Growth Equities & Company Research issued a note on focused Metals Exploration PLC (AIM: MTL), reiterating its ‘buy’ recommendation and 42 pence target price.
The note follows the group’s results for the three months to end-December 2009.
While the change of reporting date – the group is aligning its reporting period to that of its subsidiaries - is immaterial to the company’s operations, the progress made in these three months is certainly material and demonstrates that Metals Exploration is making strong and clear progress, GE& CR said.
Operationally, the company made two significant announcements during the period regarding its Runruno project - with the first being a resource upgrade, and the second the completion of a scoping study which confirmed the viability of the project, it added.