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Scotiabank upgraded Altius Minerals (ATUSF) to Outperform from Sector Perform with a price target of C$33, up from C$27. The firm has updated estimates for the company’s 3.0% gross revenue royalty on Champion Iron’s (CIAFF) proposed Kami Fe project in the Labrador Trough, which took “a significant step forward this week” following Champion’s announced project partnership with two major steel producers. The firm views this development as “very positive” for Altius shares, the analyst tells investors.

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Read More on ATUSF:

• Altius Minerals Applauds Strategic Kami Partnership

• Altius Minerals price target raised to C$28 from C$27.50 at Raymond James

• Altius Minerals price target raised to C$27 from C$26 at Scotiabank

• Altius Minerals Reports Q3 Revenue and Strategic Moves