OUR QUEST IS NOT TO BE BULLISH OR BEARISH, BUT TO CORRECTLY ASSESS FUTURE TRENDS

Shaw and Partners rates AMI as Buy

Shaw and Partners notes Aurelia Metals met FY25 production guidance across all commodities, with June quarter output including 7.3koz gold, 0.3kt copper, 7.5kt zinc and 4.9kt lead.

Cash at June-end increased to $110m, ahead of the broker’s $104m forecast, while the undrawn US$23.6m Trafigura facility brings total available liquidity to $145m.

Shaw sees the current share price as attractive given strong growth catalysts and a clear strategy to transition to a copper-dominant portfolio, with copper-gold expected to contribute 50% of revenue by FY28.

The transition is underpinned by the Federation ramp-up and Great Cobar development, targeting a combined throughput of 1.1-1.2mtpa, explain the analysts.

The broker identifies multiple catalysts including high-grade ore access at Great Cobar, operational delivery at Federation, and Peak plant optimisation.

Shaw makes no forecast changes pending cost disclosures in the June quarter report due July 21. The broker retains a Buy rating and a 50c target price.

Bell Potter rates CRN as Speculative Hold

Bell Potter has marked-to-market the June quarter coal prices for Coronado Global Resources, with hard coking coal 4% higher than expected at US$187/t and thermal coal 1% above expectations at US$110/t, alongside a higher AUD:USD.

The broker lifts 2027 coal price forecasts only, with the long-term forecast unchanged for HCC at US$180/t, thermal at US$90/t, and an AUD:USD rate at 70c.

Bell Potter will continue to look for evidence of cost-outs to reach the target of US$100m and flags the need for further liquidity if there is no improvement in met coal prices or if they decline further.

No change to Speculative Hold, with the target lowered to 17c from 19c.

Morgans rates IMR as Speculative Buy

Morgans notes the decline in Imricor Medical Systems' share price of -20% on the back of news that the US regulatory approval process has been delayed, despite a positive update from Europe.

The analyst views the sell-off as overdone and believes the decline offers a "great" buying opportunity, with the upcoming expected approval of the NorthStar mapping system in 2H25 as a potentially positive news event.

The number of active European hospitals has risen to 26 from seven over the past six months.

Speculative Buy. Target unchanged at $2.28.