In a report released today, Ben Pirie from 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 promising potential of Spanish Mountain Gold. The company recently announced impressive assay results from its ongoing drill program, revealing high-grade gold intersections that exceed the typical resource grades. These results suggest a significant positive impact on the project’s future economic viability, as they indicate the presence of substantial gold mineralization within the planned pit area.
Furthermore, the drilling outcomes support the advancement towards a construction decision by 2027, building on a Preliminary Economic Assessment (PEA) that already shows a robust Net Present Value (NPV) and Internal Rate of Return (IRR) at current gold prices. The consistent high-grade findings enhance the likelihood of increasing the resource base, thereby justifying the Buy rating and the target price of $0.40 per share. These factors collectively underscore the potential for Spanish Mountain Gold to deliver strong returns to investors.
Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SPAUF in relation to earlier this year.