Perth head-quartered Argonaut, the specialist natural resources investment banking firm, is pleased to announce the appointment of Hayden Bairstow as Head of Research. Mr Bairstow has built an imposing reputation as one of the most influential resources research analysts in Australia. Most recently he was Head of Resources Research at Macquarie Equities. Hayden is aRead more
We recap what we like about ASB and where the concerns lie. Key for us is a period of heightened risk to margin as ASB transitions from mature programs to new. This warrants caution and a HOLD call remains appropriate. To access the full report please log in under the Client Area at the bottomRead more
A formalised West Musgrave contract provides an excellent baseload of work on which GNG can build. Our assumptions for contracted work roll-off plus forecasts for Upstream PS and Mipac underpin two thirds of our revenue forecasts for FY24 and FY25. To access the full report please log in under the Client Area at the bottomRead more
PRN is executing well under most strategic performance yardsticks. Our valuation would be higher were it not for safety incidents marring the otherwise positive trends. To access the full report please log in under the Client Area at the bottom of this page. Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’sRead more
We do not need to extrapolate the exceptional earnings delivered by CLX over the last calendar year to get a valuation well above the current share price. Backed by hard assets and a capable team CLX remains an attractive BUY. To access the full report please log in under the Client Area at the bottomRead more
DDB indicates a much improved 2H financial performance is on the cards after forgettable interim numbers. We think this is doable but will be focusing on a tight balance sheet in the near-term. A current EV/EBITDA multiple of ~2.5x on an inferred EBITDA run rate of at least $20M suggests upside from the current shareRead more
In anticipation of a well-received DFS and De Grey capturing more than its fair share of capital flows into gold equities, we retain a buy recommendation. To access the full report please log in under the Client Area at the bottom of this page. Argonaut’s Client Area allows you to view delayed share prices, accessRead more
Argonaut acted as Joint Lead Manager to the A$12.0 million Placement of Ausgold Limited (ASX:AUC) (Ausgold) to continue expansion and development of its 2.16Moz Katanning Gold Project. Funds raised will be used substantially for resource expansion drilling and regional exploration, completion of a definitive feasibility study, advancement of a scoping study for increased plant throughput,Read more
A welcome corporate move, but gold production and cash flow in the March 2022 quarter remained below target levels. We recommend holding Gold Road shares in anticipation of improving cash generation through the remainder of 2022 and into 2023. To access the full report please log in under the Client Area at the bottom ofRead more
Solid performance so far this year points to astute management of the challenges posed by supply chains, labour, and cost pressures. As these issues are ongoing our forecasts remain conservative. Despite this CLX looks attractively priced and we retain a BUY call. To access the full report please log in under the Client Area atRead more
