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Argonaut Gold Announces Record Quarterly Production of 56,986 Gold Equivalent Ounces and Annual Production of 203,483 Gold Equivalent Ounces; Provides 2021 Production, Cost and Capital Guidance
T.AR | 12 hours ago

Still trading just over $500M EV Cheap Cheap!
2021 Production Guidance +200AuEq
+216M cash in the bank
Magino moving forward.
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TORONTO , Jan. 19, 2021 /CNW/ - Argonaut Gold Inc. (TSX: AR) (the "Company", "Argonaut Gold" or "Argonaut") is pleased to announce record quarterly production of 56,986 gold equivalent ounces ("GEOs" or "GEO") 1 , representing a 16% increase over the previous quarter and a 20% increase over the same period the previous year. Argonaut produced 203,483 GEOs in 2020 and had a cash balance of approximately $214 million at December 31 , 2020. The table below details fourth quarter and full year 2020 production results. All dollar amounts are expressed in United States dollars, unless specified.

Argonaut Gold Inc. Logo (CNW Group/Argonaut Gold Inc.)

Fourth Quarter and Full Year 2020 GEO Production




1 As presented in the third quarter 2020 financial and operating results press release dated November 4, 2020.

2 Florida Canyon production during Q1 2020 and Q2 2020 was under Alio Gold Inc. prior to the closing of the merger between Alio Gold Inc. and Argonaut on July 1, 2020. 2020 GEO production guidance estimated the combined full year 2020 production from the El Castillo, San Agustin, La Colorada and Florida Canyon.

Pete Dougherty , President and CEO stated: "2020 was a spectacular year for Argonaut, as we completed a merger, saw the conclusion of Schedule 2 amendment and executed on a financing plan for Magino's development and achieved record quarterly production in our most recent quarter. As we look to 2021, we are taking a cautious approach to guidance when considering potential productivity challenges due to COVID-19 protocols and contact tracing, as the health and safety of our workforce is paramount. Our focus is to deliver cash flow from the operating mines to fuel Argonaut's growth through the construction of Magino, as we embark on the transition from a relatively high-cost junior producer with short mine life assets to an intermediate lower-cost producer with long life assets."


2021 Production and Cost Guidance

The Company anticipates it will produce between 210,000 and 250,000 GEOs during 2021 at a cash cost of between $950 and $1,050 per gold ounce sold and an all-in sustaining cost ("AISC") of between $1,250 and $1,350 per gold ounce sold (see "Non-IFRS Measures" section).

https://stockhouse.com/news/press-releases/2021/01/19/argonaut-gold-announces-record-quarterly-production-of-56-986-gold-equivalent