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Fury Gold shares rise as H.C. Wainwright hikes price target

EditorAhmed Abdulazez Abdulkadir
Published 2024-05-23, 07:14 a/m
© Reuters.
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On Thursday, H.C. Wainwright adjusted its outlook on Fury Gold Mines Ltd. (NYSE: FURY), increasing the price target to $1.80 from $1.50 while maintaining a Buy rating on the stock. The revision follows Fury Gold Mines' announcement on May 14 regarding an updated Mineral Resource Estimate (MRE) for its Eau Claire deposit, as well as the unveiling of a Maiden MRE for the Percival deposit in Quebec.

The Eau Claire deposit now boasts combined Measured and Indicated (M&I) Mineral Resources of 1.16 million ounces of gold at 5.64 grams per tonne. Additionally, the Inferred Mineral Resources at Eau Claire have reached 723,000 ounces of gold at 4.13 grams per tonne. This update reflects the use of new structural data to remodel vein geometries, particularly in the East Extension area, which has led to an average steepening of veins by 35 degrees.

H.C. Wainwright's optimism is also based on the expansion potential of the Eau Claire deposit, citing the area's openness westward, up-dip at the Hinge Target (NYSE:TGT), to the east, and downdip throughout. The firm believes that the 36% increase in the M&I category and 45% growth in the Inferred category have not yet been fully recognized by the market but will eventually enhance confidence in the site and create value for the company.

Looking ahead, Fury Gold Mines expects to file its NI 43-101 technical report, which will support the updated MRE, by June 28, 2024. This documentation is anticipated to further substantiate the company's resource estimates and growth prospects. H.C. Wainwright's raised price target reflects a positive outlook on Fury Gold Mines' recent developments and future potential.

InvestingPro Insights

Following the positive outlook from H.C. Wainwright, InvestingPro data and tips offer additional insights into Fury Gold Mines Ltd. (NYSE: FURY). The company's market capitalization currently stands at $68.33 million, reflecting its position in the market. Despite a challenging financial performance with a negative P/E ratio of -5.86 for the last twelve months as of Q1 2024, Fury Gold Mines holds more cash than debt, suggesting a stable financial footing (InvestingPro Tip). Moreover, the company's assets seem well-positioned to cover short-term obligations, with liquid assets exceeding these liabilities (InvestingPro Tip).

The stock has experienced significant price movements, with a strong return of 45.52% over the last three months and a notable uptick of 40.34% over the past six months. However, it's important to note that analysts do not anticipate the company will be profitable this year, which could influence future stock performance. The company does not pay dividends, which may affect investor decisions depending on their investment strategies.

Investors interested in a deeper analysis can find additional InvestingPro Tips on Fury Gold Mines by visiting https://www.investing.com/pro/FURY. For those seeking to enhance their investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of financial data and expert insights. With 9 additional InvestingPro Tips available, investors can gain a comprehensive understanding of Fury Gold Mines' financial health and market potential.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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