Muddy Waters – Asanko Gold Inc (AKG) Likely To End Up A Zero

We are short AKG because we believe it is highly likely to end up a Zero. On the back of flawed geology, AKG made investments in Nkran, its satellite pits, and Esaase that we believe will never be recovered. Nkran is already experiencing a serious collapse of its west wall that we believe is a sign of AKG’s desperation. We estimate AKG needs to spend $75 – $115 million soon to keep mining Nkran, or the mine will “pinch out”. Spending the money likely means AKG will run out of liquidity in 2018; not spending the money leaves the company…