The Globe and Mail reports in its Wednesday, March 18, edition that Paradigm Capital analyst Don MacLean commenced coverage on Belo Sun Mining with a "speculative buy" ranking and a $5.50 share target. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacLean is the lone analyst covering the stock. Mr. MacLean says in a note: "Belo Sun's Volta Grande is one of the sector's most attractive large-scale development projects, combining multimillion-ounce scale, access to low-cost hydro power, excellent exploration potential and feasibility-level technical derisking. The project has been constrained for years by legal challenges, with limited site activity since its key Installation License (LI) was suspended in 2017. On Feb. 13, a federal regional court ruling re-instated the LI, allowing the company to re-engage government agencies, communities and on-site work. While legal appeals are expected, we believe the risk of a project-stopping outcome is low relative to the potential reward. At $1.36/share, Belo Sun trades at 0.09-0.10, times our NAV estimate at $4,900 (U.S.)/oz, a level we view as inconsistent with Volta Grande's scale, quality and proximity to development."