ST. GEORGE MINING LIMITED (SGQ)
Share Price Analysis and Chart

02/10/2026

1

Outperform

$0.23

318.18%

Macquarie remains positive on the rare earths sector, with NdPr prices up around 30% year-to-date and heavy rare earths continuing to command premiums outside China.

While recent US-China discussions have raised concerns over potential easing of export restrictions, the broker expects rare earths to remain an important geopolitical and trade lever.

Only modest changes are made to commodity price forecasts given limited changes to underlying market fundamentals.

The 23c target and Outperform rating for St. George Mining are maintained.

This is a summary of research released by Macquarie yesterday.

FORECAST
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.40 cents.
Macquarie forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -0.10 cents.

21/08/2026

1

Speculative Buy

$0.26

372.73%

Canaccord Genuity maintains a Speculative Buy rating for St. George Mining with its price target increased to $0.26 from $0.23 following an updated resource estimate for the Arax niobium and rare earths project in Brazil.

The update delivered a 143% increase in contained magnetic rare earth oxide tonnes driven by a 57% increase in total resource tonnes, alongside a 44% increase in contained niobium.

The analyst notes that neodymium and praseodymium (NdPr) represent roughly 95% of project revenue, positioning Arax as the second-largest hard-rock NdPr resource globally.

The business remains well-funded with approximately $98m in cash at the end of June 2026, providing robust support for upcoming pilot plant commissioning and economic studies.