A valuation brief and open model published in December 2020 for the EITI International Secretariat, in consultation with Ghana EITI. Ghana proposed to list 49% of Agyapa Royalties Limited, holding most of the royalties from its industrial gold mines, with guidance that the stake would raise $500–750 million; no model behind that figure was available to Parliament or the public. Koinon built a discounted cash flow model of the royalty stream from the public record, running from 2020 to the early 2040s with production declining from 3.08 million to 2.15 million ounces a year, discounted at 5%. At spot gold of $1,830 the stake is worth $1.47 billion, about twice the top of the guidance range. The guidance implies gold at $749–1,086 an ounce, or discount rates of about 16–26%, and no plausible production story closes the gap. The agreements were never re-approved and the royalties were not sold.