Benz Mining (ASX:BNZ) is set to have a "transformational" fiscal year, helped by recently identified gold mineralizations in the Glenburgh project in Western Australia, Euroz Hartleys said in a Friday note.

The company said on Monday that step-out holes drilled at the project's Icon prospect, targeting a large gap under previous drilling, yielded thick, high-grade gold, with results including 154 meters at 1.1 grams per tonne grade of gold from 76 meters, and 134 meters at 1 g/t grade of gold from 66 meters.

The research firm noted that the company could benefit from historical testwork showing a recovery rate of up to 98%, leading to lower capital and operational expenditure.

According to the note, the "real" value in exploration is picking companies with assets that have the potential to sustain production profiles of 100,000 ounces per year for more than 10 years, and the research firm believes the company to fit this profile.

Euroz Hartleys upgraded its rating for Benz Mining to buy from speculative buy, with a raised price target of AU$1.01 from AU$0.81.

The company's shares rose past 14% to their highest price since April 2022 in recent Friday trade.