Westgold Resources Limited
Precious Metals - Producer Tim McCormack | Analyst | Canaccord Genuity (Australia) Ltd. | [email protected] | +61.8.6216.2088
Reg Spencer | Analyst | Canaccord Genuity (Australia) Ltd. | [email protected] | +61.2.9263.2701
Australian Equity Research
6 February 2017
Initiation of Coverage
BUY
PRICE TARGET
Price (4-Feb)
Ticker
A$3.05
A$2.00
WGX-ASX
52-Week Range (A$):
Market Cap (A$M):
Shares Out. (M) :
Enterprise Value (A$M):
NAV /Shr (5%) (A$):
Net Cash (A$M):
P/NAV (x) :
Major Shareholders:
FYE Jun
Gold Production
(000oz) All in Sustaining
Cost (Gold) (US
$ /oz) EBITDA (A$M)
EV/EBITDA (x) Net Income (A$M)
P/E (x) A new pure-play gold exposure
1.40 - 2.06
608
304.7
509
3.07
99.1
0.65
BlackRock 13%
APAC 12.9%
2016A
2017E
2018E
2019E
174
278
375
407
1,106
935
890
902
36.7
14.3
104.8
4.8
189.8
2.3
218.6
1.6
(23.6)
35.5
84.5
101.4
(23.6)
17.1
7.2
6.0
2.1
2
1.9
1.8
1.7
1.6
1.5
1.4
Feb-17
Jan-17
1.3
WGX
Source:�FactSet
Westgold Resources Ltd (WGX:ASX) is a gold producer from
its Western Australian gold operations (Higginsville, South
Kal, CMGP and Fortnum). The company was formed as a
result of the successful de-merger of the gold assets from
Metals X Limited (MLX.ASX).
WGX successfully listed on the ASX on 6 December 2016, after shareholders approved
the de-merger of the gold assets from Metals X Limited (MLX-ASX | Buy | Tim
McCormack). The company is currently producing at a run rate of ~300kozpa from
its Western Australian-based operations, and with aggressive growth initiatives well
advanced, we expect production to increase beyond 400kozpa in the medium term. We
initiate coverage with a BUY recommendation, highlighting the company's strong organic
growth pipeline, well reputed management team and compelling valuation metrics (P/
NAV 0.65x, FY18 EV/EBITDA 2.3x, FY18 EV/FCF of 7.5x) as key factors underpinning our
investment thesis. Our price target for WGX is A$3.05/sh.
Highlights
Production profile increasing to +400koz. WGX's asset suite comprises four processing
facilities and a considerable resource (15.4Moz) and reserve (2.9Moz) base. Gold
production has demonstrated consistent increases over the past 12 months, and we
expect WGX to produce ~278koz (60% YoY increase) in FY17, increasing to +400kozpa
by FY19. Our group production forecasts demonstrate a strong organic growth pipeline,
underpinned by the ramp up of the Central Murchison Gold Project (CMGP) and restart
of the Fortnum Project (assumed to come on line in 2017, ramping up to ~70kozpa).
We expect group production to peak at ~440koz in FY20, before tapering off based on
assumed reserve depletion at Higginsville, South Kalgoorlie and Fortnum. We forecast
group AISCs to average A$1,200-1,250/oz LOM, offering margins of ~A$450-600/oz
against our forward curve-based price deck (LT gold price A$1,845/oz).
Exploration to drive production rates in the medium term. WGX’s current operating
strategy is to increase production to +400kozpa over the next couple of years, which
in our view is achievable based on current resource and reserves. While the forecast
production profile looks robust for the next 5 years, production drops away beyond 2021
to ~200kozpa (CMGP only), highlighting the leverage WGX has to exploration success
across its asset suite. As cash flow is freed up from FY18, we expect WGX to increase its
exploration budget to try and back-fill the medium- and long-term production profile. We
see good potential for success on this front, particularly at the large-scale underground
mines, where very little modern day exploration has been completed. Success here
represents significant potential upside to our current valuation.
Well capitalised with ~A$100m in cash and no debt. WGX reported a cash balance of
A$99.1m at the end of the DecQ'16, and in our view, the company remains well funded
to achieve its production growth initiatives. FY17 represents a heavy capital spending
phase, with the CMGP ramping up and the Fortnum project coming on line, but as a
result we expect to see strong FCF generation from FY18 of A$65m, increasing to +A
$100m from FY19. Majority of the capital deployment will be spent developing a number
of large underground mines at the CMGP, most notably the Big Bell underground mine
which will underpin +8 years of ~100kozpa production for the operation from late FY18.
Valuation. The assets underpinning our A$3.05/sh NAV comprise Higginsville, South
Kalgoorlie, CMGP and Fortnum (NPV5%), net of corporate, balance sheet adjustments
and nominal exploration value. This has WGX trading on a P/NAV of ~0.65x, well below
the market cap-weighted average of our gold producer coverage of ~0.95x.
Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX)
The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all
the companies and securities that are the subject of this report discussed herein.
For important information, please see the Important Disclosures beginning on page 21 of this document.
Westgold Resources Limited
Initiation of Coverage
FINANCIAL SUMMARY
Westgold Resources Limited
ASX:WGX
Analyst :
Tim McCormack
Rating:
6/02/2017
Target Price:
Date:
Year End:
BUY
$3.05
June
Market Information
Share Price
Market Capitalisation
12 Month Hi-Lo
Issued Capital
Options
Fully Diluted
A$
A$m
A$
m
m
m
Company Description
Westgold Resources Ltd (WGX:ASX) is a gold producer from its Western
Australian gold operations (Higginsville, South Kal, CMGP and Fortnum). The
company was formed as a result of the successful de-merger of the gold assets
from Metals X Limited (MLX.ASX).
2.00
609.4
1.72-1.62
304.70
11.20
315.90
Valuation
Central Murchison Gold
NPV @ 5%
South Kal
NPV @ 5%
Higginsville
NPV @ 5%
Fortnum
NPV @ 5%
Exploration & Development assets
Hedging
Cash and bullion
Debt
Investments
Less: Gold prepayment O/S
Less: Corporate & O'heads
TOTAL NAV
Price:NAV
NAV at Spot US$1,224/oz, AUDUSD $0.77
Target Price (rounded)
A$m
450.1
79.8
139.0
117.9
90.0
(0.1)
99.1
(17.1)
(21.7)
936.9
Risk Adj.
Assumptions
Gold Price (US$/oz)
AUD:USD
2017e
1,227
0.74
2018e
1,195
0.73
2016a**
1,197
0.73
A$/share
1.48
0.26
0.46
0.39
0.30
(0.00)
0.33
(0.06)
(0.07)
3.07
0.65
2.39
3.05
2019e
1,219
0.72
Valuation Sensitivity
CHange in Target
Price
$8.00
$6.00
$4.00
$2.00
$0.00
-30%
-20%
-10%
Gold Price
Production Metrics
Gold Assets
CMGP (koz)
South Kal (koz) ex. Cannon prod
Higginsville prod'n (koz)
Fortnum prod'n (koz)
Gold Production (ozs)
Group AISC (A$/oz)
Reserves & Resources
Gold
Resources
Reserves
0%
10%
20%
US$ Exchange Rate
30%
2016a**
2017e
2018e
2019e
37
1,796
45
1,619
91
1,334
0
0
174
1,507
115
1,256
52
1,337
99
1,197
12
1,591
278
1,264
159
1,182
64
1,153
93
1,261
60
1,286
375
1,213
177
1,274
64
1,155
93
1,252
73
1,176
407
1,233
Mt
g/ t
Moz
223
38
2.15
2.40
15.4
2.9
Total
Total
Directors & Management
Name
Peter Newton
Peter Cook
Steve Norregaard
Warran Hallam
Fiona J. Van Maanen
Position
NE Chairman
Managing Director
Director of Operations
NE Director
NE Director
Substantial Shareholders
BlackRock
APAC Resources
2018e
616.2
-406.2
-12.1
-8.1
189.8
-69.1
120.7
0.0
-36.2
84.5
0.0
84.5
2019e
693.8
-454.8
-12.3
-8.2
218.6
-73.7
144.9
0.0
-43.5
101.4
0.0
101.4
Cash Flow (A$m)
2016a**
Cash Receipts
333.8
Cash paid to suppliers & employees
-274.7
Tax Paid
0.0
Net Interest
1.1
Other (WC etc)
1.9
Operating Cash Flow
62.0
Exploration and Evaluation
-26.4
Capex
-102.2
Other
67.3
Investing Cash Flow
-61.3
Debt (repayment)/ gold prepay
23.3
Share capital
0.0
Dividends
-10.1
Financing Expenses
-3.1
Financing Cash Flow
10.1
Opening Cash
99.2
Increase / (Decrease) in cash
10.9
FX Impact
0.0
Closing Cash
110.1
2017e
432.7
-323.8
-15.2
3.5
15.9
97.2
-16.0
-103.2
0.0
-119.2
0.0
0.0
0.0
0.0
0.0
110.1
-21.9
0.0
88.2
2018e
611.2
-418.3
-36.2
4.9
0.0
161.6
-16.0
-80.4
0.0
-96.4
0.0
0.0
0.0
0.0
0.0
104.1
65.3
0.0
169.4
2019e
686.0
-467.0
-43.5
7.7
0.0
183.3
-16.0
-61.3
0.0
-77.3
0.0
0.0
-21.0
0.0
-21.0
169.4
84.9
0.0
254.3
Balance Sheet (A$m)
2016a**
Cash + S/Term Deposits
110.0
Other current assets
44.6
Current Assets
154.6
Property, Plant & Equip.
59.5
Exploration & Develop.
164.6
Other Non-current Assets
87.9
Payables
37.4
Short Term debt (inc. gold loan)
3.6
Long Term Debt (inc. gold loan)
4.3
Other Liabilities
146.0
Net Assets
275.2
Shareholders Funds
275.2
Reserves
0.0
Retained Earnings
0.0
Total Equity
275.2
2017e
104.1
67.9
172.0
54.6
172.6
135.2
43.7
25.0
0.0
155.1
310.6
275.2
0.0
35.5
310.6
2018e
169.4
94.8
264.2
53.5
180.6
180.0
61.6
0.0
0.0
242.6
374.1
275.2
0.0
98.9
374.1
2019e
254.3
111.0
365.3
54.7
188.6
220.5
69.4
0.0
0.0
314.5
445.3
275.2
0.0
170.1
445.3
Ratios & Multiples
EBITDA Margin
EV/EBITDA
Op. Cashflow/Share
2017e
24%
4.8x
$0.32
6.3x
$0.12
-238%
17.2x
$0.00
0%
11%
13%
0%
137.1x
$1.02
2.0x
2018e
31%
2.3x
$0.53
3.8x
$0.28
138%
7.2x
$0.07
3%
23%
31%
0%
nm
$1.23
1.6x
2019e
32%
1.6x
$0.60
3.3x
$0.33
20%
6.0x
$0.10
5%
23%
29%
0%
nm
$1.46
1.4x
EPS
EPS Growth
PER
Dividend Per Share
Dividend Yield
ROE
ROIC
Debt/Equity
Net Interest Cover
Book Value/share
Price/Book Value
2016a**
10%
14.2x
$0.20
9.8x
-$0.08
nm
-23.7x
$0.00
0%
-9%
-12%
2%
-26.5x
$0.91
2.2x
** Following the de-merger of the gold business, only the Balance sheet for FY16
has been provided on a pro-form basis. All P&L, cashflow, ratios and multiples
are quoted unchanged on a consolidated basis from the MLX FY16 report.
S ource: W G X /MLX & C anaccord G enuity estim ates
Buy Target Price A$3.05 | 6 February 2017
2017e
436.6
-311.8
-12.0
-8.0
104.8
-54.5
50.3
0.4
-15.2
35.5
0.0
35.5
P/CF
%
13.0%
12.9%
7.3%
6.2%
Jinchuan
Board and Management
Profit & Loss (A$m)
2016a**
Revenue
355.4
Operating Costs
-275.8
Corporate & O'heads
-16.0
Exploration (Expensed/Wrtien off)-26.8
EBITDA
36.7
Dep'n
-65.7
EBIT
-29.0
Interest expense
1.1
Tax
4.3
NPAT
-23.6
Abnormals
0.0
NPAT (reported)
-23.6
2
Precious Metals - Producer 2
Westgold Resources Limited
Initiation of Coverage
Valuation



Our price target on WGX is based on a 1x forward curve NPV 5% for the operating
assets, net of corporate and other adjustments. This has WGX trading on a P/NAV
of ~0.65x, well below the market cap weighted average of our gold producer
coverage of ~0.95x.
We estimate a net asset valuation of A$937m (A$3.05/sh), which incorporates
net cash of A$99.1m, hedging (neutral against our price deck), nominal
exploration/ development value of A$90m, less corporate and unearned revenue
by way of a gold prepayment.
All earnings and cash flow forecasts are based on commodity and FX assumptions
outlined in Figure 2.
Figure 1: Sum-of-parts valuation for WGX
Valuation
Central Murchison Gold
NPV @ 5%
South Kal
NPV @ 5%
Higginsville
NPV @ 5%
Fortnum
NPV @ 5%
Exploration & Development assets
Hedging
Cash and bullion
Debt
Investments
Less: Gold prepayment O/S
Less: Corporate & O'heads
TOTAL NAV
Price:NAV
NAV at Spot US$1,220/oz, AUDUSD $0.77
Target Price (rounded)
A$m
450.1
79.8
139.0
117.9
90.0
(0.1)
99.1
(17.1)
(21.7)
936.9
Risk Adj.
A$/share
1.48
0.26
0.46
0.39
0.30
(0.00)
0.33
(0.06)
(0.07)
3.07
0.65
2.39
3.05
Source: Canaccord Genuity estimates
Figure 2: Gold price and FX assumptions
Gold (US$/oz)
US/AUS Exchange
Gold (A$/oz)
2016A
1197
0.73
1632
2017E
1185
0.73
1624
2018E
1205
0.72
1663
2019E
1233
0.72
1708
2020E
1256
0.72
1751
2021E
1281
0.71
1798
2022E
1307
0.71
1835
LT
1314
0.71
1835
Source: Canaccord Genuity estimates


Buy Target Price A$3.05 | 6 February 2017
3
Our group production forecasts are outlined below, demonstrating a strong
organic growth pipeline, underpinned by the ramp up of the CMGP and restart of
the Fortnum project (assumed to come on line in 2017). Group production peaks
at ~440koz in FY20 on our forecasts, then tapers off based on assumed reserve
depletion at Higginsville, South Kalgoorlie and Fortnum. We forecast group AISCs
to average ~A$1,200/oz offering margins of ~A$600/oz against our forward
curve based price deck (LT gold price A$1,845/oz).
With the production profile dropping off beyond 2021, it highlights the leverage
WGX has to exploration success across its asset suite. As cash flow is freed up
through FY17-18, we expect WGX to increase its exploration budget to try and
back-fill the medium- and long-term production profile. Success here represents
significant potential upside to our current valuation.
Precious Metals - Producer 3
Westgold Resources Limited
Initiation of Coverage
Figure 3: CG modelled production profile for WGX
Source: Company Reports, Canaccord Genuity estimates
Peer comparisons

In our view, WGX compares favorably across a broad range of peer comparisons.
We highlight the scale of the proposed production profile, which by FY18 would
position WGX as the fifth-largest gold producer in our coverage universe.
Figure 4: P/NAV of the peer gold producers
Figure 5: Production and AISC profile FY16-18
Source: Company Reports, Canaccord Genuity estimates
Source: Company Reports, Canaccord Genuity estimates
Buy Target Price A$3.05 | 6 February 2017
4
Precious Metals - Producer 4
Westgold Resources Limited
Initiation of Coverage
Figure 6: EV/EBITDA comparisons
Figure 7: EV/FCF comparison
Source: Company Reports, Canaccord Genuity estimates
Source: Company Reports, Canaccord Genuity estimates
Figure 8: Current Mineral Resources of peers
Figure 9: Current Ore Reserves of peers
Source: Company Reports, Canaccord Genuity estimates
Source: Company Reports, Canaccord Genuity estimates
Corporate & Finance
Corporate Structure

WGX has 304.6m fully paid ordinary shares on issue with 11m employee options
convertible at $2.02 per share (after vesting conditions).

Major shareholders include:
 BlackRock at 13%
 APAC Resources at 12.9%
 Jinchuan Corporation at 7.3%
 Board and Management 6.2%

We note that APAC Resources (listed on the HK Exchange) has recently received
shareholder approval (on 5 January 2017) for the sale of its stake in WGX. While
no firm guidance has been given around the timing of the sale, we don’t see this
as an immediate overhang to the stock, and expect any sale to be undertaken in
an orderly manner as a block trade.
Buy Target Price A$3.05 | 6 February 2017
5
Precious Metals - Producer 5
Westgold Resources Limited
Initiation of Coverage
Balance Sheet

Cash equivalents reported at the end of DecQ’16 were A$99.1m. The company
has no corporate debt, with a A$25m bridging loan recently satisfied as one of the
conditions of the demerger from Metals X (MLX-ASX | rated BUY by Tim
McCormack).

Over the next 12-18 months, WGX has outlined a number of key areas that will
account for majority of the capital outlay. Those outlined below are reflected in our
modelling:
 To refurbish, expedite and to further enhance the economics of the Fortnum
gold project. Including faster re-establishment of the Starlight underground
mine and an expedited exploration and development drill program at the
nearby Peak Hill mining centre (~A$25 million).
 Development of the Mt Henry gold project and any required modifications to
the Higginsville plant to optimise the processing of Mt Henry ores
(~$15million);
 As working capital for initial mine development and the establishment of
steady state production at the Comet and Great Fingall underground mines
within the CMGP (~A$28 million);
 For the rehabilitation and pre-production costs at the Big Bell underground
mine at the CMGP (~A$35 million).

WGX is comfortably funding expansion initiatives from cash flow and existing cash
and we don’t foresee the company requiring any additional debt to achieve its
growth plans. In Figure 10, we examine a scenario analysis of the company’s net
cash position under various gold prices ranging from US$1,100-1,400/oz.,
utilizing the current spot AUD:USD exchange rate of A$0.75.
Figure 10: Net cash sensitivities
Net cash/market cap. (A$m)
1,200
1,000
800
600
400
200
0
2016a 2017e 2018e 2019e 2020e 2021e 2022e 2023e 2024e 2025e 2026e 2027e
GC fwd curve
US$1100/oz
US$1200/oz
US$1300/oz
US$1400/oz
Market capitalisation
Source: Company Reports, Canaccord Genuity estimates
Hedging

Gold hedging at the end of the quarter stood at 113.6koz at an average price of
A$1,643/oz, covering a flat forward delivery of 6.2koz per month from April 2017.
Pre-deliveries into hedges have occurred in a strategy to maximise sales prices at
all times.
Buy Target Price A$3.05 | 6 February 2017
6
Precious Metals - Producer 6
Westgold Resources Limited
Initiation of Coverage


In addition, Westgold has 11.2koz remaining in its gold pre-pay arrangement with
Citibank, which sits as un-earned income on the balance sheet and is repaid at
1.2koz per month or A$1.86m.Dividend Policy
Westgold aims to establish and maintain a minimum dividend payment payout
ratio of up to 30% net profit after tax.
Board and Management

Peter Newton – Non-Executive Chairman
Mr. Newton was a stockbroker for 25 years until 1994. Since then he has been a
significant participant in the Australian resource industry as an investor and a
director of a number of listed companies. In past years he has been the Chairman
of both Hill 50 Limited and Abelle Limited. Mr. Newton has held no other public
company directorships in the past three years, other than Metals X Limited
(appointed 14 December 2012).

Peter Cook – Managing Director
Mr Cook is a Geologist (BSc (Applied Geology)) and a Mineral Economist (MSc
(Min. Econ), MAusIMM with over 30 years of experience in the fields of
exploration, project, operational and corporate management of mining
companies. He is a past winner of the GMJ Mining Executive of the Year in 2001
and the Asian Mining Executive of the Year in 2015, awarded at the Mines and
Money Conference in Hong Kong in 2015. During the past three years he has
served as a Director of the following public listed mining companies:
 Metals X Limited (Appointed 23 July 2004)
 Pantoro Limited (Appointed 31 August 2009 – Resigned 5 October 2016)
 Mongolian Resource Corporation Limited (Appointed June 2013)
 Aziana Limited (Appointed 30 May 2011 – Resigned 10 September 2015).

Stig (Steve) Norregaard – Director of Operations
Mr Norregaard is a Mining Engineer (B.Eng WASM) with over 25 years corporate
and mine management experience in base metal and gold operations across
Australia, Canada and South East Asia. Key positions previously held by Mr
Norregaard include:
 General Manager of Macmahon Holdings Limited’s underground contracting
division
 Managing Director of Tectonic Resources NL
 Chief Operating Officer of Trelawney Mining and Exploration Inc.
 Managing Director RED 5 Limited.

Warren Hallam – Non Executive Director
Mr Hallam is a Metallurgist (B. App Sci [Metallurgy]), a Mineral Economist (MSc
[Min. Econ]), holds a Graduate Diploma in finance and has over 30 years of
technical and commercial experience across numerous commodities and
businesses within the resources industry. During the past three years he has
served as a director of the following public listed mining companies:
 Metals X Limited (Appointed 1 March 2005);

Aziana Limited (Appointed 30 May 2011 – Resigned 11 April 2014).Fiona Van
Maanen – Non Executive Director
Ms Van Maanen is a CPA, holds a Bachelor of Business (Accounting) degree and a
Graduate Diploma in Company Secretarial Practice. Ms. Van Maanen has
significant experience in accounting and financial management in the mining and
resources industry. Ms Van Maanen has held no other public company
directorships in the past three years.
Buy Target Price A$3.05 | 6 February 2017
7
Precious Metals - Producer 7
Westgold Resources Limited
Initiation of Coverage
Company Overview



WGX successfully listed on the ASX on 6 December 2016, after shareholders
approved the demerger from MLX at an EGM held on 24 November 2016. The
company currently owns three operating gold projects with a fourth (Fortnum)
under refurbishment. The four processing facilities have a combined 5.5Mtpa
treatment capacity. All are located in the prolific gold production belts of Western
Australia.
Westgold’s three operations currently in production are:
 Higginsville Gold Operation in the Norseman region of Western Australia
 South Kalgoorlie Operations in the Kalgoorlie region of Western Australia
 Central Murchison Gold Project in the Murchison region of Western Australia
WGX also owns a significant gold-dominant, polymetallic deposit called Rover 1 in
the Northern Territory. Rover 1 is at feasibility stage and has a resource of 6.8Mt
at 1.73g/t gold, 2.1g/t silver, 1.2% copper, 0.14% bismuth and 0.06% cobalt.
Figure 11: WGX project locations
Source: Company Reports

Buy Target Price A$3.05 | 6 February 2017
8
Current annualised gold production (~300kozpa) should continue to build
underpinned by the CMGP ramp up and the Fortnum project coming online during
2017. WGX’s current operating strategy is to increase production towards
450kozpa over the ensuing years which in our view is achievable based on current
reserves/resources.
Precious Metals - Producer 8
Westgold Resources Limited
Initiation of Coverage
Central Murchison


The CMGP is the largest of WGX’s four key gold projects with a total Mineral
Resource of 7.7Moz and a Reserve of 1.92Moz. The CMGP has for the first time
consolidated all the major historic gold mining centres in the Central Murchison
region. These have an aggregated gold production history of approximately 10
million ounces and dominant historic production was sourced from a handful of
larger underground mines, namely Big Bell, Great Fingall and Golden Crown, the
Triton Mine at Reedy’s, and the Fenians Mine at Paddy’s Flat. With the exception
of Big Bell and Golden Crown, none of these have been subject to modern mining
and the re-invigoration of all these mines to again become long-term and
sustainable gold producers is a key objective of the CMGP’s long-term strategy.
The short-term objective of the CMGP is to re-establish gold production from a
number of open pit sources, whilst it progressively re-establishes four key
underground mines, which when operational, would become the long-term ore
supply for the project.
Figure 12: CMGP – key operating assumptions
C entral Murchison
Resource
Reserve
CG asssumed mine life
Milling capacity
Recovery
CG assumed head grade
Guidance
CG assumed production average LOM
CG assumed AISC
CG project NPV
108Mt at 2.2g/t for 7.74Moz
22.8Mt at 2.6g/t for 1.93Moz
12 years
2Mtpa
90% average LOM
3.4g/t LOM, higher grade weighted to the 2H mine life
Peaking at +200koz in 2020, steady state 150-200kozpa
~165kozpa
A$1215/oz
A$450m
Source: Company Reports, Canaccord Genuity estimates


Buy Target Price A$3.05 | 6 February 2017
9
Paddy’s Flat is the first of the underground mines to reach steady-state production
rates and a second underground mine, Comet, began development in late 2016.
Rehabilitation and dewatering of the large-scale Big Bell underground mine has
been underway since mid-2016 with the decline portal now being visible. Access
back into the underground for refurbishment is expected to be re-established in
mid-2017. Work is also re-commencing on underground development to reestablish production from the Great Fingall and Golden Crown underground
mines.
Ultimately, WGX plans to have the mill supplied 100% from up to 5 underground
mining hubs. As such, we have modelled open pit ore being used to maximize
cash flow over the next 4 years, before the operation shifts to be 100% supplied
from underground sources from 2020. The key focus for the underground mines
are outlined below and we have modelled development sequencing in the
following order.
 Paddy Flat: Historic production 1.3Moz. Current resource 7.9Mt at 3.5g/t for
890koz. CG model 4 years steady state production from late 2016 at
600ktpa. Development capital now sunk.
 Comet: Historic production 100koz. Current resource 1.5Mt at 4.8g/t for
225koz and Reserve of 1.5Mt at 3.43g/t for 166koz. CG model 6 years
production at 300ktpa from FY18. Development capital estimated at A$15m.
 Big Bell: Historic production 2.6Moz. Current resource 28.7Mt at 2.7g/t for
2.6Moz. CG model 8 years production at 800ktpa from late FY18
Development capital estimated at A$25-30m spread over 2 years.
Precious Metals - Producer 9
Westgold Resources Limited
Initiation of Coverage



Great Fingall/Crown: Historic production 1.5Moz. Current resource 3.4Mt at
6.1g/t for 660koz. CG model 6 years production at 320ktpa from FY18.
Development capital estimated at A$20m.
 Reedys: Historic production 1Moz. Current resource 3.3Mt at 3g/t for 320koz.
CG model 180ktpa 4 years at 180ktpa from FY21. Development capital
estimated at A$15m.
We continue to expect Big Bell to supply the backbone of ore supply in the longer
term. We anticipate that to fully reinstate the mine, it will be a 2-year process,
noting that dewatering has been underway for ~6 months. Current Indicated
Resources at the mine are 7Mt at 4.23g/t for 953koz, which we see as having
good potential to provide a long term supply of ~100kozpa, underpinning >50% of
the production profile in the longer term.
We have remained conservative with respect to potential for mine grades to
exceed resource grades, noting that WGX will likely optimize the current resources
closer to production at each asset. We see potential to sustain production closer
to 200kozpa, but at this stage we are comfortable with our estimates.
Figure 13: Modelled production and AISC profile for the CMGP
Source: Company Reports, Canaccord Genuity estimates

Buy Target Price A$3.05 | 6 February 2017
10
As mining progresses at the Paddy’s Flat underground mine, the exploration focus
has been on defining the orebody in advance of development. Intersections into
the Prohibition lodes continues to deliver impressive intersections, with recent
resource drilling returning results including 24.2m at 3.6g/t , 21m at 4.09g/t and
8m at 6.38g/t gold. Further, drilling into the Fatt’s ore system has highlighted
broad zones of mineralisation, including 34.9m at 2.3g/t and 4m at 2.8g/t. These
provide significant encouragement for the future of Fatt’s as a mining area
capable of sharing much of the existing mining infrastructure developed to service
the parallel Vivian/Consol’s section of the Paddy’s Flat underground mine.
Precious Metals - Producer 10
Westgold Resources Limited
Initiation of Coverage
Higginsville


Higginsville is in a transitional phase, with the closure of the Trident underground
mine and the commencement of open pit mining at Mount Henry now well
advanced. Trident has underwritten much of the production at Higginsville since
WGX acquired the asset in 2013, and while drilling suggests down plunge
extensions to the Artemis and Helios lodes, overall interpretations of the resource
potential at depth has been problematic due to a complicated mix of high grade
intercepts and low grade results, and ultimately the decision was made to close
the mine at the end of 2016. WGX was well prepared for this, and the transition to
Mt Henry open pit mining has been seamless.
Mining at Mt Henry (purchased from Panoramic and Matsa Resources in
September 2015 for 22m MLX shares) commenced in late August 2016 and is
currently being integrated into the Higginsville processing blend. The acquisition of
Mt Henry has added an immediate 5 years of mine life at Higginsville, and we see
significant potential to further expand the delineated resource base at Mt Henry.
With the final parcels of Trident underground ore being processed this Q, we
expect Mt Henry to account for the bulk of the supply going forward,
supplemented by ore from small scale open pits at Lake Cowan and Fairplay.
Figure 14: Key operating assumptions - Higginsville
Higginsville
Resource
Reserve
CG asssumed mine life
Milling capacity
Recovery
CG assumed head grade
Guidance
CG assumed production average LOM
CG assumed AISC
CG project NPV
33.6Mt at 2g/t for 2.2Moz
7.6Mt at 1.8g/t for 430koz
5 years
1.3Mtpa
90% average on oxide transitional
2g/t
90-110koz once transitioned to Mt Henry ore
~94kozpa
A$1235/oz
A$139m
Source: Company Reports, Canaccord Genuity estimates


Buy Target Price A$3.05 | 6 February 2017
11
Mt Henry consists of three main deposits, namely Mt Henry, Selene and North
Scotia, all of which are simple open pit mining propositions. We expect the pits to
have an average strip ratio of ~4:1 with a head grade +2g/t and support a 5-year
mine life, with latest metallurgical test work showing 90% recoveries in the oxide
and transitional material. Initial plans are to mine the oxide and transitions zones
of each ore system as a Stage 1 operation. Stage 2 of the operation will deal with
primary sulphide ores in the Mt Henry and Selene iron formations. The North
Scotia deposit is free milling and has no metallurgical complications.
Mt Henry and Selene (iron formations) primary (fresh) ores are sulphidic, and we
expect these will require finer grinding than currently used at the Higginsville plant
to maintain desired gold recoveries. Previous studies envisaged a whole ore fine
grinding approach. However, indications are that pre and/or post concentration
followed by fine grinding may be a lower cost and more practical solution. WGX is
undertaking flotation studies (flash-float) to assess the route of pre-concentration
before finer grinding of a concentrate, which is expected to be less than 10% of
whole ore volume. The company is also assessing post leaching gravity
concentration to assess whether concentration of leach tailings followed by finer
grinding may be a more effective option enabling multiple ore sources to be
Precious Metals - Producer 11
Westgold Resources Limited
Initiation of Coverage

blended. WGX has also flagged that it may consider expanding the Higginsville
process plant.
At this stage, we have only modelled a 5-year mine life based on the oxide and
transitional resource. We await outcomes of further metallurgical testwork before
incorporating the sulphide resource in the assumed production profile, and as
such include the Mt Henry sulphides in our nominal exploration and development
value at A$10m.
Figure 15: Modelled production and AISC profile for the Higginsville operation
Source: Company Reports, Canaccord Genuity estimates



Buy Target Price A$3.05 | 6 February 2017
12
Exploration and resource definition programs have continued, with the view to
sourcing 100% of its feedstock from open pit operations by the end of 2017.
Drilling at Mt Henry has returned a number of solid results from broad
intersections including 52m at 2g/t immediately north of the Selene prospect, and
high grade results at North Scotia including 5.4m at 24g/t gold.
With the long-term future of the Higginsville operation secured with the transition
to Mt Henry as a baseload ore supply, there is also a renewed focus on grassroots
exploration in the well-endowed region. Strong anomalies have already been
defined along the prospective Speedway shear system (which is the control on the
Invincible deposit at the St Ives gold mining operation further north).
Recent exploration drilling of the Igloo anomaly (under lake sediments on Lake
Cowan) returned some exciting initial results including 13m at 5.5g/t from 24 m.
In addition, the next phase of testing at Republican (2.8km anomaly peaking at
246ppb gold) and Implausible (+4km anomaly peaking 79ppb gold) is being
advanced, showing the excellent potential for new discoveries under lake
sediments within the Higginsville tenure.
Precious Metals - Producer 12
Westgold Resources Limited
Initiation of Coverage
South Kalgoorlie

The South Kalgoorlie operation comprises the HBJ underground mine, a number
of open pits and the 1.2Mtpa Jubilee Mill. Numerous open pits and underground
operations have previously been mined within the project area since the late
1980s. Since acquiring the asset in 2013, production has been modest
(<45kozpa), with ore sourced primarily from existing low-grade ore stocks in
combination with small-scale open pits and toll processing arrangements.
Figure 16: Key operating assumptions - South Kalgoorlie
South Kal
Resource
Reserve
CG asssumed mine life
Milling capacity
Recovery
CG assumed head grade
Guidance
CG assumed production average LOM
CG assumed AISC
CG project NPV (5%)
51Mt at 2.27g/t for 3.7Moz
2.3Mt at 2.6g/t for 192koz
3 years
1.1Mtpa (GC assume only utilised to 1Mtpa)
90% average LOM
2.5g/t (blended HBJ and open pits)
Ramping up to 60-70kozpa
~64kozpa from FY18
A$1195/oz
A$80m
Source: Company Reports, Canaccord Genuity estimates




Buy Target Price A$3.05 | 6 February 2017
13
The current production focus is completing a profit sharing agreement over the
Cannon gold mine (terms explained below) whereby WGX and Southern Gold (SAUASX | Not Rated) share the surplus funds generated on a 50:50 basis. We expect
to see the large stockpiles from Cannon dominate the mill feed at the Jubilee mill
in the MarQ’17, to recover the final ~15koz in the mine plan. While mining at
Cannon is expected to be completed this Q, we expect profit share payments to
generate a further A$12m cash for WGX on the ore processed during the next 3-6
months.
A key focus for WGX has been to re-instate the HBJ underground mine as the base
load ore source. Initial refurbishment works including the reclamation of the old
decline, its extension and the mining of remnant ore positions (with some
extensions) has been completed and ore stoping commenced during 2016. The
decline is now at the bottom of the old workings and ore development on the
higher grade and virgin primary lodes is about to recommence meaningfully.
Production from the HBJ mine is expected to be approximately 500ktpa, providing
a steady and consistent base load of higher grade ore to the processing plant.
In June 2016, WGX acquired the Gunga project, 30km west of the processing
facility with the objective of having an addition blended feed source with HBJ
when the Cannon and Georges Reward mines are depleted. Gunga has a modest
Mineral Resource of 1.3Mt at 1.7g/t gold for 73koz, but we envisage the deposit
providing blended feed for South Kalgoorlie operation from the 2H 2017.
In the production profile below, we assume mining rates from the HBJ
underground of 500ktpa at a head grade of 3.3g/t (reserve 931kt at 3.3g/t for
98koz) as the bulk of the ore feed. We have assumed one additional year of
production based on the current 663koz HBJ resource, which may ultimately
prove to be conservative. We expect the mine to average ~70kozpa from FY17 for
3 years at an AISC of A$1156/oz.
Precious Metals - Producer 13
Westgold Resources Limited
Initiation of Coverage
Figure 17: Modelled production and AISC profile for the South Kalgoorlie operation
Source: Company Reports, Canaccord Genuity estimates

WGX also owns a lithium royalty as part of the South Kalgoorlie landholding. We
include A$20m for the lithium royalty in our sum-of-parts valuation to account for
the A$2/t ore mined plus 1.5% gross sales from concentrate produced over the
already defined 12Mt, which is set to be mined by Neometals, Ganfeng and
Mineral Resources at the Mt Marion lithium project south of Kalgoorlie.
Cannon Gold Mine (50% profit share with SAU-ASX)

WGX has a financing and profit sharing agreement with SAU over the nearby
Cannon gold mine which is currently the bulk of the ore feed. WGX manages all
aspects of the operation with ore from the mine being batch processed. All
revenue to date has gone to first repay costs with surplus funds split on a profit
share 50:50 basis (second profit share payment made on 24 January 2017). As
part of the agreement, WGX has made loan funds available to SAU of up to
A$2.5m to fund its other working capital requirements, earning interest at 8% pa,
secured by a mortgage over the Cannon Mining Tenement. During the DecQ’16,
SAU repaid $1.5 million of the principle and made the final outstanding payment
of A$1.2m early in the MarQ’17.

Mining has been underway at Cannon since September 2015. The current mine
plan will see mining and processing completed in the MarQ’17, after which
assessment of underground mining opportunities will take place. Production from
Cannon to date has produced 30koz of gold. We expect a further 15koz of gold to
be produced, as the mining is now into the high grade portion of the orebody at
the bottom of the pit.

We include WGX’s interest in the operation only at a nominal A$12m, included in
development and exploration in our sum-of-parts. Further, production from the
agreement is not included in our overall production profile, which in FY17 will
account for ~33koz.
Fortnum

Buy Target Price A$3.05 | 6 February 2017
14
Fortnum was acquired in August 2015 from RNI Ltd (RNI:ASX | Not rated) for 18m
MLX shares (a consideration of ~A$18m based on MLX’s share price at the time).
The project has produced +1Moz from the historic Horseshoe, Peak Hill and
Labouchere mining centers, which were in production until 2006. The project is
Precious Metals - Producer 14
Westgold Resources Limited
Initiation of Coverage




Buy Target Price A$3.05 | 6 February 2017
15
located 150km north of the CMGP, which in our view could allow for synergies
with respect to warehousing and shared infrastructure.
Refurbishment of the mill is well advanced, with engineering works nearing
completion, and the only remaining long lead item outstanding being the power
station and final switchgear (due to be finalised on 20 February 2017) in time for
wet commissioning. As was previously advised, cost estimates for the entire
project re-start to first gold production of A$15m remain on budget and first gold
production is expected late in the MarQ’17.
Ore processing will commence on accumulated low grade stockpiles which will be
progressively replaced by higher grade ores from open pit and underground with
an objective to achieve steady state production of ~70kozpa at AISC of
A$1,280/oz.
The current development strategy for Fortnum is being run in four key phases as
outlined below. We note that WGX has indicated that following a review of the
Starlight underground mine, a decision was made to bring forward the mine dewatering and development schedule to expedite the steady supply of higher-grade
underground feed.
 Phase 1: Refurbish the plant, re-align permits and approvals, commission and
operate on existing low grade ore stockpiles, which we anticipate will all occur
in the MarQ’17. Stockpiles could provide an initial 12 months of feed on their
own; however, we expect WGX to only commission the project on stockpiles
and utilise them until the underground is on line meaningfully.
 Phase 2: Commence open pit mining from planned cutbacks to the existing
open pits and extensions. Start the mining of these when the plant is
operational and slowly replace the lower grade stocks with these higher grade
open pit. Preparation works for open pit mining are complete and WGX is well
advanced with contractors submitting tenders and mine dewatering of the old
pit voids also commencing. We expect mining to commence late in the
MarQ’17.
 Phase 3: Dewater and recommission the Starlight Underground mine and
replace/supplement the other ores with these higher grade ores increasing
overall production. We expect this to take 12 months, where steady state
mine rates would be 350-400ktpa.
 Phase 4: Explore and develop the numerous targets and opportunities to
create sustainable production from the existing 2Moz resource base. We see
significant opportunities for longer mine life, beyond the initial five-year plan,
from known resources which require further validation and drilling. In
particular, the Peak Hill region which is yet to be considered in the
development strategy.
Key inputs underpinning our valuation for Fortnum are outlined below. We have
incorporated gradual ramp-up, processing a blend of historic stockpiled ore and
open pit material for the initial nine months, then transitioning to a blend of open
pit and underground ore. We currently expect production to begin in MarQ’17, on
stockpiled ore which has a defined resource 810kt at 0.81g/t for 20.5koz.
Precious Metals - Producer 15
Westgold Resources Limited
Initiation of Coverage
Figure 18: Key operating assumptions - Fortnum
F ortnum
Resource
Reserve
CG asssumed mine life
Milling capacity
Recovery
CG assumed head grade
CG assumed production
CG assumed AISC
CG project NPV
30Mt at 1.84g/t for 1.75Moz
5.4Mt at 1.95g/t for 339koz
5 years
1Mtpa
85% average LOM
2.5g/t
70kozpa (assumes 12 month ramp up)
A$1255/oz
A$118m
Source: Company Reports, Canaccord Genuity estimates

The production profile is expected to be supported by a combination of stockpile,
open pit and underground ore. The ultimate profile will be determined by
sequencing of the underground development particularly with respect to the
Starlight and Peak Hill mines. Our assumed production profile is outlined below,
noting that the head grades milled sit above the current resource, supported by
the assumption of production from the Starlight underground mine which has a
resource of 1.6Mt at 3g/t.
Figure 19: Modelled production and AISC profile for Fortnum project
Source: Company Reports, Canaccord Genuity estimates
Rover


Buy Target Price A$3.05 | 6 February 2017
16
The Rover Project is a postulated undercover repetition of the prolific Tennant
Creek goldfield located 80km to the north-east. The project area is proximal to a
major infrastructure corridor adjacent to Central Australian Railway, gas pipeline
and Stuart Highway.
Exploration to date has tested a small number of anomalies and significant
mineralised IOCG (iron oxide copper-gold) systems have been discovered at the
Rover 1 and Explorer 142 prospects. In addition, significant lead-zinc-silver
discoveries have been made at Explorer 108 and recently at the Curiosity
Prospect to the south.
Precious Metals - Producer 16
Westgold Resources Limited
Initiation of Coverage
Figure 20: Rover location map
Source: Company Reports

Rover has defined Mineral Resource at three projects, namely Rover 1, Explorer
108 and Explorer 142. The tables below are as at 30 June 2016.
Figure 21: Resource statement for the Rover polymetallic deposits
Source: Company Reports, Canaccord Genuity estimates
Buy Target Price A$3.05 | 6 February 2017
17
Precious Metals - Producer 17
Westgold Resources Limited
Initiation of Coverage

Work in the Tennant Creek district continues to be focused on defining the
optimal development pathway for the Rover 1 deposit, including additional drilling
into an interpreted second bonanza gold and copper zone located between
vertical depths of 600-800m. Drilling during 2015/16 successfully outlined this
zone with numerous impressive intersections. Figure 22 below highlights some of
the better intersections and demonstrates the development potential of the asset.
Figure 22: Rover 1 long section
Source: Company Reports, Canaccord Genuity estimates

Buy Target Price A$3.05 | 6 February 2017
18
We await outcomes of the updated feasibility study before incorporating Rover
into our production and capex profile. WGX has previously indicated the potential
for Rover to be a +50kozpa operation, but is unlikely to come on line meaningfully
before 2020. We value the project at a nominal A$20m until we get better clarity
on the capital requirements, operating costs and development timeline.
Precious Metals - Producer 18
Westgold Resources Limited
Initiation of Coverage
Investment Risks

Operating risks
Companies in production will be subject to risks such as plant/equipment
breakdowns, metallurgical (meeting design recoveries within a complex
flowsheet), materials handling and other technical issues. An increase in
operating costs could reduce the profitability and free cash generation from the
operating assets considerably and negatively impact valuation. Further, the actual
characteristics of an ore deposit may differ significantly from initial interpretations
which can also materially impact forecast production from original expectations.

Commodity price and currency fluctuation
The company as a gold producer is exposed to commodity price and currency
fluctuations, often driven by macro-economic forces including inflationary
pressure, interest rates and supply and demand of commodities. These factors
are external and could reduce the profitability, costing and prospective outlook for
the business.
Figure 23: Target price sensitivities to gold price and currency movements
$7.00
Change in Target Price
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
-30%
-20%
-10%
0%
10%
20%
30%
Change in input variable
Gold Price
US$ Exchange Rate
Source: Canaccord Genuity estimates

Buy Target Price A$3.05 | 6 February 2017
19
Exploration risk
Exploration is subject to a number of risks and can require a high rate of capital
expenditure. Risks can also be associated with exploration techniques and lack of
accuracy in interpretation of geochemical, geophysical, drilling and other data. No
assurance can be given that exploration will delineate further minable Reserves.
Precious Metals - Producer 19
Westgold Resources Limited
Initiation of Coverage
Companies references
Figure 24: Companies under CG coverage mentioned in this report
Company
Beadell Resources
Doray Minerals
Evolution Mining
Medusa Mining
Metals X
Northern Star Reso
OceanaGold Corpo
Perseus Mining
Regis Resources
Resolute Mining
Saracen Mineral H
St Barbara
Troy Reosurces
Ticker
BRD
DRM
EVN
MML
MLX
NST
OCG
PRU
RRL
RSG
SAR
SBM
TRY
Rating
BUY
BUY
HOLD
SPEC BUY
BUY
BUY
HOLD
SPEC BUY
HOLD
HOLD
HOLD
HOLD
SPEC BUY
Price Target
A$0.40
A$0.85
A$2.40
A$0.80
A$0.95
A$4.40
A$4.30
A$0.65
A$2.85
A$1.40
A$1.10
A$2.25
A$0.35
Analyst
Tim McCormack
Patrick Chang
Reg Spencer
Patrick Chang
Tim McCormack
Tim McCormack
Reg Spencer
Reg Spencer
Tim McCormack
Patrick Chang
Reg Spencer
Reg Spencer
Patrick Chang
Source: Canaccord Genuity estimates
Buy Target Price A$3.05 | 6 February 2017
20
Precious Metals - Producer 20
Westgold Resources Limited
Initiation of Coverage
Appendix: Important Disclosures
Analyst Certification
Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the
recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and
objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring
analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the
specific recommendations or views expressed by the authoring analyst in the research.
Analysts employed outside the US are not registered as research analysts with FINRA. These analysts may not be associated persons of
Canaccord Genuity Inc. and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communications
with a subject company, public appearances and trading securities held by a research analyst account.
Sector Coverage
Individuals identified as “Sector Coverage” cover a subject company’s industry in the identified jurisdiction, but are not authoring
analysts of the report.
Investment Recommendation
Date and time of first dissemination: February 06, 2017, 02:30 ET
Date and time of production: February 06, 2017, 14:47 ET
Target Price / Valuation Methodology:
Westgold Resources Limited - WGX
Our price target on WGX is based on a 1x forward curve NPV5% for the operating assets, net of corporate and other adjustments.
Risks to achieving Target Price / Valuation:
Westgold Resources Limited - WGX
Risks include, but are not limited to: 1) Operating risks include plant/equipment breakdowns, metallurgical (meeting design recoveries
within a complex flowsheet), materials handling and other technical issues; 2) Commodity price and currency fluctuation and 3)
Exploration risk. Exploration is subject to a number of risks and can require a high rate of capital expenditure.
Distribution of Ratings:
Global Stock Ratings (as of 02/06/17)
Rating
Coverage Universe
#
%
Buy
588
61.38%
Hold
277
28.91%
Sell
31
3.24%
Speculative Buy
62
6.47%
958*
100.0%
*Total includes stocks that are Under Review
IB Clients
%
36.39%
16.25%
19.35%
72.58%
Canaccord Genuity Ratings System
BUY: The stock is expected to generate risk-adjusted returns of over 10% during the next 12 months.
HOLD: The stock is expected to generate risk-adjusted returns of 0-10% during the next 12 months.
SELL: The stock is expected to generate negative risk-adjusted returns during the next 12 months.
NOT RATED: Canaccord Genuity does not provide research coverage of the relevant issuer.
“Risk-adjusted return” refers to the expected return in relation to the amount of risk associated with the designated investment or the
relevant issuer.
Risk Qualifier
SPECULATIVE: Stocks bear significantly higher risk that typically cannot be valued by normal fundamental criteria. Investments in the
stock may result in material loss.
12-Month Recommendation History (as of date same as the Global Stock Ratings table)
A list of all the recommendations on any issuer under coverage that was disseminated during the preceding 12-month period
may be obtained at the following website (provided as a hyperlink if this report is being read electronically) http://disclosuresmar.canaccordgenuity.com/EN/Pages/default.aspx
Buy Target Price A$3.05 | 6 February 2017
Precious Metals - Producer 21
Westgold Resources Limited
Initiation of Coverage
Required Company-Specific Disclosures (as of date of this publication)
In the past 12 months, Canaccord Genuity or its affiliated companies have received compensation for Investment Banking services from
Westgold Resources Limited .
Canaccord Genuity or one or more of its affiliated companies intend to seek or expect to receive compensation for Investment Banking
services from Westgold Resources Limited in the next three months.
An analyst has visited the material operations of Westgold Resources Limited. No payment was received for the related travel costs.
Westgold Resources Limited Rating History as of 02/02/2017
2.10
2.00
1.90
1.80
1.70
1.60
1.50
1.40
1.30
Apr 2014
Jul 2014
Oct 2014
Jan 2015
Apr 2015
Jul 2015
Closing Price
Oct 2015
Jan 2016
Apr 2016
Jul 2016
Oct 2016
Jan 2017
Target Price
Buy (B); Speculative Buy (SB); Sell (S); Hold (H); Suspended (SU); Under Review (UR); Restricted (RE); Not Rated (NR)
Online Disclosures
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Initiation of Coverage
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