Portfolio gold stock. Expect reliable project performance and a focus on returns to shareholders. 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 setRead more
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We recently welcomed John Macdonald to the Argonaut research team. Personnel movements, together with a review of companies covered, has resulted in adjustments to our coverage list. The table below highlights the stocks affected, including where there has been a change in analyst responsibility. Dropped coverage is effective as at the date of this report,Read more
The Running of the Bulls is a famous festival in Spain where raging bulls are set loose down the streets of a small town, mowing down pedestrians in their path. We use this as an analogy for the current gold bull market, where a rising gold price is charging ahead, trampling over analyst’s forecasts andRead more
SO4 has completed the financing package for Lake Way, and the project is on track to be completed early next year and produce the first saleable product. The Lake Way project is now fully funded to completion thanks to the finalisation of a $203m debt arrangement and a $98m capital raise. The project is progressingRead more
With a depressed oil & gas market and COVID recently impacting operations, MCE is targeting more stable recurring revenue and an exposure to brownfield sites. The outcome of a broad independent review is due by November and will help inform strategy options and their execution. Cash provides breathing space, however a HOLD call remains appropriateRead more
De Grey Mining (DEG) has discovered yet another major zone of gold mineralisation at Hemi (100% DEG). The new northwest-southeast trending Falcon Zone sits to the west of the Aquila Zone. Falcon consists of altered brecciated intrusion, analogous to Aquila, and has been defined over 1.8km. This is already 800m longer than the Aquila Zone,Read more
Given FY20 headwinds CLX’s result was commendable and ahead of our expectations. The 2H performance was only slightly down on the 1H, and full year EBITDA (pre AASB 16) of $14.0 was down 7.9% on FY19, while positive operating cash flow of $11.7m (pre AASB 16) saw net debt drop to $40.8m. CLX is positionedRead more
SXE’s FY20 EBIT of $16.4m was in line with our expectations. The Company ended the financial year with a healthy balance sheet (cash $55.3m and no debt) to address organic and inorganic growth options. The current order book of $440m and a tender pipeline of more than $900m supports the medium term, and we expectRead more
Argonaut recently visited the Ulysses Gold Project to the south of Leonora in the WA goldfields. We were impressed with the operations and the infrastructure in place. In our view, the project is well located geographically and offers compelling upside in terms of value creation via the drill bit and through the development of aRead more
VMX delivered FY20 underlying EBITDA of $5.8m, in line with update in July. The positive outlook commentary was also maintained on the back of a $74m order book and strong tender and pipeline opportunities. The Company expects to improve the cash position in the near term following a deterioration in 2H20 which saw $4.0m operatingRead more