Congratulations to Gold Road Resources Limited

Argonaut, acting as Sole Lead Manager and Global Bookrunner for Gold Road Resources Limited (ASX: GOR) (“Gold Road”), has been successful in the Placement of 77.3 million new ordinary shares at an issue price of A$0.30 per share to new and existing institutional and sophisticated investors. The placement to raise A$23.2 million, was strongly oversubscribed and the calibre of the participants is testimony to the quality of Gold Road’s exploration projects.


Morning Notes

U.S. stocks rallied Tuesday after upbeat earnings from Apple Inc. and reports that the European Central Bank was considering buying corporate bonds. The Dow Jones Industrial Average rose 215 points, or 1.3%, to 16615. The S&P 500 gained 37 points, or 2.0%, to 1941. U.S. and European shares were also buoyed by reports that the ECB was considering purchases of corporate bonds, a move that would strengthen the bank's stimulus efforts. Still, The Wall Street Journal reported that no specific plan has been discussed. Energy stocks rose 2.5%, with the sector posting the biggest gain on the S&P 500. The sector has fallen 5.2% this month as oil prices tumbled.

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Latest Research

By cutting back on capex ASL has shown that it can deliver positive free cash flow, even when times are tough. We expect this to be the case in FY15 despite ASL providing EBITDA guidance of $150-160m, below the $174m generated in FY14. However a 2H earnings weighting, likely additional impairments, and heightened commodity and client risk will sideline investors in the short term. We downgrade to hold on a revised $1.00 price target (prior $1.50) until we see mining sector stability and evidence of an earnings recovery.

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