AUSGOLD LIMITED (AUC)
Share Price Analysis and Chart

17/12/2025

1

Speculative Buy

$1.70

91.01%

Ausgold's optimised DFS for the 100%-owned Katanning Gold Project (WA) lifted ore reserves to 1.33Moz from 1.25Moz, Bell Potter notes. It supports 1.21Moz life-of-mine production at AISC (cost) of $2,252/oz and 143kozpa average output in the first four years.

Development capex is $354m and post-tax NPV8 rises 7% to $827m, using unchanged assumptions $4,300/oz gold and AUD/USD exchange rate of 0.65.

The broker observes project execution is progressing with a 44,000m drill program underway, FEED and contract tenders advancing, and debt funding being pursued ahead of a mid-2026 FID.

Speculative Buy. Target rises to $1.70 from $1.60.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.40 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -2.80 cents.

16/06/2026

1

Buy

$3.45

287.64%

Canaccord Genuity maintains a Speculative Buy rating for Ausgold with a $3.45 target price following high-grade extensional and infill drilling results at the Katanning Gold Project.

Operational intercepts within the Central and Northern Zones demonstrated excellent grade reconciliation, with 80% of infill data returning higher grades than the underlying mineral resource model.

The analyst notes an additional 25,000m drilling campaign is being prepared to further de-risk the first two years of the open-pit mine plan.

Deep diamond drilling down-plunge of the current Datatine deposit uncovered deep extension potential, prompting underground mining studies to assess an optimized standalone processing scenario.

The broker-modeled mining scenario outlines an average annual production profile of 116koz over a ten-and-a-half-year life of mine with an upfront capital expenditure of -$390m.