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Benz Mining ( (TSE:BZ) ) has provided an announcement.
Benz Mining Corp. has secured firm commitments for a A$75 million bought-deal placement of 32.3 million CHESS Depositary Interests at A$2.32 each, driven largely by demand from two major offshore institutional investors and supported by existing institutional shareholders. The raise, which leaves Benz with a pro-forma cash balance of about A$94 million, will fund an aggressive ramp-up of exploration at its Glenburgh and Mt Egerton gold projects in Western Australia, including resource growth, infill and extension drilling at the Icon, Tuxedo and broader Glenburgh system, as well as follow-up work at Egerton and associated technical, permitting and corporate costs, marking a step-change in the company’s exploration capacity and reinforcing market confidence in Glenburgh as a significant emerging gold district.
The most recent analyst rating on (TSE:BZ) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on Benz Mining stock, see the TSE:BZ Stock Forecast page.
Spark’s Take on TSE:BZ Stock
According to Spark, TipRanks’ AI Analyst, TSE:BZ is a Neutral.
The score is held down primarily by weak financial performance (no revenue, widening losses, and ongoing cash burn) and an unattractive earnings-based valuation (negative P/E). These are partially offset by a clean, low-debt balance sheet and strong recent technical uptrend, though momentum is overextended.
To see Spark’s full report on TSE:BZ stock, click here.
More about Benz Mining
Benz Mining Corp. is a dual-listed, pure-play gold exploration company on the TSX Venture Exchange and ASX, with assets spanning the Eastmain Gold Project in Quebec and the Glenburgh and Mt Egerton Gold Projects in Western Australia. Leveraging deep geological expertise and advanced exploration techniques in high-metamorphic terranes, the company is focused on rapidly expanding its global gold resource base and strengthening its position as a leading explorer in two of the world’s most prolific gold regions.
Average Trading Volume: 80,455
Technical Sentiment Signal: Buy
Current Market Cap: C$654M
See more data about BZ stock on TipRanks’ Stock Analysis page.