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Bell Potter says these ASX shares could rise 90% to 200%

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A bearded man holds both arms up diagonally and points with his index fingers to the sky with a thrilled look on his face.

If you are seeking big returns, then it could be worth checking out the ASX shares in this article.

That’s because the team at Bell Potter believes these shares could rise at least 90% over the next 12 months.

Here’s what the broker is recommending to clients:

Falcon Metals Ltd (ASX: FAL)

Bell Potter sees significant value in this gold explorer’s shares. In response to its latest drilling results, the broker has retained its speculative buy rating and $1.10 price target on the ASX share.

Based on its current share price of 36.5 cents, this suggests that upside of 201% is possible between now and this time next year.

Its analysts are very optimistic on Falcon Metals’ Blue Moon project in Victoria. They commented:

Blue Moon continues to shape as a potentially district-scale orogenic gold system, with these results defining a fifth mineralised zone with the system remaining open at depth and along strike. Each successive step-out has validated the geological model generated by FAL’s exploration team, which continues to identify additional stacked reefs where predicted, building our confidence in both the targeting and the scale on offer. 

Magnolia Zone does not form part of our Blue Moon NDS, offering valuation upside once the zone becomes derisked through further exploration. We maintain our Valuation of $1.10 and Speculative Buy recommendation.

Fenix Resources Ltd (ASX: FEX)

This iron ore miner’s shares could be deeply undervalued according to Bell Potter. In response to its fourth-quarter update, the broker has retained its buy rating on the ASX share with a trimmed price target of 54 cents.

Based on its current share price of 28 cents, this implies potential upside of approximately 93% for investors.

Bell Potter was pleased with its performance in the fourth quarter and is positive on the company’s production growth outlook. Commenting on its outlook, the broker said:

FEX’s FY27 guidance points to sales of 4.7-5.3Mt, up 14% YoY at the midpoint. Notably, C1 cash cost guidance is consistent with FY26 at A$70-80/t, demonstrating strong cost discipline during a highly inflationary environment.

FEX has outlined a clear pathway to incrementally grow iron ore production to 10Mtpa at significantly lower unit costs, leveraging its integrated logistics network to underpin cash flows and fund its substantial organic growth outlook. FEX holds the largest storage position at the strategic and fast-growing Geraldton Port.

The post Bell Potter says these ASX shares could rise 90% to 200% appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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