09:17 AM EDT, 10/02/2024 (MT Newswires) -- Equinox Gold ( EQX ) has kept an Outperform rating and target of C$10 at National Bank, which says an updated Greenstone technical report filed by the company yesterday "proves mixed".

The bank said the overall impact was "modestly negative".

National Bank said its Outperform rating on Equinox is based on the company's reduced geopolitical risk and improved consolidated cost structure with the recent deal to own 100% of the Greenstone mine. By its estimates, Greenstone, once ramped up, should be a significant generator of free cash flow in subsequent years and is located in one of the top 15 jurisdictions for mining in the world, according to the annual Fraser Institute mining survey. National derives its C$10.00 target price for Equinox from a 100% weighted 4.50 times NTM EV/EBITDA target multiple, which implies a 1.05x P/NAV multiple. As of Tuesday's close, Equinox was trading at 7.1x and 3.8x its 2024 and 2025 estimates on an EV/EBITDA basis and 0.94x NAV on a cash-adjusted basis.

EQX rose $0.12 or 1.45% to $8.37 yesterday.