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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 250koz. of gold per year. They have approximately 14.5Moz. of gold in the reserves and resources category of which 13Moz. are in the measured and indicated category. They have a market capitalisation of ~$462.4M which is a fall of roughly 24% over the last six months. As of 09/04/2020 they have ~$7M debt and ~$155M cash. They have 290M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 09/04/2020
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $604.70M $462.40M 09/04/2020 $-142.30M
Total Assets: $700.00M $700.00M 09/04/2020 $0.00M
Total Liabilities: $100.00M $100.00M 09/04/2020 $0.00M
Current Assets: $200.00M $200.00M 09/04/2020 $0.00M
Current Liabilities: $50.00M $50.00M 09/04/2020 $0.00M
Total Debt: $7.00M $7.00M 09/04/2020 $0.00M
Cash: $155.00M $155.00M 09/04/2020 $0.00M
Enterprise Value: $456.70M $314.40M 12/18/1979 $-142.30M
Cash Flow: $111.46M $53.81M never $-57.65M
Cash Flow Multiple: 5.43 8.59 never 3.17
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 09/04/2020 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 09/04/2020 0.00%
Misc 09/04/2020
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 290,474,000 290,474,000 09/04/2020 0
Shares (FD): 296,000,000 296,000,000 09/04/2020 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 09/04/2020 n/a
Production (Gold Eq Oz.): (guess) 
250,000
(guess) 
250,000
09/04/2020 0
Production (Silver Eq Oz.): (guess) 
18,169,794
(guess) 
16,661,788
09/04/2020 -1,508,006
Initial CapEx (Outstanding): n/a n/a 09/04/2020 n/a
Funding Option: n/a n/a 09/04/2020 n/a
Documentation: none PRODUCER 11/14/2020 n/a
Value Adjustment: none -25% never -25%

Resource Data

GOLD 09/04/2020
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 09/04/2020 0.00M
Measured & Indicated: 13.00M 13.00M 09/04/2020 0.00M
Inferred: 1.50M 1.50M 09/04/2020 0.00M
Reserves & Resources: 14.50M 14.50M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 5.60M 5.60M 09/04/2020 0.00M
Measured & Indicated: 9.44M 9.44M 09/04/2020 0.00M
Inferred: 0.60M 0.60M 09/04/2020 0.00M
Reserves & Resources: 10.04M 10.04M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
250,000oz.
(guess) 
250,000oz.
09/04/2020 0oz.
Cash Cost: $900 $950 11/06/2020 $50.00
Extra Operating Cost: $400 $450 11/06/2020 $50.00
Average Grade: 0.80 g/t 0.80 g/t 09/04/2020 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 11/14/2020 0.00%
F
U
T
U
R
E
Proven & Probable: 12.00M 12.00M 09/04/2020 0.00M
Annual Production: 450,000oz. 450,000oz. 09/04/2020 0oz.
Cash Cost: $900 $950 11/06/2020 $50
Extra Operating Cost: $400 $450 11/06/2020 $50
SILVER 09/04/2020
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 09/04/2020 0.00M
Measured & Indicated: n/a n/a 09/04/2020 0.00M
Inferred: n/a n/a 09/04/2020 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 09/04/2020 0.00M
Measured & Indicated: n/a n/a 09/04/2020 0.00M
Inferred: n/a n/a 09/04/2020 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 09/04/2020 $0.00
Extra Operating Cost: n/a n/a 09/04/2020 $0.00
Average Grade: n/a n/a 09/04/2020 n/a
Recovery Rate: n/a n/a 09/04/2020 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 09/04/2020 0.00M
Annual Production: n/a n/a 09/04/2020 n/a
Cash Cost: n/a n/a 09/04/2020 n/a
Extra Operating Cost: n/a n/a 09/04/2020 n/a

Property

Last Analysis Data  (09/04/2020)
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.
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  
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.
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
09/04/2020
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 -42.22M
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 -33.78M
Maximum Profit (Gold): $2,496.65M $904.05M n/a $-1,592.60M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,496.65M $904.05M n/a $-1,592.60M
Max Profit / Current MCap: 4.129 1.955 n/a -2.174
Max Profit Per Share (Gold): $8.43 $3.05 n/a $-5.38
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $8.43 $3.05 n/a $-5.38
Total Free Profit Per Share: $5.75 $1.07 n/a $-4.68
FD Mkt. Cap / Gold Eq.: $107.98 $82.57 n/a $-25.41
FD Mkt. Cap / Silver Eq.: $1.49 $1.24 n/a $-0.25
FD Mkt. Cap / Per Metal
as % Spot Price:
5.58% 4.84% n/a -0.74%
Measured &
Indicated
09/04/2020
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.): 13.00M 13.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -78.42M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 9.44M 9.44M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -56.94M
Maximum Profit (Gold): $4,208.64M $1,523.97M n/a $-2,684.67M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,208.64M $1,523.97M n/a $-2,684.67M
Max Profit / Current MCap: 6.960 3.296 n/a -3.664
Max Profit Per Share (Gold): $14.22 $5.15 n/a $-9.07
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $14.22 $5.15 n/a $-9.07
Total Free Profit Per Share: $11.54 $3.17 n/a $-8.37
FD Mkt. Cap / Gold Eq.: $64.06 $48.98 n/a $-15.07
FD Mkt. Cap / Silver Eq.: $0.88 $0.73 n/a $-0.15
FD Mkt. Cap / Per Metal
as % Spot Price:
3.31% 2.87% n/a -0.44%

Reserves &
Resources
09/04/2020
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.): 14.50M 14.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -87.46M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 10.04M 10.04M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -60.56M
Maximum Profit (Gold): $4,476.13M $1,620.83M n/a $-2,855.30M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,476.13M $1,620.83M n/a $-2,855.30M
Max Profit / Current MCap: 7.402 3.505 n/a -3.897
Max Profit Per Share (Gold): $15.12 $5.48 n/a $-9.65
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $15.12 $5.48 n/a $-9.65
Total Free Profit Per Share: $12.44 $3.50 n/a $-8.95
FD Mkt. Cap / Gold Eq.: $60.23 $46.06 n/a $-14.17
FD Mkt. Cap / Silver Eq.: $0.83 $0.69 n/a $-0.14
FD Mkt. Cap / Per Metal
as % Spot Price:
3.11% 2.70% n/a -0.41%

Future Valuation (Cash Flow & Totals)

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