TD SECURITIES Action Notes Gold and Precious Minerals - 
Large-Cap Golds
Another quarter of margin compression expected. 
Our top picks are Eldorado, Goldcorp, Yamana, Franco-Nevada, Alamos, 
B2Gold and Silver Wheaton among producers, and Continental Gold among the 
developers. 
Continental Gold 
Ltd. (C$) CNL T $7.00
We generate our target price by applying a 0.8x target multiple to our fully financed corporate
NAV5% calculated at a gold price of US$1,300/oz. We value Continental at the mid-point of our
target range for junior producers/developers.