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VANTAGE GOLDFIELDS LIMITED (VGO)


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General Information
Company Name: Vantage Goldfields Limited
Stock Code: VGO
Website: www.vantagegoldfields.com
GICS Sub-Industry: Gold
Market Cap ($M): 14
Equiv. Shares (M): 227

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.060 $ 0.000 $ 0.000 $ 0.000 $ 0.060 0 0%

Company Overview

Business Description:
Vantage Goldfields Limited (VGO) holds mining and exploration rights to a large area within the Barberton Goldfield district, the second largest goldfield in South Africa. The Company has three projects and total estimated Mineral Resources of 4.5Moz, including estimated Ore Reserves of 0.7Moz. The projects are the Lily Mine, the Barbrook Mines Complex and the Worcester Project. Vantage's interest in each project is 74% (other than the Lily Project, in which the interest is currently 85%, but which will be reduced to 74% by 2014). The remaining interest in each project is held by Lomshiyo Investments.

Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A 3.8 1.7 -63.0 9.3 0.0 0.0 --
2011  A 10.1 4.6 -- 4.2 0.0 0.0 --
2010  A -9.3 -6.4 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F
Evolution Mining (EVN) $591 M -- 0.2435 0.2132 12.0317 9.6756 7.9752 0.0000 0.0108 0.0228
Newcrest Mining (NCM) $11,958 M -0.0378 -0.4473 0.0886 11.0255 19.9488 18.3249 0.0224 0.0207 0.0224
OZ Minerals (OZL) $1,308 M -0.6077 -0.7395 2.7051 10.3481 39.7235 10.7214 0.0696 0.0172 0.0374
Regis Resources (RRL) $1,826 M 0.7775 1.2655 0.3111 25.2964 11.1660 8.5163 0.0000 0.0521 0.0761
Vantage Goldfields (VGO) $14 M -0.6334 -- -- 3.5503 -- -- 0.0000 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
VGO -- 3.55 0.24 -- 0.33
Market 1.10 12.9 0.91 2.56 2.61
Sector 0.57 8.89 0.70 2.13 7.50

Directors
Name Position Start Date
Mr Michael (Mike) McChesney Chief Executive Officer 22 October 2009
Dr William (Willo) Morton Stear Executive Director (other) 22 October 2009
Mr Stephen John Turner Non-Executive Chairman 22 October 2009
Mr Gilbert Chalk Non-Executive Director 25 May 2011
Mr Terence Vincent Willsteed Non-Executive Director (other) 22 October 2009

Management
Name Position
Derrick Short Chief Financial Officer
Wayne John Kernaghan Company Secretary
Michael Begg General Manager

Substantial Shareholders
Holding Name
40,638,619 (17.88%) Asian Investment Management Services Ltd
72,236,879 (31.78%) HSBC Custody Nominees (Australia) Limited
18,465,702 (8.12%) Stirling Nominees Limited

Calendar of Events
Date Event
29 April 2014 Report (Quarterly)
15 April 2014 Report (Annual)
27 February 2014 Report (Prelim)
28 January 2014 Report (Quarterly)
16 October 2013 Report (Quarterly)
27 August 2013 Report (Interim)
30 July 2013 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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