Macquarie Bank are maintaining their outperform rating on Papillon Resources, the emerging West African gold developer, saying the company is good value at...

Macquarie Bank are maintaining their outperform rating on Papillon Resources, the emerging West African gold developer, saying the company is good value at current levels. Mac analysts have are confident that the rating will hold up under a range of gold prices and funding scenarios PIR has reported for the March Quarter and we have taken the opportunity to examine some of the sensitivities in our Fekola valuation. We have examined the sensitivity of our Fekola DCF valuation under a range of gold prices and discount rates and funding scenarios. PIR looks attractive at current levels with the stock trading at a discount to our valuation across a number of scenarios.