The Globe and Mail reports in its Tuesday, Sept. 29, edition that TD Cowen analyst Wayne Lam has reaffirmed his "hold" recommendation for Artemis Gold. The Globe's David Leeder writes in the Eye On Equities column that Mr. Lam's share target advanced $5 to $44. Analysts on average target the shares at $53.75. Mr. Lam says in a note: "On a pro-forma basis, we estimate Artemis Gold trading at 0.7 times spot NAV, representing a 30-per-cent discount vs intermediate peers reflecting construction risk ahead with potential for gradual rerating as growth objectives are achieved. While we estimate the acquisition being significantly accretive on a NAV basis, we remain on the sidelines given limited near-term FCF amidst construction of EP2 and Mt Todd. Our rating is based on a more tempered FCF outlook as Artemis Gold moves through an investment cycle with build out of the Phase 1A and EP2 expansion projects, followed by anticipated construction of Mt Todd. We continue to view the company constructively on a longer term basis given large-scale, low cost output in Tier I jurisdictions with Blackwater in Canada complemented by Mt Todd in Australia."