HB Markets has a ‘speculative buy’ tag out on Sula Iron & Gold (LON:SULA) following the company’s AGM.
The small cap broker has a target price of 15p for the shares. It is buoyed by the success of Sula’s neighbours, which include fellow AIM-listers African Minerals (LON:AMI) and Amara Mining (LON:AMA). The former, it notes, is valued at more than £700mln, suggesting the value on offer for investors in Sula, which currently has a market cap of just £5.25mln.
The broker said: “With its project mining licences in place, environmental permits issued and fiscal terms agreed with the Government of Sierra Leone, Sula is ideally positioned to emulate the success of its neighbours.”
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