Argonaut | The Natural Choice in Resources

Argonaut is a full service advisory, stockbroking & research and investment house with offices in Perth and Hong Kong. Argonaut is technically driven & focused on natural resource companies & businesses that service the metals, mining, energy and agri-business sectors. Argonaut has an established track record of creating significant wealth for clients.

Morning Notes

U.S. equities reached a five-month high as investors reacted to a dovish stance by policy makers in the world’s largest economy. The dollar rebounded after a four-day slide, while government bonds stabilised; European leaders are considering offering Theresa May extra time to avert a disastrous no-deal Brexit next week. Leaders are debating an unconditional delay - postponing the risk of a messy divorce at least for a few weeks; Brazilian prosecutors are demanding additional safety steps at a large mine owned by Vale SA that has been shut since early last month, possibly complicating the resumption of iron ore production that was halted in the January; Spot gold fell from a three-week high as the dollar rebounded and U.S. equities extended gains. The S&P 500 Index crossed the 2,850 level amid a broad- based advance on Thursday, while the greenback rebounded from its worst loss since January; Oil hovered near a four-month high as a rising dollar capped crude’s rally. Futures fell 0.4 percent in New York, after climbing above $60/bbl a barrel on Wednesday for the first time since November;

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Latest Research

Paringa Resources (PNL) has executed a term sheet with Tribeca Global Resources Credit Pty Ltd (Tribeca) for a US$56m Term Loan Facility. This loan will be used to refinance the US$21.7m Macquarie debt facility, fund accelerated expansion and provide working capital. PNL will now bring on a third mining unit at its Poplar Grove mine in the Wk No. 9 seam to generate 2.8Mtpa clean thermal coal. We see this as a significant de-risking event as the delayed construction of the mine was placing the balance sheet under stress in H1 2019. Construction of the mine is now complete and mining is ramping up. The first barged sale is now expected the week beginning 25 March 2019. Argonaut maintains a BUY recommendation with a revised target price of $0.58 (previously $0.80).

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Latest News

Argonaut is pleased to announce the successful $12.5 million Initial Public Offering (“IPO”) on the ASX of Stealth Global Holdings Ltd (“Stealth” or “the Company”). Stealth is a fast-growing sales and distribution group supplying safety, industrial, workplace and healthcare consumable products and customised supply solutions to business customers across the resources, engineering, transport and general industrial sectors.

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