Mutiny Gold and Doray Minerals to Merge
Argonaut has acted as financial advisor to Mutiny Gold Limited (ASX: MYG) (“Mutiny”) on the proposed merger with Doray Minerals Limited (ASX: DRM) (“Doray) to form a leading mid-tier, high-grade Western Australian gold company with substantial growth prospects which is expected to fill a growing investment void in the ASX gold sector and provide an attractive investment proposition for existing and new shareholders.
U.S. stocks rose Thursday on the back of some strong corporate earnings, though traders were forced to wrestle with a significant technical glitch for New York Stock Exchange stocks. A strong earnings report from Visa Inc. had spurred a sharp advance in the Dow industrials, when at mid-afternoon a consolidated feed for quotes and trades went down. The Securities Information Processor for stocks listed on the New York Stock Exchange experienced "market-wide issues" for about one hour. The Dow Jones Industrial Average rose 221.1 points, or 1.3%, to 17195.4. The S&P 500 index gained 12.35 points, or 0.6%, to 1994.6, while the Nasdaq Composite Index tacked on 16.9 points, or 0.4%, to 4566.1.More >
Renaissance Minerals (RNS) released results from its Scoping Study (SS), confirming an economic case at Okvau. The results were mostly in-line with Argonaut’s expectation, with the exception of strip ratio and overall inventory (see page 2). The project parameters are expected to improve with further drilling and optimisation. Assuming a debt / equity ratio of 60 / 40, Argonaut’s valuation for RNS is 12c. The delineation of additional ounces within the Okvau district, which Argonaut considers highly likely, will significantly enhance project economics. The stock remains one of Argonaut’s preferred gold explorers. Speculative Buy recommendation maintained.More >