Allied Gold initiated with a Buy at Canaccord

Canaccord initiated coverage of Allied Gold with a Buy rating and C$8 price target. The African-focused, mid-tier gold producer has three operating mines, the Kurmuk greenfield development project in Ethiopia, and a number of exploration properties and recently went public via an RTO, notes the analyst, who forecasts Allied increasing its gold production from about 360koz in 2023 to about 500koz/yr by 2025 and towards 700koz by 2029.