The broker and research outfit released an updated valuation of the Australian exploration company yesterday, based on updated gold price assumptions.
The gold price was at US$1,532.45 ($2,253.93) an ounce on Tuesday before the broker’s update.
Hartleys valued shares at 36.8 cents each after they closed Monday at 21.5 cents.
The broker updated its valuations for 22 Australian-listed gold companies yesterday, also releasing 12-month price targets for its selection.
In its analysis, Hartleys named a 12-month target of 48.1 cents a share for Tietto securities.
Hartleys analyst Paul Howard judged Tietto a speculative buy.
Enterprise value of $90 million
Tietto’s cash holdings of $8.8 million were highlighted in the Hartleys analysis which gave the explorer a fully diluted capitalisation of $81 million, compared to a $60 million ordinary valuation.
The enterprise value was put at $90 million, with 272.4 million of issued capital and 98 million options in circulation.
Issued capital was $370 million, fully diluted, a figure that came in at $726.5 million once options and new capital were added.
Hartleys is a corporate advisor to Tietto and completed a capital raising for Tietto in the past 12 months.
Tietto raised up to $7 million with its capital raising drive to focus on its flagship Abujar Gold Project in Côte d’Ivoire, West Africa.
A drilling program has been underway at the project, which has a current estimate of 15.7 million tonnes at 2.1 g/t gold for 1.06 million ounces.
The company was to host analysts at the site last month.
Tietto securities were at 22 cents this morning.