{"id":8682,"date":"2024-04-22T19:20:10","date_gmt":"2024-04-22T19:20:10","guid":{"rendered":"https:\/\/economicherald.net\/?p=8682"},"modified":"2024-04-22T19:20:10","modified_gmt":"2024-04-22T19:20:10","slug":"reporting-rodeo-pt-3-with-a-week-to-go-who-else-could-light-up-reporting-season","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=8682","title":{"rendered":"Reporting Rodeo Pt 3: With a week to go who else could light up reporting season?"},"content":{"rendered":"<p>Want to know how March quarter reporting season could unfold BEFORE the reports come out? Look no further.\n<\/p>\n<p>It\u2019s not just the big boys worth watching in this reporting season, with a host of smaller players on the cards over the next week.<\/p>\n<p>With around seven days to go (and the ANZAC Day public holiday wedged in between) which of the more obscure producers are on the radar of Canaccord\u2019s resources analysts?<\/p>\n<p>\u00a0<\/p>\n<h2><a href=\"https:\/\/stockhead.com.au\/company\/metals-x-mlx\/\" target=\"_blank\" rel=\"noopener\">Metals X (ASX:MLX)<\/a><\/h2>\n<p><strong>Reporting Date: TBA<\/strong><br \/>\n<strong>Market Cap:<\/strong> $450m<\/p>\n<p><strong>What the experts say<\/strong><br \/>\nCanaccord Genuity has picked out Metals X as the best performing miner of the March quarter, seeing a 22% bump in its share price on the back of a stunning run in tin prices. <\/p>\n<p>Helped by supply shortages caused by shutdowns in Myanmar and sticky demand, the spice metal has just one production exposure on the ASX and that\u2019s MLX, half-owner of the Renison Bell mine in Tasmania.<\/p>\n<p>Canaccord has a hold and 39c price target on MLX, up from 29c previously, though its shares have already run to 50c a pop.<\/p>\n<p><strong>Analysts\u2019 March Quarter Forecasts<\/strong><br \/>\nProduction and sales \u2014 Tin metal: 2700t (CG).<br \/>\nPricing: N\/A.<br \/>\nOperating cost: US$15,262\/t (CG).<\/p>\n<p>\u00a0<\/p>\n<h2>Metals X (ASX:MLX) share price today<\/h2>\n\n<p><span class=\"mce_SELRES_start\"><\/span><\/p>\n<p>\u00a0<\/p>\n<h2><a href=\"https:\/\/stockhead.com.au\/company\/nickel-industries-nic\/\" target=\"_blank\" rel=\"noopener\">Nickel Industries (ASX:NIC)<\/a><\/h2>\n<p><strong>Reporting Date: April 30<\/strong><br \/>\n<strong>Market Cap:<\/strong> $3.8b<\/p>\n<p><strong>What the experts say<\/strong><br \/>\nNickel has been the a tale of woe in 2024 unless you are Indonesian focused Nickel Industries, which has leveraged the country\u2019s hunger for expansion to become one of the world\u2019s largest producers of nickel tonnes in under a decade.<\/p>\n<p>Canaccord recently upped its price target on NIC by 18% after lifting its EBITDA\/EV ratio from 5.5x to 6x. It won\u2019t be felt in the March quarterly, but a decision from the LME and Comex to ban Russian metal from their warehouses has also contributed to a rebound in nickel pricing back beyond US$19,000\/t.<\/p>\n<p>Despite the positivity around its growth options, Canaccord says mine approval timelines could weigh on Nickel Industries\u2019 earnings in the March quarter.<\/p>\n<p>\u201cNIC expected EBITDA in the range of US$65-75m due to impacts from delays to licence approvals,\u201d the brokers said. <\/p>\n<p>\u201cThis impacted NIC\u2019s mine and also its RKEF operations, which were forced to process higher cost stockpiles. We anticipate this opening up in the JunQ\u201924 once approvals have been granted.\u201d<\/p>\n<p><strong>Analysts\u2019 March Quarter Forecasts<\/strong><br \/>\nProduction and sales \u2014 RKEF nickel: 38,100t (CG), 47,800t (cons), HNC HPAL: 18,200t (CG), 17,000t (cons).<br \/>\nPricing: N\/A.<br \/>\nOperating cost: N\/A (CG).<\/p>\n<p>\u00a0<\/p>\n<h2>Nickel Industries (ASX:NIC) share price today<\/h2>\n\n<p><span class=\"mce_SELRES_start\"><\/span><\/p>\n<p>\u00a0<\/p>\n<h2><a href=\"https:\/\/stockhead.com.au\/company\/core-lithium-cxo\/\" target=\"_blank\" rel=\"noopener\">Core Lithium (ASX:CXO)<\/a><\/h2>\n<p><strong>Reporting Date: TBC<\/strong><br \/>\n<strong>Market Cap:<\/strong> $330m<\/p>\n<p><strong>What the experts say<\/strong><br \/>\nCore Lithium started the quarter by announcing it would stop mining at its Finniss lithium operation in the Northern Territory and only process stockpiles.<\/p>\n<p>It came after a precipitous fall in the lithium price which has, at least slightly, unwound.<\/p>\n<p>The advantage should be lower costs, with mining contractors out of the equation, but analysts still expect to see cash fly out the door at Core, with Canaccord Genuity predicting its nest egg slid from $125m at December 31 to $61m at March 31.<\/p>\n<p><strong>Analysts\u2019 March Quarter Forecasts<\/strong><br \/>\nProduction and sales \u2014 Spodumene: 19,000t (CG), 19,000t (cons).<br \/>\nPricing: US$950\/t (CG).<br \/>\nOperating cost: US$681\/t (CG).<\/p>\n<p>\u00a0<\/p>\n<h2>Core Lithium (ASX:CXO) share price today<\/h2>\n\n<p><span class=\"mce_SELRES_start\"><\/span><\/p>\n<p>\u00a0<\/p>\n<h2><a href=\"https:\/\/stockhead.com.au\/company\/sayona-mining-sya\/\" target=\"_blank\" rel=\"noopener\">Sayona Mining (ASX:SYA)<\/a><\/h2>\n<p><strong>Reporting Date: April 30<\/strong><br \/>\n<strong>Market Cap:<\/strong> $385m<\/p>\n<p><strong>What the experts say<\/strong><\/p>\n<p>Sayona Mining has also suffered the wrath of battery metals markets since opening its North American Lithium operation last year, losing money hand over fist in the December quarter.<\/p>\n<p>But it decided to press on and continue with its growth plans after an operational review at the start of March which showed recoveries at the Quebec mine and plant were improving.<\/p>\n<p>Canaccord\u2019s Reg Spencer has a 6c target and spec buy rating on Sayona, as well as a 60c target and spec buy rating on its 25% JV partner<a href=\"https:\/\/stockhead.com.au\/company\/piedmont-lithium-pll\/\" target=\"_blank\" rel=\"noopener\"> Piedmont Lithium (ASX:PLL)<\/a>.<\/p>\n<p>He said the ramp up at NAL was running in line with expectations, with January and February production at a quarterly run rate of 37,000t.<\/p>\n<p>\u201cWe model higher sales of 53kt due to delayed DecQ shipments at an ASP of US$885\/t with ~50% delivered into the PLL offtake. Our FY24E EBITDA remains mostly unchanged on MtM MarQ pricing with revisions a function of accounting changes in 1HFY24,\u201d Spencer said.<\/p>\n<p>Canaccord thinks Sayona\u2019s production costs will be down 24% on the US$1103\/t seen in the December quarter.<\/p>\n<p><strong>Analysts\u2019 March Quarter Forecasts<\/strong><br \/>\nProduction \u2014 Spodumene: 38,000t (CG).<br \/>\nPricing: US$950\/t (CG).<br \/>\nOperating cost: US$836\/t (CG).<\/p>\n<p>\u00a0<\/p>\n<h2>Core Lithium (ASX:CXO) share price today<\/h2>\n\n<p><span class=\"mce_SELRES_start\"><\/span>\u00a0<br \/>\n<span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/reporting-rodeo-pt-3-with-a-week-to-go-who-else-could-light-up-reporting-season\/\">Reporting Rodeo Pt 3: With a week to go who else could light up reporting season?<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Want to know how March quarter reporting season could unfold BEFORE the reports come out? Look no further. It\u2019s not just the big boys worth <a href=\"https:\/\/economicherald.net\/?p=8682\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":8683,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reporting Rodeo Pt 3: With a week to go who else could light up reporting season? - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=8682\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reporting Rodeo Pt 3: With a week to go who else could light up reporting season? - Economic Herald\" \/>\n<meta property=\"og:description\" content=\"Want to know how March quarter reporting season could unfold BEFORE the reports come out? 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