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  "docSlug": "9776de5e0578",
  "documentTitle": "Asanko Gold Inc. (AKG)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-05-31 00:00:00",
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  "notes": "Includes footnotes referencing conference calls and investor presentations.",
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      "kind": "callout",
      "text": "The demotions, which are likely due to poor underlying geology or significant pre-stripping costs demonstrate wide-ranging problems across the Obotan area.",
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      "text": "Life of Mine: 12.4 years",
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      "text": "We believe the above statements may be a warning to investors as 2.7 million tons of ore at a 2:1 strip ratio would give AKG as few as two remaining quarters of mining Nkran, even with rain hampering mining operations.",
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      "text": "Most of the original satellite pits are no longer featured in the latest satellite deposit development plans (e.g., Adubiaso, Adubiaso Extension, the Nkran Extension). The demotions, which are likely due to poor underlying geology or significant pre-stripping costs demonstrate wide-ranging problems across the Obotan area.",
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      "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.",
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      "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). If this becomes the case, LoM for Nkran will have been less than 36 months, about one quarter of the original plan, and seriously compromising Phase One.",
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      "kind": "source-note",
      "text": "Footnotes 31-35 detailing sources for the claims.",
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      "kind": "table",
      "text": "Asanko MRE table showing Tonnage, Au Grade, M oz, and Percent of Total for Nkran, Adubiaso, Abore, Asuadai, and Dynamite Hill.",
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      "kind": "title",
      "text": "The Satellite Deposits are Unlikely to Yield Significant Cash Flow",
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