Australian Gold, Lithium & Uranium Coverage: Coverage Summary, Forecasts and Spot Pricing Scenarios

Goldman Sachs Australia published a coverage report on Australian gold, lithium and uranium names, refreshing forecasts, price targets and valuation scenarios using spot prices as of 6 November 2026. The Buy list comprises IGO, NEM, NST, BGL, RMS, WGX, PNR, CMM and WA1, while PLS, BOE and RRL are rated Sell and most others Neutral. On 12-month price targets, implied upside is about 154% for WA1, 68% for IGO, 42% for RMS, 35% for WGX, 30% for BGL and 26% for CMM, whereas PLS, BOE and RRL offer limited or negative returns. Most gold equities trade at 0.7-1.0x P/NAV, with EV/EBITDA multiples at a discount to sector averages of roughly 5x for gold majors, 8x for lithium and 15x for uranium. Spot prices, FX and project ramp-up timing remain the key risks to price targets.