The analyst team at Macquarie has recently issued new research notes on various companies in the resources sector.
I've picked out two ASX shares which might be of interest, respectively in the gas and mineral sands sectors.
Let's have a look at who they like.
Image source: Getty Images
Amplitude Energy Ltd (ASX: AEL)
Macquarie notes in its recent report on Amplitude that the company is on track for a final investment decision for its East Coast Gas Project this quarter and first production in FY28.
Amplitude shored up the project in May, buying half of the Artisan gas field in the offshore Otway Basin from Beach Energy Ltd (ASX: BPT) for $58.3 million.
Amplitude Managing Director Jane Norman said regarding the deal:
Producing Artisan through Amplitude Energy's existing infrastructure allows faster and lower-cost development of this gas for the east coast domestic market. Artisan development costs will significantly benefit from leveraging the existing East Coast Supply Project (ECSP) program and our readily-available infrastructure. This is a win-win for Amplitude, O.G. Energy and Beach with respect to optimising our respective Otway Basin positions. We expect to rapidly move to FID on the development phase of the ECSP over the next few months while the drilling of the Juliet and Annie wells is conducted, with Juliet now brought forward and drilling expected to commence by late July or early August.
Macquarie said there was downside pressure on gas prices from the Federal Government's gas reservation scheme, but also noted that 80% of Amplitude's 2026 gas volumes were under contract.
They added:
Latest gas market interventions drive a structural oversupply in domestic gas markets, but we believe incentives may ultimately be required to encourage investment in backfill supply projects (eg. carve outs, subsidies, creation of domestic trading credit market).
Macquarie has a price target of $2.15 on Amplitude shares compared to $1.49 currently.
Iluka Resources Ltd (ASX: ILU)
Macquarie said zircon pricing improved in the first quarter of 2026, with improved Chinese sentiment and tight premium zircon supply supporting the market.
In contrast, titanium dioxide markets remained weak, while rutile prices were also depressed through the second quarter, Macquarie said.
Despite that weakness, Macquarie has a bullish share price target on the stock of $8 compared to $6.30 currently.
The broker added:
While we see early signs of recovery in zircon markets, titanium dioxide feedstock markets remain weak and continue to present an earnings headwind for ILU. Construction of Eneabba Phase 3 remains underway, with completion targeted for 2HCY27, requiring investors to maintain a longer-term investment horizon.
