{"id":313,"date":"2017-03-09T10:25:50","date_gmt":"2017-03-09T15:25:50","guid":{"rendered":"https:\/\/www.stockcalc.com\/blog\/Stockcalc\/?p=313"},"modified":"2017-03-09T10:25:50","modified_gmt":"2017-03-09T15:25:50","slug":"ggdtse-gogold-resources-valuation-report","status":"publish","type":"post","link":"https:\/\/www.stockcalc.com\/blog\/Stockcalc\/2017\/03\/09\/ggdtse-gogold-resources-valuation-report\/","title":{"rendered":"GGD:TSE GoGold Resources Valuation Report"},"content":{"rendered":"
\n
\n
\n

GoGold Resources (GGD:TSE) Fundamental Valuation Report<\/h4>\n

\n <\/path>\n <\/path>\n <\/path>\n <\/path>\n <\/svg>\n <\/div>\n

\n
\n This Analyst style Report was generated using the tools available on the Stockcalc.com website.
\n Patchell Brook Equity Analytics Inc. emphasizes that all activities conducted by users at or via this website are at their own risk.
\n The user assumes all risks associated with the use of this website including, but not limited to, all terms and conditions mentioned in the legal disclaimer<\/span>.
\n <\/em>\n <\/div>\n

If you would like run all your companies start a 30 day trial using the promo code Stockcalc30 at www.stockcalc.com\/registration.aspx<\/a>.<\/p>\n

Valuation Summary:<\/h3>\n

GoGold Resources<\/strong><\/span>$0.84 (CAD) Close Price as of01\/03\/2017<\/span><\/p>\n

Based on the analysis conducted in this report, GoGold Resources<\/strong>, (GGD:TSE) is found to be (refer below to each of the models for detailed calculations and assumptions). Use a conversion rate of 1.3505 from USD to CAD.<\/p>\n

\n
\n \"Summary\n <\/div>\n
    \n
  1. \n

    Discounted Cash Flow<\/h4>\n

    Using a discounted cash flow model we generated an intrinsic value of $1.78 (USD)<\/strong> for GGD:TSE<\/strong>
    Details of the DCF model are shown     below<\/a>\n <\/li>\n

  2. \n

    Comparables Model<\/h4>\n

    Using similar companies and price based ratios we generated a valuation of $1.98 (CAD)<\/strong> for GGD:TSE<\/strong>. We also generated a valuation of $1.02 (CAD)<\/strong> using other metrics and comparables.
    \n
    The comparable companies were Erdene Resource Dev (ERD:TSE), Excellon Resources (EXN:TSE), Nautilus Minerals (NUS:TSE), Select Sands (SNS:TSX) and Western Copper & Gold (WRN:TSE)
    \n
    Details of the Comparables Model are shown     below<\/a>\n <\/li>\n

  3. \n

    Multiples<\/h4>\n

    Using a multiples approach we generated a valuation of $1.11 (CAD)<\/strong> for GGD:TSE<\/strong>
    \n
    Details of the Multiples Model are shown     below<\/a>\n <\/li>\n

  4. \n

    Adjusted Book Value versus Historical Price to Book<\/h4>\n

    Using an Adjusted Book Value versus Historical Price to Book we generated a value of $0.83 (USD)<\/strong> for GGD:TSE<\/strong>
    \n
    Details of the Adjusted Book Value Model are shown     below<\/a>\n <\/li>\n

  5. \n

    Analyst Data<\/h4>\n

    In the Stockcalc database there are 1 analysts that provide a valuation for GGD:TSE<\/strong>.
    The 1 analysts have a concensus valuation for GGD:TSE<\/strong> for 2017 of $1.10 (USD)<\/strong>.
    \n
    Details of the Analyst Data are shown     below<\/a>\n <\/li>\n

  6. \n

    Summary<\/h4>\n
    \n If you would like to explore this company further you can start with a quick DCF analysis at https:\/\/www.stockcalc.com?ss=B63CF04C210D469A8898D1CA689352F0<\/a>\n <\/div>\n<\/li>\n<\/ol><\/div>\n
    \n

    Company Overview (GGD:TSE CAD)<\/h3>\n<\/div>\n
    \n\n\n\n\n\n\n\n\n\n\n\n\n\n
    Bid:Ask<\/td>\n0.67:0.69<\/td>\n<\/tr>\n
    Price<\/td>\n0.67<\/td>\n<\/tr>\n
    Change %Change<\/td>\n+0.00 – +0.00%<\/td>\n<\/tr>\n
    Day Range<\/td>\n0.65 – 0.68<\/td>\n<\/tr>\n
    52 Week Range<\/td>\n0.41 – 1.65<\/td>\n<\/tr>\n
    Open Price<\/td>\n0.66<\/td>\n<\/tr>\n
    Day Volume<\/td>\n204986<\/td>\n<\/tr>\n
    Average Volume<\/td>\n519538<\/td>\n<\/tr>\n
    P\/E Ratio<\/td>\n<\/td>\n<\/tr>\n
    Diluted EPS<\/td>\n-0.11<\/td>\n<\/tr>\n
    Shares Outstanding<\/td>\n171376481<\/td>\n<\/tr>\n
    Market Cap<\/td>\n114,822,242<\/td>\n<\/tr>\n<\/table>\n

    \"Summary\n <\/div>\n

    \n
    \n

    Detailed Company Description<\/h3>\n<\/p><\/div>\n

    GoGold Resources Inc is engaged in the discovery, exploration and development of gold, silver and copper deposits in Mexico. The Company’s projects include San Diego, Santa Gertrudis and Parral.<\/p>\n<\/p><\/div>\n

    \n

    Financial Data for GGD:TSE<\/h3>\n<\/p><\/div>\n
    \n The following presents the last up to 5 years of the companies Income Statement, Balance Sheet and Cash Flow data.\n <\/div>\n
    \n

    Income Statement<\/h4>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Line Item USD Thousands<\/td>\n2014-9-30<\/td>\n2014-9-30<\/td>\n2014-9-30<\/td>\n2015-9-30<\/td>\n2016-9-30<\/td>\n<\/tr>\n
    Total Revenue<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n12,521<\/td>\n16,701<\/td>\n<\/tr>\n
    Cost Of Revenue<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n7,039<\/td>\n11,047<\/td>\n<\/tr>\n
    Gross Profit<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n5,482<\/td>\n5,654<\/td>\n<\/tr>\n
    Selling General And Administration<\/td>\n3,142<\/td>\n3,142<\/td>\n3,142<\/td>\n3,592<\/td>\n4,711<\/td>\n<\/tr>\n
    Research And Development<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    EBITDA<\/td>\n-3,088<\/td>\n-3,088<\/td>\n-3,088<\/td>\n-1,441<\/td>\n-15,611<\/td>\n<\/tr>\n
    Depreciation and Amortization<\/td>\n48<\/td>\n54<\/td>\n54<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Operating Expense<\/td>\n3,142<\/td>\n3,142<\/td>\n3,142<\/td>\n3,592<\/td>\n4,711<\/td>\n<\/tr>\n
    Operating Income<\/td>\n-3,142<\/td>\n-3,142<\/td>\n-3,142<\/td>\n1,890<\/td>\n943<\/td>\n<\/tr>\n
    EBIT<\/td>\n-3,142<\/td>\n-3,142<\/td>\n-3,142<\/td>\n-3,805<\/td>\n-19,369<\/td>\n<\/tr>\n
    Interest Income<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Interest Expense<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n1,879<\/td>\n1,886<\/td>\n<\/tr>\n
    Pre-Tax Income<\/td>\n-4,907<\/td>\n-4,907<\/td>\n-4,907<\/td>\n-5,684<\/td>\n-21,255<\/td>\n<\/tr>\n
    Tax Provision<\/td>\n2,300<\/td>\n2,300<\/td>\n2,300<\/td>\n398<\/td>\n-718<\/td>\n<\/tr>\n
    Net Income<\/td>\n-7,207<\/td>\n-7,207<\/td>\n-7,207<\/td>\n-6,082<\/td>\n-20,537<\/td>\n<\/tr>\n
    \n
    \n<\/td>\n<\/tr>\n
    Diluted Average Shares<\/td>\n138,890<\/td>\n138,890<\/td>\n138,890<\/td>\n159,591<\/td>\n165,086<\/td>\n<\/tr>\n
    Diluted EPS<\/td>\n-0.04<\/td>\n-0.04<\/td>\n-0.04<\/td>\n-0.04<\/td>\n-0.13<\/td>\n<\/tr>\n<\/table>\n

    Balance Sheet<\/h4>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Line Item USD Thousands<\/td>\n2013-9-30<\/td>\n2014-9-30<\/td>\n2014-9-30<\/td>\n2015-9-30<\/td>\n2016-9-30<\/td>\n<\/tr>\n
    Total Assets<\/td>\n112,449<\/td>\n135,225<\/td>\n150,935<\/td>\n140,596<\/td>\n140,651<\/td>\n<\/tr>\n
    Current Assets<\/td>\n31,552<\/td>\n12,709<\/td>\n14,186<\/td>\n16,796<\/td>\n29,662<\/td>\n<\/tr>\n
    Cash And Cash Equivalents<\/td>\n31,114<\/td>\n3,423<\/td>\n3,821<\/td>\n2,721<\/td>\n2,091<\/td>\n<\/tr>\n
    Other Short Term Investments<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Receivables<\/td>\n341<\/td>\n6,314<\/td>\n7,048<\/td>\n1,736<\/td>\n3,154<\/td>\n<\/tr>\n
    Inventory<\/td>\n0<\/td>\n1,514<\/td>\n1,690<\/td>\n11,090<\/td>\n24,191<\/td>\n<\/tr>\n
    PrepaidAssets<\/td>\n96<\/td>\n1,458<\/td>\n1,628<\/td>\n1,249<\/td>\n226<\/td>\n<\/tr>\n
    Deferred Income Taxes<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Other Current Assets<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Total Non Current Assets<\/td>\n80,897<\/td>\n122,515<\/td>\n136,749<\/td>\n123,800<\/td>\n110,989<\/td>\n<\/tr>\n
    Gross PPE<\/td>\n80,974<\/td>\n122,636<\/td>\n136,884<\/td>\n122,677<\/td>\n114,434<\/td>\n<\/tr>\n
    Accumulated Depreciation<\/td>\n-78<\/td>\n-121<\/td>\n-135<\/td>\n-5,112<\/td>\n-13,139<\/td>\n<\/tr>\n
    Net PPE<\/td>\n80,897<\/td>\n122,515<\/td>\n136,749<\/td>\n117,565<\/td>\n101,295<\/td>\n<\/tr>\n
    Goodwill<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Intangibles<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Other Non Current Assets<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    <\/td>\n<\/tr>\n
    Total liabilities<\/td>\n15,705<\/td>\n37,401<\/td>\n41,746<\/td>\n36,740<\/td>\n52,553<\/td>\n<\/tr>\n
    Current Liabilities<\/td>\n2,879<\/td>\n16,686<\/td>\n18,624<\/td>\n5,803<\/td>\n48,703<\/td>\n<\/tr>\n
    Payables<\/td>\n1,629<\/td>\n2,995<\/td>\n3,343<\/td>\n5,629<\/td>\n13,563<\/td>\n<\/tr>\n
    Current debt<\/td>\n1,250<\/td>\n13,091<\/td>\n14,612<\/td>\n0<\/td>\n35,077<\/td>\n<\/tr>\n
    Current capital lease obligation<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Other current liabilities<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Non Current Liabilities<\/td>\n12,826<\/td>\n20,715<\/td>\n23,122<\/td>\n30,937<\/td>\n3,850<\/td>\n<\/tr>\n
    Long Term Debt<\/td>\n12,422<\/td>\n17,253<\/td>\n19,258<\/td>\n27,357<\/td>\n0<\/td>\n<\/tr>\n
    Long Term Capital Lease<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Other Non Current Liabilities<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Total Equity<\/td>\n96,744<\/td>\n97,824<\/td>\n109,189<\/td>\n103,856<\/td>\n88,098<\/td>\n<\/tr>\n
    Stockholders Equity<\/td>\n96,744<\/td>\n97,824<\/td>\n109,189<\/td>\n103,856<\/td>\n88,098<\/td>\n<\/tr>\n
    Preferred Stock<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    CapitalStock<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Common Stock<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Treasury Stock<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Retained Earnings<\/td>\n-7,733<\/td>\n-13,747<\/td>\n-15,344<\/td>\n-20,726<\/td>\n-41,263<\/td>\n<\/tr>\n
    Other Equity<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Total Liabilities and Total Equity<\/td>\n112,449<\/td>\n135,225<\/td>\n150,935<\/td>\n140,596<\/td>\n140,651<\/td>\n<\/tr>\n<\/table>\n

    Cash Flow<\/h4>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Line Item USD Thousands<\/td>\n2013-9-30<\/td>\n2014-9-30<\/td>\n2014-9-30<\/td>\n2015-9-30<\/td>\n2016-9-30<\/td>\n<\/tr>\n
    Net Income<\/td>\n-3,643<\/td>\n-6,457<\/td>\n-7,207<\/td>\n-6,082<\/td>\n-20,537<\/td>\n<\/tr>\n
    Depreciation and amortization<\/td>\n31<\/td>\n48<\/td>\n54<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Amortization of debt discount\/premium and issuance costs<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Investment\/asset impairment charges<\/td>\n715<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n20,030<\/td>\n<\/tr>\n
    Investments losses (gains)<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Deferred income taxes<\/td>\n15<\/td>\n1,926<\/td>\n2,150<\/td>\n491<\/td>\n-755<\/td>\n<\/tr>\n
    Stock based compensation<\/td>\n641<\/td>\n277<\/td>\n309<\/td>\n205<\/td>\n362<\/td>\n<\/tr>\n
    Accounts receivable<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n728<\/td>\n<\/tr>\n
    Inventory<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n-11,715<\/td>\n<\/tr>\n
    Prepaid expenses<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n-43<\/td>\n<\/tr>\n
    Accounts payable<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Accrued liabilities<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Income Tax Payable<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n37<\/td>\n<\/tr>\n
    Interest payable<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Other working capital<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Other non-cash items<\/td>\n959<\/td>\n-6,473<\/td>\n-7,225<\/td>\n1,361<\/td>\n8,895<\/td>\n<\/tr>\n
    \n
    \n<\/td>\n<\/tr>\n
    Net cash provided by operating activities<\/td>\n-1,282<\/td>\n-10,678<\/td>\n-11,919<\/td>\n-4,025<\/td>\n-2,998<\/td>\n<\/tr>\n
    <\/td>\n<\/tr>\n
    Investments in property, plant, and equipment<\/td>\n-10,930<\/td>\n-32,956<\/td>\n-36,785<\/td>\n-9,606<\/td>\n-13,365<\/td>\n<\/tr>\n
    Property, plant, and equipment reductions<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Acquisitions, net<\/td>\n0<\/td>\n-4,776<\/td>\n-5,331<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Purchases of investments<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Sales\/Maturities of investments<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Other investing activities<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    \n
    \n<\/td>\n<\/tr>\n
    Net cash used for investing activities<\/td>\n-10,930<\/td>\n-37,732<\/td>\n-42,116<\/td>\n-9,606<\/td>\n-13,365<\/td>\n<\/tr>\n
    <\/td>\n<\/tr>\n
    Debt issued<\/td>\n0<\/td>\n14,803<\/td>\n16,523<\/td>\n27,315<\/td>\n13,500<\/td>\n<\/tr>\n
    Debt repayment<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n-31,323<\/td>\n-6,000<\/td>\n<\/tr>\n
    Common stock issued<\/td>\n4,537<\/td>\n0<\/td>\n0<\/td>\n16,194<\/td>\n7,454<\/td>\n<\/tr>\n
    Preferred stock issued<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Cash dividends paid<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Other financing activities<\/td>\n14,060<\/td>\n8,311<\/td>\n9,276<\/td>\n1,173<\/td>\n844<\/td>\n<\/tr>\n
    \n
    \n<\/td>\n<\/tr>\n
    Net cash provided by, used for activities<\/td>\n18,598<\/td>\n23,114<\/td>\n25,799<\/td>\n13,359<\/td>\n15,798<\/td>\n<\/tr>\n
    <\/td>\n<\/tr>\n
    Effect of exchange rates<\/td>\n0<\/td>\n844<\/td>\n942<\/td>\n-419<\/td>\n-65<\/td>\n<\/tr>\n
    Net change in cash<\/td>\n6,386<\/td>\n-25,297<\/td>\n-28,236<\/td>\n-272<\/td>\n-630<\/td>\n<\/tr>\n
    Cash at beginning of period<\/td>\n24,728<\/td>\n27,876<\/td>\n31,114<\/td>\n3,412<\/td>\n2,721<\/td>\n<\/tr>\n
    Cash at end of period<\/td>\n31,114<\/td>\n3,423<\/td>\n3,821<\/td>\n2,721<\/td>\n2,091<\/td>\n<\/tr>\n
    Operating cash flow<\/td>\n-1,282<\/td>\n-10,678<\/td>\n-11,919<\/td>\n-4,025<\/td>\n-2,998<\/td>\n<\/tr>\n
    Capital expenditure<\/td>\n-10,930<\/td>\n-32,956<\/td>\n-36,785<\/td>\n-9,606<\/td>\n-13,365<\/td>\n<\/tr>\n
    Free cash flow<\/td>\n-12,212<\/td>\n-43,634<\/td>\n-48,704<\/td>\n-13,631<\/td>\n-16,363<\/td>\n<\/tr>\n<\/table><\/div>\n
    \n

    Ratio Data for GGD:TSE<\/h3>\n<\/p><\/div>\n
    \n

    Profitability Ratios<\/h4>\n\n\n\n\n\n\n\n\n\n\n\n\n
    <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Year<\/td>\n2012<\/td>\n2013<\/td>\n2014<\/td>\n2015<\/td>\n2016<\/td>\n<\/tr>\n
    Gross Margin (%)<\/td>\n<\/td>\n<\/td>\n<\/td>\n43.78<\/td>\n33.85<\/td>\n<\/tr>\n
    Operation Margin (%)<\/td>\n<\/td>\n<\/td>\n<\/td>\n15.09<\/td>\n5.65<\/td>\n<\/tr>\n
    Tax Rate (%)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Net Margin (%)<\/td>\n<\/td>\n<\/td>\n<\/td>\n-48.57<\/td>\n-122.97<\/td>\n<\/tr>\n
    Sales per Employee<\/td>\n<\/td>\n<\/td>\n<\/td>\n131800<\/td>\n146500<\/td>\n<\/tr>\n
    EBIT Margin (%)<\/td>\n<\/td>\n<\/td>\n<\/td>\n-30.39<\/td>\n-115.98<\/td>\n<\/tr>\n
    EBITDA Margin (%)<\/td>\n<\/td>\n<\/td>\n<\/td>\n-11.51<\/td>\n-93.47<\/td>\n<\/tr>\n
    Net Profit Margin (%)<\/td>\n<\/td>\n<\/td>\n<\/td>\n-48.57<\/td>\n-122.97<\/td>\n<\/tr>\n
    Interest Coverage<\/td>\n<\/td>\n<\/td>\n<\/td>\n-2.03<\/td>\n-10.27<\/td>\n<\/tr>\n<\/table>\n

    Efficiency Ratios<\/h4>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Year<\/td>\n2012<\/td>\n2013<\/td>\n2014<\/td>\n2015<\/td>\n2016<\/td>\n<\/tr>\n
    Days In Sales<\/td>\n<\/td>\n<\/td>\n<\/td>\n35.53<\/td>\n17.06<\/td>\n<\/tr>\n
    Days In Inventory<\/td>\n<\/td>\n<\/td>\n<\/td>\n326.78<\/td>\n582.85<\/td>\n<\/tr>\n
    Days In Payment<\/td>\n<\/td>\n<\/td>\n<\/td>\n219.05<\/td>\n315.11<\/td>\n<\/tr>\n
    Cash Conversion Cycle<\/td>\n<\/td>\n<\/td>\n<\/td>\n143.26<\/td>\n284.8<\/td>\n<\/tr>\n
    Receivable Turnover<\/td>\n<\/td>\n<\/td>\n<\/td>\n10.27<\/td>\n21.4<\/td>\n<\/tr>\n
    Inventory Turnover<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.12<\/td>\n0.63<\/td>\n<\/tr>\n
    Payment Turnover<\/td>\n<\/td>\n<\/td>\n<\/td>\n1.67<\/td>\n1.16<\/td>\n<\/tr>\n
    Fixed Assets Turnover<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.1<\/td>\n0.15<\/td>\n<\/tr>\n
    Assets Turnover<\/td>\n<\/td>\n<\/td>\n<\/td>\n0.09<\/td>\n0.12<\/td>\n<\/tr>\n
    ROE (%)<\/td>\n-4.29<\/td>\n-3.7<\/td>\n-6.74<\/td>\n-6.03<\/td>\n-21.4<\/td>\n<\/tr>\n
    ROA (%)<\/td>\n-4.1<\/td>\n-3.41<\/td>\n-5.29<\/td>\n-4.41<\/td>\n-14.6<\/td>\n<\/tr>\n
    ROIC (%)<\/td>\n-4.29<\/td>\n-3.46<\/td>\n-5.49<\/td>\n-3.52<\/td>\n-12.93<\/td>\n<\/tr>\n
    FCF Sales Ratio (%)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    FCF Net Income Ratio (%)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Capital Expenditure Sales Ratio (%)<\/td>\n<\/td>\n<\/td>\n<\/td>\n76.72<\/td>\n80.03<\/td>\n<\/tr>\n<\/table>\n

    Financial Health<\/h4>\n\n\n\n\n\n\n\n\n\n
    <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Year<\/td>\n2012<\/td>\n2013<\/td>\n2014<\/td>\n2015<\/td>\n2016<\/td>\n<\/tr>\n
    Current Ratio<\/td>\n29.6<\/td>\n10.96<\/td>\n0.76<\/td>\n2.89<\/td>\n0.61<\/td>\n<\/tr>\n
    Quick Ratio<\/td>\n29.56<\/td>\n10.93<\/td>\n0.58<\/td>\n0.77<\/td>\n0.11<\/td>\n<\/tr>\n
    Long Term Debt Total Capital Ratio (%)<\/td>\n<\/td>\n11.38<\/td>\n14.99<\/td>\n20.85<\/td>\n<\/td>\n<\/tr>\n
    Long Term Debt Equity Ratio<\/td>\n<\/td>\n0.13<\/td>\n0.18<\/td>\n0.26<\/td>\n<\/td>\n<\/tr>\n
    Financial Leverage<\/td>\n1.01<\/td>\n1.16<\/td>\n1.38<\/td>\n1.35<\/td>\n1.6<\/td>\n<\/tr>\n
    Total Debt To Equity Ratio<\/td>\n<\/td>\n0.14<\/td>\n0.31<\/td>\n0.26<\/td>\n0.4<\/td>\n<\/tr>\n<\/table>\n

    Valuation Ratios<\/h4>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Year<\/td>\n2012<\/td>\n2013<\/td>\n2014<\/td>\n2015<\/td>\n2016<\/td>\n<\/tr>\n
    Sustainable Growth Rate (%)<\/td>\n-7.67<\/td>\n-6.58<\/td>\n-4.99<\/td>\n-5.57<\/td>\n-22.56<\/td>\n<\/tr>\n
    Payout Ratio (%)<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n<\/tr>\n
    Cash Return<\/td>\n-0.03<\/td>\n-0.11<\/td>\n-0.16<\/td>\n-0.11<\/td>\n-0.09<\/td>\n<\/tr>\n
    Sales Per Share<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0.06<\/td>\n0.15<\/td>\n<\/tr>\n
    Book Value Per Share<\/td>\n0.16<\/td>\n0.69<\/td>\n0.79<\/td>\n0.89<\/td>\n0.68<\/td>\n<\/tr>\n
    CFO Per Share<\/td>\n-0.03<\/td>\n-0.02<\/td>\n-0.02<\/td>\n-0.12<\/td>\n-0.01<\/td>\n<\/tr>\n
    FCF Per Share<\/td>\n-0.1<\/td>\n-0.11<\/td>\n-0.33<\/td>\n-0.16<\/td>\n-0.12<\/td>\n<\/tr>\n
    Earning Yield (%)<\/td>\n-1.84<\/td>\n-1.98<\/td>\n-1.82<\/td>\n-2.77<\/td>\n-19.58<\/td>\n<\/tr>\n
    PE Ratio<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Sales Yield (%)<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n5.16<\/td>\n16.38<\/td>\n<\/tr>\n
    PS Ratio<\/td>\n<\/td>\n<\/td>\n<\/td>\n19.37<\/td>\n6.1<\/td>\n<\/tr>\n
    Book Value Yield (%)<\/td>\n10.35<\/td>\n65.91<\/td>\n44.68<\/td>\n71.51<\/td>\n72.64<\/td>\n<\/tr>\n
    PB Ratio<\/td>\n9.66<\/td>\n1.52<\/td>\n2.24<\/td>\n1.4<\/td>\n1.38<\/td>\n<\/tr>\n
    CF Yield (%)<\/td>\n-1.99<\/td>\n-1.83<\/td>\n-1.2<\/td>\n-9.52<\/td>\n-1.26<\/td>\n<\/tr>\n
    PCF Ratio<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    FCF Yield (%)<\/td>\n-6.89<\/td>\n-10.77<\/td>\n-18.62<\/td>\n-12.99<\/td>\n-13.07<\/td>\n<\/tr>\n
    FCF Ratio<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Dividend Yield (%)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Forward Dividend Yield (%)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Forward Earning Yield (%)<\/td>\n<\/td>\n<\/td>\n<\/td>\n9.55<\/td>\n6.97<\/td>\n<\/tr>\n
    Forward PE Ratio<\/td>\n<\/td>\n<\/td>\n<\/td>\n10.47<\/td>\n14.35<\/td>\n<\/tr>\n
    PEG Ratio<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    PEG Payback<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Dividend Rate<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Working Capital Per Share<\/td>\n0.01<\/td>\n0.11<\/td>\n0.01<\/td>\n-0.06<\/td>\n0.15<\/td>\n<\/tr>\n
    EV To EBITDA<\/td>\n-119.15<\/td>\n-32.13<\/td>\n-119.77<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Buy Back Yield (%)<\/td>\n<\/td>\n<\/td>\n0<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Total Yield (%)<\/td>\n<\/td>\n<\/td>\n0<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/table><\/div>\n
    \n

    Valuation Details and Assumptions<\/h3>\n<\/p><\/div>\n
    \n

    Cost of Capital<\/h4>\n<\/p><\/div>\n
    \n We have calculated the WACC for GGD:TSE<\/strong> to be 8.789<\/strong> based on the following assumptions:<\/p>\n
    \"WACC<\/div>\n
    \n
    \n
    Component<\/div>\n
    Value<\/div>\n
    %<\/div>\n
    K<\/div>\n
    Cost Of<\/div>\n<\/p><\/div>\n
    \n
    Common Equity<\/div>\n
    121677301<\/div>\n
    78<\/div>\n
    Ke<\/div>\n
    9.688<\/div>\n<\/p><\/div>\n
    \n
    Debt (Book Value)<\/div>\n
    35077000<\/div>\n
    22<\/div>\n
    Kd<\/div>\n
    5.6<\/div>\n<\/p><\/div>\n
    \n
    Preferred (Book Value)<\/div>\n
    0<\/div>\n
    0<\/div>\n
    Kp<\/div>\n
    0<\/div>\n<\/p><\/div>\n
    \n
    Enterprise Value<\/div>\n
    156754301<\/div>\n
    100<\/div>\n
    <\/div>\n
    <\/div>\n<\/p><\/div>\n
    \n
    Weighted Average Cost of Capital<\/div>\n
    <\/div>\n
    <\/div>\n
    WACC<\/div>\n
    8.789<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n
    \n The Company’s Beta was calculated as 0.649 using a 60 month time frame and the S&P\/TSX index.<\/p>\n

    Note: Higher risk premiums imply investors require greater returns
    \n
    The Company’s Cost of Preferred equity was calculated using the preferred stock dividend divided by the book value of prefrerred shares for the company
    \n
    The Company’s Cost of Debt was calculated as the weighted average Interest paid for the last 3 years divided by the book value of weighted average interest bearing debt outstanding<\/p><\/div>\n

    \n

    Analyst Coverage<\/h3>\n<\/p><\/div>\n
    \n We have 1 Analysts covering GGD:TSE<\/strong>.<\/div>\n

    GGD:TSE GoGold Resources<\/h4>\n

    Current Price: 0.67 CAD<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    Analyst Consensus<\/td>\n<\/tr>\n
    USD Millions<\/td>\n2017<\/td>\n2018<\/td>\n2019<\/td>\n<\/tr>\n
    Mean EPS<\/td>\n0.0393<\/td>\n0.1049<\/td>\n0.1704<\/td>\n<\/tr>\n
    # EPS Analysts<\/td>\n1<\/td>\n1<\/td>\n1<\/td>\n<\/tr>\n
    Mean Revenue<\/td>\n57.7<\/td>\n103.6<\/td>\n162.6<\/td>\n<\/tr>\n
    # Revenue Analysts<\/td>\n1<\/td>\n1<\/td>\n1<\/td>\n<\/tr>\n
    Mean Target Price<\/td>\n1.1000<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Mean Cash Flow<\/td>\n0.0918<\/td>\n0.2753<\/td>\n0.3540<\/td>\n<\/tr>\n
    Mean EBITDA<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Mean Net Income<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Mean Debt Outstanding<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Mean Tax Rate<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Mean Growth Rate<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
    Mean Capital Expenditure<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n
    Analyst Recommendation<\/td>\n<\/tr>\nBuy<\/td>\nHold<\/td>\nSell<\/td>\nRating(out of 5)<\/td>\nRecommendation<\/td>\nAs Of<\/td>\n<\/tr>\n
    2<\/td>\n0<\/td>\n0<\/td>\n5.0000<\/td>\nBuy<\/td>\n2017-2-28<\/td>\n<\/tr>\n<\/table>\n
    Based on the 1 Analysts we have covering GGD:TSE<\/strong> we see a consensus price target for 2017 of $1.10 (USD).\n <\/div>\n
    \n

    Forecasted Financial Statements<\/h3>\n<\/p><\/div>\n

    The resulting projections of the 1 analysts are shown here:<\/p>\n

    \n

    Income Statement Projections for
    GGD:TSE GoGold Resources<\/h3>\n

    dollars<\/span>10<\/span>18<\/span>3<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    Line Item USD<\/th>\n2014<\/th>\n2014<\/th>\n2014<\/th>\n2015<\/th>\n2016<\/th>\nWeighted
    Average<\/th>\n    		2017<\/span><\/th>\n2018<\/span><\/th>\n2019<\/span><\/th>\n<\/tr>\n
    Total Revenue<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n12,521,000<\/td>\n16,701,000<\/td>\n100.00<\/td>\n 57,700,000<\/span><\/td>\n 103,600,000<\/span><\/td>\n 162,600,000<\/span><\/td>\n<\/tr>\n
    Cost Of Revenue<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n7,039,000<\/td>\n11,047,000<\/td>\n62.42<\/td>\n 23,659,233<\/span><\/td>\n 42,480,010<\/span><\/td>\n 66,672,293<\/span><\/td>\n<\/tr>\n
    Gross Profit<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n5,482,000<\/td>\n5,654,000<\/td>\n37.58<\/td>\n 34,040,767<\/span><\/td>\n 61,119,990<\/span><\/td>\n 95,927,707<\/span><\/td>\n<\/tr>\n
    Selling General And Administration<\/td>\n3,141,612<\/td>\n3,141,612<\/td>\n3,141,612<\/td>\n3,592,000<\/td>\n4,711,000<\/td>\n42.50<\/td>\n 16,107,228<\/span><\/td>\n 28,920,431<\/span><\/td>\n 45,390,561<\/span><\/td>\n<\/tr>\n
    Research And Development<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0.00<\/td>\n 0<\/span><\/td>\n 0<\/span><\/td>\n 0<\/span><\/td>\n<\/tr>\n
    EBITDA<\/td>\n-3,087,986<\/td>\n-3,087,986<\/td>\n-3,087,986<\/td>\n-1,441,000<\/td>\n-15,611,000<\/td>\n-76.61<\/td>\n 17,933,538<\/span><\/td>\n 32,199,559<\/span><\/td>\n 50,537,146<\/span><\/td>\n<\/tr>\n
    Depreciation and Amortization<\/td>\n48,044<\/td>\n53,626<\/td>\n53,626<\/td>\n0<\/td>\n0<\/td>\n0.24<\/td>\n 124,507<\/span><\/td>\n 161,888<\/span><\/td>\n 243,740<\/span><\/td>\n<\/tr>\n
    Operating Expense<\/td>\n3,141,612<\/td>\n3,141,612<\/td>\n3,141,612<\/td>\n3,592,000<\/td>\n4,711,000<\/td>\n42.50<\/td>\n 9,947,880<\/span><\/td>\n 44,027,943<\/span><\/td>\n 69,101,771<\/span><\/td>\n<\/tr>\n
    Operating Income<\/td>\n-3,141,612<\/td>\n-3,141,612<\/td>\n-3,141,612<\/td>\n1,890,000<\/td>\n943,000<\/td>\n-4.92<\/td>\n 24,092,886<\/span><\/td>\n 17,092,048<\/span><\/td>\n 26,825,936<\/span><\/td>\n<\/tr>\n
    EBIT<\/td>\n-3,141,612<\/td>\n-3,141,612<\/td>\n-3,141,612<\/td>\n-3,805,000<\/td>\n-19,369,000<\/td>\n-98.00<\/td>\n 17,809,031<\/span><\/td>\n 32,037,671<\/span><\/td>\n 50,293,406<\/span><\/td>\n<\/tr>\n
    Interest Income<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n0.00<\/td>\n 0<\/span><\/td>\n 0<\/span><\/td>\n 0<\/span><\/td>\n<\/tr>\n
    Interest Expense<\/td>\n0<\/td>\n0<\/td>\n0<\/td>\n1,879,000<\/td>\n1,886,000<\/td>\n12.69<\/td>\n 6,673,212<\/span><\/td>\n 8,676,732<\/span><\/td>\n 13,063,741<\/span><\/td>\n<\/tr>\n
    Pre-Tax Income<\/td>\n-4,906,733<\/td>\n-4,906,733<\/td>\n-4,906,733<\/td>\n-5,684,000<\/td>\n-21,255,000<\/td>\n-118.61<\/td>\n 11,135,819<\/span><\/td>\n 23,360,939<\/span><\/td>\n 37,229,665<\/span><\/td>\n<\/tr>\n
    Tax Provision<\/td>\n2,300,164<\/td>\n2,300,164<\/td>\n2,300,164<\/td>\n398,000<\/td>\n-718,000<\/td>\n8.84<\/td>\n 4,647,930<\/span><\/td>\n 6,043,392<\/span><\/td>\n 9,098,969<\/span><\/td>\n<\/tr>\n
    Net Income<\/td>\n-7,206,897<\/td>\n-7,206,897<\/td>\n-7,206,897<\/td>\n-6,082,000<\/td>\n-20,537,000<\/td>\n-127.45<\/td>\n 6,487,889<\/span><\/td>\n 17,317,547<\/span><\/td>\n 28,130,696<\/span><\/td>\n<\/tr>\n
    Diluted Average Shares<\/td>\n138,890,460<\/td>\n138,890,460<\/td>\n138,890,460<\/td>\n159,591,424<\/td>\n165,086,243<\/td>\n<\/td>\n 165,086,243<\/span><\/td>\n 165,086,243<\/span><\/td>\n 165,086,243<\/span><\/td>\n<\/tr>\n
    \n
    \n<\/td>\n<\/tr>\n
    Diluted EPS<\/td>\n-0.04<\/td>\n-0.04<\/td>\n-0.04<\/td>\n-0.04<\/td>\n-0.13<\/td>\n<\/td>\n 0.04<\/span><\/td>\n 0.10<\/span><\/td>\n 0.17<\/span><\/td>\n<\/tr>\n
    # Of Analysts<\/td>\n1<\/td>\n1<\/td>\n1<\/td>\n<\/tr>\n<\/table><\/div>\n

    As a measure of Cash flow for the company we start with the EBITDA above and adjust as you see in the Discounted Cash Flow Analysis<\/p>\n

    \n

    Discounted Cash Flow<\/h3>\n<\/p><\/div>\n
    \n Using a Discounted Cash flow model we generate a Value per share for GGD:TSE<\/strong> of $1.78 (USD)<\/strong>\n <\/div>\n
    \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    Year<\/td>\n2017<\/td>\n2018<\/td>\n2019<\/td>\nTerminal Growth Rate(%)3<\/span><\/td>\n<\/tr>\n
    EBITDA (Cash Flow)<\/td>\n17933538<\/span><\/td>\n32199559<\/span><\/td>\n50537146<\/span><\/td>\n52053260<\/span><\/td>\n<\/tr>\n
    Normalizations & Adjustments<\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    Normalized EBITDA<\/td>\n17933538<\/span><\/td>\n32199559<\/span><\/td>\n50537146<\/span><\/td>\n52053260<\/span><\/td>\n<\/tr>\n
    Tax Rate(%)3.3780<\/span><\/td>\n605794.92<\/span><\/td>\n1087701.11<\/span><\/td>\n1707144.79<\/span><\/td>\n1758359.13<\/span><\/td>\n<\/tr>\n
    +\/- Tax Loss Carry Forward<\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    Net Operating After Tax Cash Flow<\/td>\n17,327,743<\/span><\/td>\n31,111,858<\/span><\/td>\n48,830,001<\/span><\/td>\n50,294,901<\/span><\/td>\n<\/tr>\n
    Capital Investment Required (Estimate)<\/td>\n-20728363<\/span><\/td>\n-20728363<\/span><\/td>\n-20728363<\/span><\/td>\n-20728363<\/span><\/td>\n<\/tr>\n
    Tax Shields on Capital Investment<\/td>\n486439<\/span><\/td>\n486439<\/span><\/td>\n486439<\/span><\/td>\n486439<\/span><\/td>\n<\/tr>\n
    Incremental Working Capital Requirements<\/td>\n-6023842<\/span><\/td>\n-6023842<\/span><\/td>\n-6023842<\/span><\/td>\n-6023842<\/span><\/td>\n<\/tr>\n
    Discretionary Cash Flow<\/td>\n-8,938,023<\/span><\/td>\n4,846,091<\/span><\/td>\n22,564,235<\/span><\/td>\n24,029,135<\/span><\/td>\n<\/tr>\n
    Terminal Multiple ( 100 \/ (WACC – Growth Rate ))<\/td>\n<\/td>\n<\/td>\n<\/td>\n17.27<\/span><\/td>\n<\/tr>\n
    Capitalized Terminal Value<\/td>\n<\/td>\n<\/td>\n<\/td>\n415,082,650<\/span><\/td>\n<\/tr>\n
    Year: (For Discounted Calculations)<\/td>\n1<\/span><\/td>\n2<\/span><\/td>\n3<\/span><\/td>\n3+<\/span><\/td>\n<\/tr>\n
    WACC: 8.79<\/span><\/td>\n8.79<\/span><\/td>\n8.79<\/span><\/td>\n8.79<\/span><\/td>\n<\/tr>\n
    Discounted Annual Cash Flows<\/td>\n-8,215,926<\/span><\/td>\n4,094,696<\/span><\/td>\n17,525,308<\/span><\/td>\n322,388,563<\/span><\/td>\n<\/tr>\n
    Present Value of Discretionary Cash Flow<\/td>\n<\/td>\n<\/td>\n<\/td>\n13,404,078<\/span><\/td>\n<\/tr>\n
    Discounted Terminal Value<\/td>\n<\/td>\n<\/td>\n<\/td>\n322,388,563<\/span><\/td>\n<\/tr>\n
    Total Discounted Cash Flow<\/td>\n<\/td>\n<\/td>\n<\/td>\n335,792,641<\/span><\/td>\n<\/tr>\n
    Present Value of Tax Shields<\/td>\n<\/td>\n<\/td>\n<\/td>\n0<\/span><\/td>\n<\/tr>\n
    Redundant Assets<\/td>\n<\/td>\n<\/td>\n<\/td>\n0<\/span><\/td>\n<\/tr>\n
    Enterprise Value<\/td>\n<\/td>\n<\/td>\n<\/td>\n335,792,641<\/span><\/td>\n<\/tr>\n
    Less Interest Bearing Debt<\/td>\n<\/td>\n<\/td>\n<\/td>\n31507000<\/span><\/td>\n<\/tr>\n
    En Block Fair MarketValue(FMV) Equity<\/td>\n<\/td>\n<\/td>\n<\/td>\n304,285,641<\/span><\/td>\n<\/tr>\n
    Book Value of Preferred Equity<\/td>\n<\/td>\n<\/td>\n<\/td>\n0<\/span><\/td>\n<\/tr>\n
    Value of Common Equity<\/td>\n<\/td>\n<\/td>\n<\/td>\n304,285,641<\/span><\/td>\n<\/tr>\n
    Number of Fully Diluted Shares Outstanding<\/td>\n<\/td>\n<\/td>\n<\/td>\n171376481<\/span><\/td>\n<\/tr>\n
    Calculated Value Per Share ($\/share)<\/td>\n<\/td>\n<\/td>\n<\/td>\n$2.40 (CAD)<\/span><\/td>\n<\/tr>\n<\/table><\/div>\n
    \n

    Comparable Companies<\/h3>\n<\/p><\/div>\n
    \n
    \n

    (Using Price Based Ratios)<\/h4>\n<\/p><\/div>\n
    \n We ran GGD:TSE<\/strong> against comparable companies in its space and generated a valution of $1.98 (CAD)<\/strong>. The comparable companies included Erdene Resource Dev (ERD:TSE), Excellon Resources (EXN:TSE), Nautilus Minerals (NUS:TSE), Select Sands (SNS:TSX) and Western Copper & Gold (WRN:TSE)\n <\/div>\n
    \n\n\n\n\n\n\n\n
    Company GGD:TSE<\/th>\nEnd Date Value<\/th>\n<\/tr>\n
    Earnings\/Share<\/td>\n($0.16) (CAD)<\/span><\/td>\n<\/tr>\n
    Book Value\/Share<\/td>\n$0.68 (CAD)<\/span><\/td>\n<\/tr>\n
    Sales\/Share<\/td>\n$0.16 (CAD)<\/span><\/td>\n<\/tr>\n
    Cash Flow\/Share<\/td>\n($0.03) (CAD)<\/span><\/td>\n<\/tr>\n
    EBITDA\/Share<\/td>\n($0.12) (CAD)<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
    Price Based on Comps<\/th>\nAdjustment Factor (%)<\/th>\n<\/tr>\n
    $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    $3.12 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    $0.83 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    ($0.28) (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
    GGD:TSE<\/th>\nRatios Used<\/th>\nAverage Values<\/th>\nERD:TSE<\/th>\nEXN:TSE<\/th>\nNUS:TSE<\/th>\nSNS:TSX<\/th>\nWRN:TSE<\/th>\n<\/tr>\n
    0.00<\/td>\nPE Ratio<\/td>\n0.00<\/span><\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n<\/tr>\n
    1.26<\/td>\nPB Ratio<\/td>\n9.81<\/span><\/td>\n30.72<\/td>\n3.80<\/td>\n0.38<\/td>\n10.08<\/td>\n4.06<\/td>\n<\/tr>\n
    5.38<\/td>\nPS Ratio<\/td>\n5.21<\/span><\/td>\n0.00<\/td>\n5.21<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n<\/tr>\n
    0.00<\/td>\nPCF Ratio<\/td>\n0.00<\/span><\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n<\/tr>\n
    0.00<\/td>\nEV to EBITDA<\/td>\n0.00<\/span><\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n<\/tr>\n<\/table>\n

    \"Comparables\"Comparables\"Comparables\"Comparables\"Comparables\n <\/div>\n

    \n

    Other Ratios<\/h4>\n<\/p><\/div>\n
    \n Companies that do not have revenue yet or experience negative incomes can be valued against their peer group using other ratios such as Cash\/share, Returns, Market Cap and Net PPE.
    \n
    Using this approach we generate a valuation for GGD:TSE<\/strong> of $1.02 (CAD)<\/strong>\n <\/div>\n
    \n\n\n\n\n\n\n\n
    Company GGD:TSE<\/th>\nEnd Date Value<\/th>\n<\/tr>\n
    Cash\/Share<\/td>\n$0.02 (CAD)<\/span><\/td>\n<\/tr>\n
    Book Value\/Share<\/td>\n$0.68 (CAD)<\/span><\/td>\n<\/tr>\n
    MarketCap<\/td>\n147383773<\/span><\/td>\n<\/tr>\n
    1 Year Return<\/td>\n-0.157<\/span><\/td>\n<\/tr>\n
    NetPPE<\/td>\n136798897.5<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
    Price Based on Comps<\/th>\nAdjustment Factor (%)<\/th>\n<\/tr>\n
    $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    $1.02 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
    Ratios Used<\/th>\nAverage Values<\/th>\n<\/tr>\n
    Cash \/ Share<\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    Book Value \/ Share<\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    Market Cap<\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    1 Year Return<\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    Net PPE<\/td>\n0.00<\/span><\/td>\n<\/tr>\n<\/table><\/div>\n
    \n

    Multiples Approach<\/h3>\n<\/p><\/div>\n
    \n (We use the term multiples to describe valuing the company against its previous ratio values)
    Using a multiples model we see GGD:TSE<\/strong> is and generate a valuation of $1.11 (CAD)\n <\/div>\n
    \n\n\n\n\n\n\n\n
    Ratios<\/th>\nRatio Average<\/th>\n<\/tr>\n
    PE Ratio<\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    PB Ratio<\/td>\n1.62<\/span><\/td>\n<\/tr>\n
    PS Ratio<\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    PCF Ratio<\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    EV to EBITDA<\/td>\n0.00<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
    Price Based on Comparables<\/th>\nAdjustment Factor<\/th>\n<\/tr>\n
    $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    $1.11 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    $0.00 (CAD)<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
    Company GGD:TSE<\/th>\nEnd Date Value<\/th>\n<\/tr>\n
    Earnings\/Share<\/td>\n($0.16) (CAD)<\/span><\/td>\n<\/tr>\n
    Book Value\/Share<\/td>\n$0.68 (CAD)<\/span><\/td>\n<\/tr>\n
    Sales\/Share<\/td>\n$0.16 (CAD)<\/span><\/td>\n<\/tr>\n
    Cash Flow\/Share<\/td>\n($0.03) (CAD)<\/span><\/td>\n<\/tr>\n
    EBITDA\/Share<\/td>\n($0.12) (CAD)<\/span><\/td>\n<\/tr>\n<\/table><\/div>\n
    \n

    Adjusted Book Value versus Historical Price to Book<\/h3>\n<\/p><\/div>\n
    \n

    The average the Price to Book ratio for GGD:TSE<\/strong> for the last 6 years was 1.61<\/strong>
    \n
    We ran the Adjusted Book Value for GGD:TSE<\/strong> as follows and see a value of $0.51 (USD)<\/strong>
    \n
    By multiplying these we get an adjusted valuation of $0.83 (USD)<\/strong><\/p><\/div>\n

    \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    Line Item<\/th>\nMost Recent Book Value<\/th>\nEstimated FMV<\/th>\nRealizable %<\/th>\n<\/tr>\n
    Total Assets<\/td>\n140651000<\/span><\/td>\n140651000<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    Current Assets<\/td>\n29662000<\/span><\/td>\n29662000<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    Cash and Cash Equilivents<\/td>\n2091000<\/span><\/td>\n2091000<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
    Other Short Term Investments<\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    Receivables<\/td>\n3154000<\/span><\/td>\n3154000<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
    Inventory<\/td>\n24191000<\/span><\/td>\n24191000<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
    Prepaid Assets<\/td>\n226000<\/span><\/td>\n226000<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
    Deferred Income Taxes<\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    Other Current Assets<\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    Non-Current Assets<\/td>\n110989000<\/span><\/td>\n110989000<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    Gross PPE<\/td>\n114434000<\/span><\/td>\n114434000<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    Accumulated Depreciation<\/td>\n-13139000<\/span><\/td>\n-13139000<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    Net PPE<\/td>\n101295000<\/span><\/td>\n101295000<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
    Goodwill<\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    Other Intangible Assets<\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    Other Non-Current Assets<\/td>\n9694000<\/span><\/td>\n9694000<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
    Total Liabilities<\/td>\n52553000<\/span><\/td>\n52553000<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    Current Liabilities<\/td>\n48703000<\/span><\/td>\n48703000<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    Payables<\/td>\n13563000<\/span><\/td>\n13563000<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
    Current Debt<\/td>\n35077000<\/span><\/td>\n35077000<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
    Current Capital Lease Obligation<\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    Other Current Liabilities<\/td>\n63000<\/span><\/td>\n63000<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
    Non-Current Liabilities<\/td>\n3850000<\/span><\/td>\n3850000<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    Long Term Debt<\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    Long Term Capital Lease Obligation<\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    Other Non-Current Liabilities<\/td>\n3850000<\/span><\/td>\n3850000<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
    Total Equity<\/td>\n88098000<\/span><\/td>\n88098000<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    Stockholder’s Equity<\/td>\n88098000<\/span><\/td>\n88098000<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    Preferred Stock<\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    Common Stock<\/td>\n88098000<\/span><\/td>\n88098000<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n
    Treasury Stock<\/td>\n0<\/span><\/td>\n0<\/span><\/td>\n0.00<\/span><\/td>\n<\/tr>\n
    Retained Earnings<\/td>\n-41263000<\/span><\/td>\n-41263000<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
    Other Equity<\/td>\n41263000<\/span><\/td>\n41263000<\/span><\/td>\n100.00<\/span><\/td>\n<\/tr>\n
    Total Liabilities and Equity<\/td>\n140651000<\/span><\/td>\n140651000<\/span><\/td>\n0<\/span><\/td>\n<\/tr>\n<\/table>\n\n\n<\/tr>\n\n\n\n\n
    ANBV Equity Common Shareholders<\/td>\n88098000<\/span><\/td>\n<\/tr>\n
    Number Shares Outstanding<\/td>\n171376481<\/span><\/td>\n<\/tr>\n
    Adjusted NetBook Value per Share USD $<\/td>\n$0.51<\/span><\/td>\n<\/tr>\n
    Adjusted NetBook Value per Share CAD $<\/td>\n$0.69<\/span><\/td>\n<\/tr>\n<\/table><\/div>\n
    \n

    Sector and Industry Analysis<\/h3>\n<\/p><\/div>\n
    \n\n\n\n\n\n\n\n
    GGD:TSE<\/td>\n2016<\/td>\n2015<\/td>\n2014<\/td>\n2013<\/td>\n2012<\/td>\n2011<\/td>\n2010<\/td>\n<\/tr>\n
    P:E<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
    P:B<\/td>\n–<\/td>\n1.31<\/td>\n2.07<\/td>\n1.40<\/td>\n1.84<\/td>\n4.81<\/td>\n2.10<\/td>\n<\/tr>\n
    P:S<\/td>\n–<\/td>\n10.65<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
    P:CF<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
    EV:EBITDA<\/td>\n–<\/td>\n–<\/td>\n-82.77<\/td>\n-37.84<\/td>\n-54.30<\/td>\n-88.67<\/td>\n-14.81<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
    Basic Materials:Industrial Metals & Minerals<\/td>\n2016<\/td>\n2015<\/td>\n2014<\/td>\n2013<\/td>\n2012<\/td>\n2011<\/td>\n2010<\/td>\n2009<\/td>\n2008<\/td>\n2007<\/td>\n<\/tr>\n
    P:E<\/td>\n–<\/td>\n26.10<\/td>\n22.94<\/td>\n16.37<\/td>\n29.64<\/td>\n35.48<\/td>\n36.64<\/td>\n21.76<\/td>\n10.50<\/td>\n65.14<\/td>\n<\/tr>\n
    P:B<\/td>\n–<\/td>\n1.55<\/td>\n1.55<\/td>\n1.93<\/td>\n3.16<\/td>\n3.48<\/td>\n3.05<\/td>\n2.35<\/td>\n4.05<\/td>\n3.50<\/td>\n<\/tr>\n
    P:S<\/td>\n–<\/td>\n8.20<\/td>\n2.33<\/td>\n10.00<\/td>\n16.02<\/td>\n46.76<\/td>\n11.80<\/td>\n14.84<\/td>\n32.08<\/td>\n40.23<\/td>\n<\/tr>\n
    P:CF<\/td>\n–<\/td>\n18.94<\/td>\n8.39<\/td>\n57.79<\/td>\n14.40<\/td>\n32.92<\/td>\n27.49<\/td>\n18.15<\/td>\n10.77<\/td>\n25.33<\/td>\n<\/tr>\n
    EV:EBITDA<\/td>\n–<\/td>\n9.31<\/td>\n25.95<\/td>\n0.38<\/td>\n11.80<\/td>\n17.35<\/td>\n9.09<\/td>\n11.56<\/td>\n-2.09<\/td>\n8.91<\/td>\n<\/tr>\n<\/table><\/div>\n
    \n

    Summary<\/h3>\n<\/p><\/div>\n
    \n If you would like to explore this company further you can start with a quick DCF analysis at https:\/\/www.stockcalc.com?ss=B63CF04C210D469A8898D1CA689352F0<\/a>\n <\/div>\n
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    Access to the Patchell Brook Equity Analytics Inc. website is enabled to allow clients to access their analysis, portfolios and related information. Access levels, which can vary from customer to customer, depend upon the level of access granted via the subscription model.
    \n This website is designed to be accessed through its principal home page and such other pages as we may decide. If you access the site through individual pages directly, which are not designed for this purpose, you may not see important information which is relevant to a full understanding of our products and services. In addition to this important Information, you will be referred on certain site pages to read or view help, tutorials or instructional video or other related instructional material. These may contain important product details and relevant legal or regulatory information and must be read or viewed together with the relevant site pages.<\/p>\n

    Instructional material:<\/h4>\n

    Case examples, video instruction, tutorials, help menus, sample calculations, definitions and all other related information (“the instructional material”) are for illustrative purposes only. They are not intended to reflect, nor should they be interpreted, as an indication of future values or returns on investment and are not guaranteed to be accurate or complete. Video instruction is solely made available to assist the user in navigation and understanding of the website. Patchell Brook Equity Analytics Inc. nor the other providers of data on this website make any representations or warranties, express or implied, as to the accuracy, completeness, or fitness for any purpose or use of the instructional material provided. The instructional materials are not intended to be, or construed as, financial, tax or investment advice<\/p>\n

    No Tax, Law, Solicitation:<\/h4>\n

    No information appearing on this website shall be deemed as an offer of services or products from Patchell Brook Equity Analytics Inc. or as a recommendation or offer to purchase or sell or as the solicitation of an offer to purchase or sell securities, futures, options, or any other investment product or to provide any investment advice or service. This website is not intended to provide legal, accounting, tax advice or any other advice and should not be relied upon in that regard.<\/p>\n

    No Liability:<\/h4>\n

    Patchell Brook Equity Analytics Inc. accepts no liability whatsoever for any loss or damage, or otherwise as stipulated in this legal disclaimer, arising from the use of any section of this website, whether or not such loss or damage is caused by reason of negligence, or otherwise on the part of Patchell Brook Equity Analytics Inc.<\/p>\n

    Indemnity:<\/h4>\n

    You agree to defend, indemnify, and hold Patchell Brook Equity Analytics Inc., its subsidiaries, affiliates, successors, assigns, and their respective shareholders, directors, officers, employees, and agents harmless from and against any and all claims, damages, costs, and expenses, including attorneys’ fees, arising from or related to your use of the website.<\/p>\n

    Jurisdiction:<\/h4>\n

    Information contained herein is not intended to be published or made available to any person in any jurisdiction where doing so would result in contravention of any applicable laws or regulations. Access to the products and services described herein may be subject to restrictions vis-à-vis certain persons or in certain countries. None of the products or services presented herein shall be supplied by Patchell Brook Equity Analytics Inc. to a person in the event that the law of his\/her country of origin, or any other country concerning him\/her, prohibits it. The reader of this message should ensure that he\/she is legally authorized to access this website in the country or territory from where the access is gained. Accordingly, if it is prohibited to make such information available in your jurisdiction or to you (by reason of your nationality, residence, or otherwise), this information is not directed at you. Before reviewing the pages of this website, you must be satisfied that doing so will not result in such a contravention and is not prohibited.
    \n These terms and conditions shall be governed and construed in accordance with the laws of the Province of New Brunswick, Canada without giving effect to the conflict of laws principles thereof. The courts of the Province of New Brunswick, Canada, shall have exclusive jurisdiction in respect to any dispute that may arise hereunder.<\/p>\n

    Links:<\/h4>\n

    Patchell Brook Equity Analytics Inc. has no control or liability regarding any links or the creation of any links to other sites external to Patchell Brook Equity Analytics Inc. and regarding the content of said sites. Therefore, you accept that your choice to access another site through a hypertext link is made under your own responsibility, and Patchell Brook Equity Analytics Inc. shall not be liable for any damages that result, directly or indirectly, from your access to another site connected by a hypertext link. Because the materials made available on these sites are not under the control of Patchell Brook Equity Analytics Inc., we make no representation about these sites or the materials that may be included therein. The fact that Patchell Brook Equity Analytics Inc. has linked to these sites does not constitute an endorsement or recommendation of any kind. These links are provided only as a convenience.<\/p>\n

    Trademarks and Intellectual Property:<\/h4>\n

    Patchell Brook Equity Analytics Inc. and any other names, images, and logos identifying Patchell Brook Equity Analytics Inc. and its products and services are proprietary trademarks of Patchell Brook Equity Analytics Inc.. Patchell Brook Equity Analytics Inc. does not permit the use of its name in advertising, as an endorsement of any product or service, or for any other commercial purpose, except where expressly permitted by written agreement between parties. This website and the copyright in the materials on this website (including all text, information, graphics, animation, and images) is owned by or licensed to Patchell Brook Equity Analytics Inc. All other trademarks, service marks, registered trademarks, or registered service marks mentioned in this website are the property of their respective owners.<\/p>\n

    Fees:<\/h4>\n

    Patchell Brook Equity Analytics Inc. endeavours to keep the rates and fees posted on this website current. However, rates, fees and related information are subject to change at any time with prior notice to users and the posted rates and fees at this website may not reflect such changes. Some of the services on this website are provided free of charge, but Patchell Brook Equity Analytics Inc. reserves the right to charge for these services in the future.<\/p>\n

    Confidentiality:<\/h4>\n

    This website is not a secure medium for e-mail or other electronic communications. Any confidential, proprietary or sensitive information transmitted by a user by means of this website through e-mail or other electronic communications may be read and\/or copied by unauthorized persons.<\/p>\n

    Security:<\/h4>\n

    Users are solely responsible for the actual password(s) chosen by them. Users of this service are solely responsible for maintaining the security of their logon id and password(s), and ensuring that only the user uses the logon id and password(s). User agrees not to disclose their logon id and password(s) to any other person. Patchell Brook Equity Analytics Inc. shall not be responsible for the unauthorized use of the service by any other person with user’s logon id or password(s), and Patchell Brook Equity Analytics Inc. is under no obligation to confirm the actual identity or authority of any user of the logon id or password(s). User shall notify Patchell Brook Equity Analytics Inc. immediately upon becoming aware of any known or suspected unauthorized use of the user’s logon id or password(s) to gain access to the service, or any other breach of security involving user’s logon id or password(s).<\/p>\n

    Virus Checks:<\/h4>\n

    When using this website, it is up to you to take reasonable precautions to scan for computer viruses and other items of a destructive nature. It is also up to you to ensure that you have a complete and current backup of the information contained on your computer system prior to using this website.<\/p>\n

    Right to Suspend:<\/h4>\n

    Patchell Brook Equity Analytics Inc. may restrict, suspend or terminate your access to, and use of, all or any part of the Patchell Brook Equity Analytics Inc. website for any reason at any time in Patchell Brook Equity Analytics Inc. absolute discretion and without prior notice or liability
    \n YOU ACKNOWLEDGE, BY YOUR USE OF THE WEBSITE, THAT YOUR USE OF THE WEBSITE IS AT YOUR SOLE RISK, THAT YOU ASSUME FULL RESPONSIBILITY FOR ALL COSTS ASSOCIATED WITH YOUR USE OF THE PATCHELL BROOK EQUITY ANALYTICS INC. WEBSITE, AND THAT PATCHELL BROOK EQUITY ANALYTICS INC. SHALL NOT BE LIABLE FOR ANY DAMAGES OF ANY KIND RELATED TO YOUR USE OF THIS WEBSITE.<\/strong>
    \n PATCHELL BROOK EQUITY ANALYTICS INC. SHALL NOT BE LIABLE FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, RELIANCE OR SPECIAL DAMAGES FOR HARM TO BUSINESS, LOST PROFITS, LOST SAVINGS, OR LOST REVENUES, WHETHER OR NOT PATCHELL BROOK EQUITY ANALYTICS INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. PATCHELL BROOK EQUITY ANALYTICS INC. SHALL NOT BE LIABLE FOR ANY DAMAGE THAT ANY USER MAY SUFFER ARISING OUT OF THE USE OF; OR THE INABILITY TO USE, SERVICES OR CONTENT PROVIDED HEREUNDER. THESE LIMITATIONS OF LIABILITY SHALL APPLY REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT OR TORT, AND SHALL SURVIVE FAILURE OF AN EXCLUSIVE REMEDY.<\/strong>
    \n © 2017 Patchell Brook Equity Analytics Inc.\n <\/div>\n<\/p><\/div>\n<\/div>\n

    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    GoGold Resources (GGD:TSE) Fundamental Valuation Report This Analyst style Report was generated using the tools available on the Stockcalc.com website. Patchell Brook Equity Analytics Inc. emphasizes that all activities conducted by users at or via this website are at their own risk. The user assumes all risks associated with the use of this website including, … Continue reading GGD:TSE GoGold Resources Valuation Report<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":96,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3],"tags":[9,8,10,11,12],"class_list":["post-313","post","type-post","status-publish","format-standard","hentry","category-valuation","tag-ggd","tag-gogold-resources","tag-gold","tag-mexico","tag-undervalued"],"jetpack_featured_media_url":"","jetpack_likes_enabled":true,"jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8oLk7-53","_links":{"self":[{"href":"https:\/\/www.stockcalc.com\/blog\/Stockcalc\/wp-json\/wp\/v2\/posts\/313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stockcalc.com\/blog\/Stockcalc\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stockcalc.com\/blog\/Stockcalc\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Stockcalc\/wp-json\/wp\/v2\/users\/96"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Stockcalc\/wp-json\/wp\/v2\/comments?post=313"}],"version-history":[{"count":4,"href":"https:\/\/www.stockcalc.com\/blog\/Stockcalc\/wp-json\/wp\/v2\/posts\/313\/revisions"}],"predecessor-version":[{"id":318,"href":"https:\/\/www.stockcalc.com\/blog\/Stockcalc\/wp-json\/wp\/v2\/posts\/313\/revisions\/318"}],"wp:attachment":[{"href":"https:\/\/www.stockcalc.com\/blog\/Stockcalc\/wp-json\/wp\/v2\/media?parent=313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Stockcalc\/wp-json\/wp\/v2\/categories?post=313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stockcalc.com\/blog\/Stockcalc\/wp-json\/wp\/v2\/tags?post=313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}