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 Dow Jones Industrial Average pulled back from a record intraday, as a drop by Home Depot took more than 45 points off the blue-chip index. The Dow industrials recently fell 29 points, or 0.1%, to 21612, whilst the S&P 500 finished flat and Nasdaq Composite rose 0.1%. All three indexes, along with the Russell 2000, rose to record closing highs on Wednesday. Earlier, stocks briefly dropped sharply after a Bloomberg report that the investigation into ties between President Donald Trump's campaign and Russia in last year's election are extending to Trump's businesses. The report cited a person familiar with the probe. The U.S. gold price gained slightly overnight, rising 0.2% to 1,244.00 US$/oz.

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Latest Research

Evolution Mining (EVN) delivered June Q production of 218koz (Mar Q 202koz +8%) slightly above Argonaut’s estimate 215koz. All-in sustaining costs (AISC) of A$825/oz were 2% lower qoq (A$840/oz in Mar Q) as a result of improved costs at Cowal, Edna May and Cracow. Standout performance came from the Ernest Henry (EH) asset with June Q production of 24koz (+7% qoq) at an all-in sustaining cost of negative -$432/oz (-$447/oz in March Q). EVN repaid a further $125m in debt ($40m in March Q), with no further debt obligations required until October 2017 and remaining net debt of $399m. June Q net mine cashflow of $137.1m (+24% vs March Q 110.7m) was higher largely as a result of the strong performance of Ernest Henry which represented ~35% of the group net cashflow generation for the Q. Argonaut maintains a BUY Recommendation with a A$2.49ps target price (prior $2.57).

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Latest News

Argonaut has acted as Lead Manager to Botanix Pharmaceuticals Ltd (ASX: BOT) (“Botanix”) in its oversubscribed placement of A$7.4 million to new and existing institutional and sophisticated investors.

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