Latest Research

Mining Services AGM Wrap - Positive Tone

December 3, 2023

Positive tone: AGM commentary was largely upbeat, and cautionary disclaimers were few relative to the last couple of years where labour and cost issues dominated discussions. There was a clear positive tone at the AGM’s we attended. More objectively, of the twenty companies we tracked, prior guidance was at...

GR Engineering (GNG) - Visibility

November 22, 2023

GNG echoed the positive themes delivered by other engineering and construction firms at its AGM and provided FY24 revenue guidance matching last year’s. Visibility is strong, largely underpinning the top line numbers that we have revised upward in this note. The pipeline and a high volume of current studies...

Good Drinks (GDA) - Balancing Brewing

November 13, 2023

GDA continues to expand sales in a slowing beer market, indicating sales and marketing dollars have been well spent. The intention to make further inroads while smaller scale peers struggle is a sound strategy but needs balancing against the short-term earnings impact. The Hospitality venue strategy has been very...

New Research - NexGen Energy (NXG) - Provincial Level Approvals

November 10, 2023

NXG has received full Provincial Environmental Assessment approval for the Rook I Project. Receipt of this approval clears the way for early works and Federal approval advancement. Argonaut considers Rook I to be the world’s best undeveloped uranium project. Uranium prices continue to strengthen, lifting equities across the sector....

MLG Oz (MLG) - Trend Extends

November 8, 2023

Positive signs in the last half have extended into FY24 with 1Q improvements in revenue and margin. MLG’s target for the latter is 15%, yet we find MLG is trading on attractive multiples even under more conservative assumptions. We retain a BUY call on valuation, an encouraging trend, and...

Argonaut September Quarterly Gold Charts

November 3, 2023

September Results: September quarterly gold price averaged A$2941/oz, down 1% QoQ (JQ of A$2961/oz). Normal seasonality was in full force with SQ production 12% lower than the JQ (compared to a 7% decrease PoP). Despite a decrease in gold price and output, most companies continued to generate cash. This...

Westgold (WGX) - September Quarter

November 2, 2023

Westgold delivered another strong cash generating quarter in September adding $25M to the treasury after a notional $5M hedge liability (now closed), with the sale of listed investments contributing $2M. Performance was closely aligned to our model in which we forecast cash build of $24M. We update our modelled...

Austal (ASB) - Broader Business Brings Visibility

October 30, 2023

We upgrade to BUY on the back of an order book that will keep ASB busy into the next decade. The steel capability in the US has diversified the business, providing long-term opportunities that more than offset near-term margin uncertainty.  To access the full report please log in under the...

New Research - Gold Road Resources (GOR) - Building Cash

October 27, 2023

Gruyere production was within guidance, delivering a record free cash flow for the quarter of A$51.7M from 44koz of production. Gruyere’s simplicity is one of its key strengths and continues to deliver to plan with sector leading margins. We believe GOR’s next move in the M&A sphere is likely...