BANRO CORP. T.BAA

BANRO OWNS LOW CASH COST, 4 OPEN PIT GOLD MINES

[matthew123]

1) BAA~ Banro is a Canadian gold company, its shares trade on TSX and NYSE/AMEX

Banro is a Canadian gold company with production from its first gold project, Twangiza, which is located in the Democratic Republic of the Congo. Banro is also focused on the development of its second open pit project Namoya and is undertaking exploration on two further fully permitted and licensed projects, Kamituga and Lugushwa. All Banro's current projects lie along the 210 km long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the DRC.

https://www.banro.com
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2) BAA~ Banro has 4 open pit Gold mines..

A) Banro's Twangiza commenced production in 2011

Twangiza (Oxide) became Banro's first producing open pit gold mine when it entered production in October 2011, commencing commercial production in September 2012. With mill throughput at full capacity of 1.7 million tonnes per year, Twangiza (Oxide) is projected to produce upwards of 10,000 ounces of gold each month with an expected mine life of seven to eight years from currently-defined reserves.
Twangiza is the most advanced of Banro's four properties with a Mineral Reserve of 13.69 million tonnes grading 2.34g/t Au containing 1.03 million ounces of gold. The Twangiza deposit is comprised of two resource components -- an oxide portion and a transition rock/fresh rock portion -- with a focus on the oxide component which has a Measured & Indicated Resource of 15.56 million tonnes grading 2.21/t Au containing 1.10 million ounces of gold and an Inferred Resource of 1.27 million tonnes grading 1.35g/t Au containing 60,000 ounces of gold. The property is located 45 kilometres south-southwest of Bukavu in South Kivu Province and consists of six Exploitation Permits covering 1,164 square kilometres in the highly-prospective 210km long Twangiza-Namoya gold belt.

https://www.banro.com/s/Twangiza.asp?ReportID=307249

FOR PICTURES: https://www.banro.com/s/Photos.asp?ReportID=539736
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B) Banro's Namoya commenced production at Q2 2014

Banro's Namoya (oxide) project began construction in the fourth quarter of 2012 and completed construction and began commissioning during Q2 of 2014. At full capacity, the Namoya mine is expected to produce roughly 9,000 to 10,000 ounces per month.
Namoya has a Proven & Probable resource of 23.00 million tonnes grading 2.34g/t Au containing 1.03 million ounces of gold. Measured and Indicated resources at Namoya are 29.78 million tonnes grading 1.91g/t Au containing 1.83 million ounces of gold plus an Inferred resource of 6.52 million tonnes grading 1.61g/t Au containing 340,000 ounces of gold. The updated resource calculation used a cut-off grade of 0.4g/t Au.
Field crew members check core at drill site.
The Namoya property lies at the southern end of the Twangiza-Namoya gold belt in Maniema province, approximately 225 kilometers southwest of Bukavu and consists of one PE covering an area of 174 square kilometres.

https://www.banro.com/s/Namoya.asp

FOR PICTURES https://www.banro.com/s/Photos.asp?ReportID=662856
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C) Banro Lugushwa Project

Drilling has intercepted wide zones of gold mineralization at Lugushwa, the oxide portion of which has an Indicated Mineral Resource of 16.91 million tonnes grading 1.35g/t Au containing 730,000 ounces of gold and an Inferred Resource of 6.17 million tonnes grading 1.56g/t Au containing 310,000 ounces of gold. Lugushwa (transition and fresh rock) has an Inferred resource of 65.01 million tonnes grading 1.54g/t Au containing 3.22 million ounces of gold. Senior project geologist checks drill core
The three Lugushwa exploration permits, covering an area of 641 square kilometers, are located approximately 150 kilometres southwest of the town of Bukavu.


https://www.banro.com/s/Lugushwa.asp
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D) Banro Kamituga Project

In February 2011, Banro established its first exploration camp at Kamituga and began exploration of this high potential project, which has a long history of significant gold production.
Kamituga is located 100 kilometres southwest of Bukavu and consists of three PEs covering an area of 649 square kilometres.
Of Banro's four major properties, Kamituga has the longest history of substantial previous alluvial and underground mining operations. Kamituga has an Inferred resource (surface) of 4.14 million tonnes grading 2.40g/t Au containing 32,000 ounces of gold and an Inferred (underground) resource of 3.12 million tonnes grading 6.00g/t Au containing 60,000 ounces of gold.

https://www.banro.com/s/Kamituga.asp?ReportID=307256
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3) BAA~ Banro Gold Resources is 8.35 Million ounce on 11.8% of concession area explored to date

https://www.banro.com/i/pdf/Exploration-Potential-of-the-Twangiza-Namoya-Gold-Belt-May-2014.pdf

https://www.banro.com/s/Resources.asp
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4) BA~~ most recent financials

Revenue at Q3, 2014: 33.28 million dollars

Net Profit: 3.75 million dollars


https://www.banro.com/i/pdf/2014-Q3.pdf
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5) BAA~ Book value per share 1.95 dollars

Total Equity: 491.73 million dollars.

Book Value: Total Equity/ Outstanding shares

Book value: $491.73 million/ 252 million shares= 1.95 dollars

https://www.banro.com/i/pdf/2014-Q3.pdf
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6) BAA~ Banro reaffirms previously released production guidance:

For 2014:
Twangiza - 90,000 to 100,000 ounces
Namoya - 25,000 to 30,000 ounces
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2014 TOTAL - 115,000 to 130,000 ounces

For 2015:
Twangiza - 110,000 to 120,000 ounces
Namoya 1H 2015 - monthly production of up to 5,000 ounces
Namoya 2H 2015 - monthly production of up to 8,000 ounces
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2015 TOTAL - 200,000 to 220,000 ounces


low cost gold mine: all-in sustaining costs of US$875 to US$975 per ounce


John Clarke, Chief Executive Officer of Banro, stated "We are pleased to be able to reaffirm the guidance on our production that we provided in early July. Once both mines are stabilized, we expect annual gold production from both Twangiza and Namoya to total 200,000 to 220,000 ounces. At this production level we expect cash costs in the range of US$725 to US$825 per ounce and all-in sustaining costs of US$875 to US$975 per ounce."

https://news.banro.com/press-releases/banro-announces-financing-plan-and-certain-senior--nyse-mkt-baa-201408180963388001
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7) BAA~ Q4, 2014 production 38,239 ounce gold: it is the best quarterly gold production since the Company began producing gold.

TORONTO, ONTARIO--(Marketwired - Jan. 5, 2015) - Banro Corporation ("Banro" or the "Company") (NYSE MKT:BAA)(TSX:BAA) is pleased to report its best quarterly gold production since the Company began producing gold. Twangiza poured 8,071 ounces in October, 9,825 ounces in November and 11,549 ounces in December for a fourth quarter 2014 total of 29,445 ounces of gold. Namoya poured 1,749 ounces in October, 3,042 ounces in November and 4,000 ounces in December for a fourth quarter 2014 total of 8,791 ounces of gold. Together, Twangiza and Namoya produced 38,236 ounces of gold during Q4 2014.


https://news.banro.com/press-releases/banro-provides-q4-2014-gold-production-and-brief-o-nyse-mkt-baa-201501050986224001

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8) BAA~ has 252 million Outstanding shares.

-----> Banro's over 90% of shares held by Institutional investors

BlackRock Advisors LLC 28,968,740 %11.49
I.G. Investment Management, Ltd 23,159,700 %9.19
Franklin Advisers, Inc. 25,483,115 %10.10
Van Eck Associates Corporation 22,142,121 %8.77
IG Investment Management Ltd 20,569,050 %8.15
Tradewinds Global Investors, LLC. 15,971,398 %6.34
Gramercy Investment Advisors LLC 11,482,167 %4.55
Gramercy Funds Management LLC 8,611,617 %3.42
Franklin Resources Inc 19,442,319 %7.71
Wellington Management Company, LLP 7,441,919 %2.95
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Total: Top 10 institutions hold 183,272,146 %72.67

https://quote.morningstar.ca/Quicktakes/Owners/OwnersOverview.aspx?t=BAA®ion=USA&culture=en-CA

Total 107 institutions hold 93% of shares.

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=104788256
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9) BAA~ Holistic financing done: Total $156 million

- Banro closes a US$35.5 million liquidity backstop facility

- Banro signs a non-binding Memorandum of Understanding for gold sale/streaming transactions for aggregate proceeds of US$121 million

https://news.banro.com/press-releases/banro-announces-financing-plan-and-certain-senior--nyse-mkt-baa-201408180963388001
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10) BAA got $100 million NON-DILUTIVE financing

BAA Management: "Companies liquidity needs have been met for 2 years"



"Management believes that the US$100 million of capital is more than sufficient to meet the Company's liquidity needs over the next two years as it completes the Namoya ramp-up, with a sufficient cash cushion to absorb normal course volatility in gold prices and production."


https://www.marketwired.com/press-release/banro-announces-us100-million-financing-provides-brief-operations-corporate-update-commences-nyse-mkt-baa-1995936.htm
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11) BAA~ Banro has experienced Management Team

Chairman Richard Brissenden

Richard Brissenden is a mining executive and corporate director with over thirty years of experience in the resource sector. A Chartered Professional Accountant (CPA, CA) and Certified Director (ICD.D), he serves on the board and audit committee for several mining companies, including McEwen Mining, Ryan Gold Corp., and Corona Gold Corporation. As chairman and president of Excellon Resources Inc. from 1991 to 2008, he led the company through the discovery, development and production stages of a high-grade silver/lead/zinc mine in Northeastern Mexico. He has also been a director of HudBay Minerals Inc., as well as president of a gold producer in Alaska, and president of a mine finance house with interests in over fifty junior mining companies. He is a member of the Institute of Chartered Accountants of Ontario and the Institute of Corporate Directors.

CEO John Clarke

Dr. Clarke is a non-executive director of Great Quest Metals Ltd. Most recently, served as the CEO of Nevsun Resources Limited, which successfully brought the Bisha Mine into production in Eritrea. Prior to joining Nevsun in 1997, Dr. Clarke was an Executive Director of Ashanti Goldfields Company Limited of Ghana, where he helped establish Ashanti's gold exploration program throughout sub-Saharan Africa. Dr. Clarke holds a Ph.D. in metallurgy from Cambridge University and M.B.A. from the University of Middlesex.

https://www.banro.com/s/Directors.asp

New CFO from Barrick Gold:

Kevin Jennings will be joining Banro as Senior Vice President and Chief Financial Officer effective September 1, 2014. Kevin has over 20 years' experience in corporate finance, corporate development, strategy and senior management positions with global mining companies. Most recently, Kevin served as CFO of SUN Gold. Prior to that, he led the successful IPO of African Barrick Gold where he held the role of CFO, and over his career has managed mining international acquisitions, divestitures and project investments worth more than US$10 billion. Kevin has also served in senior corporate roles with Barrick Gold, (Vice President, Corporate Development), Xstrata Nickel, (Director, Business Optimization), Falconbridge (Director, Business Development), and American Racing Equipment (CFO). Kevin is a Chartered Accountant with a BA in Administrative studies (Honours Accounting) from York University and a BA in Economics from the University of Western Ontario.

https://news.banro.com/press-releases/banro-announces-financing-plan-and-certain-senior--nyse-mkt-baa-201408180963388001
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12) The financial analysts covering Banro Corporation are listed below.

Firm Analyst Phone

GMP Securities Brock Salier [phone]
CIBC World Markets Cosmos Chiu [phone]
BMO Capital Markets Andrew Breichmanas [phone]
Goldman Sachs (UK) Owen Scarrott [phone]

https://www.banro.com/s/AnalystCoverage.asp