【出版时间及名称】：2010年3月美国贵金属行业研究报告
        【作者】：CORMARK
        【文件格式】：pdf
        【页数】：32
        【目录或简介】：
The junior gold producers continue to provide the best share price
appreciation potential for investors willing to tolerate the high level of
inherent risk associated with junior companies. Junior producers (+51.4%)
have dramatically outperformed the senior (-0.2%) and mid-tier (+38.7%)
gold producers, as well as the gold price (+18.8%), over the last eight
months.
These companies have outperformed for various reasons that include mine
start-ups, exploration success, cost improvements and corporate
maneuvers. For junior companies with small asset bases and relatively
small market capitalizations, this success translates to impactful shareholder
returns.
We are resuming coverage on San Gold with a Buy rating and a C$5.00
target price that is based on a target multiple of 1.25x NAV. San Gold is a
high quality exploration story with an emerging production base, and the
current multiple (0.91x NAV) is justified by the high grade nature of its
resource base and the exploration success at the Rice Lake property.
We are initiating coverage on B2Gold with a Buy rating and a C$2.00 target
price that is based on a target multiple of 1.0x NAV. While a producer,
B2Gold is effectively still trading at a development stage company discount
(0.69x NAV). We believe the near-term upside for the shares is a re-rating to
the 1.0x NAV level as a stable gold producer.
We are transferring coverage on Dynasty Metals & Minerals, maintaining our
Buy (S) rating but decreasing out target price to C$8.25 (from C$12.00).
Dynasty trades at a steep discount (0.37x NAV) due to the uncertainty
surrounding Ecuador’s mining code and the taxation/windfall tax structure.
We believe the shares offer significant upside and owning Dynasty is well
worth the country risk in Ecuador.