Australian Broker Call *Extra* Edition – Jun 11, 2026

Array
(
    [0] => Array
        (
            [0] => ((AIS))
            [1] => ((AR1))
            [2] => ((ATH))
            [3] => ((BM1))
            [4] => ((CNB))
            [5] => ((CTE))
            [6] => ((DXS))
            [7] => ((FG1))
            [8] => ((HLO))
            [9] => ((IEL))
            [10] => ((IMU))
            [11] => ((RCL))
            [12] => ((RSG))
            [13] => ((RXL))
        )

    [1] => Array
        (
            [0] => AIS
            [1] => AR1
            [2] => ATH
            [3] => BM1
            [4] => CNB
            [5] => CTE
            [6] => DXS
            [7] => FG1
            [8] => HLO
            [9] => IEL
            [10] => IMU
            [11] => RCL
            [12] => RSG
            [13] => RXL
        )

)

This story features AERIS RESOURCES LIMITED, and other companies.
For more info SHARE ANALYSIS: AIS
The company is included in ALL-ORDS

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)

AIS   AR1   ATH   BM1   CNB   CTE   DXS   FG1   HLO   IEL   IMU   RCL   RSG   RXL  

AIS    AERIS RESOURCES LIMITED

Industrial Metals – Overnight Price: $0.37

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

Canaccord Genuity maintains a Buy rating for Aeris Resources with a $0.70 target price following high-grade gold assay results from the Golden Plateau deposit within the Cracow project.

Assays from the Main, North, and East lodes showcase significant intersections including 14.2m at 9.1g/t gold, aligning consistently with the established geological model.

Exploration progress encompasses completion of 55 drill holes representing 75% of the expanded 14,000m program to reinforce confidence in remnant asset potential.

An updated mineral resource estimate is expected to be released in the second half of 2026 to underpin an updated economic assessment for the broader operation.

The updated geological framework supports the broker’s forward thesis modeling commercial mining commencement by 2028, with Cracow free cash flow projected to expand to $104m by FY31.

This report was published on June 10, 2026.

Target price is $0.70 Current Price is $0.37 Difference: $0.33
If AIS meets the Canaccord Genuity target it will return approximately 89% (excluding dividends, fees and charges).
Current consensus price target is $0.77, suggesting upside of 107.4%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 13.4, implying annual growth of 186.9%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2.8.

Forecast for FY27:

Current consensus EPS estimate is 16.1, implying annual growth of 20.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 2.3.

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

AR1    AUSTRAL RESOURCES AUSTRALIA LIMITED

Copper – Overnight Price: $0.08

Shaw and Partners rates ((AR1)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Austral Resources Australia with a $0.42 target price as management rapidly de-risks its multi-stage production pipeline.

Engineering milestones remain strictly on track for a mid-2027 restart of the 3mtpa Rocklands processing plant following the strategic procurement of an unused SAG mill.

Commentary suggests the recent -$55.9m acquisition of Lady Loretta completes a broader asset consolidation strategy, leaving the business heavily funded with $83m in net cash.

Concurrent oxide and sulphide ore development positions the operation strongly against a backdrop of tightening global seaborne copper supply, the report concludes.

The broker views the ongoing corporate turnaround as highly compelling for investors seeking exposure to structural market deficits.

This report was published on June 9, 2026.

Target price is $0.42 Current Price is $0.08 Difference: $0.341
If AR1 meets the Shaw and Partners target it will return approximately 432% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 10.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 0.73.

Forecast for FY27:

Shaw and Partners 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 4.94.

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

ATH    ALTERITY THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.47

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

Canaccord Genuity maintains a Speculative Buy rating for Alterity Therapeutics with its target price increased to $0.95 following an update confirming regulatory alignment for a Phase III registrational trial.

The upcoming 200-patient study will evaluate lead candidate ATH434 at an optimal 50mg dose using a modified UMSARS Part I primary endpoint after securing formal FDA endorsement on all key design elements.

Commentary suggests patient selection and stratification pathways are uniquely de-risked through the integration of a quantitative neuroimaging atrophy index alongside validated cerebrospinal fluid biomarkers.

Phase II clinical datasets demonstrated a 48% slowing of disease progression, highlighting the asset’s structural differentiation as an upstream modulator compared to alternative intracellular alpha-synuclein clearance strategies.

Execution of the clinical manufacturing scale-up keeps the program on track for a late 2026 trial commencement, positioned to act as a significant catalyst for global corporate partnering discussions, the report concludes.

This report was published on June 10, 2026.

Target price is $0.95 Current Price is $0.47 Difference: $0.485
If ATH meets the Canaccord Genuity target it will return approximately 104% (excluding dividends, fees and charges).

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

BM1    BALLARD MINING LIMITED

Gold & Silver – Overnight Price: $0.65

Canaccord Genuity rates ((BM1)) as Initiation of coverage with Speculative Buy (1) –

Canaccord Genuity initiates coverage of Ballard Mining with a Speculative Buy rating and $2.00 target price, viewing Mt Ida as a rare combination of asset quality, development readiness and scale upside.

The 100%-owned Mt Ida Gold Project in Western Australia hosts 1.2Moz at 3.0g/t Au in resources, with advanced approvals already in place for open pit and underground mining, a processing plant and water licencing.

The broker concludes all of the above materially de-risks the path to a standalone development decision.

A $50m, 220,000m 2026 drilling campaign is underway targeting resource growth toward 2Moz, with a definitive feasibility study and maiden ore reserve due late this year and a final investment decision targeted for the first half of 2027.

Commentary posits a credible alternative to the standalone scenario involves toll-treatment or joint venture arrangements with Aurenne Group’s nearby Bottle Creek processing facility, with Aurenne’s 9.6% equity stake seen aligning incentives.

This report was published on June 9, 2026.

Target price is $2.00 Current Price is $0.65 Difference: $1.35
If BM1 meets the Canaccord Genuity target it will return approximately 208% (excluding dividends, fees and charges).

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

CNB    CARNABY RESOURCES LIMITED

Mining – Overnight Price: $0.60

Moelis rates ((CNB)) as Buy (1) –

Carnaby Resources has released the results of follow-up drilling to test the width of its recent discovery called Miniboom.

Additional drilling at a less acute angle to mineralisation has revealed 26m at 3% copper and 0.3g/t gold and 50m at 2.5% copper and 0.3g/t gold.

Follow-up drilling at Trek 1 has also been accomplished with 85m at 1.4% copper and 0.4g/t gold.

Moelis notes the additional drilling at Miniboom could support meaningful additional tonnage and continued success at Trek 1 underscores its view on the prospectivity of the region. Buy rating and $0.95 target.

This report was published on June 9, 2026.

Target price is $0.95 Current Price is $0.60 Difference: $0.345
If CNB meets the Moelis target it will return approximately 57% (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

CTE    CRYOSITE LIMITED

Medical Equipment & Devices – Overnight Price: $1.06

Research as a Service (RaaS) rates ((CTE)) as No Rating (-1) –

Cryosite has published a trading update for the year to April 30 that shows strong revenue and earnings growth. Revenue was up 22% while EBITDA was up 28%.

Research as a Service (RaaS) notes operating leverage is starting to show and growth in underlying demand, particularly in the ultra-frozen and cryogenic segment, was a highlight.

The company has refinanced its debt facility, extending to 2030 to provide greater certainty.

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 June 9, 2026.

Current Price is $1.06. Target price not assessed.

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

DXS    DEXUS

REITs – Overnight Price: $5.68

Jarden rates ((DXS)) as Neutral (3) –

Jarden maintains a Neutral rating for Dexus with its target price decreased to $6.40 following a recent New South Wales Supreme Court judgment regarding the Melbourne Airport dispute.

The ruling validates a default notice triggering a compulsory sale of the Dexus Bloc shares, prompting Jarden analysts to completely remove the -$4bn asset stake from future assets under management forecasts.

Revisions to underlying valuation models flow through to a -10% reduction in FY27 adjusted funds from operations and distribution per share estimates.

Jarden believes current market pricing overly penalises the remaining core office portfolio, implying a -50% discount to replacement cost and ignoring emerging deep asset value.

The broker suggests negative sentiment is already heavily priced into the security, leaving the balance sheet trading at an attractive 37% discount to net tangible assets.

This report was published on June 8, 2026.

Target price is $6.40 Current Price is $5.68 Difference: $0.72
If DXS meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.75, suggesting upside of 18.8%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 62.6, implying annual growth of 387.5%.
Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 6.5%.
Current consensus EPS estimate suggests the PER is 9.1.

Forecast for FY27:

Current consensus EPS estimate is 60.2, implying annual growth of -3.8%.
Current consensus DPS estimate is 36.4, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 9.4.

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

FG1    FLYNN GOLD LIMITED

Gold & Silver – Overnight Price: $0.02

Research as a Service (RaaS) rates ((FG1)) as No Rating (-1) –

Flynn Gold is a junior explorer with 13 tenements in northern Tasmania that are largely prospective for gold. Research as a Service (RaaS) notes recent exploration has expanded to include tungsten and base metal.

The company has progressively divested from its portfolio in Western Australia with just two granted tenements remaining. The analyst notes estimated cash is $2.5m as of March 31 to enable continued exploration activities.

The stock trades below average against 24 peers highlighted by Research as a Service (RaaS).

This signals conversion of the tenements into JORC-compliant resources is not “reasonably” reflected in the current value of the company, and the analyst suggests exploration work could be the catalyst that closes the valuation gap.

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 June 9, 2026.

Current Price is $0.02. Target price not assessed.

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

HLO    HELLOWORLD TRAVEL LIMITED

Travel, Leisure & Tourism – Overnight Price: $1.39

Shaw and Partners rates ((HLO)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Helloworld Travel with its target price reduced to $2.30 following a June trading update revealing adverse impacts from the ongoing Middle East conflict.

High volumes of flight cancellations to European destinations forced $170m in total transaction value to be refunded or rebooked on lower-margin alternative carriers, pushing some revenue recognition into FY27.

Upgraded modeling applies a -19% reduction to underlying earnings per share estimates across the forecast period to reflect revised FY26 EBITDA guidance of $57m to $62m.

Forward bookings from July onward show double-digit percentage growth, underscoring resilient leisure demand metrics despite near-term headwinds, the report highlights.

The broker views the current entry valuation as highly attractive, highlighting an estimated 78% total shareholder return alongside a stabilising operational backdrop.

This report was published on June 10, 2026.

Target price is $2.30 Current Price is $1.39 Difference: $0.91
If HLO meets the Shaw and Partners target it will return approximately 65% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 10.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 7.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.72.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 10.00 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 7.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.43.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

IEL    IDP EDUCATION LIMITED

Education & Tuition – Overnight Price: $2.23

Jarden rates ((IEL)) as Buy (1) –

Jarden maintains a Buy Rating for IDP Education to $5.20 following a severe and seemingly unjustified share price derating.

Today’s update notes current market valuations price in extreme earnings cuts, ignoring the strong visibility provided by recent revenue recognition accounting changes.

While conservative FY27 volume models assume a -9% reduction across multi-destination markets and a -5% drop in Australian placements, core operations remain resilient against tightening regulatory approval environments.

Jarden counter-argues the expansion of the English language testing network across China presents significant unpriced upside optionality as new regional test centres scale up.

The current entry point is considered highly attractive for long-term investors willing to look past near-term international student policy volatility.

This report was published on June 8, 2026.

Target price is $5.20 Current Price is $2.23 Difference: $2.97
If IEL meets the Jarden target it will return approximately 133% (excluding dividends, fees and charges).
Current consensus price target is $4.04, suggesting upside of 81.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 15.60 cents and EPS of 25.40 cents.
At the last closing share price the estimated dividend yield is 7.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.1, implying annual growth of 44.5%.
Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 15.70 cents and EPS of 25.60 cents.
At the last closing share price the estimated dividend yield is 7.04%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 3.0%.
Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 9.4.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

IMU    IMUGENE LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $0.09

Research as a Service (RaaS) rates ((IMU)) as No Rating (-1) –

Imugene has issued several announcements since Research as a Service (RaaS) initiated on the stock in May.

There has been further progress with the phase 1b trial, which continues to be incrementally positive, while azer-cel has been granted fast track designation by the US FDA in two blood cancer indications as well as relapsed or refractory Marginal Zone Lymphoma.

The analyst believes, as value is created through the positive data being generated, the company will aim to either out-license azer-cel to a large pharmaceutical company or move into the frame as an acquisition target.

A valuation of 24c is retained. Research as a Service doesn’t assign a rating. Investors can draw conclusions from valuations and commentary.

This report was published on June 10, 2026.

Target price is $0.24 Current Price is $0.09 Difference: $0.147
If IMU meets the Research as a Service (RaaS) target it will return approximately 158% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.76 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1.95.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 5.94 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 1.57.

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

RCL    READCLOUD LIMITED

Education & Tuition – Overnight Price: $0.07

Research as a Service (RaaS) rates ((RCL)) as No Rating (-1) –

ReadCloud has delivered its first half results with sales and fee revenue of $8.5m and EBITDA from continuing operations of $2.1m. Research as a Service (RaaS) notes this covers the seasonal peak period of the Australian school curriculum, being the start of the year.

Growth is being led by the VET-in-schools business. E-books delivered a flat result albeit well-positioned for resuming growth amid new school signings and the reinvigoration of the domestic reseller model as well as international sales, the analyst points out.

The CEO, Andrew Skelton, has resigned and the CFO, Luke Murphy, will stand in on an interim basis. The valuation is slightly reduced, being derived from organic earnings growth, to $0.34 from $0.36. Forecasts are now considered more stable and predictable after the exit of the industry training business.

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

This report was published on June 10, 2026.

Target price is $0.34 Current Price is $0.07 Difference: $0.275
If RCL meets the Research as a Service (RaaS) target it will return approximately 423% (excluding dividends, fees and charges).
The company’s fiscal year ends in September.

Forecast for FY26:

Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.00.

Forecast for FY27:

Research as a Service (RaaS) 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 5.91.

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

RSG    RESOLUTE MINING LIMITED

Gold & Silver – Overnight Price: $1.02

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

Canaccord Genuity maintains a Buy rating for Resolute Mining with its target price lowered to $3.05 following significant supply chain disruptions in Mali.

Localised security concerns throughout April and May delayed critical equipment deliveries, forcing an increased reliance on low-grade stockpiles while deferring planned plant maintenance into an extended June shutdown.

Group 2026 production estimates have been reduced by -10% to 235koz at an all-in sustaining cost of US$2,201/oz, driving a -24% downgrade to short-term earnings projections.

The broker notes delivering even the lower end of official full-year guidance requires significant operational outperformance during the second half.

While near-term market focus remains fixed on regional security risks, the current valuation discount is seen as adequately compensating investors ahead of future diversification from the Doropo project in Cote d’Ivoire.

This report was published on June 10, 2026.

Target price is $3.05 Current Price is $1.02 Difference: $2.03
If RSG meets the Canaccord Genuity target it will return approximately 199% (excluding dividends, fees and charges).

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

RXL    ROX RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.41

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

Canaccord Genuity maintains a Speculative Buy rating for Rox Resources with a $1.30 target price following an operational development update at the fully funded Youanmi gold project in Western Australia.

Underground mining activities at the United North deposit are outperforming initial definitive feasibility study assumptions, delivering accelerated development rates and establishing high-grade ore stockpiles.

Processing plant construction advances under a newly executed fixed-price engineering contract with Interquip, providing strong capital cost certainty against the broker’s conservative -$400m project build estimate.

Concurrent diamond drilling campaigns seek to maintain a rolling 12-month forward mining inventory ahead of scheduled first commercial production in mid-2027.

Canaccord Genuity believes the asset represents one of the highest-grade underground developments in the country, positioning the company as a premier near-term regional gold producer.

This report was published on June 10, 2026.

Target price is $1.30 Current Price is $0.41 Difference: $0.895
If RXL meets the Canaccord Genuity target it will return approximately 221% (excluding dividends, fees and charges).

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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