External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Betmakers Technology Group  / Equity Bottom-Up

Betmakers Technology Group Ltd operates as a software development company. The Company designs and develops odds comparison and intelligent betting platforms, as well as analytics and trading solutions. Betmakers Technology Group serves customers in Australia.

<ul><li>BET’s 3Q25 result was unambiguously positive – beating OMLe at every line.</li><li>Highlights included a return to growth (+4% QoQ), continued GP margin improvement (+230bp), and delivery of an additional ~$2.6m in annual cost savings – all of which allowed BET to deliver its strongest OCF result as a listed company (+$3.0m).</li><li>With annualised growth now running &gt;10% and +ve Cash EBITDA expected from 4Q25, BET screens as extremely cheap (1.3x EV/rev) when compared with a peer group of profitable, high-growth tech (3-6x). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BET’s 3Q25 result was unambiguously positive – beating OMLe at every line.Highlights included a return to growth (+4% QoQ), continued GP margin improvement (+230bp), and delivery of an additional ~$2.6m in annual cost savings – all of which allowed BET to deliver its strongest OCF result as a listed company (+$3.0m).With annualised growth now running &gt;10% and +ve Cash EBITDA expected from 4Q25, BET screens as extremely cheap (1.3x EV/rev) when compared with a peer group of profitable, high-growth tech (3-6x). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BetMakers Technology Group Limited - Return to Growth… Profit up Next

Genesis Minerals Limited is an Australian-based mineral exploration company. The Company acquires commercially significant mineral deposits that can be brought into production.

<ul><li>GMD delivered a mixed result where better production (+10% vs OMLe) offset higher costs (+6% vs OMLe).</li><li>The Company is on track to exceed FY25 guidance (OMLe: 215koz at A$2,367/oz AISC) as well as previously disclosed FY26 estimates (OMLe: 255koz at A$2,333/oz AISC) given the acceleration plans that are unfolding.</li><li>Delivery in this pricing environment is being well-rewarded (stock up +75% YTD), and GMD is differentiated by production growth (+50% over by FY28) and its management team. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GMD delivered a mixed result where better production (+10% vs OMLe) offset higher costs (+6% vs OMLe).The Company is on track to exceed FY25 guidance (OMLe: 215koz at A$2,367/oz AISC) as well as previously disclosed FY26 estimates (OMLe: 255koz at A$2,333/oz AISC) given the acceleration plans that are unfolding.Delivery in this pricing environment is being well-rewarded (stock up +75% YTD), and GMD is differentiated by production growth (+50% over by FY28) and its management team. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Genesis Minerals Limited - Tapping the Brakes

Viridis Mining and Minerals Lt / Equity Bottom-Up

Viridis Mining and Minerals Limited operates as a mineral exploration company. The Company focused on a portfolio of coal assets located in Indonesia.

<ul><li>VMM has released its Scoping Study for the Colossus project.</li><li>Overall, the result was positive but certainly not surprising given analogue, Meteoric Resource’s (ASX: MEI), Caldeira Scoping Study was released last year.</li><li>Most importantly, Colossus demonstrated it was economic even at today’s low prices of US$60/kg NdPr delivering an NPV8% of US$388mn. We retain our 12-month Target Price of A$1.00/sh and Spec. Buy Recommendation as VMM looks undervalued.</li><li>However, we maintain that funding Colossus into a reality looks very challenging given VMM’s small market cap. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VMM has released its Scoping Study for the Colossus project.Overall, the result was positive but certainly not surprising given analogue, Meteoric Resource’s (ASX: MEI), Caldeira Scoping Study was released last year.Most importantly, Colossus demonstrated it was economic even at today’s low prices of US$60/kg NdPr delivering an NPV8% of US$388mn. We retain our 12-month Target Price of A$1.00/sh and Spec. Buy Recommendation as VMM looks undervalued.However, we maintain that funding Colossus into a reality looks very challenging given VMM’s small market cap. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Viridis Mining and Minerals Ltd - Colossus Scoping Study Release

Sheffield Resources Limited is a mineral exploration company with a bulk minerals focus. The Company's Projects are geared towards the steel industry feed cycle (iron ore and tungsten) and the emerging fillers-ceramics-pigments cycle (talc, zircon, titanium).

<ul><li>SFX has released its DecH-25 financial results reporting a statutory net loss after tax of A$25.4mn.</li><li>The result for the most part is non-material as SFX had previously disclosed both its own and Kimberly Mineral Sand’s (KMS) – operator of the Thunderbird mine – cashflow movements via its quarterly reports.</li><li>However, we update our model to reflect SFX’s higher sales guidance for MarQ-25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SFX has released its DecH-25 financial results reporting a statutory net loss after tax of A$25.4mn.The result for the most part is non-material as SFX had previously disclosed both its own and Kimberly Mineral Sand’s (KMS) – operator of the Thunderbird mine – cashflow movements via its quarterly reports.However, we update our model to reflect SFX’s higher sales guidance for MarQ-25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sheffield Resources - 1H25 Financial Results

Humm Group Limited provides consumer finance solutions. This Company offers product ecosystem of buy now pay later, credit cards, and business financing. Humm Group serves shoppers, retailers, and small and medium enterprises in Australia, New Zealand, and Ireland.

<ul><li>HUMM Group’s 1HFY25 result was highlighted by 6.1% growth in assets under management over the 6 mths, a good performance given the challenges in the SME and consumer sectors.</li><li>Net interest margins of 5.5% were broadly in-line, as were credit losses (which were ~1.8% on a rolling 12 mth basis).</li><li>With the stock trading on only 5.1x Cash EPS FY25, we retain our BUY rating with an unchanged target price of $0.90ps.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HUMM Group’s 1HFY25 result was highlighted by 6.1% growth in assets under management over the 6 mths, a good performance given the challenges in the SME and consumer sectors.Net interest margins of 5.5% were broadly in-line, as were credit losses (which were ~1.8% on a rolling 12 mth basis).With the stock trading on only 5.1x Cash EPS FY25, we retain our BUY rating with an unchanged target price of $0.90ps.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Humm Group Limited - Resilience Is the Key

Ord Minnett
External broker reports(aggregated public sources)

BetMakers Technology Group Limited - Return to Growth… Profit up Next

BET’s 3Q25 result was unambiguously positive – beating OMLe at every line. Highlights included a return to growth (+4% QoQ), continued GP margin...

Ord Minnett

Genesis Minerals Limited - Tapping the Brakes

Delivery in this pricing environment is being well-rewarded (stock up +75% YTD), and GMD is differentiated by production growth (+50% over by FY28)...

Ord Minnett

Viridis Mining and Minerals Ltd - Colossus Scoping Study Release

Overall, the result was positive but certainly not surprising given analogue, Meteoric Resource’s (ASX: MEI), Caldeira Scoping Study was released...

Ord Minnett

Sheffield Resources - 1H25 Financial Results

Our NAV increases slightly to 16cps, and we update our 12-month Target Price accordingly and retain our Hold recommendation.

Ord Minnett

Humm Group Limited - Resilience Is the Key

HUMM Group’s 1HFY25 result was highlighted by 6.1% growth in assets under management over the 6 mths, a good performance given the challenges in...

Ord Minnett