ADVANCED ENERGY MINERALS LIMITED (AEM)
Share Price Analysis and Chart

05/03/2026

1

Speculative Buy

$0.90

119.51%

Ord Minnett only initiated coverage in late January and now maintains a Speculative Buy rating alongside a target price of $0.90/sh, unchanged, as Advanced Energy Minerals starts commercial-scale production of “ultra-low alpha” HPA at its 2,000tpa Cap-Chat plant in Quebec for industrial trials.

The broker links demand to AI data centre expansion, arguing HPA’s thermal conductivity can help heat removal when used in thermal interface materials, provided impurities are ultra-low.

A key metric is the L-Series specification of less than 1 ppb uranium and undetectable thorium, which Ord Minnett says customers have confirmed as suitable, with trials under way in South Korea, Japan and China.

The main catalyst is conversion of trials into off-take agreements; the primary risk is slower-than-expected customer qualification and ramp-up. 

Forecasts seem to have deteriorated since that January update (longer and deeper losses).

FORECAST
Ord Minnett forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -1.50 cents.
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.70 cents.

12/02/2026

1

Initiation of coverage with Speculative Buy

$1.15

180.49%

Canaccord Genuity initiates coverage of Advanced Energy Minerals at Speculative Buy with a $1.15 target.

The broker sees the company as a near-term beneficiary of rising demand for high purity alumina used in semiconductors and lithium-ion batteries.

Stage 1 at the Cap-Chat project is expected to ramp to 3,000tpa, with longer-term expansion to 6,000tpa positioning the company as a meaningful ex-China supplier.

Canaccord highlights the low-carbon process and modular expansion pathway as key differentiators in securing customer offtake.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -4.20 cents.
Canaccord Genuity forecasts a full year FY26 EPS of 4.10 cents.