The broker has this week published a research report naming its top picks in the sector and share price targets for each, which we'll get to shortly.

First, let's see what they're saying about the sector overall.

Energy security driving uranium demand

To start with, Shaw and Partners said there is a divergence between company share prices and the improving uranium price.

They said:

The Global X Uranium ETF is down 31% over the past three months and has given back the gains in Jan/Feb to be down 9% in CY26. That is despite the long term uranium price improving to US$95.5 per pound – a record high, and with strong momentum to move higher. We view the pullback as an excellent buying opportunity.

Shaw and Partners said the drivers behind the strong uranium price continued to strengthen.

They said:

Nuclear energy has returned to favour with governments focused on energy security and decarbonisation. The conflict in the Middle East adds additional focus on energy security. On top of that, demand for clean, baseload energy for data centres and AI will add further demand for nuclear power. The US, China and India have all set ambitious targets to expand their nuclear industries. There are now 38 countries pledged to triple nuclear energy by 2050.

The broker said the World Nuclear Association estimates there are currently 372 gigawatts of nuclear capacity online; however, this is expected to grow to 686 gigawatts by 2040.

They added:

Existing mine production is only about 150Mlb of U3O8, so we need to add ~240Mlb of new mine supply in the next 14 years. When you consider depletion of existing mines, the required new supply is more likely to be >350Mlb. It is difficult to see where more than 150Mlb of that supply will come from. Sovereign strategic buyers have recognised the urgency to lock in nuclear fuel supply next decade. India and China are leading the way, and we expect to the US follow suit.

Massive share price upside for ASX uranium companies tipped

In terms of the Australian companies they like, they are: NexGen Energy Ltd (ASX: NXG) with a price target of $24.80, Paladin Energy Ltd (ASX: PDN) with a price target of $19.10, Silex Systems Ltd (ASX: SLX) with a price target of $14.30, Bannerman Energy Ltd (ASX: BMN) with a price target of $7.60, Boss Energy Ltd (ASX: BOE) with a price target of $3.08, Peninsula Energy Ltd (ASX: PEN) with a price target of 81 cents, and Atomic Eagle Ltd (ASX: AUE) with a price target of $1.70.

The post 7 ASX uranium stocks one broker says have massive upside appeared first on The Motley Fool Australia.

It has just been recommended for investors with a high risk tolerance by analysts at Bell Potter, who are tipping massive upside over the next 12 months.

Which small-cap ASX share?

Bell Potter is bullish on Aurum Resources Ltd (ASX: AUE), which is a gold exploration and development company with an asset portfolio located in the West African country of Côte d'Ivoire.

The broker highlights that the small-cap ASX share's flagship project is the 3.2Moz Boundiali Gold Project (BGP), where substantial, ongoing diamond drilling programs have defined large-scale mineralised systems with strong resource growth potential.

It also owns the 1.2Moz Napie Gold Project, which is the subject of ongoing resource extension drilling.

Bell Potter was pleased with the release of the Pre-Feasibility Study for the Boundiali Gold Project, which included a post-tax NPV of ~US$1.5 billion. It explains:

AUE has met a major project development and de-risking milestone with the completion and release of the Pre-Feasibility Study (PFS) for its Boundiali Gold Project (BGP) in northern Côte d'Ivoire. It outlines a maiden Ore Reserve Estimate of 42.1 Mt at 0.9 g/t Au for 1.21Moz, which supports a conventional open-pit mining operation producing 185kozpa (yrs 1-5) and ~140kozpa over 11-year LOM at average All-In-Sustaining-Costs of US$1,951/oz via a conventional 6.0Mtpa processing plant for pre-production CAPEX of US$342m. Key financial metrics calculated by AUE using consensus forecast mean gold price of US$4,076/oz include a post-tax NPV(5%) of ~ US$1.5 billion, an IRR of 119% and <1 year payback.

The broker believes this marks a major derisking milestone. It adds:

The PFS makes a compelling case for project development and marks a major derisking milestone. Compared with our in-house estimates, slightly lower grades and recoveries are more than offset by a higher mill throughput, gold production rates and lower capital costs. As it stands, Boundiali presents as an attractive development project, with recent Resource growth and confidence upgrades leaving substantial scope for further improvements to the project metrics ahead of completion of the Definitive Feasibility Study (DFS).

Huge potential returns

According to the note, Bell Potter has retained its speculative buy rating on the small-cap ASX share with an improved price target of $1.50 (from $1.30). Based on its current share price of 56 cents, this implies potential upside of 168% over the next 12 months.

Speaking about its investment thesis, the broker said:

AUE is one of the most successful gold exploration companies active in West Africa. Its management team has a demonstrated track record of discovery, Resource growth, project construction, development, operation and divestment. AUE is well funded, has outlined a compelling development project with exploration upside. It is strategically attractive, with Perseus Mining having joined the register. We retain our Speculative Buy rating and lift our valuation to $1.50/sh.

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Investors were pouring into the safe-haven sector over the last 18 months. However it now appears many see opportunities elsewhere. 

Despite this shifting sentiment, the team at Bell Potter has just identified a new ASX gold stock and initiated coverage with significant optimism. 

The company in focus is Aurum Resources Ltd (ASX: AUE). 

Company overview 

Aurum Resources is a Perth-based gold exploration and development company. It is focused on its two projects in Côte d'Ivoire, West Africa:

• The flagship Boundiali Gold Project (BGP) and;
• The more recently acquired Napié Gold Project (NGP). 

According to Bell Potter, Aurum Resources is well funded, with a cash balance of $61.5m at end March 2026. 

It is undertaking an aggressive exploration and Resource growth strategy with the objective of building a substantial multi-asset gold business in Côte d'Ivoire. 

Current funding is sufficient to achieve key upcoming milestones of a Pre-Feasibility Study (imminent), Resource updates (2HCY26) and completion of a Definitive Feasibility Study (4QCY26).

Like many ASX small-cap stocks, it has experienced plenty of volatility this year. 

At the time of writing, it is down 23% year to date. 

However Bell Potter believes it can double in the next 12 months. 

Strong ownership and value mindset 

Bell Potter believes the ASX gold stock's management and board are strongly aligned with shareholders.

According to the broker, the company is committed to cost effective strategies. 

A clear example is AUE's owned and operated fleet of 16 diamond drill rigs which operate at a fraction of the cost of third-party rigs and under the direct control of AUE, bringing multiple benefits.

Bell Potter estimates that more than 90% of Aurum Resources' spending in FY26 year-to-date has gone directly into exploration and evaluation activities, rather than overheads.

Aurum Resources has grown its mineral resources from 3.28 million ounces of gold in July 2025 to 4.38 million ounces by May 2026 at an estimated discovery cost of only A$15–17 per ounce. This is considered very cost-effective for the gold industry.

Significant upside for this ASX gold stock

Bell Potter has initiated coverage on this ASX gold stock with a speculative buy recommendation. 

The broker has also placed a price target of $1.30 on the company, which indicates an upside potential of 136% from current levels. 

AUE is one of the most successful gold exploration companies active in West Africa. Its management team has a demonstrated track record of discovery, Resource growth, project construction, development, operation and divestment. AUE is well funded, shows exploration upside and ongoing successful, value accretive drilling.

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Aurum Resources shares closed yesterday trading for 71.0 cents. In early morning trade on Thursday, shares are changing hands for 70.5 cents apiece, down 0.7%%.

For some context the All Ordinaries Index (ASX: XAO) is down 0.2% at this same time.

Longer term, the ASX All Ords gold stock remains up 44.1% over 12 months, racing ahead of the 4.0% on-year gains posted by the benchmark index.

Here's what's catching investor interest today.

ASX All Ords gold stock dips despite 330,000 ounce resource boost

Aurum Resources shares are sliding after the miner announced a 24% increase in Indicated Resources at its Boundiali Gold Project, located in Cote d'Ivoire.

Following that 330,000-ounce increase, the project's Indicated Resources now stand at 1.70 million ounces of gold.

Management credited the successful conversion of Inferred to Indicated Resources to the company's intensive infill drilling campaign at the project.

This also lifted the total Boundiali Mineral Resource Estimate (MRE) by 6% to 3.22 million ounces of gold.

The ASX All Ords gold stock revealed that its total Resource now stands at 4.38 million ounces of gold, which includes the 1.16 million ounces at its Napie Gold Project.

Aurum Resources' 100,000 metre drilling program is ongoing at Boundiali. The miner plans to deliver its next major MRE update in the third quarter of calendar year 2026.

What did Aurum Resources management say?

Commenting on the upgraded resources that have yet to lift the ASX All Ords gold stock today, Aurum Resources managing director Caigen Wang said:

This rapid growth is a direct testament to our unique operational model; by owning and operating our own fleet of diamond drill rigs (16), we have grown Boundiali from a greenfield discovery to a 3.22-million-ounce gold asset in just 28 months. Our group Resource base now stands at 4.38 million ounces of gold.

Looking to what could impact Aurum Resources shares in the coming months, Wang added:

The year ahead represents a pivotal transition for Aurum, with our aggressive 100,000 metre diamond drilling program ongoing at Boundiali to support our Feasibility Studies and our plans to return to Napie and complete another 30,000 metres of drilling before year end

We remain focused on testing numerous high-priority targets that have yet to see a drill bit, as well as testing depth and strike extensions where all deposits remain open.

As for funding the ongoing drill campaign, Aurum Resources reported a cash position of $61 million.

The post Up 44% in a year, ASX All Ords gold stock slips despite 330,000-ounce gold boost appeared first on The Motley Fool Australia.

Aurum Resources shares closed on Monday trading for 64 cents apiece. That sees shares in the African-focused gold miner up 67% in 12 months, smashing the 14.5% one-year gains delivered by the All Ordinaries Index (ASX: XAO).

Part of those gains have been spurred by the fast-rising gold price. On Monday, gold was fetching US$4,796 per ounce, up 40% since this time last year.

But the ASX All Ords gold stock has hardly been sitting idle over this time.

And following a significant resource upgrade at one of its core gold mines earlier this month, the team at Canaccord Genuity believe Aurum Resources shares are well-placed to deliver more outsized gains.

Here's why.

ASX All Ords gold stock growing its resources

On 10 April, Aurum Resources reported a 34% increase in the mineral resource estimate (MRE) at its Napie Gold Project, located in Cote d'Ivoire.

This brought the ASX All Ords gold stock's total resource base to 4.2 million ounces across its two Cote d'Ivoire gold projects, with 3.03 million ounces at its Boundiali project and 1.16 million ounces at Napie.

Encouragingly, the miner noted that only 13% of the 30-kilometre Napie Shear has been systematically drilled to date. And Aurum is well-funded to continue drilling, with a cash balance of $61 million as at 31 March.

Commenting on the upgraded MRE, Canaccord said:

In our initiation of coverage, our expectation was that AUE could deliver an unrisked addition of 279koz at Napie in the near term. To come within 4% at this juncture is very pleasing and bodes well for further updates

Looking to potential catalysts ahead, Canaccord noted:

Ongoing drilling programs, including 30,000m at Napie and 100,000m at Boundiali, are expected to drive further resource growth, with additional updates planned through 2026. A PFS [pre-feasibility study] for Boundiali is expected later this month.

As for what investors might expect from that PFS, Canaccord said, "We expect the 40.8Mt at 1.0g/t Au for 1.37Moz Indicated resource to underpin 10 years of production at a 6Mtpa run rate. At this scale, Boundiali could sustain 175kozpa."

On the cost front, the broker estimates that Aurum Resources' all-in sustaining cost (AISC) could be around US$1,500 per ounce at the current gold price.

Connecting the dots, Canaccord has a speculative buy rating on the ASX All Ords gold stock with a price target of $1.55 a share.

That's more than 142% above Monday's closing price.

The post Why this surging ASX All Ords stock is forecast to rocket another 142% appeared first on The Motley Fool Australia.

In early morning trade on Thursday, the Aurum Resources share price is up 3.5%, trading for 74 cents a share.

For some context, the All Ords is up 0.8% at this same time.

Taking a step back, the ASX All Ords gold stock has surged 146.7% over the past 12 months, compared to a 9.8% one-year gain posted by the benchmark index.

The African-focused miner has been benefiting from the surging gold price alongside its own exploration successes.

Here's what's happening today.

ASX All Ords gold stock lifts off on drill results

Investors are bidding up Aurum shares following the release of a promising exploration update.

The ASX All Ords gold stock reported hitting multiple broad, shallow, high-grade gold intercepts. This stems from Aurum's ongoing 30,000 metre diamond drilling program at its Napie Gold Project, located in Cote d'Ivoire.

Management said the latest results, which focus on the Tchaga and Gogbala deposits, provide the final data ahead of the upcoming Napie Mineral Resource Estimate (MRE) update.

Top results from the Gogbala deposit include 19.0 metres at 5.16 grams of gold per tonne from 146.0 metres, including 14.0 metres at 6.76 g/t Au.

Top results from the Tchaga deposit were reported to be 18.9 metres at 2.59 g/t Au from 176.1 metres, including 5.9 metres at 7.33 g/t Au.

Looking ahead, the ASX All Ords gold stock plans 130,000 metres of diamond drilling in calendar year 2026, with 100,000 metres planned at its 3.3-million-ounce Boundiali project and 30,000 metres at the 870,000-ounce Napie project.

As at 31 December, Aurum Resources held $42.2 million in cash.

What did management say?

Commenting on the results helping boost the ASX All Ords gold stock today, Aurum managing director Caigen Wang said: "This latest round of step-back diamond drilling at Napie continues to deliver broad, shallow, open-pitable intercepts, confirming the system's potential for substantial resource growth."

Wang added:

Our objective is to build a substantial multi-asset gold business in Cote d'Ivoire. While our near-term focus is the development of our Boundiali Project, the scale and grade continuity we are seeing at Napie – following our acquisition of Mako – suggests that it too has the potential to grow into a second major production pillar.

Is it too late to buy this soaring ASX All Ords gold stock?

After already rocketing 147% over 12 months, is the ASX All Ords stock still a good buy today?

Very much so, according to the team at Canaccord Genuity.

The broker has a speculative buy rating on Aurum Resources, with a price target of $1.50 per share. That represents a potential upside of more than 102% from current levels.

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Aurum shares closed up 2.1% on Wednesday, trading for 74 cents apiece.

That puts the Aurum Resources share price up a jaw dropping 172% since this time last year, racing ahead of the 10% 12-month returns posted by the benchmark index.

As you'd expect, the ASX All Ords gold stock has enjoyed strong tailwinds from the surging gold price. On Wednesday, the yellow metal was trading for US$5,189 per ounce. That sees the gold price up more than 78% in a year.

But Aurum has hardly been sitting idle, achieving a series of regulatory and exploratory successes Aurum at its flagship Boundiali Gold Project, located in Cote d'Ivoire. The project consists of seven neighbouring exploration tenements extending across some 75 kilometres.

Why the ASX All Ords gold stock could keep charging higher

If you think you've missed the boat on this one, the analysts at Canaccord Genuity would disagree, with the broker expecting the Aurum share price could more than double again from current levels.

In a research report released in 16 February, Canaccord advised investors to tune into any upcoming potential news flow from the ASX All Ords gold stock.

Canaccord noted:

With ~$40m cash at 31 December 2025, AUE is fully funded for an aggressive 130,000m drilling program across Boundiali and Napie project in 2026, in our view.

Potential catalysts this quarter include updated resources for both projects and completion of the Boundiali open-pit PFS, positioning the company for a potential DFS transition later in 2026 while continuing regional exploration and discovery drilling.

What's happening with Aurum's Boundiali Gold Project?

Just one week later, on Monday 23 February, the ASX All Ords gold stock reported a 49% increase (more than 450,000 ounces) in Indicated Resources at Boundiali to 1.37 million ounces of gold. This saw the total Boundiali Mineral Resource Estimate (MRE) increase to 3.03 million ounces of gold.

Aurum Resources said the upgrade provides "a robust foundation for Boundiali's upcoming PFS". The gold miner noted that on a consolidated basis, its Group Resource now stands at 3.90 million ounces of gold. That includes the 870,000 ounces from the Napie Gold Project. The MRE update for Napie was said to be on track for delivery this quarter.

"This MRE update represents a significant milestone at our Boundiali Gold Project," Aurum managing director Caigen Wang said.

Wang noted:

This follows an aggressive infill drilling campaign that successfully converted a large portion of our inventory into this higher confidence category, providing the robust foundation required for our upcoming economic studies.

Canaccord has a speculative buy rating on the ASX All Ords gold stock with a price target of $1.50 per share. That's more than 100% above Wednesday's closing price.

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