The broker has tweaked its price target to 103.7p following the recent US$15 mln fund raising, which compares to a current market price of 40p.
FinnCap expects construction of the Don Nicolas mine in Argentina to start in the second half of 2013.
The mine will only start to generate revenue in mid-2014 and will make no contribution to 2013 earnings.
At Ollachea in Peru, start-up is on track for mid-2015, which assumes construction starts in late 2013 or early 2014.
Recent drilling results from the Ollachea tunnel suggest that there is considerable upside to this project, though finnCap said this will only become fully apparent with more work, which the broker understands will only be done after the current permitting process is concluded.
The current cash balance is around US$7mln, with a burn rate of between US$1.0mln and US$1.5mln per month.
"In our view, the proven track record of the company and its senior management in identifying high quality projects lifts it above many of its peers," added finnCap.
"We see little technical downside, given that gold prices are still strong, the mine and the development projects all have robust economics and the host countries are politically stable.
"However, weakness within the sector as a whole continues to negatively impact the stock."
Finncap's price target attributes values of 78.1p for Ollachea, 17.8p for Don Nicolas, 5.1p for Corihuarmi and 2.7p for the balance sheet cash.
The broker also expects production to settle at a steady 120,000 ounces per year once Ollachea and Don Nicolas come on stream.
Shares rose 0.5p to 40p.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.