Daily Market Reports | 11:00 AM
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
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
BTL BTR CBE EMR EXR FFM GHM GMD IMB (2) IMR MYG MYX NST OCL (2) RPL SPZ (2) SVR TLX VAU VMM
FFM FIREFLY METALS LIMITED
Gold & Silver - Overnight Price: $1.92
Canaccord Genuity rates ((FFM)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for FireFly Metals with a $3.00 target price following newly released infill drill results from the Green Bay copper project.
Commentary states the data confirm excellent thickness and grade continuity throughout the core zone at the Ming Mine.
These high-grade intersections are expected to directly enhance initial project economics as early mine planning prioritises the convergence areas to maximise near-term cash generation.
Operational focus is currently fixed on upgrading inferred parameters to higher confidence resource categories ahead of an impending preliminary economic assessment.
The analyst highlights a robust funding profile featuring $220m in cash and liquid reserves to comfortably sustain intensive multi-rig exploration and parallel regional testing campaigns.
This report was published on July 4, 2026.
Target price is $3.00 Current Price is $1.92 Difference: $1.08
If FFM meets the Canaccord Genuity target it will return approximately 56% (excluding dividends, fees and charges).
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GHM GOLDEN HORSE MINERALS LIMITED
Gold & Silver - Overnight Price: $0.47
Shaw and Partners rates ((GHM)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Golden Horse Minerals with its target price decreased to $1.25 following strong infill drill results from the Hopes Hill project.
Drilling has successfully intersected multiple high-grade targets across three distinct zones within a 3km mineralised corridor.
The latest standout intercept returned 8m at 9.15g/t gold from the southern zone, while new data out of the main pit confirmed parallel hanging wall and footwall lode structures.
Work on an inaugural JORC mineral resource estimate will commence soon, supported by nearly 100km of cumulative drilling since the start of 2025.
The reduction to the final valuation reflects broader adjustments to the broker's underlying commodity price assumptions, though the analyst suggests the company is building an inventory profile well beyond current market capitalisation levels.
This report was published on July 3, 2026.
Target price is $1.25 Current Price is $0.47 Difference: $0.78
If GHM meets the Shaw and Partners target it will return approximately 166% (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 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.50.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.33.
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: $6.29
Moelis rates ((GMD)) as Buy (1) -
Moelis maintains a Buy rating for Genesis Minerals with a $8.50 target price following a "strong" fourth-quarter preliminary production update.
Production of 70.8koz gold for the quarter pushed total FY26 output to 285.4koz, keeping the result squarely within the company's annual guidance range.
Strong underlying cash generation of $258m was achieved during the period, successfully absorbing cost pressures from diesel, contractor transitions, and third-party ore purchases.
Operational momentum is building as mining commences at Tower Hill and the Jupiter project transitions to sourcing 100% owned ore for the Laverton processing hub.
The analyst highlights the September 2026 strategy update as a critical catalyst for defining the production and capital pathway towards the company's ASPIRE 500 growth ambition.
This report was published on July 5, 2026.
Target price is $8.50 Current Price is $6.29 Difference: $2.21
If GMD meets the Moelis target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $9.29, suggesting upside of 58.0%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is 50.0, implying annual growth of 146.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.8.
Forecast for FY27:
Current consensus EPS estimate is 59.7, implying annual growth of 19.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.8.
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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