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): 11
Equiv. Shares (M): 389

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.029 $ 0.025 $ 0.029 $ 0.025 $ 0.023 80,181 $ 0.006  26.087 %

Company Overview

Business Description:
Azumah Resources Limited (AZM) is an Australian gold exploration company focused on the exploration and development of the 100% owned Wa Gold Project in northwest 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 (%)
2014  A -3.4 -1.0 -- 0.0 0.0 0.0 --
2013  A -19.1 -5.7 -- 0.0 0.0 0.0 --
2012  A -23.9 -8.0 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Azumah (AZM) $9 M -- -- -- -- -- -- 0.00 -- --
Newcrest Mining (NCM) $8,071 M -0.0429 -0.2244 0.4695 18.6835 24.0906 16.3942 0.00 0.00 1.88
OceanaGold (OGC) $739 M -- -- -0.0380 -- 7.1575 7.4400 0.00 0.00 0.00
OZ Minerals (OZL) $1,080 M -- -- 0.1368 -- 68.5934 60.3390 5.62 5.62 4.23
Regis Resources (RRL) $765 M -- -- 0.8378 -- 11.7602 6.3990 0.00 NaN 5.86

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
AZM -- -- 2.69 -- --
Market 0.91 15.2 1.18 1.87 1.52
Sector 0.66 12.2 0.75 1.12 2.78

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

Substantial Shareholders
Holding Name
18,883,250 (5.63%) CDS and Co
17,549,530 (5.24%) Citicorp Nominees Pty Limited
26,440,705 (7.89%) Macquarie Bank Limited
32,041,127 (9.56%) JP Morgan Nominees Australia Limited
24,568,324 (7.33%) HSBC Custody Nominees (Australia) Limited

Calendar of Events
Date Event
23 October 2015 Report (Annual)
23 October 2015 Report (Quarterly)
25 September 2015 Report (Annual)
28 July 2015 Report (Quarterly)
29 April 2015 Report (Quarterly)
29 January 2015 Report (Quarterly)
19 January 2015 Report (Quarterly)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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