The Globe and Mail reports in its Wednesday, Dec. 25, edition that National Bank Financial analyst Rabi Nizami believes there is potential for growth in Arizona Metals as the market gains confidence in its high-grade Kay mine project. The Globe's David Leeder writes in the Eye On Equities column that Mr. Nizami anticipates that the exploration potential of the broader land package and Sugarloaf Peak will be revealed further. Mr. Nizami says in a note: "We now estimate Arizona Metals to finish the year with $36.2-million in cash and equivalents, assuming $5-million expenses incurred during Q4. Proceeds from the offering are mainly expected to be used toward exploration and studies at the Kay Mine project, with a portion of the budget also allocated to exploring the Sugarloaf Peak gold project which was previously non-core. At Kay, a 17,000m HQ core drill program is planned, and this includes 6,300m dedicated to defining the new Kay2 lens in Q1/25, to be included in a maiden resource estimate by Q2/25, with the remaining drilling informing a PEA by late 2025." Mr. Nizami rates the shares "outperform." His share target shed 25 cents to $3.75. Analysts on average target the shares at $6.88.