Atrium Research analyst Ben Pirie maintained a Buy rating on Spanish Mountain Gold yesterday and set 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 recent drilling results. The company announced assay results from its fall drill program, revealing strong gold grades over significant intervals within the proposed pit area. These results are notably higher than the existing resource grades, suggesting a positive impact on the project’s future economic outlook.
Furthermore, the drilling supports the company’s progress towards a construction decision by 2027, building on a Preliminary Economic Assessment with a substantial Net Present Value and Internal Rate of Return. The results reinforce the management’s belief that infill drilling could enhance the project’s value by adding higher-grade mineralization and potentially increasing the deposit size. Consequently, Ben Pirie maintains a Buy rating and a target price of $0.40 per share for Spanish Mountain Gold.
According to TipRanks, Pirie is a top 100 analyst with an average return of 54.2% and a 63.03% success rate. Pirie covers the Basic Materials sector, focusing on stocks such as Capitan Silver, Omai Gold Mines, and Santacruz Silver Mining.