Argonaut’s Best Undeveloped Projects

Argonaut has completed a review of the best undeveloped metals and mining projects held by ASX listed companies and identified 11 compelling project opportunities. In addition we review a further 10 earlier stage projects that are likely to meet Argonaut’s key selection criteria within the next 12 months for special mention.


Morning Notes

U.S. stocks extended their gains after the Federal Reserve retained its pledge to keep interest rates low for a "considerable time." The Dow Jones Industrial Average was up 288 points, or 1.7%, to 17,357. The S&P 500 index advanced 40 points, or 2.0%, to 2,013 and the Nasdaq Composite added 77 points, or 1.7%, to 4625. The Russell 2000, the benchmark for small-capitalization stocks, rose 2.1%.

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Latest Research

Sirius Resources (SIR) has secured debt funding for its Nova Ni/Cu project. The package comprises a A$420m project development tranche and a A$20m cost over-run facility syndicated between four banks. Terms of the facility are favourable with low interest rates, no hedging and flexibility for early repayment, which reflects the robust economics of the project. The Company is in a strong financial position moving into construction with surplus ~$215m cash and undrawn debt to the DFS estimated $473m development capex. Argonaut considers SIR to be deep value, with little value attributed in the current share price to strategic appeal and exploration upside for the Fraser Range or Polar Bear.

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