If you are looking for a way to gain exposure to gold and copper and have a high tolerance for risk, then read on.
That's because Bell Potter is tipping one up and coming ASX gold-copper stock to explode over the next 12 months.
Image source: Getty Images
Which ASX gold-copper stock?
The stock that has caught the eye of Bell Potter is Waratah Minerals Ltd (ASX: WTM).
It is a New South Wales based, gold-copper exploration and development company.
Its flagship project is the 100%-owned Spur gold-copper project, which is an advanced stage, pre-resource exploration project in the Lachlan Fold Belt. This is located ~33km southwest of Orange and just ~5km from the Cadia gold-copper operation owned by Newmont Corporation (ASX: NEM).
Bell Potter notes that more drilling results have been announced for the Spur Project, which have been positive. It said:
WTM has announced further results from the Consols Zone, part of the 80,000m growth and extensional drilling program at its 100%-owned Spur Project in NSW. Holes returned include SPD074, a major step-out hole which successfully intersected multiple mineralised zones, confirming a significant eastward and down-plunge extension of Consols. The hole also intersected a previously unrecognised shallow high-grade zone, opening up a new area of exploration potential.
Drilling also progressed at the Spur Zone, extending mineralisation north along the Tywi Fault. Results included SPD081, which intersected Consols-style mineralisation at Spur, extending mineralisation 65m north, further building the case for continuity between the zones. It also intersected potassic alteration in another hint of the porphyry potential at depth, which has not yet been seriously tested. Multiple rigs remain active, indicating a steady news flow through the rest of CY26.
Should you invest?
According to the note, Bell Potter has retained its speculative buy on the ASX gold-copper stock with an improved price target of $1.15.
Based on its current share price of 60.5 cents, this implies potential upside of 90% for investors over the next 12 months.
Commenting on its buy recommendation, the broker said:
The Spur Project is showing strong indications of delivering a gold-copper deposit of substantial scale and grade in a strategic setting. We see potential for the delineation of a regionally significant gold Resource of +3.0Moz at competitive gold grades between 0.8-1.0g/t Au. This informs our valuation, which is based on a 50:50 blended EV/Resource ounce multiple and risk-adjusted notional mining scenario. We lift our Valuation to $1.15/sh and retain our Speculative Buy recommendation.
