SOLSTICE MINERALS LIMITED (SLS)
Share Price Analysis and Chart

07/09/2026

1

Initiation of coverage with Speculative Buy

$3.25

30.00%

Bell Potter initiates coverage of Solstice Minerals with a $3.25 target and Speculative Buy rating.

The 100%-owned Nanadie project is regarded as a large, growing copper-gold system situated on granted mining tenure.

The current inferred resource contains 162kt of copper, while more than 16,000m of drilling has expanded mineralisation to over 700m below surface, the analysts explain.

Tonnage could be a multiple of the current resource, the broker suggests, with scope for grades to improve.

Bell Potter's notional scenario assumes a 13-year, 6Mtpa open pit producing 22ktpa copper plus precious-metal credits and generating an unrisked $916m net present value (NPV). Resource upgrades and studies are also thought to offer re-rating catalysts.

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

17/09/2026

1

Speculative Buy

$4.05

62.00%

Canaccord Genuity maintains a Speculative Buy rating for Solstice Minerals with its target price increased to $4.05 from $2.55 following a site visit to the Nanadie copper-gold project in Western Australia.

Viewing of drill core confirmed strong geological continuity across the mineralised system, with chalcopyrite occurring predominantly as disseminations and veinlets alongside open extensions in multiple directions.

Internal dilution from post-mineralisation intrusions and structural faulting represent key geological complexities, though evidence of metal remobilisation suggests fault structures may provide local grade enhancement.

The analyst updates the 3D implicit model to incorporate 412 drill holes, establishing an expanded risked growth inventory of 200m tonnes at 0.66% copper equivalent containing 1.3m tonnes of metal.

Canaccord Genuity applies a peer median enterprise value-to-resource multiple incorporating a strategic location premium for Western Australian mining tenure to underpin the higher valuation.