TORONTO, Ontario - (November 14, 2023) Argonaut Gold Inc. (TSX: AR) (the
“Company”, “Argonaut Gold” or “Argonaut”) today reported financial and operating
results for the three and nine months ended September 30, 2023 (the “third quarter” or
“Q3”), as well as a progress update for the Magino mine. All dollar amounts are
expressed in United States dollars, unless otherwise specified (CA$ refers to Canadian
"We made measurable progress in the third quarter delivering a solid performance at
our existing operations. Despite the early challenges and a slower than expected rampup, we achieved commercial production at our flagship asset, the Magino mine, after the
quarter end. This achievement coupled with strong performance at our Florida Canyon
mine is a testament to our team who has worked diligently to optimize our operations.
Going forward, we will focus on allocating capital towards those assets, projects and
activities that generate the highest potential for per share growth that includes
increasing production through reserve and plant expansion at the Magino mine and
redevelopment of the Florida Canyon mine,” Richard Young, President and Chief
Executive Officer of Argonaut Gold.
“Since the beginning of the fourth quarter, Magino’s throughput has been averaging
9,200 tonnes per day, in-line with nameplate capacity. As we continue to ramp up, we
are focused on driving mining productivity, mill optimization, and further advancing the
plant expansion that has the potential to increase throughput to annual production
above 200,000 ounces per year for the life of mine,” said Marc Leduc, Chief Operating
Officer of Argonaut Gold.
THIRD QUARTER HIGHLIGHTS
• Revenues of $104.8 million was 39% higher than $75.3 million from the third
quarter of 2022, due to initial production at the Magino mine and higher production at the Florida Canyon mine, partially offset by lower planned production from the Company’s three Mexican mines - El Castillo, La Colorada, and San Agustin.
• Revenues include $22.0 million of pre-commercial production ounces sold from the Magino mine. Subsequent to the end of the third quarter, the Magino mine achieved commercial production on November 1, 2023.
• Gross profit of $17.1 million was 146% higher than $7.0 million from the third
quarter of 2022, due to higher revenues from the Magino mine and Florida Canyon
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