Gold in A$ terms is up 22% since the start of the calendar year, and 45% since January 2019, and some clear margins are opening up between revenue and total outlays for most gold companies. In this report we forecast net cash and bullion movements for the September 2020 quarter using production and cost estimates,Read more
Key News Overnight: Gold prices soar past the key US$2,000 with spot gold settling up 2.1% to $2,019.40/oz. The pan-European Stoxx 600 provisionally closed down by nearly 0.2%, with health care stocks tumbling 1.3% to lead losses while oil and gas stocks climbed 2.4%. The Hang Seng index in Hong Kong surged 2% on theRead more
Key News Overnight: U.S. stocks fell as Trump’s latest tariff imposition was accompanied by Wilbur Ross’s warning that China will face a similar fate if no trade deal is reached. Treasuries dropped, with 10-year yields climbing the most in more than three weeks. The RBA will probably hold this month after its trim in October,Read more
GRB produced an impressive 13.2ML in FY19, of which 8.0ML was proprietary brands. While this delivered expected revenue, gross profit of $25.5m and EBITDA of $5.5m were lower (we had $26.4m and $6.7m). It reflected a lower GP margin (partly due to the sales mix), and additional sales and marketing expenses. The latter reflects anRead more
Key News Overnight: U.S. stocks rallied on Huawei-fuelled optimism and speculation central banks are poised to shore up their economies. Treasuries declined despite President Trump’s call for more Fed easing, with 10-year yields up 5 basis points. U.S. President Trump called on the Fed to cut rates by “at least 100 basis points” in hisRead more
Key News Overnight: U.S. equities fell as investors took a cautious approach to a week of central bank activity. Treasuries edged lower and gold retreated. The S&P 500 slipped for a second day after Friday’s blow- out jobs report altered market calculus for Fed rate cuts. The S&P/ASX 200 index fell 1.2% to close atRead more
Following a review of working capital and the balance sheet, ASL has foreshadowed a non-cash impairment of $75-95m in FY19. Coming in a year where reported and underlying numbers will already differ significantly due to the accounting treatment of the Barminco acquisition, it allows new management to start FY20 with a clean slate. Importantly, guidanceRead more
The success of a small-scale trial with cans has encouraged GRB to invest $7.8m in a full-scale can filler, an upgraded bottle filler, and other site improvements. Costs will largely be met by an equity raise at $0.095 to bring in $7.6m. The packaging line enhancements are expected to reduce costs and wastage such thatRead more
Argonaut has acted as Lead Manager to Botanix Pharmaceuticals Ltd (ASX: BOT) (“Botanix”) in its oversubscribed placement of A$7.4 million to new and existing institutional and sophisticated investors. The funds raised under the placement provides financial capacity for Botanix to execute on its strategy to advance the clinical development of Botanix’s dermatology products, BTX1503 andRead more
Argonaut, acting as financial advisor, has successfully advised on debt facilities totalling A$40 million for Metro Mining Limited (ASX: MMI) (“Metro”). The funds raised by the debt facilities will be used to underpin the financing for the development and construction of Metro’s Bauxite Hills Mine, in Cape York, Queensland. The debt financing was secured followingRead more
