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An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.
One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.
Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.
Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.
The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.
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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)
ACL BNZ CY5 CYG DYL FCL GGP (2) HUB IMR MEK MYR NWS OBM PLS PLT PLY PNI PNR PPS QAL REA REH TOR (2) VAU (2) WDS
TOR TORQUE METALS LIMITED
Gold & Silver - Overnight Price: $0.27
Canaccord Genuity rates ((TOR)) as Speculative Buy (1) -
Canaccord Genuity retains a Speculative Buy rating, citing the growing scale of the Paris Gold Project and superior grade profile relative to peers.
Recent step-out drilling guided by DHEM continues to deliver strong intercepts, including 15.5m at 12g/t Au and 16m at 7.9g/t Au, extending mineralisation more than 500m down plunge.
Located within 40km of two operating mills, the project’s 3.1g/t Au resource grade compares favourably with the 1.08g/t average for WA open-pit producers, the broker points out.
Target lifted to 55c from 45c.
This report was published on October 27, 2025.
Target price is $0.55 Current Price is $0.27 Difference: $0.285
If TOR meets the Canaccord Genuity target it will return approximately 108% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Petra Capital rates ((TOR)) as Buy (1) -
Petra Capital notes continued exploration success at Torque Metals' Paris Gold Project in WA, with step-out drilling returning strong intercepts including 12m at 6.2g/t Au and 8m at 5.0g/t Au.
New DHEM conductor plates have been identified, extending the mineralised corridor by 200m to the southwest and confirming multiple parallel lodes spaced 60–80m apart.
The current drilling program focuses on mapping the full pyrrhotite-associated gold system using DHEM-guided 80m step-outs, increasing the rate of discovery.
A second rig has been mobilised with over 20 conductors yet to be tested, supporting expectations of significant resource growth and higher-confidence infill results.
Buy rating reiterated with a $0.53 target price, with the broker viewing Paris as a scalable, high-grade, strategically positioned deposit.
This report was published on October 24, 2025.
Target price is $0.53 Current Price is $0.27 Difference: $0.265
If TOR meets the Petra Capital target it will return approximately 100% (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 0.00 cents.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.00 cents.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VAU VAULT MINERALS LIMITED
Gold & Silver - Overnight Price: $0.71
Canaccord Genuity rates ((VAU)) as Buy (1) -
Vault Minerals announced a solid September quarter with group sales of 91koz, above forecasts, and AISCs of $2,613/oz, below the low end of FY26 guidance and 6% under expectations.
Mt Monger and Deflector both achieved AISC beats driven by non-cash inventory credits, while Leonora costs were slightly higher due to a lower credit impact, Canaccord Genuity notes.
Free cash flow reached $28m, with cash and bullion rising to $703m, supported by the commencement of a share buyback program.
The company’s hedge book stands at 98.1koz at an average price of $2,850/oz, with 38% of 1Q sales delivered into hedges, and FY26 guidance remains unchanged at 332–360koz at AISCs of $2,650–2,850/oz.
Buy rating maintained with the target price unchanged at $0.96.
This report was published on October 24, 2025.
Target price is $0.96 Current Price is $0.71 Difference: $0.25
If VAU meets the Canaccord Genuity target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $0.92, suggesting upside of 29.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.14.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 4.9, implying annual growth of 40.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.5.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.92.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.1, implying annual growth of 106.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.0.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Moelis rates ((VAU)) as Buy (1) -
Moelis notes Vault Minerals reported a solid start to FY26, with group production and sales exceeding expectations, driven primarily by legacy Silver Lake assets, while King of the Hill (KOTH) achieved a processing record.
The first stage of the KOTH plant expansion remains on track for completion by year-end, and group guidance is unchanged at 332–360koz at $2,650–$2,850/oz.
The analyst's estimates remain more conservative at 349koz and $3,030/oz, reflecting lower inventory credits and near-term cost pressure.
The hedge book continues to unwind, with a greater proportion of unhedged sales expected to lift cash generation through 2H26.
Buy rating retained with the target price raised to $0.93 from $0.85, supported by improving fundamentals and cash flow momentum.
This report was published on October 26, 2025.
Target price is $0.93 Current Price is $0.71 Difference: $0.22
If VAU meets the Moelis target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $0.92, suggesting upside of 29.1%(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 5.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.24.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 4.9, implying annual growth of 40.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.5.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.55.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.1, implying annual growth of 106.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.0.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WDS WOODSIDE ENERGY GROUP LIMITED
NatGas - Overnight Price: $24.16
Jarden rates ((WDS)) as Overweight (2) -
Jarden notes Woodside Energy delivered a strong September quarter driven by high LNG facility uptime and Sangomar field performance, prompting FY25 production guidance to lift to 192–197mmboe from 188–195mmboe.
Production of 50.8mmboe exceeded the broker’s forecast by 7% and consensus by 5%, while sales revenue of US$3.4bn was 9% ahead of Jarden and 2% above consensus on higher LNG marketing volumes.
Unit production cost guidance was reduced to US$7.6–8.1/boe from US$8.0–8.5/boe, reflecting solid cost control and stronger output.
Growth projects including Scarborough, Trion, and Beaumont remain on schedule and within budget, with Scarborough now 91% complete and first LNG potentially ahead of mid-2026.
Overweight retained with the target price raised to $24.20 from $24.10.
This report was published on October 22, 2025.
Target price is $24.20 Current Price is $24.16 Difference: $0.04
If WDS meets the Jarden target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $25.78, suggesting upside of 6.7%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 143.21 cents and EPS of 178.86 cents.
At the last closing share price the estimated dividend yield is 5.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.51.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 171.7, implying annual growth of N/A.
Current consensus DPS estimate is 152.4, implying a prospective dividend yield of 6.3%.
Current consensus EPS estimate suggests the PER is 14.1.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 71.61 cents and EPS of 91.07 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.53.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 102.1, implying annual growth of -40.5%.
Current consensus DPS estimate is 88.8, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 23.7.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
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.