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

Citi rates 29M as Sell

Citi notes 29Metals has announced annualised June quarter results which are sitting at the lower end of guidance, with production expected to be weighted into 2H2025.

Golden Grove experienced another seismic event after quarter end but managed to breakeven over the period. Water at Capricorn Copper has subsided, but a restart at this stage appears unlikely, according to the analyst.

Net debt stood at $19m, with a decline in group cash of -$33m over the previous quarter, excluding final insurance funds, which are expected to bring total cash to $187m from $166m in the March quarter.

Citi continues to view further liquidity raising events as likely, given the miner's high exposure to base metals. A Sell rating is retained based on the broker's negative view on copper, which is forecast to fall below US$9k/t. The target lifts to 16c from 15c.

Shaw and Partners rates BML as Buy, High Risk

Shaw and Partners provides a positive outlook on Boab Metals, highlighting the quality and advancement of its Sorby Hills project in Western Australia.

The broker notes the project offers one of the largest silver resources on the ASX and views the updated FEED study as confirming robust financial metrics, including strong project returns and low operating costs.

The analysts describe favourable thematic tailwinds for silver, citing both the gold correlation and rising solar-related demand, which has driven the metal into supply deficit.

The broker also suggests lead is underappreciated and expects demand growth to persist through 2030, countering common misconceptions about declining industrial use.

Shaw and Partners retains a Buy, High Risk rating and 40c target.

Morgans rates CYL as Upgrade to Buy from Accumulate

Morgans updated its model for Catalyst Metals ahead of the June quarterly, with the biggest change being unit cost estimates for both FY25 and FY26, and capex for FY25.

Revenue forecast for FY25 declined by -1% while FY26 was left unchanged. The broker is forecasting FY25 production of 105koz, at the low end of guidance and vs consensus of 106koz.

Cost forecast for FY25 lifted to $2,433/oz from $2,390/oz and compares with the consensus of $2,449/oz.

Target cut to $6.93 from $7.15. Rating upgraded to Buy from Accumulate.