section is forensic on insider sales and prior-deal patterns (LionOre, Coalspur, Mirabela) rather than a rhetorical ask slide. No explicit peer-gap chart or SoP valuation — thesis is operational/solvency, not relative-value. Stake not disclosed as percent (short position); no specific price target beyond 'zero'.", "kpisCited": [ { "detail": "C$2.52 / C$512M market cap; 198.7M share float", "metric": "Share price / market cap" }, { "detail": "$165M of debt against $48M cash on hand Q1 2017", "metric": "Total debt outstanding" }, { "detail": "$75-$115M required to stabilize Nkran and access new ore", "metric": "West wall pushback cost" }, { "detail": "-22.6% / 430,000 oz reduction in Feb 2017 technical presentation", "metric": "Nkran reserve downgrade" }, { "detail": "$893/oz Q4 2016 and $956/oz Q1 2017, vs company guidance of $748-$786/oz", "metric": "AISC / oz" }, { "detail": "-$114.1M actual vs $74M guided at $1,200/oz gold", "metric": "2016 free cash flow" }, { "detail": "$2,000/oz used to boost estimated resource value", "metric": "Gold price assumption in Dec 2016 MRE" }, { "detail": "-$43M to -$129M depending on pushback cost and production", "metric": "Projected 2018 cash shortfall" }, { "detail": "~250 meters long; ~175-200 meter ramp section sliding into the pit", "metric": "West wall collapse extent" }, { "detail": "Breese + Steyn combined holdings fell from 8,524,423 to ~4,310,789 shares", "metric": "Insider selling" } ], "closingAsk": "Short Asanko Gold — the stock is highly likely to end up a zero.", "extraction": { "at": "2026-04-22 19:27:15+00", "model": "unknown-legacy", "runId": null, "seconds": 158.89078, "promptVersion": null }, "scqaReward": "AKG is highly likely to go to zero; the best-case medium-term scenario is a dilutive equity raise approximating half of market cap, with bankruptcy a credible worst case and no realistic path to the bull narrative.", "thesisTypes": [ "fraud_exposure", "management_change" ], "top3Reasons": [ "Nkran west wall has collapsed and pit is 'pinching out' — drone imagery confirms it", "2018 cash shortfall of $43-$129M against $165M debt points to bankruptcy or massive dilution", "Flawed geology and 'smeared' resource models mean satellite deposits cannot save the company" ], "scqaSituation": "Asanko Gold is a Ghana-based gold miner with a C$512M market cap operating the Nkran open-pit mine, with plans to bridge production through satellite deposits and eventual Esaase development under Phase 1.", "thesisSummary": "Muddy Waters Capital is short Asanko Gold (AKG:CN), arguing the Ghana gold miner is highly likely to become a zero. The thesis rests on flawed geology at Nkran: gold production has fallen far short of the 2015 mine plan, and AKG responded by aggressively mining the 'guts' of the ore body, leaving the pit a narrow V-shape that may 'pinch out' within quarters. A 250-meter west wall collapse, documented via drone and satellite imagery, now requires a $75-$115 million pushback that AKG cannot afford. Muddy Waters projects a 2018 cash shortfall of $43-$129 million against $165 million of debt, making bankruptcy or a dilutive equity raise approximating half the market cap the likely outcomes. Management repeatedly contradicted itself on village relocation, pre-stripping, and block-model reconciliation, while insiders Breese and Steyn quietly halved their holdings.", "primaryDemands": [ "Sell/short AKG shares", "Demand management release full block-model reconciliation against original Nkran model", "Hold management accountable for contradictory disclosures on village relocation, pre-stripping, and wall stability" ], "scqaResolution": "Short AKG: either AKG funds a $75-$115M west wall pushback it cannot afford, or it abandons Nkran — both paths lead to bankruptcy or a dilutive equity raise, as satellite deposits cannot compensate.", "thesisOneLiner": "Muddy Waters is short AKG: flawed geology, a collapsing Nkran pit, and a 2018 liquidity crunch make the Ghana gold miner highly likely to end up a zero.", "precedentsCited": [ "LionOre sale to Norilisk (Breese/Steyn prior deal, $706M written down)", "Coalspur (Steyn-chaired, 98% loss since IPO)", "Mirabela Nickel (Steyn director role, 97% share loss)" ], "scqaComplication": "Flawed geology yielded far less gold than projected; AKG aggressively mined into the pit's 'guts,' triggering a 250-meter west wall collapse, pushing Nkran toward 'pinching out,' while management obscured the deterioration through contradictory disclosures.", "narrativeInterest": 4, "notableSlidePages": [ 2, 7, 10, 34, 37, 39 ], "peerCompaniesCited": [], "valuationFrameworks": [ "other" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "Standard legal disclaimer page for an investment research firm.", "function": "other", "imagePath": "https://imgproxy.kitesheet.com/Iuz8ymGWuLFoqMzaj-sONwEV_HOvtMoKDmWtsoB39cI/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85Nzc2ZGU1ZTA1NzgvcDAwMS5qcGc", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 4, "textChars": 441, "nDataPoints": 0, "notes": "Standard legal disclaimer page for an investment research firm.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:50:05.048+00", "seconds": 2.241, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-91b6b54834a7/1", "deck": "/decks/019dd923-622c-750b-8b96-91b6b54834a7", "deckAnchor": "/decks/019dd923-622c-750b-8b96-91b6b54834a7#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b96-91b6b54834a7.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.3, "x": 0.6, "y": 0.08 }, "kind": "disclaimer", "text": "Muddy Waters Capital LLC info@muddywatersresearch.com Director of Research: Carson C. 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"slide": "/slides/019dd923-622c-750b-8b96-91b6b54834a7/2", "deck": "/decks/019dd923-622c-750b-8b96-91b6b54834a7", "deckAnchor": "/decks/019dd923-622c-750b-8b96-91b6b54834a7#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b96-91b6b54834a7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We are short AKG because we believe it is highly likely to end up a Zero.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": 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We estimate AKG needs to spend $75 - $115 million soon to keep mining Nkran, or the mine will \"pinch out\". Spending the money likely means AKG will run out of liquidity in 2018; not spending the money leaves the company without the cash flow to develop its largest deposit, Esaase.\nAKG's \"satellite deposits\" are unlikely to yield significant cash flow, due to likely flawed geology. In a December 2016 upgrade to their resources, AKG used a record gold price – $2,000/Oz – to boost their estimated value. 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"components": [ { "bbox": { "h": 0.758, "w": 0.764, "x": 0.118, "y": 0.144 }, "kind": "list", "text": "Introduction: AKG is Highly Likely to End Up a Zero...4\nNkran: Putting AKG Between a Rock and a Hard Place...7\nNkran is already experiencing serious wall collapses...7\nThe west wall collapse is not trivial...9\nThe west wall collapse is a sign of AKG’s desperation...11\nNkran might “pinch out”...12\nNkran might have as few as two quarters of mining left...14\nThe Satellite Deposits are Unlikely to Yield Significant Cash Flow...15\nDelays and changes to AKG’s satellite deposits and expansion plans...17\nWe are skeptical about the potential of Dynamite Hill...18\nThere are clear indicia of sloppiness in the Dynamite Hill MRE and DPP that call the substance into question...20\nNext mine up: Akwasiso...21\nFlawed MRE Analyses are at the Root of AKG’s Problems...23\nNkran does not contain the gold AKG and investors expected...24\nThe December 2016 MRE seems to true up Nkran geology flaws, but still raises questions...26\nRecord gold price assumption helps AKG reassure investors...28\nAKG updated its MRE, but failed to provide a new technical report...31\nAKG’s Looming Liquidity Crisis...32\nRed Kite Loan...36\nAKG’s cash flow forecasts should be given no credence...36\nEverything is NOT Ok, Management is Not Conservative...38\nAKG cannot seem to get its story straight on relocating the village at Nkran...38\nPre-stripping uncovers another memory hole...40\nAKG creates opacity by delaying release of its block model reconciliation for over one year...41\nSenior management’s track record is less impressive than investors seem to realize...42\nBreese and Steyn have taken significant money off the table...43", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": 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}, "density": "balanced", "densityScore": 39, "componentCount": 6, "textChars": 806, "nDataPoints": 6, "notes": "The text serves as an executive summary for a short-seller research report.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:50:06.983+00", "seconds": 3.193, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-91b6b54834a7/4", "deck": "/decks/019dd923-622c-750b-8b96-91b6b54834a7", "deckAnchor": "/decks/019dd923-622c-750b-8b96-91b6b54834a7#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b96-91b6b54834a7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We are short Asanko Gold Inc. (\"AKG\") because it is highly likely to end up a Zero.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be70-49625e2242ca", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.31 }, "kind": "paragraph", "text": "Nkran could be on the verge of two discrete, but related, calamities: Major wall collapse or \"pinching out\". Significant portions of Nkran have already collapsed.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:06.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28c71896-999a-4fff-ba82-7a749c4e2333", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.13 }, "kind": "paragraph", "text": "We are short Asanko Gold Inc. (\"AKG\") because it is highly likely to end up a Zero. Flawed geology led to investments in Nkran, Esaase, and various satellite deposits that in our view are unrecoverable.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:06.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c989ed8-5345-4f2b-bf87-1cccb9f2de0d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.55 }, "kind": "paragraph", "text": "Nkran might be about to \"pinch out\", in which case its remaining LoM could be less than six months, or just 25% of the original plan.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:06.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a23c3b71-5886-4dd0-98f0-8fb3fcf8c32f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.73 }, "kind": "source-note", "text": "1 AKG, Q1 2017, Earnings Conference Call\n2 The Kumasi region of Ghana...\n3 This is evident from the original 2015 Mine Plan...\n4 AKG, Technical Presentation, 2016-05-11, p.30.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Nkran’s poor performance has meant that AKG lacks the cash flow to Esaase. This has seemingly caused AKG to focus on small low grade “satellite deposits” to plug the hole. Over the last year, AKG has repeatedly shuffled its satellite mine development plans, fast-tracking mines with near surface ores apparently to generate some cash flow. Since Q2 2016 the satellite plan has changed on an almost bi-monthly basis. The demotions of once promising deposits imply expected economics that are much worse than stated in AKG’s Mineral Resource Estimates (MREs). These frequent changes also signal the company is desperate. We believe these deposits will follow Nkran in disappointing due to flawed geology.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:08.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b67e19e-a7e0-4580-8ea4-e41cd81aa1a4", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.15 }, "kind": "paragraph", "text": "With uncertainty hanging over the quantity and quality of ore below, the company faces a dilemma: should it risk running out of money by pushing back the walls, or admit defeat and move on from Nkran, but likely without the liquidity needed to generate meaningful cash flow from its other resources? As of the end of FY16, Nkran has significantly underperformed the original 2015 mine plan despite mining so aggressively as to have removed 19% more ore than planned. There was an -11% short fall in total gold production. Recent disclosures cause us to think the company will deem Nkran as pinched out, and it will therefore abandon the project. In that case, if the 2.7 million tons of ore and 166,000 ounces recently reported as being accessible with minimal additional cost is all the mining management intends to complete at Nkran, then Nkran’s remaining LoM could even be less than half a year (which would reduce Nkran’s LoM to one-fifth or less of its original plan).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:08.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63bb9cbe-e79f-4311-9f59-a7e3acf7d5e0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.62 }, "kind": "paragraph", "text": "We see AKG root problem as flawed geology. The most recent evidence of the poor geology is the newest Nkran pit model, which significantly decreased the reserve estimates. An expert report we reviewed on the history of AKG’s MREs and other technical reports was highly critical. The experts found significant flaws and omissions in the assumptions and methodologies, including possible “smearing” of the mineral resource model. The report strongly suggests that critical flaws remain in the pit models for Nkran, Esaase, and the original satellite deposits including Dynamite Hill, which until May 23, 2017 was the satellite first in-line", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:08.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bbe39cf-1604-4843-ab33-cfc1ddc56b30", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "its pit floor is a skinny, irregular shape, only ~65 meters at its widest point and narrowing to about half that at either end. AKG might have as few as two benches of depth (at 18 meters per bench) in Nkran that it is able to mine.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:08.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "caa36d0b-7880-4721-801e-f6d254beea71", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.78 }, "kind": "source-note", "text": "5 Per the FY15 MD&A, total ore mining for 2016 was to be 3.943 million tons, from Q1 through Q4 4.676 million tons of ore were reported as mined (Q4 2016 earnings presentation, p.5, Q1 2016 MDA p 12). Total 162,838 oz in total vs. the 182,428 oz in the Mine Plan reported in the 2015 Full Year MDA, p. 11). This includes 15,337 oz of gold recovered predominantly from inferred ounces in Q1 2016 which should not be depleted from its reserves/ resources. 6 Based on recent mining rates which are predicted to remain unchanged. As reported the strip rate for these is 2:1 (Q1 2017 conference call). 7 AKG, Technical Presentation, 2017-02-24. Nkran’s reserve ounces were downgraded by 22.6%, a loss of 430,000 ounces of gold. 8 The “pit model” refers to the mineral resource block model which generates a geological 3D model based on data input from drilling of the deposit area, but as interpreted and adjusted per algorithms, design parameters, and the discretion of geologists who create it. 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Several sections around the east wall above and below its ramp are also exhibiting signs of stress and being at a risk of further collapse. A failure along the east wall would be a severe issue for AKG because it would cut off access to the ore at the pit bottom. To stabilize the west wall and rebuild a new access ramp would require a large push at great expense. 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If Nkran pinches out this soon, AKG appears that it will be unable to fund Esaase.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:09.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08100a02-8f72-4e81-a613-5b91bf94d548", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "exact size of the west wall pushback and did not provide a direct answer to the question when asked on the Q1 2017 conference call. We believe the company was avoiding answering the question because it is unclear how much of the wall it can afford to remove.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:09.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0fd52879-c5d4-425c-9c69-128736436c12", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.32 }, "kind": "paragraph", "text": "AKG's quandary is that it needs to pushback the west or east wall to avoid pinching out. This is essentially an additional pre-strip that AKG would need to do; however, doing so will require a substantial portion of its available cash.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:09.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a91972f-b906-452f-8579-442422ee1c57", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.23 }, "kind": "paragraph", "text": "We estimate that if AKG decides to complete the pushbacks of the east or west walls needed to access new ore bodies, it will incur $75 to $115 million of stripping costs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:09.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e9f10c5-1f57-4a0a-aba9-29a1140c4c2f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "166,000 ounces already pre-developed at Nkran, which don't require any further capital development to access — AKG, press release, 2017-04-27. To-date, the in-pit development work that we have done at Nkran gives us access to ore inventory of 2.7 million tons containing approximately 166,000 ounces that is ready to be mined. — AKG, press release, 2017-05-04", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be71-5ff498a4caca", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.8 }, "kind": "source-note", "text": "- $2 x 37,260,000 =$74.5 million; and, a base case of - $2 x 72,864,000 =$145.728 million, which then haircut to arrive at $115 million. 26-30 footnotes.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The demotions, which are likely due to poor underlying geology or significant pre-stripping costs demonstrate wide-ranging problems across the Obotan area.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:31:44.263+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d010124-fff1-446c-b003-8e1f7ad4b627", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.59 }, "kind": "paragraph", "text": "Originally the neighboring pit Adubiaso was scheduled to be the first to follow Nkran into production with ~10 million tons being extracted in 2017. It is featured in the 2015 LoM schedule presented below.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:31:44.263+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6543c1e0-31bd-4636-80af-8ab056fc24bd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.16 }, "kind": "paragraph", "text": "Phase One as planned in the DPP was to incorporate the five deposits and have a Life of Mine (LoM) of 12.4 years, during which time Nkran was to supply 88% of the total ounces. If AKG is only able to remove an additional 166,000 ounces from the pit, it will have removed only 466,025 ounces (-79% compared to the November 2014 DPP). 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Neither Adubiaso nor the Nkran Extensions remain featured in the latest satellite deposit development plans, even though these are two of the original satellite pits. 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In October 2016, AKG stated it would be mining the Adubiaso extension in 4Q 2016. However, Satellite analysis shows that after grade control drilling the Adubiaso extension in Q3 2016, little to no further activity took place on site. 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AKG had reported these two extensions were fully permitted as of the end of 2016.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:10.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efaf8cf9-1b4a-45ee-99bb-7a313607432e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.12, "y": 0.74 }, "kind": "source-note", "text": "Footnotes 41-45 detailing press releases and annual reports.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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In April, the company disclosed that a large portion of its exploration budget, which had grown approximately four times from last year, had already been used to drill out recently-acquired Akwasiso. The speed with which this new deposit accelerated through the ranks of AKG's satellite pit development plans, in our opinion, further underscores the company's desperation and the lack of potential of the other satellite deposits.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:10.23+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ea0efda-9f07-402a-9cab-dc59b3e45cb2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.64 }, "kind": "paragraph", "text": "A skeptical interpretation is that the company accelerated Akwasiso's drilling so that it could first \"bulk up\" its December 2016 MRE and generate another upgrade (+26% to its reserve ore tonnage and grade, 65% to its ounces) just before release of its new LoM and multi-pit", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:10.23+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78005592-e578-47fb-89b4-99f1cc2935a1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.32 }, "kind": "paragraph", "text": "We see more signs of desperation when reviewing the acquisition of, drilling program for, and fast-track permitting of Akwasiso. Despite owning ~679 square kilometers of unexplored land, and five near-mine satellite deposits, the company opened negotiations on near-mine acquisition targets. By Q3 2016 it closed on the Akwasiso concession for $8.6 million in cash and shares. The infill drilling (used to confirm the presence of mineralization) continued through April 2017. 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Comparable mining companies appear to be ultra-conservative.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be73-237ac3730b41", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Constraining Gold Price: $2,000", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be73-2638a594d79d", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.764, "x": 0.118, "y": 0.095 }, "kind": "paragraph", "text": "AKG stated that it adopted the new MRE “to be prudent…[and] elected to use the more conservative.” However, the new “conservative” measured, indicated, and inferred mineral resources uses a $2,000/oz. gold price to define the gold pit shell.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:10.66+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ad44902-d82a-4922-9910-1fbd9e40a0cf", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.764, "x": 0.118, "y": 0.63 }, "kind": "paragraph", "text": "AKG’s justification for not releasing a new technical report after the major December 2016 downgrade to Nkran is that there was “no material change to the global reserve inventory”. 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"deckJson": "/decks/019dd923-622c-750b-8b96-91b6b54834a7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "AKG is at very high risk for a liquidity crisis in 2018.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be72-f043ff69cfcc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "liquidity: $48 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be72-f7ad4c9ecfc1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.764, "x": 0.118, "y": 0.185 }, "kind": "paragraph", "text": "The company's liquidity is limited to only $48 million of cash on hand as of Q1 2017, and it has no availability on its $150 million revolver with Red Kite. 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These assumptions do not include lower production, higher potential costs, or capex increases.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:15.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cbb3fe1-000c-459c-aa84-1c98387524cd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.764, "x": 0.118, "y": 0.25 }, "kind": "paragraph", "text": "The company adds in receivables to its cash on hand, which we see as aggressive because receivables are not always liquid and the full amount might not be collected. 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In our view, the company has had all the data it needs to perform the reconciliations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be75-6295c65311b0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.7 }, "kind": "paragraph", "text": "We do not take these explanations at face value. In our view, the company has had all the data it needs to perform the reconciliations. Satellite photos and drone footage show that grade control drilling has been ongoing in the pit. Our investigator interviewed 21 mine employees who confirmed that company’s trucks are equipped with GPS. The location of each load of ore and wastes origin from the pit and its delivery point in the stockpile has been collected. 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After disruption to its main supply contract with Brazilian metals producer, Votorantim", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:17.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a615f51c-6a8b-40e4-ac1e-56a90fb61bec", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.11, "y": 0.28 }, "kind": "paragraph", "text": "Lion ore", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:17.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5b859c5-7468-4624-a1db-49793fab4c77", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.31 }, "kind": "paragraph", "text": "Numerous red flags came to light after the sale of LionOre in 2007. Peter Breese and Colin Steyn received a windfall on LionOre, selling the asset for $6.4 billion to Norilisk at the top tick of a bull market in Nickel. The premium price paid for LionOre was partially justified by Activox, a “proprietary technology.” Within 12 months of the acquisition, Norilisk wrote down $490 million on the Activox technology, and over the next four years, the entire ascribed fair value of $706 million was written off. Norilisk was forced write down an additional $1.09 billion on the Tati Nickel asset purchased as part of the LionOre transaction. 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He was appointed Chairman in September 2011 alongside the appointment of Peter Breese who was appointed a non-executive director. After failing to gain timely approval for the Vista coal project the company struggled to raise equity financing and was acquired by K.C. 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The major sales of stock are likely to have occurred during 2015 via offshore share sales. 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Coincidentally at the same time the shares were distributed, AKG stopped breaking out the number of shares held by individuals and instead began grouping the entire management team's holding.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:13.519+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f929222f-a408-44bc-908e-fd1ef3b51886", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.7, "x": 0.15, "y": 0.25 }, "kind": "quote", "text": "Common shares owned by Highland Park SA are controlled indirectly by Mr. Steyn but will be distributed by Highland Park to the beneficial owners in 2015.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:50:13.519+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60fca2c0-b9c9-48c2-9d61-561a028099d9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Common shares owned by Highland Park SA are controlled indirectly by Mr. Steyn but will be distributed by Highland Park to the beneficial owners in 2015. — AKG, Annual information form, 2015-03-16 p54", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:25:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203c-716b-be73-b6b2fcd8ffb2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.764, "x": 0.118, "y": 0.868 }, "kind": "source-note", "text": "136 http://www.afr.com/business/mirabela-nickel-chairman-resigns-in-reshuffle-20140113-iya8d\n137 AKG, Annual information form, 2015-03-16 p54\n138 AKG, Annual information form 2016-03-06 shows the entire management team own 4,310,789 shares", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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