Sorry on phone so here goes...
Valuation
Our Price Target is set at 1x NPV, in line with our approach for other Australian Gold & Other Metals companies.
Mt. Cattlin 423
James Bay 100
Sal de Vida 994
Corporate costs -154
Exploration 50
Gross asset value 1413
Less: Net debt -174
Valuation 1587
Discount rate 10%
Shares on issue (m) 395.1
We arrive at $4.02 per share
JP Morgan Initiate Coverage on GXY - Overweight - Target $4.00, page-12
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