CLX’s recent trading update highlighted revenue and margin growth for the financial year to date. We have upgraded our forecasts as a result and our valuation climbs to $1.05 (prior $0.80). We upgraded to a BUY recommendation post the commendable FY20 financial performance (see link) and maintain a view that CLX is positioned to benefitRead more
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September quarter: Perseus produced 68.8kozs in the September 2020 quarter, just above midpoint of guidance (66kozs). Group guidance for the half remained at 125-139kozs, implying 57-70kozs for the December 2020 quarter. Perseus says Edikan and Sissingué are forecast to continue to produce strongly in the December quarter. Argonaut estimates Perseus added A$27M to cash andRead more
Compared to the June 2020 quarter, gold production was down 10% and total pre hedging costs were up 5%. West African, Ramelius, Dacian, Silver Lake, Perseus and Saracen all generated net cash surpluses of better than 1.5% of their respective EVs. The December quarter looks brighter, with West African, Westgold, Dacian and Gold Road performancesRead more
Undervalued on our forecasts. Corporate development and/or dividends to look forward to. 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 as create custom portfolios and set up companyRead more
MAH reiterated FY21 EBIT(A) guidance of $90-100m at the AGM. Looking further out there is a large opportunity set to add to the June ’20 work in hand of $4.5b, with the potential for awards of $2-4b in the next 12 months. Making assumptions on conversion and roll-off of this pipeline we find our medium-termRead more
GRB has delivered solid sales in 1Q21, up strongly on the same period last year, and ahead of our expectations. We have upgraded our FY21 forecast as a result. We believe the investment in a quality sales and marketing team, which has increased costs ahead of sales growth in prior periods, is now paying off. Read more
Atrum Coal (ATU) released further clean coal and coking characterisation test results for Isolation South, part of the Elan Project in Alberta, Canada. These results are in line with previous tests and confirm the ability to produce premium grade coal products. ATU is set to achieve significant milestones through FY21, including a comprehensive Isolation SouthRead more
Following a review of companies covered as well as having consideration for potential additions we have dropped four stocks from our coverage list. The table below summarises the stocks affected and includes links to the most recent research notes. Dropped coverage is effective as at the date of this report, and prior recommendations, opinions andRead more
Bellevue Gold (BGL) released further drill results from the Deacon and Bellevue lodes. Of particular note was a large step-out intercept from the Deacon Lode which hit 3.5m @ 10.6g/t Au over 200m from any previous hole. The Company is aggressively drilling in the lead up to the next Resource update, due in the currentRead more
The KOTH redevelopment plan has not shored up our confidence that RED can follow a smooth path through to surplus cash flows. 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 ResearchRead more