Upgraded Price Target $8.50TD Investment Conclusion
We believe that Solaris is in the early stages of making a world-class discovery on its Warintza property. Moreover, yesterday's results continue to demonstrate that the resource size at Warintza Central is purely a function of limited drilling, rather than the limits of mineralization. We expect the stock to continue to re-rate higher as the company demonstrates the growth potential of the project. We are maintaining our SPECULATIVE BUY recommendation and increasing our target price to C$8.50 (from C$8.00) on a higher NAV multiple.