Outperform Rating Reiterated at BMO; Target Kept at C$0.75 Argonaut Gold Outperform Rating Reiterated at BMO Following Resource Update; Price Target Kept at C$0.75 2023-04-03 11:58:45 AM ET (MT Newswires)
11:58 AM EDT, 04/03/2023 (MT Newswires) -- BMO Capital Markets on Monday reiterated its outperform rating on the shares of Argonaut Gold (AR.TO) and its C$0.75 price target after the company released a new resource estimate for its mines.
"On a consolidated basis, the updated reserves estimate of 5.6Moz Au was largely unchanged (not including the disposed Ana Paula asset). A sizeable increase in inferred ounces at Florida Canyon led to a notable increase in the mineralized inventory, which now totals 14.8Moz (including M&I of 11.3Moz). Moving forward, Argonaut continues to focus on realizing the sulfide mineralization potential at Florida Canyon; however, the primary near-term focus remains Magino, where first commercial production continues to be on schedule for Q3/23. We maintain our Outperform rating and C$0.75 target price," analyst Brian Quast wrote.