article 3 months old

Australian Broker Call *Extra* Edition – Jan 14, 2026

Daily Market Reports | Jan 14 2026

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            [0] => ((1CG))
            [1] => ((A1M))
            [2] => ((ALC))
            [3] => ((ALK))
            [4] => ((AMI))
            [5] => ((ASK))
            [6] => ((ATA))
            [7] => ((AUE))
            [8] => ((BC8))
            [9] => ((BGL))
            [10] => ((CDA))
            [11] => ((CNB))
            [12] => ((CSC))
            [13] => ((ELV))
            [14] => ((FFM))
            [15] => ((GGP))
            [16] => ((GMD))
            [17] => ((HGO))
            [18] => ((IPG))
            [19] => ((KCN))
            [20] => ((LNW))
            [21] => ((ALL))
            [22] => ((MTM))
            [23] => ((MYX))
            [24] => ((OBM))
            [25] => ((PNR))
            [26] => ((RXL))
            [27] => ((SLX))
            [28] => ((VAU))
            [29] => ((VUL))
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            [1] => A1M
            [2] => ALC
            [3] => ALK
            [4] => AMI
            [5] => ASK
            [6] => ATA
            [7] => AUE
            [8] => BC8
            [9] => BGL
            [10] => CDA
            [11] => CNB
            [12] => CSC
            [13] => ELV
            [14] => FFM
            [15] => GGP
            [16] => GMD
            [17] => HGO
            [18] => IPG
            [19] => KCN
            [20] => LNW
            [21] => ALL
            [22] => MTM
            [23] => MYX
            [24] => OBM
            [25] => PNR
            [26] => RXL
            [27] => SLX
            [28] => VAU
            [29] => VUL
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List StockArray ( [0] => 1CG [1] => A1M [2] => ALC [3] => ALK [4] => AMI [5] => ASK [6] => ATA [7] => AUE [8] => BC8 [9] => BGL [10] => CDA [11] => CNB [12] => CSC [13] => ELV [14] => FFM [15] => GGP [16] => GMD [17] => HGO [18] => IPG [19] => KCN [20] => LNW [21] => ALL [22] => MTM [23] => MYX [24] => OBM [25] => PNR [26] => RXL [27] => SLX [28] => VAU [29] => VUL )

This story features ONE CLICK GROUP LIMITED, and other companies.
For more info SHARE ANALYSIS: 1CG

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.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

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)

1CG   A1M   ALC   ALK   AMI   ASK   ATA   AUE   BC8   BGL   CDA   CNB   CSC   ELV   FFM   GGP   GMD   HGO   IPG   KCN   LNW   MTM   MYX   OBM   PNR   RXL   SLX   VAU   VUL  

1CG    ONE CLICK GROUP LIMITED

Overnight Price: $0.01

Research as a Service (RaaS) rates ((1CG)) as Initiation of coverage with No Rating (3) –

Research as a Service (RaaS) has initiated coverage of One Click, highlighting the company is at a key inflection point for margin and profit growth.

One Click is an Australian fintech platform offering a one-stop, self-directed digital solution for personal finance and life administration services. It is differentiated by being the only ASX-listed platform offering online live administration services.

Rapid user growth (220,000 by Oct-2025) is driving strong operating leverage, with revenues rising while costs remain relatively stable, RaaS highlights. The company is expected to post its first ever EBITDA profit in FY25 (Jan-Dec).

Research as a Service (RaaS) research doesn’t carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.

This report was published on January 13, 2026.

Current Price is $0.01. Target price not assessed.

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: $0.60

Moelis rates ((A1M)) as Buy (1) –

Copper traded sideways through the first half of the December quarter, explains Moelis, before rallying strongly into year end, driven by ongoing supply disruptions and resilient demand expectations.

LME three-month prices exited 2025 at around US$5.70/lb. While consensus price forecasts continue to lag spot levels, the broker’s price assumptions increase materially by 5-15% across the forecast period, with long-term prices lifted 11% to around US$4.57/lb.

As a result of these new forecasts, the target price for AIC Mines rises to 67c from 54c. Buy rating retained.

This report was published on January 7, 2026.

Target price is $0.67 Current Price is $0.60 Difference: $0.07
If A1M meets the Moelis target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $0.68, suggesting upside of 12.8%(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 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 40.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.3, implying annual growth of 65.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY27:

Moelis forecasts a full year FY27 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 37.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.1, implying annual growth of 65.1%.
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.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ALC    ALCIDION GROUP LIMITED

Healthcare services – Overnight Price: $0.12

Canaccord Genuity rates ((ALC)) as Buy (1) –

Canaccord Genuity highlights Alcidion Group’s appointment as preferred supplier for an electronic patient records system at University Hospitals Sussex, adding $35m in contracted revenue over at least seven years.

The broker forecasts FY26 revenue will rise to around $50m, assuming roughly $8m is recognised from the contract, exceeding prior forecasts and pushing earnings (EBITDA) beyond breakeven.

The award reinforces confidence in earnings-positive guidance, according to the analysts, and validates the land-and-expand strategy. Further module additions or extensions are considered possible before March 2026.

Canaccord retains a Buy rating and target of 13c.

This report was published on January 8, 2026.

Target price is $0.13 Current Price is $0.12 Difference: $0.01
If ALC meets the Canaccord Genuity target it will return approximately 8% (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

ALK    ALKANE RESOURCES LIMITED

Gold & Silver – Overnight Price: $1.53

Moelis rates ((ALK)) as Buy (1) –

Alkane Resources delivered a strong December quarter, in Moelis’ opinion, with gold production and sales materially ahead of the broker’s forecasts. A higher cash balance also reflects an improved performance at Tomingley and Costerfield, notes the analyst.

Guidance reiteration is encouraging, suggests the broker, especially given prior conservative assumptions following the Mandalay merger, pointing to emerging operational momentum.

The analyst considers the first full post-merger quarter to demonstrate a run-rate that positions Alkane among the leading small-cap producers, with valuation still discounting execution progress.

Separately, Moelis raises its gold price forecasts with minimal change in the near term, followed by more meaningful increases of 15-20% from 2027 and around 11% over the longer term. As a result, the target for Alkane Resources rises to $1.80 from $1.65.

The broker retains a Buy rating.

This report was published on January 9, 2026.

Target price is $1.80 Current Price is $1.53 Difference: $0.27
If ALK meets the Moelis target it will return approximately 18% (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 11.67 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.11.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 21.69 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.05.

Market Sentiment: 0.8
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) –

Copper traded sideways through the first half of the December quarter, explains Moelis, before rallying strongly into year end, driven by ongoing supply disruptions and resilient demand expectations.

LME three-month prices exited 2025 at around US$5.70/lb. While consensus price forecasts continue to lag spot levels, the broker’s price assumptions increase materially by 5-15% across the forecast period, with long-term prices lifted 11% to around US$4.57/lb.

As a result of these new forecasts, the target price for Aurelia Metals rises to 42c from 37c. Buy rating retained.

This report was published on January 7, 2026.

Target price is $0.42 Current Price is $0.28 Difference: $0.14
If AMI meets the Moelis target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $0.40, suggesting upside of 41.7%(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 4.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.7, implying annual growth of 28.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.6.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of 32.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 5.7.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ASK    ABACUS STORAGE KING

REITs – Overnight Price: $1.53

Moelis rates ((ASK)) as Hold (3) –

Moelis highlights Abacus Storage King’s high-quality, metro-focused storage portfolio, with 91% occupancy across its established assets.

The REIT is seen as well positioned to lift rates as occupancy rebounds and development supports longer-term net operating income (NOI) growth.

The broker notes sector occupancy has recovered above 84%, supporting revenue per available square metre (RevPAM) growth amid urbanisation, housing turnover and population expansion.

Valuation, however, reflects an -11% NTA discount, considered appropriate given a modest earnings yield and cost structure.

The analyst expects earnings growth to moderate, with higher hedge costs offsetting development benefits despite balance sheet capacity.

Moelis retains a Hold rating and increases its target to $1.62 from $1.59.

This report was published on January 13, 2026.

Target price is $1.62 Current Price is $1.53 Difference: $0.09
If ASK meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $1.52, suggesting downside of -1.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 6.20 cents and EPS of 6.60 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 23.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of -70.9%.
Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 24.1.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 6.40 cents and EPS of 6.90 cents.
At the last closing share price the estimated dividend yield is 4.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.7, implying annual growth of 4.7%.
Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 23.0.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ATA    ATTURRA LIMITED

Software & Services – Overnight Price: $0.65

Canaccord Genuity rates ((ATA)) as Buy (1) –

Atturra has lowered FY26 guidance after the early termination of a fixed-term public sector contract, which management disputes and intends to contest legally.

The majority of the earnings impact is concentrated in 1H of FY26, note the analysts, reflecting the loss of a high-margin contract, with a strong recovery anticipated in the second half.

The broker views this event as a one-off, citing Atturra’s strong contract history and ongoing momentum across cloud, data, managed services and AI-driven opportunities.

Canaccord retains a Buy rating and lowers its target to $1.05 from $1.15.

This report was published on January 8, 2026.

Target price is $1.05 Current Price is $0.65 Difference: $0.4
If ATA meets the Canaccord Genuity target it will return approximately 62% (excluding dividends, fees and charges).
Current consensus price target is $1.02, suggesting upside of 51.7%(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 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.0, implying annual growth of 92.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.0, 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 11.2.

Market Sentiment: 0.8
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: $0.73

Canaccord Genuity rates ((AUE)) as Speculative Buy (1) –

Aurum Resources has advanced the Boundiali gold project toward development, lodging three mining licence applications covering 573sq.kms. Canaccord Genuity sees this as a sign of confidence in its potential as a large-scale open-pit operation.

Near-term catalysts include updated resources at Boundiali (2.41Moz) and Napie (0.87Moz) and delivery of the Boundiali PFS by March 2026 quarter. The broker’s estimate is for a 5-6Mtpa operation producing up to 180kozpa at an estimated AISC (cost) of around US$1,450/oz.

Ongoing drilling continues to deliver strong high-grade intercepts, reinforcing Boundiali’s scale and strategic location within a well-endowed West African gold district, the broker highlights.

Speculative Buy and $1.50 target are unchanged.

This report was published on January 7, 2026.

Target price is $1.50 Current Price is $0.73 Difference: $0.77
If AUE meets the Canaccord Genuity target it will return approximately 105% (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: $1.44

Moelis rates ((BC8)) as Buy (1) –

Moelis assesses a strong preliminary December quarter update by Black Cat Syndicate, with gold production of 25.4koz materially ahead of the broker’s forecasts, reflecting improving operational momentum.

A weaker sales outcome weighed on reported metrics, notes the analyst, but the cash balance broadly matched expectations, implying disciplined cost or capital management.

The broker sees progress at Fingals and Majestic as critical, with these 100%-owned ore sources set to fully supply Lakewood from June, supporting an annualised run-rate above 100koz.

The analyst views valuation as compelling, noting unhedged exposure to record gold prices and diversification across two operations, despite remaining mine-life and cost-detail risks.

Separately, Moelis raises its gold price forecasts with minimal change in the near term, followed by more meaningful increases of 15-20% from 2027 and around 11% over the longer term. As a result, the target for Black Cat Syndicate rises to $1.80 from $1.60.

The broker retains a Buy rating.

This report was published on December 8, 2025.

Target price is $1.80 Current Price is $1.44 Difference: $0.36
If BC8 meets the Moelis target it will return approximately 25% (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 17.96 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.02.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 34.35 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.19.

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: $1.69

Moelis rates ((BGL)) as Buy (1) –

Preliminary December-quarter production of 32koz for Bellevue Gold came in modestly below Moelis’ expectation, though mined volumes exceeded processing, lifting stockpiles and supporting future flexibility.

It’s thought the quarter reinforces the company’s ability to meet hedge deliveries while broadly maintaining balance sheet strength, despite a slight reduction in cash and gold on hand.

The broker notes softer production reflects late-quarter operational issues, underscoring single-asset risk, but views higher mined inventory as a positive buffer for the coming periods.

The analyst sees the business nearing a cash flow inflection as hedge obligations unwind, with scope for stronger free cash flow and increased exploration spend into 2027.

Separately, Moelis raises its gold price forecasts with minimal change in the near term, followed by more meaningful increases of 15-20% from 2027 and around 11% over the longer term. As a result, the target for Bellevue Gold rises to $2.25 from $2.00.

The broker retains a Buy rating.

This report was published on January 8, 2026.

Target price is $2.25 Current Price is $1.69 Difference: $0.56
If BGL meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting downside of -4.1%(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 3.99 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 42.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.1, 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 14.2.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 16.79 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 18.6, implying annual growth of 53.7%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 9.2.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $37.00

Moelis rates ((CDA)) as Buy (1) –

Codan’s trading update highlighted strong momentum, Moelis notes, with 1H26 group revenue expected to be up 29% y/y and net profit is seen 52% higher, outperforming expectations.

This is driven by standout performance in metal detection, particularly gold detectors in Africa, commentary adds.

The elevated gold price, favourable margin mix and a pipeline of new, higher-technology products underpin the broker’s confidence in FY26-27 earnings growth. 

Communications is tracking in line, with upside from order book growth, Kagwerks delivery into the US DoD Nett Warrior program and potential accretive M&A.

FY26 EPS forecast increased by 13.1% and FY27 by 6.3%. Buy retained, and target rises to $42.31 from $39.68 (was $30.05 in late-August).

This report was published on January 9, 2026.

Target price is $42.31 Current Price is $37.00 Difference: $5.31
If CDA meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $33.62, suggesting downside of -7.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 41.20 cents and EPS of 82.20 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.0, implying annual growth of 40.1%.
Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 45.3.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 49.60 cents and EPS of 99.00 cents.
At the last closing share price the estimated dividend yield is 1.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 37.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.5, implying annual growth of 15.6%.
Current consensus DPS estimate is 44.4, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 39.2.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.54

Moelis rates ((CNB)) as Buy (1) –

Copper traded sideways through the first half of the December quarter, explains Moelis, before rallying strongly into year end, driven by ongoing supply disruptions and resilient demand expectations.

LME three-month prices exited 2025 at around US$5.70/lb. While consensus price forecasts continue to lag spot levels, the broker’s price assumptions increase materially by 5-15% across the forecast period, with long-term prices lifted 11% to around US$4.57/lb.

As a result of these new forecasts, the target price for Carnaby Resources rises to $1.05 from 76c. Buy rating retained.

This report was published on January 7, 2026.

Target price is $1.05 Current Price is $0.54 Difference: $0.51
If CNB meets the Moelis target it will return approximately 94% (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 3.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 17.42.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 16.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.31.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CSC    CAPSTONE COPPER CORP.

Copper – Overnight Price: $15.02

Moelis rates ((CSC)) as Hold (3) –

Copper traded sideways through the first half of the December quarter, explains Moelis, before rallying strongly into year end, driven by ongoing supply disruptions and resilient demand expectations.

LME three-month prices exited 2025 at around US$5.70/lb. While consensus price forecasts continue to lag spot levels, the broker’s price assumptions increase materially by 5-15% across the forecast period, with long-term prices lifted 11% to around US$4.57/lb.

As a result of these new forecasts, the target price for Capstone Copper rises to $15.89 from $15.50. Hold rating retained.

This report was published on January 7, 2026.

Target price is $15.89 Current Price is $15.02 Difference: $0.87
If CSC meets the Moelis target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $16.24, suggesting upside of 8.8%(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 72.73 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.5, implying annual growth of 118.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 40.9.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 60.00 cents.
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 114.8, implying annual growth of 214.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.0.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ELV    ELEVRA LITHIUM LIMITED

New Battery Elements – Overnight Price: $10.07

Canaccord Genuity rates ((ELV)) as Buy (1) –

Elevra Lithium has identified a staged, accelerated pathway that could lift North American Lithium (NAL) output 15-20% to 250kt by mid-2027 vs Canaccord Genuity’s forecast of 208kt.

This would bring full expansion forward to early 2028, with potential EBITDA upside and smoother capex funding. As background, the September 2025 scoping study outlined a US$270m expansion to lift NAL capacity to 2Mtpa from 20230, boosting production 50% to 315ktpa and materially lowering costs.

Strong spodumene pricing significantly enhances near-term earnings and cash flow, positioning the company to self-fund expansion and maximise margins while de-risking the asset through the cycle, the broker highlights.

Buy. Target price unchanged at $12.50 (was lifted to $12.50 from $9.50 on November 19).

This report was published on January 12, 2026.

Target price is $12.50 Current Price is $10.07 Difference: $2.43
If ELV meets the Canaccord Genuity target it will return approximately 24% (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 0.39 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 2582.05.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.07 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 14385.71.

Market Sentiment: 0.0
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: $2.04

Moelis rates ((FFM)) as Buy (1) –

Copper traded sideways through the first half of the December quarter, explains Moelis, before rallying strongly into year end, driven by ongoing supply disruptions and resilient demand expectations.

LME three-month prices exited 2025 at around US$5.70/lb. While consensus price forecasts continue to lag spot levels, the broker’s price assumptions increase materially by 5-15% across the forecast period, with long-term prices lifted 11% to around US$4.57/lb.

As a result of these new forecasts, the target price for FireFly Metals rises to $2.50 from $2.20. Buy rating retained.

This report was published on January 7, 2026.

Target price is $2.50 Current Price is $2.04 Difference: $0.46
If FFM meets the Moelis target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $1.88, suggesting downside of -4.9%(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 4.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 45.33.

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 4.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 45.33.

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 N/A.

Market Sentiment: 0.3
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: $12.61

Moelis rates ((GGP)) as Hold (3) –

Greatland Resources’ preliminary December-quarter production of 86.3koz exceeded expectations held by Moelis, although sales of 72.2koz were slightly softer-than-expected. Cash of $948m came in ahead of the broker’s forecast

The broker believes the stronger balance likely reflects lower costs or capex, pending detail from the full quarterly report due January 28.

Telfer recorded another solid quarter of cash generation, highlights the analyst, benefiting from high gold prices. Less positively, it’s felt medium-term clarity remains limited around future grades, capital intensity and mine life.

The analyst believes Havieron remains attractive but execution risk persists, while valuation now appears stretched after the recent share price rally.

Separately, Moelis raises its gold price forecasts with minimal change in the near term, followed by more meaningful increases of 15-20% from 2027 and around 11% over the longer term.  The broker’s copper price forecasts also rise.

As a result, the target for Greatland Resources rises to $9.30 from $8.50.

Greatland mines gold, with copper as a significant by-product.

This report was published on January 8, 2026.

Target price is $9.30 Current Price is $12.61 Difference: minus $3.31 (current price is over target).
If GGP meets the Moelis target it will return approximately minus 26% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $12.63, suggesting upside of 0.5%(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 110.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 97.6, implying annual growth of 53.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 103.39 cents.
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 59.1, implying annual growth of -39.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 21.3.

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: $7.55

Moelis rates ((GMD)) as Hold (3) –

Moelis raises its gold price forecasts with minimal change in the near term, followed by more meaningful increases of 15-20% from 2027 and around 11% over the longer term.

As a result of these changes, the target price for Genesis Minerals rises to $7.20 from $6.55. Hold rating retained.

This report was published on January 7, 2026.

Target price is $7.20 Current Price is $7.55 Difference: minus $0.35 (current price is over target).
If GMD 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 $7.44, suggesting downside of -1.2%(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 50.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.3, implying annual growth of 148.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.0.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 65.40 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.2, implying annual growth of 13.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.2.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.05

Moelis rates ((HGO)) as Buy (1) –

Copper traded sideways through the first half of the December quarter, explains Moelis, before rallying strongly into year end, driven by ongoing supply disruptions and resilient demand expectations.

LME three-month prices exited 2025 at around US$5.70/lb. While consensus price forecasts continue to lag spot levels, the broker’s price assumptions increase materially by 5-15% across the forecast period, with long-term prices lifted 11% to around US$4.57/lb.

As a result of these new forecasts, the target price for Hillgrove Resources rises to 7c from 6c. Buy rating retained.

This report was published on January 7, 2026.

Target price is $0.07 Current Price is $0.05 Difference: $0.02
If HGO meets the Moelis target it will return approximately 40% (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 0.38 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.16.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.84 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.95.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

IPG    IPD GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $4.44

Moelis rates ((IPG)) as Buy (1) –

IPD Group acquired Platinum Cables for -$37.5m upfront, adding a high-margin, mining-focused cable business with national operations, engineering capability and blue-chip resource clients. The announcement was made on December 30.

Moelis notes the acquisition is earnings and margin accretive, with management guiding to 11.5% EPS accretion on a pro forma FY25 basis and with leverage of 0.9x gross debt to pro forma FY25 EBITDA.

End-market diversification continues to improve, with infrastructure, industrial and resources now comprising 32% of exposure and commercial increasing to 28%, the broker highlights.

FY26 EPS forecast upgraded by 3% and FY27 by 8%. Buy, with a higher target of $5.20 from $4.83.

This report was published on January 12, 2026.

Target price is $5.20 Current Price is $4.44 Difference: $0.76
If IPG meets the Moelis target it will return approximately 17% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 14.30 cents and EPS of 28.70 cents.
At the last closing share price the estimated dividend yield is 3.22%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.47.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 16.10 cents and EPS of 32.30 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.75.

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: $5.92

Moelis rates ((KCN)) as Buy (1) –

Moelis notes Kingsgate Consolidated reported December quarter production of 21.0koz gold and 158koz silver, slightly below expectations. Cash and bullion were $145m, missing the broker’s $151.6m forecast, but not regarded as concerning.

The quarter reflects a normalisation from a strong September quarter period, with management guiding to a stronger 2H26 as pit access improves and production momentum builds into FY27, the broker explains.

A recently restructured, lower-cost balance sheet, unhedged gold exposure and silver upside support a positive investment view, with FY26 production expected at 93koz rising to 100koz in FY27.

Buy. Target price $6.65.

Earlier, on January 7, Moelis raised its gold price forecasts with minimal change in the near term, followed by more meaningful increases of 15-20% from 2027 and around 11% over the longer term.

As a result of these changes, the target price for Kingsgate Consolidated had risen to $6.65 from $5.95. Buy rating retained.

This report was published on January 13, 2026.

Target price is $6.65 Current Price is $5.92 Difference: $0.73
If KCN meets the Moelis target it will return approximately 12% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 EPS of 88.53 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 EPS of 105.32 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.62.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $180.31

Canaccord Genuity rates ((LNW)) as Buy (1) –

Light & Wonder resolved litigation with Aristocrat Leisure ((ALL)) in Australia and the US over Dragon Train-related IP claims, agreeing to a -US$127.5m settlement.

Canaccord Genuity reckons the outcome de-risks the stock, with US Dragon Train already removed, potential re-profiling of Australian units, and limited operational impact.

The broker maintains a positive view on the stock, retaining a Buy rating and $192 target, noting it screens well for potential ASX50 inclusion.

This report was published on January 12, 2026.

Target price is $192.00 Current Price is $180.31 Difference: $11.69
If LNW meets the Canaccord Genuity target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $187.67, suggesting upside of 4.1%(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 795.42 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 852.5, 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 21.2.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 848.04 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1081.7, implying annual growth of 26.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 16.7.

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

MTM    METALLIUM LIMITED

Industrial Metals – Overnight Price: $0.87

Canaccord Genuity rates ((MTM)) as Speculative Buy (1) –

Canaccord Genuity reports Metallium has materially de-risked its path to first production through a binding 2026 e-scrap supply agreement with Glencore Recycling.

The agreement covers 2,400tpa, around 30% of stage one capacity. The broker sees this as preserving supply diversification and pricing flexibility, with additional letters of intent lifting secured feedstock to about 3,500tpa.

The analysts note commissioning is underway, with wet commissioning of the Flash Joule Heating line successful and first production targeted in the first half of 2026. Ramp-up through 2026 is expected to underpin strong early earnings generation.

The Speculative Buy rating and $1.60 target are unchanged.

This report was published on January 6, 2026.

Target price is $1.60 Current Price is $0.87 Difference: $0.73
If MTM meets the Canaccord Genuity target it will return approximately 84% (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 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 87.00.

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 7.25.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

MYX    MAYNE PHARMA GROUP LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $3.01

Canaccord Genuity rates ((MYX)) as Buy (1) –

Canaccord Genuity assesses Mayne Pharma’s first five months of FY26 were weak, reflecting the Cosette Pharmaceuticals dispute and termination of the scheme of arrangement to acquire the company, though this was largely expected.

It’s thought the trading update allows a reset, with commentary noting the current share price already discounts the update and points to a reassessment of value across divisions.

Dermatology is seen by the analyst as the standout, with stronger margins from branded products offsetting softer outcomes in Women’s Health and International.

No change to Buy rating and $6.10 target.

This report was published on December 22, 2025.

Target price is $6.10 Current Price is $3.01 Difference: $3.09
If MYX meets the Canaccord Genuity target it will return approximately 103% (excluding dividends, fees and charges).

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: $1.61

Moelis rates ((OBM)) as Hold (3) –

Moelis raises its gold price forecasts with minimal change in the near term, followed by more meaningful increases of 15-20% from 2027 and around 11% over the longer term.

As a result of these changes, the target price for Ora Banda Mining rises to $1.37 from $1.22. Hold rating retained.

This report was published on January 7, 2026.

Target price is $1.37 Current Price is $1.61 Difference: minus $0.24 (current price is over target).
If OBM meets the Moelis target it will return approximately minus 15% (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 15.82 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.18.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 17.41 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.25.

Market Sentiment: 0.8
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: $5.39

Moelis rates ((PNR)) as Hold (3) –

Moelis raises its gold price forecasts with minimal change in the near term, followed by more meaningful increases of 15-20% from 2027 and around 11% over the longer term.

As a result of these changes, the target for Pantoro Gold rises to $6.00 from $5.85. Hold rating retained.

This report was published on January 7, 2026.

Target price is $6.00 Current Price is $5.39 Difference: $0.61
If PNR meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $5.59, suggesting upside of 6.1%(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 58.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.9, implying annual growth of 352.0%.
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.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 41.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.8, implying annual growth of 5.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.4.

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: $0.57

Canaccord Genuity rates ((RXL)) as Speculative Buy (1) –

Rox Resources has materially de-risked Youanmi after completing a $200m placement, releasing a definitive feasibiity study (DFS) and progressing debt funding discussions, Canaccord Genuity comments.

The DFS is seen supporting a credible underground operation, producing 117koz a year over seven years, with competitive costs and scope to extend mine life through further reserve conversion.

The broker highlights gold price protection covering around half of FY28 output as reducing ramp-up risk, while development activity and permitting continue to advance on schedule.

The analyst sees valuation support relative to peers and views funding momentum as key to first gold in 2027.

Canaccord maintains a Speculative Buy rating and $1.10 target.

This report was published on January 6, 2026.

Target price is $1.10 Current Price is $0.57 Difference: $0.53
If RXL meets the Canaccord Genuity target it will return approximately 93% (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 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 28.50.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 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 28.50.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SLX    SILEX SYSTEMS LIMITED

Uranium – Overnight Price: $6.67

Canaccord Genuity rates ((SLX)) as Speculative Buy (1) –

Silex Systems’ 51%-owned Global Laser Enrichment (GLE) joint venture with Cameco has been awarded US$28m by the US Department of Energy to advance next-generation laser enrichment technology.

Canaccord Genuity sees this win as notable support despite GLE not securing a Task Order 2 (TO2) award, which allocated up to US$900m each to three other enrichment groups.

The broker highlights GLE as the clear front-runner in third-generation enrichment, being the only company to have achieved Technology Readiness Level 6 (TRL-6) and entered formal Nuclear Regulatory Commission review.

While disappointed by the TO2 outcome, the analysts view the funding as reinforcing ongoing Department of Energy backing and strategic relevance. GLE was the only confirmed laser enricher to receive funding.

Canaccord Genuity has a Speculative Buy rating on Silex Systems and an unchanged target price of $9.42.

This report was published on January 6, 2026.

Target price is $9.42 Current Price is $6.67 Difference: $2.75
If SLX meets the Canaccord Genuity target it will return approximately 41% (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

VAU    VAULT MINERALS LIMITED

Gold & Silver – Overnight Price: $5.80

Moelis rates ((VAU)) as Buy (1) –

Moelis raises its gold price forecasts with minimal change in the near term, followed by more meaningful increases of 15-20% from 2027 and around 11% over the longer term.

As a result of these changes, the target for Vault Minerals rises to $6.90 from $6.10. Buy rating retained.

This report was published on January 7, 2026.

Target price is $6.90 Current Price is $5.80 Difference: $1.1
If VAU meets the Moelis target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $6.53, suggesting upside of 12.6%(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 19.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.4, implying annual growth of 122.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.5.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 74.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.7, implying annual growth of 32.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.7.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

VUL    VULCAN ENERGY RESOURCES LIMITED

New Battery Elements – Overnight Price: $4.67

Canaccord Genuity rates ((VUL)) as Speculative Buy (1) –

Vulcan Energy Resources has secured full funding for Phase 1 of its Lionheart Project after completing a EUR545m placement, finalising a EUR2.2bn funding package and reaching a final investment decision (FID).

This is a landmark financing for an emerging resource company, suggests Canaccord Genuity, and validates Vulcan’s direct lithium extraction strategy in Germany.

The broker highlights rapid transition into construction, strong government and strategic partner support, and long-term optionality across further development phases from a large resource base.

The target rises to $10.50 from $10.00 after the broker factors in the equity raising, reduces financing risk, rolls-forward of the valuation period, implements project updates, and includes Phase 3 in the valuation.

No change to Speculative Buy rating.

This report was published on January 5, 2026.

Target price is $10.50 Current Price is $4.67 Difference: $5.83
If VUL meets the Canaccord Genuity target it will return approximately 125% (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 minus 28.07 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 16.64.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

This company reports in EUR. 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


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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