re: rbc capital markets: research report Thanks yamann.RBC...

re: rbc capital markets: research report Thanks yamann.


RBC CAPITAL MARKETS--RESEARCH REPORT:

Extract:
• Valuation. We are applying a 0.90x P/NAV multiple to the average of our
NAV (DCF method and market appraised method) of C$7.81/share, to
derive a 12-month price target of C$7.00/share. We rank the stock an
Outperform, Speculative Risk. We have used a 15% discount rate for our
DCF derived NAV and a 50% to what the market is currently paying for a
resource ounce in Central and West Africa. We believe our valuation for
Moto is a base case, as we believe there to be a high potential to discover more gold resources in the Moto greenstone belt, and improve the project economics, as the project progresses to feasibility.
• Investment Risk: We have applied a Speculative risk ranking to our
valuation to capture the price target impediments this stock could
potentially face over the next twelve months".

Comment: Current MOTO (MGL) price is CAN$4.82

http://www.goldinvest.de/public/data/documents/901020060724142727.pdf