Argonaut congratulates Gage Roads on Capital Raising

Argonaut, as Lead Manager to the Placement and Underwriter to the Entitlements Offer, has successfully raised A$10.1 million for Gage Roads Brewing Co Limited (ASX: GRB) (“Gage Roads” or “the Company”) via a placement to institutional investors of $1.6 million in September and a fully underwritten 4 for 5 non-renounceable entitlement issue to existing shareholders to raise a further $8.5 million.


Morning Notes

U.S. stocks rose Monday as companies unleashed a fresh round of deals and earnings. Technology shares rose broadly, helping lift the Nasdaq and leading gains in the S&P 500. Monday's moves came after the S&P 500 snapped a two-week losing streak on Friday following deal talks and better-than-expected earnings. By the end of this week, 292 companies in the S&P 500 are expected to have reported earnings, according to FactSet.

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Latest Research

OZ Minerals (OZL) released September Q production with 28.7kt Cu and 28.5koz Au at US$0.71/lb C1 costs (vs Argonaut forecast of 30kt Cu and 32koz Au at US$0.78/lb). The Company’s cash balance declined $55m to $509m, primarily driven by an $81m increase in working capital. We are seeing a strong focus on growth from OZL, with Carrapateena rolling forward and numerous joint ventures (JV) progressing with ASX juniors. Of the exploration projects, Argonaut is highly encouraged by the recent mineralisation intercepted at the Eloise joint venture (JV) with Minotaur Exploration (MEP), in Queensland. We believe there is a high probability of success from further drilling.

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