MagIndustries Corp MAAFF

april 1

[pangloss81]

from cannacord
Maintaining Target And Recommendation: As MAA has made no significant progress since we last
updated our valuation, we maintain our discount rates and probability factors, leading to a C$1.50 target
and Buy (S) recommendation.
Valuation Matrix MAA - TSX
Projects in Pipeline
NAV         NAV per share  Multiple Weighted          NAV per Share
Development Assets                  $1,551,862       3.57                0.3x                          
.91
Prospect Development Costs                           -
.01                                                 -
.01
Net Balance Sheet (Cash less Debt plus Cash from Options and Future Equity Raise)    
.60
12-month Target                                                                                                        $1.50