FR: Set for Success

Notable Quotes

"ICG has closed a CA$2.5M flow-through placement." (12/24/15) Integra Gold Corp. - Thibaut Lepouttre, Caesars Report More�>

"The exploration upside at MAG's Juanicipio project is substantial." (12/23/15) MAG Silver Corp. - Gwen Preston, Resource Maven More�>

"AKG's management continues to deliver on its development milestones." (12/22/15) Asanko Gold Inc. - Nana Sangmuah, Clarus Securities More�>

"We are initiating coverage on KDX with a Buy rating." (12/21/15) Klondex Mines Ltd. - Don Blyth, Paradigm Capital More�>

"VIT's Eagle is a shovel-ready, fully permitted, prefinanced gold project." (12/17/15) Victoria Gold Corp. - Tom Hayes, Edison Investment Research More�>

MARC PAIS, MGI Securities (06/28/2010)
"First Majestic management has proven themselves as mine operators and we are confident they will be successful in completing the planned mill expansions and advancing Del Toro into production by 2012. . .We have determined our twelve-month price target of $6 per share using a 1.0x multiple on the fully diluted NAV per share. . .

[Key Points]

FR is trading at a discount based on EV/Resource and EV/CF multiples, and should appreciate relative to its peers.
Use of the cyanide plant instead of flotation at Encantada will increase the doré to concentrate production ratio, resulting in an increase in silver revenues
FR can significantly increase its silver production through planned expansions during the 2010-2012 periods at La Encantada, La Parrilla, and San Martin.
FR can successfully advance the Del Toro silver mine into production by early 2012."

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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.

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