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Ariana Resources PLC

Panmure Gordon ups target price for Ariana Resources, remains only small-cap miner with ‘buy’ rating

Panmure said the company’s shares were currently trading at an “excessive” discount given the low-cost and profitable nature of its operations at the Kiziltepe project in Turkey

Gold on money
Panmure lifted its target price for the gold miner to 3.18p from 2.82p

Ariana Resources PLC (LON:AAU) has had its target price increased to 3.18p from 2.82p by analysts at Panmure Gordon while also retaining its status as the only small-cap miner with a ‘buy’ rating from the broker.

In a note published on Wednesday, Panmure said they had increased their production forecasts for the gold miner following a first-quarter update and that the company’s shares were currently trading at an “excessive” discount given the low-cost and profitable nature of its operations at the Kiziltepe project in Turkey.

WATCH: Ariana Resources showing increasing confidence in its Kizilcukur deposit

For the quarter ended 31 March 2019, Ariana produced 7,296 ounces of gold from Kiziltepe, generating a gross income of US$10.86mln.

“Ariana offers investors something not often seen in the small-cap precious metals mining space: a profitable, cash generative precious metals production company with a realistic and achievable growth profile”, Panmure said.

The bullish assessment sent Ariana’s shares up 1.3% to 2p in mid-afternoon trading on Thursday.

Quick facts: Ariana Resources PLC

Price: £0.02

Market: AIM
Market Cap: £21.37 m
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