Autism West Supporter Acknowledgment

Autism West has provided Argonaut with a plaque in recognition of our support for Autism West at a Cocktail Party held at Royal Freshwater Bay Yacht Club. The plaque was presented, acknowledging those who have provided Autism West with long term support and assistance. Guest speakers at the event were Olympian Kieren Perkins and Olympic Coach Laurie Lawrence.


Morning Notes

U.S. stocks gained broadly Wednesday, bringing the S&P 500 index into positive territory for the year. Rising hopes of economic stimulus from Asia and a sharp two-day rally from highflying stocks helped bolster investor confidence. The Dow Jones Industrial Average rose 162 points, or 1.0%, to end at 16,425, notching its biggest three-day gain this year. The S&P 500 index advanced 19 points, or 1.0%, to 1,862, with all 10 sectors higher. The Nasdaq Composite Index climbed 52 points, or 1.3%, to 4,086.

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Latest Research

OZ Minerals (OZL) has released March Q production results with 18.2kt copper and 33.8Koz gold in concentrate vs 18.1kt Cu and 37.1Koz in the December Q, beating Argonaut’s forecast of 15.5kt Cu and 38.3koz Au. Cash costs were down significantly to US$1.35/lb (vs US$1.50/lb in December Q) driven by lower open pit and underground mining units costs and a higher mill feed grade. A maiden Reserve is expected on the Malu underground in the current Q as well as a maiden Resource on the Khamsin deposit. Argonaut believes that Khamsin may be used to sweeten a potential transaction on Carrapateena. Argonaut upgrades OZL to a BUY (previously HOLD) with an increased target price of $4.50. Our upgrade follows increasing confidence that the open pit production issues of 2013 are now behind the Company.

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