Citigroup expresses optimism about the debt plan of Mineral Resources, worth 850 million dollars, stating that the debt raise provides time and more flexibility around lithium consolidation at Yilgarn Craton.

The company, earlier this week, declared intentions to offer up to 850 million dollars in senior unsecured notes, although, the details of this plan were not revealed.

At the end of FY23, Mineral Resources recorded a debt of 2.917 billion Australian dollars.

Citigroup is predicting a return to cash in CY27 with a projected debt of 3.3 billion Australian dollars at the end of FY24.

The bank also adjusted its EBITDA estimates, cutting them down by 11% for FY24 due to lower lithium prices, while keeping the Target Price at 79 Australian dollars per share.

Market analysts' average rating for the company is equivalent to ‘buy’, with a median Price Target of 77.9 Australian dollars according to LSEG data.

The company’s stock has seen a 13% drop this year until the latest closing.

Mineral Resources is an Australian-based mining services and processing company.

Shares of Flynn Gold (ASX:FG1) experienced a significant increase, going up 9.6% at A$0.057, which sets course for the best performance day since August 4, provided that the gains are maintained.

The upsurge followed the announcement made by the mineral exploration company that drilling has commenced at its Warrentinna Project located in northeast Tasmania.

The company additionally shared that the drilling is being conducted in a largely untested corridor with a potential for near-surface gold resources.

However, despite the recent rise, the stock is down by 48% year-to-date, factored in as of the last closure.

Flynn Gold is a mineral exploration company with its drilling operations focused in northeast Tasmania.

Shares of ABX Group (ASX:ABX) soar by an impressive 16.3%, reaching A$0.093 - their apex level since September 11.

The prominent boost is the result of the mineral explorer sourcing high-grade total rare earth oxide (TREO) in their Rubble Mound project located in Northern Tasmania.

In fact, this TREO discovery is found to be four times richer than their previously highest-grade find in the same project.

The company also reported the sourcing of high-grade, coveted rare earth elements, dysprosium and terbium, within the project.

The next round of drilling for the project is scheduled to launch in late October.

Despite the substantial intraday jump, ABX Group has recorded a 30.4% decrease Year-To-Date as of the most recent close.

ABX Group is a mineral exploration company focused on discovering high-grade mineral sources.

Bell Potter has increased the price target on Australian company, Deep Yellow (ASX:DYL), to A$1.84 per share, up from the previous A$1.06 per share, while maintaining the ‘buy’ rating.

The company’s shares saw an upward trend, climbing as much as 4.7% to A$1.34, hitting a peak not seen since September 2021.

The brokerage firm predicts that Deep Yellow will leverage the strong uranium price momentum.

It is anticipated that the company will transition its flagship projects, Tumas and Mulga Rock, into production phase within the next three to four years.

In addition, Deep Yellow (ASX:DYL) boasts an advanced portfolio of assets ready for development in locations such as Namibia (Tumas) and Western Australia (Mulga Rock).

To date, the stock has increased by 82.9% this year, as per the last closing figures.

Deep Yellow is a company specializing in the exploration and production of uranium resources, with key projects located in Namibia and Western Australia.

Reported news highlight a hit on the Australian gold stocks (ASX:AXGD), which experienced a drop of as much as 2.0% reaching their lowest level since August 23.

The sub-index seems to be following a downward trend with its third consecutive session of decreases.

The declining bullion prices, which slumped as the U.S.

dollar strengthened amidst speculation for continued high interest rates, are considered a determining factor in the underperformance of the gold stocks.

Key mining players Newcrest Mining (ASX:NCM) and Northern Star Resources (ASX:NST) suffered from the downturn, sinking up to 2.3% and 1.9%, respectively.

Furthermore, Newcrest Mining grappled with its lowest level since September 13, while Northern Star Resources dropped to its earlies level since August 23.

As of the last close, AXGD had gained 10.2% this year.

AXGD represents Australian gold stocks within the larger financial market landscape.

Jefferies analysts have raised their price target on Australia’s Fortescue (ASX:FMG) from A$19.50 to A$24.30 per share, while upgrading their rating from ‘hold’ to ‘buy’.

The revision sparked an upward shift in Fortescue’s share prices, which climbed 2.2% in the most significant intraday boost since September 15.

The brokerage is cautiously optimistic on the iron ore sector, even with anticipated softer near-term macro in China.

The FY24 EPS forecasts for the mining company have also been revised to $1.67, subsequently projecting an FY24 dividend of A$1.62 per share.

Presently, out of 14 analysts, two rate Fortescue’s stock as ‘buy’ or higher, one as a ‘hold’, and 11 analysts rate it ‘sell’ or lower, with a median price target of A$16.50 based on LSEG data.

Fortescue’s stock is down 2% for the year to date.

Fortescue is a mining company primarily involved in the exploration and extraction of iron ore.

Shares of Strickland Metals (ASX:STK) have risen as much as 13.2% to A$0.060, marking their highest level since October 2022.

The company disclosed that drilling has extended the target zone to 500 metres at the Marwari trend, located in the Horse well prospect of its Yandal Gold Project in Western Australia.

It was further revealed that there was an intersection of wide high-grade gold at the Palomino prospect in the same project.

Approximately 7.8 million shares changed hands, compared with the 30-day average volume of 2.0 million.

As of the last close, the stock was up 32.5% year-to-date.

Strickland Metals is a company involved in mineral exploration, primarily focusing on gold projects.

Morningstar has initiated coverage on the medical device manufacturer, Polynovo (ASX:PNV).

The market’s high expectations regarding the rate and extent of Polynovo’s commercial rollout of medical devices may be over ambitious, according to the brokerage.

It also suggests that the market may be underestimating the impact of competitive pressures.

Despite the market’s optimism, Polynovo’s shares remained steady at A$1.335.

Morningstar warned that the company could have little to fend off intensified competition over the next ten years.

Echoing a sentiment of uncertainty, Morningstar assigned a fair value estimate of A$1.00 and a ‘very high’ uncertainty rating.

Looking to the future, the company predicts a five-year group revenue cumulative annual growth rate of 26% going into FY28.

As per LSEG data, out of seven analysts, six rate the stock as ‘buy’ or higher and one as ‘sell’.

The median target is A$2.0.

As of the last closing, Polynovo shares were down by 33.9% year-to-date.

Polynovo is a medical device maker specializing in the rapid commercialization of medical devices.

Shares of Australian gold-mining company, MetalsTech (ASX:MTC), experienced an increase as high as 6.7% reaching A$0.160.

This marked the company’s largest intraday percentage gain since September 8th.

Additionally, MetalsTech (ASX:MTC) reached its highest level since September 21st.

The company announced that it has acquired the Sauvolles Lithium Project located in Quebec, Canada.

The acquisition includes multiple mapped pegmatites and mineralogy, with field exploration set to kick off in the following weeks with Magnor Exploration.

Trading volume saw nearly 126,500 shares change hands, outstripping the 30-day average volume of 30,892 shares.

However, the stock is still down 71% this year, as per the most recent closing.

MetalsTech (ASX:MTC) is a company based in Australia, specializing in gold exploration.

Haranga Resources (ASX:HAR) shares have surged by 60% to A$0.24, set for their best performance day, assuming current gains maintain.

The mineral explorer has announced it has received firm commitments to raise A$2.86 million through a placement at 11 AU cents per share.

Haranga Resources stated the raised funds will be applied towards drilling at its Saraya uranium project in Senegal, as the company focuses on extending the maiden mineral resource at this project.

There was a significant increase in traded shares — approximately 5.4 million shares were exchanged, surpassing the 30-day average volume of 2,797.

The company’s stock is currently at its highest level since April 2022, and Haranga’s stock has risen 25% year to date, based on the last closing price.

Haranga Resources is a mineral exploration company with strategic projects in various stages of advancement, notably the Ulaan Ovoo Coal Project.