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.
AI
