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Argonaut Gold Announces Third Quarter Financial and Operating Results Solid Operating Performance and Achieves Commercial Production at Magino

Press Release

TORONTO, Ontario – (November 14, 2023) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) today reported financial and operating results for the three and nine months ended September 30, 2023 (the “third quarter” or “Q3”), as well as a progress update for the Magino mine. All dollar amounts are expressed in United States dollars, unless otherwise specified (CA$ refers to Canadian dollars).

“We made measurable progress in the third quarter delivering a solid performance at our existing operations. Despite the early challenges and a slower than expected ramp-up, we achieved commercial production at our flagship asset, the Magino mine, after the quarter end. This achievement coupled with strong performance at our Florida Canyon mine is a testament to our team who has worked diligently to optimize our operations. Going forward, we will focus on allocating capital towards those assets, projects and activities that generate the highest potential for per share growth that includes increasing production through reserve and plant expansion at the Magino mine and redevelopment of the Florida Canyon mine,” Richard Young, President and Chief Executive Officer of Argonaut Gold.

“Since the beginning of the fourth quarter, Magino’s throughput has been averaging 9,200 tonnes per day, in-line with nameplate capacity. As we continue to ramp up, we are focused on driving mining productivity, mill optimization, and further advancing the plant expansion that has the potential to increase throughput to annual production above 200,000 ounces per year for the life of mine,” said Marc Leduc, Chief Operating Officer of Argonaut Gold.

THIRD QUARTER HIGHLIGHTS

Financial Highlights

  • Revenues of $104.8 million was 39% higher than $75.3 million from the third quarter of 2022, due to initial production at the Magino mine and higher production at the Florida Canyon mine, partially offset by lower planned production from the Company’s three Mexican mines – El Castillo, La Colorada, and San Agustin.
  • Revenues include $22.0 million of pre-commercial production ounces sold from the Magino mine. Subsequent to the end of the third quarter, the Magino mine achieved commercial production on November 1, 2023.
  • Gross profit of $17.1 million was 146% higher than $7.0 million from the third quarter of 2022, due to higher revenues from the Magino mine and Florida Canyon mine.
  • Generated cash flow from operating activities before changes in working capital and other items totalling $21.1 million, an increase of 55% from the 2022 comparative period due to higher gross profit.
  • Net loss of $0.5 million, or $0.00 per share, compared to net loss of $1.3 million, or $0.00 per share, a decrease largely due to higher gross profit, partially offset by increases in foreign exchange losses and unrealized losses on derivative instruments.
  • Adjusted net income1 of $9.9 million, or $0.01 per basic share, compared to an adjusted net income1 of $0.4 million, or $0.00 per basic share, an increase of $9.6 million primarily due to an increased gross profit of $10.2 million.
  • Cash and cash equivalents of $44.9 million and net debt1 of $179.1 million, as at September 30, 2023.
  • Consolidated production of 53,911 GEOs, including pre-commercial production of 10,693 GEOs from the Magino mine, was 17% higher compared to 45,939 GEOs from the third quarter of 2022. The increase in production was largely due to initial production from the Magino mine, as higher production from the Florida Canyon mine offset lower production from the Company’s Mexican mines.
  • Cost of sales per gold ounce sold of $1,607, cash cost1 per ounce of $1,383 and AISC1 per ounce of $1,601 for the three months ended September 30, 2023 were lower compared to the prior year. Lower costs at Florida Canyon and initial production from Magino, more than offset higher costs at the Company’s Mexican operations.
  • On September 29, 2023, the Company obtained a waiver on certain financial covenants on its $250 million financing package (collectively referred to as the “Loan Facilities”) for the ongoing development and construction of the Magino mine. A subsequent waiver was obtained on October 31, 2023 which now requires the Company to maintain a minimum cash balance of $10 million at all times until November 30, 2023 and additional funding to be raised by the same date. It was anticipated the Company would not be in compliance with certain financial covenants and accordingly obtained the waivers to prevent a default event which could trigger the Loan Facilities becoming immediately due and payable.
  • On November 2, 2023, the Company announced the sale to Franco-Nevada Corporation and certain of its subsidiaries (“Franco-Nevada”) of an additional 1.0% net smelter return (“NSR”) royalty on its Magino mine, and its non-core royalty holdings in Canada and Mexico for an aggregate price of $29.5 million. Upon the closing of this transaction, Franco-Nevada will hold an aggregate 3.0% NSR royalty on the Magino mine.

Growth Highlights

Magino Mine

  • The Magino mine achieved commercial production on November 1, 2023. Plant throughput has averaged 9,200 tonnes per day since the beginning of the fourth quarter, with tonnes per operating hour (“TPOH”) in-line with nameplate capacity.
  • Plant ramp up was delayed due to 20 days of unplanned downtime in September. This was the result of facilitating equipment repairs and plant reliability issues centred on the process control system, which is comprised of several disparate systems. The plant has been largely operating at nameplate TPOH capacity since the beginning of the fourth quarter.
  • During the three months ended September 30, 2023, the Magino mine produced 10,661 gold ounces and sold 11,454 gold ounces. Production was lower than expected due to the unplanned downtime, the delay in completing and commissioning the gravity circuit, and lower feed grades.
  • As at September 30, 2023, the Company had fully incurred the $755 million (CA$980 million) estimated cost at completion (“EAC”). An additional $31 million in non-EAC expenditures were capitalized during the third quarter.
  • Workforce buildup of the permanent operating team is nearing completion but sourcing the remaining labour remains a challenge in the current economic environment, however, vacant roles are being temporarily filled by contract personnel.
  • The 63,000-metre reserve development drill program began on schedule on August 1 and is expected to be completed by mid-2024. The goal is to increase proven and probable reserves by between 500,000 and 1.0 million ounces of gold.
  • In addition, engineering work is underway to evaluate a potential plant expansion from the current nameplate capacity of 10,000 tonnes per day to 17,500 and 20,000 tonnes per day.

Florida Canyon Mine

  • Permitting is well underway for Phase III of the South Heap Leach Pad, scheduled to be built in 2024, as well as permits to increase solution flow rates on to the leach pads to further increase gold recoveries.
  • The Florida Canyon mine is expected to initiate civil earthworks for the Phase III pad in the fourth quarter of 2023.
  • The proof-of-concept drill program on the East sulfide resource began on schedule on August 1, with the 8,300-metre Phase II drill program expected to be completed by mid-November at a cost of $4 million, with analysis work expected through the end of the year.
  • Drilling concluded in the 1,250 metre West sulfide program in July and logging and analysis work is ongoing.
  • An in-fill drill program is also underway on the oxide resources, which is expected to be completed by year end.

Third Quarter Financial & Operating Highlights

Three months ended Nine months ended
September 30, September 30,
Financial Data % %
2023 2022 Change 2023 2022 Change
Revenues1 $000s 104,801 75,257 39 % 256,879 292,464 (12)%
Cost of sales1 $000s 87,680 68,304 28 % 226,839 244,039 (7)%
Gross profit $000s 17,121 6,953 146 % 30,040 48,425 (38)%
Net (loss) income $000s (471) (1,295) (64)% 10,339 22,735 (55)%
Per basic and diluted share $/share 0.00 0.00 N/A 0.01 0.05 (80)%
Adjusted net income2 $000s 9,945 364 2632 % 13,167 11,778 12 %
Per basic share2 $/share 0.01 0.00 N/A 0.02 0.03 (33)%
Operating cash flow before changes in
working capital and other items $000s 21,101 13,582 55 % 49,012 61,980 (21)%
Operating cash flow $000s 43,189 (23,516) N/A 35,686 (6,121) N/A
Total sustaining capital expenditures $000s 5,642 12,476 (55)% 15,816 34,249 (54)%
Magino construction capital $000s 70,692 97,925 (28)% 243,924 282,115 (14)%
Cash and cash equivalents $000s 44,866 89,195 (50)% 44,866 89,195 (50)%
Net (debt) cash2 $000s (179,067) 9,195 N/A (179,067) 9,195 N/A

1In the three and nine months ended September 30, 2023, the Company recognized $22.0 million and $22.1 million of revenues, respectively, and $15.1 million and $15.2 million of cost of sales, respectively, related to the pre-commercial production phase of the Magino mine.

2This is a Non-IFRS Measure; please see “Non-IFRS Measures” section.

Three months ended Nine months ended
Operating Data September 30, September 30,
2023 2022 % 2023 2022 %
Gold produced1 oz 53,094 44,857 18 % 133,074 155,531 (14)%
Gold equivalent ounces (“GEOs”) oz 53,911 45,939 17 % 135,988 160,645 (15)%
produced1,2
Gold sold1 oz 54,571 38,639 41 % 133,285 150,089 (11)%
Average realized price $/oz sold 1,888 1,895 0 % 1,885 1,883 0 %
Cost of sales $/oz sold 1,607 1,768 (9)% 1,702 1,626 5 %
Cash cost3 $/oz sold 1,383 1,405 (2)% 1,433 1,253 14 %
All-in sustaining costs3 (“AISC”) $/oz sold 1,601 1,893 (15)% 1,683 1,595 6 %

1In the three and nine months ended September 30, 2023, 10,661 and 13,956 gold ounces were produced, respectively, and 11,454 and 11,526 gold ounces were sold, respectively, from the pre-commercial production phase of the Magino mine.

2Based on a silver to gold ratio of 80:1 in 2023 and 2022.

3This is a Non-IFRS Measure; please see “Non-IFRS Measures” section.

2023 Outlook Analysis

The Magino mine achieved commercial production on November 1, 2023, however due to a slower than planned commissioning and ramp up to commercial production and lower than planned gold grades processed, gold production is expected to be below the published production guidance. GEO production for the Company’s United States and Mexican operations are expected to total between 160,000 and 165,000 ounces, approximately 5% to 10% above the higher end of the production guidance range. As a result of the slower than planned ramp up and lower gold grades processed at the Magino mine, the cost of sales per ounce, cash cost1 per ounce and AISC1 per ounce are expected to be higher than guidance targets set at the beginning of the year. The Company remains on track to achieve the low end of consolidated production guidance for 2023.

Exploration cost guidance was updated at mid-year, increasing by $10 million, to account for exploration and reserve development programs underway at the Magino and Florida Canyon mines.

Estimates of future production, cost of sales per gold ounce sold, cash cost1 per ounce, and AISC1 per ounce are based on mine plans that reflect the method by which we are expected to mine reserves at each site. Actual gold production and associated costs may vary from these estimates due to a number of operational and non-operational risk factors. Refer to the “Risk Factors” section of the MD&A for more details.

This press release should be read in conjunction with the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2023 and associated Management’s Discussion and Analysis (“MD&A”) for the same period, which are available on the Company’s website at www.argonautgold.com, in the “Investors” section under “Financial Filings”, and under the Company’s issuer profile on SEDAR+ at

www.sedarplus.ca.

Conference Call and Webcast

Management will host a live conference call and webcast to discuss second quarter highlights with a question-and-answer session as follows:

Date & Time:                Tuesday, November 14, 2023 at 10:00 a.m. ET

Telephone:                     Toll Free (North America) 1-888-664-6392 International 1-416-764-8659

Conference ID:            30870297

Webcast:                           https://app.webinar.net/EvAdY6E56nk

Presentation:               Available for download at www.argonautgold.com.

Conference Call Replay

Telephone:  Toll Free Replay (North America) 1-888-390-0541

International Replay 1-416-764-8677

Entry Code: 870297 #

The conference call replay will be available from 12:00 p.m. ET on November 14, 2023 until 11:59 p.m. ET on November 21, 2023.

Endnotes

  1. Based on a silver to gold ratio of 80:1 in 2023 and 2022.
  2. This is a Non-IFRS Measure; please see “Non-IFRS Measures” section below.

Non-IFRS Measures

The Company provides certain non-IFRS measures as supplementary information that management believes may be useful to investors to explain the Company’s financial results.

“Cash cost per gold ounce sold” is a common financial performance measure in the gold mining industry but has no standard meaning under IFRS. The Company reports cash cost per ounce on a sales basis. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure, along with sales, are considered to be key indicators of a Company’s ability to generate operating profits and cash flow from its mining operations.

Cash cost figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is considered the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies.

The World Gold Council definition of AISC seeks to extend the definition of cash cost by adding corporate, and site general and administrative costs, reclamation and remediation costs (including accretion and amortization), exploration and study costs (capital and expensed), capitalized stripping costs and sustaining capital expenditures and represents the total costs of producing gold from current operations. AISC excludes income tax payments, interest costs, costs related to business acquisitions and items needed to normalize profits. Consequently, this measure is not representative of all of the Company’s cash expenditures. In addition, the calculation of AISC does not include depreciation expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of the Company’s overall profitability. For the three and nine months ended September 30, 2023, along with comparative periods, the Company reclassified regional general and administrative expenses in Mexico, and accretion expenses previously classified under the corporate group, to each individual mine group. Management believes this better attributes regional general and administrative expenses and accretion expenses and also improves comparability amongst our peer companies.

“Adjusted net income” and “adjusted net income per basic share” exclude a number of temporary or one-time items, which management believes not to be reflective of the underlying operations of the Company, including the impacts of: unrealized losses (gains) on derivatives, non-operating income, foreign exchange losses (gains), impacts of foreign exchange on deferred income taxes, inventory impairments (reversals), impairments (reversals) of mineral properties, plant and equipment, and other unusual or non-recurring items. Adjusted net income per basic share is calculated using the weighted average number of shares outstanding under the basic calculation of earnings per share as determined under IFRS.

“Net (debt) cash” is calculated as the sum of the cash and cash equivalents balance net of debt as at the statement of financial position date. “Net (debt) cash” calculation includes unamortized transaction costs, but excludes Convertible Debentures and equipment loans which are currently included in total debt, in order to show the nominal undiscounted debt. This measure has no standard meaning under IFRS and other companies may calculate this measure differently.

  1. The following tables provide reconciliations of production costs and cost of sales per gold ounce sold on the financial statements to cash cost per gold ounce sold and AISC per gold ounce for each mine:
Magino Mine Three months ended Nine months ended
September 30, September 30,
2023 2023
Gold sold oz 11,454 11,526
Cost of sales $000s 15,146 15,228
Cost of sales per gold ounce sold $/oz 1,322 1,321
Production costs $000s 14,795 14,875
Less silver sales $000s (56) (56)
Cash Cost $000s 14,739 14,819
Cash cost per gold ounce sold $/oz 1,287 1,286
Cash Cost $000s 14,739 14,819
AISC $000s 14,739 14,819
AISC per gold ounce sold $/oz 1,287 1,286
Florida Canyon Mine Three months ended Nine months ended
September 30, September 30,
2023 2022 % Change 2023 2022 % Change
Gold sold oz 21,455 11,480 87 % 52,206 35,637 46 %
Cost of sales $000s 33,234 22,538 47 % 83,710 67,196 25 %
Cost of sales per gold ounce sold $/oz 1,549 1,963 (21)% 1,603 1,886 (15)%
Production costs $000s 28,345 19,543 45 % 71,599 58,931 21 %
Less silver sales $000s (374) (120) 212 % (947) (500) 89 %
Cash Cost $000s 27,971 19,423 44 % 70,652 58,431 21 %
Cash cost per gold ounce sold $/oz 1,304 1,692 (23)% 1,353 1,640 (18)%
Cash Cost $000s 27,971 19,423 44 % 70,652 58,431 21 %
Exploration expenses $000s N/A 823 N/A
Accretion and other expenses $000s 294 130 126 % 882 391 126 %
Sustaining capital expenditures $000s 4,587 5,718 (20) % 13,813 16,285 (15) %
AISC $000s 32,852 25,271 30 % 86,170 75,107 15 %
AISC per gold ounce sold $/oz 1,531 2,201 (30)% 1,651 2,108 (22)%
La Colorada Mine Three months ended Nine months ended
September 30, September 30,
2023 2022 % Change 2023 2022 % Change
Gold sold oz 7,224 8,460 (15) % 17,990 34,862 (48) %
Cost of sales $000s 13,722 11,272 22 % 34,558 45,209 (24) %
Cost of sales per gold ounce sold $/oz 1,900 1,332 43 % 1,921 1,297 48 %
Production costs $000s 10,883 9,498 15 % 28,704 37,091 (23) %
Less silver sales $000s (237) (531) (55) % (705) (2,239) (69) %
Cash Cost $000s 10,646 8,967 19 % 27,999 34,852 (20) %
Cash cost per gold ounce sold $/oz 1,474 1,060 39 % 1,556 1,000 56 %
Cash Cost $000s 10,646 8,967 19 % 27,999 34,852 (20) %
Exploration expenses $000s 370 N/A 370 N/A
Accretion and other expenses $000s 64 18 256 % 193 53 264 %
Sustaining capital expenditures $000s 68 6,209 (99) % 726 12,616 (94) %
AISC $000s 11,148 15,194 (27) % 29,288 47,521 (38) %
AISC per gold ounce sold $/oz 1,543 1,796 (14)% 1,628 1,363 19 %
San Agustin Mine Three months ended Nine months ended
September 30, September 30,
2023 2022 % Change 2023 2022 % Change
Gold sold oz 10,327 12,266 (16) % 34,592 48,125 (28) %
Cost of sales $000s 19,019 20,757 (8) % 63,700 72,579 (12) %
Cost of sales per gold ounce sold $/oz 1,842 1,692 9 % 1,841 1,508 22 %
Production costs $000s 17,011 16,494 3 % 55,263 56,653 (2) %
Less silver sales $000s (1,005) (1,279) (21) % (3,644) (6,362) (43) %
Cash Cost $000s 16,006 15,215 5 % 51,619 50,291 3 %
Cash cost per gold ounce sold $/oz 1,550 1,240 25 % 1,492 1,045 43 %
Cash Cost $000s 16,006 15,215 5 % 51,619 50,291 3 %
Exploration expenses $000s 16 N/A 16 N/A
Accretion and other expenses $000s 59 5 1080 % 178 20 790 %
Sustaining capital expenditures $000s 871 497 75 % 1,095 1,123 (2) %
AISC $000s 16,952 15,717 8 % 52,908 51,434 3 %
AISC per gold ounce sold $/oz 1,642 1,281 28 % 1,529 1,069 43 %
El Castillo Mine Three months ended Nine months ended
September 30, September 30,
2023 2022 % Change 2023 2022 % Change
Gold sold oz 4,111 6,433 (36) % 16,971 31,465 (46) %
Cost of sales $000s 6,559 13,737 (52) % 29,643 59,055 (50) %
Cost of sales per gold ounce sold $/oz 1,595 2,135 (25)% 1,747 1,877 (7)%
Production costs $000s 6,167 10,781 (43) % 26,143 45,179 (42) %
Less silver sales $000s (76) (101) (25) % (279) (715) (61) %
Cash Cost $000s 6,091 10,680 (43) % 25,864 44,464 (42) %
Cash cost per gold ounce sold $/oz 1,482 1,660 (11)% 1,524 1,413 8 %
Cash Cost $000s 6,091 10,680 (43) % 25,864 44,464 (42) %
Accretion and other expenses $000s 133 3 4333 % 398 13 2962 %
Sustaining capital expenditures $000s N/A 4,055 (100) %
AISC $000s 6,224 10,683 (42) % 26,262 48,532 (46) %
AISC per gold ounce sold $/oz 1,514 1,661 (9)% 1,547 1,542 0 %
All Mines Three months ended Nine months ended
September 30, September 30,
2023 2022 % Change 2023 2022 % Change
Gold sold oz 54,571 38,639 41 % 133,285 150,089 (11) %
Cost of sales $000s 87,680 68,304 28 % 226,839 244,039 (7) %
Cost of sales per gold ounce sold $/oz 1,607 1,768 (9)% 1,702 1,626 5 %
Production costs $000s 77,201 56,316 37 % 196,584 197,854 (1) %
Less silver sales $000s (1,748) (2,031) (14) % (5,631) (9,816) (43) %
Cash Cost $000s 75,453 54,285 39 % 190,953 188,038 2 %
Cash cost per gold ounce sold $/oz 1,383 1,405 (2)% 1,433 1,253 14 %
Cash Cost $000s 75,453 54,285 39 % 190,953 188,038 2 %
Regional general and administrative $000s 1,364 908 50 % 3,809 2,934 30 %
expenses
Corporate general and administrative $000s 3,236 2,169 49 % 9,047 7,849 15 %
expenses
Share-based compensation expense $000s 747 444 68 % 1,826 2,330 (22) %
Exploration expenses $000s 386 2,705 (86) % 1,209 3,497 (65) %
Accretion and other expenses $000s 550 156 253 % 1,651 477 246 %
Corporate sustaining capital expenditures $000s 116 52 123 % 182 170 7 %
Mine site sustaining capital expenditures $000s 5,526 12,424 (56) % 15,634 34,079 (54) %
AISC $000s 87,378 73,143 19 % 224,311 239,374 (6) %
AISC per gold ounce sold $/oz 1,601 1,893 (15)% 1,683 1,595 6 %
  1. Adjusted net income and adjusted net income per basic share exclude a number of temporary or one-time items detailed in the following table:
Three months ended Nine months ended
September 30, September 30,
2023 2022 % Change 2023 2022 % Change
Net (loss) income $000s (471) (1,295) (64)% 10,339 22,735 (55)%
Unrealized losses (gains) on derivatives $000s 3,471 (140) N/A (1,650) (12,200) (86)%
Other non-operating expense, net of tax $000s 1,164 (100)% 3,315 (100)%
Net foreign exchange losses (gains), net $000s 6,416 187 3331 % 880 (2,072) N/A
of tax
Impact of foreign exchange on deferred $000s 537 397 35 % (458) (100)%
income taxes
Inventory (reversal) impairment, net of $000s (8) 51 N/A 3,598 (76) N/A
tax
Sale of marketable securities $000s N/A 534 (100)%
Adjusted net income $000s 9,945 364 2632 % 13,167 11,778 12 %
Weighted average number of common 000s
shares outstanding shares 864,469 743,259 16 % 850,818 466,228 82 %
Adjusted net income per basic share $/share 0.01 0.00 N/A 0.02 0.03 (33)%
  1. A reconciliation of net debt is detailed in the following table:
September 30, December 31,
2023 2022
Cash and cash equivalents $000s 44,866 73,254
Loan Facilities – Term Loan $000s (194,781) (77,582)
Loan Facilities – Revolving Credit Facility $000s (29,152)
Net debt $000s (179,067) (4,328)

Qualified Persons, Technical Information and Mineral Properties Reports

The technical information contained in this press release has been prepared under the supervision of, and has been reviewed and approved by Mr. Marc Leduc, P.Eng. Chief Operating Officer; a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). For further information on the Magino Mine, please see the technical report titled Magino Gold Project, Ontario, Canada, NI 43-101 Technical Report, Mineral Resource and Mineral Reserve Update dated March 3, 2022 (effective date of February 14, 2022) on the Company’s website www.argonautgold.com or on www.sedarplus.ca .

Magino Gold Magino Gold Project, Ontario, Canada, NI 43-101 Technical Report, Mineral
Project Resource and Mineral Reserve Update dated March 3, 2022 (effective date
of February 14, 2022)
Florida Canyon NI 43-101 Technical Report on Mineral Resource and Mineral Reserve
Gold Mine Florida Canyon Gold Mine, Pershing County, Nevada, USA dated July 8,
2020 and with an effective date of June 1, 2020
La Colorada Gold/ La Colorada Gold/Silver Mine, Sonora, Mexico, NI 43-101 Technical Report
Silver Mine dated February 14, 2022 (effective date of October 1, 2021)
San Agustin Gold/ San Agustin Gold/Silver Mine, Durango, Mexico, NI 43-101 Technical
Silver Mine Report dated February 14, 2022 (effective date of August 1, 2021)

About Argonaut Gold

Argonaut Gold is a Canadian-based gold producer with a portfolio of operations in North America. Focused on becoming a low-cost, mid-tier gold producer, the Company’s newest gold mine, Magino is expected to become Argonaut’s largest and lowest cost mine. Commercial production at Magino is the first step in transforming the Company as it enters a pivotal growth stage. The Company also has three additional operating mines including the Florida Canyon mine in Nevada, USA, where it is pursuing potential for redevelopment and additional growth, La Colorada mine in Sonora, Mexico and San Agustin mine in Durango, Mexico. Argonaut Gold trades on the Toronto Stock Exchange (TSX) under the ticker symbol “AR”.

For more information, contact:

Joanna Longo                                                             Argonaut Gold Inc.
Investor Relations                                                    www.argonautgold.com
Phone: 416-575-6965
Email: joanna.longo@argonautgold.com

IBF4

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