The Globe and Mail reports in its Tuesday, Jan. 17, edition that BMO Nesbitt Burns analyst Andrew Kaip elevated Sabina Gold & Silver ($1.28) to "outperform" from "market perform." The Globe's David Leeder writes in the Eye On Equities column that the change comes after Sabina announced Friday that the Minister of Indigenous and Northern Affairs Canada has decided that Sabina's Back River gold project should be returned to the Nunavut Impact Review Board. The precious metals producer said it is awaiting a work plan from the NIRB on how an additional review of the project will proceed. The Back River project is projected by Sabina to produce 200,000 ounces a year for about 11 years at all-in sustaining costs of $620 per ounce. Mr. Kaip says in a note: "In meeting with SBB management, the recommendation comes as the most likely, and expected, outcome. Management's best estimate as a potential to project certificate is nine months. ... Of the 21 letters received to date from Nunavut representatives, 20 have been in support and only 1 has supported the NIRB." Mr. Kaip boosted his share target to $1.60 from $1. Analysts on average target the shares at $1.50.