Author: lenoxhill

Argonaut, the specialist natural resources investment banking firm, is pleased to announce the appointment of Anthony Bayne as Executive Director, Corporate Finance.

Mr Bayne is an experienced and trusted M&A and strategic advisor. Over his near 25-year career, he has worked alongside and opposite many of the leading global mining and power & energy groups. His transaction experience covers EMEA and APAC. Until recently, Mr Bayne was a Managing Director and member of the senior leadership team at Rothschild & Co in South Africa. After relocating to Perth, he consulted to Alcoa Corporation.

With his global M&A experience, Mr Bayne is another key appointment in Argonaut’s “talent- led strategic growth initiative”. His appointment follows successful moves by Argonaut to secure ex-Canaccord Genuity Australia Executive Director Digby Gilmour as Co-Head of Institutional Sales as well as Hayden Bairstow (ex-Macquarie) and Benjamin Clifford (ex- Goldman Sachs), reinforcing the view that Argonaut is becoming the employer of choice for senior bankers in the natural resources space.

My Bayne will join Argonaut on 1 July 2025 as a senior member of the firm’s experienced Corporate Finance team. He will play a key role in continuing to drive Argonaut’s growth strategy and, working closely with the other senior executives, will focus on larger M&A transactions.

Commenting on Mr Bayne’s appointment, Argonaut’s Executive Chairman, Eddie Rigg, said:

“Argonaut is delighted to welcome Anthony as a senior member of our team as we continue to execute our talent-led strategic growth initiative. Argonaut is a firm that prides itself on its technical merits and sector leadership. We are pleased to have a highly respected M&A practitioner of Anthony’s calibre join our firm.

“Anthony’s appointment reaffirms Argonaut’s disciplined and strategic approach to growth, our focus on retaining and recruiting the best people and our firm’s position as a sought-after financial advisory, stockbroking & research and funds management business specialising in the natural resources sector.”

Argonaut Group Managing Director & Head of Corporate Finance, Greg Southee, said:

“It is an ideal time to super-charge our M&A capability as we enter the last quarter of what will be a record financial year for Argonaut. It has been a break-out year for Argonaut in M&A, including delivering the $2.5 billion cross-border Westgold-Karora merger.

“Anthony’s appointment will further strengthen Argonaut’s ability to deliver value to clients across the resources sector. The focus on larger M&A deals will complement our industry leading Research and ECM capabilities.”

Anthony Bayne added:

“Argonaut’s business model, deep sector knowledge and quality of people made the decision to join an easy one. It is a dynamic team where I can contribute to the growth of an institution that shares my ambition and values. I am excited about the opportunity and look forward to working closely with the team to support our clients through their most important decisions.”

Mr Bayne has provided M&A, capital raising, and strategic advisory services to clients for more than two decades, predominantly with Rothschild & Co and Merrill Lynch / Bank of America and based in Johannesburg and Sydney. He joins Argonaut following a distinguished career at Rothschild & Co, where he was Managing Director and played a key role in the firm’s South African business being the market leader in independent M&A and strategic advice. Recent clients advised include Anglo American, Engie, Mitsubishi, PETRONAS, Rio Tinto, TotalEnergies and Weir Group.

Argonaut is pleased to announce its role in two landmark transactions underpinning the future development of one of Australia’s largest undeveloped gold projects.

Argonaut acted as Financial Advisor to Norton Gold Fields Pty Ltd, a subsidiary of Zijin Mining Group, on the A$167 million sale of the Bullabulling Gold Project to Minerals 260 Limited (ASX: MI6). The deal comprises A$157 million in cash and A$10 million in Minerals 260 shares, with proceeds supporting Norton’s continued growth and operational enhancement in the Kalgoorlie Gold Belt. Argonaut provided strategic advice throughout this complex transaction, reinforcing its capability in executing significant M&A in the resources sector.

In the associated capital raising, Argonaut also acted as Joint Lead Manager to Minerals 260 on its successful A$220 million Public Offer to fund the acquisition. The capital raising will support not only the acquisition but also an extensive program of drilling, feasibility studies, and development to unlock the full potential of the Bullabulling Gold Project, located in Western Australia’s world-class gold district.

These transactions mark a pivotal step for Minerals 260 in its journey toward becoming a leading mid-tier ASX-listed gold company, while also delivering strong value outcomes for Norton Gold Fields. The strong investor support reflects continued confidence in high-quality Australian gold assets amid a favourable market environment.

Congratulations to Vincent Lai and the Norton Gold Fields team, and to Tim Goyder, Luke McFadyen, and the team at Minerals 260. Argonaut’s advisory team for Norton Gold Fields was led by Edward Rigg and Nick McDonough, while the deal team for the Minerals 260 raising included Edward Rigg, Rob Telford, Max Carter-Mazak, and Thomas Brosnan, with ECM syndication directed by Chris Wippl and Digby Gilmour.

Watch the CNBC Interview with Hayden Bairstow here.

Argonaut, the specialist natural resources investment banking firm, is pleased to announce that it has achieved record revenue from continuing operations for the year ended 30 June 2024 (FY24) of $38.2 million compared to $25.1 million in the prior year.

ECM raisings were a particular highlight with $1.3 billion raised for clients in FY24 (FY23: $0.4 billion). Operating profit1 grew strongly from $2.2 million to $5.7 million.

During the year, fully franked dividends of $8.8 million were paid (FY23: $3.2 million) on the back of the significant growth in operating profit and strong cash generation.

Several of Argonaut’s investments achieved significant milestones in FY24.

Salubris Australia Limited (Salubris), 27% owned and founded by Argonaut, established itself as a leading developer, owner and operator of environmental projects. Salubris continues to build a platform of high margin Australian Carbon Credit Units (ACCUs) and is actively securing a portfolio of bio- diversity projects.

During FY24, as part of Argonaut’s talent-led growth strategy, Hayden Bairstow was appointed as Head of Research. Since his appointment, Hayden and his team have expanded Argonaut’s research coverage from 30 to 70 companies which now cover $100 billion in market capitalisation. In addition, Argonaut recently announced the appointment of Digby Gilmour as Co-Head of Institutional Sales commencing in January 2025.

Argonaut expanded its geographical reach by opening an office on O’Connell Street in Sydney under Benjamin Clifford. A focus for FY25 is the build out of an East Coast Team. A lease was also signed for Argonaut’s new Perth headquarters at 9 The Esplanade, a brand-new state-of-the-art building in the Elizabeth Quay district, with the capacity for future growth.

Commenting on the FY24 results, Argonaut Group Managing Director & Head of Corporate Finance Greg Southee said:

“Argonaut has performed exceptionally well in FY24, exceeding budget and achieving a record year for group-wide client revenue.”

“The strong operating results are particularly pleasing given the significant ongoing strategic investment being made across the group’s diversified operating platform.”

Year-To-Date Performance & Outlook

Argonaut’s financial performance in FY25 has been very strong and is ahead of both budget and the group financial performance at the same period last year.

Corporate Finance activity continues to drive group performance with a significant number of Corporate Finance M&A and ECM mandates executed in FY25 with a strong transaction pipeline in hand. Agency brokerage is up meaningfully on FY24 levels. Performance of the Argonaut Natural Resources Fund and the Argonaut Global Gold Fund is pleasing. Substantial FUM growth is expected in FY25.

The Principal Investing division continues to perform well with significant positive movements in the investment portfolio in FY25 year to date. The Company’s cornerstone investment, Salubris, continues to achieve material milestones in the ethical production of carbon credits in partnership with Traditional Owners. With Argonaut’s achievements in sustainability and indigenous engagement, it will be looking to expand its capabilities in these areas.

Executive Chairman, Eddie Rigg commented:

“FY24 was a pleasing year but I remain more excited about FY25 and beyond. The structural tailwinds for the resources sector, especially those exposed to decarbonisation are powerful. The ever-growing US debt and the trend to deglobalisation is constructive for a sustained high gold price. These factors support Argonaut’s focus on the natural resources industry. We look forward to broadening our capability in sustainability, environment services and indigenous engagement”

“Some of the achievements of our clients during the year were truly remarkable. It was a pleasure to be involved with those parties and we look forward to their continued success.”

Perth head-quartered Argonaut, the specialist natural resources investment banking firm, is pleased to announce the appointment of Digby Gilmour as Co-Head of Institutional Sales.

Mr Gilmour has built a strong reputation as one of the highest-regarded and most influential resources and mining services institutional brokers in Australia. Most recently he was Executive Director at Canaccord Genuity Australia.

Mr Gilmour is a key appointment in Argonaut’s “talent-led strategic growth initiative”. It follows hot on the heels of Argonaut securing Hayden Bairstow, Head of Resources Research at Macquarie Equities, and Benjamin Clifford, the former Co-Head of Equities – Managing Director at Goldman Sachs in Sydney.

Mr Gilmour will join Argonaut in late January 2025 as a member of the firm’s senior leadership team and become a meaningful shareholder.

Commenting on Mr Gilmour’s appointment, Argonaut’s Executive Chairman, Eddie Rigg, said:

“Argonaut is delighted to welcome Digby as a key senior appointment as we action our talent-led strategic growth initiative. Argonaut is a firm that prides itself on its technical merits and sector leadership. We are pleased to have a thought leader and opinion maker of his calibre joining us.

“Digby’s appointment affirms Argonaut’s disciplined approach to growth, our focus on retaining and recruiting the best people and the firm’s status as a sought-after financial advisory, stockbroking & research and funds management business specialising in the natural resources sector.”

Argonaut Group Managing Director & Head of Corporate Finance, Greg Southee, said:

“Argonaut already has an impressive institutional team led by Chris Wippl. The combined leadership of Chris and Digby can deliver our clients an accelerated and magnified level of service and value.

“I look forward to working closely with Digby as we execute the next stage of Argonaut’s strategic growth plan.”

Mr Gilmour added:

“Argonaut has long-held, broad and deep relationships in the natural resources sector. It has built a formidable track record in financing and supporting this sector, not only in Australia but globally.

“I’m excited to join the firm and I look forward to building upon this impressive base and market-leading research. The ability to become a partner and take a senior leadership role in such a well-respected business has made the decision to join Argonaut highly compelling.”

Mr Gilmour has more than 20 years’ experience in equities, investment banking and stockbroking across Australia. He was most recently Executive Director at Canaccord, where he was an integral part of one of Australia’s leading ECM houses. Prior to that role, he was an Institutional Dealer at Hartleys, and before, that a top-rated Equities Research analyst at CLSA.