Spartan Resources (ASX:SPR) "has a few cards up its sleeve" as the Australian market is not used to seeing assets that can mine at scale from underground operations, according to a Monday note by Euroz Hartleys.
The company is exploring its assets with two drill rigs on the surface and one underground.
The research firm noted the catalysts of rising US dollars, rising gold prices, and a weak Australian dollar behind its view of the mining firm.
Euroz Hartleys maintained a buy recommendation for Spartan Resources while raising its price target to AU$1.93 from AU$1.64.
Price (AUD): $1.34, Change: $+0.030, Percent Change: +2.29%
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