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City broker reckons Asiamet share price can follow same path as SolGold

SolGold’s share price has jumped more than 2,000% over the past three years, and Arden Partners reckons Asiamet has the potential to follow suit

Beutong is Asiamet’s star asset

City broker Arden Partners reckons the Asiamet Resources PLC (LON:ARS) share price can follow the same trajectory as fellow copper explorer SolGold over the coming months and years.

SolGold, which is developing the much-hyped Cascabel copper-gold project in Ecuador, has seen its share price rise more than 2,000% over the past three years.

“Asiamet is a relatively unknown gem with the potential for similar gains in its share price as it nears closer to the release of a bankable feasibility study at BKM and further drilling at Beutong,” said Charles Fitzroy, Arden Partners analyst in a note to clients.

READ: Asiamet reasserts validity of Beutong permit

Asiamet had hoped to have released the BFS earlier this month, but it is carrying out more drilling at BKM in order to beef up the study.

Fitzroy agreed that the additional drilling will “refine the project economics”, although he was more interested in the latest drill results from the earlier stage but “potentially world class” Beutong project.

“These recent drill results [released on Thursday] show significant mineralisation outside of the resource at Beutong and the deposit importantly crops out at the surface.”

The Arden analyst has a target price of 24p on the stock, almost four times the current 6.8p share price.

Still, he sees the potential for this figure to soar in the future as Beutong is further developed and, as such, has Asiamet as a ‘strong buy’.

Quick facts: Asiamet Resources

Price: 2.125 GBX

Market: AIM
Market Cap: £19.71 m

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