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Investing.com - BMO Capital raised its price target on Dakota Gold Corp. (NYSE:DC) to $9.00 from $7.50 on Thursday, while maintaining an Outperform rating on the stock. The new target reflects the stock’s strong momentum, with shares up over 77% in the past six months and currently trading near its 52-week high of $4.30.
The firm’s decision follows Dakota Gold’s release of an Initial Assessment with Cash Flow (IACF) for its Richmond Hill oxide gold project, which BMO Capital describes as a key step toward first production expected in late 2029.
According to the assessment, the Richmond Hill project is projected to produce 153,000 ounces of gold annually at an all-in sustaining cost (AISC) of $1,047 per ounce over a 17-year period, with initial capital expenditure requirements of $380 million.
BMO Capital noted these figures were broadly in line with its expectations and reinforced Richmond Hill’s position as one of the largest development-stage oxide gold resources in the United States.
The firm expects Dakota Gold shares to experience a steady revaluation as the project advances through its development stages.
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