congrats on our marriage with keegan, page-19

Let me elaborate.

Keegan Resources.
PFS was completed last Sep, they deferred the DFS in June and "initiated a re-scoping of the Esaase project in search of a more viable development plan." No permits, community consultation not even started.
Proven 5t @ and average grade of 1.2 for 200K oz (only)
Probable 74.3t @ 1.1 for 2,680k oz
Total 2,880 oz
Capital cost of a whopping 506m
LOM avg of 258k ozs per year.
Cash on hand 186m
Market Cap 313.55m
SP 4.15 CAD

PMI Gold
DFS finished, permits gained, ready to roll
Proven 14.8t @ 2.39 for 1,140k oz
Probable 19.04t @2.08 for 1,300k oz
Total 2,430k oz
Capital Cost of 296.6m
LOM avg 221.5koz per year
Cash on hand 142m
Market Cap 338.59m
SP 0.85 CAD.

In short, Keegan's gold is low grade and costly to mine.
This is about that lovely cash in the bank, but as I've said, Obotan should still be the flagship and PMI the major player.