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

Morgans rates 29M as Hold

Copper production from 29Metals missed forecasts in the June quarter yet Morgans asserts sales of copper along with zinc, gold and silver production made up for this, which meant revenue was 30% ahead of forecasts.

Copper production of 4800t was affected by lower grades and recoveries. The broker asserts the Golden Grove by-product base has proven to offset near-term copper volatility with the resulting cash and liquidity a "welcome buffer".

Morgans continues to look for progress on non-dilutive funding options at Capricorn Copper over coming quarters. Hold rating. Target edges down to $0.26 from $0.27.

Citi rates EVN as Neutral

Evolution Mining's June quarter result was softer than expected by Citi, with gold production of 180koz missing the consensus estimate by -4% and costs (AISC) of -$1,706/oz worse by -7%.

Record realised copper prices of $19,314/t and stronger-than-expected copper production partly offset weaker gold output, the analyst explains.

June quarter capital expenditure of -$345m exceeded both Citi and consensus forecasts, although closing cash of $1.35bn met expectations despite a $406m dividend.

Commentary notes Ernest Henry recovered strongly from weather disruptions, helping Evolution meet FY26 production, cost and capital expenditure guidance.

Target $15. Neutral.

UBS rates L1G as Neutral

June quarter FUM for L1 Group came in 2% above consensus but below UBS' forecast by -4.7% at $19.1bn.

Quarter-on-quarter growth lifted by 12.4% due to markets improving. The miss on the analysts' forecasts was attributed to weaker than expected performance from the Gold fund and weaker flows for the Long/Short Fund and the Capital Global Long Short Strategy/Fund.

Outflows from Platinum remained high at -$308m, similar to the prior quarter.

Management guidance for 2H26 realised performance fees are highlighted as 7% above the UBS forecast due to the Catalyst Fund.

EPS forecasts are trimmed by -2.6% in FY26 and -5% for FY27. Neutral rating retained with an unchanged $1.25 target price.