The sale of fleet at the Dawson South project is in line with Macmahon’s capital-light focus. We expect the market to reward strategy execution as well as consistent delivery against earnings guidance. BUY maintained on a revised $0.32 valuation (prior $0.30). To access the full report please log in under the Client Area at theRead more
SCEE has a large, long-term pipeline across a range of sectors and is well placed to take advantage organically and inorganically. It drives an upgrade to medium term earnings forecasts and a re-rate of valuation multiples. BUY maintained. To access the full report please log in under the Client Area at the bottom of thisRead more
FFM’s share price strengthened in recent months on the back of improved metals prices and positive company news flow. Completion of a recent A$52M capital raising should provide FFM with sufficient funding for at least the next 12-18 months. Planned drilling has been expanded from 40,000m to 100,000m and will test both down plunge andRead more
RED’s 3QFY24 result was solid with gold production, gold sales and cash balance all within 1% of our forecasts. Production was down sequentially, largely due to planned and unplanned maintenance of the process plant at King of the Hills. We reiterate our BUY rating on RED and lift our price target 2% to A$0.51 toRead more
Qoria has rejected a cash offer of $0.40 per share from US-based private equity firm K1 Investment Management (K1). However the proposal and associated call option structure with two shareholders puts Qoria “in play” in our view. Accordingly, we are comfortable with our retained BUY call, noting our valuation excludes any takeover control premium. ToRead more
Wet weather has hampered 3QFY24 production for a number of the Western Australian Gold Miners in our coverage universe. We have reduced our production forecasts for NST’s open pit operations at KCGM, Thunderbox and Carosue Dam to reflect the likelihood that weather impacted these operations during the 3QFY24. We lower our 3QFY24 group production forecastRead more
We are initiating coverage on Catalyst Metals (CYL) with a SPECULATIVE BUY rating and set a A$1.30 price target. Ramping up underground development rates at Plutonic should enable CYL to lift mine production beyond 100kozpa, and more importantly start to generate positive free cash flow. Incorporating regional ore feed from Trident could boost output atRead more
FFM’s share price strengthened in recent months on the back of improved metals prices and positive company news flow. Completion of a recent A$52M capital raising should provide FFM with sufficient funding for at least the next 12-18 months. Planned drilling has been expanded from 40,000m to 100,000m and will test both down plunge andRead more
SPR released a batch of key drill intercepts from deep drilling of Never Never at depth. Two key extensional holes returned results at a lower tenor typical to Never Never and have downgraded Argonaut’s exploration potential for this area. No change to our Speculative Buy recommendation with a $0.78 Price Target for a long-term holdRead more
KRR has announced it has entered into an agreement with Westgold Resources (ASX WGX, OTCQX WGXRF, Restricted) to merge via a plan of arrangement. Under the merger terms, KRR shareholders will receive 2.524 WGX shares, A$0.68 in cash and 0.3 of a share in a new de-merged entity valuing KRR at C$5.90. The merger hasRead more
