FINWIRES · TerminalLIVE
FINWIRES

National Bank of Canada Raises Tamarack Valley Energy's Price Target to C$16.50 from C$15

By

National Bank of Canada on Friday removed Tamarack Valley Energy (TVE.TO) from restriction, raising its price target to C$16.50 from $15 with an outperform rating.

The target price increase reflects the high-graded fundamentals of the business, specifically lower sustaining capital and higher associated free cash flow, the bank said.

Tamarack recently announced the disposition of its Charlie Lake assets for $804 million, representing the sale of one-fourth of its corporate production.

The transaction cements the company as a pure-play Clearwater producer holding a cash balance of $125 million, National Bank said.

Tamarack traded at $12.73 per share at last look on the Toronto Stock Exchange.

Price: $12.73, Change: $-0.17, Percent Change: -1.32%

Related Articles

Mining & Metals

RESAAS Services Swings to First-quarter Profit, Higher Revenue

RESAAS Services (RSS.V) after trade Thursday swung to a first-quarter profit on higher revenue.The company earned $8,627 in the quarter ended March 31, compared with a loss of $69,045 a year ago. RESAAS said that this is the second straight profitable quarter, and the gain was mainly driven by higher revenue and lower stock-based compensation, partly offset by increased research and development spending.Revenue rose 98% year-over-year to $302,470 from $152,681 in the year-ago quarter. "This growth was driven by an increase in recurring SaaS subscription revenue, promotional subscription revenue, CODE revenue, and enterprise referral platform revenue, including non-cash consideration measured at fair value in accordance with IFRS 15," the company said.Looking ahead, the company said key growth drivers for 2026 and beyond include continued onboarding of new enterprise customers and increased use of existing referral networks through partners such as Savills and Chestertons, along with other global clients.

$RSS.V
Mining & Metals

Elcora Advanced Materials Agrees to Buy South Africa Gold Property for US$2 Million, Shares

Elcora Advanced Materials (ERA.V) said Thursday reached a binding range of terms (BROT) agreement with Elmaic Trading CC for the proposed acquisition of the Eldorado gold property and associated surface tailings stockpile in South Africa.The company said the proposed transaction contemplates the acquisition of 100% of the issued and outstanding shares of the vendor following its conversion to a private company, together with all assets, rights and interests related to the project.Elcora said completing of the transaction would mark its direct entry into gold asset ownership in South Africa.Under the terms of the BROT, the consideration for the proposed acquisition is US$2 million in cash and 20-million Elcora shares, subject to TSX Venture Exchange approval and the satisfaction of applicable closing conditions."The signing of this binding agreement to acquire the Eldorado mine marks a transformational moment for Elcora. We are entering a world-class gold district - the Barberton Greenstone Belt, home to operations like Fairview and Lily - through a disciplined, self-funding transaction structure that we believe is highly aligned with shareholder value creation," chief executive Troy Grant said.The transfer of ownership interests in the vendor to Elcora is expected to occur in two tranches, with 50% of the vendor's membership interests or shares to be transferred upon satisfaction of the applicable initial purchase price conditions, and the remaining 50% to be transferred upon satisfaction of the remaining purchase price obligations..According to the statement, in addition to the purchase consideration, and subject to the financing condition, Elcora is to make available a minimum of US$1.3 million, separate from the purchase price and any initial shareholder payments, for capital and operating expenditures required to advance the project.The parties expect to close the transaction by July 15.Elcora shares closed unchanged at $0.25 on Wednesday.

Mining & Metals

National Bank of Canada Initiates Coverage on Rio2 With a Focus on Fenix, Condestable Mines

National Bank of Canada initiated coverage on the shares of Rio2 (RIO.TO) with an outperform rating and a C$5.50 target price, with a focus on the company's Fenix and Condestable mines.The company's flagship asset is the Fenix Gold mine in Chile's Atacama Region, which achieved first gold pour on Jan. 23. Rio2 also acquired a 99.1% interest in the producing Condestable underground copper mine in Peru on Jan. 30, the bank said.The analysts said Fenix is the company's "principal driver for production upside from a proposed expansion prefeasibility study targeted for Q3, while Condestable provides immediate operating cash flow from stabilized operations, copper diversification and additional growth from throughput expansion and reserve conversion."The analysts said they see consolidated production growing to about 350,000 to 400,000 gold-equivalent ounces annually by 2031, compared with about 113,000 ounces expected in 2026. Production at the Fenix Gold Mine is expected to increase as the mine reaches steady-state operations and later expands capacity following improvements to water access. At the Condestable Mine, there is also potential to increase output through higher underground mining rates and possible future open pit development.The analysts said they expect free cash flow inflection on deck in Q2 after a transition quarter in Q1. For 2026, FCF is estimated at about $45 million, rising to around $463 million in 2027, with further upside potential by 2031 if the expansion plan proceeds."In our view, RIO is positioned to re-rate to a junior producer multiple as it completes transition to diversified Latin American producer with a newly commissioned gold mine, a producing copper-gold-silver operation, and transformational internal growth," they added.

$RIO.TO