As production reports come out across the mining sector, it gives analysts the opportunity to recalibrate their financial models and reassess how they think companies will fare.
Canaccord Genuity has issued research reports on three ASX gold companies that it believes will at least double in value over the next year.
Let's see who they like.
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Pantoro Gold Ltd (ASX: PNR)
Pantoro last week reported that its quarterly production had come in at 18,028 ounces of gold, with 16,366 ounces sold for $6293 per ounce.
Once costs had been factored in, EBITDA came in at $44.8 million for the quarter.
The company said that during the quarter, ongoing drilling confirmed high-grade extensions to mineralisation in the southern and central parts of the Scotia underground mine, with further drilling continuing.
The company reaffirmed guidance for FY27 of 90,000 to 105,000 ounces at an all-in sustaining cost of $2800 to $3400 per ounce.
Pantoro said it had a total mineral resource currently of 4.6 million ounces of gold.
The company added:
Many of the Mineral Resources defined to date remain open along strike and at depth, and in most cases the Mineral Resources have only been tested to shallow depths. In addition, there are numerous anomalies and mineralisation occurrences which are yet to be tested adequately to be placed into Mineral Resources, with several highly prospective targets already identified.
Canaccord Genuity said the company's full-year production of 77,400 ounces was a miss to guidance of 86,000 to 92,000 ounces.
They said they were anticipating the company releasing its five-year production plan this quarter, and "we note PNR has reaffirmed its long-term growth target of up to 200kozpa of production''.
Canaccord Genuity has a price target of $4.20 on Pantoro shares compared to $2.02 currently.
Catalyst Metals Ltd (ASX: CYL)
Catalyst Metals' quarterly production of 32,000 ounces of gold was 11% higher than Canaccord's estimate, with the company generating underlying free cash flow of $56 million for the quarter.
The broker noted that Catalyst's cash and bullion on hand increased by $54 million quarter on quarter to $331 million, and the company had no debt and an undrawn $100 million facility.
The company said in its quarterly that it would be providing FY27 guidance in late September, while Canaccord noted that its previous guidance for FY27 was 130,000 to 150,000 ounces.
Canaccord has a price target of $11.60 on Catalyst shares compared to $5.76 currently.
Predictive Discovery Ltd (ASX: PDI)
Canaccord said in its research report that Predictive's Kiniero mine produced a "standout operational performance during the quarter", producing 54,000 ounces of gold at an all-in sustaining cost of US$1254 per ounce.
This was well ahead of the broker's forecasts.
They added:
Production was underpinned by throughput of ~9.0Mtpa, almost 50% above nameplate capacity, highlighting both the quality of the asset and management's ability to optimise operations following commissioning.
Canaccord has a price target of $1.40 on Predictive shares compared to 66.5 cents currently.
