Buy Rating Reiterated by Stifel GMP - Target Kept at C$1.50Argonaut Gold Buy Rating Reiterated by Stifel GMP as Magino Drilling Shows High-Grade Results; Price Target Kept at C$1.50
2022-09-07 09:38:48 AM ET (MT Newswires)
09:38 AM EDT, 09/07/2022 (MT Newswires) -- Stifel GMP on Wednesday reiterated its buy rating on the shares of Argonaut Gold (AR.TO) with a C$1.50 price target after the company reported high-grade exploration results from its Magino Mine project in Ontario.
"AR reported positive results from its 19,300m drill program targeting resources at depth at its Magino project in Ontario, Canada," analyst Ian Parkinson noted. "Drilling are from holes drilled beneath the planned open pit, and positive results along a 1.5km trend include highlights of 7.5g/t Au over 13.0m and 8.3g/t Au over 11.0m. The results are encouraging for the possibility of an underground scenario to accompany the planned open pit at Magino, currently scheduled for first pour in April 2023. AR currently trades at a discount to its peers, with a spot P/NAV of just 0.27x and we rate it as a BUY."