Argonaut Gold Maintained at Outperform by BMO Capital MarketArgonaut Gold Maintained at Outperform by BMO Capital Markets After Magino Financing; Price Target Kept at C$1.00
2022-10-31 11:38:55 AM ET (MT Newswires)
11:38 AM EDT, 10/31/2022 (MT Newswires) -- BMO Capital Markets on Monday reiterated its outperform rating on the shares of Argonaut Gold (AR.TO) with a C$1.00 price target after the company secured additional funding for construction of its Magino gold mine in Ontario.
"Slight positive. Securing an additional US$62.5 million to complete Magino construction through a royalty sale and equity private placement to Franco Nevada adds confidence that the project will have enough capital for completion," analyst Brian Quast noted. "Closing the previously announced debt financing package also marks a significant milestone in the financing of Magino. Management also stated that the Formal Operations Readiness Initiative is progressing well as are commissioning plans, with ~72% of action items completed. The Magino construction project continues to advance on schedule for first gold pour by Q2/23."