Allegiant Gold, the Basic Materials sector company, was revisited by a Wall Street analyst yesterday. Analyst Ben Pirie from Atrium Research maintained a Buy rating on the stock and has a C$1.20 price target.
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Ben Pirie has given his Buy rating due to a combination of factors that highlight Allegiant Gold’s promising exploration prospects and financial strength. The company has initiated a fully funded 2,000-meter drill program at the McIntosh zone, which is part of a larger 20,000-meter campaign at their Eastside project. This project is notable for its significant inferred resources of gold and silver, with only a small portion of the property having been explored so far.
Additionally, Allegiant Gold’s recent successful financing efforts, including a $10.5 million raise led by Kinross and Eric Sprott, have left the company well-capitalized with $14 million to advance its exploration activities. This financial backing enables Allegiant to thoroughly evaluate priority targets at Eastside, enhancing the potential for discovering high-grade mineralization. The strategic rebranding to A2 Gold Corp. further underscores the company’s commitment to growth and development in the gold sector.
AUXXF’s price has also changed dramatically for the past six months – from $0.088 to $0.597, which is a 578.41% increase.