Resources

We have initiated coverage on Macmahon Holdings (MAH) with a price target of $0.40 and Buy recommendation.

Genesis Minerals (GMD) posted record 3Q gold output, added $91m to cash, and lifted its long-term outlook with a new 4.5Moz production target.

We have initiated coverage on Austin Engineering (ANG) with a price target of $0.86 and a Buy recommendation.

Northern Star Resources has agreed to acquire DeGrey Mining, with Gold Road Resources holding a substantial stake and maintaining a Buy recommendation.

We have initiated coverage on Catalyst Metals Ltd (CYL) with a price target of $3.90 and a Buy recommendation.

We have initiated coverage on Champion Iron (CIA) with a Buy rating and a Price Target of $7.15/sh.