External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

External broker reports(aggregated public sources)

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Equity Bottom-Up

Opthea Limited is a biologics drug developer for ophthalmic diseases. The Company develops therapies for diabetic macular edema, corneal neovascularization and transplantation, and dry eye disease. Opthea serves patients and healthcare providers in Australia.

<div><ul><li>We are initiating coverage of Opthea Limited (OPT-ASX) with a BUY rating and a price target of $1.25. OPT is a Phase III biopharmaceutical company focused on developing drugs for two opthalmic disorders, wet AMD (age related macular degeneration) and DME (diabetic macular oedema).</li><li>There are gaps in the current standard of care (SoC) that anti-VEGF therapies (VEGF-A inhibitors) can provide with regard to the extent of the VEGF pathway inhibition and efficacy.</li><li>Lead asset, sozinibercept (OPT-302), is a biologic inhibitor designed to trap VEGF-C/D. </li></ul></div><p><em>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.</em></p>

We are initiating coverage of Opthea Limited (OPT-ASX) with a BUY rating and a price target of $1.25. OPT is a Phase III biopharmaceutical company focused on developing drugs for two opthalmic disorders, wet AMD (age related macular degeneration) and DME (diabetic macular oedema).There are gaps in the current standard of care (SoC) that anti-VEGF therapies (VEGF-A inhibitors) can provide with regard to the extent of the VEGF pathway inhibition and efficacy.Lead asset, sozinibercept (OPT-302), is a biologic inhibitor designed to trap VEGF-C/D. 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.

Opthea Limited - Eye on the Prize: Zooming in on OPT-302

Myer Holdings Ltd. operates department stores. The Company retails womens wear, mens wear, youth fashion, childrens wear, intimate apparel, beauty, fragrance, cosmetics, house wares, electrical goods, toys, fashion accessories, and general merchandise.

<ul><li>Today’s Explanatory Memorandum fleshed out some important information (cash flow reconciliation, Apparel Brands P&amp;L detail, MYR margin/mix disclosures) ahead of the shareholder vote scheduled for 23 January 2025.</li><li>The Independent Expert report considers the acquisition of Premier Investments' Apparel Brands business to be fair and reasonable, having contemplated factors like competition and changing market dynamics.</li><li>The EPS accretion and valuation assessments were within the realms of our thinking and we consider there to be limited new material financial information.</li></ul><p><em>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.</em></p>

Today’s Explanatory Memorandum fleshed out some important information (cash flow reconciliation, Apparel Brands P&amp;L detail, MYR margin/mix disclosures) ahead of the shareholder vote scheduled for 23 January 2025.The Independent Expert report considers the acquisition of Premier Investments' Apparel Brands business to be fair and reasonable, having contemplated factors like competition and changing market dynamics.The EPS accretion and valuation assessments were within the realms of our thinking and we consider there to be limited new material financial information.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.

Myer Holdings Limited - It's a Fair Deal (And a Good Deal)

Strickland Metals Limited is a mineral exploration company. The Company focuses on gold and copper mining projects in Australia. Strickland Metals serves customers worldwide.

<div><ul><li>Strickland Metals' (STK-ASX) first two holes at the Gradina prospect, since acquiring the 5.4Moz AuEq (reported) Rogozna Gold &amp; Base Metals Project in the Republic of Serbia, have returned excellent broad, high-grade gold intercepts much closer to surface than historic drilling had outlined.</li><li>These initial results have extended the mineralisation to within 150m of surface in the southern part of the Gradina Prospect.</li><li>Mineralisation has now been defined through drilling over ~1,000m of strike and 800m of vertical extent, with mineralisation remaining open in all directions, including up-dip towards surface to where a gold-in-soil anomaly occurs, as shown below in cross-section.</li></ul></div><p><em>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.</em></p>

Strickland Metals' (STK-ASX) first two holes at the Gradina prospect, since acquiring the 5.4Moz AuEq (reported) Rogozna Gold &amp; Base Metals Project in the Republic of Serbia, have returned excellent broad, high-grade gold intercepts much closer to surface than historic drilling had outlined.These initial results have extended the mineralisation to within 150m of surface in the southern part of the Gradina Prospect.Mineralisation has now been defined through drilling over ~1,000m of strike and 800m of vertical extent, with mineralisation remaining open in all directions, including up-dip towards surface to where a gold-in-soil anomaly occurs, as shown below in cross-section.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.

Strickland Metals Limited - Gradina Puts Its Hand Up

Bannerman Resources Ltd. explores for uranium in Australia and Africa.

<div><ul><li>BMN continues to make steady progress at its flagship 3.5Mlb/y Etango-8 development in Namibia and continues to target a positive FID in 2025.</li><li>We retain our SPEC BUY rating and $4.33 price target.</li><li>FEED completed... BMN has tightened its estimation accuracy to +/-10% (from DFS +/-15%) with offers received from competitive tender for over 80% of the total Etango-8 capital costs ($353.5mn). </li></ul></div><p><em>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.</em></p>

BMN continues to make steady progress at its flagship 3.5Mlb/y Etango-8 development in Namibia and continues to target a positive FID in 2025.We retain our SPEC BUY rating and $4.33 price target.FEED completed... BMN has tightened its estimation accuracy to +/-10% (from DFS +/-15%) with offers received from competitive tender for over 80% of the total Etango-8 capital costs ($353.5mn). 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.

Bannerman Energy Ltd - SepQ'24 - Measured Progress

Acusensus Limited provides traffic management solutions. The Company offers road safety and traffic enforcement solutions to address road safety challenges. Acusensus serves customers worldwide.

<div><ul><li>ACE released a strong 1Q25 with revenues of $14m (+17% pcp/+10% qoq), tracking ahead of CGe FY25E revg. of +14% to $57m.</li><li>ACE revenues are derived from highly predictable, long duration government contracts with no contract churn since inception and a historically high level of cross sell/upsell success (~75% of incremental revenue from existing contracts).</li><li>The company remains focused on balancing profitability and investment to globalize its growing suite of products, generating positive FCF (+$0.6m) which has translated to a cash balance of $18m.</li></ul></div><p><em>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.</em></p>

ACE released a strong 1Q25 with revenues of $14m (+17% pcp/+10% qoq), tracking ahead of CGe FY25E revg. of +14% to $57m.ACE revenues are derived from highly predictable, long duration government contracts with no contract churn since inception and a historically high level of cross sell/upsell success (~75% of incremental revenue from existing contracts).The company remains focused on balancing profitability and investment to globalize its growing suite of products, generating positive FCF (+$0.6m) which has translated to a cash balance of $18m.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.

Acusensus Ltd - Momentum Building in All Markets

Canaccord Genuity
External broker reports(aggregated public sources)
• Canaccord Genuity

Opthea Limited - Eye on the Prize: Zooming in on OPT-302

The product is unique and differentiated and on a de-risked basis we see the opportunity for peak sales of US$1b and upside to >$3, pending...

Canaccord Genuity

Myer Holdings Limited - It's a Fair Deal (And a Good Deal)

The EPS accretion and valuation assessments were within the realms of our thinking and we consider there to be limited new material financial...

Canaccord Genuity

Strickland Metals Limited - Gradina Puts Its Hand Up

Mineralisation has now been defined through drilling over ~1,000m of strike and 800m of vertical extent, with mineralisation remaining open in all...

Canaccord Genuity

Bannerman Energy Ltd - SepQ'24 - Measured Progress

BMN continues to make steady progress at its flagship 3.5Mlb/y Etango-8 development in Namibia and continues to target a positive FID in 2025.

Canaccord Genuity

Acusensus Ltd - Momentum Building in All Markets

ACE revenues are derived from highly predictable, long duration government contracts with no contract churn since inception and a historically high...

Canaccord Genuity