SOUTHERN CROSS GOLD CONSOLIDATED LIMITED CHEES DEPOSITORY INTEREST REPR 1 (SX2)
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21/04/2026

1

Initiation of coverage with Outperform

$12.50

-1.81%

Macquarie initiates coverage of Southern Cross Gold with an Outperform rating and $12.50 target.

The company's key asset is the Sunday Creek gold/antimony project, with attributes including high grades, a large-scale and "solid byproduct credits", the broker notes.

Value upside is envisaged through growth of production potential to 185,000 ounces of gold equivalent, with a strategic advantage through antimony byproducts. Antimony is classified as a critical mineral on the US critical minerals list.

The exposure to this mineral could allow the company to accelerate permit timeframes and provide a low-cost capital funding solution, Macquarie adds.

FORECAST
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -2.70 cents.

07/09/2026

1

Buy

$18.00

41.40%

Shaw and Partners maintains a Buy rating for Southern Cross Gold with its target price increased to $18.00 from $14.40 following the release of an upgraded Exploration Target for the Sunday Creek project.

The updated Exploration Target features a 41% increase in contained gold equivalent metal and an 11% improvement in grade.

Incorporating the expanded 1.5km strike length, the broker increases annual mining capacity forecasts to 800ktpa from 700ktpa, lifting peak production estimates to 207kozpa of gold equivalent over a 15-year mine life.

The analyst notes the deposit remains open at depth and laterally across a potential 11km mineralised corridor, providing significant upside for capacity expansion.

Shaw suggests ongoing drill results will inform a maiden resource estimate expected during the first half of 2027.

FORECAST
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -1.50 cents.
Shaw and Partners forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -2.40 cents.