06:31 AM EDT, 09/11/2026 (MT Newswires) -- RBC Capital Markets affirmed its investment case for South32 (S32.L, S32.JO) ahead of the scheduled Sept. 14 to 15 site visit to the metals and mining company's Hermosa zinc-lead-silver asset in Arizona, US. "With [capital expenditure] of $1.9B in FY27-28, Hermosa is S32's largest growth project. Hermosa comprises 31% of our S32 [net asset value] and 28% of EBITDA in FY31e. A key focus for us at Hermosa is project execution with the ventilation and main shafts expected to reach the primary production level in Dec-26 Q," the research firm said Thursday. Analysts also anticipate South32 will provide further details on potential resource and reserve growth alongside plant de-bottlenecking to 5 million tonnes per annum from 4.3 million tonnes per annum, which RBC believes could boost its net asset value assumption for the company by over 5%. Against this backdrop, the research firm maintained its outperform rating and price target of AU$5.50 on the stock.

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