this one from national bank

and was posted by hemlet on kxl board

here is the summary

Here is the Summary from page 6 of the report, What a bargin at the current share price!

Summary – lots of exploration news to come

Outperform rating and Cdn$5.50 target price.

We view this news as positive as the company has successfully extended mineralization at the Golden Mile along strike and at depth. Almost every hole drilled intersected goldmineralization and approximately 10-15% of the drill holes appear to have returned significantintersections (> 10 g/t). We view this ratio of drill hits as typical of a high-grade Archean goldsystem that contains coarse gold mineralization. The ultimate grade may have to bedetermined from a bulk sample.

The company has also made several regional discoveries that have the potential to hosteconomic deposits. In addition, numerous companies are active in the Geraldton-Beardmorearea, and Kodiak often ties on to these explorers, which could bode well for making otherregional discoveries.

On a go forward basis, Kodiak plans to have 4 to 5 drill rigs active on the Hercules project.

Two or three rigs will continue at Golden Mile, likely with the intent of expanding the knownzones of mineralization and testing for intersecting structures and vertical flexures that maycontrol higher grade zones. In addition, one rig will continue in the Marino-Yellow Brick roadarea, and one will test other targets in the Elmhirst intrusion.

On a regional basis, one drill will be working at Solomon’s Pillar, one at West Geraldton, anda third portal rig may be used to test more inaccessible target areas.

At present, Kodiak has $45 million in working capital, and is well financed to continueexploring its holdings in the Geralton-Beardmore area. We anticipate further positivenewsflow in the coming months, and we are maintaining our Outperform rating and Cdn$5.50 target price.