Argonaut | The Natural Choice in Resources

 U.S. stocks rose in thin trading as Walmart Inc.’s stellar earnings boosted consumer shares. The S&P 500 gained 0.1% overnight to 2,780 and the Dow Jones was unchanged at 25,891;  The S&P/ASX 200 index was lifted by bank shares yesterday after ANZ announced it would take steps to increase investor lending. The ASX All Ords gained 0.2% to finish at 6,184;  The US is negotiating with China to stabilise the Yuan to neutralise any effort by Beijing to devalue its currency for the purpose of countering American tariffs;  Oil prices were mixed overnight due to increased investor caution around anticipated US – China trade talk news. Brent crude oil was unchanged overnight at US$66.49/bbl. and WTI gained 0.9% to US$56.09/bbl;  Gold advanced overnight due to increased uncertainty over global economic growth and a pullback in the US dollar. Gold gained 1.1% overnight to US$ 1,340/oz

Saracen Mineral Holdings’(SAR) $60m investment into exploration in FY19 is paying off with significant intercepts at numerous deposits/prospects. The standout result was an intercept of 69m @ 4.1g/t at Karari, 400m below the current mining level. Drilling at Thunderbox A Zone, Deep South and Otto Bore also returned extensional results. Infill drilling at Whirling Dervish, including 30m @ 4.9g/t and 30M @ 3.3g/t confirmed continuity of mineralisation in the line-of-sight of decline development. While the ongoing exploration success points to tangible Reserve/Resource expansion, we believe SAR’s current share price already factors in a mine life well beyond current Reserves, particularly at Karari. However, given the momentum of the stock we upgrade to HOLD from SELL.

Argonaut is pleased to announce the successful $12.5 million Initial Public Offering (“IPO”) on the ASX of Stealth Global Holdings Ltd (“Stealth” or “the Company”). Stealth is a fast-growing sales and distribution group supplying safety, industrial, workplace and healthcare consumable products and customised supply solutions to business customers across the resources, engineering, transport and general industrial sectors.