Midnight Sun Mining earns ‘Buy' rating in initial coverage from Haywood Securities

Haywood Securities has initiated coverage of Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) with a ‘Buy’ rating and a target price of C$3, pointing to the company’s exploration assets in Zambia and upcoming project milestones as the primary drivers of its valuation. The firm said its target price is based on a 0.97x multiple of its net asset value (NAV) estimate. While noting that Midnight Sun’s projects are at an early exploration stage and do not yet have defined resources or mine plans, Haywood outlin ...