Nice upgrade...New $14 spec buy rating by Canaccord. BC Mines Act permit decision on deck. This positive news of the PLF closing follows the news earlier this week that the BC Mines Act permit for Blackwater has been referred to the BC Energy, Mines and Low Carbon Innovation Statutory Decision Maker for decision (see our note here). A decision for the permit is a key potential catalyst for ARTG and is expected to come imminently, with management anticipating a result by Q1/23. If positive, ARTG is set to ramp up major construction activities at Blackwater in Q1 and pursue the receipt of its "Schedule 2" permits (expected by Q2/23), which we continue to believe are not critical path to the project's construction. ARTG continues to trade at a steep discount to peers at just 0.16x P/NAV5% (peers at 0.29x) despite the strength of its project, which features a peer-leading ~385koz AuEq annual production profile at US$831/oz AISC and a ~42% IRR on the current forward curve (all CG estimates). We believe the company has potential to re-rate on a positive BC Mines Act permit decision for Blackwater. Valuation: We reiterate our SPEC BUY rating and C$14.00 target price. Our target remains predicated on a 0.85x multiple applied