On Friday, BMO Capital Markets adjusted its outlook on shares of Artemis Gold Inc (ARTG:CN) (OTC: ARGTF), increasing its price target to C$17.00, up from the previous C$16.00, while reiterating an Outperform rating on the stock. The adjustment follows the company's progress on its Blackwater Mine, which is now over 95% complete, with the first gold pour anticipated for late Q4 2024. This milestone aligns with the company's projected timeline.
The initial capital expenditure (capex) guidance for the Blackwater Mine has seen an increase of 7%, now estimated to range between $780 million and $800 million. This revision is attributed to a 1.5-month delay in the construction schedule. To ensure adequate funding for the completion of the project, Artemis Gold has secured an additional standby debt facility of up to $65 million.
The analyst from BMO Capital Markets noted the significance of the update, stating, "Today's quarterly update delivers strong milestones and a nearly completed mine." The increased price target to C$17 reflects the analyst's confidence in the project's progression and the company's ability to maintain its financial footing through the final stages of mine construction.
Artemis Gold's Blackwater Mine is nearing operational status, marking a pivotal phase for the company as it transitions from development to production. The company's efforts to arrange additional financing demonstrate its commitment to bringing the project to fruition without financial shortfalls.
Investors and stakeholders in Artemis Gold Inc can look forward to the final completion of the Blackwater Mine, which is poised to commence gold production in the near future, as indicated by the current state of construction and the company's adherence to its planned schedule.
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