News

Argonaut congratulates St George Mining on Capital Raising

Argonaut, as Co-Manager, has been successful in raising A$6.47 million for St George Mining Limited (ASX: SGQ) (“St George”) to both Australian and overseas institutional and sophisticated investors of 43,165,470 new ordinary shares at an issue price of A$0.15 per share. Proceeds from the capital raising will enable St George to continue exploration activities at the Mt Alexander Project

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Morning Notes

U.S. stocks slipped in quiet trade Wednesday, while the price of oil took a fresh fall. The slight pullback came a day after major stock indexes flirted with all-time highs. The S&P 500 has hit new records 11 times since early July. Still, investors remain cautious. Oil and metals prices both declined, weighing on mining companies. The S&P 500 materials sector fell 1%. With few major catalysts on the economic calendar, the bulk of market attention was focused on Friday's Jackson Hole conference, where U.S. Federal Reserve Chairwoman Janet Yellen is slated to speak. Any clues on the timing of the next interest-rate rise could steer the dollar and offer fresh direction for markets, analysts say. In European markets, the Stoxx Europe 600 rose 0.4% as advances in banks and media in the basic-resources sector.

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Latest Research

Evolution Mining (EVN) has announced it has reached a binding agreement to purchase an economic interest in Glencore’s Ernest Henry operation in Queensland for A$880m. In addition, EVN has entered into a strategic alliance with Glencore for future acquisitions and exploration. Highlights of the transaction include low cost production AISC -A$59/oz and major capital recently completed supporting an 11-year mine life. The transaction will be funded via a 2 for 15 underwritten accelerated renounceable entitlement offer to raise $401m at $2.05ps plus an additional $500m in debt. We believe the combination high quality assets at Cowal and now Ernest Henry will drive the long term value. We upgrade to a BUY recommendation (from HOLD) and pro-forma target price of $2.52ps.

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