San Gold Corp. (C$) SGR V $2.25

We generate our target price from the application of a 1.2x multiple to our corporate NAV5% which

we calculated using a long term gold price of US$800/oz and USD/CAD exchange rate of $0.85.

Companies that are expected to achieve rapid growth in politically safe jurisdictions have typically

commanded premium multiples. This is especially true of those with high-grade projects, like San

Gold, which tend to benefit from greater exploration potential and lower capital and operating costs

per ounce than their low-grade peers.