Argonaut | The Natural Choice in Resources

Argonaut is a full service advisory, stockbroking & research and investment house with offices in Perth and Hong Kong. Argonaut is technically driven & focused on natural resource companies & businesses that service the metals, mining, energy and agri-business sectors. Argonaut has an established track record of creating significant wealth for clients.

Morning Notes

The S&P 500 has finished at a new record following strong earnings from Best Buy and news that CVS Health would acquire senior pharmacy services company Omnicare for $US12.7 billion. The S&P 500 closed at 2,130.8, up 5 points or 0.23%, above Monday's record. The tech-rich Nasdaq Composite Index rose 19 points, or 0.4%, at 5,090.8, while the Dow Jones Industrial Average was essentially flat, adding a minor 0.3 at 18,285.8.

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Latest Research

Northern Star (NST) released exploration drilling results from its Kalgoorlie operations, highlighting potential for mine life extensions, particularly at Kundana where strong results were delivered from the Millennium deposit (100% NST). Other encouraging results came from various targets, all within trucking distance to the Kanowna Belle (KB) plant. The results are anticipated to be incorporated into a mid-year Resource update. Our recent site visit confirmed the KB plant is versatile and can be configured to process a variety of ore types (including refractory ore). This will enable significant discoveries to be rapidly converted into production ounces. The mill has ample capacity, running at ~1.3Mtpa (v 1.8Mtpa nameplate). NST’s A$50m exploration program will underpin continued newsflow and Resource updates. With Paulsens transitioning into a higher grade zone, Argonaut is expecting an improved June Q. The Company has the ambition to continue growth and NST has demonstrated a track record of making prudent and value accretive acquisitions. The stock is inexpensive on a FF EV / production basis (see Figure 2, Page 3). HOLD maintained with a $1.85 valuation.

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Latest News

Argonaut is delighted to announce the appointment of Tony Locantro as a Dealer, Private Clients in our Securities Team with effect from Monday 18 May 2015. Tony began his career working in the NSW and QLD Police Service before gaining experience as a private client advisor, working at a number of stockbroking firms including William Noall and Patersons Securities.

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