Leo Lithium (LLL) has reported an updated Resource for its flagship Goulamina spodumene lithium project in Mali. In this research note we provide an analysis of the updated MRE, address capital raising speculation and discuss perceived issues holding back appreciation of LLL’s share price. To access the full report please log in under the ClientRead more
As owner and operator of Eloise Copper Mine, AIC Mines (A1M) was always the natural owner of Jericho. Takeover of Demetallica Limited (DRM), expands A1M’s Cloncurry ground position whilst underpinning Eloise’s longevity and expansion. We scope a future for Eloise incorporating a larger mill and additional feed from the Jericho deposit. After a troubled firstRead more
The supportive conditions in the latter half of FY22 have extended well into FY23, adding to mounting evidence that recent strong results are due to more than just “one-offs”. We expect operational leverage from growth combined with management focus on costs and efficiencies to positively influence future margin. To access the full report please logRead more
The first months of Norseman’s production revival have been difficult. First cash flow and a debt repayment milestone in March would pave the way for Pantoro to start rebuilding trust 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 viewRead more
ASB has reviewed its US Towing, Salvage and Rescue Ship (T-ATS) program, downgrading EBIT earnings guidance by ~A$42M (from ~A$100M to ~A$58M) as a result. While we believe ASB is well placed to win work, particularly given its new steel capability, we see heightened risk to margin as the Company transitions from mature programs toRead more
Gold equities in general have seen a strong start to 2023. With a steady flow of news expected over the year and one of very few near-term large-scale gold development projects in WA, Ausgold is well poised to capitalise on a buoyant market. We adjust our long-term internal gold price (US$1800/oz, prior US$1750/oz). Our valuationRead more
The prospect of Yaouré and Edikan firing together sets up Perseus to receive a lot more love in 2023 than it currently gets. We maintain a buy recommendation in anticipation of a re-rate. To access the full report please log in under the Client Area at the bottom of this page. Argonaut’s Client Area allowsRead more
WAF guides production down and reports upward cost pressure, so not surprisingly its priced for an extended cashflow lull and a potential raise. We would look for opportunities to buy as WAF’s funding options play out or ahead of the February 2023 mine plans. To access the full report please log in under the ClientRead more
We read the consolidation of Genesis and St Barbara as a positive transaction for Genesis shareholders. Assuming both the SBM and DCN transactions finalise, we think Genesis would be in a better position than with the Dacian transaction alone. With many moving parts and transaction completions dependent on numerous conditions and approvals, we’re hesitant toRead more
Margin growth is a key medium-term target and recent upgrades provide evidence this is on track. Strategy is well articulated and the balance sheet in good shape. Dividends could resume in FY24. The share price has near doubled this FY but can still gain from here. To access the full report please log in underRead more
