BMO Research Today - May 18, 2026

Research evidence excerpt

BMO Research Today - May 18, 2026

ESTIMATES / TARGETS RAISED

Elevra Lithium

Raj Ray, Metals & Mining Analyst - Critical Minerals

Updating Our Model Post Financing Package and Updated Study

OP A$11.01 A$15.00 A$1,868

Rating Price Target Mkt Cap.

• The NAL expansion plan is fully funded and expected to commence in CY2027. Elevra raised

~US$377M, which should more than cover the estimated expansion capex of US$270M.

• The recently updated scoping study highlighted an expanded production profile, with costs and

capex in line with the previous study. The expanded production profile creates a more attractive

capital intensity. We believe the staged expansion approach should de-risk execution.

• We maintain our Outperform rating and increase our target price to A$15.00 (from A$14.00).

KinderCare Learning Companies

Jeffrey M. Silber, Business Services and Education Analyst - Education

1Q26 Takeaways: Beat and Raise; Making Some Progress; Raising Ests/Tgt

OP $4.37 $6.00 $518

• KLC beat expectations on margin strength from operating leverage and cost efficiencies.

• While enrollment pressure continued - occupancy down 310bps y/y and FTEs declining ~3% - there

was modest sequential improvement. Early indicators from marketing and operational initiatives

suggest demand is stabilizing, though conversion remains inconsistent and has yet to translate into

sustained enrollment recovery.

• FY2026 adjusted EPS and adjusted EBITDA guidance was raised, though continues to embed

occupancy headwinds. We raise our estimates and target price.

Montage Gold

Raj Ray, Metals & Mining Analyst - Gold

Incorporating African Gold Into Our Estimates

OP (S) $16.25 $22.00 $5,920

• Building on prior work highlighting Montage’s approaching cash flow inflection and valuation re-