In a report released yesterday, Brian Quast from BMO Capital maintained a Buy rating on Rupert Resources (RUP – Research Report), with a price target of C$8.00.
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Brian Quast has given his Buy rating due to a combination of factors that highlight the potential of Rupert Resources’ Ikkari project. Despite having a shorter mine life and higher costs than initially estimated, the project is set to produce significant gold volumes with a twenty-year lifespan and favorable cash costs and all-in sustaining costs. The early production returns are promising, with a substantial portion of the gold output expected within the first half of the mine’s operational timeline.
Additionally, the declaration of a Maiden Mineral Reserve with a high conversion rate from resource to reserve underscores the project’s robustness. The management’s approach to reducing permitting risk, alongside future development plans such as the Environmental Impact Assessment and Definitive Feasibility Study, further secures the project’s outlook. These factors, combined with the strategic position of Rupert Resources in a top mining jurisdiction, support the optimistic Buy rating.
Quast covers the Basic Materials sector, focusing on stocks such as Eldorado Gold, B2Gold, and Lundin Gold. According to TipRanks, Quast has an average return of 11.2% and a 53.70% success rate on recommended stocks.