Red Cloud Securities initiated coverage of Altaley Mining Corp with a ‘Buy’ recommendation.
“Over the past two years, Altaley has steadily increased production and earnings before interest, taxes, depreciation, and amortization (EBITDA) quarter-on-quarter while undergoing a transformation that included a revamped board and management team, financial restructuring, project optimizations, and corporate rebranding – in addition to building Tahuehueto,” the analysts said.
They further noted: “Given that Altaley is poised to derive approx 53% of its revenues from gold and silver by 2023E, we believe its transition to being a primary precious metals producer could potentially drive a re-rating.”
READ: Altaley Mining posts preliminary 4Q revenue of C$19.9M from Campo Morado in Mexico
Altaley Mining is a Canada-based resource company with a focus on two Mexico-based mining projects as producer and developer.
The company is currently producing zinc and lead concentrates with gold, silver, and copper as by-products at its Campo Morado mine in Guerrero, Mexico, and is set to commence initial production at its Tahuehueto Au-polymetallic project in Durango, Mexico this quarter.
Altaley recently posted preliminary fourth-quarter production results for the period ending December 31, 2021, which pegged estimated net revenue at C$19.9 million, compared to C$8,871 in the fourth quarter of 2020.
Contact Ritika at ritika@proactiveinvestors.com