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 extended their gains, boosted for a second session by reassurances from the Federal Reserve that it is in no rush to raise interest rates. The Dow Jones Industrial Average advanced 421 points, or 2.4%, to 17,778. The rally, on the heels of Wednesday's surge, marks the biggest two-day gain for the blue chips in two years. The S&P 500 gained 48 points, or 2.4%, to 2,061, while the Nasdaq Composite Index rallied 104 points, or 2.2%, to 4,748. Major indexes continued their advance despite a fresh retreat in oil prices, though energy stocks remained under pressure. Technology stocks posted the sharpest gains, boosted by an 8.3% rise in Oracle Corp. shares.

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Latest Research

Sirius Resources (SIR) has secured debt funding for its Nova Ni/Cu project. The package comprises a A$420m project development tranche and a A$20m cost over-run facility syndicated between four banks. Terms of the facility are favourable with low interest rates, no hedging and flexibility for early repayment, which reflects the robust economics of the project. The Company is in a strong financial position moving into construction with surplus ~$215m cash and undrawn debt to the DFS estimated $473m development capex. Argonaut considers SIR to be deep value, with little value attributed in the current share price to strategic appeal and exploration upside for the Fraser Range or Polar Bear.

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Latest News

Argonaut has completed a review of the best undeveloped metals and mining projects held by ASX listed companies and identified 11 compelling project opportunities. In addition we review a further 10 earlier stage projects that are likely to meet Argonaut’s key selection criteria within the next 12 months for special mention.

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