In Brief: Maritana, Tasmea & SRG Global

This week’s quote comes from ANZ Bank:

“Structural tightness in the copper market is being obscured by policy distortions. The market appears well supplied on paper, but US stockpiling and trade interventions are masking a materially tighter physical balance outside the US.

A new supply constraint is emerging via sulphuric acid shortages. Disruptions of exports through the Middle East and China’s export curbs are constraining ‘solvent extraction and electrowinning’ (SE-EW) output, raising costs and directly limiting near-term supply growth.

Demand resilience is shifting the market balance further into deficit. Manufacturing stabilisation, electrification and accelerating AI-driven power and data centre investment are reinforcing a tighter medium-term market despite macro headwinds.”

Undervalued Maritana funded for growth

Maritana Minerals ((MRT)), previously known as Horizon Minerals, is an emerging gold producer that has historically explored, acquired, divested and produced gold under toll agreements, which have been the earnings driver for the company.

More recently, and as detailed in the previous initiation of stock coverage from Research as a Service (RaaS) (https://fnarena.com/index.php/2026/02/06/in-brief-credit-corp-horizon-minerals-artrya/), management has shifted towards becoming a “standalone” producer.

Under the Black Swan study in February, an in-depth development plan for production of around 102koz per annum for five years was detailed, with first production and cash flows expected to start in 2027. At the same time, around $180m in equity was raised to fund the development.

Research as a Service views Maritana’s results from its phase-one drilling programme at the Burbanks gold project, comprising around 15.8km of drilling focused primarily on the northern portion of the resource, as positive.

Assays continue to support the existing resource estimate while indicating potential for resource growth at depth, additional tonnage and higher-grade mineralisation outside current resource boundaries.

The company highlighted multiple gold intersections in previously under-drilled areas and evidence of stacked mineralised veins, which could expand the resource base.

Management expects to release an updated resource estimate by mid-2026, followed by an ore reserve update, supporting Burbanks’ planned contribution to the Black Swan Processing Hub.

Despite recent exploration success and strategic acquisitions supporting the Black Swan Processing Hub development plan, RaaS has maintained its valuation of Maritana Minerals at $3.003 per share.

The analyst argues the market continues to place little value on the company’s funded development strategy, with the current enterprise value implying limited confidence in the success of the Black Swan project.

Even after accounting for planned development expenditure, Maritana’s valuation remains well below RaaS’s assessment of the underlying asset base.

While acknowledging risks including permitting, inflation, staffing and gold price volatility, the analyst believes the company remains attractively valued among emerging gold producers given its strong cash position, funding certainty and planned transition to production.

Tapping into CDC’s strong demand pipeline

Capital services provider Tasmea ((TEA)) announced the acquisition of Maxim.

As noted by Canaccord Genuity, Maxim Electrical is being purchased for an enterprise value of $254m, with $184m payable upfront, comprising $112m in cash and $72m in scrip.

The broker points to an equivalent 12m new shares being issued at $6 per share. The remaining $70m is payable through earn-out payments, which are reliant on Maxim retaining around $50m of earnings (EBIT) over the next three years.

Using estimated FY26 earnings, the acquisition implies an EV/EBIT multiple of 5.4x, which sits well below listed peers, SKS Technologies ((SKS)) at around 30x and Southern Cross Electrical Engineering ((SXE)) at around 16x, the broker highlights.

In the data centre segment, Maxim’s main customer is Canberra Data Centres (CDC), 49.75% owned by Infratil ((IFT)). Maxim is one of two electrical contractors working on CDC’s Laverton and Brooklyn campuses.

CDC was recently awarded a 555MW contract. Canaccord believes CDC will need to accelerate development to ensure sufficient capacity is available, with most of its existing operational and under-construction capacity already committed.

Against this backdrop, the potential demand outlook can only be described as positive for Maxim.

The acquisition is due for completion on 1 July 2026 and is subject to ACCC approval. The broker forecasts earnings (EBIT) of $55m in FY27 and $62.5m in FY28 compared to the earn-out target of $50m.

The higher earnings estimates are predicated on additional contract wins from CDC, as well as potential upside from pipeline developments for the data centre developer and operator.

Tasmea is Buy rated, with a target of $9 versus $6.29 previously.

Sectoral diversity of contract wins appeals

Mining services and construction group SRG Global ((SRG)) announced what Moelis described as “encouraging and early” initial guidance for FY27 earnings of $190m-$200m, some 4% above consensus.

Guidance implies around 17% earnings (EBITDA) growth at the midpoint, generated from a combination of organic growth in core businesses as well as an incremental contribution from the Total AMS acquisition.

Management also guided to the top end of its previously upgraded FY26 earnings (EBITDA) outlook, with $1.85bn in contracts secured across a range of end markets.

SRG secured $1.85bn of contract awards across a diversified range of sectors, which the broker believes reinforces the engineering company’s exposure to long-term recurring revenue streams.

Key wins included major water infrastructure and program management contracts in Queensland and Western Australia, alongside ongoing defence infrastructure work in Western Australia.

In energy, the group was awarded multi-year asset integrity and inspection contracts with Origin Energy ((ORG)) and Delta Electricity, while the industrial and resources division secured significant maintenance, reliability and operational services agreements with Fortescue ((FMG)), Alcoa ((AAI)), BHP Mitsubishi Alliance, Covalent Lithium and Mount Carlton gold operations.

The building and infrastructure portfolio was strengthened through facade and structural contracts linked to hospitals, student accommodation, university facilities and data centres across Western Australia, South Australia and Queensland.

The company also expanded its presence in the marine sector through a construction contract associated with BCI Minerals’ Mardie Salt and Potash export jetty project in the Pilbara. Several of the agreements extend well into the next decade, with Moelis pointing out this provides strong visibility over future earnings and workload,.

EPS forecasts are upgraded for FY27-FY28 following the recent contract wins and upgrades to FY26 and FY27 earnings guidance.

A Buy rating is retained with a higher target price of $4.02.