The Globe and Mail reports in its Tuesday, Nov. 10, edition that BMO Nesbitt Burns analyst Andrew Mikitchook began coverage of Artemis Gold ($5.11) with an "outperform" rating to "reflect an expected revaluation as the company delivers development milestones on its 100%-owned Blackwater Gold Project." The Globe's David Leeder writes in the Eye On Equities column that Mr. Mikitchook says in a note, "We expect the H1 2021 DFS and permitting progress to be milestones that move the project closer to a development decision and financing arrangements in late-2021 or early-2022 should represent more substantial revaluation catalysts."
Mr. Mikitchook set a $9 share target. Analysts on average target the shares at $10.17. The Globe reported on July 27 that Canada's junior gold mining sector was on track for its best year for financing in a decade as companies take advantage of soaring gold prices to load up on cash and advance long-delayed exploration and development projects. Artemis shares could then be had for $4.54. The Globe reported on Sept. 11 that Canaccord Genuity analyst Kevin MacKenzie rated Artemis "speculative buy" in new coverage. The shares could then be had for $6.60.
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