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  "documentTitle": "Asanko Gold Inc. (AKG)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2017-05-31 00:00:00",
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      "text": "We are short AKG because we believe it is highly likely to end up a Zero.",
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      "text": "Report Date: May 31, 2017\nCompany: Asanko Gold Inc.\nTicker: AKG CN (AKG US)\nIndustry: Mining\nStock Price: C$2.52\nMarket Cap: C$512 million\nFloat: 198.7 million shares",
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      "text": "We are short AKG because we believe it is highly likely to end up a Zero.\nOn the back of flawed geology, AKG made investments in Nkran, its satellite pits, and Esaase that we believe will never be recovered.\nNkran is already experiencing a serious collapse of its west wall that we believe is a sign of AKG's desperation. 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. This is only one of the serious flaws we see.\nThere are indicia that some of AKG's resources models have been \"smeared\", which would cause estimates of their ore contents to be inflated.\nManagement is outwardly assured and confident, but their behavior reeks of desperation and short-termism.",
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      "text": "stock price: C$2.52",
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      "text": "Muddy Waters is Short on Asanko Gold Inc. (AKG:CN)",
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