MLG Oz's (ASX:MLG) new contract wins of about AU$20 million in annualized revenue represent a strong uplift in revenue visibility, supported by a combination of recurring contracts and shorter-duration work, Euroz Hartleys said in a Tuesday note.

The five-year, AU$4 million per year extension at Gruyere reinforces MLG's entrenched position on-site, and the mobile crushing award with NST is a meaningful expansion of their relationship, the equity research firm said.

Meanwhile, the Endurance Mining civil project worth roughly AU$6 million over three months offers a near-term revenue boost and also diversifies MLG's customer base with a new client, it added.

Together, the contracts highlight the flexibility of MLG's integrated business model, enabling it to capture work across different stages of the mining lifecycle, and support confidence in the company's forward pipeline, Euroz Hartleys said.

MLG has not had any fuel issues to date, but "access to fuel remains a key topic of discussion in the context of the MLG share price and investment opportunity," it added.

The equity research firm maintained its buy recommendation on MLG and set a new price target of AU$1.06 per share, down slightly from AU$1.07 previously.

MLG Oz's shares jumped nearly 6% in recent Wednesday trade.