Australian Broker Call *Extra* Edition – Jul 02, 2026

This story features ATOMIC EAGLE LIMITED, and other companies.
For more info SHARE ANALYSIS: AEU

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)

AEU   ASG   BMN (2)   BNZ   CKF   D3E   HGO   IMU   LMG   MM1   MPK   MRT  

AEU    ATOMIC EAGLE LIMITED

Uranium – Overnight Price: $0.41

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

Shaw and Partners retains a Buy rating for Atomic Eagle with a $1.40 target price following recent corporate discussions regarding its project portfolio.

Ongoing negotiations with the Niger Government for a potential resumption of the written-off Madaouela uranium project present very significant structural option value if successfully finalised.

The core operational focus continues to target resource expansions at the Muntanga uranium asset in Zambia where approvals for environmental assessments and resettlement plans have significantly de-risked the development pathway.

Recent exploration drilling results are seen as highly encouraging and indicate a strong possibility of doubling the current resource baseline to support a larger operational footprint.

The analyst expects upcoming exploration news flow and systematic resource updates to act as clear near-term investment catalysts.

This report was published on June 30, 2026.

Target price is $1.40 Current Price is $0.41 Difference: $0.99
If AEU meets the Shaw and Partners target it will return approximately 241% (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 3.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.51.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.25.

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

ASG    AUTOSPORTS GROUP LIMITED

Automobiles & Components – Overnight Price: $1.75

Moelis rates ((ASG)) as Buy (1) –

Moelis retains a Buy rating for Autosports Group with a $2.45 target price following a reduced earnings outlook.

FY26–FY28 EPS estimates are downgraded by –15% to –26% driven by weaker gross profit margins from discounting excess internal combustion engine inventory, slower topline growth, and higher interest costs.

Record order intake has been supported by strong battery electric vehicle demand, with these vehicles increasing to more than 40% of orders in April.

Limited near-term stock availability is expected to weigh on margins before supply constraints normalise into FY27 as the order bank converts.

The investment thesis centres on an attractive valuation, as the share price is already seen reflecting a significant portion of macro uncertainty.

This report was published on July 1, 2026.

Target price is $2.45 Current Price is $1.75 Difference: $0.7
If ASG 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 7.20 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 4.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.62.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 8.80 cents and EPS of 22.50 cents.
At the last closing share price the estimated dividend yield is 5.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.78.

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

BMN    BANNERMAN ENERGY LIMITED

Uranium – Overnight Price: $3.25

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

Canaccord Genuity maintains a Speculative Buy rating for Bannerman Energy with a $5.80 target price following a broader company update.

The analyst notes the business retains a robust balance sheet featuring $69.9m in net cash to support ongoing developmental activities.

Early-stage enterprise valuation metrics screen attractively relative to the underlying net asset value of the broader project portfolio.

Commercial progression remains heavily tethered to advancing the core uranium operational footprint towards a formal final investment decision.

Sustained momentum across the broader nuclear energy macro environment provides a highly constructive backdrop for future pricing scenarios, the report concludes.

This report was published on June 29, 2026.

Target price is $5.80 Current Price is $3.25 Difference: $2.55
If BMN meets the Canaccord Genuity target it will return approximately 78% (excluding dividends, fees and charges).
Current consensus price target is $4.92, suggesting upside of 55.1%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is -0.8, 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:

Current consensus EPS estimate is -0.6, 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: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

---

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

Shaw and Partners maintains a Buy rating for Bannerman Energy with a $6.50 target price following construction progress updates at its Etango Uranium Project in Namibia.

On-site bulk earthworks have reached 92% completion, keeping early developmental activities aligned with existing corporate budgeting and timeline expectations.

The capital funding pathway to first production in 2028 remains secured via an established strategic joint venture partnership with China National Nuclear Corporation.

The analyst notes the macro uranium environment faces a persistent structural deficit, rendering the asset well-positioned to benefit from a multi-year pricing upcycle.

Long-term commercial upside centers on scalable options to double operational throughput to 16Mtpa under recent project scoping extensions.

This report was published on June 30, 2026.

Target price is $6.50 Current Price is $3.25 Difference: $3.25
If BMN meets the Shaw and Partners target it will return approximately 100% (excluding dividends, fees and charges).
Current consensus price target is $4.92, suggesting upside of 55.1%(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 3.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 95.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.8, 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 1.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 270.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.6, 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: 0.7
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: $2.42

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

Canaccord Genuity maintains a Speculative Buy rating for Benz Mining with its target price increased to $4.00.

The valuation upgrade aligns the objective pricing model directly with a revised underlying net asset value of $4.00 per share.

The analyst notes the business retains a robust balance sheet featuring $78.1m in net cash to support ongoing exploration and development activities.

Commentary highlights enterprise valuation metrics screen attractively relative to the broader multi-million-ounce project portfolio potential.

Canaccord maintains that commercial progression remains heavily tethered to advancing the core gold operational footprint towards a formal maiden mineral resource estimate.

This report was published on June 29, 2026.

Target price is $4.00 Current Price is $2.42 Difference: $1.58
If BNZ meets the Canaccord Genuity target it will return approximately 65% (excluding dividends, fees and charges).

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

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $7.98

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

Canaccord Genuity maintains a Buy rating for Collins Foods with its target price decreased to $10.99 following an inline FY26 financial result.

The company reported normalised EBITDA of $245m and NPAT of $61.4m, driven by sustained same-store sales growth across Australian operations and favourable foreign exchange translation in Europe.

Initial FY27 trading shows resilient Australian momentum offsetting softer European metrics, leading the analyst to lower forward earnings projections by -5% to -9% across FY27 and FY28 due to a delayed margin recovery trajectory.

Removal of the Taco Bell segment is expected to prove moderately accretive to earnings while the exceptionally strong balance sheet provides ample capacity to fund network expansion and new product initiatives.

The valuation multiple has been lowered to reflect near-term earnings moderation, yet the investment thesis retains enthusiasm for underlying brand strength and long-term network growth prospects in Germany.

This report was published on July 1, 2026.

Target price is $10.99 Current Price is $7.98 Difference: $3.01
If CKF meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $9.60, suggesting upside of 19.6%(ex-dividends)

Forecast for FY27:

Current consensus EPS estimate is 55.1, implying annual growth of 47.3%.
Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY28:

Current consensus EPS estimate is 64.0, implying annual growth of 16.2%.
Current consensus DPS estimate is 35.5, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 12.5.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

D3E    D3 ENERGY LIMITED

NatGas – Overnight Price: $0.30

Research as a Service (RaaS) rates ((D3E)) as No Rating (-1) –

Research as a Service (RaaS) is this time looking to the Nasdaq to yet again highlight D3 Energy as a compelling niche opportunity in the global energy landscape.

The development in case is an asset deal announcement by Nasdaq-listed ASP Isotopes on its South African helium assets, which the analyst highlights as providing a transactional benchmark with direct look-through, positive implications for D3 Energy.

As the analyst highlights, the ASX-listed minnow is a highly leveraged play on natural gas and helium projects in South Africa and Australia.

Commentary highlights the production case is heading towards project approval and validation over the next 12-plus months with commercial options now better defined.

Research as a Service doesn’t assign a rating. Investors can draw conclusions from valuations and commentary. RaaS’ net asset value is $2.78.

This report was published on July 2, 2026.

Target price is $2.78 Current Price is $0.30 Difference: $2.475
If D3E meets the Research as a Service (RaaS) target it will return approximately 811% (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 1.74 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.53.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.56 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.55.

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

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.05

Moelis rates ((HGO)) as Buy (1) –

Moelis maintains a Buy rating for Hillgrove Resources with a $0.085 target price following updated surface drill results from the projected depth extensions of the Kavanagh zone.

The mineralisation findings report deep intercepts outside the current mineral resource framework, indicating meaningful expansion potential at the Kanmantoo operation.

The investment thesis centres on a significantly reduced operational risk profile alongside an optimised mine plan boasting increased stope flexibility.

Supported by robust cash build projections, a closing FY26 cash position is estimated to reach $53m or up to $66m at spot pricing.

The suggestion is that the equity represents strong value support while trading on a compressed enterprise-to-operating-earnings multiple despite a mine life extending past FY34.

This report was published on July 1, 2026.

Target price is $0.09 Current Price is $0.05 Difference: $0.033
If HGO meets the Moelis target it will return approximately 63% (excluding dividends, fees and charges).

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

IMU    IMUGENE LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.14

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

Imugene has announced the first patient in the concurrent Bruton Tyrosine Kinase inhibitor cohort of the azer-cel phase 1B study has achieved a complete response.

Research as a Service (RaaS) points out this is important as it is a priority cohort for the company and potentially a faster path to commercialisation.

The company is progressing its lead therapy azer-cel through clinical trial to generate proof-of-concept.

As value is created through positive data, commentary points out the company will be able to either out-licence the product to a large pharmaceutical company or become positioned as an acquisition target.

Research as a Service doesn’t assign a rating. Investors can draw conclusions from valuations and commentary. Valuation is $0.24 (unchanged).

The following day, Imugene announced its second patient in the concurrent Bruton Tyrosine Kinase inhibitor (BTKi) cohort (Cohort 3) of the azer-cel Phase 1b study has achieved a complete response (CR – where the patient has no detectable evidence of cancer after treatment).

No changes have been made.

This report was published on July 1, 2026.

Target price is $0.24 Current Price is $0.14 Difference: $0.1
If IMU meets the Research as a Service (RaaS) target it will return approximately 71% (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 4.76 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2.94.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 5.94 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2.36.

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

LMG    LATROBE MAGNESIUM LIMITED

Industrial Metals – Overnight Price: $0.01

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

Shaw and Partners maintains a Buy rating for Latrobe Magnesium with a $0.06 target price following the achievement of initial commercial magnesium oxide production at the Hazelwood North demonstration facility.

Operations successfully yielded 20t of high-grade material over a two-week period, generating maiden revenues and validating core processing specifications.

The ongoing installation of briquetting and furnace systems aims to deliver initial magnesium metal output in the second half of 2026.

The analyst anticipates material earnings growth alongside a phased volume scale-up to 10,000tpa by FY28.

Future mega-plant expansions are expected to position the business as a globally significant, sovereign-secure supplier targeting the tariff-free US market.

This report was published on July 1, 2026.

Target price is $0.06 Current Price is $0.01 Difference: $0.046
If LMG meets the Shaw and Partners target it will return approximately 329% (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 0.00 cents.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.00 cents.

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

MM1    MIDAS MINERALS LIMITED

Copper – Overnight Price: $0.85

Canaccord Genuity rates ((MM1)) as Speculative Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating for Midas Minerals with a $1.50 target price following a progress update on early-stage exploration at the Otavi Copper Project in Namibia.

Recent field mapping and geochemical sampling programs successfully outlined multiple high-grade structural targets across the extensive tenement package.

The analyst views the initial surface results as highly encouraging, demonstrating district-scale potential analogous to established regional copper camps.

On-ground teams are currently preparing access routes ahead of a maiden reverse circulation drilling campaign scheduled for the upcoming September quarter.

Canaccord suggests sustained exploration momentum alongside ongoing target generation should provide a consistent stream of near-term catalysts for the equity.

This report was published on June 29, 2026.

Target price is $1.50 Current Price is $0.85 Difference: $0.65
If MM1 meets the Canaccord Genuity target it will return approximately 76% (excluding dividends, fees and charges).

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

MPK    MANY PEAKS MINERALS LIMITED

Gold & Silver – Overnight Price: $0.81

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

Canaccord Genuity maintains a Speculative Buy rating for Many Peaks Minerals with a $1.90 target price following the exercised option to acquire the Baga Gold Project in Cote d’Ivoire.

As per the broker’s commentary, the acquisition follows an extensive reconnaissance geochemical program outlining over 16km of cumulative gold anomalism across nine coherent target zones, with regional structural settings and permit boundaries.

A maiden auger drilling campaign comprising approximately 2,300 holes for 14,000m has commenced to penetrate lateritic cover and generate priority locations for future drill testing.

The analyst notes the combination of multiple kilometre-scale targets, favourable regional structures, and proximity to a rapidly emerging gold district provides a sound basis for further exploration.

The core valuation is derived from a hypothetical 3Moz exploration target for the broader Ferke Project, applying the median enterprise-to-resource multiple from a set of comparable African-focused explorers.

This report was published on July 1, 2026.

Target price is $1.90 Current Price is $0.81 Difference: $1.095
If MPK meets the Canaccord Genuity target it will return approximately 136% (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

MRT    MARITANA MINERALS LIMITED

Gold & Silver – Overnight Price: $0.64

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

Maritana Minerals, the company formerly known as Horizon Minerals, has provided additional updates relating to development progress at Black Swan, exploration across the company’s projects and a key staffing hire.

Research as a Service (RaaS) has taken it all in and updated its modeling. The end result is a slight decrease in valuation, to $2.816 from $3 prior.

Given the share price remains well below intrinsic valuation, the analyst is referring to “significant mispricing” and thus reiterates the shares represent an attractive opportunity amongst emerging ASX-listed gold producers.

Research as a Service (RaaS) research doesn’t carry ratings or recommendations. Investors can draw conclusions from the valuation and commentary.

This report was published on July 2, 2026.

Target price is $2.82 Current Price is $0.64 Difference: $2.181
If MRT meets the Research as a Service (RaaS) target it will return approximately 343% (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 1.21 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 52.48.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 29.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.19.

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.

<span style="

Click to view our Glossary of Financial Terms