BMO Capital analyst Andrew Mikitchook maintained a Buy rating on K92 Mining today and set a price target of C$23.00.
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Andrew Mikitchook has given his Buy rating due to a combination of factors including the significant progress observed at K92 Mining’s Kainantu Mine. The site visit highlighted the nearing completion of various components that are expected to double mining rates in the coming quarters, with potential to exceed the Stage 3 design rates and achieve substantial production growth.
Additionally, the infrastructure appears to be strategically overbuilt to facilitate future expansions, leveraging the mine’s cash flow to accelerate investments. The exploration potential also adds value, with opportunities for lateral and depth extensions. These factors collectively indicate a strong trajectory for K92 Mining, suggesting that incremental progress could lead to a significant transformation of the company.
In another report released on October 24, Canaccord Genuity also maintained a Buy rating on the stock with a C$24.75 price target.