Ann: Exceptional Results from Sampling at Hualilan Gold Project, page-31

Need to read the fine print. The analyst does say $1 share target in the report.

"For reference,a 5% discount rate values CEL at over A$1bn (A$1.00/share). It is our view that CELoffers excellent exposure to a high grade, untapped project in a premier Latin Americanjurisdiction with the added free kick of an early stage gold-copper project with largescale potential in Ecuador."

The report says he used a 14% discount rate to generate the $0.55 target. The standard discount rate analysts use once there is a JORC and the company are on their way to a Feasibility Study 5%.