SSL, OGC, EDV, RRI
In the wake of yesterday's PR showcasing good Q1 preliminary results, Sandstorm Gold Royalties aka SSL announced that they are renewing their normal course issuer bid, allowing the buyback of almost 20M shares. Last year's buyback was quite active -- 'In the last twelve months, the Company has purchased 4,651,049 Common Shares pursuant to its NCIB at a weighted average price of approximately C$7.95 per common share on the TSX and alternates and approximately US$6.19 per common share on the NYSE and alternates' -- but I don't expect them to buy back as many this year due to the higher share price.
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FWIW, BMO put out a new analyst report on SSL. Citing indications that AuEq oz are trending above guidance, they kept SSL at Market Perform but increased their target to $9.50.
BMO also put out a new analyst report on Oceanagold aka OGC in the wake of their recently released Reserve Report. It is ominously titled "2021 Drilling Fails to Replace Depletion, but Only Just', and characterize the report as 'slightly negative'. They are keeping OGC at Outperform but dropping their target 25 cents to $3,25.
And BMO also put out a new report on Endeavour Mining aka EDV in the wake of a PR announcing they are going to add a circuit to process the sulphide ore at the Sabodala-Massawa gold mine in Senegal. They agree with the company that this turns the mine into a top-tier asset (whatever that means), keeping EDV at Outperform with a target of $42. They emphasize that EDV remains their Top Pick.
Riverside Resources aka RRI announced that they have completed an expanded drill programme on the Oakes gold prospect in Oantario. No assays are available yet, but their geologists continue to see analogues with other deposit in the Geraldton Greenstone Belt, including the nearby Greenstone Mine.
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