Key News Overnight: Wall Street closed flat on Friday, hovering near the previous session’s record-high close for the Dow and S&P 500, while the dollar firmed as investors digested the Federal Reserve’s 50-basis-point cut midweek that started a rate reducing cycle. In this issue: Austal (ASB) – Additional submarine support contract | BUY |Read more
Key News Overnight: The S&P 500 and the Nasdaq tumbled on Wednesday as plunging microchip shares, in the face of potential escalation of U.S. trade conflicts with China, exacerbated the ongoing rotation out of megacap tech-related stocks. In this issue: NRW Holdings (NWH) | Guidance upgrade | BUY | Analyst | Ian Christie Magnetic ResourcesRead more
We are initiating coverage on IGO with a BUY rating and set a A$8.80 price target. IGO’s 24.99% interest in the world class Greenbushes spodumene project is the dominant driver of both earnings and our valuation. Staged expansions should see Greenbushes lift spodumene production from ~1.5mtpa to ~2.0mtpa, providing IGO with exposure to ~500ktpa ofRead more
Argonaut acted as Joint Lead Manager and Joint Bookrunner to the Charity Flow-Through Offer of Patriot Battery Metals Inc. (ASX: PMT) (TSX: PMET). Patriot is now positioned to continue its exploration and study work at Corvette, aimed at further growing the Corvette Mineral Resource and testing a number of high priority targets within the Company’sRead more
PMT and Albemarle (ALB US, Not Rated) have agreed not to extend the Memorandum of Understanding (MoU) between the two companies. The MoU was signed in August 2023, alongside ALB’s C$109m strategic investment in PMT. The MoU was exploring potential downstream integration with the Corvette project to construct a lithium hydroxide refinery in either Québec,Read more
We are initiating coverage on Pilbara Minerals (PLS) with a BUY rating and set a A$5.10 price target. Pilgangoora on the cusp of delivering increased output with the final phases of the P680 expansion commissioning in the next few months. We expect the lift in spodumene shipments will coincide with stronger pricing, underpinning a materialRead more
We are initiating coverage on Liontown Resources (LTR) with a BUY rating and set a A$1.60 price target. Construction of the Kathleen Valley spodumene project is progressing well and LTR remains on track to achieve project completion and first production in the next few months. Spodumene flotation plants have been notoriously difficult to ramp up,Read more
DVP reported Mining Services revenue of A$31.9m from its underground mining contract at Bellevue, 4% higher than we expected. Mobilisation and site establishment activities at Mt Marion are underway and the box cut has commenced. DVP was also recently awarded an underground contract at Beta Hunt. The stronger mining services revenue and catch-up payments fromRead more
MAC has released three-year production guidance for the CSA Mine. Copper production for CY24 and CY25 was broadly in line with our estimates, while CY26 guidance of ~50kt was ~12% higher than we had anticipated. Reserves and resources were also updated using lower cut-off grades, reflecting the improved operating costs, which drove a ~57% increaseRead more
The Decmil acquisition fits Macmahon’s strategic direction, although the price is steep for a business that has underperformed for years. A turnaround is possible backed by Macmahon’s management and balance sheet, but we will need evidence to be convinced. We don’t need persuading on the rest of the business though, which is tracking well. ToRead more
