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Stifel Canada initiated coverage on Western Copper and Gold (NYSE:WRN:CN) Wednesday with a buy rating and a price target of C$5.50, citing the strategic importance of the company’s Casino (EPA:CASP) Project.
The research firm highlighted the Casino Project’s development potential as a large-scale, open-pit copper porphyry located in a Tier One jurisdiction. Stifel noted the project benefits from a low-strip ratio and low cash costs due to significant gold credits.
Stifel’s price target is based on a 0.65x price-to-net asset value multiple on its fully-funded 30/70 joint venture sell-down scenario, which yields a net asset value per share of US$5.03 at a 9% discount rate.
The firm expects Western Copper and Gold to experience continued re-rating amid project de-risking catalysts including permitting, power, and partnerships. Stifel also cited its forecasted copper market deficits starting in 2028 as a positive factor.
The Casino Project is expected to begin operations in 2032, according to Stifel’s analysis, which was derived from the firm’s inflation and risk-adjusted evaluation of the company’s 2022 Feasibility Study mine plan.
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