The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0104 GMT - Regis Resources' FY 2026 growth capex guidance is much higher than the market expected. However, the elevated capex relates to some short-life, lower-grade pits that Regis is developing to take advantage of high gold prices, RBC Capital Markets analyst Alex Barkley says. This is "important given some market concerns around Duketon mine life and RRL maintaining group production levels," says Barkley. RBC has an outperform rating and A$5.30 target on Regis. "RRL are, in our view, establishing themselves as a stand-out for operating and cash flow consistency," he says. That is not fully reflected in its FY 2026 2.4X EV/Ebitda multiple, says Barkley. The stock is down 4.1% at A$4.285. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0043 GMT - South32's 4Q output is broadly in line with Citi's expectations, with alumina and manganese production lower than envisaged but copper and aluminium higher. Analyst Paul McTaggart views the result as neutral for shares. He notes FY 2025 unit costs are expected to be in line with guidance. "Net cash/debt position to come" but balance sheet was net cash of US$252 million at 3Q-end, he says. Citi has a neutral rating and A$3.40 target on South32. The stock is up 1.6% at A$2.935. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0028 GMT - It is likely South32 will extend a share buyback "to provide downside support," Jefferies analysts say in a note following the miner's 4Q production result. South32 reported a strong quarter operationally, they say. However, "the more marginal assets of Cannington and Mozal are likely to see negative valuation revisions at the FY25 results in August based on company commentary," say the analysts. The FY 2026 outlook is in line with their expectations. The bank reiterates a buy, citing valuation, and a A$3.40 target. South32 is up 1.0% at A$2.92. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

July 21, 2025 04:20 ET (08:20 GMT)

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