Australian Broker Call *Extra* Edition – Jul 20, 2026

This story features 29METALS LIMITED, and other companies.
For more info SHARE ANALYSIS: 29M
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)

29M (2)   A1M (2)   ABB   AEL   AMP   BC8   BTR   CTM   D3E   EVN (2)   GHM   GL1   HGO   KCN   NWL   OBM   ORE   PDI   PEB   POL   REA   RYM   TLC   VAU  

29M    29METALS LIMITED

Copper – Overnight Price: $0.22

Canaccord Genuity rates ((29M)) as Hold (3) –

Canaccord Genuity maintains a Hold rating for 29Metals with an unchanged target price of $0.25 following the release of the June quarter results.

Copper production fell -25% quarter-on-quarter to 4.8kt due to lower feed grades, whilst zinc and gold production exceeded expectations driven by higher-grade ore sequencing and stockpile processing.

Cash reserves declined -16% over the quarter to $188m as Golden Grove cash generation remained constrained by ongoing capital investments, corporate overheads, and debt servicing.

Canaccord has revised the full-year EBITDA forecast higher to $86m on improved revenue performance and lower operating costs.

Management continues to evaluate a potential restart of the Capricorn Copper operations as de-watering and rehabilitation progress towards a potential final investment decision.

This report was published on July 15, 2026.

Target price is $0.25 Current Price is $0.22 Difference: $0.03
If 29M meets the Canaccord Genuity target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $0.32, suggesting upside of 47.0%(ex-dividends)
The company’s fiscal year ends in December.

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 22.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.8, 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:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.7, 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 5.9.

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

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Jarden rates ((29M)) as Underweight (4) –

Jarden maintains an Underweight rating for 29Metals with an unchanged target price of $0.30 following a June quarter production update.

The analyst highlights that operational and financial performance beat expectations due to the unexpected processing of gold stockpiles.

Previously downgraded calendar year guidance remained unchanged while liquidity declined further by -$36m to $202m.

The analyst refines financial forecasts and expects the company to report first half revenue of $320m alongside an underlying EBITDA of $39m.

Greater operating consistency at Golden Grove, positive free cash flow generation, and a credible pathway to restart Capricorn Copper are required before taking a more constructive view, Jarden comments.

This report was published on July 16, 2026.

Target price is $0.30 Current Price is $0.22 Difference: $0.08
If 29M meets the Jarden target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $0.32, suggesting upside of 47.0%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -5.8, 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:

Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.7, 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 5.9.

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

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.60

Moelis rates ((A1M)) as Buy (1) –

Moelis maintains a Buy rating for AIC Mines with a $0.88 target price following the release of the 4QFY26 production results.

Copper concentrate production reached 13.1kt, allowing the company to meet the top end of its full-year guidance range despite a softer relative final quarter.

Headline all-in sustaining costs rose 47% sequentially to $6.15/lb copper sold due to lower feed grades, elevated diesel costs, and adverse weather conditions delaying shipments.

The analyst notes the closing cash position of $41.7m includes a -$30.1m debt drawdown, with the remaining prepayment facility expected to be utilised in the upcoming quarter.

Commentary suggests future project re-ratings remain tied to the successful delivery and ramp-up at Jericho alongside the execution of the processing plant expansion to 1.1Mtpa.

This report was published on July 16, 2026.

Target price is $0.88 Current Price is $0.60 Difference: $0.275
If A1M meets the Moelis target it will return approximately 45% (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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Shaw and Partners rates ((A1M)) as Buy (1) –

Shaw and Partners maintains a Buy recommendation for AIC Mines with a $1.10 price target following the release of June quarter results.

While production and costs remained within annual guidance for the third consecutive year, the June quarter was softer due to elevated diesel prices, unseasonal rain, and the earlier-than-planned start of lower-grade Jericho sales.

These factors pushed Eloise unit costs above the FY26 guidance range, although the analyst views these as short-term issues that have been alleviated.

The company continues to advance the Eloise plant expansion toward a December 2026 commissioning target and successful metallurgical trials at Jericho provide confidence in the ramp-up profile.

The investment thesis remains supported by consistent operational performance and the ongoing progression of growth projects.

This report was published on July 17, 2026.

Target price is $1.10 Current Price is $0.60 Difference: $0.495
If A1M meets the Shaw and Partners target it will return approximately 82% (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 8.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.47.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.23.

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

ABB    AUSSIE BROADBAND LIMITED

Telecommunication – Overnight Price: $4.75

Jarden rates ((ABB)) as Upgrade to Overweight from Neutral (2) –

Jarden upgrades Aussie Broadband to Overweight from Neutral, maintaining its $5.50 target price, as market concerns regarding residential subscriber slowdowns are deemed fully priced in.

The analyst expects that cost efficiencies from replatforming will drive organic earnings growth and provide operating leverage, helping to offset the residential subscriber slowdown.

Despite fears of satellite disruption from Starlink, the broker views the threat as limited for the FY28 outlook and emphasises the company’s strong track record in gaining market share.

With the stock trading some two standard deviations below its historical average at approximately 14x 1-year forward earnings, the risk/reward profile is considered compelling.

The company is forecast to compound underlying EBITDA and earnings per share by approximately 21% and 28% respectively over the FY25 to FY28 period.

This report was published on July 14, 2026.

Target price is $5.50 Current Price is $4.75 Difference: $0.75
If ABB meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $6.01, suggesting upside of 26.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 5.40 cents and EPS of 23.70 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of 86.8%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 22.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 7.00 cents and EPS of 32.90 cents.
At the last closing share price the estimated dividend yield is 1.47%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.4, implying annual growth of 35.9%.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 16.7.

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

AEL    AMPLITUDE ENERGY LIMITED

Crude Oil – Overnight Price: $1.51

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

Jarden maintains an Overweight rating for Amplitude Energy with its target price held at $1.95 following the June quarter production update.

Production met expectations while revenue missed forecasts due to weaker-than-anticipated spot gas prices.

The analyst reports that the company reduced production and performed maintenance during periods of depressed pricing, subsequently returning to record production rates since quarter-end.

Budget and timing schedules for the East Coast Supply Project remain unchanged, with the Juliet exploration well anticipated to spud in late July or early August.

Success at the upcoming exploration wells could add meaningful per-share value as development decisions approach later this year, the report concludes.

This report was published on July 16, 2026.

Target price is $1.95 Current Price is $1.51 Difference: $0.44
If AEL meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $2.59, suggesting upside of 71.4%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 17.1, 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 8.8.

Forecast for FY27:

Current consensus EPS estimate is 20.4, implying annual growth of 19.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.4.

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

AMP    AMP LIMITED

Wealth Management & Investments – Overnight Price: $2.02

Jarden rates ((AMP)) as Neutral (3) –

Jarden maintains a Neutral rating for AMP while lifting its target price to $2.00 from $1.80 following an underlying profit guidance of $170m-$180m for the first half of 2026.

This guidance represents a significant beat against prior expectations, primarily driven by strong growth in China partnerships, asset sales, and favorable market-related impacts.

The analyst highlights that China earnings are now forecast to comprise up to 33% of group profits, exhibiting a stronger near-term growth trajectory than the remaining ex-China businesses.

Earnings per share assumptions are raised by 17% for FY26 and approximately 8%-9% for subsequent periods.

With the $150m buyback program completed, investor attention will likely pivot toward bank remediation progress and platform business flow momentum.

This report was published on July 16, 2026.

Target price is $2.00 Current Price is $2.02 Difference: minus $0.02 (current price is over target).
If AMP meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.01, suggesting downside of -0.4%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 4.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.5, implying annual growth of 137.6%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 4.00 cents and EPS of 13.80 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.7, implying annual growth of 9.6%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 14.7.

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

BC8    BLACK CAT SYNDICATE LIMITED

Gold & Silver – Overnight Price: $0.85

Moelis rates ((BC8)) as Buy (1) –

Moelis maintains a Buy rating for Black Cat Syndicate with a $1.70 target price following an exploration update from the Paulsens project.

Recent underground diamond drilling at Lynx and Regulus has delivered significant high-grade results, including 4.8m at 18.8g/t gold at Lynx and 3.7m at 40.3g/t gold at Regulus.

The analyst highlights these intercepts demonstrate grade continuity and suggest latent exploration potential at the mature operation, with both targets remaining open at depth and along strike.

The broker expects June 2026 quarterly results and the FY27 outlook to provide a clearer basis for assessing performance now that the company is treating its own ore exclusively.

While equity pricing reflects a discount for perceived operational complexity, the exploration success supports the long-term investment thesis for an extended mine life.

This report was published on July 18, 2026.

Target price is $1.70 Current Price is $0.85 Difference: $0.845
If BC8 meets the Moelis target it will return approximately 99% (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

BTR    BRIGHTSTAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.32

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

Shaw and Partners maintains a Buy rating for Brightstar Resources with its target price increased to $1.23 following an interim mineral resource estimate upgrade at the Sandstone project.

Total gold resources at Sandstone expanded 18% to 2.9Moz, driven primarily by physical resource growth rather than analytical changes.

Geological confidence also improved significantly as indicated resources more than doubled to 1.14Moz, providing a strong baseline ahead of a maiden reserve statement and pre-feasibility study due in late 2026.

The analyst extends the projected mine life to nine years, modelling a commercial production pathway of approximately 255kozpa across the group starting around FY31.

Project execution at the fully funded Goldfields project remains on track for first gold in the fourth quarter of FY27, which remains heavily discounted by current equity pricing.

This report was published on July 16, 2026.

Target price is $1.23 Current Price is $0.32 Difference: $0.915
If BTR meets the Shaw and Partners target it will return approximately 290% (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 3.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.75.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 3.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.00.

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

CTM    CENTAURUS METALS LIMITED

Nickel – Overnight Price: $0.44

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

Canaccord Genuity maintains a Speculative Buy rating for Centaurus Metals with its target price increased to $1.05 from $1.00 following crucial project de-risking achievements at the Jaguar Nickel Sulphide Project.

The company has secured approval to connect the asset to Brazil’s national high-voltage transmission network, granting a 20MW power allocation expected to place the operation in the bottom quartile of the global cost curve.

The analyst highlights additional momentum from the State of Para via extensive tax incentives, which deliver full exemptions on equipment purchases and eligible imports alongside a -50% reduction in state electricity and fuel taxes.

These milestones complement earlier funding and marketing commercialisation steps, including an offtake partnership with Glencore and financial engagements with national banks.

Management remains on track to advance the fully permitted infrastructure pathways towards a final investment decision targeted for the end of September 2026.

This report was published on July 15, 2026.

Target price is $1.05 Current Price is $0.44 Difference: $0.61
If CTM meets the Canaccord Genuity target it will return approximately 139% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 62.86.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 2.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.60.

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

D3E    D3 ENERGY LIMITED

NatGas – Overnight Price: $0.34

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

Research as a Service (RaaS) believes D3 Energy’s maiden Prospective Resource for PEL 121 highlights the potential for a significant new helium province in South Australia. PEL 121 is an exploration permit in the Arckaringa Basin of northern South Australia.

The certified resource covers two drill-ready prospects with a best estimate of 54Bcf of helium, alongside hydrogen and natural gas. The analyst describes the helium concentrations as world class.

A maiden exploration well is planned for 2027. D3 Energy is seeking a partner, although government research incentives could support sole-funded drilling, the analyst explains.

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 17, 2026.

Target price is $2.78 Current Price is $0.34 Difference: $2.435
If D3E meets the Research as a Service (RaaS) target it will return approximately 706% (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 19.83.

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 22.12.

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

EVN    EVOLUTION MINING LIMITED

Gold & Silver – Overnight Price: $10.53

Canaccord Genuity rates ((EVN)) as Hold (3) –

Canaccord Genuity maintains a Hold rating for Evolution Mining Limited while lowering its price target to $12.25 following the June quarter report.

Group gold production of 180koz met tracking forecasts, bringing the full-year production to 715koz and successfully achieving the established annual guidance range.

Sequentially flat cash levels at $1.35bn were driven by elevated cash tax payments and growth expenditures, though a robust unhedged liquidity position of $1.87bn is maintained.

While the long-term project pipeline continues to support cash generation, the analyst lifts prospective sustaining capital assumptions due to persistent sector cost inflation.

The neutral investment stance reflects full valuation balance despite unique asset leverage to gold and copper commodity curves.

This report was published on July 15, 2026.

Target price is $12.25 Current Price is $10.53 Difference: $1.72
If EVN meets the Canaccord Genuity target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $13.50, suggesting upside of 28.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 20.00 cents and EPS of 75.60 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.9, implying annual growth of 76.1%.
Current consensus DPS estimate is 40.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 20.00 cents and EPS of 76.70 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.3, implying annual growth of 17.6%.
Current consensus DPS estimate is 47.2, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 10.9.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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Jarden rates ((EVN)) as Underweight (4) –

Jarden maintains an Underweight rating for Evolution Mining with its target price lowered to $8.20 from $8.40 following a weak June quarter finish to FY26.

Group production closed out the period at 180koz alongside copper output of 19kt, while all-in sustaining costs reached $1,706/oz.

The analyst highlights management is signaling material cost inflation for FY27 driven by higher sustaining capital, mine development expenditures, and organic growth spend.

Forecasted total capital expenditures are modeled at $1,350m with all-in sustaining costs of $1,907/oz, while total production is projected to decline -3% to 697koz.

The broker reduces EBITDA projections by up to -2% across FY26 to FY28, noting the asset portfolio remains capital-intensive and valuation multiples are the most expensive under coverage.

This report was published on July 16, 2026.

Target price is $8.20 Current Price is $10.53 Difference: minus $2.33 (current price is over target).
If EVN meets the Jarden target it will return approximately minus 22% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.50, suggesting upside of 28.2%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 81.9, implying annual growth of 76.1%.
Current consensus DPS estimate is 40.8, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY27:

Current consensus EPS estimate is 96.3, implying annual growth of 17.6%.
Current consensus DPS estimate is 47.2, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 10.9.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GHM    GOLDEN HORSE MINERALS LIMITED

Gold & Silver – Overnight Price: $0.40

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

Shaw and Partners maintains a Buy recommendation for Golden Horse Minerals with its target price held at $1.25 following highly encouraging assay results from regional drilling and sampling programs at the Southern Cross Gold Project.

The analyst reports that drilling at Greenmount successfully extended mineralisation to a depth of 150m, while sampling at Withers confirmed high-grade reefs across historical workings.

Exploration efforts are focused on the flagship Hopes Hill deposit to support a maiden mineral resource estimate due in late 2026.

The investment thesis centres on the potential for satellite discoveries across the expansive 1,800km2 landholding to provide significant resource growth.

The broker believes the company is building a resource base well ahead of what the current market capitalisation implies.

This report was published on July 17, 2026.

Target price is $1.25 Current Price is $0.40 Difference: $0.85
If GHM meets the Shaw and Partners target it will return approximately 213% (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 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.00.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 26.67.

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

GL1    GLOBAL LITHIUM RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.47

Shaw and Partners rates ((GL1)) as Buy (1) –

Shaw and Partners maintains a Buy recommendation for Global Lithium Resources with a $1.75 price target following its binding agreement to acquire the Nova processing plant and infrastructure from IGO Ltd ((IGOI)) for $7m.

This capital-light transaction provides a fast-tracked bridge to production by utilising existing infrastructure instead of constructing a standalone facility.

The analyst notes the acquisition significantly reduces the upfront capital requirement for the Manna Lithium Project compared to previous definitive feasibility study estimates.

A detailed integration study is scheduled for completion before the end of September to define logistics and converted facility capital expenditure.

A final investment decision remains targeted for the December quarter of 2026 as the company positions itself to capture expanding lithium market demand.

This report was published on July 16, 2026.

Target price is $1.75 Current Price is $0.47 Difference: $1.28
If GL1 meets the Shaw and Partners target it will return approximately 272% (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 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 31.33.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.22.

Market Sentiment: 0.5
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 $0.095 price target following the formal sanctioning of the Emily Star development at the Kanmantoo Copper Mine.

This new mining front is expected to increase annual throughput beyond 2Mtpa, with stoping scheduled to commence in the second half of 2027.

The analyst highlights the investment is highly accretive, leveraging latent plant capacity whilst providing a 25% production volume growth to approximately 16kt of copper.

Major capital expenditure guidance for 2026 has been updated to $15m-$17m to reflect this development activity, which is fully funded through operating cash flow.

The broker notes the business is in a materially better position than 12–18 months ago, yet this improvement is not yet fully reflected in the current share price.

This report was published on July 17, 2026.

Target price is $0.10 Current Price is $0.06 Difference: $0.036
If HGO meets the Moelis target it will return approximately 61% (excluding dividends, fees and charges).

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

KCN    KINGSGATE CONSOLIDATED LIMITED

Gold & Silver – Overnight Price: $3.92

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

Canaccord Genuity maintains a Buy rating for Kingsgate Consolidated Limited while lowering its price target to $8.10 from $8.35 following a significant mechanical failure at the Chatree Gold Mine.

A breakdown of the ball mill trunnion bearings has forced Plant 1 offline for an estimated three months, leading the broker to reduce its full-year FY27 gold production forecast by -10% to 94koz.

Mining operations continue uninterrupted, and Plant 2 remains fully operational at higher-than-nameplate capacity to help mitigate the downtime.

Preliminary production of 20koz for the final quarter enabled the company to successfully meet the lower end of its FY26 guidance range.

The analyst considers the near-term share sell-off an attractive buying opportunity given robust underlying operating margins and solid prospective free cash flows.

This report was published on July 13, 2026.

Target price is $8.10 Current Price is $3.92 Difference: $4.18
If KCN meets the Canaccord Genuity target it will return approximately 107% (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 10.00 cents and EPS of 69.00 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.68.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 10.00 cents and EPS of 52.00 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.54.

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: $23.48

Jarden rates ((NWL)) as Neutral (3) –

Jarden maintains a Neutral rating for Netwealth Group with its target price trimmed to $24.70 from $25.00 following the fourth-quarter report.

While net flows for the quarter of $3.2bn aligned with guidance, the report highlighted material outflows from UHNW clients and slowing momentum in managed account funds under administration growth.

The analyst notes these developments, while potentially reflecting single-quarter volatility, are important watch points impacting revenue density and the flow outlook.

Underlying earnings per share estimates have been reduced by -1%-2% through FY29 to reflect lower revenue density.

Netwealth remains well-positioned for a private wealth opportunity, but given the flow gap between competitors, the broker retains a cautious near-term stance.

This report was published on July 16, 2026.

Target price is $24.70 Current Price is $23.48 Difference: $1.22
If NWL meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $28.84, 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 44.30 cents and EPS of 54.70 cents.
At the last closing share price the estimated dividend yield is 1.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.5, implying annual growth of 3.9%.
Current consensus DPS estimate is 43.5, 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 48.00 cents and EPS of 58.90 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 39.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.2, implying annual growth of 19.6%.
Current consensus DPS estimate is 48.9, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 39.7.

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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $1.00

Moelis rates ((OBM)) as Buy (1) –

Moelis maintains a Buy rating for Ora Banda Mining with its target price reduced to $1.40 per share.

The broker updated its valuation model to incorporate a pull-forward of capital expenditures in line with company guidance, which primarily drove the -13% target price reduction.

Production for the fourth quarter totalled 39.6koz, just meeting the bottom end of the FY26 guidance range, whilst costs were impacted by higher diesel expenses and weather-related haulage headwinds.

The analyst highlights that growth plans are fully funded without needing to rely on the $200m undrawn debt facility, leaving the company well-positioned for its heavy investment phase.

In the view of the analyst, Ora Banda Mining represents the standout gold growth play in the small-cap space given its production base and significant exploration potential.

This report was published on July 17, 2026.

Target price is $1.40 Current Price is $1.00 Difference: $0.4
If OBM meets the Moelis target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 65.0%(ex-dividends)
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 12.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of 9.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.9.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 13.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.7, implying annual growth of 4.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.5.

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

ORE    OREZONE GOLD CORPORATION CDI

Gold & Silver – Overnight Price: $2.09

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

Canaccord Genuity maintains a Buy rating for Orezone Gold Corp CDI with a CA$5.00 price target following the release of Q2 2026 production results.

The analyst reports gold production of 58.6koz for the quarter, beating consensus estimates by 6% despite missing the broker’s specific forecast by -13%.

Management reiterates 2026 production guidance of 222koz to 247koz, anticipating that higher-grade ore access will strengthen output in the second half of the year.

A voluntary suspension of operations at Casa Berardi due to a nearby wildfire began on July 10, though the company expects to resume shortly without impacting annual guidance.

The analyst identifies Orezone as a top pick amongst junior producers, noting its attractive valuation, strong free cash flow generation, and exploration upside.

This report was published on July 14, 2026.

Current Price is $2.09. Target price not assessed.
The company’s fiscal year ends in December.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 71.94 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.91.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 52.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.02.

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

PDI    PREDICTIVE DISCOVERY LIMITED

Gold & Silver – Overnight Price: $0.61

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

Canaccord Genuity maintains a Speculative Buy rating for Predictive Discovery with a target price of $1.40 following a strategic investment in Awale Resources.

The company has announced a US$10m strategic investment to acquire an initial equity stake of approximately 12.3% in Awale Resources, securing exposure to the emerging Odienne Gold Project in Cote d’Ivoire.

The analyst notes this investment is fully funded from existing cash reserves and bullion, leaving development funding for the flagship Bankan Gold Project unimpacted.

The investment thesis centres on expanding exposure to an active West African gold district backed by major industry participants like Newmont Corp ((NEM)) and Fortuna Mining.

Management remains focused on advancing the Kiniero mine and working towards near-term permitting for the Bankan development pipeline.

This report was published on July 15, 2026.

Target price is $1.40 Current Price is $0.61 Difference: $0.79
If PDI meets the Canaccord Genuity target it will return approximately 130% (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

PEB    PACIFIC EDGE LIMITED

Medical Equipment & Devices – Overnight Price: $0.23

Jarden rates ((PEB)) as Neutral (3) –

Jarden maintains a Neutral rating for Pacific Edge with an unchanged target price of $0.20 following the release of Q1 27 volume and metric updates.

The broker highlights that clinical trial and investigator-initiated trial volumes fell 82% over the quarter, contributing to an overall 8.3% decline in total laboratory throughput to 5,116 tests.

In contrast, the APAC business shows strong momentum with commercial tests up 12.9%, approaching profitability on a direct-cost basis.

US test volumes declined 2.4% following a reduction in the sales force to 5.0 full-time equivalents, and the company is implementing a new sales strategy to reverse this trend.

Management anticipates a final local coverage determination before the end of 2026, with the regulatory timeline requiring finalisation or withdrawal by 14 May 2027.

This report was published on July 14, 2026.

Target price is $0.20 Current Price is $0.23 Difference: minus $0.03 (current price is over target).
If PEB meets the Jarden target it will return approximately minus 13% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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

POL    POLYMETALS RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.72

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

Shaw and Partners maintains a Buy rating for Polymetals Resources while reducing its target price to $1.10 from $1.15 due to modelling updates.

The Endeavour mine operation delivered a post-restart record for open pit extraction and mill throughput during the June quarter, driving zinc and lead production comfortably ahead of forecasts.

Free cash flow and revenue came in softer than expected because specific direct shipping ore volumes from the Upper Main Lode were deferred into the September quarter.

Operational unit costs are trending lower as the asset matures, de-risking the pathway towards intermediate cash flow breakeven and initial profitability milestones.

Near-term structural considerations centre on addressing the $27.96m vendor-held rehabilitation bond replacement before the August deadline.

This report was published on July 16, 2026.

Target price is $1.10 Current Price is $0.72 Difference: $0.38
If POL meets the Shaw and Partners target it will return approximately 53% (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 10.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.13.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 56.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1.28.

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

REA    REA GROUP LIMITED

Real Estate – Overnight Price: $160.86

Jarden rates ((REA)) as Neutral (3) –

Jarden maintains a Neutral rating for REA Group with its target price held at $178.00 following the announcement of the India business divestment.

The company has entered a binding agreement to sell Housing.com to Aurum PropTech, receiving shares valued at $68m as consideration, an exit that aligns with management’s strategic view regarding the India return profile.

The transaction is expected to deliver an overall loss on divestment of -$110m, with the business now classified as a discontinued operation for FY26.

While FY26 earnings per share are unchanged, the analyst increases FY27 and FY28 estimates by 2.5% and 3.6% respectively to reflect the divestment.

National new listings growth remained positive in June, and management notes potential early stock-to-market activity from sellers anticipating capital gains changes in 2027.

This report was published on July 16, 2026.

Target price is $178.00 Current Price is $160.86 Difference: $17.14
If REA meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $184.82, suggesting upside of 14.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 280.60 cents and EPS of 483.50 cents.
At the last closing share price the estimated dividend yield is 1.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 478.1, implying annual growth of -6.9%.
Current consensus DPS estimate is 276.1, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 33.6.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 296.40 cents and EPS of 577.70 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 27.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 525.4, implying annual growth of 9.9%.
Current consensus DPS estimate is 304.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 30.6.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

RYM    RYMAN HEALTHCARE LIMITED

Aged Care & Seniors – Overnight Price: $1.70

Jarden rates ((RYM)) as Neutral (3) –

Jarden maintains a Neutral rating for Ryman Healthcare with an unchanged target price of NZ$2.56 following a Q1 FY27 sales update.

New sales volumes for independent living units and serviced apartments tracked broadly in line with expectations at 22% and 24% of FY27 respectively.

Commentary highlights the company remains on track to deliver 157–168 units and beds in FY27.

Jarden points out resales of independent living units remain under pressure, while demand for serviced apartments shows greater resilience.

The analyst emphasises while resales momentum is currently lagging, the company highlights ongoing progress in aged care performance with high occupancy levels.

This report was published on July 14, 2026.

Current Price is $1.70. Target price not assessed.

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

TLC    LOTTERY CORPORATION LIMITED

Gaming – Overnight Price: $5.69

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

Jarden maintains an Overweight rating for Lottery Corp with its target price held at $5.65 ahead of the FY26 results release on 19 August.

The analyst highlights a second consecutive half of jackpot weakness which will likely result in turnover falling approximately -$680m below theoretical levels, equating to an estimated -$340m revenue impact.

Commentary explains digital penetration remains suppressed, and variable contribution is tracking -1% below consensus, although disciplined cost management provides a partial offset.

The broker lowers FY26 and FY27 EPS estimates by -1% to account for these jackpot headwinds and corrections to online Keno removal assumptions.

Portfolio refreshes and pricing changes remain key focus areas, with an anticipated Oz Lotto update serving as a potential positive catalyst for future turnover growth.

This report was published on July 16, 2026.

Target price is $5.65 Current Price is $5.69 Difference: minus $0.04 (current price is over target).
If TLC meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.88, suggesting upside of 3.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 16.00 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 36.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of -0.8%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 34.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 17.50 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 32.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.5, implying annual growth of 13.5%.
Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 30.8.

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

VAU    VAULT MINERALS LIMITED

Gold & Silver – Overnight Price: $4.62

Jarden rates ((VAU)) as Neutral (3) –

Jarden retains a Neutral rating for Vault Minerals while lifting its price target to $5.20 from $4.30 to incorporate a premium for the proposed merger with Genesis Minerals.

The proposed consideration represents a 16% premium to the Vault Minerals share price and is viewed as a positive outcome that provides shareholders exposure to a more resilient combined entity with a superior growth profile.

The combined group would rank as the third-largest primary Australian-listed gold producer, featuring a pro-forma market capitalisation of $12.6bn and pro-forma production of 600koz to 700koz of gold per annum.

Jarden highlights the new entity is expected to emerge with a strong balance sheet carrying over $600m in net cash and a combined resource base of 33.6Moz.

Vault Minerals’ share price is expected to remain heavily influenced by Genesis Minerals’ performance pending the scheme meeting expected in September or October 2026.

This report was published on July 14, 2026.

Target price is $5.20 Current Price is $4.62 Difference: $0.58
If VAU meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $7.13, suggesting upside of 54.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 18.00 cents and EPS of 53.60 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.8, implying annual growth of 71.3%.
Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 11.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 18.00 cents and EPS of 60.40 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.6, implying annual growth of 82.0%.
Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 6.5.

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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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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