Kazakh Gold and Copper: Why Analysts Believe Arras Minerals Shares Will Rise 160%

Analysts at H&P Research have maintained their price target for shares of the Canadian company Arras Minerals, suggesting the stock has growth potential of nearly 160%. According to the analysts, exploration results at the flagship Elemes project point to the possibility of discovering a major copper-gold deposit, but results for some of the samples are still pending, H&P noted. Additional opportunities exist at promising areas outside of Elemes, where drilling may continue in 2027.

Analysts at H&P Research maintained their price target for Arras Minerals shares at 2.83 Canadian dollars after visiting the company’s sites in Kazakhstan, according to their October 13 report (available to the Oninvest editorial team). The target price implies that the company’s shares could rise by 160% from the closing price on October 15.

Exploration at Elemes points to the potential for a major copper-gold project, according to analysts at H&P Research. Over the past eight months, Arras has drilled approximately 35,000 meters out of an annual target of 40,000 meters and has identified signs of porphyry mineralization in at least three areas.

On October 8, Arras reported two intervals of copper-gold mineralization at Berezski Central: one 574 m long with a grade of 0.40% copper equivalent and another 707 m long with a grade of 0.26%. This metric combines the grades of copper, gold, and other metals, taking into account their value and recoverability. According to H&P’s assessment, a significant gold contribution could enhance the economic attractiveness of future production. Previously, at Berezski North, the company identified nearly 936 m of copper-gold mineralization with a grade of 0.71% copper equivalent. H&P sees additional potential in the K-Ozek gold prospect.

Arras shares have risen by nearly 47% since the start of the year. Analysts believe that the results of tests on backlogged samples—due to delays at laboratories—could provide the next catalyst for the stock. In 2027, the company may introduce a portable gold test that will allow it to obtain results within 24 hours and plan drilling more efficiently.

Another advantage of Arras is its low cost: according to H&P, column drilling costs approximately $110 per meter, which is significantly cheaper than in many international programs.

Arras Minerals spun off from Silver Bull Resources in 2021, acquiring its Kazakhstani assets, including the rights to acquire the Beskauga copper-gold project. In 2022, Arras’s shares began trading on Canada’s TSX Venture Exchange. The company has built a portfolio of exploration projects, including Elemes and Tay, and has attracted investment from the Canadian mining company Teck Resources.

In 2023, Arras formed an alliance with Teck for geological exploration in Kazakhstan. However, in February 2026, the partner declined to proceed to the next phase: the initial results did not meet its criteria for further investment. Teck remained a shareholder of Arras. The flagship Elemes project was not part of the alliance program.

Arras itself had already decided in June 2025 not to proceed with the $15 million acquisition of Beskauga, opting instead to allocate the capital to other exploration projects. The company is now focusing its efforts on Elemes.

According to MarketWatch, the company's only rating is "Buy."