Weekly Reports | Oct 03 2025
This story features EVOLUTION MINING LIMITED.
For more info SHARE ANALYSIS: EVN
The company is included in ASX50, ASX100, ASX200, ASX300 and ALL-ORDS
A summary of the highlights from Broker Call Extra updates throughout the week past.
Broker Rating Changes (Post Thursday Last Week)
Downgrade
EVOLUTION MINING LIMITED ((EVN)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0
Canaccord Genuity has updated its long-term (from 2029) gold price forecast by 8.2% to US$4,173/oz, and the medium-term 2026/27/28 by 8.9%/8.5%/8.2%, respectively, in line with the forward curve.
For silver, the broker lifted the long-term price forecast by 14.5% to US$47.8/oz while long-term forex forecasts were left unchanged.
This has resulted in an average 13% rise in the broker’s target price for senior producers, 12% for intermediate/junior producers, and 12% for explorers/developers.
Ahead of the September quarterly, the broker expects Evolution Mining’s production at 178koz, -3% below consensus. Cost forecast of $1,663/oz is -8% below consensus.
Rating downgraded to Hold from Buy. Target rises to $9.50 from $8.50.
| Order | Company | New Rating | Old Rating | Broker | |
|---|---|---|---|---|---|
| Downgrade | |||||
| 1 | EVOLUTION MINING LIMITED | Neutral | Buy | Canaccord Genuity | |
Price Target Changes (Post Thursday Last Week)
| Company | Last Price | Broker | New Target | Old Target | Change | |
|---|---|---|---|---|---|---|
| AAR | Astral Resources | $0.25 | Canaccord Genuity | 0.73 | 0.64 | 14.06% |
| AEL | Amplitude Energy | $0.24 | Jarden | 0.28 | 0.29 | -3.45% |
| ASB | Austal | $8.03 | Petra Capital | 7.07 | 6.67 | 6.00% |
| ASL | Andean Silver | $2.10 | Canaccord Genuity | 3.80 | 3.45 | 10.14% |
| AUC | Ausgold | $1.01 | Canaccord Genuity | 2.05 | 1.80 | 13.89% |
| AZY | Antipa Minerals | $0.66 | Canaccord Genuity | 1.25 | 1.10 | 13.64% |
| BGL | Bellevue Gold | $1.21 | Canaccord Genuity | 1.75 | 1.65 | 6.06% |
| BTR | Brightstar Resources | $0.54 | Canaccord Genuity | 2.10 | 1.75 | 20.00% |
| CMM | Capricorn Metals | $13.54 | Canaccord Genuity | 13.55 | 12.15 | 11.52% |
| CYL | Catalyst Metals | $8.36 | Canaccord Genuity | 11.80 | 10.45 | 12.92% |
| EMR | Emerald Resources | $5.21 | Canaccord Genuity | 6.00 | 5.50 | 9.09% |
| EVN | Evolution Mining | $11.15 | Canaccord Genuity | 9.50 | 8.50 | 11.76% |
| GBZ | GBM Resources | $0.07 | Canaccord Genuity | 0.09 | 0.08 | 12.50% |
| GMD | Genesis Minerals | $6.14 | Canaccord Genuity | 6.15 | 5.55 | 10.81% |
| GOR | Gold Road Resources | $3.48 | Canaccord Genuity | N/A | 3.40 | -100.00% |
| KCN | Kingsgate Consolidated | $3.83 | Canaccord Genuity | 6.15 | 4.95 | 24.24% |
| KMD | KMD Brands | $0.25 | Canaccord Genuity | 0.25 | 0.27 | -7.41% |
| LTR | Liontown Resources | $0.97 | Canaccord Genuity | 0.85 | 0.80 | 6.25% |
| MM8 | Medallion Metal | $0.54 | Canaccord Genuity | 0.85 | 0.80 | 6.25% |
| MYR | Myer | $0.48 | Canaccord Genuity | 0.79 | 1.05 | -24.76% |
| NST | Northern Star Resources | $24.83 | Canaccord Genuity | 27.90 | 24.40 | 14.34% |
| OBM | Ora Banda Mining | $1.29 | Canaccord Genuity | 1.30 | 1.20 | 8.33% |
| PDI | Predictive Discovery | $0.45 | Canaccord Genuity | 0.74 | 0.56 | 32.14% |
| PMV | Premier Investments | $19.49 | Jarden | 21.30 | 21.70 | -1.84% |
| Petra Capital | 21.25 | 22.90 | -7.21% | |||
| PNR | Pantoro Gold | $6.16 | Canaccord Genuity | 6.30 | 5.45 | 15.60% |
| PRU | Perseus Mining | $4.94 | Canaccord Genuity | 6.40 | 5.80 | 10.34% |
| RMS | Ramelius Resources | $4.06 | Canaccord Genuity | 4.40 | 3.85 | 14.29% |
| RRL | Regis Resources | $5.96 | Canaccord Genuity | 5.45 | 4.25 | 28.24% |
| RSG | Resolute Mining | $1.08 | Canaccord Genuity | 1.85 | 1.60 | 15.63% |
| RXL | Rox Resources | $0.53 | Canaccord Genuity | 0.80 | 0.70 | 14.29% |
| RXR | Robex Resources | $4.23 | Canaccord Genuity | 6.15 | 5.70 | 7.89% |
| SMI | Santana Minerals | $0.80 | Canaccord Genuity | 1.85 | 1.60 | 15.63% |
| STK | Strickland Metals | $0.16 | Canaccord Genuity | 0.50 | 0.43 | 16.28% |
| TCG | Turaco Gold | $0.45 | Canaccord Genuity | 1.15 | 1.10 | 4.55% |
| TRE | Toubani Resources | $0.41 | Canaccord Genuity | 1.50 | 1.25 | 20.00% |
| TTM | Titan Minerals | $0.45 | Canaccord Genuity | 1.55 | 1.45 | 6.90% |
| VAU | Vault Minerals | $0.69 | Canaccord Genuity | 0.83 | 0.75 | 10.67% |
| WAF | West African Resources | $3.04 | Canaccord Genuity | N/A | 5.00 | -100.00% |
| WGX | Westgold Resources | $5.37 | Canaccord Genuity | 5.95 | 5.10 | 16.67% |
| Company | Last Price | Broker | New Target | Old Target | Change | |
More Highlights
AR9 ARCHTIS LIMITED
Software & Services – Overnight Price: $0.14
Canaccord Genuity rates ((AR9)) as Buy (1) –
FY25 results for archTIS were in line with Canaccord Genuity’s expectations, with annual recurring revenue (ARR) up 17% year-on-year to $5m. Earnings (EBITDA) of -$0.4m were supported by higher gross margin and lower operating costs, explain the analysts.
Management announced the acquisition of US-based Spirion for -US$10.1m, adding US$11m ARR and over 150 enterprise customers, which the broker views as transformational for US expansion.
Canaccord highlights upside from the recently secured US Department of Defense contract, with potential expansion of up to 150,000 users in the near term, up from from 1,000, and possibly 4m in the longer term.
The broker retains a Buy rating and 35c target price.
This report was published on September 26, 2025.
Target price is $0.35 Current Price is $0.14 Difference: $0.205
If AR9 meets the Canaccord Genuity target it will return approximately 141% (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 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.67.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 18.13.
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: $1.07
Canaccord Genuity rates ((BGL)) as Speculative Buy (1) –
Canaccord Genuity has updated its long-term (from 2029) gold price forecast by 8.2% to US$4,173/oz, and the medium-term 2026/27/28 by 8.9%/8.5%/8.2%, respectively, in line with the forward curve.
For silver, the broker lifted the long-term price forecast by 14.5% to US$47.8/oz while long-term forex forecasts were left unchanged.
This has resulted in an average 13% rise in the broker’s target price for senior producers, 12% for intermediate/junior producers, and 12% for explorers/developers.
For the September quarter, the broker forecasts Bellevue Gold’s production to be -25% lower vs the June quarter and in line with the consensus. Cost forecast of $3,102/oz is -4% below consensus.
Speculatie Buy. Target rises to $1.75 from $1.65.
This report was published on September 26, 2025.
Target price is $1.75 Current Price is $1.07 Difference: $0.675
If BGL meets the Canaccord Genuity target it will return approximately 63% (excluding dividends, fees and charges).
Current consensus price target is $1.15, suggesting upside of 4.5%(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 11.94.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.8, 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 10.2.
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 7.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.8, implying annual growth of -46.3%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 19.0.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
CUV CLINUVEL PHARMACEUTICALS LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $11.30
Wilsons rates ((CUV)) as Overweight (1) –
Clinuvel Pharmaceuticals has gained European Medicines Agency approval to expand Scenesse dosing for erythropoietic protoporphyria to six implants per year, aligning practice with the US, notes Wilsons.
The decision is supported by long-term clinical and real-world safety data, which the broker regards as a key defensive asset for the franchise.
The commercial impact will be modest, expect the analysts, with potential for around 12% uplift to forecasts if utilisation matches US levels, though benefits are likely to take years as payer and prescribing habits evolve.
Wilsons makes no forecast changes and maintains an Overweight rating with a $32.84 target price.
This report was published on September 24, 2025.
Target price is $32.84 Current Price is $11.30 Difference: $21.54
If CUV meets the Wilsons target it will return approximately 191% (excluding dividends, fees and charges).
Current consensus price target is $18.53, suggesting upside of 59.9%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 7.00 cents and EPS of 82.10 cents.
At the last closing share price the estimated dividend yield is 0.62%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.76.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 69.8, implying annual growth of -3.4%.
Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 0.5%.
Current consensus EPS estimate suggests the PER is 16.6.
Forecast for FY27:
Wilsons forecasts a full year FY27 dividend of 17.60 cents and EPS of 92.60 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.20.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 69.5, implying annual growth of -0.4%.
Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 0.6%.
Current consensus EPS estimate suggests the PER is 16.7.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
FPR FLEETPARTNERS GROUP LIMITED
Vehicle Leasing & Salary Packaging – Overnight Price: $2.89
Canaccord Genuity rates ((FPR)) as Buy (1) –
Management at FleetPartners Group issued an FY25 trading update ahead of its September 30 year-end, with outcomes broadly in line with consensus, Citi notes.
The broker highlights disruption from the company’s Accelerate program cutover has now cleared, with backlogs resolved, service levels normalised, and net promoter score (NPS) improving.
New business written (NBW) of -16-17% matches prior guidance, while assets under management and originations funding (AUMOF) and net operating income (NOI) are expected by management to grow year-on-year.
The broker maintains forecasts, a Buy rating, and a $3.70 target price.
This report was published on September 26, 2025.
Target price is $3.70 Current Price is $2.89 Difference: $0.81
If FPR meets the Canaccord Genuity target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $3.66, suggesting upside of 26.6%(ex-dividends)
The company’s fiscal year ends in September.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 33.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.76.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 34.0, implying annual growth of 4.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.5.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 38.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.43.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 34.4, implying annual growth of 1.2%.
Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 8.4.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
IMM IMMUTEP LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.26
Wilsons rates ((IMM)) as Overweight (1) –
Immutep has announced a new investigator-initiated Phase II trial with George Washington University.
The aim is evaluating efti in combination with chemotherapy as a neoadjuvant (treatment before the main treatment, usually surgery) in HR+/HER2- breast cancer, explains Wilsons.
This subtype means the tumour is hormone receptor positive (HR+). It grows in response to hormones like oestrogen and/or progesterone, and HER2 negative (HER2-), meaning it does not overexpress the HER2 protein.
Efti’s immune priming could improve pathological complete response rates, observes the broker, potentially enabling more breast-conserving surgery and better survival outcomes.
Separately, Wilsons notes Merck has received approval for subcutaneous Keytruda (QLEX), a new formulation of its blockbuster drug, joining Roche and BMS in this space.
With faster administration times, Merck aims to shift around 30% of patients to QLEX, reinforcing the industry trend towards subcutaneous delivery, in line with efti’s mode of administration.
Wilsons makes no changes to forecasts and maintains an Overweight rating with a $1.20 target price.
This report was published on September 23, 2025.
Target price is $1.20 Current Price is $0.26 Difference: $0.945
If IMM meets the Wilsons target it will return approximately 371% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 5.70 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.47.
Forecast for FY27:
Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.80.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
OCA OCEANIA HEALTHCARE LIMITED
Aged Care & Seniors – Overnight Price: $0.55
Jarden rates ((OCA)) as Neutral (3) –
Management at Oceania Healthcare presented at the company’s investor day with Jarden noting confidence around intent and capability despite portfolio and capital structure constraints.
Oceania aims for an integrated care model across its portfolio by FY30, with divestments of between -4-6 sites planned and annual development delivery of 100-150 units in FY27-31.
Cost savings were at the top end of Jarden’s expectations, lifting care profitability to around $20k per bed in FY26 and $25k in FY27 from $13k in FY25.
The broker trims forecasts slightly and revises its target to NZ$0.72 from NZ$0.73 while retaining a Neutral rating.
This report was published on September 23, 2025.
Current Price is $0.55. Target price not assessed.
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 5.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.00.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 55.00.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
PRU PERSEUS MINING LIMITED
Gold & Silver – Overnight Price: $4.90
Canaccord Genuity rates ((PRU)) as Buy (1) –
Canaccord Genuity has updated its long-term (from 2029) gold price forecast by 8.2% to US$4,173/oz, and the medium-term 2026/27/28 by 8.9%/8.5%/8.2%, respectively, in line with the forward curve.
For silver, the broker lifted the long-term price forecast by 14.5% to US$47.8/oz while long-term forex forecasts were left unchanged.
This has resulted in an average 13% rise in the broker’s target price for senior producers, 12% for intermediate/junior producers, and 12% for explorers/developers.
The broker expects Perseus Mining to report a -14% q/q fall in the September quarter to 104koz, 2% above the consensus. Cost forecast of US$1,469/oz is -4% lower than the consensus.
Buy. Target rises to $6.40 from $5.80.
This report was published on September 26, 2025.
Target price is $6.40 Current Price is $4.90 Difference: $1.5
If PRU meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $4.65, suggesting downside of -5.1%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 6.21 cents and EPS of 49.71 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.86.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 39.1, implying annual growth of N/A.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 12.5.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 6.21 cents and EPS of 48.15 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.18.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 31.4, implying annual growth of -19.7%.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 15.6.
This company reports in USD. 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
TLX TELIX PHARMACEUTICALS LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $14.85
Jarden rates ((TLX)) as Buy (1) –
Telix Pharmaceuticals has received transitional pass-through (TPT) status for its second-generation prostate cancer diagnostic Gozellix, offsetting the loss of TPT for Illuccix from June 30, 2025, notes Jarden.
The analysts highlight the decision underpins Telix’s two-product strategy and secures reimbursement for 2-3 years. The recent share price retreat is seen as excessive.
No earnings revisions are made by the broker as TPT approval was assumed. Gozellix has a longer shelf life, enabling greater distribution, and is expected to ramp sales quickly.
Jarden maintains a Buy rating and $28.13 target price.
This report was published on September 23, 2025.
Target price is $28.13 Current Price is $14.85 Difference: $13.28
If TLX meets the Jarden target it will return approximately 89% (excluding dividends, fees and charges).
Current consensus price target is $28.40, suggesting upside of 88.7%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.86 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 796.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -2.4, 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 N/A.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 92.84.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.2, 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 147.5.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
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For more info SHARE ANALYSIS: EVN - EVOLUTION MINING LIMITED
