In a report released yesterday, Tate Sullivan from Maxim Group reiterated a Buy rating on Nouveau Monde Mining, with a price target of $6.00.
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Tate Sullivan has given his Buy rating due to a combination of factors including improved financial performance and a clearer funding path for the Matawinie project. NMG reduced its operating costs and cash burn more than expected, resulting in a narrower EBITDA loss and better-than-forecast EPS, which supports confidence in management’s execution while the company remains pre-revenue.
Another key driver is the recently secured USD $335M project debt package from Canadian public finance institutions, which covers most of the projected mine construction capex and significantly lowers financing risk. In addition, an enhanced long-term offtake agreement with the Government of Canada at favorable fixed prices further underpins project economics, leading Sullivan to see a de-risked route to a final investment decision in 1H26 and to justify maintaining a $6.00 DCF-based price target.
Sullivan covers the Industrials sector, focusing on stocks such as Performance Shipping, Seanergy Maritime, and Otter Tail. According to TipRanks, Sullivan has an average return of 3.1% and a 49.50% success rate on recommended stocks.
In another report released on March 19, H.C. Wainwright also reiterated a Buy rating on the stock with a $5.50 price target.