News

Argonaut congratulates Gold Road Resources on Capital Raising

Argonaut as Joint Lead Manager has been successful in a heavily oversubscribed raising of A$74 million for Gold Road Resources Limited (ASX: GOR) (“Gold Road”) to new and existing institutional investors both in Australia and overseas including cornerstone investment by three high quality North American investors and a retail entitlement offer at an issue price of A$0.44 per share, together with Macquarie Capital (Australia) Limited.

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Morning Notes

U.S. stock markets and U.S. government bond markets were closed Monday for the Memorial Day holiday. However, the dollar edged higher on Monday as investors considered the prospect of a U.S. interest rate rise in the coming months. The moves came on a quiet day of trading, with stocks markets in the U.S. and U.K. closed for holidays. The timing of the Fed's next rate increase has been a key consideration for investors this year. Fed officials scaling back plans to raise rates by a percentage point in 2016 helped spur a rally in riskier assets and a decline in the dollar earlier this year.

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Latest Research

Troy Resources (TRY) provided an update at its 100% owned Karouni operation in Guyana, which declared commercial production in February. Due to the recent mill performance and expected remediation work, CY16 production is likely to be at the lower end of the previous guidance range of 100-120koz. Whilst disappointing, Argonaut notes that “teething issues” during the ramp up phase are not uncommon, and the impact from this particular issue is likely to be short term. We reduce our CY16 production estimate to 105koz (was 113koz) and valuation to A$0.68 (was A$0.70). BUY maintained. Improved weather conditions, higher expected head grades and a higher percentage of fresh material should translate to materially better production in H2 CY16. Additional catalyst includes the commencement of an exploration program, targeting N-S veins and testing the underground potential at Smarts.

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