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Argonaut Gold Inc.

TICKER: AR:TSX

Argonaut Gold Corp. is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo mine in Durango, Mexico, the La Colorada mine in Sonora, Mexico, the advanced exploration-stage San Antonio project in Mexico, the recently acquired advanced exploration-stage Magino project in the Ontario, Canada. The company has several other exploration-stage projects, all of which are located in North America.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Barry Allan, Mackie Research Capital (5/15/13) "At the end of Q1/13, the balance sheet of Argonaut Gold Inc. remained strong with working capital of $216.4M, of which $168.5M was cash. . .debt is a paltry $12.6M. . .overall, the company remains very healthy – strong balance sheet and good operating cash flow ($0.16/sh.). . .the company continues to offer good year-on-year growth and our recommendation is unchanged at a Buy."

Christos Doulis, Stonecap Securities (5/15/13) "Free cash flow at Argonaut Gold Inc. should be stronger in H2/13 as production ramps up at La Colorada and capex decreases. . .the company believes it can exit 2013 with between $185M and $195M in cash ($168.5M at the end of Q1.13). . .consolidated costs came in at $594/oz. Au, which was below even management's guidance of $630--$660/oz. Au. . .we are maintaining our Outperform rating."

Rahul Paul, Canaccord Genuity (5/15/13) "We reiterate our Buy rating on Argonaut Gold Inc. following the release of Q1/13 financials that highlighted cash costs ($594/oz. Au) well below our forecasts. . .the company remains a Canaccord Genuity Canadian Focus List pick based on attractive valuation in the context of one of the best fully funded growth profiles in the sector. . .we continue to view 2013 guidance as conservative and therefore potentially better-than-expected operating and financial results could drive share price outperformance in the next 12 months."

Chitmukulu Musonda, CIBC (5/15/13) "Argonaut Gold Inc. recently released full Q1/13 results. . .cash flow from operations nearly doubled to $0.13/sh., compared to Q1/12, driven by 35% higher sales from the flagship El Castillo mine. . .the ramp-up at its La Colorada mine appears to be progressing well, positioning the company to potentially meet the top end of guidance, which is 140 Koz Au. . .we maintain our Sector Perform rating."

Andrew Kaip, BMO Capital Markets (5/14/13) "Argonaut Gold Inc. reported headline Q1/13 net income of US$11.6M. . .after adjusting for stock-based compensation, EPS came in at US$0.08, in line with consensus, but ahead of BMO Research at US$0.05. BMO Research attributes the EPS beat largely to lower operating costs. . .in a strongly inflationary environment, the company continues to tightly control operating costs; it has further opportunity to improve costs over H2/13, having assumed El Castillo mining operations from the contractor in mid-March. . .Argonaut is rated Outperform with a CA$12 target price."

Argonaut Gold Inc. Content

Corporate Presentation (3/1/13)

Fact Sheet (3/1/13)




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