The Globe and Mail reports in its Wednesday, July 24, edition that National Bank analyst Don DeMarco commenced coverage of Montage Gold with an "outperform" recommendation and $2.50 share target on Tuesday. The Globe's David Leeder writes that analysts on average target the shares at $2.27. Montage is a single-asset gold developer advancing its 90-per-cent-owned, fully permitted Kone gold project in the Ivory Coast, with a "sizable" after-tax net present value and internal rate of return, according to an updated feasibility study. Mr. DeMarco says in a note: "Our investment thesis is supported by (I) a valuation rerate as the Kone project development is derisked. Cote d'Ivoire's mining competitive advantage combines the Birimian Greenstone Belt and the Fraser Institute top five in Africa for overall investment attractiveness; and (ii) NAV accretion as Montage delivers on near-mine and regional exploration driving resource accretion, production and FCF growth. Resource conversion and accretion opportunities show potential to lift and extend the 300k oz/year, a wheelhouse of interest among Senior producers." Mr. DeMarco adds, "The endorsement from the Lundin Group elevates Montage's profile and lends for derisking."