Analyst Brian Quast from BMO Capital maintained a Buy rating on Calibre Mining (CXB – Research Report) and keeping the price target at C$4.20.
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Brian Quast has given his Buy rating due to a combination of factors, including Calibre Mining’s strong production performance and financial position. The company exceeded its revised annual production guidance, achieving an impressive output of 243,000 ounces, which surpassed expectations. Despite slightly higher costs in the fourth quarter, the overall financial results were in line with forecasts, thanks to lower share-based compensation and other expenses.
Additionally, the Valentine project remains on schedule, with management reaffirming its commitment to provide production guidance following the first gold output in 2025. The company’s robust balance sheet, highlighted by a significant cash reserve, supports the project’s completion without the need for additional financing. Furthermore, Calibre’s ongoing investment in exploration, demonstrated by a planned increase in drilling activity, underscores its potential for future growth.
Quast covers the Basic Materials sector, focusing on stocks such as Eldorado Gold, B2Gold, and Lundin Gold. According to TipRanks, Quast has an average return of 11.2% and a 53.70% success rate on recommended stocks.
In another report released on February 12, Stifel Nicolaus also maintained a Buy rating on the stock with a C$4.00 price target.