Cazaly Resources [ASX: CAZ]

Metals & Mining

High-Grade Gold and Multi-Commodity Exposure in the WA Goldfields

We initiate coverage on Cazaly Resources Limited (ASX: CAZ) with a 12-month target price of A$0.089, which represents a ~179.2% upside from the current share price. Cazaly offers investors leveraged exposure to high-grade gold, copper, and critical minerals across tier-one jurisdictions in Australia, Canada, and Namibia. Its flagship Goongarrie Gold Project in Western Australia’s Eastern Goldfields anchors the portfolio, positioned along the prolific Bardoc Tectonic Zone — one of Australia’s most productive gold corridors. Supported by the Halls Creek Copper-Gold Project in the Kimberley and advancing rare earth projects at Carb Nb-REE (Canada) and Abenab North (Namibia), Cazaly is strategically placed to capture growth from both traditional gold demand and the accelerating global shift toward electrification and critical minerals

Intense global exposure and a balanced commodity mix

Cazaly’s flagship Goongarrie Gold Project in Western Australia’s Kalgoorlie district has delivered thick, high-grade intersections, reinforcing its strong growth potential in one of the world’s leading gold-producing regions. The Halls Creek Project adds copper, zinc, and silver within the mineral-rich Halls Creek Mobile Zone. At the same time, Carb Nb-REE in Ontario and Abenab North in Namibia provide exposure to rare earths, niobium, vanadium, and base metals giving Cazaly solid global exposure and robust metal diversification.

Strong resource base with exceptional discovery upside

Cazaly is building a robust, high-grade multi-commodity portfolio with exceptional exploration upside. Goongarrie confirmed standout drilling at Duke of York (12m at 7.2 g/t Au) and Duchess (19m at 1.5 g/t Au), highlighting strong growth potential. Halls Creek’s 97.3Mt copper resource combines potential early high-grade production from Mount Angelo North with long-term tonnage from Bommie, supported by robust scoping study economics. The Carb Project hosts a 3 km carbonatite rich in niobium and LREEs (Nd 1.49%, La 3.36%). At the same time, Namibia’s Abenab North returned 45m at 0.73% TREO and 4m at 2.53% TREO, reinforcing Cazaly’s strong resource base and exceptional discovery potential.

Valuation range of A$0.083–0.096 per share

Using a SOTP-based valuation methodology, we value Cazaly at a midpoint target of A$0.089/share. This implies a Price/NAV ratio of 0.36x and offers a substantial 179.2% upside for potential investors. We support this substantial upside, given the exploration success at the Goongarrie Gold Project and the high potential for resource upliftment indicated by the Mineral Resource Estimate at the Halls Creek Copper Project. We anticipate that the rising gold prices will prompt market participants to reexamine CAZ stock with renewed interest. Notable risks to our investment thesis include commodity price risk, funding risk and execution risk.

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