10:55 AM EDT, 09/12/2024 (MT Newswires) -- Equinox Gold ( EQX ) kept its Outperform rating and $10 price target at National Bank of Canada following the miner's release of its updated resource estimate and technical report for the Hasaga property in Ontario, according to a Thursday note.

The updated resource outlined indicated resources of 1.47 million tonnes grading 8.64 grams per tonne (g/t) for 408,000 ounces of gold. Inferred resources stood at 2.06 million tonnes grading 7.31 g/t for 484,000 ounces of gold.

The bank does not expect Equinox shares to react on the news as the company is focused on advancing other projects and deleveraging its balance sheet.

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 National's estimates, Greenstone, once ramped up, should be a "significant generator" of FCF 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 1.05 times P/NAV multiple.

The company's share price was up more than 8% at last look to $8.32 on the TSX.

Price: 8.33, Change: +0.65, Percent Change: +8.46