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Category: Mid-tier Producer
Rating: 3.50   (Likely 5 Bagger as of 06/05/2017)
Risk: Moderate
Argonaut Gold Inc
www: www.argonautgold.com     email: info@argonautgold.com

Profile
Notes
Forum
Your Data

Price Data

Symbol Date Price
OTCMKTS:ARNGF 02/16/2018 USD 1.9090
TSE:AR 02/16/2018 CAD 2.3600
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Don's Summary (from last analysis - 06/05/2017)

Argonaut Gold is a solid mid-tier producer. There is a lot to like about this company. Their production is forecasted to grow from 150,000 oz in 2017 to approximately 400,000 by 2021. They have two producing mines in Mexico with all-in costs (free cash flow) around $1100. They have three more mines to build (two in Mexico and one in Canada) and all of them are similar. This is a very smart company that purchases economic projects with solid resources, low capex, and moderate cash costs. All 5 of their mines should produce 80,000 to 150,000 oz at low to moderate cash costs.

They have $50 million in cash and no debt. It’s amazing that a growth company that has purchased 2 companies (Pediment Exploration and Prodigy Gold) and a large project (San Agustin), and built two mines, has no debt. They need to build 3 more mines over the next five years, so that will take some debt.

Anyone who analyzes gold mining stocks has to be impressed with this stock. They have executed like pro's. They now have 8 million oz of M&I and excellent exploration potential. The only question to ask is how big is this company going to get? My guess is that they will continue to buy projects and build mines. With a FD market cap of $244 million, the upside potential is significant. I don't know if they will be a 10 bagger at higher gold prices, but they should at higher gold prices. My only concern is that they get taken out by a larger company.

General Details

Financial 06/05/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $244.43M $341.15M 06/05/2017 $96.72M
Total Assets: $662.03M $692.59M 09/30/2017 $30.56M
Total Liabilities: $57.85M $64.27M 09/30/2017 $6.42M
Current Assets: $132.47M $114.80M 09/30/2017 $-17.67M
Current Liabilities: $33.14M $36.78M 09/30/2017 $3.64M
Total Debt: $0.46M $0.00M 09/30/2017 $-0.46M
Cash: $55.17M $37.46M 09/30/2017 $-17.71M
Enterprise Value: $189.72M $303.69M 08/16/1979 $113.97M
Cash Flow: $29.42M $36.49M never $7.07M
Cash Flow Multiple: 8.31 9.35 never 1.04
Net Debt to Cash Flow Ratio: n/a n/a never 0.00
Finance within 1 year: 06/05/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 06/05/2017 0.00%
Misc 06/05/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $1.343 $1.874 16:02 on 02/16/2018 $0.53
Shares Outstanding: 177,000,000 177,220,000 09/30/2017 220,000
Shares Fully Diluted: 182,000,000 182,000,000 06/05/2017 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 06/05/2017 n/a
Production (Gold Eq Oz.): (guess) 
150,000
(guess) 
150,000
06/05/2017 0
Production (Silver Eq Oz.): (guess) 
10,960,616
(guess) 
12,117,806
06/05/2017 1,157,189
Initial CapEx (Outstanding): n/a n/a 06/05/2017 n/a
Funding Option: n/a n/a 06/05/2017 n/a
Documentation: none PRODUCER 06/05/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 06/05/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 3.30M 3.30M 06/05/2017 0.00M
Measured & Indicated: 8.00M 8.00M 06/05/2017 0.00M
Inferred: 1.20M 1.20M 06/05/2017 0.00M
Reserves & Resources: 9.20M 9.20M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 2.64M 2.64M 06/05/2017 0.00M
Measured & Indicated: 5.65M 5.65M 06/05/2017 0.00M
Inferred: 0.48M 0.48M 06/05/2017 0.00M
Reserves & Resources: 6.13M 6.13M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
150,000oz.
(guess) 
150,000oz.
06/05/2017 0oz.
Cash Cost: $750 $750 06/05/2017 $0.00
Extra Operating Cost: $250 $250 06/05/2017 $0.00
Average Grade: 0.80 g/t 0.80 g/t 06/05/2017 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 06/05/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 9.00M 9.00M 06/05/2017 0.00M
Annual Production: 350,000oz. 350,000oz. 06/05/2017 0oz.
Cash Cost: $800 $800 06/05/2017 $0
Extra Operating Cost: $350 $350 06/05/2017 $0
SILVER 06/05/2017
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 06/05/2017 0.00M
Measured & Indicated: n/a n/a 06/05/2017 0.00M
Inferred: n/a n/a 06/05/2017 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 06/05/2017 0.00M
Measured & Indicated: n/a n/a 06/05/2017 0.00M
Inferred: n/a n/a 06/05/2017 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 06/05/2017 $0.00
Extra Operating Cost: n/a n/a 06/05/2017 $0.00
Average Grade: n/a n/a 06/05/2017 n/a
Recovery Rate: n/a n/a 06/05/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 06/05/2017 0.00M
Annual Production: n/a n/a 06/05/2017 n/a
Cash Cost: n/a n/a 06/05/2017 n/a
Extra Operating Cost: n/a n/a 06/05/2017 n/a

Property

Last Analysis Data  (06/05/2017)
Stage Location Name Owned Type Au Ag Cu Notes
Production Durando, Mexico El Castillo 100% n/a show
Long life producing mine.
Development Hermosillo, Mexico La Colorada 100% n/a show
Long life producing mine.
Development San Antonio, Mexico San Antonio 100% n/a show
Advanced project. Needs pre-feasibility study.

Another long life mine.
Exploration Thunder Bay, Ontario, Canada Hercules 100% n/a n/a
Exploration Ontario, Canada Magino 100% 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
Exploration Canada West-Millennium 100% n/a n/a
Exploration Canada Wildgoose 100% n/a n/a
Exploration Caborca, Mexico Caborca Copper 100% n/a n/a
Exploration Hermosillo, Mexico Cochis Gold 100% n/a n/a
Exploration Tajitos, Mexico Daniel 100% n/a n/a
Exploration Sahuaripa, Mexico El Compa 100% n/a n/a
Exploration Caborca, Mexico Glor 100% n/a n/a
Exploration Culiacan, Mexico La Fortuna 100% n/a n/a
Exploration Sonora, Mexico Llano Colorado 100% n/a n/a
Exploration Caborca, Mexico Manuel and Mel 100% n/a n/a
Exploration Magdelena Area, Mexico Nopal 100% n/a n/a
Exploration Mexico San Agustin 100% n/a show
2.5 million oz deposit. Low grade.

Purchased from Silver Standard for $75 million in 203.

Production scheduled for 2017.
Exploration Caborca, Mexico Texson 100% n/a n/a
Exploration Douglas, Mexico Valenzuela Silver Gold 100% n/a n/a
Current Data
Stage Location Name Owned Type Au Ag Cu Notes
Production Durando, Mexico El Castillo 100% n/a show
Long life producing mine.
Development Hermosillo, Mexico La Colorada 100% n/a show
Long life producing mine.
Development San Antonio, Mexico San Antonio 100% n/a show
Advanced project. Needs pre-feasibility study.

Another long life mine.
Exploration Thunder Bay, Ontario, Canada Hercules 100% n/a n/a
Exploration Ontario, Canada Magino 100% 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
Exploration Canada West-Millennium 100% n/a n/a
Exploration Canada Wildgoose 100% n/a n/a
Exploration Caborca, Mexico Caborca Copper 100% n/a n/a
Exploration Hermosillo, Mexico Cochis Gold 100% n/a n/a
Exploration Tajitos, Mexico Daniel 100% n/a n/a
Exploration Sahuaripa, Mexico El Compa 100% n/a n/a
Exploration Caborca, Mexico Glor 100% n/a n/a
Exploration Culiacan, Mexico La Fortuna 100% n/a n/a
Exploration Sonora, Mexico Llano Colorado 100% n/a n/a
Exploration Caborca, Mexico Manuel and Mel 100% n/a n/a
Exploration Magdelena Area, Mexico Nopal 100% n/a n/a
Exploration Mexico San Agustin 100% n/a show
2.5 million oz deposit. Low grade.

Purchased from Silver Standard for $75 million in 203.

Production scheduled for 2017.
Exploration Caborca, Mexico Texson 100% n/a n/a
Exploration Douglas, Mexico Valenzuela Silver Gold 100% n/a n/a

Profitability (by resource)

Proven &
Probable
06/05/2017
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.): 3.30M 3.30M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 25.46M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.64M 2.64M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 20.37M
Maximum Profit (Gold): $517.81M $642.18M n/a $124.37M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $517.81M $642.18M n/a $124.37M
Max Profit / Current MCap: 2.118 1.882 n/a -0.236
Max Profit Per Share (Gold): $2.85 $3.53 n/a $0.68
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.85 $3.53 n/a $0.68
Total Free Profit Per Share: $1.04 $1.17 n/a $0.13
FD Mkt. Cap / Gold Eq.: $92.59 $129.22 n/a $36.64
FD Mkt. Cap / Silver Eq.: $1.27 $1.60 n/a $0.33
FD Mkt. Cap / Per Metal
as % Spot Price:
7.23% 9.59% n/a 2.36%
Measured &
Indicated
06/05/2017
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.): 8.00M 8.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 61.72M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 5.65M 5.65M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 43.57M
Maximum Profit (Gold): $1,107.80M $1,373.88M n/a $266.08M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,107.80M $1,373.88M n/a $266.08M
Max Profit / Current MCap: 4.532 4.027 n/a -0.505
Max Profit Per Share (Gold): $6.09 $7.55 n/a $1.46
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.09 $7.55 n/a $1.46
Total Free Profit Per Share: $4.28 $5.19 n/a $0.91
FD Mkt. Cap / Gold Eq.: $43.28 $60.40 n/a $17.12
FD Mkt. Cap / Silver Eq.: $0.59 $0.75 n/a $0.16
FD Mkt. Cap / Per Metal
as % Spot Price:
3.38% 4.48% n/a 1.10%

Reserves &
Resources
06/05/2017
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.): 9.20M 9.20M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 70.97M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.13M 6.13M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 47.28M
Maximum Profit (Gold): $1,201.95M $1,490.64M n/a $288.69M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,201.95M $1,490.64M n/a $288.69M
Max Profit / Current MCap: 4.917 4.369 n/a -0.548
Max Profit Per Share (Gold): $6.60 $8.19 n/a $1.59
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $6.60 $8.19 n/a $1.59
Total Free Profit Per Share: $4.79 $5.83 n/a $1.04
FD Mkt. Cap / Gold Eq.: $39.89 $55.67 n/a $15.78
FD Mkt. Cap / Silver Eq.: $0.55 $0.69 n/a $0.14
FD Mkt. Cap / Per Metal
as % Spot Price:
3.12% 4.13% n/a 1.02%

Future Valuation (Cash Flow & Totals)

Totals 06/05/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
C
U
R
R
E
N
T
R & R Valuation: $1,176.76M $1,238.62M n/a $61.86M
Mkt. Cap: $244.43M $341.15M n/a $96.72M
Annual Gold Production: (guess) 
150,000oz.
(guess) 
150,000oz.
06/05/2017 0oz.
Annual Silver Production: n/a n/a 0oz.
F

U

T

U

R

E
FD Mkt. Cap: $3,375.00M $3,375M n/a $0M
FD Mkt. Cap Growth: 1,281% 889% n/a -391%
Annual
Production
Gold: 350,000 oz. 350,000 oz. n/a 0 oz.
Silver: n/a n/a n/a n/a
Current FD
Mkt. Cap /
Gold Eq. Reserves: 27.16 37.91 n/a 10.75
Silver Eq. Reserves: 1.09 1.52 n/a 0.43
Gold Eq. Production: 698.38 974.72 n/a 276.34
Silver Eq. Production: 27.94 38.99 n/a 11.05
P&P
Reserves
(oz.)
Gold: 9.00M 9.00M 06/05/2017 n/a
Silver: n/a n/a 06/05/2017 n/a
Gold Eq.: 9.00M 9.00M 06/05/2017 n/a
Silver Eq.: 225.00M 225.00M 06/05/2017 n/a
P&P Reserves
per FD
Share (oz.)
Gold: 0.049 0.049 n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: 0.049 0.049 n/a n/a
Silver Eq.: 1.236 1.236 n/a n/a
Cash Flow 06/05/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Current: $29.42M $36.49M n/a $7.07M
Current Multiple: 8.31 9.35 n/a 1.04
F
U
T
U
R
E
@ current prices: $27.34M $41.48M n/a $14.13M
Multiple @ current prices: 8.94 8.23 n/a -0.71
Growth @ current prices: -7.07% 13.67% n/a 0.21
@ future prices: $283.50M $283.50M n/a $0.00M
Multiple @ future prices: 0.86 1.20 n/a 0.34
Growth @ future prices: 676.98% 676.98% n/a -1.87

Defaults

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