Weekly Reports | 10:00 AM
This week's In Brief shines a light on Maritana Minerals with positive assay results; Tasmea's Maxim acquisition, and a guidance upgrade for SRG Global.
- Maritana advances Black Swan as drilling and acquisitions build growth potential
- Tasmea targets data centre growth through discounted Maxim acquisition
- SRG Global boosts earnings outlook with $1.85bn contract pipeline and AMS contribution
By Danielle Ecuyer
This week's quote comes from ANZ Bank:
"Structural tightness in the copper market is being obscured by policy distortions. The market appears well supplied on paper, but US stockpiling and trade interventions are masking a materially tighter physical balance outside the US.
A new supply constraint is emerging via sulphuric acid shortages. Disruptions of exports through the Middle East and China’s export curbs are constraining ‘solvent extraction and electrowinning’ (SE-EW) output, raising costs and directly limiting near-term supply growth.
Demand resilience is shifting the market balance further into deficit. Manufacturing stabilisation, electrification and accelerating AI-driven power and data centre investment are reinforcing a tighter medium-term market despite macro headwinds."
Undervalued Maritana funded for growth
Maritana Minerals ((MRT)), previously known as Horizon Minerals, is an emerging gold producer that has historically explored, acquired, divested and produced gold under toll agreements, which have been the earnings driver for the company.
More recently, and as detailed in the previous initiation of stock coverage from Research as a Service (RaaS) (https://fnarena.com/index.php/2026/02/06/in-brief-credit-corp-horizon-minerals-artrya/), management has shifted towards becoming a “standalone” producer.
Under the Black Swan study in February, an in-depth development plan for production of around 102koz per annum for five years was detailed, with first production and cash flows expected to start in 2027. At the same time, around $180m in equity was raised to fund the development.
Research as a Service views Maritana's results from its phase-one drilling programme at the Burbanks gold project, comprising around 15.8km of drilling focused primarily on the northern portion of the resource, as positive.
Assays continue to support the existing resource estimate while indicating potential for resource growth at depth, additional tonnage and higher-grade mineralisation outside current resource boundaries.
The company highlighted multiple gold intersections in previously under-drilled areas and evidence of stacked mineralised veins, which could expand the resource base.
Management expects to release an updated resource estimate by mid-2026, followed by an ore reserve update, supporting Burbanks' planned contribution to the Black Swan Processing Hub.
Despite recent exploration success and strategic acquisitions supporting the Black Swan Processing Hub development plan, RaaS has maintained its valuation of Maritana Minerals at $3.003 per share.
The analyst argues the market continues to place little value on the company's funded development strategy, with the current enterprise value implying limited confidence in the success of the Black Swan project.
Even after accounting for planned development expenditure, Maritana's valuation remains well below RaaS's assessment of the underlying asset base.
While acknowledging risks including permitting, inflation, staffing and gold price volatility, the analyst believes the company remains attractively valued among emerging gold producers given its strong cash position, funding certainty and planned transition to production.
Tapping into CDC's strong demand pipeline
Capital services provider Tasmea ((TEA)) announced the acquisition of Maxim.
As noted by Canaccord Genuity, Maxim Electrical is being purchased for an enterprise value of $254m, with $184m payable upfront, comprising $112m in cash and $72m in scrip.
The broker points to an equivalent 12m new shares being issued at $6 per share. The remaining $70m is payable through earn-out payments, which are reliant on Maxim retaining around $50m of earnings (EBIT) over the next three years.
Using estimated FY26 earnings, the acquisition implies an EV/EBIT multiple of 5.4x, which sits well below listed peers, SKS Technologies ((SKS)) at around 30x and Southern Cross Electrical Engineering ((SXE)) at around 16x, the broker highlights.
In the data centre segment, Maxim's main customer is Canberra Data Centres (CDC), 49.75% owned by Infratil ((IFT)). Maxim is one of two electrical contractors working on CDC's Laverton and Brooklyn campuses.
CDC was recently awarded a 555MW contract. Canaccord believes CDC will need to accelerate development to ensure sufficient capacity is available, with most of its existing operational and under-construction capacity already committed.
Against this backdrop, the potential demand outlook can only be described as positive for Maxim.
The acquisition is due for completion on 1 July 2026 and is subject to ACCC approval. The broker forecasts earnings (EBIT) of $55m in FY27 and $62.5m in FY28 compared to the earn-out target of $50m.
The higher earnings estimates are predicated on additional contract wins from CDC, as well as potential upside from pipeline developments for the data centre developer and operator.
Tasmea is Buy rated, with a target of $9 versus $6.29 previously.
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