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Argonaut Gold Inc.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  9600 Prototype Court
Reno, NV
USA 89521
Tel No.: 775-284-4422
Fax No.: 775-284-4426
Web Site: www.argonautgold.com
E-mail: info@argonautgold.com
Contact Person: Dan Symons
Position: Vice President, Corporate Development & Investor Relations


Company Data

Traded Market: TSX
Traded Symbol: AR
Outstanding Shares: 290,721,447
Public Float: 282,270,000
52 Week High: $ 3.42
52 Week Low: $ 0.76
Present Price: Click Here


Introduction

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Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo complex in Durango, Mexico, the La Colorada mine in Sonora, Mexico, and the Florida Canyon mine in Nevada, United States. Advanced exploration projects include the Magino project in Ontario, Canada, the Cerro del Gallo project in Guanajuato, Mexico, and the Ana Paula project in Guerrero, Mexico. The Company holds several other exploration-stage projects, all of which are located in North America.


Projects in Hand

Argonaut's strategy for maximizing its cost efficiencies and profitability will put the Company in a solid position to transform from a high-cost producer, to a low-cost intermediate producer.

Transformation Strategy – Argonaut's 3-Phase Approach

HARVEST

  • Harvest cash from existing operations
  • Significant free cash flow as capital comes down and production rises

El Castillo Complex, Durango, Mexico

  • El Castillo Project
    • Measured & Indicated: 36.4 Mt at 0.35 g/t Au for 409K Contained Au oz
    • Proven & Probable: 19.5 Mt at 0.38 g/t Au for 241K Contained Au oz
    • Mine life: 2022
    • Potential to extend life: Low
  • San Agustin Project
    • Measured & Indicated: 72.1 Mt at 0.27 g/t Au for 638K Contained Au oz
    • Proven & Probable: 44.3 Mt at 0.29 g/t Au for 418K Contained Au oz
    • Mine life: 2025+
    • Potential to extend life: Medium
  • La Colorada Project, Sonora, Mexico
    • Measured & Indicated: 30.9 Mt at 0.65 g/t Au for 555K Contained Au oz
    • Proven & Probable: 19.8 Mt at 0.59 g/t Au for 375K Contained Au oz
    • Mine life: 2024+
    • Potential to extend life: Medium

    Florida Canyon Project, Nevada, United States

    • Indicated: 137.0 Mt at 0.38 g/t Au for 1.67M Contained Au oz
    • Probable: 74.5 Mt at 0.43 g/t Au for 1.02M Contained Au oz
    • Mine life: 2030+
    • Potential to extend life: High

    REPLACE

    • Replace short mine life operations
    • Florida Canyon provides immediate growth and then replaces El Castillo
    • Florida Canyon Project with Exploration Upside
      • Production to date:
        • Florida Canyon: ~2 million ounces
        • Standard Mine: ~600K ounces
      • Investment in additional drilling
      • Transitional and sulphide ores potential
      • Land package of over 11,800 hectares

    GROWTH

    • Growth through the development project pipeline: Cerro del Gallo and Magino Projects
    • All development stage assets provide much longer mine life and significantly lower operating costs

    Cerro del Gallo Project, Guanajuato, Mexico

    • A Low-Cost, Open Pit, Heap Leach Project
    • Measured & Indicated: 201.9 Mt at 0.44 g/t, 2.86 Moz Au
    • Proved & Probable: 91.8 Mt at 0.56 g/t, 1.64 Moz Au

    Pre-Feasibility Highlights

    • An increase to Argonaut's Mineral Reserves by 48% and Measured and Indicated gold Mineral Resources (inclusive of Mineral Reserves) by 36%;
    • Low-cost asset, with estimated Cash Costs of $597/Au oz and AISC of $677/Au oz;
    • After-tax NPV 5% $175M at $1,350 Au;
    • After-tax IRR 20.0%;
    • 15 year mine life averaging 77K gold equivalent ounces (GEOs)/year.

    Magino Project, Ontario, Canada

    Fully Financed – Moving to Construction

    Feasibility Study Highlights (December 2017)

    • A 10,000 tonne per day processing facility;
    • Average annual gold production of 150,000 ounces over the first five years;
    • A 17-year mine life;
    • Cash cost of US$669 per ounce sold; and
    • All-in sustaining cost of US$711 per gold ounce sold.

    Mineral Resources and Reserves Estimate (December 2017)

    • High-Grade Potential at Depth
    • Measured & Indicated Resources: 144 Mt at 0.91 g/t Au, contained 4.197 Moz
    • Proven & Probable Reserves: 59 Mt at 1.13 g/t Au, contained 2.137 Moz

    On November 23, 2020, Argonaut announced that it has discovered four new high-grade zones below or adjacent to the planned open pit at the Magino property: the Scotland zone, the No. 42 zone, the Sandy zone and the South zone, which sit between 350 and 700 metres southwest of the previously identified Elbow zone. Since commencing the exploration drilling program in July, 2019, the Company has completed 56 diamond drill holes and approximately 48,000 metres of drilling targeting high-grade mineralized structures at depth.

    Recent highlights include:

    • Scotland zone: MA20-50A with 7.0 m at 14.0 g/t gold, including 3.0 m at 31.9 g/t Au;
    • No. 42 zone: MA20-051 with 8.0 m at 9.3 g/t Au, including 5.0 m at 14.6 g/t Au;
    • Sandy zone: MA20-051 with 9.0 m at 5.4 g/t Au, including 3.0 m at 13.5 g/t Au;
    • South zone: MA20-051 with 7.0 m at 4.2 g/t Au, including 2.0 m at 10.0 g/t Au;
    • Elbow zone: MA20-053 with 4.4 m at 14.1 g/t Au, including 3.4 m at 18.15 g/t Au.


    Management

    Management and Directors

    Peter C. Dougherty, B.S., MBA, President and Chief Executive Officer, Director

    Mr. Dougherty served as the Vice President of Finance, Chief Financial Officer, Chief Accounting Officer and Corporate Controller of Meridian Gold Inc. He was IBS Financial Manager of FMC Chemicals Group; Group Financial Analyst of FMC Chemicals Group and the Controller of Paradise Peak Mine, FMC Gold.

    David A. Ponczoch, MBA, Chief Financial Officer

    Mr. Ponczoch served as CFO at Twin Metals Minnesota. He has served as the Regional Finance Director for Yamana Gold and Controller of the El Penon gold mine in Chile.

    W. Robert Rose, B.S. (Mining Engineering), Vice President of Technical Services

    Mr. Rose served as the Chief Operating Officer for Andina Minerals Inc. Mr. Rose previously worked as a Project Manager for Kappes, Cassiday & Associates for over 24 years.

    Dan Symons, B.A., Vice President, Corporate Development & Investor Relations

    Mr. Symons served as Vice President, Business Development & Investor Relations with Romarco Minerals Inc. He was an Account Manager with Renmark Financial Communications. Mr. Symons has over a decade of experience in planning and directing all aspects of investor relations policies, objectives and initiatives.

    Brian Arkell, B.S., M.S., QP, Vice President, Exploration

    Mr. Arkell has over 30 years of worldwide experience in exploration, resource development and mine operations. He served as Chief Executive Officer, President and Director for Caza Gold Corp., Senior Vice President of Exploration and Corporate Development for Rio Novo Gold Inc., and held a variety of senior positions at Newmont Mining Co.

    James E. Kofman, Chairman

    Mr. Kofman has over 3 decades of experience in the mergers and acquisitions and corporate finance sectors. He most recently served as Managing Director and Head of Mergers and Acquisitions for UBS Securities Canada Inc.

    Peter C. Dougherty, Director

    Ian Atkinson, Director

    Stephen Lang, Director

    Christopher R. Lattanzi, Director

    Peter Mordaunt, Director

    Dale C. Peniuk, Director

    Paula Rogers, Director

    Audra Walsh, Director


    News Update

    On January 25, 2021, Argonaut Gold Inc. has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc., pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 8,156,100 common shares to be issued as flow-through shares with respect to Canadian development expenses (CDE) within the meaning of the Income Tax Act (Canada) and the regulations thereunder in force as of the date hereof at a price of $2.82 per CDE flow-through share for gross proceeds to the company of approximately $23-million.

    On January 21, 2021, Ontario has filed the closure plan for Argonaut Gold Inc.'s Magino project. Site preparation, such as tree removal and clearing, is expecting to commence imminently, with construction scheduled to begin as soon as site preparation is complete. Argonaut envisions a two-year construction period with first gold production at Magino during the first half of 2023.

    On January 20, 2021, Argonaut Gold Inc. has intersected 10.0 metres at 19.0 grams per tonne gold, including 6.3 m at 30.2 g/t Au and 3.1 m at 47.1 g/t Au, including 1.3 m at 112.0 g/t Au in the South zone, at its 100-per-cent-owned Magino property in Ontario, Canada. The South zone has now been intersected in numerous drill holes extending from the border between the Island gold mine and the Magino project westward over a strike length of 1.5 kilometres and remains open at depth and to the west.

    On January 19, 2021, Argonaut Gold Inc. had record quarterly production of 56,986 gold equivalent ounces, representing a 16-per-cent increase over the previous quarter and a 20-per-cent increase over the same period the previous year. Argonaut produced 203,483 GEOs in 2020 and had a cash balance of approximately $214 million at December 31, 2020.

    On January 04, 2020, Argonaut Gold Inc. announced that the company has executed a fixed bid engineering, procurement, construction and commissioning contract with Ausenco Engineering Canada Inc., a leading engineering and construction management company, for the construction of the Magino processing facility and other parts of the Magino construction project. The EPC contract totals approximately 40 per cent of Magino's initial capital estimate of between $480-million and $510-million (approximately $360-million (U.S.) and $380-million (U.S.) at a Canadian-dollar-to-U.S.-dollar exchange ratio of 0.75, which was the approximate ratio when the construction decision was made October, 2020.

    On November 23, 2020, Argonaut Gold Inc. announced that it has discovered four new high-grade zones below or adjacent to the planned open pit at its 100-per-cent-owned Magino property in Ontario, Canada: the Scotland zone, the No. 42 zone, the Sandy zone and the South zone, which sit between 350 and 700 metres southwest of the previously identified Elbow zone.

    On November 5, 2020, Argonaut Gold Inc. announced its operating and financial results for the third quarter ended September 30, 2020.


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