WHITEROCK LITHIUM CORPORATION (WLC)
Share Price Analysis and Chart

29/09/2026

1

Speculative Buy

$10.75

173.54%

Ord Minnett makes mostly minor changes to commodity price forecasts following a September quarter characterised by stronger energy, coal, precious and most base metal prices, while lithium fell -20%.

The broker remains positive on lithium longer term, lifting CY27 and CY28 price forecasts by 2% and 5%, respectively, supported by electric vehicles, energy storage and renewables demand.

Copper's recent rally is considered vulnerable to reversal, prompting a -6% CY27 price forecast cut, though longer-term fundamentals remain supportive. Aluminium price forecasts are also lowered.

Ord Minnett currently sees more attractive risk-reward across bulk commodities than base metals, particularly iron ore.

In the lithium space, the broker suggests share-price declines across several stocks during the quarter have created buying opportunities. Buy-rated Mineral Resources and IGO Ltd are considered the best exposures.

Target for Whiterock lithium falls by -10c to $10.75. Speculative Buy rating unchanged.

This is a summary of research released by Ord Minnett yesterday.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents.

30/09/2026

1

Speculative Buy

$7.00

78.12%

Canaccord Genuity maintains a Speculative Buy rating for Whiterock lithium with an unchanged $7.00 target price following the release of visual results from ten drill holes at the Banana Lithium Project in Quebec.

The latest results close the gap between previously reported northeast and southwest step-outs, providing increasing evidence of persistent mineralisation throughout the targeted Spodumene Mountain corridor.

All holes confirmed spodumene-bearing pegmatite with visual abundance up to 35%, returning substantial thick intersections including an 84.0-metre interval.

The analyst views these outcomes as supportive of a large-scale lithium system capable of exceeding the current conceptual resource estimate of 183m tonnes at 1.42% lithium oxide.

Drilling focus is now shifting towards defining geometry and continuity ahead of a maiden resource estimate targeted for the first half of 2027, with coarse-grained mineralisation observed during a recent site visit appearing supportive of future dense media separation processing.