Fortuna Mining Maintained at Outperform at BMO After Seguela Reserve Update," Price Target Raised to C$17.50

MT Newswires Live01:16

BMO Capital Markets on Wednesday maintained its outperform rating on the shares of Fortuna Mining (FVI.TO) while raising its price target to C$17.50 from an undisclosed prior level after the company released an updated reserve estimate for its Seguela mine.

"Fortuna announced a reserve update at Seguela, adding 401koz at 3.6g/t for the Sunbird underground deposit, the first underground reserve defined at the operation. Mine life is extended to nine years, and Fortuna plans to begin developing the underground mine this year. We have updated our model to incorporate the underground reserve and a plant expansion, for which a study is expected in Q2; our asset-level NAV for Seguela rises 15% with the update, increasing our target price to $17.50," analyst Kevin O'Halloran wrote.

(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: 15.09, Change: +0.15, Percent Change: +1.00

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