Earlier this month Argonaut attended a site visit to OreCorp’s Nyanzaga project in Tanzania. DFS progress, site access, project geology and exploration upside were key discussion points. Nyanzaga hill is a striking geographic feature, three million ounces literally sticking out of the ground. Cost inflation remains the key risk to the project, as is theRead more
Making cash at a record rate and adding new, good quality ounces through acquisition and exploration. Still modestly priced. 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’s wealth of Research as well asRead more
Our forecasts are unchanged as we believe GNG has the experience to limit margin impact in a difficult cost environment. General market weakness has brought GNG back into BUY range, backed by an enticing dividend yield and a strong balance sheet. To access the full report please log in under the Client Area at theRead more
The US$52M acquisition of Qustodio provides reason to be optimistic that the growth in parent accounts can match the impressive success with student numbers. It takes the merged Group’s annual recurring revenue (ARR) to ~$70M and firmly establishes FZO on the global cyber-safety stage. Our BUY call remains supported by the Company’s track record, clientRead more
Tough going at SLR’s mines but cash kept flowing in. We expect a similar June quarter and then a first look at plans for Sugar Zone to lend some exploration-driven upside. Undervalued again. To access the full report please log in under the Client Area at the bottom of this page. Argonaut’s Client Area allowsRead more
Third consecutive quarter of +50% margin above costs at the corporate level. Outperformed our cost and output forecasts. Encouraging exploration results. No reason to shift from 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 delayedRead more
Covid related disruptions and skills shortages have resulted in a delay to OreCorp’s DFS. Previously the study was planned for release by mid-year, Q3 the new target. We tweak assumptions in our model to factor in delayed first-gold which has resulted in a slight reduction in our sum-of-parts valuation, now $1.20 per share, prior $1.32Read more
Gold production and cash flow were flat against previous quarters. KCGM ore reserve estimates edged higher. Until NST consistently makes more money at the corporate level we suspect the market will mark down the value of its ore reserves. To access the full report please log in under the Client Area at the bottom ofRead more
Lunnon Metals (LM8) is doubling down on the Kambalda region with its proposed acquisition of nickel rights over the historical Silver Lake and Fisher mines. Completion of the deal would effectively double LM8’s position in the Kambalda nickel region. We have adjusted our speculative production model to include input from as yet unconfirmed residual resourcesRead more
Gold output was down but so was total spending. Productivity is more the problem than cost pressure. WAF, PRU, CMM and GCY showed satisfactory margins, while the rest battled with labour and skills shortages; many warning there’s no end in sight. To access the full report please log in under the Client Area at theRead more
