TSX runs higher on rate cut expectations
On Tuesday, BMO Capital analysts maintained their Outperform rating for Artemis Gold Inc (ARTG:CN) (OTC: ARGTF) while increasing the stock’s price target to Cdn$27 from Cdn$22. This adjustment follows the successful ramp-up to commercial production at the Blackwater mine, which was celebrated at an opening ceremony last week. The stock has shown remarkable momentum, gaining over 14% in the past week and 92% year-to-date, according to InvestingPro data.
The analysts highlighted the significant growth potential of the Blackwater mine, noting its expansion from a midpoint of 2025 guidance of 210,000 ounces to a projected output of over 500,000 ounces. The mine’s location in a top jurisdiction adds to its value, according to the analysts. With a market capitalization of $4.13 billion and analysts forecasting profitability with EPS of $1.09 for FY2025, the company appears positioned for growth, though InvestingPro analysis suggests the stock is currently trading slightly above its Fair Value.
The analysts believe there is potential for further revaluation of Artemis Gold shares. As the company continues to establish its operational track record and progresses with the Phase 2 expansion, the stock could see additional upward adjustments.
The Blackwater mine’s successful transition to commercial production is seen as a key milestone for Artemis Gold. The company is expected to benefit from the mine’s increased production capacity and strategic positioning.
The analysts’ report suggests optimism about Artemis Gold’s future performance, highlighting the potential for the company’s shares to appreciate further as it advances its projects and operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.