Analyst Ben Pirie of Atrium Research maintained a Buy rating on Spanish Mountain Gold, with a price target of C$0.40.
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Ben Pirie has given his Buy rating due to a combination of factors that highlight the potential of Spanish Mountain Gold’s ongoing projects. The recent assay results from the company’s fall drill program have shown promising gold grades, with several drill holes reporting mineralization well above the average resource grade. This suggests a potential for resource growth and increased confidence in the project’s viability.
Additionally, the drilling results are strategically significant as they support the advancement towards a construction decision by 2027, backed by a Preliminary Economic Assessment (PEA) indicating a substantial Net Present Value (NPV) and Internal Rate of Return (IRR) at current gold prices. The Orca Fault area, in particular, is emerging as a key zone of higher-grade mineralization, which could enhance the economic prospects of the mine plan. These factors collectively underpin Ben Pirie’s Buy rating and the target price set for Spanish Mountain Gold.