Manganese price have been weak in 2QFY25 and we have downgraded our near and medium term forecasts, however prices have started to rebound and we expect a 20% rebound in FY26 which is a key near-term catalyst. Given weak 2Q pricing we expect a subdued quarterly result, however we highlight that Tshipi is cashflow neutralRead more
BGL’s 2QFY25 preliminary result was weak with gold sales 15% lower than we had forecast. Production guidance for FY25 has been downgraded by 8-9% as a result and we have lowered our forecast by 7%, with our estimate towards the bottom end of the new guidance range. Realised gold prices in the 2QFY25 were 18%Read more
Gruyere delivered a record production result of 91.6koz during 4QCY24 which was 7% beat to our estimates. Despite the strong finish to CY24, Gruyere CY24 production of 287.3koz was a slight miss to guidance of 290-305koz. We expect the strong finish to CY24 will continue into CY25 as the higher material movement rates deliver aRead more
RMS reported preliminary production of 85.3koz in the 2QFY25 25% higher than we had expected and an impressive increase of 37% on the previous period. Mt Magnet production continues to climb, with higher-than-expected grades from Cue combined with ongoing strong results at Penny the key driver. Output at Edna May in its final six monthsRead more
We maintain a BUY call on a higher valuation of $2.70 (prior $2.43). Our positive view is underpinned by a strong opportunity pipeline in gold projects which should help build the FY26 order book, a 16% lift to our prior FY26 EBITDA forecast, and a likely solid 1H25 result. To access the full report pleaseRead more
We expect GRES (GNG) and MLG Oz (MLG) to be key medium-term beneficiaries of gold expansion and new development plans driven by a buoyant gold price. To access the full report please log in under the Research Portal at the bottom of this page. Argonaut’s Research Portal allows you to access Argonaut’s wealth ofRead more
We have expanded our ASX gold coverage to 30 stocks, adding EVN and PNR. The sector had a buoyant 2024, with 26 of the 30 stocks in our coverage universe outperforming the ASX 200. Gold prices have continued to climb with the A$ price closing in on A$4,300/oz. The continued rise in A$ gold pricesRead more
We are initiating coverage on Pantoro (PNR) with a SPEC BUY rating and set a A$0.15 price target. PNR’s core asset is Norseman, which is currently producing ~80kozpa. Production at Norseman commenced in October 2022, however the ramp up to date has been below expectations, with FY24 output falling short of guidance. The development ofRead more
We are initiating coverage on Evolution Mining (EVN) with a BUY rating and A$5.60 price target. EVN generates strong cash from its core assets at Cowal and Ernst Henry, which combined account for ~80% of asset cash flow. EVN’s higher cost assets at Red Lake and Mungari enhance leverage to the gold price, while groupRead more
IGO has announced that it does not expect to receive a cash dividend from the TLEA (Tianqi Lithium Energy Australia) JV (IGO 49% interest) in FY25. Ongoing issues with the production ramp up at the Kwinana Lithium Hydroxide Refinery post the major shutdown in October, capital commitments to the expansion at Greenbushes and weak demandRead more
