Daily Market Reports | Oct 08 2025
This story features ALKANE RESOURCES LIMITED, and other companies.
For more info SHARE ANALYSIS: ALK
The company is included in ASX300 and ALL-ORDS
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
ALK APE ARB ASG BML BRE GGP IMB KCN LOT MSB NUZ TOR VAU WGX
ALK ALKANE RESOURCES LIMITED
Gold & Silver – Overnight Price: $1.18
Moelis rates ((ALK)) as Upgrade to Buy from Hold (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 Alkane Resources, the broker lifted FY26-27 EBITDA forecasts by 18% and 17% respectively, and net profit estimates by 31% and 29%, respectively. This also reflects production increase following the merger with Mandalay Resources.
Rating upgraded to Buy from Hold. Target price $1.50.
This report was published on October 6, 2025.
Target price is $1.50 Current Price is $1.18 Difference: $0.32
If ALK meets the Moelis target it will return approximately 27% (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 4.59 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.71.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 13.21 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.93.
Market Sentiment: 0.8
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: $34.65
Canaccord Genuity rates ((APE)) as Buy (1) –
Eagers Automotive will acquire 55% of CanadaOne Auto Group’s operating company and 65% of its property portfolio for -$1bn, with founder Pat Priestner retaining the balance.
Canaccord Genuity notes the vendor will reinvest $386m in Eagers shares. Also, Mitsubishi Corporation will acquire a 20% stake in easyauto123 for -$70m and take up a $50m placement in Eagers as part of their mobility partnership.
The broker considers the transaction with CanadaOne strategically sound, citing both companies’ “owner’s mindset” and long-term approach.
While initial earnings accretion is moderate, Canaccord expects operational efficiencies and bolt-on opportunities to drive growth in Canada.
The broker raises its target price to $30.60 from $28.00, while retaining a Buy rating.
Separately, in research two days later, Canaccord highlights September new vehicle sales rose 5.1% year-on-year, though year-to-date volumes remain down -1.4%.
Demand remains resilient, observes the broker, supported by easing interest rates and growing availability of lower-cost new energy vehicles (NEVs), which are drawing some buyers away from the used-vehicle market.
Eagers Automotive’s performance has become less tied to industry sales due to margin improvements, strategic initiatives, and diversification, explain the analysts.
Canaccord maintains broader market volumes still matter, as they influence gross margins and pricing pressure.
This report was published on October 3, 2025.
Target price is $30.60 Current Price is $34.65 Difference: minus $4.05 (current price is over target).
If APE meets the Canaccord Genuity target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $29.38, suggesting downside of -15.2%(ex-dividends)
The company’s fiscal year ends in December.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 76.00 cents and EPS of 104.80 cents.
At the last closing share price the estimated dividend yield is 2.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 33.06.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 34.2.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 95.00 cents and EPS of 140.70 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.63.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 2.3%.
Current consensus EPS estimate suggests the PER is 28.9.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
ARB ARB CORPORATION LIMITED
Automobiles & Components – Overnight Price: $38.88
Canaccord Genuity rates ((ARB)) as Hold (3) –
ARB Corp’s Top 11 vehicle index rose 7.5% in September. This marks the first month this calendar year of broad-based growth across key models such as the HiLux and Ranger, rather than being driven solely by the new Prado launch, explains Canaccord Genuity.
The broker highlights this as a positive development, as these high fitment rate vehicles underpin ARB’s accessory sales and improve the breadth of demand across its core platforms.
While year-to-date volumes remain lower, the analysts suggest recent momentum is encouraging and supports a recovery in underlying sales trends
Hold. Target unchanged at $35.60.
This report was published on October 3, 2025.
Target price is $35.60 Current Price is $38.88 Difference: minus $3.28 (current price is over target).
If ARB meets the Canaccord Genuity target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $43.36, suggesting upside of 11.5%(ex-dividends)
The company’s fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 69.00 cents and EPS of 123.00 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.61.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 125.3, implying annual growth of 6.4%.
Current consensus DPS estimate is 72.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 31.0.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 78.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 28.17.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 143.7, implying annual growth of 14.7%.
Current consensus DPS estimate is 82.6, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 27.1.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
ASG AUTOSPORTS GROUP LIMITED
Automobiles & Components – Overnight Price: $3.45
Canaccord Genuity rates ((ASG)) as Buy (1) –
Luxury new vehicle sales continued to strengthen in September, with units sold by key brands relevant to Autosports Group rising 18% year-on-year and the three-month rolling average up 12%, observes anaccord Genuity.
The broker notes this performance by Autosports Group outpaces the broader market’s 5% growth and reflects improving supply-demand dynamics, likely supporting gross margins and profit leverage.
Audi led gains with sales up 55% in September and 40% over three months.
The analyst reiterates a positive view, citing Autosports’ strong OEM partnerships, consistent market outperformance, and capacity for further acquisitions.
Canaccord Genuity raises its target price to $3.79 from $3.51 and retains a Buy rating.
This report was published on October 3, 2025.
Target price is $3.79 Current Price is $3.45 Difference: $0.34
If ASG meets the Canaccord Genuity target it will return approximately 10% (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 15.20 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 4.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.64.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 20.80 cents and EPS of 34.70 cents.
At the last closing share price the estimated dividend yield is 6.03%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.94.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
BML BOAB METALS LIMITED
Mining – Overnight Price: $0.44
Petra Capital rates ((BML)) as Initiation of coverage with Buy (1) –
Petra Capital begins research coverage on Boab Metals which is advancing its 75%-owned (option to 100%) Sorby Hills Project in Western Australia’s Kimberley region toward first production.
The analyst begins with a $1.08 target and Buy rating, citing low costs, silver leverage, and a clear development path.
The broker highlights the recent front end engineering and design (FEED) study confirming output of 68ktpa lead and 2.2moz silver over an 8.5-year life, with costs of -US$0.90/lb lead, effectively delivering silver at no cost.
Located 50km from Kununurra, the project features shallow open-pit mining, clean metallurgy, and the recently purchased DeGrussa plant enabling 2.25mtpa throughput, explains the broker.
Offtake with Trafigura, including a US$30m prepayment, is seen to support strong economics.
Petra Capital expects a final investment decision (FID) by late 2025 and first concentrate in September 2027.
This report was published on October 6, 2025.
Target price is $1.08 Current Price is $0.44 Difference: $0.64
If BML meets the Petra Capital target it will return approximately 145% (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 0.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 73.33.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 2.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 19.13.
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: $4.37
Petra Capital rates ((BRE)) as Buy (1) –
The Amargosa Project hosts 98mt of premium direct shipping ore (DSO) bauxite, grading 41.9% alumina and just 2.5% reactive silica, highlights Petra Capital.
It’s noted a further 470mt of bauxite Resources can be upgraded to leverage the significant existing infrastructure.
Development is planned in stages, starting with trucking to the Port of Enseada before expanding via rail to Porto Sul, reducing execution risk, suggests the broker.
Petra Capital lifts its bauxite valuation to $400m from $25m, supported by low capex of about -US$80m and strong standalone economics.
It’s thought a potential spin-out or joint venture in 2026 could crystallise value. The target price rises to $6.27 from $4.42. Buy retained.
This report was published on October 6, 2025.
Target price is $6.27 Current Price is $4.37 Difference: $1.9
If BRE meets the Petra Capital target it will return approximately 43% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 14.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 30.56.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 7.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 59.05.
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: $8.35
Moelis rates ((GGP)) 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.
The broker raised Greatland Resources’ FY26-27 EBITDA forecasts by 17% and 20% respectively, and net profit estimates by 18% and 21%, respectively.
Target rises to $7.90 from $7.00. Rating downgraded to Hold from Buy.
This report was published on October 6, 2025.
Target price is $7.90 Current Price is $8.35 Difference: minus $0.45 (current price is over target).
If GGP meets the Moelis target it will return approximately minus 5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $9.63, suggesting upside of 15.4%(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 119.06 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.01.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 76.3, implying annual growth of 20.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.9.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 96.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.66.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 29.3, implying annual growth of -61.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 28.5.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
IMB INTELLIGENT MONITORING GROUP LIMITED
Commercial Services & Supplies – Overnight Price: $0.69
Canaccord Genuity rates ((IMB)) as Buy (1) –
Intelligent Monitoring reported audited FY25 results confirming a -$6.8m income tax expense, reversing Canaccord Genuity’s prior expectations of a tax benefit. A -$4.2m cash acquisition of BNP Securities was also announced.
The broker views BNP Securities as a strategically valuable addition, providing entry into the physical guard and patrol sector and complementing Intelligent Monitoring’s video-based monitoring solutions.
The deal enhances Intelligent Monitoring’s ability to compete for large-scale commercial tenders and cross-sell advanced video-monitoring products to BNP’s existing clients, highlights Canaccord.
The acquisition will be immediately earnings accretive, with pro forma annualised earnings (EBITDA) of $1.4m and a purchase multiple of 3x, prompting modest earnings upgrades by the broker.
Canaccord maintains a Buy rating and a $1.00 price target.
This report was published on October 3, 2025.
Target price is $1.00 Current Price is $0.69 Difference: $0.305
If IMB meets the Canaccord Genuity target it will return approximately 44% (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 8.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.18.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 10.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.81.
Market Sentiment: 1.0
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: $4.03
Moelis rates ((KCN)) 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.
For Kingsgate Consolidated, the broker lifted FY26-27 EBITDA forecasts by 24% and 23% respectively, and net profit estimates by 38% and 35%, respectively.
Buy. Target rises to $6.20 from $4.80.
This report was published on October 6, 2025.
Target price is $6.20 Current Price is $4.03 Difference: $2.17
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 6.70.
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 5.94.
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
LOT LOTUS RESOURCES LIMITED
Uranium – Overnight Price: $0.22
Canaccord Genuity rates ((LOT)) as Speculative Buy (1) –
Lotus Resources has produced its first yellowcake, with commissioning of the Kayelekera uranium restart progressing on schedule, observes Canaccord Genuity.
The broker highlights a stable political environment in Malawi and notes the recent US$42m capital raising lifts pro-forma cash to US$82m, providing around US$120m in total liquidity.
Remaining restart capital expenditure is estimated at -US$23m, with a further -US$20m deferred to FY26, leaving sufficient headroom to reach positive operating cash flow, suggest the analysts.
The broker expects production to ramp to nameplate capacity of 2.4mlbs a year by early 2026, and sees strong cost improvement as the operation transitions to grid power from diesel and commissions its acid plant.
The Speculative Buy rating and 31c target are maintained.
This report was published on October 2, 2025.
Target price is $0.31 Current Price is $0.22 Difference: $0.09
If LOT meets the Canaccord Genuity target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $0.30, suggesting upside of 34.1%(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 minus 4.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 5.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -0.7, 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:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 1.4, 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 15.7.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
MSB MESOBLAST LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $2.67
Canaccord Genuity rates ((MSB)) as Buy (1) –
In an incremental positive, according to Canaccord Genuity, Mesoblast has been granted a permanent J code for its cell therapy Ryoncil, which is approved in the US for treating paediatric acute graft-versus-host disease (aGvHD).
aGvHD is a severe and often life-threatening complication which can occur after bone marrow or stem cell transplants.
Canaccord explains the J code streamlines reimbursement for hospitals, reduces administrative barriers, and supports steadier cash flow recognition, though it is not transformational.
A J code provides a formal billing pathway for physician-administered biologics, point out the analysts, enabling faster claims processing and broader hospital adoption.
Buy. Target $3.04.
This report was published on October 3, 2025.
Target price is $3.04 Current Price is $2.67 Difference: $0.37
If MSB meets the Canaccord Genuity target it will return approximately 14% (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 8.08 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 33.04.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 7.93 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 33.68.
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
NUZ NEURIZON THERAPEUTICS LIMITED
Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.14
Petra Capital rates ((NUZ)) as Buy (1) –
Removing a key overhang on the Neurizon Therapeutics share price, suggests Petra Capital, the US FDA has lifted the clinical hold on its investigational new drug (IND) application for NUZ-001.
This outcome clears the path to join the potentially registrational Healy ALS platform trial.
Petra Capital views this as a major milestone and de-risking event, validating the robustness of pre-clinical, clinical, and manufacturing data for NUZ-001 and its active ingredient, monepantel.
IND acceptance enhances the company’s credibility with potential partners and supports future expansion into other neurodegenerative conditions, points out the analyst. Dosing in the Healey ALS trial is expected to begin by December 2025.
Petra Capital raises its target price to 56c from 52c and retains a Buy rating.
This report was published on October 7, 2025.
Target price is $0.56 Current Price is $0.14 Difference: $0.42
If NUZ meets the Petra Capital target it will return approximately 300% (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 3.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 4.12.
Forecast for FY27:
Petra Capital forecasts a full year FY27 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 4.67.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources
TOR TORQUE METALS LIMITED
Overnight Price: $0.30
Petra Capital rates ((TOR)) as Initiation of coverage with Buy (1) –
Petra Capital initiates coverage on Torque Metals with a Buy rating and 57c target price, citing rapid, low-cost discovery potential and visible growth toward development.
Torque Metals owns the high-grade Paris Gold Project, located around 100km south of Kalgoorlie within Western Australia’s Boulder–Lefroy corridor.
The broker highlights the project’s 250koz resource grading 3.1gold/t across the Paris, HHH, and Observation deposits, noting the gold is hosted in pyrrhotite-associated lodes.
This hosting is considered unusual for WA and easily traced using downhole electromagnetic (DHEM) surveys.
The broker sees strong potential to expand the resource beyond 1moz, supported by 20 untested conductor plates and recent drilling results of up to 28g/t.
Metallurgical work confirms free-milling ore with recoveries above 95%, suggesting to Petra Capital a simple flowsheet and near-term development options, including toll treatment at nearby mills.
This report was published on October 7, 2025.
Target price is $0.57 Current Price is $0.30 Difference: $0.27
If TOR meets the Petra Capital target it will return approximately 90% (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: $0.74
Moelis rates ((VAU)) as Upgrade to Buy from Hold (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.
For Vault Minerals, the broker lifted FY26-27 EBITDA forecasts by 11% and 18% respectively, and net profit estimates by 19% and 39%, respectively. The FY27 estimates also reflect completion of the hedge program.
Rating upgraded to Buy from Hold. Target rises to 85c from 69c.
Three ays earlier, the broker had responded as follows:
Vault Minerals delivered a strong September quarter, according to Moelis, with preliminary gold sales of 91.5koz versus the broker’s 86.4koz forecast. This outperformance is attributed to higher output at Deflector and Mount Monger.
Closing cash and bullion of $703.3m was below the broker’s $745m estimate, largely reflecting -$9.3m in share buybacks during the quarter.
Moelis highlights a strong start to FY26, with production tracking ahead of guidance and the Red 5 hedge book continuing to weigh on realised prices, estimated at around $4,500/oz.
The broker expects the hedge position to decline sharply through FY26 and be largely cleared by FY27. Free cash flow (FCF) is expected to rise significantly as hedges unwind and the King of the Hills expansion lifts volumes.
This report was published on October 6, 2025.
Target price is $0.85 Current Price is $0.74 Difference: $0.11
If VAU meets the Moelis target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $0.67, 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 4.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.44.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 19.5.
Forecast for FY27:
Moelis 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 9.87.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 13.5.
Market Sentiment: 0.7
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: $5.51
Petra Capital rates ((WGX)) as Buy (1) –
Management at Westgold Resources has released a three-year outlook, outlining a clear, internally funded growth plan to lift production to 470koz in FY28 from 326koz in FY25, Petra Capital comments.
This is an executable strategy, in the broker’s view, supported by strong reserves, falling costs, and a solid balance sheet with only $50m in senior debt.
Guidance for production of 1.26moz over FY26-28 is underpinned by 56mt of ore reserves at 1.93g/t gold, with costs (AISC) expected to decline to -$2,499/oz in FY28 from -$2,666/oz in FY25.
The analyst believes upside exists from mine productivity improvements, mill expansions, and potential restarts of care-and maintenance operations.
Petra Capital lifts its target price to $5.98 from $4.86 and retains a Buy rating.
This report was published on October 2, 2025.
Target price is $5.98 Current Price is $5.51 Difference: $0.47
If WGX meets the Petra Capital target it will return approximately 9% (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 10.00 cents and EPS of 70.40 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 7.83.
Forecast for FY27:
Petra Capital forecasts a full year FY27 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 6.61.
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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