ADVANCED ENERGY MINERALS LIMITED (AEM)
Share Price Analysis and Chart

15/06/2026

1

Speculative Buy

$0.90

125.00%

Ord Minnett updates its valuation assumptions for Advanced Energy Minerals, incorporating higher foreign exchange rates, a higher cost of capital and revised product specifications.

A shift to lower-value gamma 3N5 (99.95% purity) product and a delay in expected sales weigh on forecasts, the analysts explain.

While these changes reduce the broker's net asset valuation to $0.86 from $1.52, the target price is maintained at $0.90 through a higher earnings (EBITDA) multiple.

Ord Minnett continues to view Advanced Energy Minerals as a low-cost high-purity alumina producer, supported by proprietary processing technology and low-cost hydroelectric power.

The broker retains a Speculative Buy rating, highlighting offtake agreements and a potential Stage 2 expansion as key catalysts.

Separately, the broker compares Advanced Energy Minerals to Alpha HPA as emerging high-purity alumina producers positioned to benefit from growing demand in semiconductor and data centre applications.

While both employ proprietary low-cost processing technologies and can produce ultra-high-purity, low-alpha products, the broker views Advanced Energy Minerals as the lower-risk investment.

Advanced Energy's commercial plant is already built and targeting nameplate production by 2028, the analysts explain. Alpha HPA's larger-scale facility remains under construction, with full ramp-up targeted around 2031.

The broker notes Alpha HPA offers greater long-term production scale, but believes Advanced Energy Minerals provides other advantages.

These include superior value at current prices given its smaller market capitalisation, lower execution risk and stronger forecast free cash flow (FCF) yield at full production. 

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.80 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.70 cents.

06/02/2026

1

Initiation of coverage with Speculative Buy

$1.15

187.50%

Canaccord Genuity initiates coverage of Advanced Energy Minerals at Speculative Buy with a $1.15 target.

The broker sees the company as a near-term beneficiary of rising demand for high purity alumina used in semiconductors and lithium-ion batteries.

Stage 1 at the Cap-Chat project is expected to ramp to 3,000tpa, with longer-term expansion to 6,000tpa positioning the company as a meaningful ex-China supplier.

Canaccord highlights the low-carbon process and modular expansion pathway as key differentiators in securing customer offtake.

FORECAST
Canaccord Genuity forecasts a full year FY26 EPS of 4.10 cents.