examples of reports from Stonegate of price targets and valuation based on the company highlighted:

Steppe Gold ($1.52)

Valuation – We use a DCF analysis off our mine models for phase I and phase II at the ATO mine. Combining the separate valuations for phase I and phase II, we arrive at a range of C$2.00 to C$5.50 with a mid-point of C$4.50; see page 7 for further details.

Sierra Metals ($2.18)

Valuation – We are using a DCF analysis of our mine models for the Yauricocha, Bolivar and Cusi mines. We then use a 10% discount rate and incorporate a sensitivity analysis to silver prices to arrive at our valuation range of US$3.85 to $6.00 with a mid-point of US$4.95. See more details on pages 9 and 10.

Vertex Resource Group ($0.35 cents)

Valuation – We are using a multiple analysis framework to driver our valuation range. Coupling current and historical multiples, along with Vertex’s growth profile and focus to improve its debt profile, we believe an EV/EBITDA range of 4.0x to 6.0x is reasonable. Applying this range to our F22 estimates, we arrive at a valuation range of $0.20 to $0.85, with a mid-point of $0.50. See page 6 for further details.