BMO’s Jackie Przybylowski cut her Agnico Eagle Mines target to US$77 from US$79 with an “outperform” rating. The average on the Street is US$78.84.
“Highlights of an updated PEA-level technical study continue to build on Detour Lake’s large, bulk, low-cost operation with expansion of the mill to 29Mtpa (from 28Mtpa) and an initial underground project,” said Ms. Przybylowski. “Detour expansion is a low-risk operation at an existing site and managed by an experienced team. This update represents a snapshot in time, based on drilling completed before the October 2023 cutoff. Agnico Eagle will host a site tour to Detour Lake on June 20, 2024. We look forward to seeing the site’s growth potential in situ [Thursday].”