Millennium Minerals Limited (MOY.ASX) | Price = 8.5c | Target = 19c | Gold price running. Still more room to run for MOY

PGold price is running !..

MOY a preferred exposure

RGold price upside

But we think there is even more in MOY

Beer & Co valuation and conclusions confirmed

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Beer & Co initiated research on MOY in late November, when the gold price was just below $1100/oz. Our view at that time was that the gold price was low and would bounce, but we were not sure when.

Last night gold traded over $1250/oz, having been about $1100/oz only just over 2 weeks back. In AUD terms, the climb has been slightly better as the AUD-USD rate was just over 0.720 in late November, compared with 0.710 now.

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While Beer & Co was confident that the gold price would run, we were looking for a gold stock that had great organic potential and would perform even in the absence of the gold price.

MOY ticks these boxes as a cheap, turn-around story, getting tits costs down and with significant further mineralisation.

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Beer & Co�s risked, base case valuation, of 19c/share, assumes a long run gold price of $1200/oz and AUD-USD 0.700.

Using spot prices, Beer & Co�s valuation rises to 21c.

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In our 21 December note (click here), Beer & Co highlighted MOY�s drilling success, with significant intercepts grading higher than our modelled grade.

Beer & Co expects that MOY�s 2016 results will be better than we have assumed in our modelling.

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Beer&Co.
ACN 158 837 186
Authorised representative Melbourne Venture Securities Pty Ltd
www.beerandco.com.au

Author:
Pieter Bruinstroop
pbruinstroop@beerandco.com.au

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Beer & Co�s risked, base case, valuation of MOY is 19c/share. There is further upside from the gold price and from MOY�s own operations.

Beer & Co affirms our Strong BUY, High Risk, recommendation.

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