External broker reports(aggregated public sources), Argonaut

Argonaut

External broker reports(aggregated public sources)

Argonaut’s research focuses on Metals & Mining, Energy, Agribusiness, Businesses and Contractors that service the natural resource sector and select Industrial companies and where warranted, the research team covers special situations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Aura Energy Ltd. explores for uranium in Australia.

<ul><li>AEE has lifted reserves by 49% and has outlined a growth study which has shown optionality to lift production from ~1.8mlbpa to ~3.0mlbpa and ~4.0mlbpa bringing forward production under two scenarios.</li><li>Updates on contracting and funding are key near-term catalysts.</li><li>We believe the timing of Tiris development and ramp-up coincides with tightness in the uranium market, driving economic upside from our near-term bullish price outlook.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AEE has lifted reserves by 49% and has outlined a growth study which has shown optionality to lift production from ~1.8mlbpa to ~3.0mlbpa and ~4.0mlbpa bringing forward production under two scenarios.Updates on contracting and funding are key near-term catalysts.We believe the timing of Tiris development and ramp-up coincides with tightness in the uranium market, driving economic upside from our near-term bullish price outlook.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aura Energy (AEE) - Options for Growth Beyond 2.0mlbpa

Civmec Ltd. is an integrated multi-disciplinary construction and heavy engineering services provider to the oil and gas, mining and other industries, such as the infrastructure, utilities, chemical and power industries. The Company provides heavy engineering and other services including fabrication, site civil works, pre-cast concrete and maintenance services.

<ul><li>We initiate on Civmec with a BUY call and a $1.55 valuation. Civmec has grown to become a large business with key strategic assets anchoring growth.</li><li>These also support the bolder ambition to be a key player in the growing shipbuilding industry on the west coast.</li><li>Civmec is a multidisciplinary construction and engineering services provider to the Energy, Resources, Infrastructure, Marine and Defence sectors</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We initiate on Civmec with a BUY call and a $1.55 valuation. Civmec has grown to become a large business with key strategic assets anchoring growth.These also support the bolder ambition to be a key player in the growing shipbuilding industry on the west coast.Civmec is a multidisciplinary construction and engineering services provider to the Energy, Resources, Infrastructure, Marine and Defence sectorsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Civmec (CVL) - Key Strategic Locations – Initiation

<ul><li>Delays in awards this half are expected to impact activity levels in 2H25 and we have pulled back our FY25 EBITDA forecast by 4% as a result.</li><li>As an offset, the contract award of a $90-100M shiploader as an OEM demonstrates one of a range of opportunities for longer-term growth.</li><li>We maintain a BUY call on a revised valuation of $1.52 (prior $1.55).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Delays in awards this half are expected to impact activity levels in 2H25 and we have pulled back our FY25 EBITDA forecast by 4% as a result.As an offset, the contract award of a $90-100M shiploader as an OEM demonstrates one of a range of opportunities for longer-term growth.We maintain a BUY call on a revised valuation of $1.52 (prior $1.55).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Austin Engineering Limited manufactures steel products.  The Company produces structural steel and pipe work and fabricates steel plate along with operating blasting and painting facilities.

<ul>
<li>We initiate on Austin with a BUY call and a $0.70 valuation.</li>
<li>The Austin 2.0 strategy, supported by a sound balance sheet, has been well executed to date.</li>
<li>We expect scale, process efficiencies, and design leadership to underpin Austin’s future growth.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


We initiate on Austin with a BUY call and a $0.70 valuation.
The Austin 2.0 strategy, supported by a sound balance sheet, has been well executed to date.
We expect scale, process efficiencies, and design leadership to underpin Austin’s future growth.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Austin Engineering (ANG) - All Regions Firing – Initiation

Northern Minerals Limited is a mineral exploration company. The Company is primarily focused on Uranium and Rare Earth exploration and development in Western Australia and the Northern Territory.

<ul><li>Intervention by the Australian Government is likely to prevent increased Chinese influence on NTU.</li><li>The Browns Range project hosts uniquely enriched heavy rare earth element minerals.</li><li>Maintaining western control of the asset has become a strategic imperative.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Intervention by the Australian Government is likely to prevent increased Chinese influence on NTU.The Browns Range project hosts uniquely enriched heavy rare earth element minerals.Maintaining western control of the asset has become a strategic imperative.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Northern Minerals (NTU) - Strategic Imperative