News

Argonaut Congratulates Metro Mining on Transformational Capital Raising

Argonaut acting as Lead Manager has successfully raised A$38 million for Metro Mining Limited (ASX: MMI) (“Metro”) via a two tranche placement to Australian and international institutional investors at an issue price of A$0.135 per share. The placement was heavily oversubscribed with significant demand generated from existing and new institutional investors.

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Morning Notes

U.S. stock indexes retreated from records Thursday, weighed down by a stream of downbeat earnings. The day's moves marked a pause for stock indexes after they rose to fresh highs Wednesday. The Dow Jones Industrial Average was off less than 0.1% in the last half-hour of trading, dragging down by index heavyweights like Apple, Boeing and Goldman Sachs Group. Apple fell 2.6% following reports that a new cellular feature on the Apple Watch was disabled in China. The S&P 500 fell 0.1% and the Nasdaq Composite lost 0.4%, pressured by declines in technology stocks.

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Latest Research

Sandfire Resources (SFR) released September Q results with 15.3kt copper and 10.7koz gold in concentrate, down 11% and up 10% respectively QoQ. Production was impacted by planned outages and elevated talc in ore which affected copper recoveries. C1 cash costs remained low at US$0.95/lb. During the Q, development commenced on the Monty underground with the first cut into the decline and first ore from this mine is expected in ~12 months. Cash declined $10m to $117m after a ~$20m dividend payment during the Q. While SFR has strong tailwinds from rising copper prices, negligible debt and low capital commitments, we remain concerned with the lack of exploration success in the Doolgunna region and the limited mine life. Due to share price gain we downgrade to HOLD (from BUY) with a $6.10 target.

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