Greatland Resources Ltd (GGP.AU) saw its shares surge 12.17% during intraday trading on Wednesday, driven by positive analyst commentary highlighting a significant growth opportunity at its West Dome Underground project.

Broker Canaccord Genuity expressed excitement about the West Dome Underground (WDU) project, noting it offers a potentially quick and low-cost way to establish a second high-grade underground mine at the company's Telfer operation. The broker highlighted that Greatland can leverage existing infrastructure from the Main Dome Underground, which has historically supported mining rates above 5 metric tons per annum.

Canaccord Genuity, which maintains a buy rating on Greatland, raised its price target to A$15.45 from A$14.60, citing WDU as "an exciting growth opportunity" that could bolster the production profile at Telfer in the medium term. The broker's optimistic assessment appears to have fueled investor confidence, contributing to the stock's significant intraday gain.