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    Avocet Summary

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    ixanozious
    Avocet Mining PLC is a gold mining and exploration company incorporated in 1995 that is headquartered in London and listed on the AIM and Oslo stock exchanges. As of December 2009, Avocet operates 2 gold mines generating cash flow and is ramping up production at a 3rd mine in West Africa, and has additional exploration projects. The company has over 1,200 employees and had $47 million in cash and $94 million in total assets as of December 2009. Major shareholders include Elliott Management with a 16.2% stake and Blackrock with 5.3%.

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    Avocet Summary

    Uploaded by

    ixanozious
    17 views1 page
    Avocet Mining PLC is a gold mining and exploration company incorporated in 1995 that is headquartered in London and listed on the AIM and Oslo stock exchanges. As of December 2009, Avocet operates 2 gold mines generating cash flow and is ramping up production at a 3rd mine in West Africa, and has additional exploration projects. The company has over 1,200 employees and had $47 million in cash and $94 million in total assets as of December 2009. Major shareholders include Elliott Management with a 16.2% stake and Blackrock with 5.3%.

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    Avocet Mining PLC is a gold mining and exploration company incorporated in 1995 that is headquartered in London and listed on the AIM and Oslo stock exchanges. As of December 2009, Avocet operates 2 gold mines generating cash flow and is ramping up production at a 3rd mine in West Africa, and has additional exploration projects. The company has over 1,200 employees and had $47 million in cash and $94 million in total assets as of December 2009. Major shareholders include Elliott Management with a 16.2% stake and Blackrock with 5.3%.

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    17 views1 page

    Avocet Summary

    Uploaded by

    ixanozious
    Avocet Mining PLC is a gold mining and exploration company incorporated in 1995 that is headquartered in London and listed on the AIM and Oslo stock exchanges. As of December 2009, Avocet operates 2 gold mines generating cash flow and is ramping up production at a 3rd mine in West Africa, and has additional exploration projects. The company has over 1,200 employees and had $47 million in cash and $94 million in total assets as of December 2009. Major shareholders include Elliott Management with a 16.2% stake and Blackrock with 5.3%.

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    of 1

    Company Profile

    Incorporation Date 1 16 March 1995 - UK


    Domicile 1 London, UK
    Activity 1 Gold Mining/Exploration
    Group Employees 2 9M09: 1,292 / Mar09:994
    Listing Date 26Jul02/VSE to LSE in 97
    Listed Exchanges 1 AIM & Oslo – AVM

    12/09 AR – $1,0002 12 / 2009 3 / 2009


    Cash & Equivalents 47,056 72,418
    Total Current Asset 93,221 101,226
    Property Plant Equip. 299,793 70,904
    Intangibles &Goodwill 28,390 42,321
    Total Assets 436,698 228,172
    Current Liabilities 47,693 16,694
    Total Liabilities 159,322 36,398
    Total Equity 277,376 191,774
    9M-Dec09 12M-Mar09
    Revenue 82,945 97,042
    Cost of Sales (70,802) (77,596)
    Market Cap3:Spt:£237.3m(I:C$21.8)/6-m.:£221.4m(I:C$24.3) Admin. Expenses (2,952) (4,889)
    Debt : $90m / Cash: $ 47.056 m Operating Profit (loss) (10,589) 4,832
    EV: Spot: £ 251.5 m / 6-mo.: £ 234.0 m Net Earnings (Loss) (12,643) 24,232
    Shareholders 2: Elliot Management: 16.2%;
    Directors & relations:4.3%; Blackrock: 5.3% CFI: Explor. & Eval. (8,913) (13,764)
    “Avocet...operates 2 gold mines generating strong cashflow and is currently ramping up
    production at a third mine – Inata (W.Africa)...also has a pipeline of exciting exploration
    projects...medium term strategy is to build a portfolio producing in excess of 300,000 oz./yr.”2
    VALUATION METRICS US$
    EV / oz. Implied
    Reserve
    Spot 279.4
    6-mo. Avg. 260.0
    EV / oz. Resource
    Spot 79.2
    6-mo. Avg. 73.7
    EV / oz. Production / Year
    Spot 1,744.7
    6-mo. Avg. 1,623.3
    Perspective Minority
    including upside

    JORC1 07 08 09 9MDec09 P
    GBP:USD = 1.5262 $/£ e
    Proved Probable Au-k.oz 96 84 69 47 n
    USD:CAD = 1.03 C$/$ 37% 63% Head g/t 5.7 4.8 3.5 3.2 j
    Recovery% 92 91 86 83 o
    Reserve / Resource: 28% Cash cost$ 351 414 610 710 m

    Au-k.oz. 39 59 33 28 N
    Measured Indicated Inferred L
    Head g/t 1.9 2.5 2.1 1.7
    . 18% 55% Recovery % 69 54 45 66
    a
    n
    27% Cash cost$ 354 295 588 569 u
    t

    Sources:
    1
    : Oslo Listing Prospectus
    CSD Update 0 Draft Chec Approv 2 GOLD
    k e
    : Annual Report, 9M ended Dec. 00
    3
    15/7/10 pb : Bloomberg / www.avocet.co.uk

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