Argonaut | The Natural Choice in Resources

Morning Notes

US equity markets fell sharply again on Thursday, with the Dow down 327 points; the 5th move over 1% in 8 sessions; A large number of US company earnings last night gave mixed readings – two economic bellwethers disappointed with United Rentals falling 15% and Snap on Tools down 10% US 10 year bonds were yielding 3.17%, as the US dollar hardened to 95.90 for the DXY;  US 10 year bonds were yielding 3.17%, as the US dollar hardened to 95.90 for the DXY; Interest rate expectations have risen post the FOMC minutes. St Louis President James Bullard however gave a move dovish stance as he proposed a new policy rule that concluded there is no need to raise interest rates further; The incident involving Saudi journalist Khashoggi continues to strain relations with Saudi allies, with a number of countries boycotting an upcoming investment conference in Riyadh.

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Latest Research

The title of this report is a graffiti quote on an old building near Berkeley Energia’s (BKY) Retortillo uranium mine development site. Translated, the graffiti says, “uranium no”, which is crossed out to say “uranium yes”. This reflects the conjecture weighing on the mine’s final permitting. The actions of the local community to ward off mainly non-residents in a recent anti-mine protest shows the local support. Similarly, a public statement by the Regional Castilla y León Government yesterday urging the Central Government’s approval for the project, highlights the provincial support. This statement was in response to media reports containing an anonymous government source stating, “The [Central Sanchez] government will wait for the ongoing proceedings to go through but it will say no [to the required permits],” This media quote remains unsubstantiated, but has caused BKY shares to tumble 45% this week. If BKY is successful in attaining the remaining permits, we expect a significant share price re-rating.

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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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