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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.
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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)
AUE BCI BGL G6M MLX NXL OCL PWH RRL
AUE AURUM RESOURCES LIMITED
Gold & Silver - Overnight Price: $0.48
Canaccord Genuity rates ((AUE)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Aurum Resources with its target price at $1.50 following final drilling assays from its 3.22Moz Boundiali Gold Project in Cote d'Ivoire ahead of an upcoming resource update.
Assays from 25 diamond drill holes spanning 5,651m across the BST1, BMT2, and BMT3 deposits yielded significant high-grade intersections, including 28.35m at 2.02g/t Au from 116.45m at BMT2 where no resource is currently defined.
Additional high-grade hits outside existing resource shells included 57.0m at 2.3g/t Au at BST1 and 10.0m at 2.7g/t Au at BMT3, supporting resource conversion and expansion ahead of the end-October 2026 update.
Project development remains focused on delivering a Definitive Feasibility Study in late-2026, with mining licence approvals positioned as the primary remaining permitting milestone before targeting first gold in the first half of 2028.
The analyst values the development scenario using a -10% discount rate and 1x forward curve assumptions, applying a 60% risk factor under a 50:50 debt and equity funding structure.
This report was published on October 20, 2026.
Target price is $1.50 Current Price is $0.48 Difference: $1.015
If AUE meets the Canaccord Genuity target it will return approximately 209% (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
BCI BCI MINERALS LIMITED
Mining - Overnight Price: $0.53
Shaw and Partners rates ((BCI)) as Buy (1) -
Shaw and Partners maintains a Buy rating for BCI Minerals with a $0.72 target price following September quarter 2026 operational updates showing the Mardie Salt and Potash Project reaching 90% completion within its $1.443bn budget.
Cumulative construction expenditure rose to $1,265m, leaving $178m required to complete the facility supported by an available liquidity buffer of $138m.
Crystallised salt inventory expanded more than fivefold to 266kt across 12 operating cells, though deliberate winter brine management leaves initial harvest yield reliant on summer evaporation.
First Salt on Ship is expected in 2027, with Shaw and Partners's estimates modelling initial commercial export within the first quarter of 2027.
The analyst highlights the upcoming fourth crystalliser train handover, Salt Wash Plant completion in late 2026, and SOP pilot plant test work as key near-term operational catalysts.
This report was published on October 21, 2026.
Target price is $0.72 Current Price is $0.53 Difference: $0.195
If BCI meets the Shaw and Partners target it will return approximately 37% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 6.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.20.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 0.00 cents and EPS of 2.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.86.
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: $1.38
Canaccord Genuity rates ((BGL)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Bellevue Gold with its target price at $1.90 following a September quarter 2026 update featuring gold production of 35.6koz, down -15% quarter-on-quarter due to a mining contractor transition.
Group AISC increased 19% quarter-on-quarter to $3,096/oz on lower sales volume and elevated sustaining capital expenditure, sitting 2% below Canaccord Genuity's estimates.
Cash and bullion grew $7m quarter-on-quarter to $213m after absorbing growth capital expenditure of -$39m, while the company delivered an -11.2koz reduction in its hedge book with full extinguishment targeted in FY27.
Management maintained FY27 guidance of 150koz-170koz at an AISC of $2,800-3,100/oz, expecting production recovery across subsequent quarters as new contractor Barminco transfers labour and the paste plant completes commissioning in mid-FY27.
The analyst lifts FY27 production estimates slightly to 159koz at an AISC of $2,920/oz, noting a price-to-net asset value multiple of 0.74x underpins the rating.
This report was published on October 20, 2026.
Target price is $1.90 Current Price is $1.38 Difference: $0.52
If BGL meets the Canaccord Genuity target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $1.90, suggesting upside of 37.7%(ex-dividends)
The company's fiscal year ends in June.
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 27.60.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.8, implying annual growth of 2566.7%.
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.
Forecast for FY28:
Canaccord Genuity forecasts a full year FY28 dividend of 0.00 cents and EPS of 21.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.9, implying annual growth of 24.2%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 8.7.
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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