The Globe and Mail reports in its Thursday, Jan. 29, edition that BMO Nesbitt Burns analyst Raj Ray has reiterated his "outperform" recommendation for Montage Gold. The Globe's David Leeder writes in the Eye On Equities column that Mr. Ray gave his share target a $10 boost to a Street-high $20. Analysts on average target the shares at $12.69. Montage continues to progress on the development of its Kone mine in the Ivory Coast. Mr. Ray says in a note: "In our opinion, Montage is entering the phase where time itself becomes a catalyst -- every quarter closer to production compresses risk and expands valuation. Despite Montage's shares materially outperforming on a relative basis, cash flow valuations based on 2027 estimates are indicating a material discount and hence, subject to execution, the rerating potential remains meaningful. ... We believe Montage is well positioned to unlock incremental value through its strong exploration capability, which continues to identify and advance various opportunities across West Africa including the proposed acquisition of African Gold (A1G-ASX) with potential closing in Q2/26. ... The new target methodology is being driven by the visibility to near-term production."