Trust is a major pricing factor. Investors need to predict where trust will be built and where doubts will be overcome. We also need to be aware of where trust might be lost. To access the full report please log in under the Client Area at the bottom of this page. Argonaut’s Client Area allowsRead more
Significant contracts on hand signal a strong start to FY23. Active portfolio management has positioned PPC well with quality owned projects, many boasting a low cost base, in growth corridors across Australia. With >12 years in the land bank at current sales rates, we expect good cash harvest over the medium term. BUY maintained. ToRead more
Contracted FY23 work worth $1.45B and delivery against guidance over a number of years gives us confidence in our FY23 forecasts. Current trading multiples look attractive on these numbers. Margin recovery is work in progress, but we expect to see some traction in FY23. Capital management remains front of mind. We maintain a BUY call.Read more
Infill results support the recent 4.2Moz Resource estimate. NE Bankan has plenty of room to grow and regional upside remains an unknown. With ten rigs on-site we anticipate the gaps in drilling to close rapidly. To access the full report please log in under the Client Area at the bottom of this page. Argonaut’s ClientRead more
Argonaut recently journeyed to Centaurus Metal’s Jaguar Nickel Sulphide Project in Brazil. We provide an overview of our site visit including observations and key takeaways. Our trip has reinforced our view that Jaguar is an exceptional nickel sulphide development project backed by quality management in both Australia and Brazil. Drilling/ technical studies are progressing. FIDRead more
In our last note in July we recommended backing a team that is “walking the talk”. The full year financials gave us no reason to change this view. We like the consistent messaging and delivery. Growing recurring earnings streams increasingly offset the higher risk in construction. BUY maintained. To access the full report please logRead more
In presenting FY22 results PRN highlights the beginnings of a U-shaped recovery. We see an extension of the better 2H22 performance and delivery against guidance of 5-15% EBIT(A) growth in FY23. We believe shareholders will benefit over the medium-term from a focus on earnings quality, capital management, and free cash flow. Maintain BUY. To accessRead more
The OreCorp share price fell with the DFS release, we put this down to negative response to the capex line. The fact is that world-class projects like Nyanzaga require sufficient investment to do the deposit justice (an under-capitalised mine is value-destructive long-term). We rebase our model with OreCorp’s updated numbers and present an essentially unchangedRead more
GNG hit records in FY22, with an impressive 8.6% EBITDA margin despite cost pressures and COVID challenges. A positive resource backdrop and GNG’s reputation suggests more good years to come. The share price has climbed 39% since our note in late June and we recommend HOLD pending more clarity on pipeline project timing. To accessRead more
Recent work by EV1 has demonstrated a naturally clean graphite source with favourably large flake sizing in Chilalo. This may open the door to specialty end markets not factored into the current share price. Work to be done on qualification and securing offtakes, but early signs promising. We initiate coverage of EV1 with a SpeculativeRead more
