PRICE TARGET REVISION | COMMENT

100.00 80.00 60.00 40.00 2007 2008 2009 JJ A S O N D J F M A M J J A S O N D J F M A M J J A S O N

125 WEEKS Rel. S&P/TSX COMPOSITE INDEX

22JUN07 - 04NOV09 HI-27FEB09 106.04 LO/HI DIFF 268.25% CLOSE 60.66

NOVEMBER 5, 2009

Gabriel Resources Ltd. (TSX: GBU)
Increasing Target on Higher Gold Price Forecast; Permitting Still Stalled
Sector Perform Speculative Risk
Price: 2.30 Shares O/S (MM): 307.0 Dividend: 0.00 Float (MM): 173.0 Debt to Cap: 0% Newmont Canada Limited owns an estimated 16.4% of the outstanding stock and two Institutional Investors own 39.98%. Price Target: Implied All-In Return: Market Cap (MM): Yield: Avg. Daily Volume (MM): 2.60 ↑ 2.30 13% 706 0.0% 0.73

LO-30NOV07 28.80 HI-13JUL07 4.95 HI/LO DIFF -80.00%

4.00 3.00

CLOSE
2.00

2.30

1.00 20000 15000 10000 5000

LO-12DEC08

0.99

PEAK VOL. 25266.4 VOLUME 3113.1

RBC Dominion Securities Inc. Stephen D. Walker (Analyst) (416) 842-4120; stephen.walker@rbccm.com Valerie Blume, CFA (Associate) (416) 842-7886; valerie.blume@rbccm.com
FY Dec CFPS - FD Prev. P/CFPS EPS (Op) - FD Prev. P/E CFPS - FD 2008 2009 EPS (Op) - FD 2008 2009 2008A (0.03) NM (0.02) NM Q1 0.00A (0.02)A 0.00A (0.03)A 2009E (0.04) NM (0.04) NM Q2 0.00A (0.01)A 0.00A (0.01)A 2010E (0.04) (0.02) NM (0.04) (0.02) NM Q3 0.00A (0.02)A 0.00A (0.02)A 2011E (0.07) NM (0.07) NM Q4 (0.03)A (0.01)E (0.02)A (0.01)E

Event
We are updating our model with our new gold price forecasts and our revised timeline for the Rosia Montana project. Q3/09 Results - Stable Financial Position: • Gabriel reported Q3/09 EPS of negative $0.02 and CFPS before changes in working capital of negative $0.02. Gabriel ended the quarter with $118 million in cash and short term investments, $96 million in working capital and no debt. Rosia Montana Timeline - EIA Process Still Stalled: • Fragile Political Situation: In early October '09, Romania's coalition government consisting of the Democratic-Liberal (PDL) and the Social Democrat (PSD) parties collapsed. An interim government was then established, which also fell after a parliamentary no-confidence motion was passed. Gabriel believes it is unlikely that a new government will achieve the confidence of parliament until December 6/09, when the presidential election is held. • Under our current timeline, we assume the Technical Assessment Committee (TAC) and EIA process will be complete by late 2010, with expectations for production by 2013 (Exhibit 1). We estimate annual life-of-mine production of 535k oz at average total cash costs of US$395/oz and project capex of US$1.0 billion. CEO Search Ongoing: • At this point, the company does not appear to have had any success in recruiting a new President/CEO since Alan Hill's resignation in March 2009. While it is still early in the recruitment process, we would hope to see this position filled by early 2010 once the EIA process looks like it may restart. Target Increased to $2.60/sh, Sector Perform Rating Maintained: • Our $2.60/sh target is derived by applying a 0.8x multiple to our 2010E NAV (Exhibit 2), under our new long-term gold price of $1,000/oz (prior: $950/oz). The 0.8x multiple is in line with other emerging producers and our 10% discount rate reflects the permitting risk and uncertainty surrounding the Rosia Montana project. • Once the project timeline is more secure, our discount rate and NAV multiple would improve to 8% and 1.0x respectively, implying a $4.00/sh target price (Exhibit 3).
Priced as of prior trading day's market close, EST (unless otherwise noted). For Required Non-U.S. Analyst and Conflicts Disclosures, see page 6.

Quarterly figures may not add to annual estimates due to changes in share count during the forecast period.

All values in CAD unless otherwise noted.

Exhibit 2: Gabriel Resources NAV Breakdown (C$) Disc Rate Rosia Montana . The timing for the TAC review. it is clear that he wishes to see someone else drive the permitting and construction process at Rosia Montana. and expected issuance of the project approvals. Our NAV estimate is calculated by applying this rate to all future cash flows associated with the Rosia Montana project at our current long-term gold price assumption of US$1000/oz (up from our prior assumption of US$950/oz).27 ($1.80x C$2. RBC Capital Markets estimates Valuation Our favoured valuation method for feasibility and development precious metals companies is a price-to-net-asset-value (P/NAV) multiple based on a discounted cash flow (DCF) model for the mining assets using forward-looking estimates of production parameters and long-term gold price assumptions.60 2011E $3.31 $0. the company does not appear to have had any success in recruiting a new President/CEO since Alan Hill's resignation in March 2009. is dependent on the new coalition government. While it is still early in the recruitment process.27) C$3.00 ($0.0%.0% Source: Company reports.20 $0.25 $0.29 $0.0% 2009E $3. 2009 Gabriel Resources Ltd. our discount rate for GBU is 10. which reflects geopolitical risk and a discount for NGO opposition and various legal battles.November 5. in line with the emerging producer target average.33) C$3. Our target NAV multiple for Gabriel shares is unchanged at 0. Gabriel is hopeful of moving forward with the environmental permitting/Technical Assessment Committee (TAC) process required to re-start the EIA review process. RBC Capital Markets estimates 2 . GBU shares do not offer investors compelling risk-reward potential during the current period of stagnated development and timeline uncertainty. Although interim CEO Keith Hulley is capable of filling this role.80% Working Capital Other Resources LT Debt Corporate G&A NAV/sh FD Share O/S (MM) NAV Multiple Implied Target 10.52 307 2010E $3. In our view. Rosia Montana Project Timeline In the near term.37 $0.44) ($0. Given the uncertainty with respect to the project’s development timeline. Exhibit 1: Rosia Montana Project Timeline (RBC CM Estimates) 2009E J Q1 F M A Q2 M J J Q3 A S O Q4 N D 2010E 2011E 2012E 2013E Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Finalize Financing Plan TAC Restarted / EIA Approval Purchase Key Surface Rights Construction Permits Mine Construction Gold Production Source: Company reports. which is very focused on the current economic crisis and not the re-establishment of various project permits.8x. Gabriel is “moving forward” with the amended industrial zone urbanistic plan (PUZ) after having completed several public participation meetings in which they responded to questions from Hungary pursuant to the Espoo Convention.16 $0.76 417 10.22) C$2.05 $0.24 357 0. we would hope to see this position filled by early 2010 once the EIA process looks like it may restart.89 $0. We are taking a cautious view and expect the TAC permitting process for the EIA to begin in Q1/10 and the EIA to be approved by late 2010 (Exhibit 1).00 ($0. CEO Search Ongoing: At this point.

99 C$4.05 C$5.65 C$7.94 C$3.86 C$3.200 C$8.96 C$2. RBC Capital Markets estimates 3 .73 C$2.78 C$3.59 C$4.0x multiple to our NAV and decrease our discount rate to 8%.35 C$1. Sensitivity to Discount Rate and Gold Price Assumptions Once the TAC process has re-started and construction permits are received.26 C$6.55 C$2.77 C$5. 2009 Gabriel Resources Ltd. suggesting the potential for a $4.82 C$4.25 $1.16 C$2.97 C$3.63 C$3.92 C$3.244008 Discount Rate 4% 6% 8% 10% 12% $800 C$3. Exhibit 3: 2010E NAV for Gabriel Resources under Gold-Price and Discount Rate Scenarios (C$) 3.000 $1.87 C$3.85 C$1.85 NAV/share Source: Company reports.13 C$5. we will likely apply a 1.100 C$4.00 target price under our long-term gold price assumption of US$1000/oz (Exhibit 3).November 5.45 Long Term Gold Price (US$/oz) $900 $1.24 C$2.

The 0. cost overruns and political risk. 2009 Gabriel Resources Ltd. and 1% is held by several local businessmen. Gabriel's dependence on the viability of Rosia Montana exposes the company to a high degree of project-specific permitting and development risk. titleholder of the Rosia Montana gold deposit. including delays in the procurement of permits. Once the project permitting and construction timeline is more secure.00 target price. a Romanian government-controlled mining company. Minvest.60 target is derived by applying a 0. Development at Rosia Montana could continue to be slowed by the company's requirement to relocate the residents of the village of Rosia Montana.November 5.0x respectively. with an estimated 10 million ounces of reserves and 14 million ounces of resources. has a 19% interest.24/sh. Rosia Montana is one of the largest undeveloped gold deposits in the world. 4 .8x multiple is in line with the emerging producers in our coverage universe. our discount rate and NAV multiple would improve to 8% and 1. implying a $4. Valuation Our $2. there is a risk that Gabriel Resources could encounter project development issues. Company Description Gabriel Resources owns 80% of Rosia Montana Gold Corporation. Price Target Impediment Similar to other Emerging gold companies with international operations.8x multiple to our 2010E NAV @10% of $3.

6) 5.5 683.7 (15.0 1. Royalties & Other Operating Costs EBITDA DD&A EBIT Interest Expense EBT Non-Recurring Items/Other Taxes Net Income Shares o/s (f.50 $2.0) 0.2 (12.2 ($0.5) ($0. 2008) C$53 13.1) 72.31 $0.2 (12.0x 2008 2.6 (Dec 31.24 Discount Rate: 10% All C$ unless noted RATIO ANALYSIS Net Income EPS (f.0 18.0x 2010E (15.8) 9.d.7 110. 2008) C$45 $mm $mm $mm $mm $mm $mm $mm $mm SHARE DATA Issued Shares Issued Shares (f.5) (432.1) 0.7 2011E (30.4 74.2) 68.2 87.0 (76.088 $56 $113 $0 ($97) C$1. Market Cap/oz* $/oz * Market Cap + LTD .04) 0.5 (30.1 (80.0) 180.8 3.50 $0.6) 0.5 142.60 All US$ unless noted PRICES/EXCHANGE RATES Gold Price $/oz Silver Price $/oz Copper Price $/lb Exchange Rate US$/C$ SENSITIVITY ANALYSIS Gold Price ($/oz) $800 $900 $1.2) 15.4) (70.8 600.) CASH FLOW Cash Flows from Operating Activities Net Income DD&A Deferred Taxes Other Working Capital Operating Cash Flow Cash Flows From Investing Activities Capital Expenditure (net) Other Net Investing Cash Flow Cash Flows From Financing Activities Equity Issues (net of costs) Net Borrowings Dividends Paid / Other Net Financing Cash Flow Net Cash Increase (Decrease) Cash at End of Year BALANCE SHEET Cash Total Current Assets PP&E & Mining Interests Total Assets Current Liabilities Long Term Debt Other Long Term Liabilities Total Liabilities S/Holder Equity Total Liab.0) (70.1 29.5) ($0.94 NAV 2010E (43%) (21%) 21% 43% 2008 - 2009E $960 $14.0) (432.2) 0.16 $0.) Price/CF Dividends Per Share Dividend Yield LTD/(Total Cap) INCOME STATEMENT Revenues incl.Working Cap **Resources include measured and indicated resources only Gabriel Resources Ltd.5) (12.507.8 2010E (12. RBC Capital Markets Rosia Montana .507.0 317.3 Year Ended December 31 2009E (12.November 5.30 13% C$707 Stock Rating: Price Target: Sector Perform C$2. Resources Reserves MM oz Adj.7) (12.4x 2011E (15.3 (2.0 780.7) (30.3 1.6 628.6) (12.3 18.05 $0. Reserves)** MM oz Adj.1 49. 2009 Gabriel Resources RBC Capital Markets Stephen D.9 392.04) 2009E (12.7 28.75 $0. (f.3 2.88 2011E (48%) (24%) 24% 47% 2009E - 2010E $1.3 ($0.2) 1.5 758.8 (4.5 (Dec 31.7) 0.) EPS (f.04) 0.2 2008 $872 $14.7) 0.6) 307.000 $15.4) ($0.99 Gold Prodn ('000 oz) 600 Cash Costs ($/oz) $400 500 $350 '000oz 300 $250 $mm $mm $mm $mm $mm $mm $mm $mm $mm $mm $mm $mm $mm $mm $mm $mm $mm 200 $200 100 $150 0 2013E 2014E 2015E 2016E $100 2010E NET ASSET VALUE (C$) Disc Rate 10% $mm $1.d.3 373.9 2011E 385.2 (15.7 521.1 (3.3 ($0.04) (12.2 (15. Market Cap/oz* $/oz Resources (incl.24 Source: Company Reports.7) ($0.4) ($0.4 2010E 68.93 CFPS 2010E 0% 0% 0% 0% 2010E - 2011E $1.00 $2.7) ($0.7) 1.0 55.1) 255.9 736.1 758.07) (30.9 606.159 $/Share $3.4 0.0) 0.3 ($0.1 621.2) (2.9 885.) P/E Multiple Operating Cash Flow CFPS before working cap. Risk Qualifier: Speculative Net Asset Value/Share: C$3.7) 357.15 $0.2) (2.0 3.5) (162. Walker.02) (6.2) (162.10 C$0.00 ($0.27) C$3.4 1.d.03) 0.5 2009E 100.0 600.000 $15.1 52.1) ($0.15 $0.2 (30.0) 0.2 18.200 MINE/EQUITY PRODUCTION Equity Au Production 000s oz Equity Ag Production 000s oz Total Cash Costs $/oz Share of Reserves.00 $2.99 $3.93 2011E 0% 0% 0% 0% 2011E - 11.1 478.1 1.8 3.5 (32.8 530.d.6) ($0.4 451.04) 2010E (12.0) 110.2) 142.07) 2011E (30.d.1 21.5 (5.3 100.5 385.5 106. & S/Holder Equity Working Capital $mm $/sh X $mm $/sh X $/sh % X $mm $mm $mm $mm $mm $mm $mm $mm $mm $mm MM $/sh 2008 (4.02) 2008 (4.04) (12.0 530.2 78.100 $1.1 21.07) 0.0) (76.2 2008 72.80% Working Capital Other Resources LT Debt Corporate G&A 2010E NAV 10% US$/oz 400 $300 5 .2 (15.0x 2009E (15.115. (416) 842 4120 Symbol Share Price Return: Mkt Cap (MM) GBU C$2.6) (12.7) 417.3 628.) GOLD PRODUCTION PROFILE 307 MM 307 MM 12-month High: 12-month Low: C$3.1 3.

A member company of RBC Capital Markets or one of its affiliates received compensation for investment banking services from Gabriel Resources Ltd. respectively. regulatory rules require member firms to assign ratings to one of three rating categories . public appearances and trading securities held by a research analyst account. Outperform (O): Expected to materially outperform sector average over 12 months. low market cap or float. below average revenue and earnings predictability. including total revenues of the member companies of RBC Capital Markets and its affiliates. Although RBC Capital Markets' ratings of Top Pick/Outperform.S. Speculative (Spec): Risk consistent with venture capital. CFA (i) is not registered/qualified as a research analyst with the NYSE and/or FINRA and (ii) may not be associated persons of the RBC Capital Markets Corporation and therefore may not be subject to FINRA Rule 2711 and NYSE Rule 472 restrictions on communications with a subject company. the meanings are not the same because our ratings are determined on a relative basis (as described above). low public float. 6 . the rating assigned to a particular stock represents solely the analyst's view of how that stock will perform over the next 12 months relative to the analyst's sector average. Sector Perform and Underperform most closely correspond to Buy. analyst's best ideas. average revenue and earnings predictability. During this time. A member company of RBC Capital Markets or one of its affiliates received compensation for products or services other than investment banking services from Gabriel Resources Ltd. in the past 12 months. Analyst Disclosure Valerie Blume. potential balance sheet concerns. Distribution of Ratings For the purpose of ratings distributions.regardless of a firm's own rating categories. Sector Perform (SP): Returns expected to be in line with sector average over 12 months. Explanation of RBC Capital Markets Equity Rating System An analyst's 'sector' is the universe of companies for which the analyst provides research coverage. provides best risk-reward ratio. Accordingly. The author is employed by RBC Dominion Securities Inc. approximately 10% of analyst's recommendations. expected to significantly outperform the sector over 12 months. Ratings Top Pick (TP): Represents best in Outperform category. Above Average Risk (AA): Volatility and risk expected to be above sector. Underperform (U): Returns expected to be materially below sector average over 12 months.Buy. a portion of which are or have been generated by investment banking activities of the member companies of RBC Capital Markets and its affiliates. Conflicts Disclosures The analyst(s) responsible for preparing this research report received compensation that is based upon various factors. during the past 12 months. with investment banking services in the past 12 months. Required Disclosures Non-U. with non-securities services in the past 12 months. or Sell . Canada. a securities broker-dealer with principal offices located in Toronto. Hold/Neutral and Sell.November 5. a member company of RBC Capital Markets or one of its affiliates provided non-securities services to Gabriel Resources Ltd. risk of being delisted. may have negative cash flow. A member company of RBC Capital Markets or one of its affiliates managed or co-managed a public offering of securities for Gabriel Resources Ltd. Hold/Neutral. RBC Capital Markets has provided Gabriel Resources Ltd.. may not be suitable for a significant class of individual equity investors. in the past 12 months. RBC Capital Markets has provided Gabriel Resources Ltd. 2009 Gabriel Resources Ltd. no significant cash flow/financing concerns over coming 12-24 months. fairly liquid. Risk Qualifiers (any of the following criteria may be present): Average Risk (Avg): Volatility and risk expected to be comparable to sector.

5 12/07/07 SP:1. conversely. Box 50. Rating BUY[TP/O] HOLD[SP] SELL[U] Count 577 525 78 Percent 48.O.6 02/27/08 UP:1. Conflicts Policy RBC Capital Markets Policy for Managing Conflicts of Interest in Relation to Investment Research is available from us on request. clients should refer to https://www.com/global/file-414164. Please contact your investment advisor or institutional salesperson for more information regarding RBC Capital Markets research. The database may be accessed via the following hyperlink https://www2.3 08/07/08 UP:2. targets and opinions in a timely manner. Thus. 200 Bay Street.3 Q2 Q3 2008 Q1 Q2 Q3 2009 Q1 Q2 Q3 Legend: TP: Top Pick. These Short-Term trading calls are not formal ratings and reflect the research analyst's views with respect to market and trading events in the coming days or weeks and. it is possible that a subject company's common equity that is considered a long-term 'sector perform' or even an 'underperform' might be a Short-Term buying opportunity as a result of temporary selling pressure in the market.rbccm. We reserve the right to amend or supplement this policy at any time.5 06/01/07 OP:5. South Tower. Percent 27.November 5. while RL Off: Refers to date a security was removed from a recommended list. and the Guided Portfolio: Dividend Growth (RL 8). To access our current policy.90 44. These Recommended Lists include the Prime Opportunity List (RL 3). Equity Research Investment Banking Serv.60 Count 160 107 5 Gabriel Resources Ltd. the Guided Portfolio: Large Cap (RL 7). O: Outperform.50 6.2 6 5 4 3 2 1 0 Q1 2007 11/05/08 SP:1. U: Underperform. NR: Not Rated. I: Initiation of Research Coverage. may differ from the price targets and recommendations in our published research reports reflecting the research analyst's views of the longer-term (one year) prospects of the subject company.RL: On: Refers to date a security was placed on a recommended list. as of 11-04-2009 (in CAD) 11/15/06 OP:6 02/05/07 SP:6 04/26/07 SP:5.7 03/05/09 SP:2.pdf or send a request to RBC CM Research Publishing. Ontario M5J 2W7.5 08/08/07 OP:5 09/13/07 OP:4. Toronto.5 11/07/07 SP:2.rbccm. The abbreviation 'RL On' means the date a security was placed on a Recommended List.html. fax or regular mail. RBC Capital Markets' research is posted to our proprietary websites to ensure eligible clients receive coverage initiations and changes in rating. D: Discontinuation of Research Coverage.73 20.38 6. RL: Recommended List .com/cmonline/index. a former list called the Private Client Prime Portfolio (RL 4). as such. NA: Not Available. Created by BlueMatrix References to a Recommended List in the recommendation history chart may include one or more recommended lists or model portfolios maintained by a business unit of the Wealth Management Division of RBC Capital Markets Corporation.41 Rating and Price Target History for: Gabriel Resources Ltd. Dissemination of Research and Short-Term Trading Calls RBC Capital Markets endeavours to make all reasonable efforts to provide research simultaneously to all eligible clients. the Prime Income List (RL 6)./Past 12 Mos. 2009 Distribution of Ratings RBC Capital Markets. Additional distribution may be done by the sales personnel via email. a 7 . The information regarding Short-Term trading calls accessible through the database does not constitute a research report. Clients may also receive our research via third party vendors. P. The abbreviation 'RL Off' means the date a security was removed from a Recommended List. having regard to local time zones in overseas jurisdictions. SP: Sector Perform. Royal Bank Plaza. 29th Floor. RBC Capital Markets also provides eligible clients with access to a database which may contain Short-Term trading calls on certain of the subject companies for which it currently provides equity research coverage.5 05/22/08 UP:2.

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