Australian Broker Call *Extra* Edition – Aug 03, 2026

This story features AERIS RESOURCES 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)

AIS   BC8   BGL   DVP   DYL   ELV   EQR   GGP (2)   GMD   IGO   IKE (2)   ILU   KCN   LTR   M7T   MEI   NIC   OMA   PNR   STM   VAU   VUL   WAF   WC8  

AIS    AERIS RESOURCES LIMITED

Industrial Metals – Overnight Price: $0.41

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

Canaccord Genuity maintains a Buy rating for Aeris Resources with a $0.70 target price following a fourth-quarter FY26 operational update delivering a 37% sequential increase in operating cash flow to $104m.

Full-year FY26 EBITDA expanded 78% to $285m, enabling the full repayment of a $40m debt facility and leaving the business with no net debt.

Tritton mineral resources grew 70% to 33Mt containing 540kt of copper, while ore reserves expanded fourfold to 10Mt containing 180kt of copper following successful drilling and completion of the Peel acquisition on 1 July 2026.

Granting a mining lease at Constellation clears the way for waste stripping in the September quarter of 2026, while Cracow produced 40.6koz of gold in FY26 to meet annual guidance.

Upgrading FY26 EBITDA estimates 10% higher to $285m and FY27 EBITDA forecasts 13% higher to $351.6m, the analyst views the stock as attractively valued at 0.54x P/NAV.

This report was published on July 29, 2026.

Target price is $0.70 Current Price is $0.41 Difference: $0.295
If AIS meets the Canaccord Genuity target it will return approximately 73% (excluding dividends, fees and charges).
Current consensus price target is $0.69, suggesting upside of 67.7%(ex-dividends)
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 13.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.1, implying annual growth of 180.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 3.1.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 19.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of 19.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2.6.

Market Sentiment: 1.0
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: $0.90

Moelis rates ((BC8)) as Buy (1) –

Moelis maintains a Buy rating for Black Cat Syndicate with a $1.70 target price following a June quarter 2026 production report delivering 20.8koz in gold output.

Gold sales reached 21.7koz to beat broker estimates, while initial calculations indicate unit all-in sustaining costs of approximately $3,500/oz.

The company closed the period with $73.7m in cash reserves despite deploying $43.5m towards growth projects during the quarter.

Marking the first full quarter processing wholly-owned ore through internal assets, detailed operating cost disclosures allow clear modelling of cash movements ahead of formal FY27 guidance in August.

The analyst considers the shares inexpensive, expecting the valuation gap to narrow as operational visibility expands.

This report was published on July 30, 2026.

Target price is $1.70 Current Price is $0.90 Difference: $0.805
If BC8 meets the Moelis target it will return approximately 90% (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

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.26

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

Canaccord Genuity upgrades its rating for Bellevue Gold to Buy from Speculative Buy with a $1.75 target price following full-year FY26 production results landing at the upper end of guidance at 144koz.

Fourth-quarter gold output reached 41.6koz at an all-in sustaining cost of $2,604/oz, bringing full-year unit costs to $2,827/oz while lifting cash and bullion reserves to $206m.

Management guidance for FY27 projects production between 150koz and 170koz at an all-in sustaining cost of $2,800/oz to $3,100/oz, with growth capital expenditure expected between -$90m and -$100m.

Model revisions increase FY27 unit cost estimates by 8%, reducing forecast EBITDA to $334m and free cash flow to $123m as remaining forward gold sales contracts undergo accelerated pre-delivery through early 2027.

The analyst considers the operation to have established a steady-state production profile, supporting the upgraded investment recommendation.

This report was published on July 28, 2026.

Target price is $1.75 Current Price is $1.26 Difference: $0.49
If BGL meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $1.77, suggesting upside of 40.2%(ex-dividends)
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.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.4, 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 5.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.6, implying annual growth of N/A.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 6.1.

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

DVP    DEVELOP GLOBAL LIMITED

Industrial Metals – Overnight Price: $4.84

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

Canaccord Genuity maintains a Speculative Buy rating for Develop Global with its target price reduced to $6.80 from $7.10 following a June quarter operational update highlighting a 47% sequential increase in copper equivalent production to 4.6kt at Woodlawn.

Higher head grades and improved mineral recoveries across zinc, lead, silver, and gold drove the production uplift, generating $84m in quarterly revenue from the operation against underlying site costs of $39m.

Underground portal establishment and development commenced across new contract mining sites at BP33 and Waihi, while external mining services revenue expanded 25% sequentially to $63m.

Closing cash reserves reached $123m against $112m in drawn debt facilities, with first direct-shipping ore sales from Pioneer Dome expected in the December quarter of 2026.

Increasing life-of-mine operating cost estimates at Woodlawn by 15% leads to reduced earnings forecasts, though the analyst considers the diversified production and mining services portfolio well positioned for near-term cash flow growth.

This report was published on July 29, 2026.

Target price is $6.80 Current Price is $4.84 Difference: $1.96
If DVP meets the Canaccord Genuity target it will return approximately 40% (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 7.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 69.14.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 82.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.90.

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

DYL    DEEP YELLOW LIMITED

Uranium – Overnight Price: $1.32

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

Canaccord Genuity maintains a Speculative Buy rating for Deep Yellow with its target price lowered to $2.90 from $3.01 following a June quarter operational update detailing progress at the Tumas uranium project.

Detailed engineering at Tumas reached 79% completion alongside finished bulk earthworks, while post-quarter civil and concrete construction contracts totalling $34m were awarded to local Namibian partners.

A final investment decision remains targeted for the fourth quarter of 2026, positioning first production for the fourth quarter of 2028 under a 24-month development schedule.

Quarterly expenditure reached -$11.5m to close June cash reserves at $160m, absorbing ongoing technical optimisation and regional exploration across the Namibian and Australian asset pipelines.

Viewing recent share price weakness as an unwarranted decoupling from rising uranium term contract prices, the analyst considers the uncontracted in-situ resource base well positioned for long-term re-rating.

This report was published on July 29, 2026.

Target price is $2.90 Current Price is $1.32 Difference: $1.58
If DYL meets the Canaccord Genuity target it will return approximately 120% (excluding dividends, fees and charges).
Current consensus price target is $2.15, suggesting upside of 63.0%(ex-dividends)
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 minus 1.76 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 75.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.1, 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 FY27:

Canaccord Genuity forecasts a full year FY27 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 132.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.2, 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 660.0.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ELV    ELEVRA LITHIUM LIMITED

New Battery Elements – Overnight Price: $7.46

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

Canaccord Genuity maintains a Buy rating for Elevra Lithium with a $17.80 target price following a June quarter update delivering 54kt in spodumene concentrate production.

Unit cash costs of US$907/t aligned closely with estimates, while spodumene sales of 34kt at a realised price of US$921/t reflected legacy offtake contracts since closed out.

Cash reserves closed at US$255m prior to upcoming proceeds from the Ewoyya Project sale and convertible funding expected in the September quarter of 2026.

Full-year FY27 forecasts project 199kt in production at cash costs of US$792/t, supported by a fully funded -US$270m capital expansion program through FY30 targeting an output capacity of 330ktpa.

The analyst considers the company exceptionally well positioned for growth initiatives, with an updated definitive feasibility study at Moblan expected in 2027 to assess an expanded development scenario.

This report was published on July 28, 2026.

Target price is $17.80 Current Price is $7.46 Difference: $10.34
If ELV meets the Canaccord Genuity target it will return approximately 139% (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 43.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.35.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 108.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.91.

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

EQR    EQ RESOURCES LIMITED

Industrial Metals – Overnight Price: $0.26

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

Canaccord Genuity maintains a Buy rating for EQ Resources with a $0.50 target price following a June quarter operational update delivering 28,315 MTU in tungsten concentrate production.

Quarterly output expanded 20% sequentially at unit cash costs of US$711/MTU, driven by 13,050 MTU from Mt Carbine and 15,265 MTU from Barruecopardo.

Sales of 29,468 MTU at an average realised price of US$1,875/MTU generated a maiden quarter of positive operating cash flow, lifting cash reserves to $28m net of expansion capital expenditure.

Production is expected to re-accelerate from the September quarter of 2026 as mining transitions into higher-grade ore zones at both key operations ahead of a plant expansion at Mt Carbine in the second half of FY27.

Forecasting FY27 EBITDA of $704m and free cash flow of $478.7m based on benchmark ammonium paratungstate pricing of US$2,950/MTU, the analyst considers current market valuations to underappreciate the upcoming cash flow inflection.

This report was published on July 28, 2026.

Target price is $0.50 Current Price is $0.26 Difference: $0.245
If EQR meets the Canaccord Genuity target it will return approximately 96% (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 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 51.00.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 9.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.71.

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

GGP    GREATLAND RESOURCES LIMITED

Gold & Silver – Overnight Price: $9.95

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

Canaccord Genuity maintains a Buy rating for Greatland Resources with its target price increased to $13.80 from $13.70 following fourth-quarter gold production of 79koz and 3.6kt of copper.

Solid open pit and underground material movements supported full-year FY26 performance, while June cash reserves expanded to $1.29bn with total available liquidity reaching $1.76bn.

Management sanctioned the Havieron project for underground development after securing key environmental approvals and executing a $500m corporate debt facility.

Full-year FY27 guidance projects 260koz to 300koz in gold output at all-in sustaining costs of $2,900/oz to $3,330/oz, reflecting lower head grades from stockpiled feed and industry-wide inflation.

Recalibrating mine development models and lowering growth capital expectations to $770m prompts the analyst to view the corporate transition to long-term high-margin production as fully de-risked.

This report was published on July 30, 2026.

Target price is $13.80 Current Price is $9.95 Difference: $3.85
If GGP meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $15.06, suggesting upside of 51.4%(ex-dividends)
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 112.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 126.7, implying annual growth of 99.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 59.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.5, implying annual growth of -27.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.8.

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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Moelis rates ((GGP)) as Upgrade to Hold from Sell (3) –

Moelis upgrades its rating for Greatland Resources to Hold from Sell with its target price reduced to $11.00 from $11.50 following the release of fourth-quarter production results.

Fourth-quarter gold output of 79.1koz at an all-in sustaining cost of $2,312/oz brought total FY26 production to 329.0koz, while June cash reserves closed at $1.29bn.

Full-year FY27 guidance targets gold production between 260koz and 300koz at an all-in sustaining cost of $2,900/oz to $3,330/oz, with combined Telfer and Havieron growth capital expenditure expected between -$680m and -$770m.

Elevated operating costs and lower grades will weigh on near-term free cash flow during an extended reinvestment phase through prospective development assets.

The analyst considers recent share price underperformance to have neutralised previous overvaluation concerns, establishing a more balanced risk-reward outlook.

This report was published on July 30, 2026.

Target price is $11.00 Current Price is $9.95 Difference: $1.05
If GGP meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $15.06, suggesting upside of 51.4%(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 122.40 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 126.7, implying annual growth of 99.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.9.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 99.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.5, implying annual growth of -27.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.8.

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: $5.71

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

Canaccord Genuity maintains a Buy rating for Genesis Minerals with its target price increased to $8.95 from $8.75 following a June quarter 2026 operational update delivering 70.8koz in gold output.

Group sales reached 78koz at an average realised price of $6,175/oz for quarterly revenue of $480m, while full-year FY26 production reached 285koz at an all-in sustaining cost of $2,670/oz to meet guidance.

Management guides FY27 gold output between 270koz and 300koz at all-in sustaining costs of $2,750/oz to $3,050/oz alongside growth capital expenditure of -$380m to -$420m.

Cash and bullion reserves closed at $501m following -$447m in payments associated with the Magnetic Resources acquisition.

The analyst revises FY27 production expectations to 280koz, anticipating the release of a combined long-term strategic plan in the first half of 2027 following completion of the proposed Vault Minerals ((VAU)) merger.

This report was published on July 28, 2026.

Target price is $8.95 Current Price is $5.71 Difference: $3.24
If GMD meets the Canaccord Genuity target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $8.85, suggesting upside of 55.0%(ex-dividends)
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 43.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.3, implying annual growth of 138.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.8.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 47.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.0, implying annual growth of 15.9%.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 10.2.

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

IGO    IGO LIMITED

Nickel – Overnight Price: $6.87

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

Canaccord Genuity maintains a Buy rating for IGO Ltd with its target price lowered to $9.00 from $9.75 following the June quarter operational update.

Greenbushes spodumene production increased 10% sequentially to 387kt to beat estimates by 13%, driven by strong contributions from the CGP3 plant prior to a temporary fire.

Higher realised commodity prices supported an 18% revenue expansion at Nova despite lower nickel and copper output, while EBITDA fell -49% on increased rehabilitation liabilities ahead of planned asset closure.

Joint venture net debt reduced to US$955m following a -US$269m dividend distribution, though receivables builds delayed direct cash flows to the parent entity.

Management issued FY27 Greenbushes spodumene guidance of 1.65mt at mid-point alongside capital expenditure of -$250m to -$300m, leaving the analyst positive on the valuation despite near-term distribution delays.

This report was published on July 28, 2026.

Target price is $9.00 Current Price is $6.87 Difference: $2.13
If IGO meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $8.64, suggesting upside of 25.8%(ex-dividends)
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 15.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.6, implying annual growth of N/A.
Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 0.2%.
Current consensus EPS estimate suggests the PER is 50.5.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 93.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.5, implying annual growth of 565.4%.
Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 7.6.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

IKE    IKEGPS GROUP LIMITED

Hardware & Equipment – Overnight Price: $1.02

Moelis rates ((IKE)) as Hold (3) –

Moelis maintains a Hold rating for ikeGPS Group with a $1.03 target price following a first-quarter FY27 update showing a 30.7% year-on-year increase in subscription revenue exit run-rate.

Full-year FY27 guidance reiterates 33% subscription revenue growth to NZ$25.5m, requiring NZ$20m over the remaining three quarters at an average of NZ$6.7m per quarter.

Total quarterly revenue remained flat amid weakness in transaction and service-based revenue, though gross margins expanded to 82% owing to a higher mix of subscription income.

Management anticipates price increases and second-half FY27 new product releases supporting growth re-acceleration, backed by a well-funded balance sheet holding $32.8m in net cash.

Reducing FY27 transaction revenue and margin estimates, the analyst notes pipeline size and maturity for prospective product releases remain undefined.

This report was published on July 29, 2026.

Target price is $1.03 Current Price is $1.02 Difference: $0.01
If IKE meets the Moelis target it will return approximately 1% (excluding dividends, fees and charges).
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 2.73 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 37.32.

Forecast for FY28:

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

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

Shaw and Partners maintains a Buy rating for ikeGPS Group with its target price increased to $1.45 from $1.40 following a solid first-quarter trading update.

Annual platform subscription exit run-rate expanded 31% year-on-year to NZ$22m, while first-quarter subscription revenue grew 27% to NZ$5.3m as management reiterated full-year FY27 subscription growth guidance of 33%.

Deploying its proprietary artificial intelligence platform Vitruvius ahead of schedule across internal workflows supports improved operational productivity and restrains forecast FY27 cash cost growth to 13%.

To account for softer transactional income, the analyst trims revenue forecasts for FY27 through FY29 by -7%-8%, though cost discipline leaves cash earnings expectations broadly intact.

The planned second-half FY27 launch of new utility software modules broadens the addressable market, reinforcing long-term subscription momentum backed by a debt-free balance sheet holding NZ$33m in cash and net receivables.

This report was published on July 30, 2026.

Target price is $1.45 Current Price is $1.02 Difference: $0.43
If IKE meets the Shaw and Partners target it will return approximately 42% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

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

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $6.05

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

Canaccord Genuity maintains a Buy rating for Iluka Resources with its target price lowered to $7.50 from $8.45 following a June quarter update marked by a production miss alongside strong sales revenues.

Quarterly zircon, rutile, and synthetic rutile production of 58kt fell short of forecasts due to weaker Jacinth-Ambrosia grades, though sales volumes of 157kt generated $286m in revenue to beat market expectations.

Slower-than-anticipated commissioning at Balranald limited heavy mineral concentrate output to 10kt, while group net debt increased marginally to $1,115m including $877m in Eneabba non-recourse debt.

Management raised mineral sands capital expenditure guidance to $115m from $60m, anticipating first-half 2026 mineral sands EBITDA of $40m.

Progress at the Eneabba rare earths refinery reaches 60% completion backed by a first binding offtake agreement covering 1,200tpa, with the analyst expecting long-term cash generation once ramp-up hurdles clear.

This report was published on July 28, 2026.

Target price is $7.50 Current Price is $6.05 Difference: $1.45
If ILU meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $7.43, suggesting upside of 22.7%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 7.00 cents and EPS of minus 16.00 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 37.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -13.2, implying annual growth of N/A.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 8.00 cents and EPS of 1.00 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 605.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.4, implying annual growth of N/A.
Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 252.1.

Market Sentiment: 0.8
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: $4.04

Moelis rates ((KCN)) as Upgrade to Buy from Hold (1) –

Moelis upgrades to a Buy rating for Kingsgate Consolidated with a 6.45 target price following fourth-quarter production results delivering 20.1koz of gold and 220koz of silver.

All-in sustaining costs reached US2,197/oz, while cash reserves excluding restricted funds closed at $85.6m prior to adjustments for land acquisitions and the Nueva Esperanza transaction.

A mill component failure reported on 13 July saw the processing plant reconfigured to operate at reduced run rates while repairs progress on schedule over an estimated four to six week timeframe.

The analyst expects near-term operational disruptions to cause only a partial impact on full-year FY27 production volumes once primary processing circuits resume full capacity.

Working capital fluctuations affected quarterly cash build, though the broker maintains confidence in underlying asset valuation support as forward guidance develops.

This report was published on July 30, 2026.

Target price is $6.45 Current Price is $4.04 Difference: $2.41
If KCN meets the Moelis 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

LTR    LIONTOWN LIMITED

New Battery Elements – Overnight Price: $0.96

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

Canaccord Genuity maintains a Buy rating for Liontown with its target price lowered to $1.90 from $2.55 following the release of fourth-quarter operational results.

Fourth-quarter concentrate production at Kathleen Valley reached 103kt SC5.1 at an all-in sustaining cost of $1,314/t, bringing full-year FY26 production within the guided range of 365kt to 450kt.

Quarterly sales of 108kt generated an average realised price of $2,182/t, leaving the company with $246m in net cash at period end.

Management guidance for FY27 projects 390kt to 440kt in concentrate production at unit costs of $1,050/t to $1,250/t, reflecting a slower underground ramp-up and higher capital expenditure requirements of -$320m to -$370m.

Model revisions reduce forecast FY27 EBITDA to $739m and free cash flow to $152m, though the analyst retains an optimistic long-term view ahead of an upcoming final investment decision on scaling processing capacity to 4Mtpa.

This report was published on July 29, 2026.

Target price is $1.90 Current Price is $0.96 Difference: $0.935
If LTR meets the Canaccord Genuity target it will return approximately 97% (excluding dividends, fees and charges).
Current consensus price target is $1.71, suggesting upside of 76.1%(ex-dividends)
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 minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 24.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.1, 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 FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, 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 7.2.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

M7T    MACH7 TECHNOLOGIES LIMITED

Healthcare services – Overnight Price: $0.29

Canaccord Genuity rates ((M7T)) as Hold (3) –

Canaccord Genuity maintains a Hold rating for Mach7 Technologies with its target price increased to $0.32 from $0.27 following the release of fourth-quarter FY26 results.

Fourth-quarter operations delivered $5m in subscription contract wins, the inaugural live Flamingo deployment, and the inclusion of eUnity within the Epic Connection Hub.

Second-half FY26 operations achieved positive cash flow, while legacy capital licence customers continue transitioning towards subscription-based contracts to improve recurring revenue visibility.

The analyst notes limited visibility regarding the timeline for revenue inflection, maintaining forecasts for a 15% reduction in FY26 top-line performance amid ongoing strategic reset initiatives.

While trading at a 40% discount to domestic healthcare IT peers on a 1.8x next twelve months sales multiple, the broker considers current visibility into operating expenditure and the path to breakeven insufficient to support a Buy rating.

This report was published on July 30, 2026.

Target price is $0.32 Current Price is $0.29 Difference: $0.025
If M7T meets the Canaccord Genuity target it will return approximately 8% (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

MEI    METEORIC RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.18

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

Canaccord Genuity maintains a Speculative Buy rating for Meteoric Resources with a $0.40 target price following the execution of a non-binding strategic partnership agreement with Posco for the Caldeira rare earth project in Brazil.

Covering up to 30% of production over seven years, the off-take arrangement incorporates an independent pricing mechanism featuring price floors alongside potential long-term refined oxide supply.

Posco will support project development funding through prospective equity investment while assisting to secure debt financing via Korean export credit agencies.

Definitive feasibility study outcomes are expected in the September quarter of 2026, following a 2025 pre-feasibility study outlining a US$400m, 6Mtpa operation producing over 4ktpa of neodymium-praseodymium in mixed rare earth carbonate.

Target project timelines point towards final investment decisions in late 2026 ahead of first production in 2028, with the analyst viewing the partnership as a significant catalyst to de-risk project financing.

This report was published on July 29, 2026.

Target price is $0.40 Current Price is $0.18 Difference: $0.215
If MEI meets the Canaccord Genuity target it will return approximately 116% (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

NIC    NICKEL INDUSTRIES LIMITED

Nickel – Overnight Price: $0.81

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

Canaccord Genuity maintains a Buy rating for Nickel Industries with its target price lowered to $1.10 from $1.15 following a June quarter 2026 report detailing mixed operational performance.

Group EBITDA fell -8% sequentially to US$120.5m as Rotary Kiln Electric Furnace and high-pressure acid leach (HPAL) production declined, partially offset by the Hengjaya mine where EBITDA expanded 58% to US$45.7m on higher realised saprolite and limonite pricing.

The company announced further HPAL investments, agreeing to acquire a 36% interest in CNE HPAL via a share swap and a 17.5% interest in TMI HPAL for -US$169m to add approximately 17ktpa of nickel exposure by mid-2027.

Rising third-party power and sulphuric acid costs negatively impacted margins, leading the analyst to reduce 2026 and 2027 EBITDA forecasts by -8% and -10% respectively.

Net debt closed the quarter at US$982m, with the broker expecting existing cash reserves and operational cash flows to largely fund upcoming acquisition payments while acknowledging a debt backstop remains available.

This report was published on July 30, 2026.

Target price is $1.10 Current Price is $0.81 Difference: $0.285
If NIC meets the Canaccord Genuity target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $1.49, suggesting upside of 81.4%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 10.1, 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 8.1.

Forecast for FY27:

Current consensus EPS estimate is 24.9, implying annual growth of 146.5%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 7.3%.
Current consensus EPS estimate suggests the PER is 3.3.

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

OMA    OMEGA OIL & GAS LIMITED

Energy – Overnight Price: $0.56

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

Canaccord Genuity maintains a Speculative Buy rating for Omega Oil & Gas with a $1.25 target price ahead of a four-well vertical drilling campaign at the Canyon project.

Commencing at Canyon-3 by late July 2026, the program aims to confirm continuity across overpressured Permian sand reservoirs along the eastern flank acreage.

Following vertical delineation, one or two 2,000m horizontal laterals will undergo fracture stimulation and 6-month flow testing in the first half of 2027.

Supported by a completed $60m equity placement, cash reserves closed at $102m with zero debt to fully fund upcoming operational commitments.

The analyst sees potential for significant resource expansion beyond the existing 1.7TCFe 2C booking should drilling validate reservoir continuity across the Back Creek Group and Kianga Formation.

This report was published on July 29, 2026.

Target price is $1.25 Current Price is $0.56 Difference: $0.695
If OMA meets the Canaccord Genuity target it will return approximately 125% (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

PNR    PANTORO GOLD LIMITED

Gold & Silver – Overnight Price: $2.04

Moelis rates ((PNR)) as Buy (1) –

Moelis maintains a Buy rating for Pantoro Gold with a $3.60 target price following fourth-quarter production results delivering 18.0koz of gold.

All-in sustaining costs reached $4,107/oz due to contractor changeouts at the OK Underground and a $5m quarter-on-quarter increase in fuel expenditure to -$16m.

Subcontractor and maintenance staffing shortages along with localised seismicity impacted overall output, though underground ore mining volumes expanded sequentially.

Cash reserves closed at $215.8m following -$10.8m spent on share buy-backs purchasing 3.1m shares at an average price of $3.26 per share.

The analyst considers the Norseman asset base to hold significant high-grade potential, suggesting consistent operational execution will be required to eliminate the current market performance discount.

This report was published on July 30, 2026.

Target price is $3.60 Current Price is $2.04 Difference: $1.56
If PNR meets the Moelis target it will return approximately 76% (excluding dividends, fees and charges).
Current consensus price target is $4.15, suggesting upside of 103.3%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 36.7, implying annual growth of 148.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 5.6.

Forecast for FY27:

Current consensus EPS estimate is 49.3, implying annual growth of 34.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 4.1.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

STM    SUNSTONE METALS LIMITED

Copper – Overnight Price: $0.17

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

Shaw and Partners maintains a Buy rating for Sunstone Metals with a $1.40 target price following a June quarter operational update detailing gold-copper exploration progress across its Ecuadorian portfolio.

A $10m equity raise featuring a $5m cornerstone contribution from DGR Global for a 10% stake fully funds the FY26 and FY27 drilling programs without requiring further dilutive capital.

Assay results from 20 holes at the Copete, Porotillo, and Melonal complexes returned continuous gold-copper intercepts from surface, supporting a planned resource update in the second half of 2026.

Proceeds from the capital raising will also allow the company to increase its economic interest in the El Palmar project to 82.6% while resuming exploration along the prospective Toachi Fault trend.

The analyst considers the cornerstone technical backing a strong validation of the underlying geology, viewing both Bramaderos and El Palmar as prospective multi-decade tier-1 mining hubs.

This report was published on July 30, 2026.

Target price is $1.40 Current Price is $0.17 Difference: $1.225
If STM meets the Shaw and Partners target it will return approximately 700% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.50.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 21.87.

Market Sentiment: 1.0
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: $4.77

Moelis rates ((VAU)) as Buy (1) –

Moelis maintains a Buy rating for Vault Minerals with its target price increased to $7.60 from $7.30 following a strong conclusion to FY26 operational performance.

Fourth-quarter gold output reached 89.3koz at an all-in sustaining cost of $2,968/oz, lifting full-year production to 336.5koz and closing the period with $842m in cash and bullion reserves.

Standalone FY27 guidance targets 355koz to 375koz in gold production at an all-in sustaining cost of $3,150/oz to $3,350/oz, alongside -$365m allocated to capital expenditure and discovery exploration.

Higher sector-wide operating costs prompt a 10% reduction in FY27 net profit estimates and a -4% reduction in FY28 projections.

The analyst expects investor attention to focus on identified synergies and combined portfolio potential ahead of the proposed Genesis Minerals Limited merger targeted for implementation in the second quarter of FY27.

This report was published on July 30, 2026.

Target price is $7.60 Current Price is $4.77 Difference: $2.83
If VAU meets the Moelis target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $6.83, suggesting upside of 43.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 7.00 cents and EPS of 18.60 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 25.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.1, implying annual growth of 90.3%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 7.00 cents and EPS of 71.60 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 6.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.2, implying annual growth of 51.3%.
Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 7.3.

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

VUL    VULCAN ENERGY RESOURCES LIMITED

New Battery Elements – Overnight Price: $2.55

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

Canaccord Genuity maintains a Speculative Buy rating for Vulcan Energy Resources with a $10.75 target price following execution progress on the Lionheart lithium project in Germany.

Achieving financial close on its EUR2.2bn funding package earlier in the year, the company advanced construction across upstream drilling, pipeline infrastructure, geothermal extraction plants, and central chemical facilities.

Testing at the LSC-2 well recorded reservoir temperatures of 169°C and lithium grades of 190ppm to 200ppm, exceeding model expectations while drilling commenced at LSC-3.

The period concluded with EUR316m in cash and restricted reserves, with debt facility drawdowns expected in the first quarter of 2027 alongside partner equity contributions.

The analyst considers the project fully funded for Phase 1 delivery, maintaining a risked net asset valuation model as construction activities scale up.

This report was published on July 29, 2026.

Target price is $10.75 Current Price is $2.55 Difference: $8.2
If VUL meets the Canaccord Genuity target it will return approximately 322% (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 3.41 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 74.82.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 6.82 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 37.41.

This company reports in EUR. 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

WAF    WEST AFRICAN RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.84

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

Canaccord Genuity maintains a Speculative Buy rating for West African Resources with its target price lowered to $5.75 from $5.85 following second-quarter 2026 financial and operational disclosures.

Record quarterly gold production of 125koz across the Sanbrado and Kiaka operations in Burkina Faso beat broker estimates by 6%, keeping full-year 2026 output guidance on track at 430koz to 490koz at an all-in sustaining cost below US$1,900/oz.

Stronger mining performance at M1 South underground delivered 58koz at Sanbrado, while Kiaka contributed 68koz at site sustaining costs of US$1,666/oz supported by lower-than-projected strip ratios.

Cash and bullion reserves expanded 6% sequentially to $1.12bn against $395m in total debt, absorbing -$288m in combined corporate tax, withholding tax, and government profit-share payments during the period.

Delays in securing government explosives permits for Kiaka and mine plan amendments for M5 South prompt modest estimate trims, though the analyst considers the dual-production platform well positioned for long-term cash generation.

This report was published on July 29, 2026.

Target price is $5.75 Current Price is $2.84 Difference: $2.91
If WAF meets the Canaccord Genuity target it will return approximately 102% (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 97.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.93.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 79.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.59.

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

WC8    WILDCAT RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.34

Shaw and Partners rates ((WC8)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Wildcat Resources with a $1.60 target price following a June quarter update detailing technical and regulatory progress across its Pilbara lithium portfolio.

Optimisation studies for the Tabba Tabba project expanded the Definitive Feasibility Study scope to a 4.5mtpa processing capacity while accelerating underground development at the Luke orebody.

Sighter metallurgical testwork at Bolt Cutter Central achieved average lithium recoveries of 82.5%, producing a 5.66% lithium oxide concentrate utilising a whole-of-ore flotation flowsheet.

Primary environmental referrals were submitted under Western Australian and Commonwealth legislation, with a maiden mineral resource estimate at Bolt Cutter progressing toward completion in the second half of 2026.

Holding $37.2m in cash at the end of June, the company remains well funded to advance project financing discussions, offtake negotiations, and development activities according to the analyst.

This report was published on July 30, 2026.

Target price is $1.60 Current Price is $0.34 Difference: $1.265
If WC8 meets the Shaw and Partners target it will return approximately 378% (excluding dividends, fees and charges).
Current consensus price target is $0.98, suggesting upside of 189.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 37.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.6, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 41.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

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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