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2019-10-16 08:50 ET - In the News

The Globe and Mail reports in its Wednesday edition that Laurentian Bank Securities analyst Barry Allan began coverage on Probe Metals ($1.16) with a "buy" rating and $2.40 share target. The Globe's David Leeder writes that analysts on average target the shares at $2.25. Mr. Allan says in a note: "Compared to a peer group of non-producing gold companies, the valuation of PRB based on either the market capitalization per ounce of resource or as a share price multiple of indicated underlying value (NAV), trades below the industry averages and belies the fundamentals of successful exploration on a large property that is located in the prolific Val-d'Or mining camp. While we do recognize that non-producing gold companies continue to suffer in the market place from a lack of investor appetite for higher-risk, earlier stage exploration companies, in our opinion the quality of PRB's land holdings and the track record of successfully finding additional gold mineralization should attract a better valuation level compared to the peer group. We believe PRB represents a good investment opportunity for investors who can accept the additional risk of an earlier stage development company that is not yet cash flow positive."

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