Latest Research

New Research - Centaurus Metals (CTM) - A Cat Amongst The Pigeons

May 29, 2023

In this report we complete a deep comparative analysis of Centaurus Metals’ Jaguar Nickel Sulphide Project with several high-profile advanced stage Pressure Oxidation developments held by ASX listed entities. Our evaluation includes side-by-side comparisons based on Gross, Recoverable, Payable and Profit value from Resources and development inventories. We also...

Peet (PPC) - Property Push And Pull

May 29, 2023

Macro factors are pulling the property market in different directions, creating uncertainty. But a low-cost, well-positioned landbank of 37k lots (>70% of which are in production) provides reason to remain positive on the longer-term value to be realised for Peet.  To access the full report please log in under the...

K2Fly (K2F) - Addressing A Need

May 25, 2023

It is not difficult predicting an increasing focus on the ESG issues which K2F’s solutions uniquely address, even if earnings and cash flow during the Company’s early growth phase are harder to forecast. The current enterprise value (EV) does not reflect the potential, which we expect will be realised...

Macmahon (MAH) - Busy Few Months

May 9, 2023

We recap recent contract wins and discuss the issues at Warrawoona. Current challenges at some other client sites are balanced by a strong gold price environment. We maintain a BUY call given MAH’s guidance track record and after further risking our valuation.  To access the full report please log in...

Northern Star Resources (NST) - Wet Sail Finish To FY23

May 9, 2023

Expecting June 2023 quarter results to drive the shares up further in a strong market. To hold the gains more consistent cash flow margins, and/or corporate action are likely required. To access the full report please log in under the Client Area at the bottom of this page.  Argonaut’s Client Area...

Musgrave Minerals (MGV) - Easy Digging

May 9, 2023

Following the release of Musgrave’s Stage 1 pre-feasibility study we have updated our modelled base case mining scenario. We no longer assume toll treating, and instead model our base case as a stand-alone project with the construction of a 500ktpa processing plant. In this scenario, our modelled financing assumptions...

GR Engineering (GNG) - Building Up

May 4, 2023

With West Musgrave and Yangibana wins we have over 80% of our next two year’s revenue forecasts underpinned (inclusive of Upstream PS and Mipac forecasts). This level of visibility is unusually high, yet we expect it will build further from here.  To access the full report please log in under...

ASX Gold Producers. Quarterly charts, Company dashboards

May 2, 2023

Quarterly charts, Company dashboards March quarter 2023 To access the full report please log in under the Client Area at the bottom of this page.  Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists. If...

ASX Gold Producers. Another leg up

May 2, 2023

Gold is A$3,000/oz and enterprise values of gold producers are 25% below June 2020 levels. Firm production guidance and demonstration of cost control in the March 2023 quarter adds confidence to our support of the gold sector. We expect margins above total costs to breach 25% in the June...