Aapeli has published a new company report following the latest gold news. 
Endomines reported the first drilling results from its new exploration area in Ukkolanvaara. In our view, the result is among the best, if not the best, from the entire Karelian Gold Line to date, and we see it as having significantly increased the potential of the entire Southern Gold Line. At the same time, it is important to note that the studies in the area are at a very early stage, and mapping the potential will require significantly more research and time. However, with this result, we significantly increased the value of the exploration potential in our sum-of-the-parts model. Due to the increased potential and the company’s continued strong performance, we raise our recommendation to ‘add’ (previously ‘reduce’) and our target price to 19.5 euros (previously 16.2 euros).