Australian Broker Call *Extra* Edition – Jul 09, 2026

This story features A2 MILK COMPANY LIMITED, and other companies.
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The company is included in ASX100, ASX200, 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)

A2M   AKA   AWJ   AZY   BET   BTL   GMD   ILA   MM1   NWL (2)   SNT   SNZ   TLS   TOR   WAF  

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $7.22

Jarden rates ((A2M)) as Neutral (3) –

Jarden maintains a Neutral rating for a2 Milk Co with its target price increased to NZ$9.55 from NZ$7.36 following an updated corporate supply chain and trading update.

Group operating revenue reached NZ$1.97bn with an EBITDA margin landing at the upper end of guidance at 14% to 14.5%, alongside a stronger-than-projected cash conversion rate of 70%.

The analyst notes China label infant milk formula sales decreased 14% on the prior corresponding period due to temporary customs and freight backlogs, whereas English label alternatives performed strongly.

In-market product delivery flows have now substantially improved with distributor inventory levels successfully returning to target baselines.

Commentary points out rebuilding regional sales momentum through targeted new user recruitment initiatives remains the core near-term focus before execution shifts to own manufacture at Pokeno.

This report was published on July 7, 2026.

Current Price is $7.22. Target price not assessed.
Current consensus price target is $7.94, suggesting upside of 10.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 18.90 cents and EPS of 24.40 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.3, implying annual growth of N/A.
Current consensus DPS estimate is 42.5, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 31.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 57.82 cents and EPS of 26.98 cents.
At the last closing share price the estimated dividend yield is 8.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.7, implying annual growth of 14.6%.
Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 27.0.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AKA    AUREKA LIMITED

Gold & Silver – Overnight Price: $0.08

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

Research as a Service (RaaS) highlights junior gold exploration company Aureka’s expanding Victorian gold portfolio. The company’s Irvine resource has increased by 94koz to 398koz, lifting the global resource to 455koz.

The report notes ongoing drilling at Irvine and Comstock, where a prospecting licence application and resource infill program could support a small-scale underground mining operation within 12-24 months.

Following a site visit, the analyst believes Comstock’s proposed mining and toll-treatment strategy appears technically and economically feasible.

Aureka held approximately $3.7m in cash at 31 March, which is expected to fund exploration activities through 2026.

Research as a Service does not carry any ratings or targets. Investors can draw conclusions from valuations and commentary.

This report was published on July 8, 2026.

Current Price is $0.08. Target price not assessed.

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

AWJ    AURIC MINING LIMITED

Gold & Silver – Overnight Price: $0.23

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

Research as a Service (RaaS) initiates coverage of Auric Mining, which is considered well positioned to transition from campaign mining to a standalone gold producer. This follows the acquisition of the Burbanks project in 2025.

The analyst expects Burbanks to become a central processing hub from 2028, supported by ore from its key gold projects in Western Australia Munda and Lindsay’s, with forecast production of 25kozpa–30kozpa.

It is noted Auric held approximately $42m in net cash at March 2026, providing funding for exploration, acquisitions, further toll treatment campaigns and a meaningful contribution towards Burbanks’ redevelopment.

Research as a Service values the shares at $0.499 on a fully diluted sum-of-the-parts basis.

RaaS research doesn’t carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.

This report was published on July 7, 2026.

Target price is $0.50 Current Price is $0.23 Difference: $0.269
If AWJ meets the Research as a Service (RaaS) target it will return approximately 117% (excluding dividends, fees and charges).

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

AZY    ANTIPA MINERALS LIMITED

Mining – Overnight Price: $0.58

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

Canaccord Genuity maintains a Speculative Buy rating for Antipa Minerals with a $1.00 target price following positive metallurgical testwork outcomes from the Minyari dome.

Recent data confirm a conventional gold CIL processing route while proving the viability of generating a commercial-grade copper concentrate via flotation.

The analyst highlights gold recoveries reached up to 98% with rapid leach kinetics, while primary sulphide testwork successfully produced a copper concentrate grading 22% copper with low arsenic impurities.

Incorporated steeper pit slope assumptions further support deeper open-pit mining potential, which may optimise project economics by reducing strip ratios and lowering reliance on complex underground operations.

Proximity to established regional infrastructure, including the nearby Telfer operation, provides additional strategic flexibility and highlights the asset’s broader relevance across the Paterson district, the broker points out.

This report was published on July 8, 2026.

Target price is $1.00 Current Price is $0.58 Difference: $0.42
If AZY meets the Canaccord Genuity target it will return approximately 72% (excluding dividends, fees and charges).

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

BET    BETMAKERS TECHNOLOGY GROUP LIMITED

Gaming – Overnight Price: $0.16

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

Canaccord Genuity maintains a Buy rating for Betmakers Technology with a $0.24 target price ahead of its fourth-quarter results preview.

The company delivered solid third-quarter execution with annualised adjusted EBITDA pacing near $14m, supported by an expanding international commercialisation footprint.

The analyst highlights marquee customer launches, including CrownBet and Stake.com, alongside the completion of the LVDC acquisition as critical structural growth levers.

Financial models project fourth-quarter reported revenue growth of 9.5% and an improved sequential gross margin of 68.6%.

The investment thesis positions the gaming platform as a compelling business-to-business vehicle for global wagering digitalisation, backed by a total cash balance of $35.8m.

This report was published on July 8, 2026.

Target price is $0.24 Current Price is $0.16 Difference: $0.08
If BET meets the Canaccord Genuity target it will return approximately 50% (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

BTL    BEETALOO ENERGY AUSTRALIA LIMITED

Energy – Overnight Price: $0.26

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

Research as a Service believes Beetaloo Energy has made strong progress towards first gas from the Carpentaria Gas Project, with first sales expected in the December quarter.

Encouraging interim results from the C-5H well are highlighted, suggesting stronger gas flow rates and potentially higher recoverable reserves, which could lower development and operating costs.

Seismic work has commenced across the Western Beetaloo acreage to assess a potential resource exceeding 20 trillion cubic feet (Tcf) and support future LNG supply opportunities.

Research as a Service considers the company fully funded to first gas, with $63.4m in cash and $42.5m of undrawn debt capacity.

RaaS has a midpoint valuation of 95c, up from 94c.

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

This report was published on July 7, 2026.

Target price is $0.95 Current Price is $0.26 Difference: $0.69
If BTL meets the Research as a Service (RaaS) target it will return approximately 265% (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

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $5.52

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

Canaccord Genuity maintains a Buy rating for Genesis Minerals with its target price increased to $8.75 following an unsolicited binding scheme proposal to acquire Vault Minerals Limited.

The cash-and-scrip transaction values Vault Minerals at $5.274 per share, representing a 14.5% premium to the competing Regis Resources scheme.

The analyst highlights over $2.0bn in post-tax synergies, including $715m in growth capital expenditure savings by processing Tower Hill ore through the King of the Hills mill.

Pro-forma operations will boast an annual production of 600koz to 700koz alongside 33.6Moz of mineral resources. The investment thesis centres on the enhanced scale and operational efficiency of the combined entity.

This report was published on July 3, 2026.

Target price is $8.75 Current Price is $5.52 Difference: $3.23
If GMD meets the Canaccord Genuity target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $9.26, suggesting upside of 67.8%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 37.3, implying annual growth of 84.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.8.

Forecast for FY27:

Current consensus EPS estimate is 44.7, implying annual growth of 19.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.3.

Market Sentiment: 1.0
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: $0.44

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

Research as a Service (RaaS) believes Island Pharmaceuticals has enhanced the commercial potential of its Galidesivir drug. This follows the securing of approvals for compassionate use during the Bundibugyo Ebola outbreak in Africa.

The analyst expects the program to generate prospective human efficacy, safety and virology data across filoviruses, complementing the company’s Marburg virus development under the FDA’s Animal Rule pathway.

The Uganda Government is fully funding the program with support from the World Health Organisation, providing a non-dilutive opportunity to expand Galidesivir’s clinical dataset, the analyst explains.

Research as a Service raises its probability of success to 65% from 60% and increases its risk-adjusted valuation to $1.60 a share from $1.24.

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

This report was published on July 8, 2026.

Target price is $1.60 Current Price is $0.44 Difference: $1.16
If ILA meets the Research as a Service (RaaS) target it will return approximately 264% (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 24.86.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.36.

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 Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating for Midas Minerals with a $1.50 target price following a positive set of drilling results from the Spaatzu prospect within its Otavi Copper Project in Namibia.

Recent drilling expanded high-grade copper-silver mineralisation along strike to a length exceeding 800m, demonstrating both structurally controlled high-grade domains and broader stratabound zones.

The analyst notes the distinct presence of manganese-rich and lead-bearing halos could prove to be useful geological vectors for delineating additional mineralised cores across the district.

Long-term commercialization strategies center on a hub-and-spoke development model where multiple regional deposits could combine to form a future consolidated mining footprint.

Valuation metrics are derived using a relative enterprise value-to-resource multiple compared against a peer group of ASX-listed copper explorers and developers.

This report was published on July 8, 2026.

Target price is $1.50 Current Price is $0.85 Difference: $0.645
If MM1 meets the Canaccord Genuity target it will return approximately 75% (excluding dividends, fees and charges).

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

NWL    NETWEALTH GROUP LIMITED

Wealth Management & Investments – Overnight Price: $23.49

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

Canaccord Genuity maintains a Buy rating for Netwealth Group with its target price increased to $28.65 following a preliminary full-year update and upgraded guidance for medium-term fund inflows.

Annual net flows of $15.4bn were softer in the final quarter due to geopolitical volatility and proposed tax amendments, though results remained within historical guidance.

Management provided strong FY27 guidance with net inflows projected between $18bn and $20bn, which, commentary highlights, sits well ahead of broader consensus expectations.

The analyst notes near-term EBITDA margins will step down to 47% during a planned reinvestment phase, paving a logical path towards a four-year ambition to double total funds under administration.

Confidence is further supported by an expanded relationship with Morgan Stanley’s domestic wealth business, validating the newly soft-launched investment platform solution, the broker concludes.

This report was published on July 8, 2026.

Target price is $28.65 Current Price is $23.49 Difference: $5.16
If NWL meets the Canaccord Genuity target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $28.86, suggesting upside of 22.8%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 49.6, implying annual growth of 4.1%.
Current consensus DPS estimate is 43.6, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 47.4.

Forecast for FY27:

Current consensus EPS estimate is 59.3, implying annual growth of 19.6%.
Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 39.6.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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Jarden rates ((NWL)) as Neutral (3) –

Jarden retains its Neutral rating for Netwealth Group with its target price increased to $25.00 following a strategic organisational pivot favouring long-term volume growth over near-term operating margins.

The analyst notes the newly executed commercial agreement with Morgan Stanley underwrites expansion within the high-net-worth broking segment, successfully diversifying revenue streams away from the decelerating retail advisory market.

Preliminary full-year figures show FY26 annual net inflows missed consensus expectations at $15.4bn due to temporary macroeconomic and regulatory crosscurrents in the final quarter.

Management introduced stronger FY27 net flow guidance of $18bn to $20bn alongside an ambitious multi-year target to double total funds under administration over four years.

Underlying earnings estimates are trimmed over the near term to accommodate an expected step-up in growth-focused technology investments and institutional product mix dilution.

This report was published on July 7, 2026.

Target price is $25.00 Current Price is $23.49 Difference: $1.51
If NWL meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $28.86, suggesting upside of 22.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 44.20 cents and EPS of 54.60 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 43.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.6, implying annual growth of 4.1%.
Current consensus DPS estimate is 43.6, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 47.4.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 48.30 cents and EPS of 59.30 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 39.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.3, implying annual growth of 19.6%.
Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 39.6.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SNT    SYNTARA LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.02

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

Canaccord Genuity maintains a Buy rating for Syntara with a $0.15 target price following early positive clinical trial data from its SNT-4728 program.

The Phase IIa trial, assessing the dual inhibitor in isolated REM sleep behaviour disorder, demonstrated a statistically significant reduction in neuroinflammation in the putamen after 12 weeks of treatment.

The analyst notes this early safety and efficacy readout provides highly encouraging upside optionality, potentially supporting future asset-partnering discussions.

The underlying valuation remains anchored by the primary amsulostat blood cancer franchise, which targets myelofibrosis and myelodysplastic syndromes.

Pipeline momentum is expected to build into the second half of 2026 with upcoming clinical trials in high-risk hematology indications and pancreatic cancer.

This report was published on July 8, 2026.

Target price is $0.15 Current Price is $0.02 Difference: $0.127
If SNT meets the Canaccord Genuity target it will return approximately 552% (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

SNZ    SUMMERSET GROUP HOLDINGS LIMITED

Aged Care & Seniors – Overnight Price: $7.34

Jarden rates ((SNZ)) as Neutral (3) –

Jarden maintains a Neutral rating for Summerset Group with a NZ$10.52 target price following a 2Q26 sales update.

Commentary observes resales momentum continues to perform well in line with turnover, while new sales reflect strong contracting and settlement activity at two of four new village centre buildings opened during 1H26.

The analyst notes the New Zealand delivery target for FY26 has been revised down by 50 homes to 600–650 units and beds, whereas the Australian pipeline remains on track to deliver 100–150 homes.

Refinancing margins held broadly flat with FY25 levels in 1H26, introducing potential upside if trends persist into 2H26.

Jarden remains cautious due to high leverage and substantial development priced into the valuation, with further operational details anticipated upon the 1H26 result release on 27 August 2026.

This report was published on July 7, 2026.

Current Price is $7.34. Target price not assessed.
Current consensus price target is N/A

Forecast for FY26:

Current consensus EPS estimate is 87.9, implying annual growth of N/A.
Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY27:

Current consensus EPS estimate is 94.8, implying annual growth of 7.8%.
Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 7.7.

This company reports in NZD. 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

TLS    TELSTRA GROUP LIMITED

Telecommunication – Overnight Price: $4.92

Jarden rates ((TLS)) as Downgrade to Underweight from Neutral (4) –

Jarden downgrades Telstra Group to an Underweight rating from Neutral with the target price reduced to $4.60 as its analysis suggests intensifying long-term structural risks facing the telco’s core mobile network moat.

Emerging technological shifts like satellite direct-to-device capabilities and universal outdoor coverage regulations threaten to compress the firm’s historical mobile pricing premium over peers, the report concludes.

The analyst points out near-term earnings remain secure, framing this asset shift as a distant structural re-rating risk rather than an immediate revenue downgrade threat.

Long-duration cash flows well beyond FY34 carry elevated risk as unique continental coverage benefits gradually equalise across all three major domestic networks.

This network perception erosion prompts the broker to expect terminal multiple compression, likely causing the stock’s required dividend yield to drift higher over the medium term.

This report was published on July 7, 2026.

Target price is $4.60 Current Price is $4.92 Difference: minus $0.32 (current price is over target).
If TLS meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.35, suggesting upside of 8.8%(ex-dividends)
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 20.30 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.6, implying annual growth of 9.2%.
Current consensus DPS estimate is 20.8, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 23.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 22.50 cents and EPS of 21.80 cents.
At the last closing share price the estimated dividend yield is 4.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of 6.3%.
Current consensus DPS estimate is 21.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 22.5.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

TOR    TORQUE METALS LIMITED

Gold & Silver – Overnight Price: $0.23

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

Canaccord Genuity maintains a Speculative Buy rating for Torque Metals with a $0.55 target price following an updated mineral resource estimate at the Paris Gold Project south of Kalgoorlie.

The global project resource increased 39% to 351koz grading 3.1g/t gold, driven by the core Paris deposit expanding to 253koz at 3.8g/t gold.

The analyst notes the total inventory fell a little short of expectations because substantial recent drilling was expected to lift the project closer to 500koz.

Strategic focus appears centred on boosting geological confidence, with open-pit indicated resources significantly improving to 114koz.

The report highlights the launch of a new expansion strategy aimed at scaling total project inventory above 1Moz over the next two years.

This report was published on July 8, 2026.

Target price is $0.55 Current Price is $0.23 Difference: $0.325
If TOR meets the Canaccord Genuity target it will return approximately 144% (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

WAF    WEST AFRICAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.78

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

Canaccord Genuity maintains a Speculative Buy rating for West African Resources with a $5.85 target price following a June quarter production beat.

Group gold production reached 125koz from the Sanbrado and Kiaka mines in Burkina Faso, finishing 6% above the broker’s explicit forecast.

The stronger outcome was primarily driven by high-grade underground mining at Sanbrado’s M1 South operation, which translated into superior mill head grades.

Gold sales totalled 111koz at an average realised price of US$4,556/oz, supporting another period of “robust cash generation”.

The analyst notes year-to-date production is tracking well within annual guidance of 430,000 to 490,000 ounces despite minor operational constraints.

This report was published on July 8, 2026.

Target price is $5.85 Current Price is $2.78 Difference: $3.07
If WAF meets the Canaccord Genuity target it will return approximately 110% (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

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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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