Maintained at Outperform at BMO as Magino Nears CompletionArgonaut Gold Maintained at Outperform at BMO as Magino Nears Completion; Price Target Raised to C$1.00 2023-05-25 11:45:36 AM ET (MT Newswires)
11:45 AM EDT, 05/25/2023 (MT Newswires) -- BMO Capital Markets on Thursday resumed coverage of Argonaut Gold (AR.TO) by reiterated its outperform rating on the shares while raising its price target to C$1.00 ahead of first gold from its Magino mine in Ontario.
"We are resuming coverage of Argonaut following the closing of a bought deal private placement for C$17.5M. The company previously reported relatively in-line first quarter earnings, but the focus remains on the Magino Project, where first gold continues to be expected in May. Total project spending to date has reached $652M, and the company remains fully funded to satisfy the expected budget of $755M (updated in Q4/22). Upon updating our model we raise our target price to C$1.00 from C$0.75," analyst Brian Quast wrote.