Argonaut | The Natural Choice in Resources

Stocks extended their remarkable streak of gains Friday. The Dow Jones Industrial Average closed above 23000 for the first time Wednesday, and its fresh high Friday marked the most records in a calendar year for the index since 1995. Earlier this month, the Dow's advance that started in March 2009 became the third-longest bull market in the index's history. The Dow Jones Industrial Average rose 165.59 points, or 0.7%, to 23328.63 on Friday, notching its 53rd record close of 2017. The index's weekly gain of 2% was its biggest since mid-September. The S&P 500 gained 13.11 points, or 0.5%, to 2575.21 on Friday, while the Nasdaq Composite added 23.99 points, or 0.4%, to 6629.05.

Western Areas (WSA) released September Q results with 5.3kt nickel in concentrate production at C1 cash costs of A$2.49/lb (before payability), down 7% and up 3% respectively. The Mill Recovery Enhancement Project (MREP) is well advanced and expected to commence commissioning in Q1 2018. This project will both enhance nickel in concentrate recoveries and produce a higher grade nickel product for the battery market. WSA retains a strong balance sheet with $146m cash and receivables (no debt). Downgrade to SELL based upon valuation grounds.

Argonaut acting as Lead Manager has successfully raised A$38 million for Metro Mining Limited (ASX: MMI) (“Metro”) via a two tranche placement to Australian and international institutional investors at an issue price of A$0.135 per share. The placement was heavily oversubscribed with significant demand generated from existing and new institutional investors.