Australian Broker Call *Extra* Edition – Jun 30, 2026

This story features BLACK CAT SYNDICATE LIMITED, and other companies.
For more info SHARE ANALYSIS: BC8
The company is included in ASX300 and 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)

BC8   BM1   BNZ   CYM   EIQ   GGP   HRN   MMI   NEU   RMS   SGLLV   YRL  

BC8    BLACK CAT SYNDICATE LIMITED

Gold & Silver – Overnight Price: $0.92

Moelis rates ((BC8)) as Buy (1) –

Moelis maintains a Buy rating for Black Cat Syndicate with a $1.70 target price following a mineral resource update at the Kal East mining operation.

Commentary explains upgraded inventories across the Trojan and Imperial deposits add incremental growth to the broader operational profile situated near the Lakewood processing facility.

The analyst views these resource additions as positive reminders of total business inventory ahead of a highly anticipated overarching ore reserve update.

The company recently transitioned into full producer status by successfully processing proprietary material through internally owned plants.

At current spot gold prices, the broker suggests the equity trades at a disproportionate discount, offering significant value alongside an estimated 20% free cash flow yield on FY27 production of 110koz.

This report was published on June 30, 2026.

Target price is $1.70 Current Price is $0.92 Difference: $0.785
If BC8 meets the Moelis target it will return approximately 86% (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

BM1    BALLARD MINING LIMITED

Gold & Silver – Overnight Price: $0.65

Moelis rates ((BM1)) as Initiation of coverage with Buy (1) –

Moelis commences coverage on Ballard Mining with a Buy rating and a $0.90 target price.

The pre-developer is actively advancing the fully permitted Mt Ida gold project in the Western Australian Goldfields.

Project development workstreams and metallurgical plant studies position the firm to reach a formal final investment decision by the conclusion of FY27.

The analyst highlights a strategic, cornerstone-backed register as a key mechanism to alleviate long-dated development funding constraints.

Blended valuation models apply equal weights to a conceptual project development net present value framework and regional enterprise-to-resource metrics.

This report was published on June 29, 2026.

Target price is $0.90 Current Price is $0.65 Difference: $0.255
If BM1 meets the Moelis target it will return approximately 40% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 30.71.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 49.62.

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

BNZ    BENZ MINING CORP.

Gold & Silver – Overnight Price: $2.63

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

Canaccord Genuity maintains a Speculative Buy rating for Benz Mining with a $3.15 target price following the release of a maiden exploration target for the Glenburgh gold project.

The defined large-scale system outlines between 10.1moz and 12.0moz of gold, incorporating a higher-grade core exceeding 6.1moz.

The analyst highlights approximately 80% of the outlined target area is already drill-defined, supported by highly encouraging early-stage metallurgical recovery rates approaching 93%.

Ongoing infill and step-out drilling programs over the next twelve months aim to deliver a formal maiden mineral resource by 2027.

According to the broker, the asset possesses strong technical foundations supporting a credible pathway toward a future multi-million-ounce development.

This report was published on June 24, 2026.

Target price is $3.15 Current Price is $2.63 Difference: $0.52
If BNZ meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).

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

CYM    CYPRIUM METALS LIMITED

Copper – Overnight Price: $0.40

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

Canaccord Genuity maintains a Speculative Buy rating on Cyprium Metals and provides an update on progress at its Nifty copper restart in Western Australia.

First production is on track for the September quarter of 2026 with a $0.85 target price. The acid terminal has been commissioned, with sulphuric acid deliveries resuming to site.

Operations move toward heap leach pre-commissioning in coming weeks once regulatory sign-off is received.

As per today’s update, evaluation of shallow open-pit oxides progresses to improve project economics, potentially extending the solvent extraction/electrowinning plant life, supporting a larger cathode business.

This report was published on June 25, 2026.

Target price is $0.85 Current Price is $0.40 Difference: $0.45
If CYM meets the Canaccord Genuity target it will return approximately 112% (excluding dividends, fees and charges).

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

EIQ    ECHOIQ LIMITED

Medical Equipment & Devices – Overnight Price: $1.59

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

Shaw and Partners maintains a Buy rating for EchoIQ with its target price increased to $2.00 following a binding strategic partnership agreement with Pro Medicus ((PME)).

The US-focused arrangement includes up to $20m in potential investment alongside a reseller agreement designed to accelerate adoption of EchoSolv artificial intelligence diagnostics across an extensive hospital network.

The analyst notes 11 of the top 20 United States hospitals currently utilise Pro Medicus imaging software, implying a total addressable market approaching 165,000 echocardiograms annually.

Recent senior executive and clinical advisor appointments further strengthen operational capabilities ahead of anticipated FDA clearance for the heart failure product during the first half of 2026.

Upgraded discounted cash flow valuation models incorporate a higher 6.5% medium-term penetration rate assumption for the core heart failure diagnostic tool.

This report was published on June 29, 2026.

Target price is $2.00 Current Price is $1.59 Difference: $0.41
If EIQ meets the Shaw and Partners target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $1.58, suggesting downside of -0.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 75.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 113.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.0, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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

GGP    GREATLAND RESOURCES LIMITED

Gold & Silver – Overnight Price: $12.02

Moelis rates ((GGP)) as Sell (5) –

Moelis maintains a Sell rating for Greatland Resources with a $12.10 target price following an updated group ore reserve estimate incorporating recent exploration drilling at Telfer.

The asset review expanded total gold reserves to 5.0moz, primarily driven by updated economic assumptions elevating gold and copper pricing inputs to $4000/oz and $6.00/lb respectively.

Objective compilation shows Telfer reserve grades decreased to 0.46g/t, indicating lower-grade material will heavily support filling the 20mtpa processing capacity.

The analyst suggests the stock trades as the most expensive among its sector peer group, with near-term production metrics expected to step backwards.

Future valuation updates depend on converting higher-grade underground resources to improve the overarching grade distribution mix.

This report was published on June 30, 2026.

Target price is $12.10 Current Price is $12.02 Difference: $0.08
If GGP meets the Moelis target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $16.38, suggesting upside of 36.2%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 125.1, implying annual growth of 96.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY27:

Current consensus EPS estimate is 103.4, implying annual growth of -17.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.6.

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

HRN    HORIZON GOLD LIMITED

Overnight Price: $1.06

Moelis rates ((HRN)) as Initiation of coverage with Buy (1) –

Moelis commences coverage on Horizon Gold with a Buy rating and a $2.70 target price.

The asset developer is focusing on advanced evaluation and exploration activities at the Gum Creek gold project in Western Australia.

The analyst expects a pending feasibility study later in 2026 to provide significant clarity regarding commercial processing configurations and economic returns.

Commentary highlights current cash reserves of $28m remain sufficient to fully fund near-term study pathways through to a final investment decision in mid-2027.

Broader market consolidation trends and potential toll treatment avenues for refractory material offer substantial longer-term valuation upside.

This report was published on June 29, 2026.

Target price is $2.70 Current Price is $1.06 Difference: $1.64
If HRN meets the Moelis target it will return approximately 155% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 81.54.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.85.

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

MMI    METRO MINING LIMITED

Coal – Overnight Price: $1.79

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

Shaw and Partners retains a Buy rating for Metro Mining with a $3.00 target price following a site visit to the Bauxite Hills operation in Far North Queensland.

Recent operational improvements delivered a daily shipment record of 37,000 tonnes, positioning the miner to meet full-year shipping volume guidance.

A new integrated barge loading plan optimises tidal window constraints to ease river channel bottlenecks.

Early success utilising dry screening processes reduces silica impurity content across fines material, creating positive implications for product pricing and reserve life extensions.

The analyst anticipates strong free cash flow generation ahead, supported by elevated bauxite pricing and expected export volume reductions from competing Guinea producers.

This report was published on June 29, 2026.

Target price is $3.00 Current Price is $1.79 Difference: $1.21
If MMI meets the Shaw and Partners target it will return approximately 68% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 10.00 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.09.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 30.00 cents and EPS of 44.80 cents.
At the last closing share price the estimated dividend yield is 16.76%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.00.

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

NEU    NEUREN PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $16.60

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

Canaccord Genuity maintains a Buy rating on Neuren Pharmaceuticals with an unchanged $24.00 target price following a positive CHMP opinion supporting European approval of Daybue for Rett syndrome.

The analyst expects European Medicines Agency approval within the coming months, with the EU label covering patients aged five years and older compared with the US label, while Neuren continues to receive royalty streams from Daybue sales through its partnership structure.

The analyst maintains a positive outlook on the commercial pathway, noting the company’s royalty agreement with Acadia Pharmaceuticals for Daybue and the potential for further value creation from NNZ-2591 development.

Phase III trials for Phelan McDermid syndrome remain on track, with patient recruitment progressing and potential catalysts including Daybue Japan approval, NNZ-2591 trial updates and ongoing clinical development milestones.

Canaccord’s valuation remains unchanged at $24.00 per share based on a sum-of-the-parts methodology including Daybue, NNZ-2591 and ROV-based opportunities.

This report was published on June 29, 2026.

Target price is $24.00 Current Price is $16.60 Difference: $7.4
If NEU meets the Canaccord Genuity target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $24.37, suggesting upside of 46.8%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 39.4, implying annual growth of 66.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 42.1.

Forecast for FY27:

Current consensus EPS estimate is 37.7, implying annual growth of -4.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 44.0.

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

RMS    RAMELIUS RESOURCES LIMITED

Gold & Silver – Overnight Price: $3.07

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

Canaccord Genuity maintains a Buy rating for Ramelius Resources with a $6.85 target price following the announced sale of the Edna May Gold Hub.

The $300m transaction with Forrestania Resources ((FRS)) comprises $200m in upfront cash and $100m in scrip, subject to specific capital raising conditions.

The analyst notes the operation has remained on care and maintenance since April 2025 and carries zero value within current sum-of-the-parts modelling.

Assuming successful completion in the September quarter of 2026, pro forma cash balances are expected to exceed $800m before impending stamp duty and dividend payments.

The divestment monetises a non-core asset while retaining exposure to future upside through a substantial residual equity position in the acquiring entity, the report points out.

This report was published on June 29, 2026.

Target price is $6.85 Current Price is $3.07 Difference: $3.78
If RMS meets the Canaccord Genuity target it will return approximately 123% (excluding dividends, fees and charges).
Current consensus price target is $5.10, suggesting upside of 66.1%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 10.8, implying annual growth of -73.7%.
Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 28.4.

Forecast for FY27:

Current consensus EPS estimate is 26.9, implying annual growth of 149.1%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 11.4.

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

SGLLV    RICEGROWERS LIMITED

Food, Beverages & Tobacco – Overnight Price: $15.20

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

Ricegrowers reported FY26 adjusted EBITDA of $140.6m, down -5% and slightly below Research as a Service’s (RaaS) estimate. The volatile trading environment across the year was notable, commentary states.

Management has guided to FY27 revenue that is slightly lower while net profit is expected to be materially weaker on the back of an under-recovery of cost allocations amid a lower Australian rice harvest.

The analyst now forecasts a decline in FY27 EPS of -26%. Valuation is reduced to $16.20 from $18.20 on the assumption rice harvests will be below “Goldilocks” levels for at least the next two years.

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 29, 2026.

Target price is $16.20 Current Price is $15.20 Difference: $1
If SGLLV meets the Research as a Service (RaaS) target it will return approximately 7% (excluding dividends, fees and charges).
The company’s fiscal year ends in April.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 EPS of 81.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.77.

Forecast for FY28:

Research as a Service (RaaS) forecasts a full year FY28 EPS of 97.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.67.

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

YRL    YANDAL RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.20

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

Shaw and Partners maintains a Buy rating for Yandal Resources with a $0.51 target price following encouraging diamond drilling results at the Flushing Meadows deposit.

The first deeper drill hole into fresh rock successfully intercepted significant gold mineralisation at 300m below the surface, validating structural geological concepts across the broader strike length.

The analyst considers the current market capitalisation heavily discounted relative to the existing 450koz resource inventory located primarily on granted mining leases.

Commentary concludes extensional drilling momentum provides a realistic pathway to achieving a combined 1Moz resource baseline within the next year.

Achieving this critical mass scale could unlock synergistic corporate appeal given the abundance of existing third-party processing infrastructure across the Yandal region, the report concludes.

This report was published on June 29, 2026.

Target price is $0.51 Current Price is $0.20 Difference: $0.315
If YRL meets the Shaw and Partners target it will return approximately 162% (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 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.86.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.26.

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

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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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