BMO Capital analyst Kevin O’Halloran maintained a Buy rating on Fortuna Mining Corp yesterday and set a price target of C$14.00.
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Kevin O’Halloran has given his Buy rating due to a combination of factors including Fortuna Mining Corp’s strong financial position and promising production outlook. The recent Preliminary Economic Assessment (PEA) for the Diamba Sud project in Senegal indicates a robust production profile, particularly in the initial years, with average production significantly exceeding previous forecasts.
Despite slightly higher capital expenditures and all-in sustaining costs, Fortuna is well-positioned to fund the project with its substantial liquidity and expected free cash flow. The company’s strategic timeline for construction and production commencement remains on track, which, coupled with potential exploration successes, supports a positive long-term outlook for the stock.
According to TipRanks, O’Halloran is a top 25 analyst with an average return of 66.8% and a 95.31% success rate. O’Halloran covers the Basic Materials sector, focusing on stocks such as Fortuna Mining Corp, Aya Gold & Silver, and Equinox Gold.