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
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.