The Globe and Mail reports in its Friday edition that analysts at National Bank believe the expectations for the declining interest rates support a bullish outlook for precious metals, leading the firm to reaffirm its "constructive" stance on the sector. The Globe's David Leeder writes that analyst Don DeMarco raised his recommendation for Calibre Mining to "outperform" from "sector perform." Mr. DeMarco's share target soared $1.15 to $4. Analysts on average target the shares at $3.17. Mr. DeMarco says in a note: "We are upgrading to 'outperform' after revising our gold price deck with a materially higher long-term gold price in a catch-up to the constructive precious metals' environment. This adjustment lends favourably to our Valentine project NAV estimate (58 per cent of our NAV) given production of 195k oz/year over an extended 12-year mine life (FS 2022). Our upgrade also considers that Valentine mine development is in the homestretch, first pour approaching iNQ2/25 and derisking advanced, with capex normalized, a site visit showing well and led by a strong management team with a track record of success. We highlight visibility for a valuation rerate to reflect increased production in Tier 1 jurisdiction."