Australian Research at a Glance - June 16, 2026

Research evidence excerpt

Australian Research at a Glance - June 16, 2026

AUSTRALIAN RESEARCH AT A GLANCE

Laura Chan (Analyst) Published June 15 2026 00:45:00 EDT

+44 20 7029 7537; laura.chan@rbccm.com

Voisey's Bay site visit: Operational momentum buildingBen Davis (Analyst)

+44 20 7002 2065; ben.davis@rbccm.com Rating: Sector Perform

Price Target: 15.00

Our view: We attended an analyst and investor site visit to Voisey's Bay and Long

Harbour in Newfoundland and Labrador, which reinforced the attractiveness of

VBM as a growth option for Vale. We left with greater confidence in the team's

ability to deliver reliable and consistent operational performance, with the visit

highlighting a step-change in execution across the asset base that should position

VBM for more consistent results. With VBM's EBITDA contribution growing from

22% in 2025 to 30% by 2030e, we see potential for re-rating as this scales. We

maintain our Sector Perform rating and PT of $15/sh.

Industry Comments

Gordon Ramsay (Analyst) Australian Refining - Refining and Retail Margins

+61 3 8688 6578; gordon.ramsay@rbccm.com Published June 15 2026 03:40:00 EDT

Industry Note

Our view: Singapore refining margins peaked in late March (Iran – US war), but

remain elevated despite record global inventory drawdowns. Despite being on a

declining trend, we think both gasoline and diesel margins have held up relatively

well. AIP data highlights that Australian retail fuel margins have also generally

been on a downward trend over the June quarter to date. The Australian Federal

Government’s A32 cpl reduction in fuel excise (gasoline and diesel) from 1 April is

expected to be removed at the end of June 2026. While we expect both companies

to deliver relatively strong June quarter refiner margins, we prefer Ampol over Viva

Energy.