Highlights:

  • PMT shares increased 105.31% over the past year to AUD 0.66.
  • Canaccord Genuity and Bell Potter issue buy ratings with targets between AUD 0.95–0.97.
  • Broader metals and mining sector also showed gains, supporting market sentiment.

Pmet Resources CDI (ASX:PMT) shares rose 5.97% to AUD 0.66 on 4 February 2026, marking a 105.31% gain over the past year. Intraday surge coincides with performances across the S&P/ASX 300 Metals & Mining index, which increased 3.62% to 8,163.20 points. Furthermore, the share performance likely to be driven by encouraging drilling results update.

Brokers are highlighting potential for further gains. Canaccord Genuity issued a speculative buy rating with a target price of AUD 0.95, while Bell Potter Securities (Institutional) gave a buy recommendation with a target of AUD 0.97.

Record-High Caesium Intercepts at Vega

Through an ASX update dated 4 February 2026, Pmet Resources reported the widest and highest-grade caesium intercepts to date at the Vega Zone within its Shaakichiuwaanaan Project in Quebec. Notable results include:

  • 28.0 m at 8.05% Cs2O, including 18.3 m at 11.84% Cs2O (CV25-948).
  • 18.2 m at 7.13% Cs2O, including 3.0 m at 23.63% Cs2O (CV25-1023).
  • 5.5 m at 14.83% Cs2O, including 2.2 m at 26.48% Cs2O (CV25-1006), with the highest-grade sample at 29.79% Cs2O.

These results extend the interpreted footprint of caesium mineralization at Vega, highlighting the potential for high-value resources in multiple zones. Additional drilling at the Rigel Zone returned 6.2 m at 5.12% Cs2O, while the newly discovered Helios Zone confirmed 1.0 m at 21.52% Cs2O.

Expansion Across Shaakichiuwaanaan

The 2025 drill campaign at Shaakichiuwaanaan covered 8,596 m across 52 holes, encompassing the Vega, Rigel, and Helios zones. The property already hosts one of the world’s largest lithium-tantalum pegmatite mineral resources and is home to the world’s largest in-situ pollucite caesium resource.

The CV13 Pegmatite, which hosts the Vega caesium zone, lies approximately 3 km along trend from the CV5 Pegmatite. Both sites are accessible year-round via road, supporting operational logistics for ongoing exploration and potential development.

PMT shares have more than doubled over the past year and today they are trading in green territory amid record caesium intercepts and positive sector momentum. Broker ratings and ongoing drilling results suggest potential for continued upside as Pmet Resources advances its exploration and development programs.

Frequently Asked Questions (FAQ)

Q1: Why did PMT shares increase over 100% in the past year?
A1: The surge was driven by high-grade caesium drilling results at the Vega Zone and broader gains in the metals and mining sector.

Q2: What are the broker target prices for PMT?
A2: Canaccord Genuity issued a speculative buy at AUD 0.95, while Bell Potter Securities set a buy target of AUD 0.97.

Q3: What makes the Vega Zone significant?
A3: Vega has delivered the widest and highest-grade caesium intercepts to date, including a peak of 29.79% Cs2O, extending the interpreted mineralization footprint.