A new target for the share price reflects the
potential of new targets for the firm, a ROTH Capital Partners note explains.
In a Feb. 20 research note, analyst Joe Reagor reported ROTH Capital
Partners increased its target price on Auryn
Resources Inc. (AUG:TSX; AUG:NYSE) to US$3.25 per share from $3 because
"2019 could be a significant year for the company as it examines new
targets at Committee Bay and Sombrero." Auryn's current share price is
US$1.11.
Helping determine plans for 2019, Reagor highlighted, Auryn recently
identified, through machine learning, 12 new targets at Committee Bay in
Nunavut. The company will need to test these targets for their potential but
given there are so many, "it is likely one or more could produce
positive results in 2019 and beyond," he wrote.
In other news, Auryn began trenching at Sombrero in Peru earlier this
month to define the surface expression of deposits there. Reagor commented,
"Ultimately, we believe Sombrero could quickly become the flagship asset
of Auryn, and we have revised our valuation of the company to reflect this
potential."
To fund future exploration, at Committee Bay and/or Sombrero, Auryn likely
will divest of one or more noncore assets, Reagor reported.
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Disclosures from ROTH Capital Partners, Auryn Resources Inc.,
Company Note, February 20, 2019
Regulation Analyst Certification ("Reg AC"): The research
analyst primarily responsible for the content of this report certifies the
following under Reg AC: I hereby certify that all views expressed in this
report accurately reflect my personal views about the subject company or
companies and its or their securities. I also certify that no part of my
compensation was, is or will be, directly or indirectly, related to the
specific recommendations or views expressed in this report.
Within the last twelve months, ROTH has received compensation for
investment banking services from Auryn Resources Inc...
ROTH makes a market in shares of Auryn Resources Inc. and as such, buys
and sells from customers on a principal basis.
Shares of Auryn Resources Inc. may be subject to the Securities and
Exchange Commission's Penny Stock Rules, which may set forth sales practice
requirements for certain low-priced securities.
Within the last twelve months, ROTH has managed or co-managed a public
offering for Auryn Resources Inc.
ROTH Capital Partners, LLC expects to receive or intends to seek
compensation for investment banking or other business relationships with the
covered companies mentioned in this report in the next three months.