The Globe and Mail reports in its Wednesday, July 1, edition that Canaccord Genuity analyst Carey MacRury commenced coverage of Roxgold ($1.53) with a "buy" call on Tuesday. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacRury targets the shares at $2, which is two cents below the current average. Mr. MacRury says in a note: "Roxgold expects to receive the mining permit for Seguela and complete an updated resource and feasibility study ahead of a potential construction decision in H1/21. We forecast production of 140,000 ounces per year on average over its first three years of operation and starting in 2023 at an average mine site AISC [all-in sustaining cost] of $760 per ounce. We see Roxgold as able to finance construction (initial capex of $142-million) from a combination of cash on hand, operating cash flow and we assume a new $75-million debt facility, the same size facility to company put in place to fund Yaramoko. We expect Roxgold to draw only $25-million in the facility which maintaining a minimum cash balance of $40-million through construction." Mr. MacRury says Roxgold's "strong" balance sheet reveals a "record of development success."