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AZUMAH RESOURCES LIMITED (AZM)

AZUMAH RESOURCES LIMITED (AZM)

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General Information
Company Name: Azumah Resources Limited
Stock Code: AZM
Website: www.azumahresources.com.au
GICS Sub-Industry: Gold
Market Cap ($M): 80
Equiv. Shares (M): 334

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.240 $ 0.240 $ 0.240 $ 0.235 $ 0.235 490,099 $ 0.005  2.128 %

Company Overview

Business Description:
Azumah Resources Limited (AZM) is a West African gold company focused on exploration and development of the 90% owned Wa Gold Project in NW Ghana, West Africa.

Strategy Analysis:
Azumah Resources has the full focus on its Wa Gold Project in NSW Ghana, West Africa. The company believes that Ghana remains the preferred destination in West Africa for resource development, reinforced by the belief that the country is set to be coming the largest gold producer on the continent. Azumah reported negative cash flow of $5.18m for quarter ended 31 December 2011. Operating cash flow for the period was $(4.91m). Payments for exploration and evaluation were $(4.3m). Investing cash flow was $(273,000). Financing cash flow was nil. Cash in hand at the end of the quarter was $8.19m..


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2011  A -21.8 -7.7 -- 0.0 0.0 0.0 --
2010  A -10.2 -6.0 -- 0.0 0.0 0.0 --
2009  A -2.6 -2.8 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F
Azumah (AZM) $78 M -- -- -- -- -- -- 0.0000 -- --
Newcrest Mining (NCM) $19,048 M -0.0667 0.0087 0.2610 16.9330 16.7869 13.3119 0.0201 0.0141 0.0158
Oz Minerals (OZL) $2,510 M -0.3975 -0.3391 0.1668 7.4560 11.2823 9.6694 0.0738 0.0462 0.0492
Regis Resources (RRL) $1,745 M -- 0.7927 2.3481 45.1991 25.2123 7.5302 0.0000 0.0000 0.0298
Sundance Resources (SDL) $1,217 M -- -- -- -- -- -- 0.0000 0.0000 0.0000

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
AZM -- -- 2.36 -- --
Market 0.80 12.1 1.33 1.35 1.68
Sector 0.41 9.48 1.05 1.04 14.3

Directors
Name Position Start Date
Mr Stephen Stone Managing Director 03 November 2006
Mr Michael William Atkins Non-Executive Chairman 20 October 2009
Mr Geoffrey Michael Jones Non-Executive Director 20 October 2009
Mr William R. (Bill) LeClair Non-Executive Director 14 May 2012

Management
Name Position
Dennis William Wilkins Company Secretary
Paul Amoako-Atta Mineral Licence Manager
Cheryl Morton Senior Geologist - Wa Gold Project

Substantial Shareholders
Holding Name
20,448,650 (7.25%) Citicorp Nominees Pty Limited
26,440,705 (9.38%) Macquarie Bank Limited
45,862,828 (16.26%) HSBC Custody Nominees (Australia) Limited
34,758,166 (12.32%) JP Morgan Chase & Co and its affiliates

Calendar of Events
Date Event
22 April 2013 Report (Quarterly)
14 January 2013 Report (Quarterly)
17 October 2012 Report (Quarterly)
27 September 2012 Report (Annual)
25 July 2012 Report (Quarterly)
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