We attended a site tour to PMT’s Shaakichiuwaanaan spodumene project in Québec. The site tour reaffirmed our view of the scale and quality of the project, which places it firmly in the Tier 1 category for undeveloped spodumene projects globally. Drilling is largely focused on infill, which will likely facilitate upgrades to the CV5 resourceRead more
Despite spot gold prices hitting record levels the general mood at the Denver Gold Forum was less buoyant than we had anticipated. Presentations from the global gold majors focused largely on delivering improved returns from key projects and maintaining balanced capital management. The Australian producers were more bullish, with the strong gold price driving anRead more
It is clear Austal and Mobile, AL have been earmarked to become a key part of the US Navy’s submarine industrial base. A US$152M US Navy contract announced today could expand submarine facilities beyond the US$450M General Dynamics contract awarded last week. We maintain a BUY call and increase our valuation to $3.50 (prior $3.10)Read more
Argonaut recently completed a site visit to OAU’s Crown Prince Project near Meekatharra. A Mining Proposal will be submitted in the next two months which could see OAU producing by June/July next year. OAU will be entering production unhedged and into a record gold price. We upgrade our mining inventory estimate which, combined with goldRead more
M&A and exploration success has driven a 69% increase in group reserves which underpin the material lift in production guidance YoY and the continued growth to 500kozpa forecast for FY26 onward. There also remains material upside at Fletcher zone, with the accelerated drilling programme a key catalyst as WGX has provided an exploration target ofRead more
The case for a long-term upcycle in exploration activity is strong, but short-term trends remain weak. Growing capital inflows to juniors will be the trigger to watch for. Despite two years of declining global exploration activity timing remains uncertain, so drilling services exposure should be limited to companies with the scale to weather the downturn.Read more
The Court has approved the Scheme and shares are expected to cease trading on the ASX at the close of business today, 17th September 2024. We are ceasing coverage on release of this note. We are on research restrictions on K2fly. To access the full report please log in under the Client Area at theRead more
FY25 guidance highlighted a growth in production to 400-420koz (as expected) and stable AISC of A$2,000-2,300/oz, with the latter lower than we had expected. Production will be second half weighted. Capex guidance was higher than previously forecast but FY25 is expected to be peak spend. Exploration spend of A$50m has also been accelerated, particularly atRead more
A US$450M contract has been awarded by General Dynamics to Austal to design, construct and outfit a new submarine module manufacturing facility at its Mobile shipyard. It is a strong endorsement of Austal’s growing importance as part of the US Navy’s industrial support base. It will add to the recently constructed steel-shipbuilding capability and toRead more
We attended the Precious Metals Summit at Beaver Creek, Colorado this week. We attended presentations from the bulk of the ASX stocks in attendance, which included seven stocks within our coverage universe (BGL, DEG, FFM, NVO, OBM, PDI and SPR). We also hosted numerous 1on1 meetings with emerging exploration and development companies with assets acrossRead more
