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Argonaut Gold Inc
Symbol AR
Shares Issued 764,977,075
Close 2022-07-07 C$ 0.50
Market Cap C$ 382,488,538
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Globe says RBC's Lam cuts Argonaut to "outperform"

2022-07-07 08:06 ET - In the News

The Globe and Mail reports in its Thursday, July 7, edition that RBC Capital analyst Wayne Lam is sticking with his "outperform" call for Argonaut Gold. The Globe's David Leeder writes in the Eye On Equities column that Mr. Lam cut his share target by $1.50 to $1.25. Analysts on average target the shares at $1.93. Mr. Lam says in a note: "We view the announced capex update at Magino and associated financing as a tough but necessary measure to recapitalize the company in getting construction to the finish line. In our view, current share price and depressed valuation reflect the market's low level of confidence given successive budget overruns, which may be sustained until the project has greater visibility to completion in early-2023. We lower our price target to reflect significant equity dilution and further capex increase at Magino." The Globe reported on Feb. 1 that Mr. Fairbarn resumed coverage on Argonaut Gold with a "speculative buy" recommendation when the shares were going for $2.30. The Globe reported on May 21 that Mr. Fairbarn cut his recommendation for Argonaut Gold to "hold." The shares could then be had for $1.33.

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