Daily Market Reports | Oct 10 2025
This story features 29METALS LIMITED, and other companies.
For more info SHARE ANALYSIS: 29M
The company is included in ALL-ORDS
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
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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)
29M A1M AAR AMI APE AUE BC8 BGL (2) BRE BTR CMM CNB CNU COH CSC CU6 DVP DXB FFM FXG GDI GGP GMD GNE HGO (2) HRZ IFT ILU KAI KCN MAC MEK MLX MM8 NIC OBM PNR (2) RXL SBM SFR STK STN TNE VAU WEB WGX WIA
29M 29METALS LIMITED
Copper – Overnight Price: $0.53
Canaccord Genuity rates ((29M)) as Sell (5) –
Canaccord Genuity notes the Federal Reserve’s September rate cut and outlook, and a weaker US dollar boosted commodity prices, especially precious and industrial metals.
While precious metals benefited as inflation hedges, base metals gained from infrastructure, electrification, and data centre demand, aided by cheaper borrowing.
Aluminium (up 10%), zinc (up 7%), and tin (up 6%) were standout performers. The broker lifted 2026 price forecast for copper by 3.8%, aluminium by 4%, zinc by 4%, tin by 13.7% but cut cobalt by -3.2%.
For 29Metals, the broker’s September quarter production forecasts are broadly ahead of consensus and higher than the June quarter. EBITDA forecast lifted by 2% for FY25 and by 31% for FY26.
Sell. Target rises to 30c from 16c.
This report was published on October 8, 2025.
Target price is $0.30 Current Price is $0.53 Difference: minus $0.23 (current price is over target).
If 29M meets the Canaccord Genuity target it will return approximately minus 43% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.30, suggesting downside of -43.9%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 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 17.67.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 88.3.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.00.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 88.3.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
A1M AIC MINES LIMITED
Gold & Silver – Overnight Price: $0.44
Moelis rates ((A1M)) as Downgrade to Hold from Buy (3) –
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
In the case of AIC Mines, the broker trimmed FY26 EBITDA and net profit forecasts by -1% and -3%, respectively, but lifted FY27 by 5% and 12%, respectively.
Rating downgraded to Hold from Buy. Target price 44c.
This report was published on October 6, 2025.
Target price is $0.44 Current Price is $0.44 Difference: $0
If A1M meets the Moelis target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $0.60, suggesting upside of 36.4%(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 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 3.2, implying annual growth of 23.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.8.
Forecast for FY27:
Moelis forecasts a full year FY27 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 15.71.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.6, implying annual growth of 75.0%.
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.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
AAR ASTRAL RESOURCES NL
Gold & Silver – Overnight Price: $0.25
Petra Capital rates ((AAR)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
The target for Astral Resources rises by 74% to 61c. Buy maintained.
This report was published on October 7, 2025.
Target price is $0.61 Current Price is $0.25 Difference: $0.36
If AAR meets the Petra Capital target it will return approximately 144% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 62.50.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 50.00.
Market Sentiment: 1.0
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: $0.28
Moelis rates ((AMI)) as Buy (1) –
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
In the case of Aurelia Metals, the broker lifted FY26-27 EBITDA forecasts by 15% and 17% respectively, and net profit estimates by 33% each.
Buy. Target rises to 35c from 31c.
This report was published on October 6, 2025.
Target price is $0.35 Current Price is $0.28 Difference: $0.075
If AMI meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $0.34, suggesting upside of 23.6%(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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.17.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 3.1, implying annual growth of 7.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.9.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.09.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.7, implying annual growth of -12.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
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
APE EAGERS AUTOMOTIVE LIMITED
Automobiles & Components – Overnight Price: $34.14
Moelis rates ((APE)) as Hold (3) –
Eagers Automotive will acquire a 55% indirect stake in CanadaOne Auto and 65% in its freehold properties for -$1.04bn, alongside a new partnership with Mitsubishi Corporation.
The purchase will be funded via a $451.6m entitlement offer, $385.7m in exchangeable shares, a $50m placement, a $70m investment from Mitsubishi, and $107.8m in debt and cash.
Moelis expects the deal to be immediately EPS accretive, creating a platform for growth in a higher-return market. Mitsubishi’s 20% stake in easyauto123 is also expected to support sourcing, data, and expansion across Asia-Pacific.
The broker lifts its target price to $35.90 from $28.62 and maintains a Hold rating.
This report was published on October 7, 2025.
Target price is $35.90 Current Price is $34.14 Difference: $1.76
If APE meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $29.38, suggesting downside of -13.9%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 80.00 cents and EPS of 100.40 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 101.2, implying annual growth of 29.0%.
Current consensus DPS estimate is 75.4, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 33.7.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 99.80 cents and EPS of 130.80 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.10.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 119.7, implying annual growth of 18.3%.
Current consensus DPS estimate is 80.6, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 28.5.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
AUE AURUM RESOURCES LIMITED
Gold & Silver – Overnight Price: $0.71
Petra Capital rates ((AUE)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
The target for Aurum Resources rises by 49% to $1.39. Buy maintained.
This report was published on October 7, 2025.
Target price is $1.39 Current Price is $0.71 Difference: $0.68
If AUE meets the Petra Capital target it will return approximately 96% (excluding dividends, fees and charges).
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: $1.42
Petra Capital rates ((BC8)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
The target for Black Cat Syndicate rises by 39% to $2.50. Buy rating retained.
This report was published on October 7, 2025.
Target price is $2.50 Current Price is $1.42 Difference: $1.085
If BC8 meets the Petra Capital target it will return approximately 77% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 30.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.61.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 51.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.77.
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: $1.23
Canaccord Genuity rates ((BGL)) as Speculative Buy (1) –
Bellevue Gold’s September quarter production of 29.95koz was in line with Canaccord Genuity’s forecast. Costs (AISC) will be reported later this month, with estimates between $3,102- $3,208/oz.
Cash and bullion rose by $4m to $156m, below the broker’s $185m forecast, as 9.5koz was delivered early into hedges, lowering the realised gold price to $4,443/oz.
Free cash flow (FCF) of around $33m met the analysts’ expectations. Production is expected to lift through FY26, increasing exposure to higher prices.
Management reaffirmed FY26 guidance of 130-150koz at costs (AISC) of -$2,600–2,900/oz.
Canaccord retains a Buy rating and $1.75 target.
This report was published on October 7, 2025.
Target price is $1.75 Current Price is $1.23 Difference: $0.525
If BGL meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $1.38, suggesting upside of 12.2%(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 9.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.61.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.3, 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 10.0.
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 8.75.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.7, implying annual growth of -21.1%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 12.6.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Moelis rates ((BGL)) as Hold (3) –
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
In the case of Bellevue Gold, the broker lifted FY26-27 EBITDA forecasts by 17% and 20% respectively, and net profit estimates by 45% and 28%, respectively.
Hold. Target rises to $1.20 from $0.95.
This report was published on October 6, 2025.
Target price is $1.20 Current Price is $1.23 Difference: minus $0.025 (current price is over target).
If BGL meets the Moelis target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.38, suggesting upside of 12.2%(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 6.46 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.96.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.3, 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 10.0.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.17 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.07.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.7, implying annual growth of -21.1%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 12.6.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
BRE BRAZILIAN RARE EARTHS LIMITED
Rare Earth Minerals – Overnight Price: $4.93
Canaccord Genuity rates ((BRE)) as Speculative Buy (1) –
Canaccord Genuity highlights strong development potential for Brazilian Rare Earths’ Amargosa bauxite project in Bahia, Brazil.
Acquired from Rio Tinto ((RIO)) in 2023 for -US$3.9m, the 748sqkm project hosts large-scale, shallow mineralisation from 57,000m of drilling, highlight the analysts.
Brazilian Rare Earths’ maiden resource totals 567.8mt at 29.8% total available alumina (TAA), including 97.9mt of high-grade direct shipping ore (DSO) at 41.9% TAA and 2.5% reactive silica (RSI).
Testwork shows potential to upgrade lower-grade material, notes the broker, with exploration upside of 230-316mt.
Scoping studies are due by end-2025, alongside strategic options including a joint venture, demerger, or IPO.
Canaccord maintains a Speculative Buy rating and $5.65 target price.
This report was published on October 8, 2025.
Target price is $5.65 Current Price is $4.93 Difference: $0.72
If BRE meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
BTR BRIGHTSTAR RESOURCES LIMITED
Gold & Silver – Overnight Price: $0.55
Petra Capital rates ((BTR)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
The target for Brightstar Resources rises by 85% to $1.59. Buy maintained.
This report was published on October 7, 2025.
Target price is $1.59 Current Price is $0.55 Difference: $1.04
If BTR meets the Petra Capital target it will return approximately 189% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.11.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 11.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.87.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CMM CAPRICORN METALS LIMITED
Gold & Silver – Overnight Price: $13.90
Canaccord Genuity rates ((CMM)) as Buy (1) –
Capricorn Metals’ September quarter production of 32.3koz was slightly above Canaccord Genuity’s 30koz forecast. Costs (AISC) will be reported later this month, with the consensus estimate currently at -$1,588oz.
Cash and bullion rose by $38m to $394m after -$33.7m in project spend, mainly on the Karlawinda Expansion Project (KEP).
The broker notes Capricorn remains on track to meet FY26 guidance of 115-125koz at costs (AISC) of -$1,530–1,630/oz, with KEP commissioning due in the September quarter 2026.
Group reserves stand at 4.0moz and resources at 6.6moz, with major updates expected in 2H FY26.
Canaccord Genuity retains a Buy rating and $13.55 target price.
This report was published on October 6, 2025.
Target price is $13.55 Current Price is $13.90 Difference: minus $0.35 (current price is over target).
If CMM meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.37, suggesting upside of 3.4%(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 58.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.97.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 62.6, implying annual growth of 68.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 22.2.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 106.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.11.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 83.8, implying annual growth of 33.9%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 16.6.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CNB CARNABY RESOURCES LIMITED
Mining – Overnight Price: $0.48
Moelis rates ((CNB)) as Buy (1) –
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
No changes to Carnaby Resources’ FY26 forecasts. FY27 EBITDA and net profit forecasts increase 5% and 7%, respectively).
Buy. Target unchanged at 87c.
This report was published on October 6, 2025.
Target price is $0.87 Current Price is $0.48 Difference: $0.39
If CNB meets the Moelis target it will return approximately 81% (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 minus 6.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.87.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 23.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 2.08.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CNU CHORUS LIMITED
Telecommunication – Overnight Price: $8.12
Jarden rates ((CNU)) as Underweight (4) –
Jarden compares dual-listed Chorus (New Zealand and Australia) with New Zealand-listed competitor Vector.
The analyst favours Vector for its stronger growth options, more favourable regulatory settings, lower competitive exposure, greater dividend flexibility, and better relative value.
The broker keeps its Underweight rating for Chorus, highlighting ongoing long-term dividend pressure and a valuation disconnect from discounted cash flow.
The target price for Chorus is trimmed to NZ$8.37 from NZ$8.44.
This report was published on October 8, 2025.
Current Price is $8.12. Target price not assessed.
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 54.60 cents and EPS of 12.28 cents.
At the last closing share price the estimated dividend yield is 6.72%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 66.10.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 56.42 cents and EPS of 12.01 cents.
At the last closing share price the estimated dividend yield is 6.95%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 67.60.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
COH COCHLEAR LIMITED
Medical Equipment & Devices – Overnight Price: $282.31
Canaccord Genuity rates ((COH)) as Upgrade to Buy from Hold (1) –
Canaccord Genuity keeps its $330 target for Cochlear but upgrades to Buy from Hold, noting prior Services downgrades have reset expectations and underlying demand for Cochlear implants (CI) remains strong.
The new Nucleus Nexa product is a key innovation, suggests the broker, featuring upgradeable firmware which enables the implant to evolve over time, an industry first.
Patients benefit from longer battery life and better connectivity, while clinicians gain improved diagnostics and programming tools, explains the analyst.
Canaccord expects Nexa to drive CI growth above 15% if uptake continues, maintaining FY26 profit forecasts at the low end of guidance for $435-460m.
This report was published on October 7, 2025.
Target price is $330.00 Current Price is $282.31 Difference: $47.69
If COH meets the Canaccord Genuity target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $306.74, suggesting upside of 8.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 460.00 cents and EPS of 664.80 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.47.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 690.5, implying annual growth of 16.2%.
Current consensus DPS estimate is 493.8, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 40.9.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 510.00 cents and EPS of 739.80 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 38.16.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 785.4, implying annual growth of 13.7%.
Current consensus DPS estimate is 561.6, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 35.9.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CSC CAPSTONE COPPER CORP.
Copper – Overnight Price: $14.74
Moelis rates ((CSC)) as Downgrade to Hold from Buy (3) –
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
In the case of Capstone Copper, the broker lifted FY25-26 EBITDA forecasts by 5% and 4%, respectively, and net profit estimates by 18% and 8%, respectively.
Rating downgraded to Hold from Buy. Target unchanged at $12.50.
This report was published on October 6, 2025.
Target price is $12.50 Current Price is $14.74 Difference: minus $2.24 (current price is over target).
If CSC meets the Moelis target it will return approximately minus 15% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $13.43, suggesting downside of -8.9%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 26.43 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 55.78.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 27.9, implying annual growth of 66.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 52.8.
Forecast for FY26:
Moelis forecasts a full year FY26 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 31.36.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 75.9, implying annual growth of 172.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.4.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CU6 CLARITY PHARMACEUTICALS LIMITED
Medical Equipment & Devices – Overnight Price: $5.61
Canaccord Genuity rates ((CU6)) as Buy (1) –
Clarity Pharmaceuticals enters the final quarter of 2025 with about $280m in cash, highlights Canaccord Genuity.
The broker also notes there is an important upcoming readout from its Co-PSMA trial comparing 64Cu-SAR-bisPSMA with 68Ga-PSMA-11. These are both radiotracers used in positron emission tomography (PET) scans, in biochemically recurrent prostate cancer.
The analysts expect results by November, viewing the study as a key inflection point which could demonstrate superior detection at lower prostate-specific antigen (PSA) levels, where existing PSMA PET imaging agents often fail.
The broker estimates around 500,000 US patients are underserved, representing a US$5bn addressable market. Positive results could expand this market and strengthen Clarity’s position against competitors Telix Pharmaceuticals, and Lantheus Holdings.
Canaccord retains a Buy rating and $9.00 price target.
This report was published on October 3, 2025.
Target price is $9.00 Current Price is $5.61 Difference: $3.39
If CU6 meets the Canaccord Genuity target it will return approximately 60% (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 minus 26.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.86.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 34.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.21.
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: $4.57
Canaccord Genuity rates ((DVP)) as Hold (3) –
Canaccord Genuity notes the Federal Reserve’s September rate cut and outlook, and a weaker US dollar boosted commodity prices, especially precious and industrial metals.
While precious metals benefited as inflation hedges, base metals gained from infrastructure, electrification, and data centre demand, aided by cheaper borrowing.
Aluminium (up 10%), zinc (up 7%), and tin (up 6%) were standout performers. The broker lifted 2026 price forecast for copper by 3.8%, aluminium by 4%, zinc by 4%, tin by 13.7% but cut cobalt by -3.2%.
For Develop Global, the broker’s September quarter production forecast are 61% higher for zinc and 68% higher for copper vs the June quarter. EBITDA forecast trimmed by -15% for FY26 but increased by 6% for FY27.
Hold. Target rises to $4.50 from $4.40, mainly on revised zinc and copper price forecasts.
This report was published on October 8, 2025.
Target price is $4.50 Current Price is $4.57 Difference: minus $0.07 (current price is over target).
If DVP meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
DXB DIMERIX LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.55
Petra Capital rates ((DXB)) as Buy (1) –
Dimerix has passed the first checkpoint toward the next interim analysis of its FSGS trial, with Parasol data aligning with its trial population. Parasol is a clinical study conducted by Amicus Therapeutics.
FSGS, or Focal Segmental Glomerulosclerosis, is a rare and serious kidney disease that causes scarring in the tiny filtering units inside the kidney.
Petra Capital notes the results confirm the FDA-approved 24-month proteinuria endpoint and suggest a new 12-month correlation that could support accelerated approval.
Dimerix and Amicus will meet the FDA in December 2025 to discuss this pathway. Subject to feedback and a blinded powering analysis, data could be unblinded in early 2026 to back an accelerated approval submission and trigger a milestone payment.
Petra Capital retains a Buy rating and $1.46 target.
This report was published on October 9, 2025.
Target price is $1.46 Current Price is $0.55 Difference: $0.915
If DXB meets the Petra Capital target it will return approximately 168% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 60.56.
Forecast for FY27:
Petra Capital forecasts a full year FY27 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 109.00.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
FFM FIREFLY METALS LIMITED
Gold & Silver – Overnight Price: $1.38
Moelis rates ((FFM)) as Buy (1) –
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
No change to forecasts for FireFly Metals.
Buy. Target rises to $1.60 from $1.40 on valuation change.
This report was published on October 6, 2025.
Target price is $1.60 Current Price is $1.38 Difference: $0.225
If FFM meets the Moelis target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $1.63, suggesting upside of 18.8%(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 minus 5.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.46.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -2.9, 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:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 29.26.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -1.1, 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.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
FXG FELIX GOLD LIMITED
Gold & Silver – Overnight Price: $0.56
Petra Capital rates ((FXG)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
The target for Felix Gold is unchanged at $1.20. Buy maintained.
This report was published on October 7, 2025.
Target price is $1.20 Current Price is $0.56 Difference: $0.635
If FXG meets the Petra Capital target it will return approximately 112% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
GDI GDI PROPERTY GROUP
REITs – Overnight Price: $0.66
Moelis rates ((GDI)) as Buy (1) –
GDI Property’s FY25 result in late-August showed Moelis improving occupancy across its key Perth assets, with vacancy tightening at WS1, WS2, and 197 St Georges Terrace to 2%, 17%, and 13%, respectively.
Remaining vacancies at 1 Mill Street and 180 Hay Street offer future earnings potential, suggests the analyst.
Gearing was steady at 34%, with asset sales and a mining accommodation acquisition likely to slightly lower gearing and boost earnings, in the broker’s view.
Moelis highlights Perth’s tightening office market, limited new supply before 2030, and rising rents. The broker trims earnings forecasts, lowers its target price to 94c from 97c, and maintains a Buy rating.
This report was published on October 7, 2025.
Target price is $0.94 Current Price is $0.66 Difference: $0.285
If GDI meets the Moelis target it will return approximately 44% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 5.00 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 7.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.10.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 5.50 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 8.40%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.19.
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: $8.30
Canaccord Genuity rates ((GGP)) as Buy (1) –
Greatland Resources’ September quarter pre-release came in ahead of Canaccord Genuity’ expectations. A strong quarter for both production and cash generation is noted, which should help narrow the valuation gap which widened after prior soft FY26 guidance.
Gold production of 80.9koz and sales of 82.2koz exceeded the analysts’ 67.4koz and 66.0koz forecasts, respectively. Copper production of 3.4kt also beat expectations, and net cash rose to $750m, well ahead of the broker’s December estimate of $658m.
FY26 production guidance remains at 260-310 koz, compared to the broker’s 270koz estimate.
Canaccord maintains a Buy rating and $13.20 target
This report was published on October 7, 2025.
Target price is $13.20 Current Price is $8.30 Difference: $4.9
If GGP meets the Canaccord Genuity target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $9.73, suggesting upside of 17.3%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is 78.8, implying annual growth of 24.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.5.
Forecast for FY27:
Current consensus EPS estimate is 29.8, implying annual growth of -62.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 27.9.
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: $6.20
Moelis rates ((GMD)) as Hold (3) –
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
In the case of Genesis Minerals, the broker lifted FY26-27 EBITDA forecasts by 24% and 16% respectively, and net profit estimates by 32% and 21%, respectively.
Hold. Target rises to $5.45 from $4.30.
This report was published on October 6, 2025.
Target price is $5.45 Current Price is $6.20 Difference: minus $0.75 (current price is over target).
If GMD meets the Moelis target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.64, suggesting downside of -9.0%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 37.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.36.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 39.4, implying annual growth of 94.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.7.
Forecast for FY27:
Moelis 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 13.19.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 38.8, implying annual growth of -1.5%.
Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.1%.
Current consensus EPS estimate suggests the PER is 16.0.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
GNE GENESIS ENERGY LIMITED
Infrastructure & Utilities – Overnight Price: $2.15
Jarden rates ((GNE)) as Buy (1) –
Jarden maintains a constructive outlook on New Zealand’s gentailer sector, using a sum-of-the-parts approach to highlight significant valuation differences across peers.
After reviewing the Government’s recently announced Energy Package, there is no change to the broker’s outlook that wholesale electricity prices will begin to normalise by FY28.
The broker sees Genesis Energy as materially undervalued. A Buy rating is kept with a target price of NZ$2.96, up from NZ$2.93.
This report was published on October 7, 2025.
Current Price is $2.15. Target price not assessed.
The company’s fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 13.47 cents and EPS of 7.46 cents.
At the last closing share price the estimated dividend yield is 6.26%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.82.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 13.83 cents and EPS of 10.74 cents.
At the last closing share price the estimated dividend yield is 6.43%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.02.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
HGO HILLGROVE RESOURCES LIMITED
Copper – Overnight Price: $0.04
Canaccord Genuity rates ((HGO)) as Speculative Buy (1) –
Canaccord Genuity notes the Federal Reserve’s September rate cut and outlook, and a weaker US dollar boosted commodity prices, especially precious and industrial metals.
While precious metals benefited as inflation hedges, base metals gained from infrastructure, electrification, and data centre demand, aided by cheaper borrowing.
Aluminium (up 10%), zinc (up 7%), and tin (up 6%) were standout performers. The broker lifted 2026 price forecast for copper by 3.8%, aluminium by 4%, zinc by 4%, tin by 13.7% but cut cobalt by -3.2%.
For Hillgrove Resources, the broker expects a 9% q/q rise in September quarter copper production but a -1% fall in gold production.
Speculative Buy. Target trimmed to 5c from 8c on higher dilution and production downgrades.
This report was published on October 8, 2025.
Target price is $0.05 Current Price is $0.04 Difference: $0.011
If HGO meets the Canaccord Genuity target it will return approximately 28% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.90.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1.30.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Moelis rates ((HGO)) as Buy (1) –
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
The broker trimmed Hillgrove Resources’ FY25-26 EBITDA forecasts by -1% and -2%, respectively, but raised net profit estimates by 2% and 6%, respectively.
Buy. Target trimmed to 5c from 6c.
This report was published on October 6, 2025.
Target price is $0.05 Current Price is $0.04 Difference: $0.011
If HGO meets the Moelis target it will return approximately 28% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.42 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.29.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.90.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
HRZ HORIZON MINERALS LIMITED
Gold & Silver – Overnight Price: $0.08
Petra Capital rates ((HRZ)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
The target for Horizon Minerals rises by 50% to 18c. Buy maintained.
This report was published on October 7, 2025.
Target price is $0.18 Current Price is $0.08 Difference: $0.101
If HRZ meets the Petra Capital target it will return approximately 128% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.04.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.16.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
IFT INFRATIL LIMITED
Wealth Management & Investments – Overnight Price: $10.78
Jarden rates ((IFT)) as Buy (1) –
Infratil’s September valuation update showed a modest uplift in the assessed value of CDC Data Centres, notes Jarden, rising by $77m quarter-on-quarter to $13.64bn (midpoint of $12.8–14.5bn). This values Infratil’s 49.72% stake at $6.78bn, up $32m since June.
The new independent valuer made some notable methodological changes, according to the broker, including a higher cost of equity (11.38% versus 11.05%), largely due to a higher assumed gearing ratio.
Management at Infratil reaffirmed its plan to invest an additional -$250m over the next six months to support ongoing CDC expansion.
Jarden maintains a Buy rating and NZ$14.79 target price.
This report was published on October 8, 2025.
Current Price is $10.78. Target price not assessed.
Current consensus price target is N/A
The company’s fiscal year ends in March.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 16.83 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 64.04.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 7.7, implying annual growth of N/A.
Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 140.0.
Forecast for FY27:
Jarden forecasts a full year FY27 EPS of 15.74 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 68.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.2, implying annual growth of 58.4%.
Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 88.4.
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: $7.76
Canaccord Genuity rates ((ILU)) as Downgrade to Hold from Buy (3) –
Attended by the analysts at Canaccord Genuity, Iluka Resources hosted a site visit to its Eneabba Rare Earth Refinery and Cataby mineral sands operation near Perth.
Construction at Eneabba is 34% complete, with over 80% of project value contracted and costs tracking within the $1.7-$1.8bn budget, highlights the broker. First production is expected in 2H27, with potential upside if delivery stays on schedule.
Management is confident in commissioning but Canaccord remains cautious on utilisation until third-party feed, such as Kangankunde, is secured.
At Cataby, mining will pause from December 1 amid weak pigment feed demand, preserving around $150m in cash, notes the broker.
Canaccord lifts its target price to $6.65 from $6.15 but downgrades to Hold from Buy on valuation grounds.
This report was published on October 6, 2025.
Target price is $6.65 Current Price is $7.76 Difference: minus $1.11 (current price is over target).
If ILU meets the Canaccord Genuity target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $6.39, suggesting downside of -17.7%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 6.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 0.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.3, implying annual growth of -62.5%.
Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 38.2.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 8.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 1.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.03.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.3, implying annual growth of -24.6%.
Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 50.7.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
KAI KAIROS MINERALS LIMITED
Gold & Silver – Overnight Price: $0.04
Petra Capital rates ((KAI)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363 and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
The target for Kairos Minerals rises by 80% to 9c. Buy maintained.
This report was published on October 7, 2025.
Target price is $0.09 Current Price is $0.04 Difference: $0.048
If KAI meets the Petra Capital target it will return approximately 114% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
KCN KINGSGATE CONSOLIDATED LIMITED
Gold & Silver – Overnight Price: $4.02
Moelis rates ((KCN)) as Buy (1) –
Kingsgate Consolidated’s September quarter gold production of 23.9koz and silver output of 205.8koz came in ahead of Moelis’ respective forecasts of 20.1koz and 160.8koz. Cash and bullion rose to $98m, beating the broker’s $73.9m estimate.
A record quarter for the Chatree mine reflects higher output, strong cash generation, and steady costs, explains the broker, likely placing unit costs below the -US$1,626/oz forecast.
Moelis highlights scope for capital returns and ongoing exploration upside to extend mine life.
Buy rating. Target $6.20.
This report was published on October 8, 2025.
Target price is $6.20 Current Price is $4.02 Difference: $2.18
If KCN meets the Moelis target it will return approximately 54% (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 60.12 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.69.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 67.87 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.92.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MAC MAC COPPER LIMITED
Copper – Overnight Price: $18.56
Moelis rates ((MAC)) as Hold (3) –
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
In the case of Ora Banda Mining, the broker lifted FY25-26 EBITDA forecasts by 3% each, and net profit estimates by 15% and 6%, respectively.
Hold. Target rises to $20.20 from $19.10.
This report was published on October 6, 2025.
Target price is $20.20 Current Price is $18.56 Difference: $1.64
If MAC meets the Moelis target it will return approximately 9% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 39.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 46.82.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 327.37 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.67.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MEK MEEKA METALS LIMITED
Gold & Silver – Overnight Price: $0.21
Petra Capital rates ((MEK)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363 and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
The target for Meeka Metals rises by 46% to 34c. Buy rating retained.
This report was published on October 7, 2025.
Target price is $0.34 Current Price is $0.21 Difference: $0.13
If MEK meets the Petra Capital target it will return approximately 62% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 6.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.39.
Forecast for FY27:
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MLX METALS X LIMITED
Tin – Overnight Price: $0.90
Canaccord Genuity rates ((MLX)) as Upgrade to Buy from Hold (1) –
Canaccord Genuity notes the Federal Reserve’s September rate cut and outlook, and a weaker US dollar boosted commodity prices, especially precious and industrial metals.
While precious metals benefited as inflation hedges, base metals gained from infrastructure, electrification, and data centre demand, aided by cheaper borrowing.
Aluminium (up 10%), zinc (up 7%), and tin (up 6%) were standout performers. The broker lifted 2026 price forecast for copper by 3.8%, aluminium by 4%, zinc by 4%, tin by 13.7% but cut cobalt by -3.2%.
For Metals X, the broker forecasts -16% q/q lower tin production in the September quarter, but expects an offset from strong tin price, leading to a 4% rise in estimated cash balance.
Rating upgraded to Buy from Hold. Target rises to 95c from 58c.
This report was published on October 8, 2025.
Target price is $0.95 Current Price is $0.90 Difference: $0.05
If MLX meets the Canaccord Genuity target it will return approximately 6% (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
MM8 MEDALLION METAL LIMITED
Gold & Silver – Overnight Price: $0.57
Petra Capital rates ((MM8)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363 and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
The target for Medallion Metals rises by 40% to 88c. Buy maintained.
This report was published on October 7, 2025.
Target price is $0.88 Current Price is $0.57 Difference: $0.31
If MM8 meets the Petra Capital target it will return approximately 54% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 38.00.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.50.
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 Hold (3) –
Canaccord Genuity notes the Federal Reserve’s September rate cut and outlook, and a weaker US dollar boosted commodity prices, especially precious and industrial metals.
While precious metals benefited as inflation hedges, base metals gained from infrastructure, electrification, and data centre demand, aided by cheaper borrowing.
Aluminium (up 10%), zinc (up 7%), and tin (up 6%) were standout performers. The broker lifted 2026 price forecast for copper by 3.8%, aluminium by 4%, zinc by 4%, tin by 13.7% but cut cobalt by -3.2%.
For Nickel Industries, the broker forecasts 2% q/q rise in nickel production at each of the two producing assets, RKEF and HNC. EBITDA forecast for FY25 lifted by 7% and by 41% for FY26.
Hold. Target rises to 80c from 68c.
This report was published on October 8, 2025.
Target price is $0.80 Current Price is $0.81 Difference: minus $0.015 (current price is over target).
If NIC meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.04, suggesting upside of 27.8%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 1.00 cents and EPS of 0.00 cents.
At the last closing share price the estimated dividend yield is 1.23%.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 4.4, 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 18.5.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 2.00 cents and EPS of 3.11 cents.
At the last closing share price the estimated dividend yield is 2.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.21.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.5, implying annual growth of 115.9%.
Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 9.8%.
Current consensus EPS estimate suggests the PER is 8.6.
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
OBM ORA BANDA MINING LIMITED
Gold & Silver – Overnight Price: $1.28
Moelis rates ((OBM)) as Hold (3) –
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
In the case of Ora Banda Mining, the broker lifted FY26-27 EBITDA forecasts by 15% and 23% respectively, and net profit estimates by 17% and 25%, respectively.
Hold. Target rises to $1.02 from $0.88.
The below is from a separate report, issued on the same day:
Ora Banda Mining’s September quarter production of 30.6koz, including 3.6koz from third-party milling, came in below Moelis’ 35.5koz estimate, while sales of 31.3koz also missed expectations. Cash closed at $123m, broadly in line with the broker’s $121m forecast.
The softer operational result was offset by steady cash generation, observes Moelis, likely reflecting timing factors related to toll treatment, lower capital spending, or reduced costs.
Despite lower sales and higher growth capital, the company added about $39m in cash, aided by exposure to higher spot prices, explain the analysts.
A stronger operational performance will be needed to achieve FY26 guidance of 140-155koz, points out the broker.
This report was published on October 8, 2025.
Target price is $1.02 Current Price is $1.28 Difference: minus $0.26 (current price is over target).
If OBM meets the Moelis target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 11.45 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.18.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.49.
Market Sentiment: -0.3
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: $6.55
Moelis rates ((PNR)) as Hold (3) –
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
In the case of Pantoro Gold, the broker lifted FY26-27 EBITDA forecasts by 17% and 27% respectively, and net profit estimates by 26% and 37%, respectively.
Hold. Target rises to $5.25 from $4.50.
This report was published on October 6, 2025.
Target price is $5.25 Current Price is $6.55 Difference: minus $1.3 (current price is over target).
If PNR meets the Moelis target it will return approximately minus 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.10, suggesting downside of -22.1%(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 48.22 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.58.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 60.4, implying annual growth of 6842.5%.
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 FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 36.98 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.71.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 69.4, implying annual growth of 14.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.4.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
Petra Capital rates ((PNR)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
The target for Pantoro Gold rises by 45% to $6.46. Buy rating retained.
This report was published on October 7, 2025.
Target price is $6.46 Current Price is $6.55 Difference: minus $0.09 (current price is over target).
If PNR meets the Petra Capital target it will return approximately minus 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $5.10, suggesting downside of -22.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 58.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.23.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 60.4, implying annual growth of 6842.5%.
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 FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 84.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.72.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 69.4, implying annual growth of 14.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.4.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
RXL ROX RESOURCES LIMITED
Gold & Silver – Overnight Price: $0.56
Petra Capital rates ((RXL)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
The target for Rox Resources rises by 43% to 86c. Buy.
This report was published on October 8, 2025.
Target price is $0.86 Current Price is $0.56 Difference: $0.3
If RXL meets the Petra Capital target it will return approximately 54% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 28.00.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 80.00.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
SBM ST. BARBARA LIMITED
Gold & Silver – Overnight Price: $0.58
Petra Capital rates ((SBM)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
Petra Capital recently allowed for the above forecast changes in the case of St. Barbara, raising its target by 74% to $1.18. Buy rating retained.
This report was published on October 7, 2025.
Target price is $1.18 Current Price is $0.58 Difference: $0.595
If SBM meets the Petra Capital target it will return approximately 102% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 17.21.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.80.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
SFR SANDFIRE RESOURCES LIMITED
Copper – Overnight Price: $16.63
Canaccord Genuity rates ((SFR)) as Hold (3) –
Canaccord Genuity notes the Federal Reserve’s September rate cut and outlook, and a weaker US dollar boosted commodity prices, especially precious and industrial metals.
While precious metals benefited as inflation hedges, base metals gained from infrastructure, electrification, and data centre demand, aided by cheaper borrowing.
Aluminium (up 10%), zinc (up 7%), and tin (up 6%) were standout performers. The broker lifted 2026 price forecast for copper by 3.8%, aluminium by 4%, zinc by 4%, tin by 13.7% but cut cobalt by -3.2%.
For Sandfire Resources, the broker’s September quarter production forecasts for copper, zinc and silver are lower q/q, while costs at Matsa are 24% higher but -19% lower at Motheo.
EBITDA forecast for FY26 lifted by 9% and by 8% for FY27.
Hold. Target rises to $14.25 from $12.50.
This report was published on October 8, 2025.
Target price is $14.25 Current Price is $16.63 Difference: minus $2.38 (current price is over target).
If SFR meets the Canaccord Genuity target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $12.68, suggesting downside of -23.7%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 15.55 cents and EPS of 74.62 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.29.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 73.4, implying annual growth of N/A.
Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 22.7.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 15.55 cents and EPS of 105.71 cents.
At the last closing share price the estimated dividend yield is 0.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.73.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 88.2, implying annual growth of 20.2%.
Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 18.9.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
STK STRICKLAND METALS LIMITED
Mining – Overnight Price: $0.20
Canaccord Genuity rates ((STK)) as Speculative Buy (1) –
Canaccord Genuity notes Strickland Metals reported strong copper-gold assay results from the first three diamond holes drilled at copper canyon deposit within the Rogozna Project in Serbia.
The 50,000m drilling program at the project continues to deliver strong results, with seven diamond drill rigs currently active, the broker highlights.
Additionally, the company published new gravity survey results identifying multiple high-potential porphyry copper-gold targets. The findings expand targets north of the Jezerska Reka prospect and reinforce the scale of known deposits.
Next steps include an Magnetotelluric (MT) survey to refine drill targets. The company had $52.4m cash on hand as of end-June.
Speculative Buy. Target unchanged at 50c.
This report was published on October 9, 2025.
Target price is $0.50 Current Price is $0.20 Difference: $0.3
If STK meets the Canaccord Genuity target it will return approximately 150% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 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
STN SATURN METALS LIMITED
Gold & Silver – Overnight Price: $0.60
Petra Capital rates ((STN)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
Petra Capital recently allowed for the above forecast changes in the case of Saturn Metals, raising its target by 53% to $1.93. Buy rating retained.
This report was published on October 7, 2025.
Target price is $1.93 Current Price is $0.60 Difference: $1.325
If STN meets the Petra Capital target it will return approximately 219% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY25:
Petra Capital forecasts a full year FY25 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 67.22.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 201.67.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
TNE TECHNOLOGY ONE LIMITED
IT & Support – Overnight Price: $38.85
Jarden rates ((TNE)) as Overweight (2) –
TechnologyOne held its Product and Investor Day yesterday (October 9). Prior to the event, Jarden was anticipating an outline of the company’s suite of 19 AI products, with potential additions spanning both back- and front-office automation.
The broker was expecting new AI features across existing products to reinforce the company’s strong pricing power and net revenue retention (NRR) of around 118% over the past 2.5 years.
The analyst notes maintaining this rate would imply revenue growth ahead of consensus, with an FY24-FY27 compound annual growth rate (CAGR) of 16%.
In summary, Jarden believes TechnologyOne is well positioned to capitalise on AI integration, supported by its deep customer relationships and embedded ERP systems. An Overweight rating and $44.82 target price are maintained.
This report was published on October 8, 2025.
Target price is $44.82 Current Price is $38.85 Difference: $5.97
If TNE meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $38.04, suggesting downside of -2.1%(ex-dividends)
The company’s fiscal year ends in September.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 43.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 89.72.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 42.2, implying annual growth of 16.4%.
Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 0.7%.
Current consensus EPS estimate suggests the PER is 92.1.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 52.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 73.44.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 50.0, implying annual growth of 18.5%.
Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 0.8%.
Current consensus EPS estimate suggests the PER is 77.7.
Market Sentiment: 0.2
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: $0.72
Petra Capital rates ((VAU)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
The target for Vault Minerals rises by 35% to $1.02. Buy rating retained.
This report was published on October 7, 2025.
Target price is $1.02 Current Price is $0.72 Difference: $0.3
If VAU meets the Petra Capital target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $0.67, suggesting downside of -6.5%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.09.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 3.8, implying annual growth of 9.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.9.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 3.00 cents and EPS of 14.10 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.11.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.5, implying annual growth of 44.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.1.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
WEB WEB TRAVEL GROUP LIMITED
Travel, Leisure & Tourism – Overnight Price: $4.36
Jarden rates ((WEB)) as Overweight (2) –
Web Travel’s first-half FY26 trading update exceeded Jarden’s expectations, with total transaction value (TTV) rising 22% year-on-year to $3.2bn, about 2% ahead of market forecasts.
TTV margins are tracking above 6.5%, versus the analyst’s expectation of 6.4%, positioning the company to deliver record FY26 earnings.
Growth was led by the Americas (up 27%), with Europe and APAC up 12% and the Middle East steady.
The broker highlights Web Travel’s ongoing market share gains, supported by AI-driven conversion improvements and deeper penetration in key markets such as the US.
Jarden retains an Overweight rating and raises its target price to $5.40 from $5.30, reflecting modest earnings upgrades.
This report was published on October 8, 2025.
Target price is $5.40 Current Price is $4.36 Difference: $1.04
If WEB meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $5.90, suggesting upside of 35.3%(ex-dividends)
The company’s fiscal year ends in March.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 9.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.77.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.0, implying annual growth of -54.0%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.3%.
Current consensus EPS estimate suggests the PER is 18.2.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 10.00 cents and EPS of 31.70 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.75.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 32.3, implying annual growth of 34.6%.
Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.4%.
Current consensus EPS estimate suggests the PER is 13.5.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
WGX WESTGOLD RESOURCES LIMITED
Gold & Silver – Overnight Price: $5.50
Petra Capital rates ((WGX)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
Petra Capital recently allowed for the above forecast changes in the case of Westgold Resources, raising its target by 23% to $5.95. Buy rating retained.
This report was published on October 7, 2025.
Target price is $5.95 Current Price is $5.50 Difference: $0.45
If WGX meets the Petra Capital target it will return approximately 8% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 12.00 cents and EPS of 83.40 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.59.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 14.00 cents and EPS of 73.30 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.50.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
WIA WIA GOLD LIMITED
Gold & Silver – Overnight Price: $0.39
Petra Capital rates ((WIA)) as Buy (1) –
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker’s coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker’s view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
Petra Capital recently allowed for the above forecast changes in the case of WIA Gold, raising its target by 12% to 45c. Buy rating retained.
This report was published on October 7, 2025.
Target price is $0.45 Current Price is $0.39 Difference: $0.065
If WIA meets the Petra Capital target it will return approximately 17% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
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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