SINCLAIR GOLD LIMITED (SGC)
Share Price Analysis and Chart

19/10/2026

1

Initiation of coverage with Speculative Buy

$2.15

103.79%

Bell Potter initiates coverage of Sinclair Gold with a Speculative Buy rating and $2.15 target. The company has a development project at Mt Henry in Western Australia and has updated the resource estimate to 48mt at 1.2g/t gold, for 1.8m ozs.

The ounces are contained in a $3,900/oz pit shell, generated with costs comparable to recent feasibility study outcomes at other WA gold projects.

The broker calculates, with a long-term gold price of $6,500/oz, a post-construction valuation of $7.45/share. With continued exploration success, Bell Potter believes minable resources could easily double beyond its valuation scenario.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -8.80 cents.
Bell Potter forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -8.80 cents.

17/09/2026

1

Initiation of coverage with Buy

$3.55

236.49%

Canaccord Genuity maintains a Speculative Buy rating for Sinclair Gold with its target price of $3.55  following an interim mineral resource update doubling contained gold at the Mt Henry project to 1.8m ounces.

The updated estimate across the Eastern Goldfields asset in Western Australia stands at 48m tonnes at 1.2g/t gold, with Measured and Indicated categories comprising 1.3m ounces or approximately 70% of total inventory.

The interim resource incorporates only 41% of the planned 50,000m 2026 drilling campaign, leaving mineralisation at the Mt Henry and Selene deposits open along strike and down-dip beneath existing pit shells.

The analyst models an extended 11-year life of mine producing 113koz per year at an all-in sustaining cost of $2,977 per ounce, supported by an existing $38m cash balance to complete regional exploration.

Canaccord Genuity anticipates pending assays from 25 step-out holes will provide strong near-term newsflow ahead of an expected mid-2027 resource update reaching 2.5m to 3.0m ounces to underpin formal feasibility studies.