BMO Capital Markets on Thursday maintained its outperform rating on the shares of Aris Mining (ARIS.TO) while raising its price target to C$19.00 from an undisclosed prior target after the company released a preliminary economic analysis (PEA) for its Toroparu project.

"ARIS released a PEA summary for the Toroparu Project, which has a positive impact on our estimates, as we now model the mine per this release. The PEA suggests that Toroparu will have a ~21-year LOM and total production of 5.0Moz Au, 4.9Moz Ag, and 260Mlbs Cu at cash costs and AISC of US$826/oz and US$1,289/oz, respectively. We estimate the Toroparu Project to have an NPV of US$1.1Bn. We maintain our Outperform rating and raise our target price to C$19.00," analyst Brian Quast 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: 14.34, Change: +1.32, Percent Change: +10.14