http://www.goldinvest.de/wp-content/uploads/Byron_Capital_Markets_Monument_Mining_201010.pdf
By entering commercial gold production, Monument Mining will start to generate stable cash flow and will be able to catch up on exploration and development delays from the past three years due to financial constraints. Substantial incremental gold resources are expected to be released by the company in the near future.
The Company Is Targeting To Become A Mid-tier Gold Mining Company On Both Resource and Production:
By re-starting the exploration programs and preparing to double its processing capacity in two years, Monument Mining is ready to pass its first million-ounce gold resource milestone in the near future and is expected to reach its annual gold production target of 100,000 ounces in the next three years.
Nearly 70% Upside Potential Toward Its Intrinsic Value: Based on our financial forecasting model, Monument Mining’s stock price is trading at 0.6x NAV, a significant discount to other junior gold producers.
We initiate coverage on Monument Mining with a BUY recommendation and a $0.82 price target based on a 1x NAV multiple.
