Bottom Line:
We are initiating coverage of Cardinal Resources with an Outperform rating as the stock presents an opportunity to gain early exposure to the large-scale, low-cost, long-life Namdini project, in advance of imminent economic studies. As further drilling and assessment defines the potential of the asset, we expect the project to attract attention from larger producers and drive a rerating of multiples.
BMO- Behold the great Namdini
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