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
US Stocks drifted as Trump ups rhetoric giving America first speech at UN, “My administration has accomplished more than almost any administration in the history of our country,” the UN replied with embarrassed laughter;US 10yr yields were at 3.10\% ahead of tonight`s expected 25bp hike from the FOMC; US Consumer confidence figures were much higher than expectations at 138.4 against estimates of 132.1 and a revised August figure of 134.7;Crude prices continued at 4-year highs, Trumps UN speech focused on the problems of Iran. Brent $81.80 with gains tempered after data showed an increase in US stockpiles.
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Paladin Energy (PDN) is best positioned for a uranium price recovery, with significant installed production capacity (>8Mlbpa U3O8), an established product and a pipeline of quality assets. The Company’s flagship Langer Heinrich Mine (LHM) is currently on care and maintenance (C&M), but retains a large resource base able to sustain over 20 years mine life with nameplate capacity of up to 5.2Mlbpa U3O8. PDN will look to optimise and enhance the LHM plant whilst on C&M, with potential to process lower grade resources, improve plant efficiencies and reduce costs. Upon restart, we expect LHM to emerge as the most efficient low-grade uranium processing plant globally with one of the lowest all-in cost profiles. Argonaut is predicting a substantial increase in uranium prices in the next 6-12 months as the market absorbs significant production curtailments over the past two years and increased spot purchasing. BUY recommendation.
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Argonaut Congratulates Dacian Gold on a Highly Successful Capital Raising
Argonaut acted as Joint Lead Manager to successfully raise A$40 million for Dacian Gold Limited (ASX:DCN) (“Dacian” or “the Company”). The Company raised funds from Australian and international institutional and professional investors by way of a placement at an issue price of A$2.70 per share. The placement was heavily oversubscribed with significant demand generated from new major domestic and international institutional investors.
