Daily Market Reports | 11:00 AM
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)
AEL ALU APE AR1 ARB BM1 (2) BTL CTM EQR ILA KLS MM1 PDI SHG TRE
BM1 BALLARD MINING LIMITED
Gold & Silver - Overnight Price: $0.75
Canaccord Genuity rates ((BM1)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Ballard Mining with a $1.50 target price following a site visit to the Mt Ida Gold Project in Western Australia.
The analyst notes the project is transitioning from a growth narrative into a de-risking and development execution phase after a recent 56% resource increase to 1.84m ounces.
Five active drill rigs are currently focusing on infill and sterilisation drilling at the Baldock and Golden Vale deposits to support conversion to maiden ore reserves.
Visible development readiness is supported by approved mining and processing permits, groundwater licences, and a public road diversion currently under construction.
The base case scenario envisions an eight-year steady-state operation delivering 100k ounces per annum by mid-2027, with Canaccord Genuity highlighting scope to expand processing capacity to 2.0m tonnes per annum.
This report was published on October 2, 2026.
Target price is $1.50 Current Price is $0.75 Difference: $0.75
If BM1 meets the Canaccord Genuity target it will return approximately 100% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Moelis rates ((BM1)) as Buy (1) -
Moelis maintains a Buy rating for Ballard Mining with a $0.96 target price following a site visit to the Mt Ida Gold Project in Western Australia.
Operations are transitioning towards a de-risking and development execution phase after a recent 56% resource upgrade to 1.84m ounces.
The analyst notes satellite deposits West Knell and Golden Vale are becoming increasingly important contributors to scale and flexibility, providing additional open-pit feed to supplement the cornerstone Baldock underground operation.
Moelis's estimates for FY27 exploration expenditure increase to -$14m per quarter for the March and June periods to reflect continued resource conversion and growth drilling, leading to a -$12m rise in total full-year exploration capital expenditure.
Moelis views the current $155 per ounce enterprise value to resource valuation as undemanding given the high 2.8 grams per tonne grade and remaining exploration upside.
This report was published on October 6, 2026.
Target price is $0.96 Current Price is $0.75 Difference: $0.21
If BM1 meets the Moelis target it will return approximately 28% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Moelis 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 75.00.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.09.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BTL BEETALOO ENERGY AUSTRALIA LIMITED
Energy - Overnight Price: $0.27
Research as a Service (RaaS) rates ((BTL)) as No Rating (-1) -
Research as a Service (RaaS) was surprised by Beetaloo Energy Australia's announcement that it is expanding outside the Beetaloo Basin, being a preferred tenderer in a joint venture on a block in Queensland's Taroom Trough.
This is directly north of the Omega Oil & Gas ((OMA)) operations and the Canyon drilling campaign.
Capital commitments for early works in Queensland are not expected to have a material impact on financing or delivery of the Carpentaria pilot as the working interest in the new block is just 25%.
The stock remains a preferred exposure for the analyst. Valuation is unchanged with a mid-point of $0.97 and a range of $0.89 to $1.28 a share.
Research as a Service (RaaS) research does not carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.
This report was published on October 6, 2026.
Target price is $0.97 Current Price is $0.27 Difference: $0.705
If BTL meets the Research as a Service (RaaS) target it will return approximately 266% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY26:
Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of 220.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 0.12.
Forecast for FY27:
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 159.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 0.17.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CTM CENTAURUS METALS LIMITED
Nickel - Overnight Price: $0.47
Canaccord Genuity rates ((CTM)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Centaurus Metals with an unchanged $1.05 target price following the execution of the Transmission System Use Contract for its Jaguar Nickel Sulphide Project in Brazil.
The agreement formally secures access to the national transmission network, locking in an initial 20-megawatt power allocation via a planned 36-kilometre transmission line connecting to the high-voltage grid.
The analyst notes all required approvals for the line's construction are in place, leaving only final connection approvals to be completed, supporting Jaguar's expected position in the bottom quartile of the global nickel cost curve.
Management highlighted negotiations regarding additional offtake agreements and strategic funding initiatives, alongside the senior debt process, are now at an advanced stage.
The company previously disclosed non-binding funding proposals totalling up to US$320m from international financiers, positioning the project to transition into construction ahead of a final investment decision.
This report was published on October 2, 2026.
Target price is $1.05 Current Price is $0.47 Difference: $0.58
If CTM meets the Canaccord Genuity target it will return approximately 123% (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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