BMO Capital Markets on Wednesday maintained its outperform rating on the shares of Aris Mining (ARIS.TO) while lowering its price target to C$9.00 from an undisclosed prior level after the company reported weaker than expected third-quarter results.
"ARIS reported Q3/24 gold production of ~54koz, which missed expectations (BMOe 64koz; consensus 61koz). Due to the lower-than-expected production the company decreased 2024 production guidance at Segoviato 185koz-195koz from 200-220koz. The company also provided an updated mineral resource estimate at Segovia highlighted by a total reserve and resource inventory increase of ~9%. Lastly, the company provided positive construction updates on the Segovia and Marmato expansions. We maintain our Outperform rating but lower our target price to C$9.00," analyst Brian Quast noted.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 5.89, Change: -0.06, Percent Change: -1.01
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