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A P R I L / M A Y 2 0 1 4
LARGE CAP
Goldcorp Inc. [G-TSX; GG-NYSE]
Target: C $35.00*
Market Cap: US $21,584M*
NAV: US $23,841M*
2013 Production: 2,559K oz.*
2013 Cash Cost: US $598/oz.*
*According to Canaccord analysts
Tony Lesiak and Adam Melnik
report February 19, 2014.
Yamana Gold Inc. [YRI-TSX; AUY-NYSE]
Target: C $13.00*
Market Cap: US $7,928M*
NAV: US $9,059 M*
2013 Production: 974K oz.*
2013 Cash Cost: US $599/oz.*
*According to Canaccord analysts
Tony Lesiak and Adam Melnik report
February 19, 2014.
SMALL CAP
Argonaut Gold Inc. [AR-TSX]
Target: C $8.00*
Market Cap: C $945M*
NAV: $1,177 M*
2013E Production: 124K oz.*
2013E Cash Cost: US $639/oz.*
*According to Canaccord analysts
Rahul Paul and Gabriel Gonzalez r
eport January 19, 2014.
B2Gold Corp. [BTO-TSX; BTG-NYSE MKT]
Target: C $4.00*
Market Cap: C $ 2,314 M*
NAV: US $2,359 M*
2013 Production: 366K oz.*
2013 Cash Cost: US $727/oz*
*According to Canaccord analysts
Rahul Paul and Gabriel Gonzalez report
March 16, 2014.
Dennis Hoesgen and Eric Hoesgen are Senior
Investment Advisors with Hoesgen Invest-
ment Partners (HIP) at Canaccord Genuity
Wealth Management, a division of Canaccord
Genuity Corp., Member of Canadian Investor
Protection Fund. The information contained
in this article is drawn from sources believed
to be reliable, but the accuracy and complete-
ness is not guaranteed, nor in providing it does
HIP, Canaccord Genuity Corp., or its subsid-
iaries, or affiliated companies, assume any li-
ability. This information is current as of the
date appearing in this article, and we do not
assume any obligation to update the informa-
tion or advise on further developments relat-
ing to these securities. This report should not
be considered personal investment advice or a
solicitation to buy or sell securities. Canaccord
Genuity and holdings of its respective direc-
tors, officers and employees and their associa-
tions, from time to time may buy or sell any
securities mentioned herein. The views ex-
pressed are those of the authors and not neces-
sarily those of Canaccord. Eric Hoesgen and
Dennis Hoesgen can be reached at 604-643-
7705 or at HIP@Canaccord.com
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