Australian Broker Call *Extra* Edition – Jul 15, 2026

This story features ANTIPA MINERALS LIMITED, and other companies.
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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)

AZY   BTL (2)   BVS   KCN (2)   LMG   MYG   OBM   PNR   RXL   STM   YRL  

AZY    ANTIPA MINERALS LIMITED

Mining – Overnight Price: $0.60

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

Canaccord Genuity maintains a Speculative Buy rating for Antipa Minerals with its target price standing at $1.00 following initial drilling results from the Minyari Gold-Copper Project in Western Australia.

The latest assays successfully extend the Fiama North lode system, demonstrating ongoing expansion potential of the mineralised footprint.

The analyst highlights that optimisation work on the upcoming pre-feasibility study focuses on converting the enlarged resource base into extended mine life rather than increasing nominal processing scale.

Metallurgical test work confirms a conventional gold CIL processing route alongside commercial-grade copper concentrate potential.

The core valuation relies on discounted cash flow and net present value modelling based on preliminary development scenarios.

This report was published on July 13, 2026.

Target price is $1.00 Current Price is $0.60 Difference: $0.395
If AZY meets the Canaccord Genuity target it will return approximately 65% (excluding dividends, fees and charges).

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

BTL    BEETALOO ENERGY AUSTRALIA LIMITED

Energy – Overnight Price: $0.26

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

Canaccord Genuity maintains a Speculative Buy rating for Beetaloo Energy Australia with a $0.45 target price following initial 30-day flow testing completions at the Carpentaria-5H well.

The asset recorded an average initial production rate of 6.9TJ/d paired with an improving final exit flow metric of 6.7TJ/d.

The analyst indicates a lower relative rate of production decline across the testing window validates a robust underlying gas matrix, supporting the established 10PJ total recoverable resource estimate.

Technical teams have shut in operations ahead of infrastructure connectivity linkages with the broader pilot processing plant currently under construction.

Canaccord points out financial indicators remain well underpinned by available cash reserves of $63.2m to cover intermediate field commissioning obligations.

This report was published on July 13, 2026.

Target price is $0.45 Current Price is $0.26 Difference: $0.19
If BTL meets the Canaccord Genuity target it will return approximately 73% (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

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

Research as a Service points out Beetaloo Energy Australia has the largest tenement position in the highly prospective Beetaloo sub-basin, with leverage to production and growth success.

The analyst notes the release of the Carpentaria-5H IP30 data supports the commercial case, with the critical aspect being the almost flat nature of the decline between the IP30 and interim IP19 data, the well averaging 6.9 TJd compared with 7.0 TJd in IP19.

The latter supports confidence in the long-term production potential of the well, commentary states.

The next 12-18 months is expected to deliver an increase in drilling with Santos ((STO)) set to commence a campaign of two wells in the September quarter and Inpex funding a four-well appraisal program across 2027.

The stock is currently trading on a market capitalisation per 2C gigajoules of around $0.24, which the analyst believes is already discounted, and more gas per well should translate to a higher metric.

Valuation ranges from $0.87 to $1.25 with a midpoint of $0.95.

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

This report was published on July 13, 2026.

Target price is $0.95 Current Price is $0.26 Difference: $0.69
If BTL meets the Research as a Service (RaaS) target it will return approximately 265% (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

BVS    BRAVURA SOLUTIONS LIMITED

Wealth Management & Investments – Overnight Price: $2.40

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

Canaccord Genuity maintains a Buy rating for Bravura Solutions with its target price increased to $3.05.

The analyst highlights that cost management is the primary driver of the current earnings upgrade cycle, with improved efficiency expectations now expected to be recognised over 2H26 across both staff and general administrative expenses.

While revenue guidance was reiterated at $280m to $285m, Canaccord comments the earnings run-rate remains strong entering FY27.

Management sees the business benefiting from recent client wins and partnerships, including the M&G Wealth retention, as it positions itself to annualise cost benefits through FY27.

The analyst notes limited material new project assumptions in current forecasts, suggesting potential upside exists if client activity exceeds current expectations.

This report was published on July 13, 2026.

Target price is $3.05 Current Price is $2.40 Difference: $0.65
If BVS meets the Canaccord Genuity target it will return approximately 27% (excluding dividends, fees and charges).

Market Sentiment: 0.0
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: $3.65

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

Canaccord Genuity maintains a Buy rating for Kingsgate Consolidated while lowering its target price to $8.10 from $8.35.

Operations at the Chatree Gold Mine have been interrupted by a ball mill trunnion bearing failure at Plant 1, leading to a controlled shutdown of that facility.

While Plant 2 remains fully operational, the analyst assumes Plant 1 will be offline for 3 months, resulting in a -10% reduction to forecast  FY27 gold production to 94koz.

The company achieved FY26 guidance at the lower end with 86koz, although preliminary production for the June quarter was slightly below expectations.

The analyst views the current sell-off as a buying opportunity given healthy operating margins, prospective free cash flow, and potential value from a Nueva Esperanza spin-out.

This report was published on July 13, 2026.

Target price is $8.10 Current Price is $3.65 Difference: $4.45
If KCN meets the Canaccord Genuity target it will return approximately 122% (excluding dividends, fees and charges).

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

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Moelis rates ((KCN)) as Hold (3) –

Moelis maintains a Hold rating for Kingsgate Consolidated with a $6.45 target price following preliminary production figures for the June quarter.

The analyst notes production came in below expectations at 20.2koz of gold and 220koz of silver due to a ball mill trunnion bearing failure which forced a controlled shutdown of Plant 1 at the Chatree Gold Mine.

Despite mechanical headwinds, the company achieved FY26 guidance at the lower end by producing 86.1koz of gold.

The investment thesis suggests near-term upside may remain capped until management provides further clarity regarding the Plant 1 disruption, cash reconciliations, and FY27 guidance.

This report was published on July 13, 2026.

Target price is $6.45 Current Price is $3.65 Difference: $2.8
If KCN meets the Moelis target it will return approximately 77% (excluding dividends, fees and charges).

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

LMG    LATROBE MAGNESIUM LIMITED

Industrial Metals – Overnight Price: $0.01

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

Shaw and Partners maintains a Buy rating for Latrobe Magnesium with a $0.06 target price following the execution of a binding placement agreement with critical minerals investor Long State Investment.

The structured equity package secures up to $16m in total funding distributed across four discrete stages to deliver a capital solution during a vital development phase.

Initial tranches will be deployed directly to fund commissioning milestones for the magnesium metal circuit, with subsequent options drawable at company discretion to expand the demonstration plant footprint.

The analyst indicates that the complex transaction framework provides near-term cash security while shielding against single-day market volatility through long-dated volume-weighted price structures.

The report highlights the producer’s advanced technical positioning as it edges toward becoming one of the sole operating magnesium metal extraction hubs situated outside of major non-Western manufacturing jurisdictions.

This report was published on July 14, 2026.

Target price is $0.06 Current Price is $0.01 Difference: $0.045
If LMG meets the Shaw and Partners target it will return approximately 300% (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 0.00 cents and EPS of 0.00 cents.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.00 cents.

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

MYG    MAYFIELD GROUP HOLDINGS LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.63

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

Canaccord Genuity maintains a Buy rating for Mayfield Group with a $3.60 price target following the announced acquisition of the Nilsen Switchboard Division for $4m cash.

This strategic move adds the N-Series switchboard line, associated intellectual property, and approximately 66 skilled employees to existing operations.

The acquisition is expected to accelerate utilisation of the Royal Park manufacturing facility, with annualised revenue contribution estimated at $20m.

The analyst notes the transaction is opportunistic given geographic proximity and complementary offerings, yet makes no changes to current forecasts due to the upcoming FY26 results.

This report was published on July 13, 2026.

Target price is $3.60 Current Price is $2.63 Difference: $0.97
If MYG meets the Canaccord Genuity target it will return approximately 37% (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

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $1.11

Moelis rates ((OBM)) as Buy (1) –

Moelis maintains a Buy rating for Ora Banda Mining with a $1.60 target price following the company’s annual mineral resource and ore reserve update.

Total mineral resources increased 75% to 3.69Moz of gold, whilst total ore reserves rose 159% to 610koz of gold.

The analyst notes this significant inventory growth follows a major FY26 drilling campaign, particularly at Round Dam which delivered a 1.3Moz gold uplift.

The investment thesis centres on the company’s aggressive exploration strategy, which is expected to support a consistent flow of positive news throughout FY27.

The analyst considers the stock a core holding for small-cap generalists, underpinned by a well-funded 2-3 year growth plan.

This report was published on July 14, 2026.

Target price is $1.60 Current Price is $1.11 Difference: $0.485
If OBM meets the Moelis target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $1.73, suggesting upside of 54.8%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 11.7, implying annual growth of 14.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY27:

Current consensus EPS estimate is 12.0, implying annual growth of 2.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.3.

Market Sentiment: 1.0
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: $2.00

Moelis rates ((PNR)) as Buy (1) –

Moelis maintains a Buy rating for Pantoro Gold with its target price reduced to $3.60 following a soft final quarter to end the financial year.

Total gold output thinned to approximately 18koz due to ongoing difficulties in ramping up underground mining rates at the Norseman asset.

The analyst models lowered near-to-medium term production alongside higher capital allocations to support additional underground development.

While successive operating downgrades continue to anchor near-term investor sentiment, the corporate balance sheet remains stable with underlying asset value supporting a longer-term operational turnaround.

The report highlights significant free cashflow generation is anticipated to re-emerge as a prominent catalyst heading into the FY28 horizon.

This report was published on July 13, 2026.

Target price is $3.60 Current Price is $2.00 Difference: $1.605
If PNR meets the Moelis target it will return approximately 80% (excluding dividends, fees and charges).
Current consensus price target is $4.84, suggesting upside of 141.8%(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 31.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of 180.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 4.8.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 36.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.7, implying annual growth of 48.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 3.2.

Market Sentiment: 0.8
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: $0.40

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

Canaccord Genuity maintains a Speculative Buy rating for Rox Resources with a $1.05 target price following the receipt of final environmental development permits for its Western Australian asset.

The Youanmi Gold Project is now fully permitted after securing Works Approvals for the processing plant, tailings storage facility, and associated infrastructure.

The analyst highlights that construction activities by EPC contractor Interquip are progressing on or ahead of schedule with nameplate capacity planned at 1.0Mtpa.

Underground development across all three planned declines continues ahead of schedule to build a target commissioning stockpile of 190kt.

Valuation models apply a conservative -10% discount rate to independent net present value projections whilst maintaining a risk-adjusted asset framework.

This report was published on July 13, 2026.

Target price is $1.05 Current Price is $0.40 Difference: $0.65
If RXL meets the Canaccord Genuity target it will return approximately 163% (excluding dividends, fees and charges).

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

STM    SUNSTONE METALS LIMITED

Copper – Overnight Price: $0.20

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

Shaw and Partners maintains a Buy rating for Sunstone Metals with its target price reduced to $1.40 as the company successfully raised $10m.

The strategic placement introduces specialist resource incubator DGR Global as a cornerstone stakeholder securing a 10% equity position alongside an upcoming corporate board seat assignment.

Diluted per-share valuation revisions reflect this short-term equity expansion paired with compressed trading multiples observed across the copper-gold junior producer peer group.

Funding allocations will accelerate advanced porphyry exploration drill campaigns across the flagship Bramaderos and El Palmar asset clusters in Ecuador.

The underlying development thesis remains well supported by favourable sovereign macro demand trends and prospective mineral resource upgrades scheduled later in 2026, the report concludes.

This report was published on July 13, 2026.

Target price is $1.40 Current Price is $0.20 Difference: $1.195
If STM meets the Shaw and Partners target it will return approximately 583% (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 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 20.50.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 25.62.

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

YRL    YANDAL RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.20

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

Shaw and Partners maintains a Buy rating for Yandal Resources with a $0.51 target price after drilling at the high-grade Siona deposit confirmed an additional shallow gold zone.

The newly discovered horizontal mineralisation occurs within weathered rock and is separate from the primary, steeply dipping gold structures.

The analyst highlights that ongoing systematic greenfield exploration across the broader New England Granite intrusive area continues to validate the company’s geological targeting model.

Drill intercepts show a realistic pathway to expand the current 450koz asset inventory towards a critical mass resource milestone of 1Moz within a year.

Commentary concludes this asset scale provides considerable regional corporate leverage, positioning the deposit as a highly attractive feed source for nearby underutilised gold processing mills.

This report was published on July 14, 2026.

Target price is $0.51 Current Price is $0.20 Difference: $0.315
If YRL meets the Shaw and Partners target it will return approximately 162% (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 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.86.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.26.

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

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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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