Gold prices near 3-week high; could reach $4,700/oz - UBS
Investing.com - H.C. Wainwright raised its price target on Solaris Resources Inc. (NYSE:SLSR) to $13.50 from $13.00 on Monday, while maintaining a Buy rating on the stock. The new target represents an 87% upside from the current price of $6.97, with SLSR trading near its 52-week high of $7.04. According to InvestingPro data, the stock has delivered an impressive 194% return over the past year.
The price target increase follows Solaris Resources’ announcement on November 6 of pre-feasibility study (PFS) results for its flagship Warintza Project, which showed expected production of 4.5 million tonnes of Copper Equivalent over a 22-year mine life.
According to the PFS, the project is expected to produce an average of 242,000 tonnes of Copper Equivalent annually over the first 15 years, with higher production of approximately 304,000 tonnes annually during the first five years.
The life-of-mine production estimates include 3.4 million tonnes of copper, 1.1 million ounces of gold, and 26.6 million ounces of silver, based on the study results.
Proven and Probable Mineral Reserves at the site total 1.3 billion tonnes at 0.41% Copper Equivalent, including 4.1 million tonnes of copper, 1.8 million ounces of gold, and 54.1 million ounces of silver. With a market cap of $1.16 billion and strong price momentum (up 65% over six months), Solaris continues to attract investor attention despite not yet being profitable. InvestingPro identifies 13 additional investment insights for SLSR subscribers.
In other recent news, Solaris Resources announced a $200 million financing agreement with Royal Gold to advance its Warintza Project. This significant development has prompted H.C. Wainwright to raise its price target for Solaris Resources from $11 to $13, while maintaining a Buy rating on the stock. The financing deal is expected to provide the necessary capital to further the company’s project initiatives. These updates reflect recent movements within the company and its ongoing efforts to secure strategic partnerships. The raised price target suggests confidence from analysts at H.C. Wainwright in the company’s future prospects. Investors may find these developments noteworthy as they consider the stock’s potential.
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