Over the past week, plenty of ASX small-cap stocks have received positive attention from brokers.
Some of these shares have been tipped to rise as much as 157%.
While this is exciting for prospective investors, it is also worth noting that small-cap stocks come with plenty of volatility.
However, for those looking beyond these options, the team at Bell Potter have a positive outlook on ASX small-cap stock Minerals 260 Ltd (ASX: MI6).
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Company overview
MI6 is a Perth-based exploration and development company.
It is a special purpose acquisition company which was incorporated for the purpose of spinning out the Moora project and the Koojan JV project from Liontown Resources Limited.
It has already rocketed significantly higher in 2026, rising almost 70% since the start of the year.
The team at Bell Potter are optimistic this growth can continue after the company's March quarterly activities report.
What did this ASX small-cap report?
According to Bell Potter, MI6 has released a very positive March 2026 quarterly report.
Highlights included:
- The completion of a highly attractive $220m funding deal with Franco-Nevada (FNV: CN),
- An extremely strong funding position of $250m cash with no debt
- The reporting of increasingly consistent wide, high grade drilling results at its flagship Bullabulling Gold Project (BGP)
- Updates confirming the Pre-Feasibility Study (PFS) with maiden Ore Reserve are on track for July 2026 and a further Mineral Resource update is on track for August 2026.
The broker also said drilling results released during the quarter demonstrated multiple opportunities for further resource growth, including high grade intersections outside the current resource, increasingly consistent high grades at depth and an opportunity for low cost, low-risk commissioning feed from mineralised material identified in the Bacchus waste rock dump.
Upside in tact
Following these results, Bell Potter has retained its buy recommendation on this ASX small-cap.
The broker also increased its price target significantly to $1.35 (previously 90 cents).
From yesterday's closing price of 73 cents, this price target indicates an upside potential of 85%.
MI6 offers gold exposure via the 4.5Moz Bullabulling Resource, valuation uplift through discovery success, project advancement and de-risking as the BGP progresses towards production. It holds ~$250m cash, sufficient to fund to Final Investment Decision (FID), long-lead items and early site works.
We lift out target price by 50%, to $1.35/sh, on upcoming key catalysts, project de-risking, our latest (higher) gold price forecast and prospective Resource growth.
