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Argonaut Gold Inc

www: www.argonautgold.com   email: info@argonautgold.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
OTCMKTS:ARNGF USD
TSE:AR CAD

Description

Argonaut Gold Inc are a gold focused mid-tier producer with four producing mines in Mexico and USA, one mine in development in Mexico and exploration properties. Currently they produce roughly 215koz. of gold per year. They have approximately 11.5Moz. of gold in the reserves and resources category of which 10Moz. are in the measured and indicated category. They have a market capitalisation of ~$343.91M which is a fall of roughly 5% over the last two months. As of 01/12/2023 they have ~$375M debt and ~$89M cash. They have 836M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 01/12/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $360.29M $343.91M 01/12/2023 $-16.38M
Total Assets: $850.00M $850.00M 01/12/2023 $0.00M
Total Liabilities: $600.00M $600.00M 01/12/2023 $0.00M
Current Assets: $150.00M $150.00M 01/12/2023 $0.00M
Current Liabilities: $110.00M $110.00M 01/12/2023 $0.00M
Total Debt: $375.00M $375.00M 01/12/2023 $0.00M
Cash: $89.00M $89.00M 01/12/2023 $0.00M
Enterprise Value: $646.29M $629.91M 12/17/1989 $-16.38M
Cash Flow: $34.70M $26.82M never $-7.88M
Cash Flow Multiple: 10.38 12.82 never 2.44
Net Debt to
Cash Flow Ratio:		 8.24 10.66 never 2.42
Finance within 1 year: 01/12/2023 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/12/2023 0.00%
Misc 01/12/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 836,000,000 836,000,000 01/12/2023 0
Shares (FD): 846,000,000 846,000,000 01/12/2023 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 01/12/2023 n/a
Production (Gold Eq Oz.): (guess) 
250,000		 (guess) 
215,000		 02/27/2023 -35,000
Production (Silver Eq Oz.): (guess) 
19,948,508		 (guess) 
18,332,457		 02/27/2023 -1,616,051
Initial CapEx (Outstanding): n/a n/a 01/12/2023 n/a
Funding Option: n/a n/a 01/12/2023 n/a
Documentation: none PRODUCER 02/27/2023 n/a
Value Adjustment: -25% -25% never 0%

Resource Data

GOLD 01/12/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 7.00M 7.00M 01/12/2023 0.00M
Measured & Indicated: 10.00M 10.00M 01/12/2023 0.00M
Inferred: 1.50M 1.50M 01/12/2023 0.00M
Reserves & Resources: 11.50M 11.50M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 5.60M 5.60M 01/12/2023 0.00M
Measured & Indicated: 7.52M 7.52M 01/12/2023 0.00M
Inferred: 0.60M 0.60M 01/12/2023 0.00M
Reserves & Resources: 8.12M 8.12M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
250,000oz.		 (guess) 
215,000oz.		 02/27/2023 -35,000oz.
Cash Cost: $1,200 $1,250 02/27/2023 $50.00
Extra Operating Cost: $500 $550 02/27/2023 $50.00
Average Grade: 0.80 g/t 0.80 g/t 01/12/2023 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 02/27/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: 11.00M 11.00M 01/12/2023 0.00M
Annual Production: 450,000oz. 450,000oz. 01/12/2023 0oz.
Cash Cost: $1,100 $1,100 01/12/2023 $0
Extra Operating Cost: $450 $450 01/12/2023 $0
SILVER 01/12/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 01/12/2023 0.00M
Measured & Indicated: n/a n/a 01/12/2023 0.00M
Inferred: n/a n/a 01/12/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 01/12/2023 0.00M
Measured & Indicated: n/a n/a 01/12/2023 0.00M
Inferred: n/a n/a 01/12/2023 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 01/12/2023 $0.00
Extra Operating Cost: n/a n/a 01/12/2023 $0.00
Average Grade: n/a n/a 01/12/2023 n/a
Recovery Rate: n/a n/a 01/12/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 01/12/2023 0.00M
Annual Production: n/a n/a 01/12/2023 n/a
Cash Cost: n/a n/a 01/12/2023 n/a
Extra Operating Cost: n/a n/a 01/12/2023 n/a

Property

Last Analysis Data  (01/12/2023)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Exploration Thunder Bay, Ontario, Canada Hercules 100% n/a n/a n/a
Exploration Ontario, Canada Magino 100% n/a n/a show
Needs a pre-feasibility study.

4 million oz deposit.

Another long life mine.
Exploration Long Lac, Ontario, Canada Milestone 100% n/a n/a n/a
Exploration Canada West-Millennium 100% n/a n/a n/a
Exploration Canada Wildgoose 100% n/a n/a n/a
Production Durando, Mexico El Castillo 100% n/a n/a show
Long life producing mine.
Development Mexico, Mexico Cerro Del Gallo 100% 25,000 Open Pit show
900,000 oz (.6 gpt)
Development Hermosillo, Mexico La Colorada 100% n/a n/a show
Long life producing mine.
Exploration Mexico Aurea Norte 100% (guess) n/a n/a show
Early exploration. Some drilling.
Exploration Mexico Aurea Sur 100% (guess) n/a n/a show
Early exploration. No drilling yet.
Exploration Caborca, Mexico Caborca Copper 100% n/a n/a n/a
Exploration Hermosillo, Mexico Cochis Gold 100% n/a n/a n/a
Exploration Guadalajara, Jalisco, Mexico Cocula 100% n/a n/a n/a
Exploration Tajitos, Mexico Daniel 100% n/a n/a n/a
Exploration Puerto Vallarta, Mexico El Capomo 100% n/a n/a n/a
Exploration Sahuaripa, Mexico El Compa 100% n/a n/a n/a
Exploration Mexico El Picacho 0% n/a n/a n/a
Exploration Caborca, Mexico Glor 100% n/a n/a n/a
Exploration Culiacan, Mexico La Fortuna 100% n/a n/a n/a
Exploration Sonora, Mexico Llano Colorado 100% n/a n/a n/a
Exploration Caborca, Mexico Manuel and Mel 100% n/a n/a n/a
Exploration Magdelena Area, Mexico Nopal 100% n/a n/a n/a
Exploration Mexico San Agustin 100% n/a n/a show
2.5 million oz deposit. Low grade.

Purchased from Silver Standard for $75 million in 203.

Production scheduled for 2017.
Exploration Concepcion Del Oro, Mexico Tim Claims 100% n/a n/a n/a
Exploration Sonora, Mexico Trincheras and Patricia 100% n/a n/a n/a
Exploration Douglas, Mexico Valenzuela Silver Gold 100% n/a n/a n/a
Development Nevada, USA Florida Canyon 100% (guess) n/a Open Pit show
1.5 million oz open pit project.

$30 million capex.

Production scheduled for Q1 2017.
Exploration Nevada, USA Garden Gate Pass 100% 6,500 n/a show
Located in the Cortez Trend. Early exploration.
Exploration Nevada, USA Independence Hill 100% (guess) n/a n/a show
Early exploration
Exploration Reno, Nv, USA Jessup 100% n/a n/a n/a
Exploration Eureka Co, Nv, USA Patty 60% n/a n/a n/a
Exploration Reno, Nv, USA Wilco 100% n/a n/a show
1 million oz deposit.

PEA completed.
Total Land Package Size (ha): 31,500  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Exploration Thunder Bay, Ontario, Canada Hercules 100% n/a n/a n/a
Exploration Ontario, Canada Magino 100% n/a n/a show
Needs a pre-feasibility study.

4 million oz deposit.

Another long life mine.
Exploration Long Lac, Ontario, Canada Milestone 100% n/a n/a n/a
Exploration Canada West-Millennium 100% n/a n/a n/a
Exploration Canada Wildgoose 100% n/a n/a n/a
Production Durando, Mexico El Castillo 100% n/a n/a show
Long life producing mine.
Production Hermosillo, Mexico La Colorada 100% n/a Open Pit show
Long life producing mine.
Production Mexico San Agustin 100% n/a n/a show
2.5 million oz deposit. Low grade.

Purchased from Silver Standard for $75 million in 203.

Production scheduled for 2017.
Development Mexico, Mexico Cerro Del Gallo 100% 25,000 Open Pit show
900,000 oz (.6 gpt)
Exploration Mexico Aurea Norte 100% (guess) n/a n/a show
Early exploration. Some drilling.
Exploration Mexico Aurea Sur 100% (guess) n/a n/a show
Early exploration. No drilling yet.
Exploration Caborca, Mexico Caborca Copper 100% n/a n/a n/a
Exploration Hermosillo, Mexico Cochis Gold 100% n/a n/a n/a
Exploration Guadalajara, Jalisco, Mexico Cocula 100% n/a n/a n/a
Exploration Tajitos, Mexico Daniel 100% n/a n/a n/a
Exploration Puerto Vallarta, Mexico El Capomo 100% n/a n/a n/a
Exploration Sahuaripa, Mexico El Compa 100% n/a n/a n/a
Exploration Mexico El Picacho 0% n/a n/a n/a
Exploration Caborca, Mexico Glor 100% n/a n/a n/a
Exploration Culiacan, Mexico La Fortuna 100% n/a n/a n/a
Exploration Sonora, Mexico Llano Colorado 100% n/a n/a n/a
Exploration Caborca, Mexico Manuel and Mel 100% n/a n/a n/a
Exploration Magdelena Area, Mexico Nopal 100% n/a n/a n/a
Exploration Concepcion Del Oro, Mexico Tim Claims 100% n/a n/a n/a
Exploration Sonora, Mexico Trincheras and Patricia 100% n/a n/a n/a
Exploration Douglas, Mexico Valenzuela Silver Gold 100% n/a n/a n/a
Production Nevada, USA Florida Canyon 100% (guess) n/a Open Pit show
1.5 million oz open pit project.

$30 million capex.

Production scheduled for Q1 2017.
Exploration Nevada, USA Garden Gate Pass 100% 6,500 n/a show
Located in the Cortez Trend. Early exploration.
Exploration Nevada, USA Independence Hill 100% (guess) n/a n/a show
Early exploration
Exploration Reno, Nv, USA Jessup 100% n/a n/a n/a
Exploration Eureka Co, Nv, USA Patty 60% n/a n/a n/a
Exploration Reno, Nv, USA Wilco 100% n/a n/a show
1 million oz deposit.

PEA completed.
Total Land Package Size (ha): 31,500  

Profitability (by resource)

Proven &
Probable		 01/12/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 7.00M 7.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 38.31M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 5.60M 5.60M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 30.65M
Maximum Profit (Gold): $583.00M $523.91M n/a $-59.09M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $583.00M $523.91M n/a $-59.09M
Max Profit / Current MCap: 1.618 1.523 n/a -0.095
Max Profit Per Share (Gold): $0.69 $0.62 n/a $-0.07
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.69 $0.62 n/a $-0.07
Total Free Profit Per Share: $0.12 $0.06 n/a $-0.06
FD Mkt. Cap / Gold Eq.: $64.34 $61.41 n/a $-2.92
FD Mkt. Cap / Silver Eq.: $0.81 $0.72 n/a $-0.09
FD Mkt. Cap / Per Metal
as % Spot Price:		 3.39% 3.10% n/a -0.28%
Measured &
Indicated		 01/12/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 10.00M 10.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 54.73M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 7.52M 7.52M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 41.16M
Maximum Profit (Gold): $782.89M $703.53M n/a $-79.35M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $782.89M $703.53M n/a $-79.35M
Max Profit / Current MCap: 2.173 2.046 n/a -0.127
Max Profit Per Share (Gold): $0.93 $0.83 n/a $-0.09
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.93 $0.83 n/a $-0.09
Total Free Profit Per Share: $0.36 $0.27 n/a $-0.08
FD Mkt. Cap / Gold Eq.: $47.91 $45.73 n/a $-2.18
FD Mkt. Cap / Silver Eq.: $0.60 $0.54 n/a $-0.06
FD Mkt. Cap / Per Metal
as % Spot Price:		 2.52% 2.31% n/a -0.21%

Reserves &
Resources		 01/12/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 11.50M 11.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 62.94M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 8.12M 8.12M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 44.44M
Maximum Profit (Gold): $845.35M $759.67M n/a $-85.69M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $845.35M $759.67M n/a $-85.69M
Max Profit / Current MCap: 2.346 2.209 n/a -0.137
Max Profit Per Share (Gold): $1.00 $0.90 n/a $-0.10
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.00 $0.90 n/a $-0.10
Total Free Profit Per Share: $0.43 $0.34 n/a $-0.09
FD Mkt. Cap / Gold Eq.: $44.37 $42.35 n/a $-2.02
FD Mkt. Cap / Silver Eq.: $0.56 $0.50 n/a $-0.06
FD Mkt. Cap / Per Metal
as % Spot Price:		 2.34% 2.14% n/a -0.20%

Future Valuation (Cash Flow & Totals)

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