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60th ​Annual Louth Cup 2018 | Photos

60th ​Annual Louth Cup 2018 | Photos

Ethan Muddle, Graham Lyall, Hayley Follett and Mal Muddle from Port Stephens. Photos: Zaarkacha Marlan

Michelle Dunn, Carene Stephens, Kira Knight and Letiticia Tiffen from Taree and Bourke.

Tex, Archie Harding and Tom Powell from Narromine.

People from across Australia gathered together in the tiny town of Louth for the annual race weekend.

Georgia Dally from Broken Hill with Meg Schaefer from Grenfell.

Kate Hessel, Sav Bowman, Sophie McKenzie and Emily Barwick from Forbes.

Emily Pitt and Emily Currans from Nyngan.

Tamara Ingold, Bek Cunial, Olivia Carusi and Natasha Ings from Griffith.

Beau and Natasha Ings from Griffith.

Meghan Brumby from Binya and Rose Byrne from Hillston.

Rose Byrne, Chris Green with Matt Winkel from Burrenjunction and Will Thorncraft from Yeoval.

Elizabeth and Howard Hoper from Dubbo with Elaine Cook and Shane Luford from Sydney celebrating the Cup's 60th anniversary featuring each winner.

Mark Hawk..

60th ​Annual Louth Cup 2018 | Photos

  • Ethan Muddle, Graham Lyall, Hayley Follett and Mal Muddle from Port Stephens. Photos: Zaarkacha Marlan

  • Michelle Dunn, Carene Stephens, Kira Knight and Letiticia Tiffen from Taree and Bourke.

    Michelle Dunn, Carene Stephens, Kira Knight and Letiticia Tiffen from Taree and Bourke.

  • Tex, Archie Harding and Tom Powell from Narromine.

    Tex, Archie Harding and Tom Powell from Narromine.

  • People from across Australia gathered together in the tiny town of Louth for the annual race weekend.

    People from across Australia gathered together in the tiny town of Louth for the annual race weekend.

  • Georgia Dally from Broken Hill with Meg Schaefer from Grenfell.

    Georgia Dally from Broken Hill with Meg Schaefer from Grenfell.

  • Kate Hessel, Sav Bowman, Sophie McKenzie and Emily Barwick from Forbes.

    Kate Hessel, Sav Bowman, Sophie McKenzie and Emily Barwick from Forbes.

  • Emily Pitt and Emily Currans from Nyngan.

    Emily Pitt and Emily Currans from Nyngan.

  • Tamara Ingold, Bek Cunial, Olivia Carusi and Natasha Ings from Griffith.

    Tamara Ingold, Bek Cunial, Olivia Carusi and Natasha Ings from Griffith.

  • 60th ​Annual Louth Cup 2018 | Photos
  • Beau and Natasha Ings from Griffith.

    Beau and Natasha Ings from Griffith.

  • Meghan Brumby from Binya and Rose Byrne from Hillston.

    Meghan Brumby from Binya and Rose Byrne from Hillston.

  • Rose Byrne, Chris Green with Matt Winkel from Burrenjunction and Will Thorncraft from Yeoval.

    Rose Byrne, Chris Green with Matt Winkel from Burrenjunction and Will Thorncraft from Yeoval.

  • Elizabeth and Howard Hoper from Dubbo with Elaine Cook and Shane Luford from Sydney celebrating the Cup's 60th anniversary featuring each winner.

    Elizabeth and Howard Hoper from Dubbo with Elaine Cook and Shane Luford from Sydney celebrating the Cup's 60th anniversary featuring each winner.

  • Mark Hawke from Dubbo with Jonny Mac and Tony Falkenhagen from Louth.

    Mark Hawke from Dubbo with Jonny Mac and Tony Falkenhagen from Louth.

  • Cassie Collett from Coffs Harbour with Emily Rogers from Dubbo.

    Cassie Collett from Coffs Harbour with Emily Rogers from Dubbo.

  • Caitlyn Rose and Katie White from Nyngan.

    Caitlyn Rose and Katie White from Nyngan.

  • Fran and Rick Bennetts from Mount Barker Western Australia.

    Fran and Rick Bennetts from Mount Barker Western Australia.

  • Laura, Anthony, Monique, Rocky, Luke, Kiarra and Darcey from Melbourne and Lake Cargelligo.

    Laura, Anthony, Monique, Rocky, Luke, Kiarra and Darcey from Melbourne and Lake Cargelligo.

  • Mark and Zeita from Yeoval.

    Mark and Zeita from Yeoval.

  • Felicity Weal from Cowra with Ashley Hudson from Orange.

    Felicity Weal from Cowra with Ashley Hudson from Orange.

  • Samantha, Amy, Melissa, Debbie with little Morgan visiting from Kyabram Victoria.

    Samantha, Amy, Melissa, Debbie with little Morgan visiting from Kyabram Victoria.

  • Jess, Brad and Jeff from Dubbo.

    Jess, Brad and Jeff from Dubbo.

  • 60th ​Annual Louth Cup 2018 | Photos
  • Hannah, Kirsten, Mandy and Melissa from Bourke.

    Hannah, Kirsten, Mandy and Melissa from Bourke.

  • Woody and Jesse a.k.a Barry and Donna from Wollongong.

    Woody and Jesse a.k.a Barry and Donna from Wollongong.

  • (Front) Anna Robson, Robert Thomas (Coonamble), Marie Kruger (Queensland) with Stephan Buckly (Bathurst) and Virginia Harvey (Lauriton).

    (Front) Anna Robson, Robert Thomas (Coonamble), Marie Kruger (Queensland) with Stephan Buckly (Bathurst) and Virginia Harvey (Lauriton).

  • Sam, Sarah and Jenny from Louth and great grandchildren of Dermot Murray.

    Sam, Sarah and Jenny from Louth and great grandchildren of Dermot Murray.

  • Ellie Smith and Rachel Kelly.

    Ellie Smith and Rachel Kelly.

  • Phillip Ridge (Bourke), Murray Bragg (Brewarrina), Di Ridge (Bourke) and George Falkiner (Warren).

    Phillip Ridge (Bourke), Murray Bragg (Brewarrina), Di Ridge (Bourke) and George Falkiner (Warren).

  • Emily and Lachlan from Sydney with Kerrie and Kylie from Molong and Cobar.

    Emily and Lachlan from Sydney with Kerrie and Kylie from Molong and Cobar.

  • Megan Baty from Hungerford was celebrating her 18th Birthday in style with Rebecca Bennett from Louth.

    Megan Baty from Hungerford was celebrating her 18th Birthday in style with Rebecca Bennett from Louth.

  • Committee members Cheryl Hayman, John Mcinnes, Jason Boede and John Hayman looking after the gate.

    Committee members Cheryl Hayman, John Mcinnes, Jason Boede and John Hayman looking after the gate.

Thousands of people hit the bitumen and eventual dirt roads for the 60th annual Louth races, and a night or two under the stars.

Over 4000 people from across Australia travel to the tiny community in the middle of remote north-west NSW that swells from fewer than 50 to thousands for one weekend every year for one of NSWs most iconic outback race meets.

READ ALSO:

It was a jam packed day with a novelty dress competition, a drought fundraiser, a record calcutta and live entertainment by the Jade Martin Band featuring Pete Riley after the last race.

This year it was horse number three, Rusty Motorbike ridden by Michael Hackett and trained by Nyngans Rodney Robb, which took out the top prize for the day in the Dermot Murray Memorial Louth Cup, this year sponsored by Landmark Walsh Hughes and Landmark Russell.

Best dressed lady in this years fashions on the field went to Condobolins Lily Ward, with Sara Jane Jackson from Bourke narrowly finishing second and Emma Burge from Narromine claiming third place.

Take a look through the gallery above to see how the 2018 cup day was enjoyed!

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Australia

Carnarvon Petroleum chairman reflects on significant milestones at AGM

Carnarvon Petroleum Ltd (ASX:CVN) is conducting its annual general meeting today in Perth where chairman Peter Leonhardt shared his views on what has been a great year for the company.

Chairmans address
A number of years ago Carnarvon set out a clear plan which focused on the highly prospective North West Shelf of Western Australia. We continued this strategy consistently and with determination despite the recent challenging industry conditions.

The highlight of this strategy so far, as you well know, has been the landmark Dorado oil and gas discovery in 2018.

To date, Dorado is this centurys largest liquids discovery in the North West Shelf of Western Australia.

It has reinforced the exploration potential which still exists in this region and further strengthens Carnarvons strategic focus.

The importance of the Dorado discovery led Carnarvon and its Joint Venture partner, Santos, to move quickly to confirm and appraise it in 2019.

Looking back on the previous year, we now have t..

Carnarvon Petroleum Ltd (ASX:CVN) is conducting its annual general meeting today in Perth where chairman Peter Leonhardt shared his views on what has been a great year for the company.

Chairmans address

A number of years ago Carnarvon set out a clear plan which focused on the highly prospective North West Shelf of Western Australia. We continued this strategy consistently and with determination despite the recent challenging industry conditions.

The highlight of this strategy so far, as you well know, has been the landmark Dorado oil and gas discovery in 2018.

To date, Dorado is this centurys largest liquids discovery in the North West Shelf of Western Australia.

It has reinforced the exploration potential which still exists in this region and further strengthens Carnarvons strategic focus.

The importance of the Dorado discovery led Carnarvon and its Joint Venture partner, Santos, to move quickly to confirm and appraise it in 2019.

Looking back on the previous year, we now have two successful Dorado appraisal wells and two fantastic flow tests over the Caley and Baxter reservoirs performed during the Dorado-3 well.

With these results, we were extremely pleased to confirm the Dorado resource and to begin working towards the first phase of its development.

The Dorado project is a unique asset because of its scale, its jurisdiction in Australia, its location in shallow water, its proximity to supporting infrastructure and the strength of the operator in Santos.

We are looking forward to providing further updates as the project progresses next year.

Carnarvon also achieved an important milestone this year in the Buffalo project. We were able to execute a Production Sharing Contract with the Government of Timor-Leste on terms similar to those enjoyed in Australian. As you may recall the governments of Australia and Timor-Leste agreed to a Maritime Boundary Treaty between the two Nations. A result of the Treaty being that the Buffalo project will be conducted under Timor-Leste jurisdiction.

I feel it is important to reinforce that a key element of the Maritime Boundary Treaty was that the affected Companies would retain fiscal equivalence. Following extensive negotiations, the Buffalo PSC achieves a similar net-back to Carnarvon after government taxes and duties when compared to Australias offshore PRRT and income tax regimes.

With the PSC process now complete, Carnarvon has claRead More – Source

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Australia

Macarthur Minerals attracts pre-listing buy recommendation and 6-month price target of 43 cents

Macarthur Minerals Limited (CVE:MMS) (ASX:MIO proposed) has attracted strong interest in its proposal to list on the ASX and this is supported by a buy recommendation from Breakaway Research along with a 6-month price target of 43 cents.

In a research report, Breakaway said the listing would enable the company to profile its “valuable” Lake Giles Iron Ore Project in WA “to an investor base more familiar with the earnings and cash flow potential of the project and its strategic positioning which is driven by rail and port access”.

Lake Giles is 175 kilometres northwest of Kalgoorlie and has substantial magnetite resources at Moonstone project and hematite resources across a number of deposits at the Ularring project.

Macarthur plans to exploit the hematite resource through tribute mining and to focus on the high-value, high-grade magnetite resource.

After working the project for the last 7-8 years, Breakaway said Macarthur had tailored the project to optimise future and growing dema..

Macarthur Minerals Limited (CVE:MMS) (ASX:MIO proposed) has attracted strong interest in its proposal to list on the ASX and this is supported by a buy recommendation from Breakaway Research along with a 6-month price target of 43 cents.

In a research report, Breakaway said the listing would enable the company to profile its “valuable” Lake Giles Iron Ore Project in WA “to an investor base more familiar with the earnings and cash flow potential of the project and its strategic positioning which is driven by rail and port access”.

Lake Giles is 175 kilometres northwest of Kalgoorlie and has substantial magnetite resources at Moonstone project and hematite resources across a number of deposits at the Ularring project.

Macarthur plans to exploit the hematite resource through tribute mining and to focus on the high-value, high-grade magnetite resource.

After working the project for the last 7-8 years, Breakaway said Macarthur had tailored the project to optimise future and growing demand for high-grade magnetite concentrate.

This strategy focuses on early cash flow targeting high-grade regions of the Lake Giles magnetite deposits.

The project will utilise available capacity on the rail network and export facilities through the Port of Esperance, which provide significantly lower transportation capex requirements than many other competing projects.

Proposed haul road from the project to Jaurdi rail siding and onto Esperance.

Lake Giles pros

Among the other benefits of Lake Giles outlined by Breakaway in the report are:

  • Metallurgically the magnetite mineralisation has attributes which place its beneficiation performance ahead of many competing magnetite deposits. These include:

– Ore hardness – Lake Giles ore has a 16.2 bond work index; – Mass Pull – Lake Giles ore has a mass pull factor in the 45% to 50% range; – Grinding – Lake Giles ore requires grinding to deliver a P80 at 45um; and – Concentrate grade: high grade at 68.5% to 69.1% iron.

  • Not surprisingly, the project delivers robust earnings and cash flows after production commences in 2022 at a 2.5 to 3.4 million tonnes per annum saleable magnetite concentrate production rate.
  • Glencore has secured a 10-year offtake agreement which will assist the company to finance the A$315 million and $151 million direct and indirect capital costs respectively.
  • Sustainable earnings and cashflows are forecast at around $60m and +$80m pa respectively and generate an NPV7.5 in excess of $900m.
  • The Lake Giles Iron Ore project is also strategically located in the Yilgarn region where several recent transactions underpin the projects value.

As part of the listing process, the company has lodged a prospectus with the ASX to raise up to A$7.5 million to complete a Bankable Feasibility Study for the Lake Giles Iron Ore Project.

The company is also planning to complete a 1 for 4 consolidation which will result in the theoretical share price exceeding A20 cents per share.

Breakaway said: "As a consequence, Macarthur Minerals should attain an ASX listing before the end of CY2019.”

Following are extracts from the Breakaway report:

The Lake Giles Iron Ore Project is approximately 175 km northwest of Kalgoorlie and encompasses 62 square kilometres of mining tenements covering the Yeriligee greenstone belt in the Yilgarn Region.

The project has specific attributes which make it superior to many competing iron ore (magnetite) projects including readily available infrastructure to enable rail hauls and export facilities as well as favourable mining and ore processing attributes.

The company and others have spent more than $62m in advancing the Lake Giles project towards development since 2006.

At steady state, the Lakes Giles Iron Ore Project will produce 3.35mt pa +65% Fe magnetite concentrate and generate a sustainable >$80m pa cash flow within a minimum 31-year project life.

Glencore offtake agreement

The attractiveness of the project is also supported by Glencore which signed a binding 10-year offtake and marketing agreement for the magnetite concentrate sales in March this year.

Indeed, this project underpins our forecast earnings and cash flows for the company and hence our valuation.

Other projects

However, the company also has a number of early-stage exploration projects covering a variety of commodities and include:

  • Gold and lithium (hardrock) projects located in the Pilbara WA;
  • Hematite blending material;
  • The Reynolds Springs lithium brine project located in Nevada, USA; and
  • Nickel and cobalt prospects on parts of the Lake Giles Iron Ore Project tenements, WA.

As the company is clearly focused on bringing the Lake Giles Iron Ore Project into production, it has investigated options for advancing these projects to realise shareholder value without incurring expenditure or significant management time.

FEL joint venture

This includes a joint venture with Fe Limited (Read More – Source

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Australia

DomaComs investment platform has role to play as investors hunt for yield

DomaCom Ltd (ASX:DCL) provided a funds under management (FUM) update at its annual general meeting (AGM) yesterday.

The investment platform as of 8 November 2019 had $61.2 million in FUM.

DomaCom generates revenues based on the FUM so its growth and profitability are directly related to its ability to grow its FUM.

The company charges 0.88% per annum (p.a.) on property assets under management, 0.44% p.a. on mortgage assets and 0.22% p.a. on cash.

Funded for growth in a large addressable market
DomaCom has raised $8.75 million since December 2018, which it says will address its remaining growth hurdle being its balance sheet.

The company noted that only 10% of its clients are using the investment platform, which it expects to rapidly rise once the balance sheet has been addressed.

DomaCom is developing multiple channels to access its target market which is self-managed superannuation funds (SMFSs).

TheRead More – Source

DomaCom Ltd (ASX:DCL) provided a funds under management (FUM) update at its annual general meeting (AGM) yesterday.

The investment platform as of 8 November 2019 had $61.2 million in FUM.

DomaCom generates revenues based on the FUM so its growth and profitability are directly related to its ability to grow its FUM.

The company charges 0.88% per annum (p.a.) on property assets under management, 0.44% p.a. on mortgage assets and 0.22% p.a. on cash.

Funded for growth in a large addressable market

DomaCom has raised $8.75 million since December 2018, which it says will address its remaining growth hurdle being its balance sheet.

The company noted that only 10% of its clients are using the investment platform, which it expects to rapidly rise once the balance sheet has been addressed.

DomaCom is developing multiple channels to access its target market which is self-managed superannuation funds (SMFSs).

TheRead More – Source

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Australia

60th ​Annual Louth Cup 2018 | Photos

60th ​Annual Louth Cup 2018 | Photos

Ethan Muddle, Graham Lyall, Hayley Follett and Mal Muddle from Port Stephens. Photos: Zaarkacha Marlan

Michelle Dunn, Carene Stephens, Kira Knight and Letiticia Tiffen from Taree and Bourke.

Tex, Archie Harding and Tom Powell from Narromine.

People from across Australia gathered together in the tiny town of Louth for the annual race weekend.

Georgia Dally from Broken Hill with Meg Schaefer from Grenfell.

Kate Hessel, Sav Bowman, Sophie McKenzie and Emily Barwick from Forbes.

Emily Pitt and Emily Currans from Nyngan.

Tamara Ingold, Bek Cunial, Olivia Carusi and Natasha Ings from Griffith.

Beau and Natasha Ings from Griffith.

Meghan Brumby from Binya and Rose Byrne from Hillston.

Rose Byrne, Chris Green with Matt Winkel from Burrenjunction and Will Thorncraft from Yeoval.

Elizabeth and Howard Hoper from Dubbo with Elaine Cook and Shane Luford from Sydney celebrating the Cup's 60th anniversary featuring each winner.

Mark Hawk..

60th ​Annual Louth Cup 2018 | Photos

  • Ethan Muddle, Graham Lyall, Hayley Follett and Mal Muddle from Port Stephens. Photos: Zaarkacha Marlan

  • Michelle Dunn, Carene Stephens, Kira Knight and Letiticia Tiffen from Taree and Bourke.

    Michelle Dunn, Carene Stephens, Kira Knight and Letiticia Tiffen from Taree and Bourke.

  • Tex, Archie Harding and Tom Powell from Narromine.

    Tex, Archie Harding and Tom Powell from Narromine.

  • People from across Australia gathered together in the tiny town of Louth for the annual race weekend.

    People from across Australia gathered together in the tiny town of Louth for the annual race weekend.

  • Georgia Dally from Broken Hill with Meg Schaefer from Grenfell.

    Georgia Dally from Broken Hill with Meg Schaefer from Grenfell.

  • Kate Hessel, Sav Bowman, Sophie McKenzie and Emily Barwick from Forbes.

    Kate Hessel, Sav Bowman, Sophie McKenzie and Emily Barwick from Forbes.

  • Emily Pitt and Emily Currans from Nyngan.

    Emily Pitt and Emily Currans from Nyngan.

  • Tamara Ingold, Bek Cunial, Olivia Carusi and Natasha Ings from Griffith.

    Tamara Ingold, Bek Cunial, Olivia Carusi and Natasha Ings from Griffith.

  • 60th ​Annual Louth Cup 2018 | Photos
  • Beau and Natasha Ings from Griffith.

    Beau and Natasha Ings from Griffith.

  • Meghan Brumby from Binya and Rose Byrne from Hillston.

    Meghan Brumby from Binya and Rose Byrne from Hillston.

  • Rose Byrne, Chris Green with Matt Winkel from Burrenjunction and Will Thorncraft from Yeoval.

    Rose Byrne, Chris Green with Matt Winkel from Burrenjunction and Will Thorncraft from Yeoval.

  • Elizabeth and Howard Hoper from Dubbo with Elaine Cook and Shane Luford from Sydney celebrating the Cup's 60th anniversary featuring each winner.

    Elizabeth and Howard Hoper from Dubbo with Elaine Cook and Shane Luford from Sydney celebrating the Cup's 60th anniversary featuring each winner.

  • Mark Hawke from Dubbo with Jonny Mac and Tony Falkenhagen from Louth.

    Mark Hawke from Dubbo with Jonny Mac and Tony Falkenhagen from Louth.

  • Cassie Collett from Coffs Harbour with Emily Rogers from Dubbo.

    Cassie Collett from Coffs Harbour with Emily Rogers from Dubbo.

  • Caitlyn Rose and Katie White from Nyngan.

    Caitlyn Rose and Katie White from Nyngan.

  • Fran and Rick Bennetts from Mount Barker Western Australia.

    Fran and Rick Bennetts from Mount Barker Western Australia.

  • Laura, Anthony, Monique, Rocky, Luke, Kiarra and Darcey from Melbourne and Lake Cargelligo.

    Laura, Anthony, Monique, Rocky, Luke, Kiarra and Darcey from Melbourne and Lake Cargelligo.

  • Mark and Zeita from Yeoval.

    Mark and Zeita from Yeoval.

  • Felicity Weal from Cowra with Ashley Hudson from Orange.

    Felicity Weal from Cowra with Ashley Hudson from Orange.

  • Samantha, Amy, Melissa, Debbie with little Morgan visiting from Kyabram Victoria.

    Samantha, Amy, Melissa, Debbie with little Morgan visiting from Kyabram Victoria.

  • Jess, Brad and Jeff from Dubbo.

    Jess, Brad and Jeff from Dubbo.

  • 60th ​Annual Louth Cup 2018 | Photos
  • Hannah, Kirsten, Mandy and Melissa from Bourke.

    Hannah, Kirsten, Mandy and Melissa from Bourke.

  • Woody and Jesse a.k.a Barry and Donna from Wollongong.

    Woody and Jesse a.k.a Barry and Donna from Wollongong.

  • (Front) Anna Robson, Robert Thomas (Coonamble), Marie Kruger (Queensland) with Stephan Buckly (Bathurst) and Virginia Harvey (Lauriton).

    (Front) Anna Robson, Robert Thomas (Coonamble), Marie Kruger (Queensland) with Stephan Buckly (Bathurst) and Virginia Harvey (Lauriton).

  • Sam, Sarah and Jenny from Louth and great grandchildren of Dermot Murray.

    Sam, Sarah and Jenny from Louth and great grandchildren of Dermot Murray.

  • Ellie Smith and Rachel Kelly.

    Ellie Smith and Rachel Kelly.

  • Phillip Ridge (Bourke), Murray Bragg (Brewarrina), Di Ridge (Bourke) and George Falkiner (Warren).

    Phillip Ridge (Bourke), Murray Bragg (Brewarrina), Di Ridge (Bourke) and George Falkiner (Warren).

  • Emily and Lachlan from Sydney with Kerrie and Kylie from Molong and Cobar.

    Emily and Lachlan from Sydney with Kerrie and Kylie from Molong and Cobar.

  • Megan Baty from Hungerford was celebrating her 18th Birthday in style with Rebecca Bennett from Louth.

    Megan Baty from Hungerford was celebrating her 18th Birthday in style with Rebecca Bennett from Louth.

  • Committee members Cheryl Hayman, John Mcinnes, Jason Boede and John Hayman looking after the gate.

    Committee members Cheryl Hayman, John Mcinnes, Jason Boede and John Hayman looking after the gate.

Thousands of people hit the bitumen and eventual dirt roads for the 60th annual Louth races, and a night or two under the stars.

Over 4000 people from across Australia travel to the tiny community in the middle of remote north-west NSW that swells from fewer than 50 to thousands for one weekend every year for one of NSWs most iconic outback race meets.

READ ALSO:

It was a jam packed day with a novelty dress competition, a drought fundraiser, a record calcutta and live entertainment by the Jade Martin Band featuring Pete Riley after the last race.

This year it was horse number three, Rusty Motorbike ridden by Michael Hackett and trained by Nyngans Rodney Robb, which took out the top prize for the day in the Dermot Murray Memorial Louth Cup, this year sponsored by Landmark Walsh Hughes and Landmark Russell.

Best dressed lady in this years fashions on the field went to Condobolins Lily Ward, with Sara Jane Jackson from Bourke narrowly finishing second and Emma Burge from Narromine claiming third place.

Take a look through the gallery above to see how the 2018 cup day was enjoyed!

[contf]
[contfnew]

Nyngan Observer

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Australia

Carnarvon Petroleum chairman reflects on significant milestones at AGM

Carnarvon Petroleum Ltd (ASX:CVN) is conducting its annual general meeting today in Perth where chairman Peter Leonhardt shared his views on what has been a great year for the company.

Chairmans address
A number of years ago Carnarvon set out a clear plan which focused on the highly prospective North West Shelf of Western Australia. We continued this strategy consistently and with determination despite the recent challenging industry conditions.

The highlight of this strategy so far, as you well know, has been the landmark Dorado oil and gas discovery in 2018.

To date, Dorado is this centurys largest liquids discovery in the North West Shelf of Western Australia.

It has reinforced the exploration potential which still exists in this region and further strengthens Carnarvons strategic focus.

The importance of the Dorado discovery led Carnarvon and its Joint Venture partner, Santos, to move quickly to confirm and appraise it in 2019.

Looking back on the previous year, we now have t..

Carnarvon Petroleum Ltd (ASX:CVN) is conducting its annual general meeting today in Perth where chairman Peter Leonhardt shared his views on what has been a great year for the company.

Chairmans address

A number of years ago Carnarvon set out a clear plan which focused on the highly prospective North West Shelf of Western Australia. We continued this strategy consistently and with determination despite the recent challenging industry conditions.

The highlight of this strategy so far, as you well know, has been the landmark Dorado oil and gas discovery in 2018.

To date, Dorado is this centurys largest liquids discovery in the North West Shelf of Western Australia.

It has reinforced the exploration potential which still exists in this region and further strengthens Carnarvons strategic focus.

The importance of the Dorado discovery led Carnarvon and its Joint Venture partner, Santos, to move quickly to confirm and appraise it in 2019.

Looking back on the previous year, we now have two successful Dorado appraisal wells and two fantastic flow tests over the Caley and Baxter reservoirs performed during the Dorado-3 well.

With these results, we were extremely pleased to confirm the Dorado resource and to begin working towards the first phase of its development.

The Dorado project is a unique asset because of its scale, its jurisdiction in Australia, its location in shallow water, its proximity to supporting infrastructure and the strength of the operator in Santos.

We are looking forward to providing further updates as the project progresses next year.

Carnarvon also achieved an important milestone this year in the Buffalo project. We were able to execute a Production Sharing Contract with the Government of Timor-Leste on terms similar to those enjoyed in Australian. As you may recall the governments of Australia and Timor-Leste agreed to a Maritime Boundary Treaty between the two Nations. A result of the Treaty being that the Buffalo project will be conducted under Timor-Leste jurisdiction.

I feel it is important to reinforce that a key element of the Maritime Boundary Treaty was that the affected Companies would retain fiscal equivalence. Following extensive negotiations, the Buffalo PSC achieves a similar net-back to Carnarvon after government taxes and duties when compared to Australias offshore PRRT and income tax regimes.

With the PSC process now complete, Carnarvon has claRead More – Source

Continue Reading

Australia

Macarthur Minerals attracts pre-listing buy recommendation and 6-month price target of 43 cents

Macarthur Minerals Limited (CVE:MMS) (ASX:MIO proposed) has attracted strong interest in its proposal to list on the ASX and this is supported by a buy recommendation from Breakaway Research along with a 6-month price target of 43 cents.

In a research report, Breakaway said the listing would enable the company to profile its “valuable” Lake Giles Iron Ore Project in WA “to an investor base more familiar with the earnings and cash flow potential of the project and its strategic positioning which is driven by rail and port access”.

Lake Giles is 175 kilometres northwest of Kalgoorlie and has substantial magnetite resources at Moonstone project and hematite resources across a number of deposits at the Ularring project.

Macarthur plans to exploit the hematite resource through tribute mining and to focus on the high-value, high-grade magnetite resource.

After working the project for the last 7-8 years, Breakaway said Macarthur had tailored the project to optimise future and growing dema..

Macarthur Minerals Limited (CVE:MMS) (ASX:MIO proposed) has attracted strong interest in its proposal to list on the ASX and this is supported by a buy recommendation from Breakaway Research along with a 6-month price target of 43 cents.

In a research report, Breakaway said the listing would enable the company to profile its “valuable” Lake Giles Iron Ore Project in WA “to an investor base more familiar with the earnings and cash flow potential of the project and its strategic positioning which is driven by rail and port access”.

Lake Giles is 175 kilometres northwest of Kalgoorlie and has substantial magnetite resources at Moonstone project and hematite resources across a number of deposits at the Ularring project.

Macarthur plans to exploit the hematite resource through tribute mining and to focus on the high-value, high-grade magnetite resource.

After working the project for the last 7-8 years, Breakaway said Macarthur had tailored the project to optimise future and growing demand for high-grade magnetite concentrate.

This strategy focuses on early cash flow targeting high-grade regions of the Lake Giles magnetite deposits.

The project will utilise available capacity on the rail network and export facilities through the Port of Esperance, which provide significantly lower transportation capex requirements than many other competing projects.

Proposed haul road from the project to Jaurdi rail siding and onto Esperance.

Lake Giles pros

Among the other benefits of Lake Giles outlined by Breakaway in the report are:

  • Metallurgically the magnetite mineralisation has attributes which place its beneficiation performance ahead of many competing magnetite deposits. These include:

– Ore hardness – Lake Giles ore has a 16.2 bond work index; – Mass Pull – Lake Giles ore has a mass pull factor in the 45% to 50% range; – Grinding – Lake Giles ore requires grinding to deliver a P80 at 45um; and – Concentrate grade: high grade at 68.5% to 69.1% iron.

  • Not surprisingly, the project delivers robust earnings and cash flows after production commences in 2022 at a 2.5 to 3.4 million tonnes per annum saleable magnetite concentrate production rate.
  • Glencore has secured a 10-year offtake agreement which will assist the company to finance the A$315 million and $151 million direct and indirect capital costs respectively.
  • Sustainable earnings and cashflows are forecast at around $60m and +$80m pa respectively and generate an NPV7.5 in excess of $900m.
  • The Lake Giles Iron Ore project is also strategically located in the Yilgarn region where several recent transactions underpin the projects value.

As part of the listing process, the company has lodged a prospectus with the ASX to raise up to A$7.5 million to complete a Bankable Feasibility Study for the Lake Giles Iron Ore Project.

The company is also planning to complete a 1 for 4 consolidation which will result in the theoretical share price exceeding A20 cents per share.

Breakaway said: "As a consequence, Macarthur Minerals should attain an ASX listing before the end of CY2019.”

Following are extracts from the Breakaway report:

The Lake Giles Iron Ore Project is approximately 175 km northwest of Kalgoorlie and encompasses 62 square kilometres of mining tenements covering the Yeriligee greenstone belt in the Yilgarn Region.

The project has specific attributes which make it superior to many competing iron ore (magnetite) projects including readily available infrastructure to enable rail hauls and export facilities as well as favourable mining and ore processing attributes.

The company and others have spent more than $62m in advancing the Lake Giles project towards development since 2006.

At steady state, the Lakes Giles Iron Ore Project will produce 3.35mt pa +65% Fe magnetite concentrate and generate a sustainable >$80m pa cash flow within a minimum 31-year project life.

Glencore offtake agreement

The attractiveness of the project is also supported by Glencore which signed a binding 10-year offtake and marketing agreement for the magnetite concentrate sales in March this year.

Indeed, this project underpins our forecast earnings and cash flows for the company and hence our valuation.

Other projects

However, the company also has a number of early-stage exploration projects covering a variety of commodities and include:

  • Gold and lithium (hardrock) projects located in the Pilbara WA;
  • Hematite blending material;
  • The Reynolds Springs lithium brine project located in Nevada, USA; and
  • Nickel and cobalt prospects on parts of the Lake Giles Iron Ore Project tenements, WA.

As the company is clearly focused on bringing the Lake Giles Iron Ore Project into production, it has investigated options for advancing these projects to realise shareholder value without incurring expenditure or significant management time.

FEL joint venture

This includes a joint venture with Fe Limited (Read More – Source

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Australia

DomaComs investment platform has role to play as investors hunt for yield

DomaCom Ltd (ASX:DCL) provided a funds under management (FUM) update at its annual general meeting (AGM) yesterday.

The investment platform as of 8 November 2019 had $61.2 million in FUM.

DomaCom generates revenues based on the FUM so its growth and profitability are directly related to its ability to grow its FUM.

The company charges 0.88% per annum (p.a.) on property assets under management, 0.44% p.a. on mortgage assets and 0.22% p.a. on cash.

Funded for growth in a large addressable market
DomaCom has raised $8.75 million since December 2018, which it says will address its remaining growth hurdle being its balance sheet.

The company noted that only 10% of its clients are using the investment platform, which it expects to rapidly rise once the balance sheet has been addressed.

DomaCom is developing multiple channels to access its target market which is self-managed superannuation funds (SMFSs).

TheRead More – Source

DomaCom Ltd (ASX:DCL) provided a funds under management (FUM) update at its annual general meeting (AGM) yesterday.

The investment platform as of 8 November 2019 had $61.2 million in FUM.

DomaCom generates revenues based on the FUM so its growth and profitability are directly related to its ability to grow its FUM.

The company charges 0.88% per annum (p.a.) on property assets under management, 0.44% p.a. on mortgage assets and 0.22% p.a. on cash.

Funded for growth in a large addressable market

DomaCom has raised $8.75 million since December 2018, which it says will address its remaining growth hurdle being its balance sheet.

The company noted that only 10% of its clients are using the investment platform, which it expects to rapidly rise once the balance sheet has been addressed.

DomaCom is developing multiple channels to access its target market which is self-managed superannuation funds (SMFSs).

TheRead More – Source

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