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Resolute Mining Limited
Precious Metals - Producer
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 allthe companies and securities that are the subject of this report discussed herein.
Australian Equity Research24 November 2016
BUYPRICE TARGET A$1.45Price (24-Nov)Ticker
A$1.20RSG-ASX
52-Week Range (A$): 0.24 - 2.35Avg Daily Vol (M) : 8.0Market Cap (A$M): 881Shares Out. (M) : 737.0Dividend /Shr (A$): 0.02Dividend Yield (%) : 1.4Enterprise Value (A$M): 646NAV /Shr (5%) (A$): 1.44Net Cash (A$M): 235.0P/NAV (x) : 0.83Major Shareholders: ICM
Van Eck
FYE Jun 2016A 2017E 2018E 2019EGold Production(000oz) 315 306 273 305
All in SustainingCost (Gold) (US$ /oz)
895 957 1,039 1,039
EBITDA (A$M) 185.0 188.0 165.0 150.0Net Income (A$M) 212.9 136.3 110.8 68.3
2.5
2
1.5
1
0.5
0
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
RSG
Source:�FactSet
Patrick Chang, CFA | Analyst | Canaccord Genuity (Australia) Ltd. | [email protected] | +61.8.6216.2004Reg Spencer | Analyst | Canaccord Genuity (Australia) Ltd. | [email protected] | +61.2.9263.2701
Initiation of Coverage
Seasoned African CampaignerResolute Mining (RSG) is an international gold producer with FY17 group productionguidance set at >300koz @ AISC A$1,280/oz. Its key assets are the Syama gold minein Mali and the Ravenswood mine in Australia. The company boasts a proud history ingold production (7Moz since the early 1990s), but looking ahead, the company is makingsignificant investment in the next few years in order to transform its existing assets intolong life, scalable operations. The company has been re-rated by the market in CY16,and has now become a serious contender in the +300kozpa peer group (ASX-listed).Whilst the share price discount to NAV is modest at ~20%, the stock remains appealingto investors seeking leverage to the gold price (see below) and / or growth. We initiatecoverage with a BUY recommendation and a A$1.45 target price.Transforming its operations. RSG recently delivered two separate Feasibility Studies(FS) on its Syama Underground and Ravenswood Expansion Projects. The sizeableReserve positions and the recent FS results underpin the potential for RSG to delivertwo scalable operations with some of the longest mine lives amongst the ASX goldproducers. The total project capex directly associated with these two projects in FY17-19is estimated at A$370m (CGe), which we estimate is financeable from RSG’s existingbalance sheet post the recent capital raising and projected cash flow. Whilst the upfrontcapex is relatively onerous and technical risks are acknowledged, post ramp up, thesetwo assets have the potential to deliver >300koz for the next >10 years.Further growth. RSG’s large mineral inventory, prospective geology and recentexploration results support an ability to deliver organic growth, in our view. Its projectpipeline includes the Bibiani project in Ghana, which has the potential to deliver anadditional ~100koz pa production through further technical work. The company hasrecently invested in African juniors including Manas Resources (ASX:MSR | Not rated)and Kilo Gold (TSX:KGL | Not rated). Its expertise at acquiring, developing and operatingAfrican mines could lead to further M&A. In particular, the company’s demonstratedability to operate across different jurisdictions and successfully employ unconventionalmining or processing practices means it has the potential to capitalise on opportunitiesunavailable to many other gold companies.Scale and leverage. RSG boasts scalable Resource (attributable 10.7Moz) and Reservepositions (4.9Moz). Given its production and cost structures, sizeable inventory, aswell as low levels of hedging, the stock offers excellent leverage to the gold price. Weestimate that a 10% increase in gold price would result in a ~38% increase in ourvaluation.
ValuationOur A$1.45 price target is based on 1x forward curve NPV5% for the operating assetsnet of corporate and other adjustments.
For important information, please see the Important Disclosures beginning on page 26 of this document.
2
FINANCIAL SUMMARY Resolute Mining Ltd ASX:RSG
Analyst : Patrick Chang Rating:
Date: 24/11/2016 Target Price: $1.45Year End: June
Market Information Company Description
Share Price A$ 1.20
Market Capitalisation A$m 880.7
12 Month Hi A$ 2.35
13 Month Lo A$ 0.23
Issued Capital m 737.0
Options m 13.13 Profit & Loss (A$m) 2016a 2017e 2018e 2019e
Fully Diluted m 750.1 Revenue 555.1 533.2 488.4 534.3
Operating Costs 302.0 293.0 276.2 332.9
Valuation A$m A$/share Royalties 29.0 31.4 28.1 31.3
Ravenswood NPV @ 5% 171.4 0.23 Corporate & O'heads 6.0 7.3 7.4 7.2
Syama Sulphides NPV @ 5% 244.7 0.33 Exploration (Expensed) 7.6 15.3 13.2 13.4
Syama Oxides NPV @ 5% 178.1 0.24 EBITDA 185.0 188.0 165.0 150.0
Bibiani 79.0 0.11 Dep'n 39.2 50.2 45.0 50.4
Exploration 214.4 0.29 EBIT 145.8 137.8 119.9 99.5
Corporate (73.1) (0.10) Net Interest -9.1 0.2 0.0 -0.8
Investments and Hedging 9.2 0.01 Tax 0.0 0.0 -7.8 -29.9
Cash and bullion estimate 267.0 0.36 NPAT 136.7 136.3 110.8 68.3
Debt estimate (32.0) (0.04) Abnormals 76.2 0.0 0.0 0.0
Total NAV 1,058.8 1.44 NPAT (reported) 212.9 136.3 110.8 68.3
Price:NAV 0.83x
NAV at Spot US$1,188/oz, AUDUSD $0.74 0.88 Cash Flow (A$m) 2016a 2017e 2018e 2019e
Target Price 1.45 Cash Receipts 554.6 533.2 488.4 534.3
Cash paid to suppliers & employees -347.7 -336.7 -311.7 -371.5
Assumptions 2016a 2017e 2018e 2019e Tax Paid 0.0 0.0 -7.8 -29.9
Gold Price (US$/oz) 1,168 1,290 1,292 1,305 Net Interest -6.0 0.2 0.0 -0.8
AUD:USD 0.75 0.76 0.75 0.75 Other -8.1 -19.0 -16.0 -16.0
Operating Cash Flow 192.8 177.7 153.0 116.1
Valuation Sensitivity Capex -32.0 -192.8 -248.7 -116.3
Other -11.3 0.0 0.0 0.0
Investing Cash Flow -43.3 -192.8 -248.7 -116.3
Debt Drawdown (repayment) -78.9 0.0 0.0 0.0
Share capital 0.0 150.0 0.0 0.0
Dividends 0.0 -12.5 -9.6 -9.6
Financing Expenses 0.0 -6.0 0.0 0.0
Financing Cash Flow -78.9 131.5 -9.6 -9.6
Opening Cash -19.7 53.4 169.8 64.6
Increase / (Decrease) in cash 70.6 116.4 -105.3 -9.8
FX Impact 2.5 0.0 0.0 0.0
Production Metrics 2016a 2017e 2018e 2019e Closing Cash 53.4 169.8 64.6 54.8
Ravenswood
Production (koz) 106 94 85 99 Balance Sheet (A$m) 2016a 2017e 2018e 2019e
All in Sust Costs (A$/oz) 1225 1324 943 1254 Cash + S/Term Deposits 79.9 181.8 76.6 66.8
Syama Sulphides Other current assets 195.6 347.7 318.4 347.7
Production (koz) 129 126 107 126 Current Assets 275.5 529.5 394.9 414.5
All in Sust Costs (US$/oz) 669 837 1,086 1,070 Property, Plant & Equip. 178.8 321.5 525.1 590.9
Syama Oxides Exploration & Develop. 46.3 242.9 494.9 614.5
Production (koz) 80 85 80 80 Other Non-current Assets 3.7 3.7 3.7 3.7
All in Sust Costs (US$/oz) 1,137 966 1,002 1,000 Payables 33.4 42.8 39.2 42.8
TOTAL Short Term debt 26.7 26.7 26.7 26.7
Production 315 306 273 305 Long Term Debt 0.0 0.0 0.0 0.0
All in Sust Costs (A$/oz) 1,200 1,263 1,390 1,395 Other Liabilities 93.9 448.8 704.5 871.4
Net Assets 350.4 579.3 648.2 682.8
Reserves & Resources (100% basis) Mt Grade Moz Shareholders Funds 395.2 545.2 545.2 545.2
Resources TOTAL 261.2 1.4 12.07 Reserves 33.3 33.3 33.3 33.3
Ravenswood 172.4 0.8 4.31 Retained Earnings -32.1 69.3 154.3 201.0
Syama 73.1 2.5 5.99 Total Equity 350.4 579.3 648.2 682.8
Bibiani 15.7 3.5 1.78
Reserves TOTAL 112.1 1.5 5.59 Ratios & Multiples 2016a 2017e 2018e 2019e
Ravenswood 69.7 0.8 1.85 EBITDA Margin 33% 35% 34% 28%
Syama 37.0 2.6 3.09 EV/EBITDA 4.0x 3.7x 4.9x 5.4x
Bibiani 5.5 3.7 0.64 Op. Cashflow/Share $0.30 $0.24 $0.21 $0.16
P/CF 4.0x 5.0x 5.8x 7.6x
Directors & Management EPS $0.28 $0.15 $0.13 $0.08
Name Position EPS Growth 379% -45% -17% -41%
Peter Huston NE Chairman PER 4.2x 7.7x 9.3x 15.7x
John Welborn Managing Director and CEO Dividend Per Share $0.00 $0.02 $0.01 $0.01
Peter Sullivan NE Director Dividend Yield 0% 1% 1% 1%
Marthinus Botha NE Director ROE 61% 24% 17% 10%
Henry Price NE Director ROIC 37% 23% 19% 11%
Debt/Equity 0% 0% 0% 0%
Net Interest Cover 16.1x 94.1x 86.5x 71.8x
Substantial Shareholders Shares (m) % Book Value/share $0.55 $0.79 $0.88 $0.93
ICM Ltd 184.24 25.0% Price/Book Value 2.2x 1.5x 1.4x 1.3x
Van Eck 107.00 14.5%
Source: RSG & Canaccord Genuity estimates
Resolute Mining Ltd (ASX:RSG) is a gold mining company whose primary assets are the Syama gold
mine in Mali, the Ravenswood mine in Queensland, Australia, and the Bibiani Gold Project in Ghana
BUY
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Resolute Mining LimitedInitiation of Coverage
Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 2
3
Valuation
Our price target is based on 1x forward curve NPV5% for the operating assets net of
corporate and other adjustments. This represents a P/NAV of ~0.85x, in-line with the
market cap weighted average of the CGAu gold producer coverage of ~0.85x.
All earnings and cashflow forecasts are based on commodity and FX assumptions
outlined in Figure 2.
Figure 1: CG Net-Asset-Valuation for RSG
Source: Canaccord Genuity estimates
Figure 2: Gold price and US$/AUD$ assumptions
Source: Canaccord Genuity estimates
Sensitivity to gold price and FX
Given foreign denominated costs and an unhedged production profile, our valuation is
sensitive to gold price movements. Figure 3 summaries sensitivities to the gold price
and FX movements.
Figure 3: Gold price and FX sensitivity
Source: Canaccord Genuity estimates
Valuation A$m A$/share
Ravenswood NPV @ 5% 171.4 0.23
Syama Sulphides NPV @ 5% 244.7 0.33
Syama Oxides NPV @ 5% 178.1 0.24
Bibiani 79.0 0.11
Exploration 214.4 0.29
Corporate (73.1) (0.10)
Investments and Hedging 9.2 0.01
Cash and bullion estimate 267.0 0.36
Debt estimate (32.0) (0.04)
Total NAV 1,058.8 1.44
Price:NAV 0.90x
NAV at Spot US$1,212/oz, AUDUSD $0.74 0.98
Target Price 1.45
Assumptions 2016a 2017e 2018e 2019e Long Term
Gold Price (US$/oz) 1,168 1,290 1,292 1,305 1,363
AUD:USD 0.75 0.76 0.75 0.75 0.74
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Resolute Mining LimitedInitiation of Coverage
Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 3
4
Group production
Figure 4 summarises our forecast production and AISC profile. These profiles,
including the elevated costs in FY18-19E, reflect the associated ramp up of the Syama
Underground Project and the Ravenswood Expansion Project (see below). Our
production forecast and valuation for Syama Oxide includes an estimated ~2.5Mt ore
from Tabakoroni.
Figure 4: Gold production and AISC profile
Source: Canaccord Genuity estimates
Significant development projects
To achieve RSG’s forecast production guidance, RSG is undertaking two significant
development projects. Total capex (including sustaining capex) for FY17-19 is
estimated at ~A$550m, which RSG would be able to fund from cash flow generated
and its existing balance sheet on our estimates. This amount includes capex directly
associated with these two projects (estimated at ~A$370m), other growth capex (e.g.
Project 85, see page 12) and sustaining capex.
Syama Underground Project
In June 2016 RSG delivered a Definitive Feasibility Study on an underground mine at
Syama. The development of the proposed underground mine is expected to allow the
company to extract ~2Moz Au. Pre-production capex and opex are estimated at
US$95m and US$13m respectively. The project is expected to commence this FY and
full production ramp up is expected by the end of FY19. During the ramp up phase,
the sulphide circuit at Syama will be supplemented with satellite open pit sulphide ore
and stockpiles.
Ravenswood Expansion Project
In September 16 RSG released a Feasibility Study on the Ravenswood Expansion
Project (REP). Production from the proposed open pits (Nolans East, Sarsfield and
Buck Reef West) is expected to replace the maturing Mt Wright Underground
operation (mid-CY17 completion) and deliver a ~20-30% increase to production. REP
requires upgrades to the existing mill, de-watering and dredging of tailings in the
Sarsfield pit, potential surface infrastructure relocation and further permitting. Project
capex is estimated to be A$258m, to be spent within the first six years.
Exploration and Resource upside
We have factored in a nominal value for Bibiani of A$79m, and a further A$214m for
RSG’s near mine and regional exploration upside (equivalent to ~2x FY20e FCF).
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Resolute Mining LimitedInitiation of Coverage
Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 4
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Peer Comparison
RSG has been re-rated by the market, and now ranks firmly within the +300kozpa
producer peer group. The share price performance (+388% YTD) reflects the delivery
of solid FCF by monetising its stockpile at Syama and cost discipline, as well as
demonstrating the viability of its development projects.
Therefore, compared to ASX producers, RSG is trading mostly in-line on a number of
metrics.
Figure 5: P / NAV (as at 24/11/2016) Figure 6: Production vs AISC
Source: Canaccord Genuity estimates Source: Company Reports, Canaccord Genuity estimates
Figure 7: EV / EBITDA (as at 24/11/2016) Figure 8: EV / FY17E production vs AISC margin (as at 24/11/2016)
Source: Company Reports, Canaccord Genuity estimates Source: Canaccord Genuity estimates, MLX EV includes the base metal division
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Resolute Mining LimitedInitiation of Coverage
Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 5
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Corporate & Finance
Balance sheet
Cash equivalent and debt are estimated at A$267m and A$32m respectively as at
30th September 2016. The company completed a fully-underwritten, A$150m capital
raise (@A$1.96/sh) in late September to fund development capex.
To achieve RSG’s forecast production guidance, RSG is undertaking two significant
development projects. Total capex (including sustaining capex) for FY17-19 is
estimated at ~A$550m, which RSG would be able to fund from cash flow generated
and its existing balance sheet on our estimates. This amount includes capex directly
associated with these two projects (estimated at ~A$370m), other growth capex (e.g.
Project 85, see page 12) and sustaining capex.
Net cash / (debt) and FCF sensitivities are presented in Figures 9 and 10. Given the
predominantly unhedged, scalable production profile and relatively high costs
expected in the coming years, the company’s FCF and net cash / (debt) remains highly
leverage to the gold price. Under a bearish scenario (-15%), the company is projected
to carry net debt from FY18 onwards.
Figure 9: FCF sensitivity Figure 10: Net cash / (debt) sensitivity
Source: Company reports, Canaccord Genuity estimates Source: Company reports, Canaccord Genuity estimates
Dividend history and policy
RSG paid one five cent dividend in 2012. The company recently announced a revenue
linked dividend policy, equating to 2% of annual gold sales. Shareholders are
expected to be given the option to receive the dividends in cash or in physical gold
with the Perth Mint.
Hedging
The company’s production remains largely unhedged. The company has 36koz @
A$1,800/oz for delivery between November 2016 and October 2017.
Capital structure and Register
Substantial shareholders include ICM (25.0%) and Van Eck (14.5%).
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Resolute Mining LimitedInitiation of Coverage
Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 6
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Company Background
RSG is an Australian based gold exploration, development and mining company, which
listed on the ASX in 1979. The company operates the Syama mine in Mali (80%) and
the Ravenswood mine (100%) in Queensland, Australia.
Figure 11: Project locations
Source: Company Reports
FY17 guidance
FY17 production guidance is >300koz produced at an AISC A$1,280/oz. Sales
guidance is at 325koz.
Group Resource / Reserve
RSG boasts a total Resource position (100% basis) of 12.0Moz and a Reserve
position of 5.6Moz. Reserves at Syama and Bibiani were estimated at US$1,150/oz
and Reserves at Ravenswood were estimated at A$1,575/oz.
Figure 12: Group Resource / Reserve position
Source: Company Reports
Reserves & Resources (100% basis) Mt Grade Moz
Resources TOTAL 261.2 1.4 12.07
Ravenswood 172.4 0.8 4.31
Syama 73.1 2.5 5.99
Bibiani 15.7 3.5 1.78
Reserves TOTAL 112.1 1.5 5.59
Ravenswood 69.7 0.8 1.85
Syama 37.0 2.6 3.09
Bibiani 5.5 3.7 0.64
Resolute Mining LimitedInitiation of Coverage
Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 7
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Operating history
RSG has an enviable development and operational history, having developed and
operated multiple mines across numerous jurisdictions, producing in excess of 7Moz.
Figure 13: RSG’s cumulative production
Source: Company Reports
Development and Operational expertise
RSG has developed, operated and rehabilitated multiple projects across various
jurisdictions including Australia, Ghana, Tanzania and Mali. Management and the
operational team is well versed at operating “unconventional” mines, including:
Refractory ore at Syama processed with a flotation / roasting processing circuit
A sublevel shrinkage stope mining method used for ore extraction on a relatively
low grade (+3g/t) underground deposit at Mt Wright (Ravenswood).
Dry stacked tailings at Ravenswood
This expertise could allow RSG to assess and undertake other “unconventional”
projects and contemplate accretive M&A opportunities that might be considered
unavailable to many other gold companies.
Key development / exploration assets
RSG owns the Bibiani gold project in Ghana which could deliver additional organic
growth to the company. RSG completed a Feasibility Study in June 2016 which
highlighted a viable ~90kozpa @ AISC US$858/oz underground operation. The
economics of the project are expected to improve with further technical work,
including additional drilling to in-fill Inferred Resources.
RSG controls significant tenement positions around its Ravenswood and Syama
mines, which are expected to deliver additional mine life with further exploration work.
In addition, the company had been accumulating interest in African juniors including
Manas Resources (ASX:MSR | Not rated) and Kilo Goldmines (TSX:KGL | Not rated).
Resolute Mining LimitedInitiation of Coverage
Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 8
9
Syama Sulphides (80%)
Background
The Syama gold mine was established by BHP (BLT : LSE : 1363p | rated HOLD by
Nick Hatch (Canaccord Genuity Limited (UK))1 in 1990 as an oxide operation. In 1994,
a decision was made to construct a primary ore processing facility to treat the hard,
refractory ore based on “whole of ore” roasting. The asset was operated by BHP until
1996 and by Randgold (RRS : LSE : 5685p | rated BUY by Nick Hatch) from 1996 to
2001 and subsequently put on care and maintenance.
In April 2003, RSG entered into an option agreement with RRS to acquire the Syama
gold project. RSG subsequently acquired the asset in April 2004 and completed a
Feasibility on the project in April 2005. A key modification of the flow sheet was the
processing of a concentrate through the roaster circuit thereby reducing the tonnage
roasted. The re-development of the project was initiated in June 2006 and production
was achieved in 2009.
Resolute has an 80% interest in the project through its equity in Sociêtê des Mines de
Syama S.A. (SOMISY). The Malian Government holds a 20% interest in SOMISY.
Figure 14: Syama project location
Source: Company Reports, AMS
Geology, Resources and Reserves
The mine is situated along a geological structure known as the Syama Shear that
extends for >200kms south into Cote D’Ivoire. Gold mineralisation is hosted within an
overturned and thrusted mafic volcanic / metasediment package that is in contact
with a conglomeratic unit.
The ore body is refractory, with gold occurring within pyrite and also locked in solid
solution. In addition, gold exists as fine free particles in quartz and silicates. The ore
has a high organic carbon content. Due to the presence of the graphite and refractory
gold, roasting has been used to oxidise the pyrite and liberate the gold for recovery in
the CIL circuit. Graphite is destroyed in the process of roasting.
1. Canaccord Genuity Limited (UK) publishes non-independent research and marketing communications under the Market Abuse Regulation and
the FCA Conduct of Business rules.
Resolute Mining LimitedInitiation of Coverage
Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 9
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Figure 15: Cross section, Syama ore body
Source: Company Reports
Reserves and Resources at Syama as at 30th June 2016 are presented in Figure 16
below.
Figure 16: Reserve and Resources, Syama
Source: Company Reports
Resolute Mining LimitedInitiation of Coverage
Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 10
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Operations – transitioning into a scalable, underground operation
The Syama mine was a large scale, open pit operation with the open pit phase largely
completed by June Q 2015. Mining of the open pit was accelerated and a sizable 6Mt
@ 2.0g/t stockpile was built when mining ceased.
In recent times processing plant ore feed has mostly comprised high grade stockpiles,
supplemented by higher grade sulphide material from the satellite oxide pits. During
this period RSG took advantage of the inventory (and higher gold prices) and delivered
strong FCF to enhance its balance sheet. During FY16, Syama Sulphide delivered
130koz @ AISC US$669/oz.
In June 2016 RSG delivered a Definitive Feasibility Study on an underground mine at
Syama. The development of the proposed underground mine is expected to allow the
company to extract ~2Moz Au over the designed LOM. Reserves are envisaged to be
mined using sub-level caving methods, similar to the sub-level shrinkage stope
method employed at Mt Wright, Ravenswood.
Key outcomes include;
>12 year mine life
A ~170koz pa production profile
AISC of US$881/oz
Pre-production capex and opex of US$95m and US$13m respectively
Unit production costs (Mining and Milling) at Syama are estimated at ~US$50/t, which
is in-line with current costs at Ravenswood (estimated at ~A$70/t). Given the scale of
Syama, enhanced vertical endowment and management’s expertise, we believe
development and mining risks are mitigated.
Figure 17: Comparison between Mt Wright and Syama
Source: Company Reports
Resolute Mining LimitedInitiation of Coverage
Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 11
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Figure 18: Plan view scale comparison, Syama vs Mt Wright
Source: Company Reports
Metallurgy and processing
The processing plant has a nameplate capacity of ~2.2Mtpa and utilises a process
flowsheet involving crushing, milling, flotation, roasting and CIL. The plant has been in
operation since 2007.
Project 85
A series of upgrades (mostly expected in FY17) are being implemented to lift
recoveries from ~78% to ~85% in the sulphide circuit. Including;
Flotation Tails CIL: the current calcine CIL circuit will be repurposed to treat the
flotation tails
New Calcine CIL: a new dedicated calcine CIL circuit will be designed and installed
Regrind: the coarse calcine product will now be reground prior to CIL
Upgrade of current flotation circuit: the current flotation circuit will have a series of
minor upgrades to improve the operational performance
Resolute Mining LimitedInitiation of Coverage
Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 12
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Figure 19: Syama sulphide processing flow sheet
Source: Company Reports
RSG is working with Outotec, the manufacturer of the roaster, to further enhance
recoveries by reducing the carbon in the calcine being fed to the calcine CIL circuit.
The company stated a LOM expected recovery of 89%. Successfully demonstrating
this technology would provide ~9c upside to our valuation (CGAu assumption 85%).
Modelled production
Our production and AISC assumptions are presented in Figure 20 below. Production in
FY17-19 will comprise stockpiled ore, underground ore and sulphide ore from satellite
pits. From FY20-FY29 the operation is expected to process underground ore only. A
small percentage of stockpiled ore is scheduled to be processed in FY29.
Figure 20: Syama Sulphide production and AISC
Source: Canaccord Genuity estimates
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In-mine extensions
Numerous wide intersections beneath and lateral to the existing Reserve outline
highlight the strong potential for depth extensions (see Figure 21).
Figure 21: Syama long section showing strong potential for Reserve extensions
Source: Company Reports
Risks
The Syama Underground mine will require significant development prior to ramping up
to nameplate. The local workforce could require significant training to carry out
underground mining utilising the sub-level caving method. However, we note RSG’s
successful track record at Mt Wright could greatly assist with this transition.
The ore at Syama is ‘double-refractory’, consisting of gold locked in pyrite grains as
well as the presence of preg-robbing, carbonaceous material. The roaster has
demonstrated a recovery of ~70-80%. The newly proposed Project 85 is expected to
improve recoveries further to ~85% through several modifications to the existing
circuit. We note a high recovery of 89% being quoted in the Syama Underground
Feasibility Study; this will require further modification and optimisation work and we
have not modelled this.
Resolute Mining LimitedInitiation of Coverage
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Syama Oxides
Background
In mid-2012, RSG completed a Definitive Feasibility Study on the multifaceted
expansion of the Syama operation, which included an independent, parallel, ~1Mtpa
oxide circuit. This circuit would be utilised to process the substantial oxide Resource
at Syama and satellite deposits and increase site output by ~70koz pa.
Start-up capex of the project was estimated by the company at US$123m. The circuit
was completed on budget and ahead of schedule. It is currently operating at
~1.3Mtpa vs the initial nameplate capacity of 1.0Mtpa.
Operation
The operation utilises conventional open pit mining methods. Load and haul, drill and
blast, grade control drilling are contracted to Ausdrill (ASX:ASL | Not rated) until
August 2018.
After a period of elevated waste material movement, CGAu is modelling a modest
average stripping ratio of ~5:1 for the next twelve Qs.
The oxide processing circuit is expected to be suitable for a large percentage of oxide
material at Tabakoroni, which features Reserves of 296koz @ 2.9g/t. Our modelling
reflects the expected processing of this material through the oxide circuit.
Modelled production
Our production and AISC assumptions are presented in Figure 22 below. Our
production forecast and valuation for Syama Oxide includes an estimated ~2.5Mt ore
from Tabakoroni.
Figure 22: Modelled production and AISC
Source: Canaccord Genuity estimates
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Ravenswood
Background and operational history
The Ravenswood gold mine is located approximately 95km south-west of Townsville
and 65km east of Charters Towers in north-east Queensland. Resolute has a 100%
interest in the mine through its subsidiary Carpentaria Gold Pty Ltd. The company
acquired the asset in 2004 from Xstrata for US$45m cash.
RSG continued mining the Sarsfield pit after inheriting the asset. A low grade
beneficiation circuit was used to upgrade low grade material and appeared
successful. Subsequently, the company developed the higher grade Mt Wright mine
which supplemented Sarsfield ore. Post completion of the Sarsfield pit and stockpile,
the mill was reconfigured to ~1.5Mtpa to solely process the higher grade ore from Mt
Wright. The Sarsfield pit was eventually used for tailings storage and to date there are
an estimated ~15Mt of tailings and ~4.7GL of water in-pit.
In 2012, the RSG board examined the possibility of re-commencing mining at the
Sarsfield/Nolans pits through the completion of a Feasibility Study. Whilst the
economic outcome was positive, the board concluded that the return on capital and
payback on a standalone basis did not meet RSG’s then internal investment hurdles.
Figure 23: Ravenswood tenements
Source: Company Reports
Resolute Mining LimitedInitiation of Coverage
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Geology, Resources and Reserves
There are two main styles of mineralisation at Ravenswood, including breccia complex
(Mt Wright, Welcome Breccia) and intrusive hosted deposits (Sarsfield, Buckreef West
and Nolans). In the breccia style mineralisation, gold occurs with marcasite, pyrite and
minor pyrrhotite, as breccia, vug fill, veins and disseminations. Distal to the rhyolite
breccia, the gold grade decreases and the mineralisation grades into a base metal
(sphalerite, galena and chalcopyrite) zone. Strong sericite-quartz alteration generally
corresponds to better grades. The intrusive hosted deposits are located within and
around the junction of three prominent fault systems in the southern part of the
Ravenswood goldfield. Hot, mineralising fluids have concentrated the gold, in mainly
pyrite veins and fractures, with minor amounts of quartz, calcite and other sulphides.
Figure 24: Plan view showing geology
Source: Company Reports
The current Reserves were estimated in-house with a gold price of A$1,575/oz. The
Resources are estimated at various cut-off grades between 0.4-1.0g/t.
Figure 25: Ravenswood Reserves
Source: Company Reports
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Figure 26: Ravenswood Resources
Source: Company Reports
Proposed mining operation
In a Feasibility Study released in September 2016, RSG has proposed re-commencing
staged open pit mining at the historical Nolans East and Sarsfield pits, as well as the
Buck Reef West deposit. This would replace the maturing Mt Wright underground
operation, which is scheduled to complete by mid-2017. Mining will be via
conventional open pit mining methods.
Metallurgy and processing
The current 1.5Mtpa capability is planned to be lifted, in stages, to a ~5Mtpa run rate,
and utilise a conventional crush, grind, gravity and CIL circuit. Grind size is expected to
be relatively coarse at P80 180 µm. The plant will produce dry stacked tailing.
The plant is planned to incorporate a low grade beneficiation plant to reject 50mm
oversize after secondary crushing. This is possible due to the nature of the
mineralisation in which almost all gold is associated with veins that fracture easily
with crushing. A similar circuit was used historically for the processing of Sarsfield ore
with success.
This circuit is expected to reduce tonnage of low grade ore feed into the mill by ~41%,
lifting the grade by ~48% with a minimal amount of ounces lost, estimated at ~7%
(see Figure 27).
Figure 27: Low grade beneficiation summary
Source: Company Reports, Canaccord Genuity estimates
Ravenswood blend upgrade
Mt g/t %
Total tonnes processed 58.56 0.91
High grade 35.42 0.97
Low grade 35.27 0.50
Underground 0.93 2.72
Implied LG beneficiated tonnage 22.21 0.74
Implied LG beneficiation factor (tonnage) 59%
Implied LG beneficiation factor (grade) 48%
Implied LG beneficiation ore loss 7%
Resolute Mining LimitedInitiation of Coverage
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Infrastructure upgrades and funding requirement
To achieve the slated ~130kozpa production, RSG will need to complete significant
infrastructure work. This includes:
Expand and reconfigure the current mill (1.5Mtpa) to 5.0Mtpa
Dewater (4.7GL) and dredge the tailings (~15Mt) out of the Sarsfield pit and dry
stack in the proposed new facility
Potentially relocate surface infrastructure at the proposed Buck Reef West pit
Figure 28: Project funding requirement
Source: Company Reports
A challenging project
We see Sarsfield as one of the more challenging development projects in Australia,
due to the modest grades, large throughput, infrastructure upgrades and capex
requirements, as well as the proximity to the Ravenswood community.
The development of Sarsfield will require the de-watering, dredging and dry stacking
of 15Mt of historic tailings from the Sarsfield open pit. Significant cut-backs are
required for both Sarsfield and Buck Reef West. The plant will require significant
upgrades to achieve the proposed nameplate capacity. Beneficiating low grade
material through a dedicated circuit is required to achieve the proposed head grade.
Permitting is required to bring both Sarsfield and Buck Reef Wets into production.
However, we see the potential for RSG to successfully deliver this project, particularly
given its history of operating this asset at a ~5Mtpa rate and the current buoyant AUD
gold price. Whilst potential teething issues are acknowledged, we note RSG is a
seasoned operator with demonstrated technical expertise and its capability to handle
unconventional projects.
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Potential upside
Upside at Ravenswood includes the potential incorporation of Welcome Breccia
(208koz @ 3.2g/t) and a potential underground operation at Buck Reef Deeps (drilling
results include 19m @ 4.4g/t and 26m @ 2.8g/t).
Furthermore, subject to permitting, bringing forward Buck Reef could potentially
reduce upfront capex and deliver higher grades to the mill.
Modelled production
Our production and AISC assumptions are presented in Figure 29 below. We have
excluded pre-stripping costs from the AISC in the first six years as RSG stated it as
part of the “project capex”. This also explains the drop in AISC in FY18 and FY21.
Figure 29: Modelled production and AISC
Source: Canaccord Genuity estimates
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Bibiani (90%)
Background
Bibiani is located in the western region of Ghana, near the town of Bibiani. Historically,
the mine was in production from 1902-1913 and 1927-1973, predominantly as an
underground mine and produced ~2Moz. Modern mining followed the acquisition by
AngloGold Ashanti (SJ:ANG | Not rated) in mid-1990s. ANG produced ~1.8Moz from
the main and satellite pits until 2006.
RSG assumed 90% ownership of the project through the approval of its proposed
Deed of Company Arrangement (DOCA) by Noble Mineral’s creditors in 2013 and
following governmental approvals in 2014. RSG was Noble’s 20% shareholder and the
largest external creditor and held just under 100% of Noble’s listed unsecured
convertible notes. The government of Ghana owns 10% project interest (free carried).
Figure 30: Long section showing the Resource model and historic workings
Source: Company Reports
Geology, Resources and Reserves
Bibiani is a turbidite hosted, mesothermal lode-style deposit. The orebody geometry is
controlled by a steep north to north-east trending shear corridor 200-400m wide. The
orebody dips 60-80 degrees to the east. The ore zone features carbonate, silica, albite
and sericite alteration. Gold is predominantly fine and occurs along edges or cracks in
pyrite and arsenopyrite grains.
The Resource is 1.8Moz @ 3.5g/t (100% basis, 67% Measured and Indicated) using a
2.0g/t cut-off, and the Reserve is 640koz @ 3.7g/t (100% basis).
Existing infrastructure
Bibiani is located 80km southwest of the Ashanti capital, Kumasi, accessible through
the Kumasi-Bibiani-Sefwi Bekwai highway. The Kumasi airport is serviced with flights
from Ghana’s capital Accra, while on site infrastructure is considerable, including
camp and other facilities. The previous owner had commenced expanding the
processing plant capacity to 3Mtpa. Although significant work was carried out, this
work was incomplete, particularly around the processing circuit and the primary
crusher.
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Proposed mining operation
The project was previously envisaged to be an open pit operation by its previous
owner, requiring significant cut-backs and population relocation, as the local
communities hosts ~7,500 people. RSG proposed to mine the ore using underground
methods (Long Hole Open Stoping).
Metallurgy and processing
The operation utilises a crush / grind (P80 106 µm) / flotation / regrind (P80 25 μm) /
CIL circuit to recover ~87% of the gold. The ore host rocks can be graphitic and
carbonaceous. Historic processing data suggests the graphite has the preg-robbing
effect.
Figure 31: Bibiani proposed flowsheet
Source: Company Reports
FS outcome
RSG completed a FS in June’16, key highlights include:
~90koz pa production
Mine life of 6.25 years
AISC US$858/oz
Pre-production capex and opex of US$82.2m
We believe the current project economics are unenticing for the company to pursue a
development on an “as is” basis, particularly considering the technical and social
challenges. Project economics are expected to improve further with additional drilling
and technical work to upgrade Inferred material and extend the orebody. The deposits
remain open at depth.
Resolute Mining LimitedInitiation of Coverage
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Exploration upside
Near mine Syama
The Syama deposit remains open at depth, with recent robust results suggesting
further orebody extensions (see Figure 21). Hits include: 62m @ 6.7g/t, 28m @ 5.1g/t
and 46m @ 3.1g/t. Additionally, RSG recently discovered a southern zone ~250m
south of the current Reserve, with encouraging results including 19m @ 2.6g/t from
273m and 18m @ 3.0g/t from 372m.
The company controls an extensive footprint along the highly prospective Syama
Shear in Mali. A systematic approach is likely to result in the delineation of additional
satellite deposits.
Figure 32: RSG tenements on the Syama shear
Source: Company Reports
Near mine Ravenswood
Further exploration could lead to the identification of additional high grade breccia
deposits like Mt Wright and Welcome Breccia, which typically feature small surface
footprint due to their pipe-like geometry. The Buck Reef West deposit has potential to
be extended laterally and at depth.
Resolute Mining LimitedInitiation of Coverage
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Investment risks
Sovereign risks
RSG operates in several West African countries including Mali and Ghana, and has
interest in exploration and development companies located in Tanzania and the DRC.
As such, it is subject to sovereign risks. We note the company’s enviable track record
of successfully operating and rehabilitating mines across numerous jurisdictions
including Ghana, Tanzania and Mali.
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.
Exploration risks
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.
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.
Resolute Mining LimitedInitiation of Coverage
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Directors and management
Peter Ernest Huston – Non-Executive Chairman (retiring at AGM)
Mr Peter Huston was appointed Chairman in 2000. After gaining admission in
Western Australia as a Barrister and Solicitor, Mr Huston initially practised in the area
of corporate and revenue law. Subsequently, he moved into the area of public listings,
reconstructions, equity raisings, mergers and acquisitions and advised on a number of
major public company floats, takeovers and reconstructions. Mr Huston is admitted to
appear before the Supreme Court, Federal Court and High Court of Australia. Mr
Huston was a partner of the international law firm now known as "Deacons" until
1993 when he retired to establish the boutique investment bank and corporate
advisory firm known as "Troika Securities Limited".
John Paul Welborn – Managing Director and CEO
Mr John Welborn was appointed to the board on 27 February 2015 as a non‐executive director and became the Managing Director and Chief Executive Officer on 1
July 2015. Mr Welborn is a Chartered Accountant with a Bachelor of Commerce
degree from the University of Western Australia and is a Fellow of the Institute of
Chartered Accountants in Australia, a Fellow of the Australian Institute of
Management and is a member of the Australian Institute of Mining and Metallurgy,
the Financial Services Institute of Australasia, and the Australian Institute of Company
Directors. Mr Welborn has extensive experience in the resources sector as a senior
executive and in corporate management, finance and investment banking. He was
most recently the Managing Director of Equatorial Resources Limited and was
previously the Head of Specialised Lending in Western Australia for Investec Bank
(Australia) Ltd.
Peter Ross Sullivan – Non-Executive Director
Mr Peter Sullivan was appointed Managing Director and Chief Executive Officer of the
Company in 2001 and retired as Chief Executive Officer on 30 June 2015. Mr Sullivan
is an engineer and has been involved in the management and strategic development
of resource companies and projects for over 20 years. Mr Sullivan is also a director of
GME Resources Limited (appointed 1996), Zeta Resources Limited (appointed 2013),
Pan Pacific Petroleum NL (appointed 2014) and Panoramic Resources Limited
(appointed 2015).
Marthinus Johan Botha – Non -Executive Director
Mr Martin Botha is a non-executive director and was appointed to the board in
February 2014. Mr Botha is an Engineering Surveyor by training who has 30 years’
experience in banking, with 24 years spent in leadership roles building Standard Bank
Plc’s international operations. Mr Botha’s primary responsibilities at Standard Bank
included establishing and leading the development of the core global natural
resources trading and financing franchises, as well as various geographic strategies,
including those in the Russian Commonwealth of Independent States, Turkey and the
Middle East. Mr Botha graduated with first class honours from the University of Cape
Town and is based in London.
Mr Henry Thomas Stuary Price - Non-Executive Director
Mr Bill Price is a non-executive director and was appointed to the board in 2003. Mr
Price is a Fellow Chartered Accountant with over 35 years of experience in the
accounting profession. Mr Price has extensive taxation and accounting experience in
the corporate and mining sector. In addition to his professional qualifications, Mr Price
is a member of the Australian Institute of Company Directors, a registered tax agent
and registered company auditor. Mr Price is also a director of Tennis West.
Resolute Mining LimitedInitiation of Coverage
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Appendix: Important DisclosuresAnalyst CertificationEach authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) therecommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent andobjective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoringanalyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to thespecific 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 ofCanaccord Genuity Inc. and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communicationswith a subject company, public appearances and trading securities held by a research analyst account.Sector CoverageIndividuals identified as “Sector Coverage” cover a subject company’s industry in the identified jurisdiction, but are not authoringanalysts of the report.
Investment RecommendationDate and time of first dissemination: November 24, 2016, 14:30 ETDate and time of production: November 24, 2016, 14:31 ETTarget Price / Valuation Methodology:Resolute Mining Limited - RSGOur price target is based on 1x forward curve NPV5% for the operating assets net of corporate and other adjustments.BHP Billiton plc - BLTOur target price comprises 3 components. We value the shares on the basis of the rounded average of EV/EBITDA (relative to thecompany's historical performance), rolling P/E relative to the FTSE All Share Index, and our NPV.Randgold Resources - RRSOur target price is based on a 1.50x target NAV multiple (5% discount rate) using Canaccord Genuity's forward Au/Ag price curve.Risks to achieving Target Price / Valuation:Resolute Mining Limited - RSG
Sovereign risksRSG operates in several West African countries including Mali and Ghana, and has interest in exploration and development companieslocated in Tanzania and the DRC. As such, it is subject to sovereign risks. We note the company’s enviable track record of successfullyoperating and rehabilitating mines across numerous jurisdictions including Ghana, Tanzania and Mali.
Operating risksCompanies in production will be subject to risks such as plant/equipment breakdowns, metallurgical (meeting design recoveries withina complex flowsheet), materials handling and other technical issues. An increase in operating costs could reduce the profitability andfree cash generation from the operating assets considerably and negatively impact valuation. Further, the actual characteristics ofan ore deposit may differ significantly from initial interpretations which can also materially impact forecast production from originalexpectations.
Exploration risksExploration is subject to a number of risks and can require a high rate of capital expenditure. Risks can also be associated withexploration techniques and lack of accuracy in interpretation of geochemical, geophysical, drilling and other data. No assurance can begiven that exploration will delineate further minable Reserves.
Commodity price and currency fluctuationThe company as a gold producer is exposed to commodity price and currency fluctuations, often driven by macro-economic forcesincluding inflationary pressure, interest rates and supply and demand of commodities. These factors are external and could reduce theprofitability, costing and prospective outlook for the business.BHP Billiton plc - BLTThe main risks to our view are different commodity prices vs our current forecasts. The company is also exposed to the potentially open-ended liability from the Samarco disaster and the risk of "lower-for-longer" oil prices if we fail to see supply restraint - the onshore USbusiness may be particularly at risk.Randgold Resources - RRS
Resolute Mining LimitedInitiation of Coverage
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All of Randgold’s operations are in Africa, so risks associated with social and political issues, key personnel, permitting, execution andtechnical (developing/operating) risks are key, as well as gold price and exchange rate risk. A key component of the future value is withinthe underground operations, particularly at Yalea and Gara as well as the development of Kibali.
Distribution of Ratings:Global Stock Ratings (as of 11/24/16)Rating Coverage Universe IB Clients
# % %Buy 559 59.47% 36.49%Hold 292 31.06% 17.81%Sell 26 2.77% 23.08%Speculative Buy 63 6.70% 69.84%
940* 100.0%*Total includes stocks that are Under Review
Canaccord Genuity Ratings SystemBUY: 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 therelevant issuer.Risk QualifierSPECULATIVE: Stocks bear significantly higher risk that typically cannot be valued by normal fundamental criteria. Investments in thestock 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 periodmay be obtained at the following website (provided as a hyperlink if this report is being read electronically) http://disclosures-mar.canaccordgenuity.com/EN/Pages/default.aspx
Required Company-Specific Disclosures (as of date of this publication)Canaccord Genuity or one or more of its affiliated companies is a market maker or liquidity provider in the securities of BHP Billiton plcand Randgold Resources or in any related derivatives.Canaccord Genuity or one or more of its affiliated companies intend to seek or expect to receive compensation for Investment Bankingservices from Resolute Mining Limited in the next three months.
Jan 2014 Apr 2014 Jul 2014 Oct 2014 Jan 2015 Apr 2015 Jul 2015 Oct 2015 Jan 2016 Apr 2016 Jul 2016 Oct 2016
2.50
2.00
1.50
1.00
0.50
0.00
Resolute Mining Limited Rating History as of 11/22/2016
Closing Price Target Price
Buy (B); Speculative Buy (SB); Sell (S); Hold (H); Suspended (SU); Under Review (UR); Restricted (RE); Not Rated (NR)
H:AUD0.5712/11/13
S:AUD0.4301/16/14
S:AUD0.5602/25/14
S:AUD0.5404/23/14
H:AUD0.6007/13/14
H:AUD0.5807/30/14
H:AUD0.4610/06/14
H:NA11/10/14
Resolute Mining LimitedInitiation of Coverage
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Jan 2014 Apr 2014 Jul 2014 Oct 2014 Jan 2015 Apr 2015 Jul 2015 Oct 2015 Jan 2016 Apr 2016 Jul 2016 Oct 2016
2,500
2,000
1,500
1,000
500
BHP Billiton plc Rating History as of 11/23/2016
Closing Price Target Price
Buy (B); Speculative Buy (SB); Sell (S); Hold (H); Suspended (SU); Under Review (UR); Restricted (RE); Not Rated (NR)
H:2,040p01/09/14
H:2,100p03/06/14
H:1,935p07/17/14
H:2,020p09/09/14
H:1,950p10/07/14
H:1,670p12/10/14
B:1,690p01/16/15
B:1,740p02/26/15
B:1,670p04/30/15
B:1,380p07/29/15
B:1,260p09/01/15
B:1,220p10/28/15
B:890p02/18/16
B:840p02/26/16
H:850p05/11/16
H:975p07/27/16
H:990p09/07/16
H:1,040p09/27/16
Jan 2014 Apr 2014 Jul 2014 Oct 2014 Jan 2015 Apr 2015 Jul 2015 Oct 2015 Jan 2016 Apr 2016 Jul 2016 Oct 2016
10,0009,0008,0007,0006,0005,0004,0003,000
Randgold Resources Rating History as of 11/23/2016
Closing Price Target Price
Buy (B); Speculative Buy (SB); Sell (S); Hold (H); Suspended (SU); Under Review (UR); Restricted (RE); Not Rated (NR)
H:4,100p12/20/13
H:3,800p01/15/14
H:4,800p03/17/14
H:5,100p07/31/14
H:4,100p10/24/14
H:4,800p01/19/15
H:4,900p02/10/15
H:5,100p05/01/15
H:4,400p08/13/15
H:4,000p11/05/15
H:4,700p02/04/16
H:6,000p03/17/16
H:6,250p05/12/16
H:6,500p06/21/16
H:9,075p07/13/16
B:8,590p09/01/16
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Resolute Mining LimitedInitiation of Coverage
Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 28
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Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 29
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Resolute Mining LimitedInitiation of Coverage
Buy Target Price A$1.45 | 24 November 2016 Precious Metals - Producer 30