Northern Star (NST) - Hanging On Old Pledges

January 21, 2022

Flat output and rising costs have prevailed across the last two years for Northern Star, counter to the script laid out in 2020. We recommend seeking gold exposure elsewhere for a while in case expectations need to be reset. To access the full report please log in under the Client...

OreCorp (ORR) - Pivotal Quarter

January 21, 2022

OreCorp has reported its December 2021 quarterly activities. This was a pivotal quarter for the company with the Special Mining Licence grant allowing the company to kick-off finance and development plans in earnest. At Nyanzaga, drilling was completed on near-mine targets and the DFS was progressed. Subsequent to quarter...

WA Gold Explorers/Developers - Gold Projects In Select Non-Producing ASX Listed Companies - Map

January 20, 2022

Argonaut has compiled a map outlining select projects in non-producing companies with Resource estimates >1Moz Au, or potential to achieve >1Moz in the near term.  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...

Family Zone (FZO) - December Quarter

January 20, 2022

Growing student numbers, higher revenue per student, and lower direct costs per student augurs well for gross margin.  Trends across these metrics look good and reflect a broader product suite and wider markets.  Key will be where fixed costs settle in coming periods, as this will provide an indication...

Perenti (PRN) - Work In Progress

January 18, 2022

As sector research recently highlighted, we sense a period of heightened short-term risks to labour, costs and margin.  Longer term the strategy and capital management policy should result in a business generating better and faster returns on its assets, indicating value upside.  For now the former holds sway and...

Austal (ASB) - Life Beyond LCS

January 17, 2022

We expect replacement shipbuilding post the maturing LCS and EPF programmes, and an increasing contribution from sustainment work.  An earnings “valley” until new work kicks in is likely, and after taking this into account the stock looks undervalued.  We believe investors should turn their attention from LCS’s to a...

220113 Mining Services - Speedhumps

January 13, 2022

Early in the current mining cycle we highlight services companies likely to both benefit from the bullish outlook and that are better placed to handle elevated near-term risks. To access the full report please log in under the Client Area at the bottom of this page.    Argonaut’s Client Area allows...

Genesis Minerals (GMD) - Share Consolidation

January 11, 2022

Genesis has completed a 10 to 1 capital consolidation. We have adjusted our long-term AUD:USD assumption from 0.75 to 0.725. We have also slightly revised upwards our assumed equity raise price in our model to factor in GMD’s sustained strong share price. These changes have resulted in a revised...

2021 Metals and Mining IPOs Review

January 10, 2022

Argonaut has reviewed listing data for all Initial Public Offerings completed on the ASX during 2021 and compiled key data for Metals and Mining companies. We discuss key themes and stand-out individual stock performances. We also ask the question, against the backdrop of labour shortages, low contractor availability, and...