Australian Broker Call *Extra* Edition – Jul 22, 2026

This story features AIC MINES LIMITED, and other companies.
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The company is included in ALL-ORDS

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

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

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

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

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

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

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

COMPANIES DISCUSSED IN THIS ISSUE

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

A1M (2)   ACW   AMI   BCI   BNZ   CAT   CUP   HGO   HZR   MRT   RMD   RRL   VYS  

A1M    AIC MINES LIMITED

Gold & Silver – Overnight Price: $0.66

Moelis rates ((A1M)) as Buy (1) –

Moelis maintains a Buy rating for AIC Mines with its target price reduced to $0.77 from $0.88 following weaker fourth-quarter production and an updated three-year operational outlook.

June quarter copper output of 3.1kt and gold production of 1.7koz missed estimates on lower head grades and throughput, driving all-in sustaining costs up to $6.15/lb.

Management released FY27 copper production guidance of 17.5kt to 18.5kt alongside longer-term targets reaching 25kt to 27kt in FY29 as the 1.5Mtpa processing plant expansion is pulled forward.

Higher near-term operating costs are highlighted whilst sustaining capital expenditure weighs on near-term cash flow projections, prompting the target price reduction.

The report concludes long-term growth optionality remains strong as higher copper prices enable accelerated underground development and plant capacity expansions.

This report was published on July 21, 2026.

Target price is $0.77 Current Price is $0.66 Difference: $0.11
If A1M meets the Moelis target it will return approximately 17% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.45.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.86.

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 rating for AIC Mines with a $1.10 target price following the release of three-year operational targets for the combined Eloise-Jericho asset.

Management confirmed an acceleration of the Stage 2 Eloise processing plant expansion to 1.5mtpa by two years to the December quarter of 2028, with the modest $15m capital expenditure funded via internal cash flow.

Production guidance for FY27 and FY28 aligns with existing expectations, while FY29 projections sit materially ahead as Jericho becomes the majority tonnage source.

The analyst notes an expanded prepayment facility with Trafigura provides an additional US$20m undrawn buffer during mill commissioning.

Forecasts and valuation metrics remain in place ahead of full FY26 financial results, with self-funded volume expansion underpinning the long-term thesis.

This report was published on July 21, 2026.

Target price is $1.10 Current Price is $0.66 Difference: $0.44
If A1M meets the Shaw and Partners target it will return approximately 67% (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 8.15.

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 4.62.

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

ACW    ACTINOGEN MEDICAL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.04

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

Canaccord Genuity maintains a Speculative Buy rating for Actinogen Medical with a $0.08 target price following the publication of results from the Phase 2 proof-of-concept XanaCIDD trial evaluating Xanamem in depression.

Whilst the trial missed its primary cognitive endpoint amid an unexpectedly large placebo response, daily 10mg doses of Xanamem proved well-tolerated and demonstrated a positive delayed effect on mood for patients with persistent depression.

The analyst views this delayed antidepressant signal as a compelling finding worth developing in a larger, mood-focused trial designed to adequately control for placebo effects.

Furthermore, cognitive impairment in depressed patients stems from various non-neurodegenerative factors, indicating the recent trial outcome should not be over-extrapolated to the ongoing XanaMIA Phase 2b/3 Alzheimer’s disease trial.

Top-line results for the biomarker-enriched XanaMIA study are anticipated in November 2026.

This report was published on July 21, 2026.

Target price is $0.08 Current Price is $0.04 Difference: $0.039
If ACW meets the Canaccord Genuity target it will return approximately 95% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY27:

Canaccord Genuity 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

AMI    AURELIA METALS LIMITED

Gold & Silver – Overnight Price: $0.33

Moelis rates ((AMI)) as Buy (1) –

Moelis maintains a Buy rating for Aurelia Metals with its target price increased to $0.45 from $0.43 following solid June quarter production performance and higher cash generation.

Fourth quarter gold production reached 15.4koz, comfortably beating expectations, alongside copper output of 1.0kt.

Operating cash flow improved to $53.1m for the quarter, lifting closing cash balances to $143.9m despite an uptick in operating costs.

The analyst attributes the target price increase primarily to model roll-forward benefits and an improved balance sheet position.

Long-term growth projects remain on track to expand overall volume output and pivot operations toward copper production.

This report was published on July 21, 2026.

Target price is $0.45 Current Price is $0.33 Difference: $0.12
If AMI meets the Moelis target it will return approximately 36% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.02.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.35.

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

BCI    BCI MINERALS LIMITED

Mining – Overnight Price: $0.41

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

Shaw and Partners maintains a Buy rating for BCI Minerals with a $0.75 target price following June quarter results that show significant project advancement at Mardie.

Construction completion reached 85% with salt precipitation commencing on schedule, establishing active production with 49kt of crystallised salt on pavement at quarter end.

Management targets operational readiness for First Salt on Ship by the March quarter of 2027, supported by strong funding reserves totalling $423m against an estimated construction cost-to-complete of $258m.

The analyst highlights port and logistics progress alongside pilot plant advancements as key milestones transforming the venture into a predictable cash generator.

Current market valuations continue to heavily discount the long-term infrastructure value of the asset as execution risks abate, the commentary concludes.

This report was published on July 21, 2026.

Target price is $0.75 Current Price is $0.41 Difference: $0.34
If BCI meets the Shaw and Partners target it will return approximately 83% (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 3.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.08.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 6.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.51.

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: $2.79

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

Canaccord Genuity maintains a Speculative Buy rating for Benz Mining while raising its target price to $6.00 from $4.00 following a shift in valuation methodology toward a hypothetical mining scenario at the Glenburgh Gold Project.

The analyst models a 6Mtpa operation capable of producing 250kozpa over a 15-year mine life, utilising an assumed mining inventory of 87Mt at 1.44g/t gold for 4.0Moz from higher-grade deposits.

Estimated development capital stands at $800m with all-in sustaining costs modelled at $2,000/oz, while proximity to the Bunbury-Dampier gas pipeline offers low-cost power potential.

Maiden resource estimates are anticipated in early 2027, backed by ongoing infill and extension drilling across the Hurricane, Icon, and Thunderbolt targets.

Commentary highlights long-term optionality remains significant, with scope for major producer involvement to expand operations towards a 12Mtpa development producing over 500kozpa.

This report was published on July 21, 2026.

Target price is $6.00 Current Price is $2.79 Difference: $3.21
If BNZ meets the Canaccord Genuity target it will return approximately 115% (excluding dividends, fees and charges).

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

CAT    CATAPULT SPORTS LIMITED

Medical Equipment & Devices – Overnight Price: $3.63

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

Moelis initiates coverage on Catapult Sports with a Buy rating and a $4.25 target price.

The analyst notes the sports technology market is expanding at a 15% compound annual growth rate, driven by professional sports commercialisation, athlete optimisation, and AI-driven coaching tools.

Catapult maintains a leading first-mover advantage in wearables, the report highlights, generating valuable longitudinal performance datasets and high customer retention exceeding 96%.

Strategic acquisitions, including IMPECT, enhance the company’s tactics, video, and scouting capabilities whilst opening cross-selling opportunities to expand average contract value.

Operating leverage from a fixed R&D and general administrative cost base is expected to drive long-term margin expansion as subscription revenues scale.

This report was published on July 20, 2026.

Target price is $4.25 Current Price is $3.63 Difference: $0.62
If CAT meets the Moelis target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $5.13, suggesting upside of 41.4%(ex-dividends)
The company’s fiscal year ends in March.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.73 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 494.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -6.1, 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 N/A.

Forecast for FY28:

Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 5.28 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 68.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.8, 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.

This company reports in USD. 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

CUP    COUNT LIMITED

Commercial Services & Supplies – Overnight Price: $1.03

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

Canaccord Genuity maintains a Buy rating for Count with its target price held at $1.65 following the completion of the Oracle acquisition on 20 July 2026.

Upfront consideration decreased to $49.0m to reflect normalised FY26 EBITA of $9.1m, driven by one-off items including work-in-progress write-offs and integration disruptions.

The analyst highlights that earn-out hurdles remain unchanged whilst pre-tax cost synergy expectations have increased to $1.25m to be realised within 24 months.

Integration efforts are well advanced with rebranding to Count Wealth completed on day one, limiting any adverse impact on FY27 earnings.

The broker anticipates the transaction will drive low double-digit EPS growth in FY27 alongside favourable industry tailwinds.

This report was published on July 20, 2026.

Target price is $1.65 Current Price is $1.03 Difference: $0.62
If CUP meets the Canaccord Genuity target it will return approximately 60% (excluding dividends, fees and charges).

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 target price following an in-line June quarter production report marking a fifth consecutive quarter of operational improvement.

Copper production reached 3.2kt whilst all-in sustaining costs averaged $5.76/lb, slightly outperforming broker estimates.

The analyst notes cash balances grew by $7m net of all expenditure to close at $32.2m, demonstrating the business is building solid operational momentum.

Further improvements in cash realisation are expected as the legacy copper hedge position depletes and fully exhausts during the September quarter.

Moelis concludes positive cash generation and mine life extensions reinforce confidence in the company’s long-term value proposition as processing volumes scale up in the second half of the year.

This report was published on July 21, 2026.

Target price is $0.10 Current Price is $0.06 Difference: $0.035
If HGO meets the Moelis target it will return approximately 58% (excluding dividends, fees and charges).

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

HZR    HAZER GROUP LIMITED

Commodities – Overnight Price: $0.32

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

Shaw and Partners maintains a Buy rating for Hazer Group with a $0.70 target price following the release of the June quarter activities and cash flow report.

The clean-technology company concluded FY26 with a solid funding position of $13.0m, consisting of $10.7m in cash and cash equivalents alongside $2.3m in remaining grant milestones.

Operational progress highlights include completing a comprehensive Process Design Package with KBR for a 30,000 tpa hydrogen facility, advancing commercial project frameworks with FortisBC, and extending collaboration agreements with POSCO through 2028.

The analyst points out that commercial scale-up potential is enhanced by ongoing engineering studies and progress in monetising co-product graphite.

Strong liquidity buffers and expanding global partnerships support the long-term investment thesis.

This report was published on July 21, 2026.

Target price is $0.70 Current Price is $0.32 Difference: $0.38
If HZR meets the Shaw and Partners target it will return approximately 119% (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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.67.

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 9.14.

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: $0.65

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

Maritana Minerals has provided an update on progress at the Black Swan processing hub. FEED has been completed and the mill will be refurbished to a rate of 2.5mtpa. Long lead items have been ordered and early works have commenced.

The company has locked in and committed to $25m in capital expenditure on the hub and Research as a Service (RaaS) assesses it is in an improved position to meet the development schedule, with first gold expected in the second half of 2027. Valuation is retained at $2.816/share.

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 21, 2026.

Target price is $2.82 Current Price is $0.65 Difference: $2.166
If MRT meets the Research as a Service (RaaS) target it will return approximately 333% (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 53.72.

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 2.24.

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

RMD    RESMED INC

Medical Equipment & Devices – Overnight Price: $27.94

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

Canaccord Genuity maintains its Buy rating for ResMed with its target price lowered to $40.00 from $44.50 following adjustments for the MatrixCare divestment and the Noctrix acquisition.

Commentary states the divestment of MatrixCare for US$490m reflects ongoing challenges in delivering connected care cost-savings across post-acute settings.

The US$340m acquisition of Noctrix introduces the FDA-authorised Nidra platform targeting Restless Leg Syndrome, adding an estimated US$30m in FY27 revenue while lifting near-term operating expenses.

The analyst notes non-GAAP earnings per share for FY26 are projected at US$11.07, representing 15.8% growth over the prior year.

Despite competitive overhangs and emerging alternative therapies, Canaccord maintains current valuation multiples near decade lows offer attractive long-term entry points supported by core CPAP demand.

This report was published on July 21, 2026.

Target price is $40.00 Current Price is $27.94 Difference: $12.06
If RMD meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $39.54, suggesting upside of 41.5%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 158.7, implying annual growth of N/A.
Current consensus DPS estimate is 34.9, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY27:

Current consensus EPS estimate is 172.5, implying annual growth of 8.7%.
Current consensus DPS estimate is 37.7, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 16.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

RRL    REGIS RESOURCES LIMITED

Gold & Silver – Overnight Price: $5.90

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

Canaccord Genuity maintains a Buy rating for Regis Resources with its target price lowered to $6.70 from $7.35 following the release of FY27 guidance.

Group production targets of 360koz to 400koz align broadly with prior estimates, whilst all-in sustaining costs and growth capital expenditures are forecast to increase substantially compared to FY26.

Operations at Duketon anticipate higher output, whereas Tropicana production guidance drops -11%-12% against previous forecasts due to lower open pit mining at Havana necessitating the processing of low-grade stockpiles.

The analyst revises FY27 free cash flow estimates downward by -39% to $393m to account for the elevated cost profile and expectation of -$305m spend in growth capital.

The broker applies more conservative cost assumptions across both major assets through FY31, driving the reduction in the net present value-based target price.

This report was published on July 21, 2026.

Target price is $6.70 Current Price is $5.90 Difference: $0.8
If RRL meets the Canaccord Genuity target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $7.80, suggesting upside of 32.2%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 100.0, implying annual growth of 197.0%.
Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 5.9.

Forecast for FY27:

Current consensus EPS estimate is 119.3, implying annual growth of 19.3%.
Current consensus DPS estimate is 32.0, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 4.9.

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

VYS    VYSARN LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.98

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

Canaccord Genuity maintains a Buy rating for Vysarn with its target price increased to $1.08 from $1.07 following a “comprehensive” FY26 trading update.

Unaudited full-year pre-tax profit reached $20.9m, up 39% on the prior corresponding period and slightly ahead of estimates, while net cash closed at $7.1m.

The analyst highlights positive momentum across all operating divisions, underpinned by fleet expansion in Industrial, increased tender activity in Advisory, and strong project pipeline visibility in Technology.

Minor revisions to FY27 and FY28 forecasts reflect higher revenue and EBITDA driven by Technology, though increased depreciation and interest expenses modestly weigh on pre-tax profit estimates.

The updated valuation combines $0.98 per share for the operating business based on a 15.0x FY27 EV/EBITDA multiple alongside a $0.10 per share risked contribution for Asset Management.

This report was published on July 21, 2026.

Target price is $1.08 Current Price is $0.98 Difference: $0.1
If VYS meets the Canaccord Genuity target it will return approximately 10% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 35.00.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.00.

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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