Australian Broker Call *Extra* Edition – Jun 18, 2026

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            [0] => ((A1M))
            [1] => ((ANG))
            [2] => ((AUE))
            [3] => ((BM1))
            [4] => ((DGL))
            [5] => ((HGO))
            [6] => ((ILA))
            [7] => ((JBH))
            [8] => ((PMT))
            [9] => ((SDV))
            [10] => ((SLS))
            [11] => ((SXE))
            [12] => ((SYL))
            [13] => ((WOW))
        )

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            [1] => ANG
            [2] => AUE
            [3] => BM1
            [4] => DGL
            [5] => HGO
            [6] => ILA
            [7] => JBH
            [8] => PMT
            [9] => SDV
            [10] => SLS
            [11] => SXE
            [12] => SYL
            [13] => WOW
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)

This story features AIC MINES LIMITED, and other companies.
For more info SHARE ANALYSIS: A1M
The company is included in ALL-ORDS

An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely “regularly” depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena’s team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

A1M   ANG   AUE   BM1   DGL   HGO   ILA   JBH   PMT   SDV   SLS   SXE   SYL   WOW  

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.74

Moelis rates ((A1M)) as Buy (1) –

Moelis maintains a Buy rating for AIC Mines with a $0.75 target price following new resource definition and extension drilling results from the Jolly shoot.

High-grade surface and underground intercepts confirm strong grade continuity inside the initial planned mining footprint on the way to the larger Jericho orebody.

The analyst notes the investment thesis remains centered on physical execution and upcoming underground mine development milestones rather than greenfield exploration.

Integrating production from this fresh resource source, alongside parallel plant processing upgrades, is projected to successfully lift total annualized copper outputs to approximately 20kt.

This report was published on June 17, 2026.

Target price is $0.75 Current Price is $0.74 Difference: $0.005
If A1M meets the Moelis target it will return approximately 1% (excluding dividends, fees and charges).

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ANG    AUSTIN ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $0.15

Shaw and Partners rates ((ANG)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Austin Engineering with its target price decreased to $0.35 following a downward revision to management’s profit guidance (otherwise known as an old fashioned profit warning).

Management adjusted operational projections downward due to ongoing production and delivery timing challenges across North and South American business units.

Implemented price increases on original equipment manufacturer contracts are expected to restore regional margins to acceptable historical parameters over time.

The analyst notes operational metrics within the domestic Asia-Pacific segment continue executing firmly in line with baseline tracking expectations.

Targeted system optimisation protocols remain underway to step up factory throughput and minimise delivery deferrals into subsequent financial periods.

This report was published on June 17, 2026.

Target price is $0.35 Current Price is $0.15 Difference: $0.2
If ANG meets the Shaw and Partners target it will return approximately 133% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.40 cents and EPS of 1.00 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.00.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.70 cents and EPS of 2.20 cents.
At the last closing share price the estimated dividend yield is 4.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.82.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AUE    AURUM RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.62

Canaccord Genuity rates ((AUE)) as Speculative Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating for Aurum Resources with its target price increased to $1.80 following a pre-feasibility study release for the Boundiali Gold Project in Cote d’Ivoire.

The underlying study details a large-scale, conventional open-pit operation featuring a front-end weighted production profile designed to deliver nearly 1Moz of gold during the initial five years of mine life.

The analyst notes this accelerated processing setup ensures strong early operating cash flows and rapid capital payback metrics, positioning the development among the top fifty largest gold mines in Africa.

Geologically, broad tenement strike extensions and an open regional system present substantial long-term exploration upside to supplement future mining inventories and smooth out later reserve depletion years, commentary suggests.

Preliminary asset modeling incorporates conservative operating unit adjustments and higher capital constraints relative to baseline study estimates to capture potential dilution parameters across primary sulphide ore blends.

This report was published on June 12, 2026.

Target price is $1.80 Current Price is $0.62 Difference: $1.18
If AUE meets the Canaccord Genuity target it will return approximately 190% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 62.00.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.33.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BM1    BALLARD MINING LIMITED

Gold & Silver – Overnight Price: $0.80

Canaccord Genuity rates ((BM1)) as Speculative Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating for Ballard Mining with a $2.00 target price following a drilling update highlighting shallow high-grade gold mineralisation across multiple regional satellite prospects.

Extensional and infill intersections along the Ballard Fault Zone at Pluto, Ayla, and Neptune support a hub-and-spoke operating model designed to complement the 1Moz flagship Baldock underground deposit.

The analyst notes the current exploration campaign remains optimised toward near-term development setups, with shallow regional drilling constrained to 150m depths to swiftly outline low-cost open pit resources.

High-level project modeling envisions a steady-state operations blueprint targeting 100kozpa over an eight-year mine life, utilising a centralized 1.5Mtpa processing facility. 

This report was published on June 17, 2026.

Target price is $2.00 Current Price is $0.80 Difference: $1.2
If BM1 meets the Canaccord Genuity target it will return approximately 150% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

DGL    DGL GROUP LIMITED

Commercial Services & Supplies – Overnight Price: $0.33

Jarden rates ((DGL)) as Initiation of coverage with Buy (1) –

Jarden maintains a Buy rating for DGL Group with its target price increased to NZ$6.80 following a strong upward revision to the company’s financial year profit guidance.

Operating earnings projections lifted 15% at the mid-point to a new range of NZ$61m to NZ$63m, driven by robust fourth-quarter North American case sales alongside lower effective tariff rates and favorable currency movements.

Recent global inventory destocking protocols have restored channel visibility, bringing product shipments and customer depletions back into a sustainable equilibrium.

The analyst notes 2026 vintage harvest volumes decreased -19% year-on-year to manage down historical oversupply imbalances and support forward pricing behavior.

The report concludes restored trading momentum combined with decade-low valuation multiples provides a credible structural framework for a sustained medium-term corporate earnings recovery.

This report was published on June 16, 2026.

Current Price is $0.33. Target price not assessed.
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 21.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 63.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.55.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 21.00 cents and EPS of 56.50 cents.
At the last closing share price the estimated dividend yield is 63.64%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.58.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.06

Moelis rates ((HGO)) as Buy (1) –

Moelis maintains a Buy rating for Hillgrove Resources with a $0.085 target price following new drilling results from the Emily Star orebody at the Kanmantoo operation.

Commentary highlights recent intercepts indicate strong geological continuity and incremental up-dip extensions to known mineralisation boundaries compared to prior resource estimates.

The analyst expects a formal project sanctioning later this year to establish a third operational ore source, boosting overall processing rates and annualised copper output.

Broad operational improvements have successfully engineered additional contingency buffers into the mine plan, the broker concludes, normalising working capital metrics and stabilising the corporate balance sheet amid strong copper pricing.

This report was published on June 17, 2026.

Target price is $0.09 Current Price is $0.06 Difference: $0.029
If HGO meets the Moelis target it will return approximately 52% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ILA    ISLAND PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.37

Research as a Service (RaaS) rates ((ILA)) as No Rating (-1) –

Island Pharmaceuticals has announced GMP manufacturing for Galidesivir has commenced via PI Health Sciences.

Existing inventory is available for the upcoming dose optimisation study, while this agreement and GMP supply establishes manufacturing, analytical and quality systems required for future regulatory and procurement activities.

The company has also announced expansion of its existing cooperative research and development agreement with the US Army Medical Research Institute of Infectious Diseases and The Geneva Foundation.

This amendment has confirmed the planned dose optimisation study that is expected to commence in the September quarter. Research as a Service (RaaS) retains a valuation at $1.24.

Research as a Service (RaaS) research doesn’t carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.

This report was published on June 18, 2026.

Target price is $1.24 Current Price is $0.37 Difference: $0.87
If ILA meets the Research as a Service (RaaS) target it will return approximately 235% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.77 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.90.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 101.06 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 0.37.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

JBH    JB HI-FI LIMITED

Consumer Electronics – Overnight Price: $78.73

Jarden rates ((JBH)) as Buy (1) –

Jarden has undertaken its 14th food supplier survey which points to improved market growth amid higher inflation and a resurgent Woolworths Group. Margins are still under pressure amid rising costs and discounting.

Price increases are expected to continue but at a slower rate. There is less upside envisaged in staples and Jarden is more positive on discretionary given the decision by the Reserve Bank to hold rates in the near term and easing oil prices bearing down on inflation.

Commentary suggests the retail composite tracker is in a place where it has historically proven the best time to buy discretionary names. JB Hi-Fi, as a “category killer” is considered best positioned to outperform. Buy rating and $87.10 target.

This report was published on June 18, 2026.

Target price is $87.10 Current Price is $78.73 Difference: $8.37
If JBH meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $84.91, suggesting upside of 7.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 431.00 cents and EPS of 451.30 cents.
At the last closing share price the estimated dividend yield is 5.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 450.8, implying annual growth of 6.6%.
Current consensus DPS estimate is 340.7, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 17.5.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 346.00 cents and EPS of 472.40 cents.
At the last closing share price the estimated dividend yield is 4.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 454.6, implying annual growth of 0.8%.
Current consensus DPS estimate is 347.8, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 17.3.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PMT    PMET RESOURCES INC

Mining – Overnight Price: $0.67

Canaccord Genuity rates ((PMT)) as Speculative Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating for PMET Resources with a $1.35 target price following the release of a concept-stage study detailing on-site lithium carbonate conversion pathways.

The proposed downstream refining strategy utilises an atmospheric leach process to produce battery-grade materials while significantly reducing transport volumes across the 850km trucking route to the regional rail head.

Bench-scale metallurgical test work delivered lithium recoveries of 92.5% alongside purity levels reaching 99.8% without requiring energy-intensive acid treatments.

The analyst considers the integration of chemical production an incremental value-add opportunity operating independently of the core project optimisation study scheduled for late 2026.

Base corporate valuation estimates remain anchored to a risked net present value model as formal preliminary economic assessments undergo further technical de-risking over upcoming development phases, the report concludes.

This report was published on June 15, 2026.

Target price is $1.35 Current Price is $0.67 Difference: $0.685
If PMT meets the Canaccord Genuity target it will return approximately 103% (excluding dividends, fees and charges).

Forecast for FY26:

Forecast for FY27:

This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SDV    SCIDEV LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.10

Canaccord Genuity rates ((SDV)) as Speculative Buy (1) –

SciDev’s investor day reinforced the strategy to diversify the business away from the cyclicality and customer concentration of its Energy Services division, Canaccord Genuity notes.

Management also aims to build an integrated water solutions platform spanning engineering, chemistry, monitoring and optimisation.

FY26 guidance was reaffirmed at $82m-$87m revenue and around $4m earnings (EBITDA), broadly in line with the broker’s forecasts.

The analysts see substantial growth opportunities across mining, data centres, utilities and energy, supported by favourable regulatory and environmental trends.

With net cash expected to reach $6m in FY27 and the stock trading on 2.1 times FY27 EV/EBITDA, the broker retains a Speculative Buy rating. Target 30c.

This report was published on June 18, 2026.

Target price is $0.30 Current Price is $0.10 Difference: $0.195
If SDV meets the Canaccord Genuity target it will return approximately 186% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SLS    SOLSTICE MINERALS LIMITED

Copper – Overnight Price: $1.67

Canaccord Genuity rates ((SLS)) as Speculative Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating for Solstice Minerals with a $1.85 target price following initial results from its Phase 2 RC drilling campaign at the Nanadie Copper-Gold Project.

Step-out drilling successfully extended shallow copper-gold mineralisation approximately 160m north of the existing 40Mt resource boundary, expanding the total known strike length to 1.2km.

The analyst highlights wide, shallow intersections confirming structural continuity along a prominent induced polarisation chargeability anomaly.

A parallel deep diamond drilling program remains underway to test down-dip extensions and validate encouraging visual sulfide mineralised zones at depth.

The conclusion drawn is the strategic location on a granted mining lease within a Tier 1 jurisdiction underscores the asset’s long-term resource growth potential.

This report was published on June 12, 2026.

Target price is $1.85 Current Price is $1.67 Difference: $0.185
If SLS meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SXE    SOUTHERN CROSS ELECTRICAL ENGINEERING LIMITED

Mining Sector Contracting – Overnight Price: $4.63

Shaw and Partners rates ((SXE)) as Downgrade to Hold from Buy (3) –

Shaw and Partners moves its rating to Hold from Buy for Southern Cross Electrical Engineering with its target price increased to $4.70.

The structural adjustments follow a strong trading update for FY27, guiding EBITDA to at least $100m which implies a 33% year-on-year growth trajectory.

Capital restructuring includes a successful institutional placement of $150m in equity at $4.00 per share and a planned $15m share purchase plan to fund expanding project working capital and strategic acquisitions.

The analyst notes strong second-half performance momentum in FY26 and a robust awards pipeline across data centers, infrastructure, and renewable energy segments underpin intermediate expansion.

While industrial tailwinds remain constructive, a high forward price-to-earnings multiple requires careful risk tracking given that lumpy non-recurring streams represent approximately 80% of group revenue, the report points out.

This report was published on June 17, 2026.

Target price is $4.70 Current Price is $4.63 Difference: $0.07
If SXE meets the Shaw and Partners target it will return approximately 2% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 8.50 cents and EPS of 15.90 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.12.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 9.50 cents and EPS of 20.80 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.26.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SYL    SYMAL GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.92

Canaccord Genuity rates ((SYL)) as Buy (1) –

Symal Group’s acquisition of Queensland-based Shamrock Civil strengthens its presence outside Victoria.

Canaccord Genuity explains the deal adds defence capabilities, gas infrastructure expertise and greater exposure to Queensland’s infrastructure pipeline.

In addition, the transaction positions the company to benefit from more than $100bn of forecast Queensland infrastructure investment through to 2030, including Brisbane Olympics-related projects, the analysts note.

Opportunities across defence infrastructure and gas development in the Surat Basin, are also highlighted, where Shamrock has established relationships with major customers.

Canaccord lifts its FY27 and FY28 revenue forecasts by 13% and 17%, respectively, and raises its earnings (EBITDA) forecasts by 9% and 12%.

The broker retains a Buy rating and raises its target to $3.70 from $3.50.

This report was published on June 18, 2026.

Target price is $3.70 Current Price is $2.92 Difference: $0.78
If SYL meets the Canaccord Genuity target it will return approximately 27% (excluding dividends, fees and charges).

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

WOW    WOOLWORTHS GROUP LIMITED

Food, Beverages & Tobacco – Overnight Price: $37.78

Jarden rates ((WOW)) as Overweight (2) –

Jarden has undertaken its 14th food supplier survey which points to improved market growth amid higher inflation and a resurgent Woolworths Group. Margins are still under pressure amid rising costs and discounting.

In the survey Woolworths achieved the most positive outlook within a competitive but rational market. Price increases are expected to continue but at a slower rate. Competition remains high and the most position shifts see Aldi ceding to Amazon and Woolworths.

Food volumes are not rising as fast as expected, implying real growth of just 0.6% and the broker believes this is in part due to trading down, cross-shopping and resilient out-of-home consumption.

There is less upside envisaged in staples and Jarden is more positive on discretionary given the decision by the Reserve Bank to hold rates in the near term and easing oil prices bearing down on inflation.

Jarden also points out, for the first time in its survey, Woolworths is back at number 1. Overweight rating and $34.60 target.

This report was published on June 18, 2026.

Target price is $34.60 Current Price is $37.78 Difference: minus $3.18 (current price is over target).
If WOW meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $35.34, suggesting downside of -6.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 101.30 cents and EPS of 126.60 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 126.1, implying annual growth of 59.9%.
Current consensus DPS estimate is 94.0, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 30.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 114.50 cents and EPS of 143.10 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.2, implying annual growth of 10.4%.
Current consensus DPS estimate is 103.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 27.1.

Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don’t have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

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