11:39 AM EDT, 04/05/2024 (MT Newswires) -- National Bank of Canada said Thursday Headwater Exploration's (HWX.TO) latest operational update highlighted the company's momentum and resonance of its exploration program.

The company provided an update of recent activity, rounding out its exploration activities, with positive advancement of all opportunities.

Headwater's portfolio comprises the Marten Hills West, Heart River, Seal, Handel and West Nipisi assets.

The bank said the results showed support for expansion and diversification of the resource, which should continue to augment the duration and value embedded within.

National Bank gave Headwater an outperform rating with a $9.50 price target.

Price: 8.43, Change: +0.08, Percent Change: +0.96