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

Stocks fell Monday as uncertainty about China's growth injected caution into global markets. The Dow Jones Industrial Average slid 107 points, or 0.6%, to 17,173, snapping a streak of five straight advances. The S&P 500 shed 16 points, or 0.8%, to 1,994, and the tech-oriented Nasdaq Composite Index declined 52 points, or 1.1%, to 4,528. The market's downbeat tone began overnight, after China's finance minister said major changes to the country's economic stimulus efforts aren't likely even as the world's second-largest economy grapples with growth concerns. That statement damped hopes for more aggressive policies and pushed Treasurys higher, while driving copper and nickel lower.

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Latest Research

Following significant recent share price depreciation, Argonaut upgrades Alacer (AQG:AU, ASR:CN) to BUY with a Target Price of $2.60 (was $2.57, minor adjustment to exchange rate) with a 6 months view. Against a backdrop of mediocre gold sector operational performances, the stocks offers one of the lowest cost / risk heap leach projects in the near term. Çöpler is set to benefit stronger production in the H2 due to elevated grades. A cash Reserve of ~US$292m (at 30th June) and low costs buffers short term gold price volatilities. Longer term, Argonaut remains to be convinced on the independent development of the sulphide project, given high capital intensity, slow payback and modest production profile, although first quartile costs and long life are acknowledged. Given the sulphide project is long dated, and a board development decision is not expected until early 2015, financing risk appears limited in the near term. Given mine life, low cost and potential synergy, the asset could attract the attention of acquisitive TSX mid-tier producers including Eldorado (ELD:CN) and Alamos (AGI:CN).

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Latest News

Argonaut is pleased to announce the appointment of Philipp Kin who has commenced as Argonaut’s Oil & Gas Analyst. Philipp has been in the Oil & Gas sector for the whole of his career commencing with Shell in their Graduate program and working in the Economics and Business Planning Division  then progressing through various roles to the position of Browse Asset Economist. Post leaving Shell Phil took up a position as an Oil & Gas Equity Analyst with RBS and has filled similar roles with two

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