Roth MKM raised the firm’s price target on Contango Ore to $37 from $33 and keeps a Buy rating on the shares. The company is executing on its Direct Shipping Ore business plan, securing permittable projects with grades sufficient to cover transportation costs to feed mills with excess capacity, and also receiving cash dividends from gold production at the Manh Choh gold project in Alaska, the analyst tells investors in a research note. Contango offers a “clear path” to becoming a mid-tier producer, the firm added.
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