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AXM.V - Axmin Inc. (Gold Royalty & Producer)
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[QUOTE]Originally posted by chiliandrillman: [QB] Axmin Inc(AXM.V) Royalty Payment History(2015-2018) All In USD. Numbers Can Be Found On Sedar. Q3 2015 Gold Ounces Mined At Gora: 2,414 From TGZ MD&A Royalty Income(1.5% Of Gora Sales): $0 Delayed payment as TGZ needs to sell gold Cash: $136,274 Receivables: $0 No receivables until TGZ sells gold Total Assets: $143,189 Total Liabilities: $2,570,565 Q4 2015 First Quarter Of Gora Payments Gold Ounces Mined At Gora: 20,401 From TGZ MD&A Royalty Income(1.5% Of Gora Sales): $252,721 Cash: $ 14,039 Receivables: $258,939 Total Assets: $347,504 Total Liabilities: $2,520,590 Q1 2016 Gold Ounces Mined At Gora: 27,560 From TGZ MD&A Royalty Income(1.5% Of Gora Sales): $457,259 Cash: $203,850 Receivables: $465,098 Total Assets: $717,454 Total Liabilities: $2,548,366 Q2 2016 Gold Ounces Mined At Gora: 14,517 From TGZ MD&A Royalty Income(1.5% Of Gora Sales): $232,045 Cash: $188,321 Receivables: $235,427 Total Assets: $426,091 Total Liabilities:$2,111,294 Portion of cash used for liabilities Q3 2016 Gold Ounces Mined At Gora: 8,570 From TGZ MD&A Royalty Income(1.5% Of Gora Sales): $165,794 Cash: $299,540 Receivables: $172,008 Total Assets: $473,972 Total Liabilities: $2,081,329 Q4 2016 Gold Ounces Mined At Gora: 17,301 From TGZ MD&A Royalty Income(1.5% Of Gora Sales): $125,282 Cash: $370,238 Recivables: $12,084 Total Assets: $516,121 - $1 million paid from Bambari license Until March 2019 Total Liabilities: $2,952,285 Q1 2017 Gold Ounces Mined At Gora: 22,286 From TGZ MD&A Royalty Income(1.5% Of Gora Sales): $310,684 Cash: $436,764 Receivables: $320,874 Total Assets: $766,439 Total Liabilities: $2,988,656 Q2 2017 Gold Ounces Mined At Gora: 21,402 From TGZ MD&A Royalty Income(1.5% Of Gora Sales): $386,655 Cash: $713,569 Receivables: $390,276 Total Assets: $1,109,413 Total Liabilities: $3,010,128 Q3 2017 Gold Ounces Mined At Gora: 11,123 From TGZ MD&A Royalty Income(1.5% Of Gora Sales): $273,516 Cash: $1,088,948 Receivables: $278,321 Total Assets: $1,369,453 Total Liabilities: $3,027,594 Q4 2017 Gold Ounces Mined At Gora: 60,587 From TGZ MD&A Royalty Income(1.5% Of Gora Sales): $614,723 Cash: $1,115,331 Receivables: $610,477 Total Assets: $1,738,742 Total Liabilities: $2,954,279 * Despite record production at Gora, the royalty income was only double the prior quarter despite having 5.5 times the amount of gold mined. This is again delayed due to TGZ being able to safely sell the gold and get paid from it. Q1 2018 Estimate From Teranga Gold Payment Announced May 3rd Gold Ounces Mined At Gora: 58,384 From TGZ MD&A Royalty Income From TGZ MD&A (1.5% Of Gora Sales): $500,000 as per TGZ financial results. Teranga Gold May 2018 corporate presentation clearly states on page 18 that 22,500 ounces are to be sold to Franco Nevada. Well this is only a fraction of what was produced which again confirms that payments to Axmin are deferred to upcoming quarters which should be reflected in the receivables. 118,971 ounces of gold were mined between Q4 2017 and Q1 2018 at Gora. Lets use basic gold numbers such as $1,300 per ounce(lower than the last 6 months) and see what we should be getting: 118,971 ounces X $1,300 gold price = $154,662,300 (if all gold was sold) $154,662,300 X 0.015% (Axmin royalty) = $2,319,935. Keep in mind that gold is higher than $1,300 so the royalty should be a bit more What was paid in Q4 2017 and announced for Q1 2018: $614,723 + $500,000 = $1,114,723 So Axmin is still owed a lot more money and this will likely be paid between Q2-Q4 this year. [/QB][/QUOTE]
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