{
  "docId": "019dd923-622c-750b-8b96-91b6b54834a7",
  "docSlug": "9776de5e0578",
  "documentTitle": "Asanko Gold Inc. (AKG)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-05-31 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 37,
  "pageCount": 43,
  "prevPage": 36,
  "nextPage": 38,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide contains two embedded images of company presentation slides, annotated with critical commentary regarding the company's overly optimistic forecasting.",
  "elementsJson": [
    "screenshot",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-91b6b54834a7/37",
  "deckHref": "/decks/019dd923-622c-750b-8b96-91b6b54834a7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-91b6b54834a7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-91b6b54834a7#slide-37",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Note that the company was guiding for AISC in the $748 to $786/Oz range in these slides above. However, the company missed its AISC by a wide margin and attained $893/Oz in AISC Q4 2016, but has since increased to $956/Oz in Q1 2017.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be73-94eb3b6f0910",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.8,
        "x": 0.1,
        "y": 0.5
      },
      "kind": "image",
      "text": "Slide 2: Attractive Phase 1 Economics",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9718cf9-5ced-4cfa-971a-5347c42c9e51",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.8,
        "x": 0.1,
        "y": 0.1
      },
      "kind": "image",
      "text": "Slide 1: Robust Near-Term Cash Flow",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4a3db08-7bc2-4a64-aba0-4837e1930341",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "AISC: $956/Oz",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be73-9b5f7f61e7ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.1,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "Note that the company was guiding for AISC in the $748 to $786/Oz range in these slides above. However, the company missed its AISC by a wide margin and attained $893/Oz in AISC Q4 2016, but has since increased to $956/Oz in Q1 2017.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "21e68a97-51c3-489e-9f77-e31e32b26c30",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.1,
        "y": 0.45
      },
      "kind": "paragraph",
      "text": "Below is another overly optimistic projection the company made in November of 2014, forecasting 2017 free cash flow to be in the $100 million to $143 million range.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63e7385d-6b51-4ea7-863a-a4da837d2e38",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.1,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "112 Note the AISC in the $748 to $786/oz range...",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9ca6a59f-f53e-499a-8146-99b4b325e785",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.1,
        "y": 0.8
      },
      "kind": "source-note",
      "text": "111 All-in Sustaining Costs (AISC) are a non-GAAP metric...",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1a8c94b-3cfb-46aa-b17d-bc6063bfb3d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.1,
        "y": 0.05
      },
      "kind": "title",
      "text": "Asanko Gold Research Note",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3dba129-8cce-4ca2-952b-c7bb4e285ee3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "965123c3-8ef6-49a8-ad9e-83028892d9b1",
      "evidence": "The slide explicitly contrasts company guidance with actual performance to demonstrate misleading projections.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 43,
      "from": 7,
      "beatId": "6be461ab-1701-4014-b503-c277fa3cb52c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document presents several contradictions and red flags in AKG's operations and financials.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 43,
      "from": 32,
      "beatId": "3d802e4a-a874-445a-82e4-dba634809e94",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The document concludes with a discussion of AKG's looming liquidity crisis and the potential consequences.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}