Inside the Market’s roundup of some of today’s key analyst actions
Despite persistent inflation and recent interest rate hikes, analysts at National Bank Financial continue to see a “supportive” backdrop for metal prices, pointing to “strong Central Bank buying, physical demand from China and India, continued devaluation of the USD given elevated debt levels, and heightened geopolitical uncertainty.”
“We continue to expect U.S. debt levels and fiscal deficits to rise, heightened geopolitical uncertainty, and a softer USD, while central bank buying remains robust,” they added.
In a client report released before the bell, the analysts upgraded their price deck for all metals and foreign exchange rates to incorporate average prices thus far in the third quarter as well as revisiting their forward-looking estimates. Changes included an increase to their 2027-2028 gold price assumptions to US$4,700 per ounce from US$4,500, while their silver assumptions over the same time period remain unchanged at US$70 per ounce.
“We have also updated our long-term prices, accounting for the continued inflationary pressures on costs the sector has been facing and anticipation for additional cost escalation as mining companies look to optimize mine planning under an elevated commodity price environment,” the analysts said. “We have shifted our long-term price to now begin in 2032 (previously 2031), with the increase in the cost base pushing our long-term gold price higher to US$3,400/oz (was US$3,200/oz). We have also increased our long-term silver price to US$45.00/oz (was US$42.00/oz), keeping our long-term gold/silver ratio at 76 times. Our long-term FX rates continue to be based on an evaluation of forward curves for 2028-2032.”
For copper and uranium, the analysts said: “Growing COMEX stockpiles, AI data centre growth and resilient global manufacturing data has been supportive of higher copper prices year-to-date. We have adjusted near-term price assumptions to be better aligned with spot at US$6.50/lb (was US$6.00/lb). Accounting for current cost structure and higher sustained global inventory levels (owing to more protectionist critical mineral policies) had led to an increase in our long-term copper price assumption to US$4.75/lb (2032+) from US$4.40/lb previously.
“Uranium term market continues to slowly improve. We have actualized our Q3/26 uranium spot prices and maintain our commodity supply and demand outlook provided with our Q2/26 update. We remain bullish on uranium’s long-term fundamentals, especially as new capital enters the nuclear industry which should further boost FID announcements and given the positive momentum in the space ... Our long-term price projection of US$100/lb is unchanged.”
With their price deck changes, the analysts updated the price targets for stocks in their coverage universe and named their “top ideas” in the space. They are:
Precious Metals - Producers
* Alamos Gold Inc. (AGI-T) with an “outperform” rating and $81 target, up from $76. The average on the Street is $66.80.
Don DeMarco: “A rare combination of quality, growth, and jurisdiction, with the Island Gold District expansion representing one of the premier value-creation opportunities in the gold sector.”
* Elemental Royalty Corp. (ELE-T) with an “outperform” rating and $35 target, up from $32.50. Average: $32.63.
Shane Nagle: “Elemental maintains a strong near-term growth outlook and recent acquisitions of EMX/Vizla add additional scale. With access to low-cost forms of capital from their largest shareholder (Tether), we continue to see an opportunity to further diversify the portfolio through future asset acquisitions and/or continued consolidation of the junior royalty space.”
* Endeavour Silver Corp. (EDR-T) with an “outperform” rating and $25 target, up from $24. Average: $22.20.
Alex Terentiew: “We continue to view Endeavour Silver as our Top Pick within the silver coverage universe due to its relatively discounted valuation, peer-leading growth profile as grades at Terronera increase and costs decrease, Kolpa undergoes a small expansion, and the gold and silver hedges diminish (gold ends June 2027, with silver ended June 2026).”
* IAMGOLD Corp. (IMG-T) with an “outperform” rating and $35 target, up from $32. Average: $33.06.
Mohamed Sidibé: “IAMGOLD offers a high-quality Canadian gold portfolio anchored by Côté Gold and Gosselin, with Burkina Faso risk diminishing as Essakane approaches end-of-life.”
* Torex Gold Resources Inc. (TXG-T) with an “outperform” rating and $89 target, up from $85. Average: $90.09.
Mr. Demarco: “Strong FCF profile with elevated double-digit FCF yields, supported by a largely completed transition to Media Luna and a relatively straightforward operating profile with limited near-term development capital requirements.”
Precious Metals - Developers
* Highlander Silver Corp. (HSLV-T) with an “outperform” rating and $14 target (unchanged). Average: $12.38.
Mr. Terentiew: “Highlander Silver remains one of the most attractively priced development-stage investments in the silver sector, supported by Corani’s permitted status and exploration upside, San Luis’s high grades, and added upside from Mercedes, which we expect will ultimately be sold.”
* Montage Gold Corp. (MAU-T) with an “outperform” rating and $24 target, up from $22. Average: $20.67.
Mr. Sidibé: “Montage offers a large-scale, high-quality development asset in Koné, with construction advancing on schedule toward first gold in Q4/26 and a funded path through to production, supporting continued project de-risking.”
* NexGold Mining Corp. (NEXG-X) with an “outperform” rating and $5.50 target (unchanged). Average: $5.05.
Mr. Terentiew: “We continue to view NexGold as the most undervalued company in the precious metals sector under coverage and reiterate our rating as a Top Pick among its project developer peers.”
* Omai Gold Mines Corp. (OMG-X) with an “outperform” rating and $4 target (unchanged). Average: $4.42.
Rabi Nizami: “The Omai gold project is one of South America’s largest past-producing gold mines and a clear buy-and-build M&A target that we believe should be of interest for producers looking for entry into the Guiana Shield.”
Base Metals
* Ero Copper Corp. (ERO-T) with an “outperform” rating and $55 target, up from $52.50 Average: $52.31.
Mr. Nagle: “Ero is relatively insulated from elevated diesel prices owing to fuel subsidies in Brazil, and predominantly U/G operations.”
* Faraday Copper Corp. (FDY-T) with an “outperform” rating and $7.50 target, up from $7.25. Average: $7.25.
Andrew Dusome: “With the acquisition of San Manuel from BHP set to close in Q3/26, we view Faraday as advancing towards creating a multi-decade copper district in a Tier 1 mining jurisdiction with strong cornerstone investors in BHP and the Lundin Group.”
* First Quantum Minerals Ltd. (FM-T) with an “outperform” rating and $50 target (unchanged). Average: $49.17.
Mr. Nagle: “While exposed to elevated diesel prices in Zambia, the company is taking several measures to optimize its processes and conserve/reduce overall fuel consumption.”
* Osisko Metals Inc. (OM-T) with an “outperform” rating and $2.50 target, up from $2.25. Average: $2.84.
Mr. Nizami: “Large-scale copper ‘super pit’ potential at Gaspé, Osisko Group-led, well-funded path to de-risk and fast-track toward development, mining-friendly address on infrastructure in Québec, and management’s impressive track record for developing projects in the province.”
* Solaris Resources Inc. (SLS-T) with an “outperform” rating and $22.50 target (unchanged). Average: $22.59.
Mr. Nagle: “Warintza received technical approval of the Environmental Impact Assessment and stands out as a Tier 1 copper development project with no connection to a major mining company.”
Critical Minerals
* Denison Mines Corp. (DML-T) with an “outperform” rating and $6.50 target (unchanged). Average: $6.56.
Mr. Sidibé: “Denison’s diversified portfolio provides exposure to a pipeline of low-cost greenfield uranium projects in the Athabasca Basin, which hosts the world’s largest and highest-grade uranium deposits. Notably, the flagship Phoenix ISR project is expected to produce approximately 56 million pounds of uranium over a 10-year mine life at a low AISC based on our estimates, placing it well on the left side of the global cost curve.”
* NexGen Energy Ltd. (NXE-T) with an “outperform” rating and $21 target (unchanged). Average: $15.86.
Mr. Sidibé: “NexGen owns the Rook I Project, host to the flagship Arrow deposit, one of the world’s largest undeveloped high-grade uranium deposits that is basement-hosted with the ability to be processed using conventional mining and processing methods, removing some of the engineering risks. Once producing, Rook I will have the capacity to produce close to 30 million pounds per annum in its initial years, representing over 16 per cent of current world production.”
Taking a bullish view on Banyan Gold Corp. (BYN-X) as it advances its 100-per-cent-owned AurMac Gold Project in the Mayo Mining District of central Yukon toward toward a maiden economic study, National Bank Financial analyst Rabi Nizami initiated coverage of the Vancouver-based miner with an “outperform” rating.
“Aurmac is one of Yukon’s largest undeveloped gold projects, with 8.6 million ounces at 0.62 grams per ton, situated near regional infrastructure with year-round access and strategic proximity to mining precedents and projects in Yukon’s Mayo District,” he said.
In a client report released Monday, Mr. Nizami said a preliminary economic assessment, which is expected in the fourth quarter, should “reframe AurMac as a conventional mill project.”
“Whereas the market historically viewed AurMac as a low-grade heap-leach, we expect the PEA to reframe it as a bulk tonnage open pit and 35ktpd [thousand tons per day] CIL mill with potential for 250koz/yr over a 20+ year mine life,” he explained. “As the first economic study on the project, the PEA provides a starting point and initial scope for permitting, with room to optimize through further drilling and studies over time.
“Drilling to improve confidence and sequencing of grades; add new discoveries. The PEA will use only the May 2026 MRE, which captured drilling through 2025 and excludes the more than 70,000 m drill program in 2026. The potential of new drilling to add value lies in demonstrating continuity of shallow, mineable grade domains at higher cut-offs, reducing internal waste and converting Inferred to Indicated, and lifting confidence for a fully optimized mine plan for subsequent studies. Concurrently, we expect pure exploration drilling to continue to be a core part of the story with potential to expand AurMac and add new discoveries across several prospective high grade gold and silver targets.”
Mr. Nizami also sees Aurmac’s location as a strategic advantage for Banyan.
“Banyan’s claims are at the centre of the Mayo District, near the Eagle and Keno Hill mines and several projects, making it well-positioned in context of opportunities to arise on resolution of the receivership process at Eagle,” he said. “A successful path to restart Eagle with First Nations in alignment should lift permitting sentiment and valuation multiples across the district, unlock strategic synergies for high grade targets near Banyan’s proposed mill, or lead to broader consolidation opportunities. Notably, Boroo’s due diligence exclusivity at Eagle was recently extended to October 20; Alpayana owns approximately 8 per cent of BYN; and Franco Nevada acquired an underlying NSR over AurMac’s core claims for $52-million.”
The analyst set a $3 target for the company’s shares, pointing to an estimated total return of 42.9 per cent. The average on the Street is $2.85.
“We expect release of the PEA to support confidence for a standalone mill concept with leverage to gold price, and active drill programs to show growth opportunities on a strategic land package with many targets to be drilled over the coming years. Our Speculative Risk Rating reflects the early stage, permitting and financing requirements, and expectations for resource conversion and exploration,” he added.
RBC Dominion Securities analyst Paul Treiber expects BlackBerry Ltd. (BB-N, BB-T) to report “healthy” second-quarter fiscal 2027 financial results on Thursday, predicting revenue and earnings may exceed the Street’s expectations based on “historical quarterly guidance conservatism.”
“Actual revenue has exceeded consensus by 7 per cent and actual adj. EPS has beaten consensus by $0.02 on average over the last 4 quarters,” he said. “We expect revenue up 14 per cent year-over-year to $148-million, at the high-end of guidance ($137-148-million) and above consensus at $146-million. Given cost discipline, adj. EBITDA and adj. EPS may slightly exceed RBC/ consensus at $28-million and $0.04.
“Mixed auto environment, though software content per vehicle is rising. Due to auto production headwinds in some regions (i.e., China), auto tech peers have reported mixed results. Even so, peers point to increasing software content per vehicle, which is positive for QNX’s continued growth. We expect Q2 QNX revenue of $75-million, slightly above consensus at $74-million and at the high-end of guidance for $70-75-million. Regarding Secure Comms, we forecast revenue to normalize to $63MM, at the high-end of guidance for $57-63-million, following the outsized Q1, with growth slowing to 5 per cent year-over-year from 24 per cent Q1. We believe BlackBerry is likely to reiterate FY27 guidance, having already raised it last quarter.”
With the results, Mr. Treiber says he’s looking forward further news on contract victories for BlackBerry’s Alloy Kore vehicle software platform, which was launched by its QNX division and software provider Vector.
“Management has previously indicated that it expects QNX to secure design wins for its Alloy Kore automotive platform this year,” he explained. “Given the materiality (3 times higher ARPU [average revenue per user] per vehicle, up to $100-million total contract value), we believe that BlackBerry would announce wins once they are signed. While Alloy Kore will not impact revenue until 2029 or 2030, one or more Alloy Kore wins larger than $100-million would materially lift QNX backlog ($950-million as of Q4/ FY26).
“Physical AI design wins build. QNX’s GEM (general embedded market) segment accounts for 20 per cent of QNX total revenue and management indicated GEM is growing faster than automotive. During the quarter, BlackBerry announced a partnership with Hailo, and design wins with Momenta/XHEART. High profile GEM partnerships and design wins may help raise investor sentiment regarding QNX’s physical AI momentum and long-term opportunity.”
Mr. Treiber reaffirmed a “sector perform” rating and US$9 for the Waterloo, Ont.-based company’s shares. The average is US$10.03.
“[Our ‘sector perform’ rating] reflects our view that risk-reward on the stock is balanced, given the stock’s significant upward valuation rerating,” he said.
TD Cowen analyst Michael Tupholme said Russel Metals Inc.’s (RUS-T) management commentary and tone was “positive” during recent investor meetings as “favourable” market conditions have continued into the third quarter.
“The meetings highlighted a very strong steel demand backdrop for RUS’ Service Centers segment,” he said. “While U.S. steel demand trends have been strong since the start of 2026, Canada has also seen notable strength in recent months. Further, encouragingly, the positive demand trends are broad-based across RUS’ target mkt. sectors, including infra., energy, mining, data centers, and various manufac. industries.
“Steel supply remains tight. U.S. steel mill capacity utilization rates have lately been in the 80-per-cent range (effectively near/at full capacity given maintenance downtime), mill lead times are extended, and imports remain below historical levels.”
In a client note released Monday, Mr. Tupholme emphasized the Mississauga-based metal distribution and processing services provider “presently has better-than-typical visibility into its outlook.”
“Whereas approximately 30-45 days of visibility is typical, that visibility currently stretches out through year-end 2026 and into 2027 (market conditions causing customers to plan further out),” he said.
“Energy Field Stores also strong: RUS has seen a step-up in project-related demand in its Energy Field Stores segment amid solid energy sector activity, while repair/maintenance demand remains healthy. Recall, RUS described the segment’s strong Q2/26 sales ($296-million; up 18 per cent year-over-year) as ‘very repeatable’ on its last quarterly conference call.”
He reaffirmed his “buy” rating and $94 target for Russel shares. The average is $80.29.
“We also see other compelling investment merits, incl. a strong balance sheet (approximately 0.4 times net debt/TTM [trailing 12-month] adj. EBITDA), medium-to-long-term margin improvement opportunity (at Kloeckner and overall through value-added/modernization investments), and potential upside from future acquisitions,” he said.
Following a tour of its Casa Berardi mine located in Quebec, CIBC World Markets analyst Cosmos Chiu upgraded Orezone Gold Corp. (ORE-T) to “outperformer” from “neutral” previously.
“The tour was planned to coincide with the recent release of the life-of-mine (LOM) plan, at a preliminary economic study (PEA) level, which had increased the mine life to 14 years, highlighting an NAV5-per-cent of $1.43 billion (at spot gold $4,350/oz), which significantly exceeds the acquisition price of $352 million (plus up to $241 million in contingent consideration),” he explained. “Yet, after the mine tour, we believe this PEA only reflects a base case scenario, with significant future upside, as no additional drilling from Orezone was included in this study. Recall, we had previously covered Aurizon Mines and visited the Casa Berardi mine back in 2008/2010/2012, and at that time, the mine was capable of producing 150koz per year sourced from just the underground, compared to current production levels of ~85koz from both open-pit and underground.
“With a renewed focus on underground development rates and underground exploration efforts, we expect an increase in both grade and recovery beyond those outlined in the PEA. As a result, we have updated our Casa Berardi model to reflect both better underground grades and overall mill recovery from Year 3 onwards (vs. the PEA),”
Mr. Chiu now has a $6 price target, up from $3.50. The average on the Street is $3.50.
“Supported by the robust results outlined in the Casa Berardi Preliminary Economic Assessment, the company is now placing renewed focus on underground development rates and exploration efforts, which are expected to increase both grade and recovery beyond the current mine plan. Furthermore, the restart of exploration efforts at Héva-Hosco is also expected to help unlock more of the potential of the current more than 1.2 Moz of indicated gold resources located along the highly prospective Cadillac-Larder Lake Fault. With the company’s NAV now heavily weighted toward Canada, we believe ORE could potentially re-rate closer to its Canadian peers,” he concluded.
In other analyst actions:
* ATB Cormark’s Nicolas Dion increased his Allied Gold Corp. (AAUC-T) target to $40 from $35 with an “outperform” rating. The average is $42.80.
“Allied has connected Kurmuk to the Ethiopian electrical grid and is feeding the first ore through its crushing circuit, marking two major milestones on the mine ramp-up. Allied expects to soon introduce ore to the grinding circuit, with first gold expected shortly thereafter. The addition of Kurmuk will provide a substantial lift to Allied’s production profile, reduce overall AISC, and should drive an FCF inflection in 2027,” said Mr. Dion.
* Ventum Capital Markets’ Taylor Combaluzier initiated coverage of Bunker Hill Mining Corp. (BNKR-T) with a “buy” rating and $10.25 target. The average is $13.
“Bunker Hill is commissioning its newly built 1,800 short tpd mill at its 100-per-cent-owned mine in Idaho’s Silver Valley. A successful ramp-up would establish the Company as a new US producer, substantially reduce the remaining execution risk, and support a re-rating as production and cash flow build through 2027. Beyond the initial restart, exploration at Bunker Hill and the adjacent Ranger-Page property supports a larger, longer-lived operation, while the proposed Silver47 (AGA-TSXV) merger would reposition the Company as a multi-asset US silver platform with near-term production and a district-scale growth pipeline,” he said.
* Mr. Combaluzier also resumed coverage of Integra Resources Corp. (ITR-X) and Liberty Gold Corp. (LGD-T) with “buy” rating and targets of $8.75 and $4.30, respectively. The averages are $8.38 and $3.56.
On Integra, he said: “We see Florida Canyon as an increasingly attractive cash-flow anchor, with the 2026 FS extending mine life and providing the funding base to advance DeLamar without new equity. DeLamar provides a clear path to a second long-life operation in Idaho, while Florida Canyon’s oxide resources and sulphide potential offer meaningful upside beyond the current mine plan. Nevada North adds a third growth leg and the potential to build a broader U.S. operating platform over time.”
On Liberty, Mr. Combaluzier said: “In our view, Black Pine is one of the more straightforward development opportunities in the US gold space, combining a simple open-pit heap-leach flowsheet with modest initial capital and a 16-year mine life. The 2026 FS materially increases scale to 4.0 Moz of reserves and ~177 koz of average annual production, while FAST-41 provides a defined path toward a Jan/28 Record of Decision. We see further upside from resource conversion and exploration, with a strong balance sheet and strategic interest providing additional support as the project advances.”
* Seeing it possessing the potential to supply more than 10 per cent of the global uranium market and lower all-in sustaining costs than its peers, JPMorgan’s Bill Peterson initiated coverage on NexGen Energy Ltd. (NXE-T) with an “overweight” rating and $19 target, exceeding the $15.86 average.
* ATB Cormark’s Gavin Fairweather raised his target for Tecsys Inc. (TCS-T) to $46, exceeding the $39.42 average, from $41, maintaining an “outperform” rating.
“Last week, we attended meetings with TCS CEO Peter Brereton and institutional investors. The TAM is shaping up larger than we previously expected, thereby extending the runway for growth. In addition, the pipeline remains strong and deal velocity favourable. With SaaS headwinds set to fade, we expect accelerating top-line growth and solid margin expansion which can combine for a more than 30-per-cent EBITDA CAGR, at the high-end of our coverage,” said Mr. Fairweather.
* Assuming coverage of Tilray Brands Inc. (TLRY-Q, TLRY-T), ATB Cormark’s Brenna Cunnington cut the firm’s target to US$6 from US$8 with a “sector perform” rating. The average is US$6.13.
“We view the overlay of Tilray’s global assets as being attractive, with a solid foothold in international cannabis markets, a strong craft beer presence in the US as the #4 largest craft brewer position in 2025 and internationally with the recent acquisition of BrewDog, and strategic distribution presence in Europe via CC Pharma. While we are optimistic on the overall trajectory of Tilray’s business, we believe the potential for headwinds (ex. integration challenges, price compression, permit delays) could prolong the anticipated ramp of revenue and margin growth, and view the continued (but slowing) drag from share issuances cautiously,” she said.