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 closed higher overnight as investor concern eased over the outlook for global growth. The Dow Jones rose 0.7% to 24,576, while the S&P 500 climbed a modest 0.2% to 2,639;  The feud between Nancy Pelosi and Donald Trump has escalated as the speaker claimed she won’t let the President give his State of the Union address in her chamber unless government agencies have been reopened; Japan’s exports fell for the second time in four months in December as softening demand from China and trade-war risks cloud the outlook. According to the finance ministry, the value of exports declined 3.8% from the previous year

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Latest Research

Western Areas delivered a steady December Q with production of 5.4kt Ni in concentrate at C1 cash costs of A$3.15/lb (before payability) in line with Argonaut’s forecast of 5.4kt at A$2.90/lb. An increase in cash costs QoQ, along with a 13% decline in the realised nickel price impacted operating cashflow. Cash and receivables declined $20.5m to $143.8m, after a $5.5m dividend payment and $18.7m capital for Odysseus development and studies. Argonaut maintains a BUY recommendation with a revised target price of $2.50.

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Latest News

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.

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