Australian Broker Call *Extra* Edition – Jul 23, 2026

This story features GORILLA GOLD MINES 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)

GG8   GHM   HGO   HRN   HUB   ORE   PLT   PPS   PSC   SHV   STK   TLX  

GG8    GORILLA GOLD MINES LIMITED

Gold & Silver – Overnight Price: $0.32

Canaccord Genuity rates ((GG8)) as Speculative Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating for Gorilla Gold Mines with a $1.00 target price following an exploration update from the Vivien gold project in Western Australia.

The analyst highlights a new high-grade discovery at the Vince prospect, located 400m north of the historic underground mine, with drilling intersecting 2.1m at 55.4g/t gold from 227m.

Additional high-grade intercepts at the Val prospect further support resource growth potential near existing underground infrastructure.

An agreement has been executed with a subsidiary of Gold Fields to commence dewatering the historic underground mine, providing flexibility for underground drilling and assessment.

Commentary concludes the company’s diversified portfolio across Western Australia, including Comet Vale and Mulwarrie, continues to provide strong discovery and resource upside relative to nearby milling infrastructure.

This report was published on July 21, 2026.

Target price is $1.00 Current Price is $0.32 Difference: $0.685
If GG8 meets the Canaccord Genuity target it will return approximately 217% (excluding dividends, fees and charges).

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: $0.40

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

Shaw and Partners maintains a Buy rating for Golden Horse Minerals with a $1.25 target price following June quarter operational results highlighting system expansion across the Hopes Hill gold project.

Combined reverse circulation and diamond drilling exceeded 50,000m during the first half of 2026, extending mineralised strike beyond 3km across the North, Main, and South zones.

High-grade drill intercepts along strike and at depth support the development of an inaugural JORC Mineral Resource Estimate scheduled for the second half of 2026.

Regional exploration programs delivered promising results at Greenmount while a prospectivity review confirmed 88kt of contained copper resources at Sorrel.

The analyst notes a $30.6m closing cash balance fully funds ongoing drilling activities as the company continues building scale ahead of its current market valuation.

This report was published on July 22, 2026.

Target price is $1.25 Current Price is $0.40 Difference: $0.855
If GHM meets the Shaw and Partners target it will return approximately 216% (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 19.75.

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 26.33.

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

HGO    HILLGROVE RESOURCES LIMITED

Copper – Overnight Price: $0.06

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

Canaccord Genuity maintains a Speculative Buy rating for Hillgrove Resources with a $0.10 target price following the release of the June quarter operational report.

Quarterly production delivered 3.2kt of copper, 1.8koz of gold, and 23.3koz of silver, with gold output exceeding the broker’s expectations by 44% on higher-grade feed from the Nugent orebody.

Improved cash generation and lower all-in sustaining costs of $5.76/lb lifted closing cash reserves to $32.2m despite $3.8m in hedge deliveries.

Management approved development of the Emily Star deposit requiring $20m to $22m in capital expenditure to establish a third production front in the second half of 2027.

The analyst highlights ongoing feasibility work at Mutooroo alongside a proposed 15-to-1 share consolidation and corporate rebranding to Kantra Copper Limited ahead of the upcoming annual general meeting.

This report was published on July 21, 2026.

Target price is $0.10 Current Price is $0.06 Difference: $0.039
If HGO meets the Canaccord Genuity target it will return approximately 64% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.78.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.78.

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

HRN    HORIZON GOLD LIMITED

Overnight Price: $0.98

Moelis rates ((HRN)) as Buy (1) –

Moelis maintains a Buy rating for Horizon Gold with a $2.40 target price following the release of the Definitive Feasibility Study for the Gum Creek project.

The study outlines an initial 10-year mine life averaging 90koz of gold production annually at all-in sustaining costs of $2,995/oz.

Pre-production capital expenditure is estimated at $350m to construct a dedicated 2.4mtpa processing facility, supporting a post-tax net present value of $894m.

The analyst notes that while open pit strip ratios drive higher costs than initial broker models, the project’s valuation gap and upcoming milestones towards a final investment decision in 2027 support the equity story.

Potential upside from unmodelled underground sources and satellite orebodies is seen as providing further operational flexibility.

This report was published on July 22, 2026.

Target price is $2.40 Current Price is $0.98 Difference: $1.415
If HRN meets the Moelis target it will return approximately 144% (excluding dividends, fees and charges).

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

HUB    HUB24 LIMITED

Wealth Management & Investments – Overnight Price: $85.31

Moelis rates ((HUB)) as Buy (1) –

Moelis maintains a Buy rating for Hub24 with a $119.12 target price following the release of the 4QFY26 update, noting that temporary macroeconomic factors distracted from underlying net platform flows while the long-term growth story remains intact.

The analyst highlights the number of active advisers accelerated during the period, providing continued support for future platform inflows despite minor near-term macro headwinds.

Fast-paced technology developments embedding advisers, alongside favourable industry tailwinds, underpin the broker’s confidence in the medium-term earnings trajectory.

The valuation reflects strong structural growth in managed accounts and the ongoing expansion of platform market share, the report explains.

This report was published on July 21, 2026.

Target price is $119.12 Current Price is $85.31 Difference: $33.81
If HUB meets the Moelis target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $102.20, suggesting upside of 19.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 75.20 cents and EPS of 157.40 cents.
At the last closing share price the estimated dividend yield is 0.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 54.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 160.8, implying annual growth of 63.8%.
Current consensus DPS estimate is 77.2, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 53.1.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 91.00 cents and EPS of 174.10 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 49.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 190.6, implying annual growth of 18.5%.
Current consensus DPS estimate is 94.1, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 44.8.

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

ORE    OREZONE GOLD CORPORATION CDI

Gold & Silver – Overnight Price: $2.31

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

Canaccord Genuity maintains a Buy rating for Orezone Gold Corp CDI with a CA$5.00 target price following news operations at the Casa Berardi gold mine in Quebec resumed on July 17 after a temporary wildfire-related suspension.

A skeleton workforce remained on site to safeguard operations and perform scheduled maintenance early, which management expects will lower downtime throughout the remainder of 2026.

Full-year 2026 production guidance for Casa Berardi was reaffirmed at 62koz to 67koz.

The analyst notes second quarter 2026 operational and financial results will be released on August 12.

Valuation relies on an equal weighting between a 0.50x multiple on forward curve-derived operating net asset value less net debt and a 4.0x multiple on next-twelve-months EBITDA.

This report was published on July 20, 2026.

Current Price is $2.31. Target price not assessed.
The company’s fiscal year ends in December.

Forecast for FY26:

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

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents.

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

PLT    PLENTI GROUP LIMITED

Business & Consumer Credit – Overnight Price: $0.76

Moelis rates ((PLT)) as Buy (1) –

Moelis maintains a Buy rating for Plenti Group with a $1.53 target price following a strong FY26 result featuring record loan originations.

The company achieved a cash profit before tax of $30.8m, up 117% year-on-year, driven by a 32% expansion in originations and a growing total loan portfolio.

Commentary posits sector-leading cost discipline and proprietary digital platform efficiencies continue to accelerate profitability while maintaining stable net interest margins.

It is Moelis’ view that the strategic National Australia Bank ((NAB)) partnership and expansion across automotive and renewable energy verticals provide strong multi-year growth optionality.

The analyst highlights that scaling originations and ongoing cost control reinforce the medium-term valuation upside.

This report was published on July 21, 2026.

Target price is $1.53 Current Price is $0.76 Difference: $0.77
If PLT meets the Moelis target it will return approximately 101% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY26:

Moelis forecasts a full year FY26 EPS of 6.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.67.

Forecast for FY27:

Moelis forecasts a full year FY27 EPS of 8.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.50.

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

PPS    PRAEMIUM LIMITED

Wealth Management & Investments – Overnight Price: $0.71

Moelis rates ((PPS)) as Buy (1) –

Moelis maintains a Buy rating alongside a $1.19 price target for Praemium (upped by 1c) while awaiting material ramp-up in funds inflows from recently signed clients.

For now, the broker has reduced anticipated non-custody number of accounts, though expects this to return to growth in FY27.

Moelis’ focus has already shifted to FY27 when Praemium is expected to deliver a significant step change in earnings performance, driven by new client wins.

Both custody FUA and non-custody accounts should experience strong growth, while management remains confident in delivering $9m in cost savings.

Moelis continues to see potential for upside surprise and suggests this could well develop into a multi-year strong growth story.

This report was published on July 23, 2026.

Target price is $1.19 Current Price is $0.71 Difference: $0.48
If PPS meets the Moelis target it will return approximately 68% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 2.50 cents and EPS of 3.50 cents.
At the last closing share price the estimated dividend yield is 3.52%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 20.29.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 3.30 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 4.65%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.49.

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

PSC    PROSPECT RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.25

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

Canaccord Genuity maintains a Speculative Buy rating for Prospect Resources with a $0.60 target price following high-grade copper intercepts extending the flagship Nyungu Central deposit at the Mumbezhi project.

Drilling results outside the existing 154.4Mt at 0.42% copper resource include 44.0m at 0.60% copper from 270m, with mineralisation remaining open along strike.

The analyst notes Phase 3 drilling progress across 13 completed holes totaling 4,043m, preceding a planned 6,000m infill campaign starting in late July 2026.

Commentary suggests proximity to First Quantum’s Sentinel mine, coupled with simple flotation metallurgy delivering 96.2% copper recovery, underpins both standalone development potential and strategic M&A optionality.

It is the broker’s view that step-out drilling adding above-grade tonnage de-risks the upcoming scoping study scheduled for the December 2026 quarter or January 2027 quarter.

This report was published on July 21, 2026.

Target price is $0.60 Current Price is $0.25 Difference: $0.35
If PSC meets the Canaccord Genuity target it will return approximately 140% (excluding dividends, fees and charges).

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

SHV    SELECT HARVESTS LIMITED

Agriculture – Overnight Price: $4.28

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

Select Harvests is on track for a “normalised” crop of almonds, Research as a Service (RaaS) observes in its initiation of coverage report. The market-dominant US crop is declining, with further orchard removals occurring.

As supply growth is limited and global demand is growing above 5% per annum, the analyst envisages a positive global backdrop that will underpin export prices and returns. This is reinforced by the company’s competitive advantage.

Select Harvests’ sustained ability to achieve a pricing premium in export markets is contributing to stronger margins and reinforcing the appeal to third-party almond growers to process through its facilities, the report explains.

The analyst arrives at a valuation of $5.93/share, incorporating the relevant sector comparables and the outlook.

Research as a Service (RaaS) research doesn’t carry ratings or recommendations. Investors can draw conclusions from the valuation and commentary.

This report was published on July 22, 2026.

Target price is $5.93 Current Price is $4.28 Difference: $1.65
If SHV meets the Research as a Service (RaaS) target it will return approximately 39% (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 10.00 cents and EPS of 41.40 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.34.

Forecast for FY27:

Research as a Service (RaaS) forecasts a full year FY27 dividend of 14.00 cents and EPS of 44.80 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.55.

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

STK    STRICKLAND METALS LIMITED

Mining – Overnight Price: $0.09

Shaw and Partners rates ((STK)) as Initiation of coverage with Buy (1) –

Shaw and Partners initiates coverage on Strickland Metals with a Buy rating and a $0.20 target price following evaluation of the flagship Rogozna gold and base metal project in southern Serbia.

The project holds a 9.3Moz at 1.33g/t gold equivalent mineral resource across four polymetallic deposits with significant room for lateral and depth expansions.

Recent share price weakness from exploration permitting delays creates an attractive entry point in the analyst’s view, as market concerns appear overblown while strategic shareholder Zijin Mining increased its stake to 7.4%.

A maiden pre-feasibility study expected in late 2027 will focus on the shallow, higher-grade Gradina deposit to establish an initial 1.5Mtpa to 2.0Mtpa gold operation.

Valuation incorporates a heavily discounted $51/oz in-ground multiple, providing substantial long-term re-rate potential as technical studies de-risk the asset toward commercial production.

This report was published on July 22, 2026.

Target price is $0.20 Current Price is $0.09 Difference: $0.115
If STK meets the Shaw and Partners target it will return approximately 135% (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 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 85.00.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 85.00.

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

TLX    TELIX PHARMACEUTICALS LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $14.86

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

Canaccord Genuity maintains a Buy rating for Telix Pharmaceuticals with a $30.00 target price following strong 2Q26 revenue of US$247m, driven by robust performance across its Precision Medicine portfolio.

Precision Medicine sales reached US$202m on 7% quarter-on-quarter volume expansion, supported by Gozellix account gains and continued market penetration for Illucix.

Management re-affirmed core FY26 revenue guidance of US$950m to US$970m while flagging an additional US$40m upfront payment from the Regeneron development partnership.

The analyst lifts the broker’s FY26 revenue forecast to US$1,025m and models increased R&D outlays of US$267m to reflect re-investment into key clinical programs, including Pixclara and TLX597.

Long-term portfolio market share gains are expected to accelerate into 3Q26, underpinning the DCF-derived valuation.

This report was published on July 22, 2026.

Target price is $30.00 Current Price is $14.86 Difference: $15.14
If TLX meets the Canaccord Genuity target it will return approximately 102% (excluding dividends, fees and charges).
Current consensus price target is $26.23, suggesting upside of 76.5%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 5.8, 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 256.2.

Forecast for FY27:

Current consensus EPS estimate is 26.7, implying annual growth of 360.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 55.7.

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

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