Argonaut | The Natural Choice in Resources

Argonaut is a full service advisory, stockbroking & research and investment house with offices in Perth and Hong Kong. Argonaut is technically driven & focused on natural resource companies & businesses that service the metals, mining, energy and agri-business sectors. Argonaut has an established track record of creating significant wealth for clients.

Morning Notes

The Dow Jones Industrial Average fell 59 points, or 0.2%, to 24753. The S&P 500 lost 6 points, or 0.2%, to 2721, and the Nasdaq Composite edged up 9.42 points, or 0.1%, to 7433.85. For the week, the Dow industrials rose 0.2%, while the S&P 500 added 0.3% and the Nasdaq climbed 1.1%. Trading was quiet Friday, with some traders attributing the lull to a dearth of activity ahead of the long weekend. U.S. financial markets are closed Monday in observance of the Memorial Day holiday. Shares of utilities rallied throughout the week as investors flocked to bond like stocks that tend to do well in times of market volatility. The gains helped offset steep losses in the S&P 500 energy sector, which fell Friday and posted a 4.5% weekly loss as U.S. crude oil prices tumbled. The US Gold Price Decreased 0.2% to record 1301.20 US$/oz.

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Latest Research

Argonaut recently attended a site visit to Doray\'s (DRM) Deflector Mine. We noted a number of recent changes which potentially change project scope going forward. These zones are yet to be incorporated into reserves and the Deflector mine plan, but we see considerable potential for the new mineralisation to add to the mine life and production upside. On our new modelled forecasts DRM trades at an undemanding 4x EV/FCF for FY19, incorporating our forecasts for ~80kozpa Au production and 3.5Kt Cu at AISC of <$1,000oz. Key news flow will include resource upgrades and the potential for increased production via the development of the Link Splay and Da Vinci Lodes by mid-year. BUY (prior HOLD), TP $0.41ps.

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Latest News

Argonaut advised 88 Energy Limited (ASX: 88E) (“88E”) on the refinancing of its outstanding loan of US$16.5 million with Bank of America.
Whilst the commercial terms of the agreement remain confidential, the transaction was completed on substantially similar terms to the original loan agreement.

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