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H.C. Wainwright analyst Heiko F. Ihle reiterates a Buy rating on Fury Gold Mines Limited (AMEX:FURY), reducing the price target to $1.40 from $1.50.
According to the analyst, Fury announced a temporary halt to exploration work at Eau Claire on June 5 under a provincial fire evacuation order.
Although the firm has not announced the remobilization of its exploration team at the site, Ihle expects a return to work in the short term, citing that Eau Claire offers a wealth of exploration opportunities.
This apart, Ihle remains particularly concerned about the lower market value for the firm's ownership in Dolly Varden amid an increase in fully diluted shares.
The company is also likely to face commodity price, operating, technical, and financial risks going ahead.
However, on the positive side, the analyst utilized an updated price deck of $1,900 per ounce (oz) of gold and $25/oz of silver, comparing favorably with earlier rates of $1,750/oz of gold and $19/oz of silver, respectively.
The new estimates represent price increases of 9% for gold and 32% for silver, considering the ongoing inflationary environment, continued investment in safe-haven assets, and recessionary concerns.
Price Action: FURY shares are trading higher by 2.42% to $0.41 on the last check Monday.
Posted In: FURY
