Latest Research

Pilbara Minerals (PLS) - Site Tour: Debottlenecking via ore sorting

October 4, 2024

We attended a site tour of PLS’s Pilgangoora operation, which highlighted that the P1000 expansion project is on track and on budget, with the introduction of ore sorting a key debottlenecking addition to the flow sheet. PLS noted that further growth (P2000 and Latin development) continue to be studied...

Qoria (QOR) - Cap raise and OBI acquisition

October 2, 2024

Qoria has made a small strategic acquisition of OctopusBI (OBI), a data analytics provider, for $5M. Qoria raised $30M (pre costs) to fund the purchase and bolster the balance sheet. Our valuation increases from $0.40 to $0.42, however we remove the 25% takeover premium we introduced post the K1...

Turaco Gold (TCG) - Afema Gold Project - Initiating coverage

September 29, 2024

Argonaut initiates coverage of Turaco Gold (ASX:TCG) following a site visit and release of a maiden MRE at the recently acquired Afema Gold project in Côte d'Ivoire. TCG acquired the Afema Gold project in November 2023 with strategy to advance the project towards a PFS which is targeted for...

Spartan Resources (SPR) - Drill drive milestone

September 25, 2024

SPR has taken the first cut at its new Juniper Decline which marks a key milestone for the project and sets in motion work programs to restart Dalgaranga. We update our mining inventory to capture underground material directly below the Gilbeys pit which while much lower grade than Never...

Patriot Battery Metals (PMT AU / PMET CN) - Site tour highlights scale of Shaakichiuwaanaan

September 24, 2024

We attended a site tour to PMT’s Shaakichiuwaanaan spodumene project in Québec. The site tour reaffirmed our view of the scale and quality of the project, which places it firmly in the Tier 1 category for undeveloped spodumene projects globally. Drilling is largely focused on infill, which will likely...

Denver Gold Forum - Prices more buoyant than the producers

September 24, 2024

Despite spot gold prices hitting record levels the general mood at the Denver Gold Forum was less buoyant than we had anticipated. Presentations from the global gold majors focused largely on delivering improved returns from key projects and maintaining balanced capital management. The Australian producers were more bullish, with...

Austal (ASB) - Further sub expansion opportunity

September 23, 2024

It is clear Austal and Mobile, AL have been earmarked to become a key part of the US Navy’s submarine industrial base. A US$152M US Navy contract announced today could expand submarine facilities beyond the US$450M General Dynamics contract awarded last week. We maintain a BUY call and increase...

Ora Gold (OAU) - Site Visit: Crown Prince

September 18, 2024

Argonaut recently completed a site visit to OAU’s Crown Prince Project near Meekatharra. A Mining Proposal will be submitted in the next two months which could see OAU producing by June/July next year. OAU will be entering production unhedged and into a record gold price. We upgrade our mining...

Westgold Resources (WGX ASX/TSX) - 69% increase in Reserves underpins growth

September 17, 2024

M&A and exploration success has driven a 69% increase in group reserves which underpin the material lift in production guidance YoY and the continued growth to 500kozpa forecast for FY26 onward. There also remains material upside at Fletcher zone, with the accelerated drilling programme a key catalyst as WGX...