Aussie treasure hunters are buying up big on metal detectors, sending electronics maker Codan’s shares to a four-year high.

Codan (ASX:CDA) has upgraded its profit forecast by more than $10 million to $38 million — exceeding the previous half.

“Metal detector sales are being driven by the superior performance of our product and important new product releases, such as the Equinoix coin and treasure detector, rather than surges in isolated markets,” it told the market.

Codan’s Minelab business makes metal detectors for finding coins, prospecting for gold and even clearing landmines.

Shares in the company surged 13 per cent to a four-year high of $3.11 in morning trade. They hd cooled to $2.88 by 11am AEST.

Codan recently signed a deal to provide tracking and productivity tech to mining heavyweight BHP.

The $9.5 million contract will see its Minetec products rolled out underground at the mining giant’s Olympic Dame mine in South Australia.

Codan (CDA) shares over the past six months.
Codan (CDA) shares over the past six months.

“We now have the ability to sell a complete range of metal detector products into the market, reducing our reliance on any one product, market segment or country,” Codan told investors.

The company had $20 million left in the bank at the end of April – after paying out a 4c dividend.

The company’s latest release is the EQUINOX 600, an all-terrain, multi-purpose, simultaneous multi-frequency Minelab coin and treasure metal detector.