10:53 AM EDT, 04/02/2024 (MT Newswires) -- National Bank of Canada said Tuesday that K92 Mining Inc.'s ( KNTNF ) adjusted EPS of US$0.09 in the fourth quarter of 2023 beat the bank's forecast and the consensus estimate of US$0.07.

Cash flow per share of US$0.16 exceeded the bank's estimate of US$0.12 and the consensus forecast of US$0.14.

The bank ascribed a positive bias to the results although it expects sentiment on the stock to be driven by updates on the company's suspended mine in Papua New Guinea.

National Bank gave K92 an outperform rating and a $8.50 price target while citing the company's exploration upside and production growth.

The bank also noted that K92 is one of the few remaining single-asset companies and with visibility for production of over 400,000 ounces, which is "a wheelhouse of interest to seniors, tempered by jurisdiction, mine development tracking behind tech reports and expansion financing."

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