When it comes to finding diamonds in the rough on the ASX, it's worth checking in on what the experts are saying.
As such, I've had a look through the research reports from Bell Potter this week and selected three that profile companies that, if they meet their potential, could deliver substantial returns.
Let's see who they like.
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Maronan Metals Ltd (ASX: MMA)
This ASX-listed mineral exploration company is developing a high-grade, polymetallic deposit 60km east of Cloncurry in Queensland, an established mining district.
Bell Potter said the company's most recent resource update was dated in June last year and included 122 million ounces of silver, 2 million tonnes of lead, 271,000 tonnes of copper, 760,000 ounces of gold, and 18,000 tonnes of zinc.
The broker added:
An ongoing 40,000m diamond drill program is targeting Resource conversion and material for met test work with an updated mineral resource estimate expected late 2026. In March 2026, MMA was awarded a Mineral Development Licence, enabling development of a box cut and exploration decline to de-risk the Resource and provide key infrastructure ahead of production. A Pre-Feasibility Study and maiden Ore Reserve are scheduled for mid-2027. Permitting activities are at an advanced stage, with a Mining Lease application expected to be submitted in late 2026.
Bell Potter has a price target of 76 cents per share on the company, compared with 38.5 cents currently.
Alpha HPA Ltd (A4N)
Alpha HPA produces ultra-high-purity aluminium products that are vital to the semiconductor industry.
Its stage one HPA facility is producing the full range of products for supply to its customers, "in support of the Company's customer qualification process with over 100 end-users''.
Stage 2, the company says, "will be the world's largest, single-site facility for the manufacture of high-purity aluminium materials''.
Bell Potter said that the company recently reiterated that the stage two build was on schedule and on budget.
They added:
A4N's recent commentary relating to potential volume expansions beyond Stage 2 give us further comfort on the long-term adoption of HPA by the semiconductor sector and therefore product demand.
Bell Potter has a price target of $1.50 on the company, compared with the current price of 52 cents.
Santana Minerals Ltd (ASX: SMI)
Santana Minerals recently released results from an infill drilling program at its Bendigo-Ophir Gold Project (BOGP) in New Zealand. Results included 24.4m at 10.9 grams per tonne of gold.
Bell Potter said the project already had "compelling" financial metrics, and the infill drilling was adding to this.
The broker added:
The BOGP is one of the most advanced and highest margin greenfield gold projects on the ASX. Despite the technical progress, the share price has traded lower on perceived risk around the pending fast track approvals determination. In our view, the project is technically robust, designed to exacting standards and operating conditions that stand up to intense scrutiny.
Bell Potter has a price target of $1.70 on the stock, compared with the current price of 43 cents.
