Argonaut welcomes Andrew Muir and James Wilson
Argonaut is pleased to announce the appointments of Andrew Muir and James Wilson. Andrew has joined Argonaut in the role of Associate Director in the Corporate Finance team and commenced on Tuesday 19 July 2016. Andrew has extensive industry experience having worked as both an exploration and mine geologist for 12 years with various companies and as a Metals & Mining research analyst for the past 10 years with Hartleys and JP Morgan.
A deluge of earnings reports swung individual stocks but left major indexes little changed. In general, stocks haven't moved much lately, a worrying sign to some investors who wanted to see sustained momentum after major indexes repeatedly hit new highs earlier in July. Many investors had expressed hopes that a stream of stronger-than-expected corporate earnings would propel stocks further. Yet with more than half of S&P 500 companies having reported their second quarter results, the index has moved an average of 14 points between its daily low and daily high this month through Wednesday -- its narrowest trading range since November 2014.More >
Resolute (RSG) delivered 83koz @ AISC A$1107 during the June quarter, beating Argonaut’s estimate of 78koz Au. The balance sheet improved significantly during the quarter with net cash increasing to A$102m (from A$19m March Q). Underpinning strong financial performance was the significant uptick in Syama production to 61koz Au (from 53koz March Q. +15% q-o-q), principally due to a 25% ramp up in sulphide production. The Syama underground was approved to move the project to 250kozpa, Ravenswood extension was approved and Bibiani in Ghana showed positive feasibility outcomes. We have upgraded our target price to account for improved output and the increase in net cash, but we retain our HOLD recommendation due to share price appreciation.More >