Weekly Reports | Jul 25 2025
A summary of the highlights from Broker Call Extra updates throughout the week past.
Broker Rating Changes (Post Thursday Last Week)
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BELLEVUE GOLD LIMITED ((BGL)) Upgrade to Neutral from Underweight by Jarden.B/H/S: 0/0/0
Jarden upgrades Bellevue Gold to Neutral from Underweight, with a higher target of 94c from 77c, supported by a lift in the long-term forecast gold price to US$2400/oz and recent underperformance of the stock providing valuation support.
Jarden also raises its gold price forecast in FY26 to US$3050/oz from US$2800/oz, and in FY27 to US$2800/oz from US$2500/oz, with an accompanying rise in estimates by the analyst for Bellevue's EPS for FY26 and FY27 by 22% and 19%, respectively.
The miner has flagged to produce 150koz at all-in-sustaining costs of $2405/oz by Jarden, which is lower than the consensus forecast for costs.
SYRAH RESOURCES LIMITED ((SYR)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0
Jarden upgrades Syrah Resources to Overweight from Neutral and lifts its target price to 40c from 28c. These changes follow imposition of minimum 105% anti-dumping and countervailing duties on Chinese active anode material (AAM) imports into the US.
These durable trade measures, which also apply to AAM within imported battery components, should significantly enhance the competitiveness of Syrah’s US-based Vidalia facility, explains the broker.
The facility produces AAM at unit costs of circa US$5,000–6,000/t versus Chinese landed AAM now priced at over US$8,300/t.
With the duties immediately effective and final determination due by December 2025, Jarden expects the development to rapidly accelerate Vidalia’s commercial momentum. It's also expected to eliminate Syrah’s pricing disadvantage versus Chinese supply.
The broker sees strategic value in Vidalia’s scalable 45ktpa capacity and latent supply potential from Balama. It's anticipated North American battery manufacturers will shift procurement away from China in response to cost and geopolitical pressures.
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29METALS LIMITED ((29M)) Downgrade to Underweight from Overweight by Jarden.B/H/S: 0/0/0
Jarden has downgraded 29Metals to Underweight from Overweight with a reduced target price of 30c, citing ongoing operational setbacks at the compoany's Golden Grove mine.
29Metals suffered another seismic event, further delaying access to its high-grade Xantho Extended orebody. As a result, Jarden now expects 2025 production for copper and zinc to miss guidance, with group EBITDA for the year slashed by -35%.
The analysts expressed concern over persistent free cash flow challenges and a negative cash outlook, though they noted any strength in base metals prices could act as a key upside risk.
AMPLITUDE ENERGY LIMITED ((AEL)) Downgrade to Market Weight from Overweight by Wilsons.B/H/S: 0/0/0
Wilsons Advisory has changed its stance on Amplitude Energy to Market Weight from Overweight, with a price target of 25c.
The broker highlights Amplitude Energy is transitioning from exploration to production, with its key gas project reaching final investment decision stage.
Farm-down discussions and securing financing are the next steps. The analysts are confident about demand fundamentals for gas in Asia, but highlight execution risks.
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