The Globe and Mail reports in its Wednesday, June 18, edition that TD Cowen analyst Wayne Lam has reaffirmed his "buy" recommendation for Dundee Precious Metals. The Globe's David Leeder writes in the Eye On Equities column that Mr. Lam gave his share target a $4 boost to $25. Analysts on average target the shares at $24.07. Mr. Lam views Dundee Precious's proposed $1.3-billion acquisition of Adriatic Metals "constructively" as it addresses the "long standing" production gap stemming from the depletion of Ada Tepe in southern Bulgaria by the middle of 2026. Under the deal announced on June 13, Dundee Precious will acquire 100 per cent of the Vares operation in Bosnia and Herzegovina, a producing silver-lead-zinc-gold underground mine. Mr. Lam says in a note: "We see the asset as a solid strategic fit within the portfolio, given the company's established history in Eastern Europe and operational expertise underground. With the addition, we view production of 300 thousand ounces plus of gold equivalent being sustained through 2027, offsetting depletion of Ada Tepe, with further step change to 500 Koz AuEq via the next leg of growth with Coka Rakita." Mr. Lam notes that "Vares is not a risk-free venture."