The Argonaut Algorithm: Fundie David Franklyn’s key takeaways from March reporting season - Stockhead24 Apr 2025 11:27
Argonaut Funds Management’s David Franklyn joins Stockhead to share investing secrets from the high-conviction resource sector investing fund, including his junior stock pick of the month.
While the market’s attention has been inexorably turned to the Trump-China trade war, global economic fears, tariffs and war, the world has kept turning.
That includes those of miners, who are deep in one of the key reporting seasons of the year, delivering results to the market peeling back the layers on how their operations performed in the March quarter.
These are key moments for analysts and fund managers, who get to assess which stocks surprised to the upside and downside, or have hidden info that could provide clues about future performance.
This month, Argonaut’s David Franklyn joined Stockhead to share some of his highlights from the first week of the ASX mining sector’s reporting season....
Greatland Gold (LSE:GGP)
Greatland Gold is a major position for Argonaut in both the Natural Resources Fund and Gold Fund.
And its first full quarter in charge of the formerly Newmont owned Telfer gold mine in WA’s Pilbara delivered with around 90,000oz of gold and 3000t of copper, the latter a handy by-product credit to reduce costs.
“The big issue with this asset was what kind of production can they drag out of the Telfer asset while they’re waiting for Havieron to come on stream in sort of ’28-29 and they gave some guidance there as well,” Franklyn said.
“They’re looking between the 300-340,000oz in ’26, 260-300,000oz in ’27, which really fills that gap, and we think there’s still work to do on exploration and increasing the reserve base.”
While the US$475m acquisition price seemed hefty last year, GGP is set to pay for the acquisition within 12-18 months given current gold prices.
But Franklyn says Telfer and the nearby Havieron development will be one of the “great long term assets” in the Australian market, with a mid-year secondary listing on the ASX to put the ~$4bn capped Andrew Forrest backed company on the radar of even more institutions....
https://stockhead.com.au/resources/the-argonaut-algorithm-fundie-david-franklyns-key-takeaways-from-march-reporting-season/
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