KINGSGATE CONSOLIDATED LIMITED (KCN)
Share Price Analysis and Chart

15/09/2026

1

Initiation of coverage with Buy

$8.00

56.25%

Ord Minnett has initiated coverage of Kingsgate Consolidated with a Buy rating and $8 target price with a long-term US$4,000 gold price assumed for the valuation alongside a weighted-average cost of capital of 12%.

Kingsgate is noted as an Australian mining, development and exploration company in gold and silver mainly. It owns the Chatree Gold mine in Thailand and is moving ahead with the Nueva Esperanza silver-gold project in Chile.

With the company's history, the broker points out the market ascribes a significant discount to the valuation, with another licence suspension in Thailand not out of the question.

Although the broker views that scenario as unlikely with Kingsgate paying -US$81m in royalties to the Thai government, Ord Minnett also believes the Nueva project is not fully appreciated and could be worth around $182m.

FORECAST
Ord Minnett forecasts a full year FY27 EPS of 28.00 cents.
Ord Minnett forecasts a full year FY28 EPS of 63.00 cents.

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14/09/2026

1

Buy

$8.10

58.20%

Canaccord Genuity maintains a Buy rating for Kingsgate Consolidated with a $8.10 target price following a mineral resource and ore reserve update for the Nueva Esperanza project in Chile.

The revised estimate outlines a 3% increase in the mineral resource to 30.8m tonnes at 62.4g/t silver and a 31% uplift in ore reserves to 23.7m tonnes at 68g/t silver.

The 17.2m ounce silver equivalent reserve expansion is driven by elevated long-term metal price assumptions of US$35 per ounce for silver and US$2,500 per ounce for gold, alongside reduced royalty considerations from a recent buyback.

Management is evaluating heap leach processing to potentially establish a lower capital intensity pathway and shorter development timeline for the asset, while concurrently assessing a project spin-out.

The analyst views the stock as trading at an undemanding 0.7x price-to-net asset value multiple relative to peers, noting the market currently attributes minimal value to the 70.5m ounce silver equivalent reserve.