Good Oil Conference 2019 Wrap: STX, FAR, OEL, TEG And COI

September 18, 2019

Argonaut attended the 2019 Good Oil Conference last week which was well attended with over 700 delegates. The sentiment was again positive this year on the back of some good exploration results in the Cooper Basin. We highlight several standout companies including; STX, FAR, OEL, TEG and COI. To access...

Atrum Coal (ATU) - Taking A Helicopter View - Site Visit

September 18, 2019

Argonaut recently visited Atrum Coal’s (ATU) Elan premium hard coking coal (HCC) project in Alberta, Canada. The scale of this project and extensive strike of coal bearing strata can only be appreciated from the air (in this case by helicopter). The site visit confirmed our view that Elan will...

Argonaut Quarterly Oil And Gas Sector Update - September 2019

September 16, 2019

Macro Overview Oil Prices: Oil price volatility is set to continue as an attack over the weekend took out more than half of Saudi Arabia’s oil production over the weekend. It is thought ten unmanned aerial vehicles (drones) carried out the attacks on two locations, including the world's largest...

CTI Logistics (CLX) - FY19 Results

September 5, 2019

CLX’s FY19 PBT of $4.1m (FY18 $6.1m) reflects ongoing WA weakness pressuring margins in both the Transport and Logistics segments.  The Company has been focused on costs and efficiencies during this period, with the centralisation and consolidation of operations and properties positioning the business for a turnaround.  We expect...

Atrum Coal (ATU) - Defining A Shallow Starter Pit

September 2, 2019

Atrum Coal (ATU) has released further results from its ongoing drill campaign at the Elan Premium Hard Coking Coal Project in Alberta, Canada. All of the 46 holes drilled into the South East Corner discovery area, within Elan South, have intercepted coal. This area is shaping up to be...

St George Mining (SGQ) - New Discovery On The Radar

September 2, 2019

St George Mining (SGQ) has made a new shallow massive Ni/Cu sulphide discovery at its Mt Alexander Project in Western Australia. The first drill hole into the Radar prospect has intercepted 7.5m of massive, blebby and matrix sulphides from 44m. Handheld XRF has returned readings of up to 6.0%...

Macmahon (MAH) - FY19 Results

August 31, 2019

MAH delivered a solid result, with underlying EBIT of $75.1m falling in the middle of the guidance range.  Cash flow was good, and the balance sheet is supportive of further growth as the Company targets a large opportunity set.  We recently re-initiated coverage with a view there was significant...

Peet (PPC) - FY19 Results

August 31, 2019

While FY19 financials were sound, the 45% drop in FY19 lot sales and much lower current contracts on hand indicate a challenging FY20.  PPC is well positioned to weather the current conditions, but can’t escape near-term headwinds.  Our FY20 forecast has been lowered, and a HOLD call remains appropriate...

Austal (ASB) - FY 19 Results

August 31, 2019

ASB firmly delivered on the expectation that FY19 would be a breakout year.  After a $20m EBIT swing in performance from Australasia, group EBIT of $92.8m was up an impressive 46%.  Operating cash flow of $164.5m was a positive surprise, and the Company ended the year in a strong...