Canaccord target Globe says Gallo sticks with his "buy" on K92 Mining
K92 Mining Inc (C:KNT)
Shares Issued 213,044,687
Last Close 10/6/2020 $6.83
Wednesday October 7 2020 - In the News
The Globe and Mail reports in its Wednesday, Oct. 7, edition that Canaccord analyst Tom Gallo calls K92 Mining's Kora deposit at the Kainantu gold mine in Papua New Guinea "one of the best ore bodies we've ever seen." The Globe's David Leeder writes in the Eye On Equities column that Mr. Gallo continues to rate the shares "buy," while raising his share target to $12.50 from $8.75. Analysts on average target the shares at $9.73. Mr. Gallo says in a note: "Consistent, high-grade mineralization has been the norm for Kora and Kora north since late 2017. We expect the mine could continue to outperform the resource grade. Kora link and other, smaller, non-resource constrained veins or stringers have and could continue to provide grade especially as the tonnage is pushed. Dilution in this case is not zero grade from what we observed on site last year. Couple that with continuity (i.e. a surface expression mining levels below and drill holes well below the bottom workings) and you're left with a world class mineral system in the infancy of extraction." The Globe reported on Jan. 31 that Mr. Gallo called K92 Mining a "compelling investment." He rated the shares "buy" in new coverage, which were then worth $3.66.
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