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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 one producing mine in Mexico, four mines in development in Mexico and USA and exploration properties. Currently they produce roughly 200koz. of gold per year. They have approximately 9Moz. of gold in the reserves and resources category of which 8Moz. are in the measured and indicated category. They have a market capitalisation of ~$342.83M which is a rise of roughly 19% over the last nine months. As of 10/29/2019 they have ~$14M debt and ~$38M cash. They have 179M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 10/29/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $287.79M $342.83M 10/29/2019 $55.04M
Total Assets: $703.00M $703.00M 10/29/2019 $0.00M
Total Liabilities: $64.00M $64.00M 10/29/2019 $0.00M
Current Assets: $123.00M $123.00M 10/29/2019 $0.00M
Current Liabilities: $30.00M $30.00M 10/29/2019 $0.00M
Total Debt: $14.00M $14.00M 10/29/2019 $0.00M
Cash: $24.00M $38.00M 02/24/2020 $14.00M
Enterprise Value: $277.79M $318.83M 02/07/1980 $41.04M
Cash Flow: $33.36M $63.80M never $30.44M
Cash Flow Multiple: 8.63 5.37 never -3.25
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 10/29/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 10/29/2019 0.00%
Misc 10/29/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 179,483,000 179,483,000 10/29/2019 0
Shares (FD): 183,483,000 183,483,000 10/29/2019 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 10/29/2019 n/a
Production (Gold Eq Oz.): (guess) 
200,000
(guess) 
200,000
10/29/2019 0
Production (Silver Eq Oz.): (guess) 
16,769,577
(guess) 
18,927,673
10/29/2019 2,158,095
Initial CapEx (Outstanding): n/a n/a 10/29/2019 n/a
Funding Option: n/a n/a 10/29/2019 n/a
Documentation: none PRODUCER 04/06/2020 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 10/29/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 3.80M 3.80M 10/29/2019 0.00M
Measured & Indicated: 8.00M 8.00M 10/29/2019 0.00M
Inferred: 1.00M 1.00M 10/29/2019 0.00M
Reserves & Resources: 9.00M 9.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 3.04M 3.04M 10/29/2019 0.00M
Measured & Indicated: 5.73M 5.73M 10/29/2019 0.00M
Inferred: 0.40M 0.40M 10/29/2019 0.00M
Reserves & Resources: 6.13M 6.13M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
200,000oz.
(guess) 
200,000oz.
10/29/2019 0oz.
Cash Cost: $850 $950 02/24/2020 $100.00
Extra Operating Cost: $400 $400 10/29/2019 $0.00
Average Grade: 0.80 g/t 0.80 g/t 10/29/2019 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 04/06/2020 0.00%
F
U
T
U
R
E
Proven & Probable: 8.00M 8.00M 10/29/2019 0.00M
Annual Production: 300,000oz. 300,000oz. 10/29/2019 0oz.
Cash Cost: $800 $900 02/24/2020 $100
Extra Operating Cost: $400 $400 10/29/2019 $0
SILVER 10/29/2019
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 10/29/2019 0.00M
Measured & Indicated: n/a n/a 10/29/2019 0.00M
Inferred: n/a n/a 10/29/2019 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 10/29/2019 0.00M
Measured & Indicated: n/a n/a 10/29/2019 0.00M
Inferred: n/a n/a 10/29/2019 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 10/29/2019 $0.00
Extra Operating Cost: n/a n/a 10/29/2019 $0.00
Average Grade: n/a n/a 10/29/2019 n/a
Recovery Rate: n/a n/a 10/29/2019 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 10/29/2019 0.00M
Annual Production: n/a n/a 10/29/2019 n/a
Cash Cost: n/a n/a 10/29/2019 n/a
Extra Operating Cost: n/a n/a 10/29/2019 n/a

Property

Last Analysis Data  (10/29/2019)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production 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.
Development San Antonio, Mexico San Antonio 100% n/a n/a show
Advanced project. Needs pre-feasibility study.

Another long life mine.
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
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 Tajitos, Mexico Daniel 100% n/a n/a n/a
Exploration Sahuaripa, Mexico El Compa 100% 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 Douglas, Mexico Valenzuela Silver Gold 100% n/a n/a n/a
Total Land Package Size (ha): 25,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Exploration 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.
Development San Antonio, Mexico San Antonio 100% n/a n/a show
Advanced project. Needs pre-feasibility study.

Another long life mine.
Exploration Mexico Ana Paula 100% (guess) 56,000 Open Pit show
2 million oz resource (1.2 gpt)

10 million oz of silver (6 gpt).

The conceptual model implies there is 5 million oz of gold and 30 million oz of silver.
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): 87,500  

Profitability (by resource)

Proven &
Probable
10/29/2019
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.): 3.80M 3.80M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 41.00M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.04M 3.04M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 32.80M
Maximum Profit (Gold): $507.10M $969.73M n/a $462.63M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $507.10M $969.73M n/a $462.63M
Max Profit / Current MCap: 1.762 2.829 n/a 1.067
Max Profit Per Share (Gold): $2.76 $5.29 n/a $2.52
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.76 $5.29 n/a $2.52
Total Free Profit Per Share: $0.71 $2.75 n/a $2.03
FD Mkt. Cap / Gold Eq.: $94.67 $112.77 n/a $18.11
FD Mkt. Cap / Silver Eq.: $1.13 $1.19 n/a $0.06
FD Mkt. Cap / Per Metal
as % Spot Price:
6.36% 6.25% n/a -0.12%
Measured &
Indicated
10/29/2019
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 86.32M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 5.73M 5.73M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 61.81M
Maximum Profit (Gold): $955.49M $1,827.17M n/a $871.69M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $955.49M $1,827.17M n/a $871.69M
Max Profit / Current MCap: 3.320 5.330 n/a 2.010
Max Profit Per Share (Gold): $5.21 $9.96 n/a $4.75
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $5.21 $9.96 n/a $4.75
Total Free Profit Per Share: $3.16 $7.42 n/a $4.26
FD Mkt. Cap / Gold Eq.: $50.24 $59.85 n/a $9.61
FD Mkt. Cap / Silver Eq.: $0.60 $0.63 n/a $0.03
FD Mkt. Cap / Per Metal
as % Spot Price:
3.38% 3.31% n/a -0.06%

Reserves &
Resources
10/29/2019
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.): 9.00M 9.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 97.11M
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 66.12M
Maximum Profit (Gold): $1,022.21M $1,954.77M n/a $932.56M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,022.21M $1,954.77M n/a $932.56M
Max Profit / Current MCap: 3.552 5.702 n/a 2.150
Max Profit Per Share (Gold): $5.57 $10.65 n/a $5.08
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $5.57 $10.65 n/a $5.08
Total Free Profit Per Share: $3.52 $8.11 n/a $4.59
FD Mkt. Cap / Gold Eq.: $46.96 $55.95 n/a $8.98
FD Mkt. Cap / Silver Eq.: $0.56 $0.59 n/a $0.03
FD Mkt. Cap / Per Metal
as % Spot Price:
3.16% 3.10% n/a -0.06%

Future Valuation (Cash Flow & Totals)

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