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  "documentTitle": "Asanko Gold Inc. (AKG)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2017-05-31 00:00:00",
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  "notes": "The slide uses direct quotes from management and compares them against internal project plan data to highlight inconsistencies.",
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      "text": "Rather than make clear the original plan underestimated the amount of pre-stripping, AKG retroactively changed the original plan without making the change apparent to investors – it was as though the company hoped nobody would notice the difference.",
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      "text": "pre-stripping cost: $12.8 million",
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      "text": "Dan, the block model reconciliation is obviously a moving part... the western center part of pits is about 10 or 12 meters lower... eastern center of the pit is 45 meter higher... relocation of the village and that was delayed.",
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      "text": "Rather than make clear the original plan underestimated the amount of pre-stripping, AKG retroactively changed the original plan... final pre-strip total was over 28 million tons... equates to ~5.4 million tons or over $12.8 million in excess cost.",
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      "text": "In this instance, AKG appears to be using the village move delay as cover for several operational changes: holding off on the east wall pushback, going deeper in the western center of the pit, and even an inability to reconcile its block model.",
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      "text": "AKG almost certainly incurred far more pre-stripping cost than planned... Phase One DPP... called for a pre-strip at Nkran of between 18 million to 21.6 million tons.",
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      "text": "AKG's spin increased in July 2016, claiming to be ahead of schedule and within budget:",
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      "kind": "quote",
      "text": "the pushback ...is advancing well, with a total of 28 million tons mined since mining operations commenced early in 2015 against a plan of 26.2 million tons.",
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      "text": "This is a remarkable achievement to get to steady state production levels within a six-month period considering the fact that not only did we build the mine ahead of the plan and",
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      "text": "Dan, the block model reconciliation is obviously a moving part, because we have to look at different areas of the pit that are being mined, because some areas of pits are higher than where we said it was going to be. — Unnamed source (likely internal/expert)",
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      "text": "Footnotes 118-123 detailing project plan sources and cost calculations.",
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      "text": "Pre-stripping uncovers another memory hole",
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