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Abcourt Mines ( (TSE:ABI) ) has provided an update.
Abcourt Mines has appointed mining engineer and former director Loïc Bureau as Chief Operating Officer, prompting his resignation from the board so he can fully focus on the company’s operations, including the recently restarted Sleeping Giant mine. Bureau brings more than two decades of international mining operations and leadership experience, including previous roles at Pershimco Resources and as chairman of Pershimex Resources, where he oversaw the merger with Abcourt, while a new chairman, Noureddine Mokaddem, has been named to lead the board. Management presents these moves as a key step to support Abcourt’s growth, the ramp-up of production at Sleeping Giant and its broader exploration strategy in Abitibi, and notes that negotiations with Glencore for up to US$30 million in senior debt financing and a production purchase agreement are progressing toward a final agreement, potentially strengthening Abcourt’s funding and offtake profile.
The most recent analyst rating on (TSE:ABI) stock is a Hold with a C$0.12 price target. To see the full list of analyst forecasts on Abcourt Mines stock, see the TSE:ABI Stock Forecast page.
Spark’s Take on TSE:ABI Stock
According to Spark, TipRanks’ AI Analyst, TSE:ABI is a Neutral.
The score is primarily weighed down by very weak financial performance (no revenue, persistent losses, negative equity, and heavy cash burn). Technicals provide partial support due to a strong uptrend above moving averages, but overbought indicators raise near-term risk. Valuation remains constrained by negative earnings and no dividend yield data.
To see Spark’s full report on TSE:ABI stock, click here.
More about Abcourt Mines
Abcourt Mines Inc. is a Canadian gold producer and exploration company with strategically located properties in northwestern Québec. The company owns the Sleeping Giant mine and mill as well as the Flordin property, where it focuses its operational and exploration activities within the regional gold sector.
Average Trading Volume: 2,063,219
Technical Sentiment Signal: Buy
Current Market Cap: C$129.6M
For an in-depth examination of ABI stock, go to TipRanks’ Overview page.