Author: Emma OBrien

Argonaut welcomed a group of university students to the office last week for our 2026 Student Open Day, offering participants an inside look at how we operate and the people who shape our work.

The day started in the Boardroom with a welcome from Argonaut’s CEO & Head of Corporate Finance Greg Southee who outlined the firm’s history and origins of expertise in natural resources. Students then joined the team for the daily morning meeting, gaining insight into how teams across the business collaborate to bring the best ideas to our clients.

The group then heard from Executive Chairman and Founder Eddie Rigg who gave some reflections on his leadership experiences and personal advice for longevity in the industry. Followed by a panel discussion with Head of Research Hayden Bairstow, Vice Chairman – Private Clients Kevin Johnson and Head of Funds Management David Frankyln on how each division contributes to the success of the business, as well as current market trends.

Rounding out the day was a session with Corporate Finance Associate Max Carter-Mazak and HR Manager Anna Smith on practical tips for job applications and interviews for roles in competitive industries such as financial services.

Thank you to the Finance Association of Western Australia (FAWA) for their partnership and to all the students who attended the event. It was great to see the next generation of professionals asking insightful questions and showing a keen interest in what a future career at Argonaut could look like.

Time on site also allowed for discussions with WIA Gold’s management and technical team regarding the project’s progress and near-term activities.

Kokoseb is located in an established mining jurisdiction, and the visit helped place the project within its local and regional context. Seeing the project on the ground offered useful insight into how exploration and development activities are being advanced.

We would like to thank CEO & Managing Director Henk Didderichs, Exploration Manager Pierrick Couderc, Country Manager Keith Webb, Senior Exploration Geologist Thomas Mutilifa, and the team at WIA Gold for facilitating the site visit and for their time during discussions ahead of the DFS.

The recently released Defence Estate Audit points to significant infrastructure requirements in Northern Australia, reinforcing the scale of work likely to flow through the sector in coming years.

At the same time, the United States has intensified calls for allies to lift defence spending, pushing for contributions equivalent to 3.5% of GDP. This shift highlights the strategic imperative for deeper collaboration between government and industry as Australia works to strengthen capability, expand infrastructure, and meet evolving security expectations.

Recent market weakness among larger defence names has opened a more attractive entry point for investors, with broader sector participants also positioned to benefit from the substantial pipeline of upcoming works. As funding is redirected toward critical precincts and long term infrastructure programs, we see the sector well placed to capture sustained growth over the medium term.

Access the full report via the Argonaut Research Portal here or contact your Argonaut representative for a copy.

Important note: This report may contain general financial product advice, and you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

Mr Gidney will assist the growth and development of the Sydney office, provide strategic advice to the Argonaut Executive Leadership Team and Board, and support select client engagements.

Mr Gidney brings more than 30 years’ experience advising Australian and international boards and CEOs on strategy, mergers and acquisitions, capital markets transactions and complex corporate situations. He has advised domestic and global clients across natural resources, infrastructure, property, energy and diversified industrial sectors. Mr Gidney is also a member of the Australian Takeovers Panel.

Mr Gidney joins Argonaut following a distinguished career across leading global investment banks and independent advisory firms. Most recently, he served as Senior Adviser at Wilsons Advisory and as Vice Chairman, Banking, Capital Markets & Advisory at Citi. Prior to Citi, he was a Senior Adviser and Vice Chairman at Greenhill, and spent more than a decade with JPMorgan Australia, where he headed M&A and played senior roles on many of the country’s largest transactions.

Alongside his advisory career, Mr Gidney currently holds senior non‑executive and governance roles, including as Non‑Executive Chair of FNZ (APAC) and as a Non‑Executive Director of Dexus Funds Management Limited. These roles provide him with substantial practical experience in risk management, governance oversight and board‑level strategic decision‑making.

Mr Gidney’s appointment represents a further step in Argonaut’s talent‑led strategic growth initiative and reflects the firm’s ongoing investment in building senior advisory capability on the east-coast, as demand continues to grow for independent, high‑quality corporate advice.

Commenting on the appointment, Argonaut’s Executive Chairman & Head of Equity Capital Markets, Eddie Rigg, said:

“We are delighted to welcome Jon to Argonaut. Having known Jon for many years, I have long admired his judgement, professionalism and depth of experience.

“He brings exceptional expertise from some of the world’s leading advisory institutions, together with strong board‑level insight that aligns closely with Argonaut’s values and long‑term strategy. This appointment reflects our disciplined approach to growth and our focus on building a senior team in Sydney with the experience required to advise resource clients through their most strategically significant decisions.”

Argonaut’s Chief Executive Officer & Head of Corporate Finance, Greg Southee, added:

“Jon’s experience across large‑scale M&A and strategic advisory materially enhances our east‑coast capability, particularly at the larger end of the market. His appointment strengthens our ability to support clients from Sydney and across Australia with senior, trusted advice.”

On his move to Argonaut, Mr Gidney said:

“Argonaut’s leadership, deep natural resources expertise and track record of quality transactions in the sector were key factors in my decision to join the firm. As someone originally from Perth, I am excited by the opportunity to join a great Western Australian firm, focused on continued growth of the business along the east-coast.”

Business News has featured Argonaut’s Executive Chair & Head of ECM Eddie Rigg on the cover of its latest Corporate Finance edition, highlighting perspectives on the evolving capital markets landscape in Western Australia.

In the feature, Elisha Newell & Isabel Vieira explore how rising balance sheet strength across gold producers, increased regulatory complexity and renewed equity market activity are shaping the next phase of M&A and capital deployment. Argonaut’s CEO & Head of Corporate Finance Greg Southee also adds that strong capital access is enabling companies to be more strategic in how they shape portfolios, with consolidation emerging as a clear theme.

We’re proud to see Argonaut’s leadership perspectives represented in this industry discussion. Business News subscribers can read the full feature online here.

Spot gold prices surged around 30% in January to reach a peak above US$5,500/oz before retracing approximately 12%, underscoring the unusually volatile conditions that have characterised early 2026.

Despite the recent pullback, the underlying drivers supporting gold remain firmly in place. Elevated government debt levels and uncertainty around long term fiscal pathways continue to underpin investor demand, reinforcing our constructive outlook for the commodity. We expect near term volatility to persist, both in the gold price and across Australian gold equities, which we view as creating selective opportunities rather than signalling a change in trend.

In this context, price target adjustments have been made to normalise spot gold assumptions and better reflect current market conditions. While some valuations have moderated, the broader sector remains well positioned, particularly where organic growth and operational execution can support upgrades through 2026.

Access the full report via the Argonaut Research Portal here or contact your Argonaut representative for a copy.

Important note: This report may contain general financial product advice, and you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

Argonaut, in partnership with the Finance Association of Western Australia, invites final-year university students to apply for the 2026 Argonaut Open Day on Wednesday 18 February 2026. This event is an excellent opportunity for prospective Argonaut interns and graduates to visit our Perth office, attend our daily market update meeting, gain insight into recent transactions completed by the firm, and network with our senior executives, associates, and analysts.

Eligible applicants include students completing a Bachelor of Commerce, Geology, Engineering, or a relevant postgraduate qualification. Applicants are required to submit a CV, a brief cover letter outlining their interest in Argonaut, and an optional academic transcript.

Applications are required for this event. Submit your application using the form below or click here to access directly.

For more information about starting your career at Argonaut, visit our Graduate Program & Internships page.

Tailwinds from increased defence and infrastructure spending, alongside buoyant commodity prices, are expected to underpin broadly resilient earnings across the industrial landscape.

While margins and cash conversion will remain core focus areas, we believe markets will be closely watching management commentary around growth opportunities, both organic and via M&A. Historically, earnings skew to the second half, and this pattern is expected to continue in FY26, reinforcing the importance of forward guidance and outlook statements.

The upcoming results will also be scrutinised for signals on cost pressures, labour availability and capital allocation priorities, particularly as companies balance free cash flow generation with the potential need to reinvest for growth as the cycle evolves.

Access the full report via the Argonaut Research Portal here or contact your Argonaut representative for a copy.

Important note: This report may contain general financial product advice, and you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

Global AI data centre consumption is projected to rise from around 426TWh today to more than 1,000TWh by 2030, prompting Big Tech to increasingly turn toward nuclear for its reliability, scalability and low carbon profile.

While existing reactors will meet most near term requirements, recent strategic investment into next generation nuclear providers signals a clear shift in focus to the post 2030 landscape. This renewed conviction has strengthened market sentiment and driven upgrades to our uranium price outlook, including a higher short term peak in 2026 and a long term price expectation of US$90/lb by 2030.

Access the full report via the Argonaut Research Portal here or contact your Argonaut representative for a copy.

Important note: This report may contain general financial product advice, and you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

Prices have climbed 60% in the past month and 25% in the first two weeks of 2026, driven by accelerating demand for Battery Energy Storage Systems and continued strength in EV sales.

We have upgraded our spodumene price forecasts for ASX-listed producers and developers to reflect the rapid price acceleration. While we expect some consolidation later in 2026 as supply responds, the near-term outlook remains highly constructive. The report also explores the drivers behind the price surge, the expected supply-side response, and our updated price cycle expectations.

Access the full report via the Argonaut Research Portal here or contact your Argonaut representative for a copy.

Important note: This report may contain general financial product advice, and you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.