Argonaut, a Perth-based broker, has released its latest ‘Best Undeveloped Projects’ list, highlighting 25 projects with the potential to become significant mining operations. This annual guide, now in its tenth year, identifies promising projects yet to enter construction. Companies featured on the list have historically shown strong performance, with key picks achieving cumulative gains of 212% over the past decade, surpassing the ASX 200’s 61% and the small resources index’s 123%.
Argonaut’s selection criteria focus on projects with low costs, high margins, and internal rates of return exceeding 25%. Projects must be profitable across various market conditions and commodity price cycles, with a high likelihood of reaching a valuation above $100 million within 24 months. The firm also stipulates that project owners must have a valuation of less than $5 billion. The list includes projects across various commodities, including gold, copper, uranium, and critical minerals.
Among the key picks for 2024 are AIC Mines’ Jericho copper project, FireFly Metals’ Green Bay copper project, and Centaurus Metals’ Jaguar nickel project in Brazil. Gold assets make up a significant portion of the list, featuring companies like Greatland Resources, Perseus Mining, and Capricorn Metals. Special mentions include Brightstar Resources, Minerals 260, and Turaco Gold.
Argonaut is a well-regarded Australian stockbroking and corporate finance house. The company provides services including corporate advice, equity and debt raising, and research to a range of clients in the resources sector. This year’s list reflects a strong belief in the decarbonisation trend, with future-facing metals such as lithium, rare earth elements, copper, niobium, and uranium all represented. The list serves as a valuable resource for investors seeking promising opportunities in the mining sector.
