TD C$0.75 target priceTD Investment Conclusion We are maintaining our BUY recommendation and C$0.75 target price. We are encouraged to see the continued operational improvements achieved at the Pinto Valley operation. While the company suffered a small setback at Cozamin in the Q1, we continue to expect 2016 to be a better year for the overall company operationally, driven by throughput gains at Pinto Valley, higher grades at Minto North, and a return to more normalized mining rates at Cozamin.