Cormark Morning Notes 1/31/17Teranga reported its Q4/16 operational results, with production for the quarter beating our expectations and exceeding management guidance on a full year basis. Guidance for 2017 came in below our expectations as the production guidance range is slightly below our estimate and costs have been guided higher due to marginally higher costs reflecting higher fuel prices, G&A and CSR costs. Work continues on the Banfora feasibility study that is expected to be completed by mid-2017 at which point a construction decision will be made. Trading at only 0.70x NAV and 6.6x CF currently, we believe there is considerable room for the shares to move higher as the company delivers on operational milestones at Sabodala and advances Banfora to development and ultimately production. (Morning Notes)