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Argonaut Gold Inc.

TICKER: AR:TSX

Argonaut Gold Inc. 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, and the La Colorada mine in Sonora, Mexico. Advanced exploration stage projects include the San Antonio project in Baja California Sur, Mexico, and the Magino project in Ontario, Canada. The recently acquired San Agustín project is the primary exploration target for Argonaut in 2014. The company also has several 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:

Teresa Matich, Resource Investing News (8/25/14) "Argonaut Gold Inc. is no doubt pleased with the resource estimate for its San Agustin project. . .it now has a constrained Indicated resource of 845 Koz gold and 28.3 Moz silver. . .or 1.28 Moz Au eq, contained within 82.2 Mt of material at grades of 0.32 g/t gold and 10.7 g/t silver. The project also has an additional 103 Koz Au eq Inferred resource. . .Friday's estimate was the result of the first phase of a multi-phase drill program, the second phase of which will total 16,000m and aim to continue expanding the resource area and test further targets."

Jordan Roy-Byrne, The Daily Gold (8/24/14) "Argonaut Gold Inc.'s maiden resource for San Agustin is 1.28 Moz Au eq. I'm expecting San Agustin to become the company's next mine by late 2015. The silver resource will provide a good kicker."

Ben Kramer-Miller, Seeking Alpha (8/23/14) "Argonaut Gold Inc. reported its resource estimate for the newly acquired San Agustin project in Mexico. . .larger than when I wrote about the project last summer in the context of its previous owner. . .this news reflects my February prediction that the company would release a PEA for San Agustin by the end of the year. Argonaut investors should be encouraged that the company is moving forward on this project. . .the project has about 1.4 Moz Au eq in oxide ore. . .and should be exploitable using standard heap leaching, which is a simple and inexpensive process."

Andrew Kaip, BMO Capital Markets (8/22/14) "Argonaut Gold Inc. reported a resource estimate from the first phase of drilling at its San Agustin project in Durango, Mexico. Total resources came in at 910 Koz Au and 30.7 Moz Ag grading 0.32 g/t and 10.7 g/t, respectively, and the resource consisted of 97% oxide material. . .the significantly expanded oxide inventory should support a more robust PEA assessing a potential heap-leach operation, which the company expects to complete by year-end. . .we rate Argonaut Gold an Outperform with a CA$7/share target price."

Mike Parkin, Desjardins Securities (8/22/14) "Argonaut Gold Inc. released an updated resource at its recently acquired San Agustin project. . .Indicated oxide material increased by 276% and contained gold ounces increased by 200%. The oxide resource is the key component of the total material since the project is envisioned as a heap leach operation that is able to recover gold from oxide material. . .we estimate a production start date at San Agustin in 2016. With the current throughput estimate of 10 Ktpd, the mine life would reach 17 years. . .we believe that the resource update and larger-scale project will prove to be NAV accretive."

more comments

Sam Crittenden, RBC Capital Markets (8/22/14) "We view Argonaut Gold Inc.'s release of the San Agustin resource as a positive for the company's shares as the expanded resource shows the potential for a viable heap leach project. The Measured, Indicated and Inferred oxide gold resource grew to 890 Koz gold at 0.32 g/t from ~400 Koz and the Measured, Indicated and Inferred silver oxide resource increased to 29.4 Moz silver at 10.6 g/t from 16.4 Moz. . .San Agustin provides the company a low capex near-term development option with potential synergies due to the proximity of Argonaut's El Castillo project."

Jeff Killeen, CIBC World Markets (8/15/14) "Argonaut Gold Corp. is moving forward along a dual permitting path for San Antonio. . .any further delays in permitting would have a negligible impact on our net asset value estimate for the company. Therefore, we expect that any further delays are largely priced into Argonaut's stock."

Sam Crittenden, RBC Capital Markets (8/14/14) "Argonaut Gold Inc.'s Q2/14 financials were in line. . .EPS of $0.01 came in in line with our estimate of $0.01 (consensus, $0.02). CFPS at $0.09 was modestly higher than consensus and our expectation of $0.08."

Ovais Habib, Scotia Capital (8/14/14) "Argonaut Gold Inc. reported Q2/14 adjusted EPS of $0.01, splitting the difference between our estimate of $0.00 and consensus of $0.02.The beat versus our estimate was mainly due to a lower cash cost in the quarter of $756/oz, which was 14% below our estimate of $880/oz. Both El Castillo and La Colorada saw material reductions in per-tonne costs, with El Castillo averaging $4.77/t (vs. $5.16/t in Q1/14) during the quarter and La Colorada averaging $8.39/t (vs. $11.72/t in Q1/14). . .we rate the company Sector Outperform."

Andrew Kaip, BMO Capital Markets (8/14/14) "Argonaut Gold Inc. reported headline Q2/14 net income of $2M. After adjusting for stock-based compensation, EPS came in at $0.02, above our estimate at $0.00, but in line with consensus; we attribute the EPS beat largely to lower-than-expected operating costs."

Mike Parkin, Desjardins Securities (8/14/14) "Argonaut Gold Inc. reported Q2/14 financial results, with earnings in-line with consensus while cash costs were less than anticipated. . .the company had previously reported Q2/14 production of 30.31 Koz Au eq and today it reported cash costs of US$756/oz Au sold, which beat the Street's expectation of US$784/oz but were in-line with our expectation of US$764/oz. . .we model full-year consolidated production of 135.6 Koz Au eq at cash costs of US$778/oz. . .on an annualized basis, Argonaut has produced 122.5 Koz Au eq but is expecting production to be back-half weighted."

Barry Allan, Mackie Research Capital (8/14/14) "Argonaut Gold Inc. is expecting a much stronger H2/14. . . operations are improving. . .recoveries have steadily increased as a result of less transitional ore being mined (~13% in Q2/14 vs. our 11% estimate, but down from 20% in Q1/14). An increasing amount of oxidized material is currently being placed on the pads, which should lead to further recovery improvements in H2/14. . .the company remains undervalued. . .we continue to see La Colorada throughput improvements, as well as a resource and PEA on San Agustin as the next key catalysts moving forward."

Ron Struthers, Struthers Resource Stock Report (7/30/14) "Argonaut Gold Inc. is positioned to increase production in the second half of the year. The company's balance sheet is strong with $59M cash in Q2/14. Argonaut is profitable; it had cash flow of $12.9M in Q1/14 and cash costs are low."

Jeff Killeen, CIBC World Markets (7/16/14) "Argonaut Gold Inc. has now completed its phase 1 drill program at San Agustin, which included more than 22,000m of drilling. We would characterize the results from drilling at San Agustin as encouraging, which intersected oxidized mineralization over long intervals. As highlighted previously, we believe San Agustin could become the next development project if positive economics can be demonstrated."

Michael Siperco, Macquarie Capital Markets (7/16/14) "Following the acquisition of San Agustin in late 2013, Argonaut Gold Inc. has drilled +22,000m as part of its phase 1 drill program, leading to an expected updated resource in Q3/14. We expect that the ~400 Koz Au oxide resource could grow to roughly 750 Koz based on the expanded resource area the company has targeted."

Ovais Habib, Scotia Capital (7/15/14) "We continue to believe Argonaut Gold Inc. remains positioned to meet its 2014 production guidance of 135–150 Koz Au eq, having produced 45% of the lower end of the guidance range in H1/14. We currently model 2014 production of 135 Koz Au eq at a total cash cost of $783/oz and anticipate 20% higher production in H2/14 versus H1/14. . .we rate Argonaut Sector Outperform."

Sam Crittenden, RBC Capital Markets (7/15/14) "Argonaut Gold Inc.'s drilling at San Agustin continues to expand the deposit, and a resource update in the next few months could be a positive catalyst. . .phase 2 drilling (13,000m planned) has commenced and is focused on testing the broader limits of the mineral system."

Andrew Kaip, BMO Capital Markets (7/15/14) "At Argonaut Gold Inc.'s El Castillo project, the mine plan incorporated mostly oxidized ore to the leach pads during Q2/14, comprising 87% of total ore, and suggesting potential for improved recoveries in the subsequent quarter. Recent additions to the mining fleet continue to increase productivity, with daily movement rates exceeding 91 Ktpd (compared to 87 Ktpd capacity). . .recent operational improvements at La Colorada and El Castillo should support production growth in H2/14."

The Gold Report Interview with Ian Parkinson (6/2/14) "Argonaut Gold Inc. has two producing mines, El Castillo and La Colorada. El Castillo in Durango, Mexico, had a pretty rough finish in 2013. The mine schedule at El Castillo saw it mining transitional ore for longer than expected and that impacted recoveries and production into Q1/14. That's over but I think the market probably needs to see it deliver. The recent pullback with the name is really based on that short-term operating scenario. We should see Argonaut revert to where the name was trading not that long ago. . .I still have a positive view on Argonaut's growth assets. We just talked about El Castillo and La Colorada. Argonaut has two other growth assets: San Antonio in Mexico and Magino in northern Ontario. I carry value for essentially all five parts of the story: the two operating mines—El Castillo and La Colorada—San Antonio, Magino and then San Agustin, which it recently acquired from Silver Standard Resources and is now drilling. The first set of drill results looks very encouraging. . .the asset has value, and I think it will go into production." More >

Andrew Kaip, BMO Capital Markets (5/27/14) "Argonaut Gold Inc.'s San Agustin exploration looks to have started off on the right foot with phase 1 drill results showing the potential to double gold equivalent resources from the current 450 Koz range. La Colorada looks to be hitting design crushing rates of 12 Ktpd. . .El Castillo operations continue to perform well with the company focused on cost optimization programs to further reduce costs."

Tickerscores (5/27/14) "Argonaut Gold Inc. is a top five Mexican gold producer. . .the company has a good balance sheet and 2014 production is expected to grow."

Mike Parkin, Desjardins Securities (5/26/14) "Argonaut Gold Inc.'s operations should improve through the rest of 2014 as La Colorada should see a declining strip ratio along with higher grades. . .we reiterate our Buy rating. . .the total $15M investment at El Castillo provides for a smaller crush size, which improves recoveries and reduces reagent consumption, and the new conveyance system should lower operating costs. . .while the San Agustin project appears to be similar to El Castillo with near-surface oxidized low-grade material, the Ag kicker should boost project economics."

Jeff Killeen, CIBC World Markets (5/7/14) "Argonaut Gold Inc. reported Q1/14 EPS of $0.02, which was slightly ahead of our $0.01 estimate. . .gold production of 29.539 Koz (30.963 Koz Au eq) had been prereleased, while cash costs of $731/oz were below our estimate of $754/oz. . .production in 2014 is expected to be back-end weighted, with ore mining rates expected to increase progressively at El Castillo. . .the company ended Q1/14 with $59.7M cash. . .our CA$6/share price target for Argonaut Gold is derived using a price/cash flow methodology, which reflects our expectations of an emerging gold producer with lower cash cost operations."

Barry Allan, Mackie Research Capital (5/7/14) "Argonaut Gold Inc. released Q1/14 financials with production of 31 Koz Au eq. . .cash costs of $712/oz produced were below our estimate of $775/oz. . .the company expects that the amount of transitional material processed will decline sharply to 11% in Q2/14 and 2% in Q3/14, which should lead to substantially better recoveries. . .over the next couple of months we expect to see further results from met work on the San Agustin project, which will lead to a resource update and PEA in H2/14. . .Argonaut Gold remains best value among juniors."

Jeff Killeen, CIBC World Markets (5/7/14) "Argonaut Gold Inc. reported Q1/14 EPS of $0.02, which was slightly ahead of our $0.01 estimate. . .gold production of 29.539 Koz (30.963 Koz Au eq) had been prereleased, while cash costs of $731/oz were below our estimate of $754/oz. . .production in 2014 is expected to be back-end weighted, with ore mining rates expected to increase progressively at El Castillo. . .the company ended Q1/14 with $59.7M in cash. . .our CA$6/share price target for Argonaut Gold is derived using a price/cash flow methodology, which reflects our expectations of an emerging gold producer with lower cash cost operations."

Mike Parkin, Desjardins Securities (5/6/14) "Argonaut Gold Inc. reported net earnings of US$2.8M or US$0.02/share, matching the Street at US$0.0.02/share. Argonaut reported cash flow per share of US$0.08, which also matched the Street and our expectations. . .the company continues to move the Magino project forward, having completed the previously disclosed claim swap with Richmont, and the company sees a potential pit expansion, which could include this recently acquired property, if mineralization is as expected."

Andrew Kaip, BMO Capital Markets (5/6/14) "Argonaut Gold Inc. reported headline Q1/14 net income of $2.8M. . .Q1 earnings came in slightly above our expectations. . .the company is rated Outperform with a CA$7 target price."

Mike Parkin, Desjardins Securities (4/16/14) "We continue to see good value in the shares of Argonaut Gold Inc. . .the company continues to offer good value at current levels and has the potential to grow gold production by 35% by 2017 through the self-funded development of the San Agustin project, which we expect will be a source of several positive catalysts for the share price in H2/14."

Andrew Kaip, BMO Capital Markets (4/15/14) "At El Castillo, Argonaut Gold Inc.'s reports that mining is shifting from transitional ore to oxide, which should translate to better gold recovery in the medium term. The company has also added to its mining fleet, with capacity now at 87 Ktpd (up from 69 Ktpd). At La Colorada, Argonaut Gold Inc. has added a fifth cone crusher, resulting in a 25% increase in crushing capacity, and the company has completed a positive internal assessment for the reprocessing of old heap-leach material."

Jordan Roy-Byrne, The Daily Gold (4/6/14) "Argonaut Gold Inc. trades at a lofty valuation because of its proven management team, track record and its strong growth pipeline which is essentially unmatched among its peers. . . we can’t think of a gold producer that is better positioned for a resumption of the secular bull market."

Jordan Roy-Byrne, The Daily Gold (3/27/14) "Today we learned that Argonaut Gold Inc. will produce an economic study by the end of the year and a production decision comes with that. Capex and the construction period could be similar to La Colorada, which means San Agustin could be pouring gold and silver by the end of 2015 and Argonaut can easily fund the capex with its current cash. . .I do think the stock could start to move positively in the summer."

Mike Parkin, Desjardins Securities (3/27/14) "Argonaut Gold Inc. reported Q4/13 earnings this week, which were in line with consensus. . .we continue to assign a premium price:cash flow target valuation multiple, as we believe the company deserves a premium valuation given its strong operational track record and significant potential production growth."

Matthew Sheppard, Jacob Securities (3/26/14) "Argonaut Gold Inc. beat 2013 cash cost guidance and added significant resources at year-end. . .the company continues to work toward reaching construction at San Antonio and is aggressively drilling its recently acquired San Agustin property with a view to establishing a new resource and PEA by year end. . .we are revising our rating for Argonaut from Hold to Buy and are increasing our price target from CA$6.50 to CA$7.80."

Barry Allan, Mackie Research Capital (3/26/14) "Over the course of H1/14 we expect to see further results from Argonaut Gold Inc.'s exploration/resource expansion drilling at the recently acquired San Agustin project. . .results, combined with metallurgical test work, are expected to be utilized in the creation of an updated resource and PEA in H2/14. Additionally, an update is expected to be provided in Q3/14 on the San Antonio project. . .we reiterate our Buy recommendation."

Jeff Killeen, CIBC World Markets (3/26/14) "Argonaut Gold Inc.'s 2013 cash costs of $644/oz were within guidance of $630–660/oz. During Q4/13 quarter, the company generated operating cash flow (before working capital changes) of $9.3M."

The Gold Report Interview with Jeff Killeen (3/26/14) "Argonaut Gold Inc. has an attractive low-cost profile. It is increasing production as the La Colorada mine comes into full stride in Mexico in 2014." More >

Andrew Kaip, BMO Capital Markets (3/25/14) "Argonaut Gold Inc. reported headline Q4/13 net income of $14.7M. . .EPS came in at $0.02/share, above our research but in line with consensus. We attribute the EPS beat largely to lower-than-expected operating costs. . .the company continues to demonstrate tight cost controls in a weak metal price environment."

Adam Melnyk, Desjardins Securities (3/20/14) "By our estimates, Argonaut Gold Inc. has the potential to grow gold production by 49.6% by 2016. . .we are raising our target price to CA$7 (from CA$6.50). . .despite currently having a relatively low cash balance (~US$115M at year‐end 2013), we estimate the company can generate significant cash from operations and fully fund the development of the San Antonio and San Agustin gold projects."

Jordan Roy-Byrne, The Daily Gold (3/16/14) "Argonaut Gold Inc. has major growth potential from 2016-2017, but that is too distant for the market to care. . .we see the company as having excellent long-term potential and limited downside risk over the near term."

Andrew Kaip, BMO Capital Markets (2/25/14) "Argonaut Gold Inc. expects to produce 90–100 Koz gold from El Castillo and 45–50 Koz Au eq from La Colorada over 2014E. The company is currently advancing the San Antonio project through the permitting process and expects to provide an update in Q3/14E."

Jordan Roy-Byrne, The Daily Gold (2/9/14) "Argonaut Gold Inc.'s plan and goal are to build San Antonio in 2014-2015. . .with San Antonio, the company could be the premier growth story in the industry. . .San Antonio gives it a total of three development projects that all could be built within the next four years. Argonaut could go from ~140 Koz/year Au to potentially 550 Koz/year Au."

Mike Parkin, Desjardins Securities (1/21/14) "We continue to anticipate a strong operational year from Argonaut Gold Inc. and expect progress to be made on the project portfolio. We maintain our Buy (Above-Average Risk) rating."

Jeff Killeen, CIBC World Markets (1/21/14) "Argonaut Gold Inc. reported Q4/13 production of 28,648 oz Au eq, which included 27,865 oz gold and 47,759 oz silver. Full-year gold production reached 117,348 oz."

Rahul Paul, Canaccord Genuity (1/20/14) "While Argonaut Gold Corp.'s Q4/13 production was lower than guidance and our expectations at La Colorada (delays opening up the pit) and El Castillo (processing of lower recovery transitional material), we view the issues as temporary and unlikely to impact our overall thesis. We maintain our Buy rating based on our view that the stock remains well positioned to outperform its peers over the next 12 months pending completion of the La Colorada ramp-up, potential receipt of permits at San Antonio and exploration upside potential from San Agustin."

Mike Parkin, Desjardins Securities (1/9/14) "By our estimates, Argonaut Gold Inc. has the potential to nearly triple its gold production to more than 390 Koz by 2020 through the development of three projects, two of which are fully financed. We expect the company's relatively low, all-in sustaining costs (Desjardins standard) to remain flat to slightly down over the next several years, driving growth in CFPS as the production base is expanded."

M Partners (12/31/13) "Argonaut Gold Inc. finalized the agreement to acquire the San Agustin project from Silver Standard Resources Inc. for $15M cash and $30M in Argonaut shares payable at closing, including further cash of $10M payable in six months and $20M in 18 months after signing the agreement. The project is located 10 km from Argonaut's El Castillo project in Durango, Mexico."

Mike Parkin, Desjardins Securities (12/20/13) "Overall, we see Argonaut Gold Inc.'s prefeasibility study for Magino as an excellent building block for the project. The study is based on only 40% of the Measured and Indicated resource, which, through a successful land acquisition agreement with Richmont Mines Inc., could result in a robust, long mine life gold project."

Barry Allan, Mackie Research Capital (12/20/13) "On Dec. 17, Argonaut Gold Inc. released the results of a prefeasibility study on the Magino project. . .over the first seven years, an average grade of 1.33 g/t is expected to yield 185 Koz/year. . .we retain our Buy recommendation."

Jeff Killeen, CIBC World Markets (12/19/13) "Argonaut Gold Inc. has released an updated resource/reserve estimate and a prefeasibility study (PFS) for the Magino development project. . .the smaller project will reduce capex and focus on higher grades, particularly in the first seven years of production. . .we think the Magino PFS is a step in the right direction for the company."

Christos Doulis, Stonecap Securities (12/19/13) "While notably smaller than originally envisioned, the prefeasibility study for Argonaut Gold Inc.'s Magino outlines a robust, high-grade project that is cash flow positive even in a weak metals price environment. With ~$125M in cash, the company has the financial flexibility to continue advancing its development projects; we are maintaining our Outperform rating."

Andrew Kaip, BMO Capital Markets (12/17/13) "Argonaut Gold Inc. released a prefeasibility study (PFS) for the Magino project in Ontario that outlines life-of-mine annual production of 127 Koz gold at US$693/oz over a 13-year life. The mine plan includes an accelerated mining schedule during years 1 to 7 followed by processing of low-grade stockpiles thereafter. . .the PFS provides base parameters on an initial development scenario for Magino that are broadly in line with BMO Research expectations."

Mike Parkin, Desjardins Securities (12/17/13) "Argonaut Gold Inc.'s Magino prefeasibility study proves positive to our estimates. . .highlights of the prefeasibility study include an after‐tax NPV of $199M (5% discount rate), an initial rate of return of 18%, payback of 4.2 years, initial capital costs of $356M and life of mine, 13.2 years."

Jordan Roy-Byrne, The Daily Gold (12/15/13) "Argonaut Gold Inc. is one of the strongest stocks over the past few years. Quietly, the shares have perked up relative to GDX over the past six weeks. . .we love the company long term and think it can rebound strongly."

Mike Parkin, Desjardins Securities (12/9/13) "We are initiating coverage of Argonaut Gold Inc. . .it has the potential to nearly triple its gold production to more than 340 Koz by 2018 through the development of three projects, two of which are fully financed. We expect Argonaut's relatively low all‐in sustaining cost profile to remain flat to down over the next several years, driving growth in cash flow per share as the production base is expanded. . .the company's management has a good track record of meeting or beating operating guidance, and it has a healthy balance sheet, strong production growth potential and stable cost structure."

Jordan Roy-Byrne, The Daily Gold (11/26/13) "We believe Argonaut Gold Inc. is one of the top five long-term plays in the growth-oriented producer space. . .the company, producing at a run rate of ~130K Au has the assets to nearly triple its production in the next two and a half years and to quadruple its production in less than four years."

Morning Coffee (11/14/13) "Shares of Argonaut Gold Inc. have moved higher following the company's Q3/13 results, which included quarterly EPS that came in higher than expected on lower cash costs. . .a prefeasibility study on Magino is expected by year-end 2013 and should be the first catalyst toward providing some clarity on project economics, in turn lowering the overall risk profile."

Jeff Killeen, CIBC World Markets (11/13/13) "With free cash flow generation in sight, continued low cash costs at its operating assets and a portfolio of development projects in favorable mining jurisdictions, we are increasing our price target for Argonaut Gold Inc. to CA$6 (from CA$5). As of November 12, we are also upgrading our rating for the company to Sector Perform from Sector Underperform."

Barry Allan, Mackie Research Capital (11/13/13) "We have left our $8.50 target on Argonaut Gold Inc. unchanged but have upgraded to a Buy recommendation given share price depreciation. . .we believe the company remains on track to reach annual guidance of 120–130 Koz."

Christos Doulis, Stonecap Securities (11/13/13) "Argonaut Gold Inc. is well positioned to benefit from its substantial 2013 capital programs at both El Castillo and La Colorada. With ~$125M in cash, the company has the financial flexibility to continue advancing its development projects while generating operating free cash flow even in the current weak gold price environment; we are maintaining our Outperform rating."

Andrew Kaip, BMO Capital Markets (11/12/13) "Argonaut Gold Inc. is a member of BMO's top 15 small-cap stock selections. . .the company reported headline Q3/13 net income of US$16.3M. After adjusting for stock-based compensation, a write-off of exploration properties and other one-time items, earnings per share (EPS) came in at US$0.05, above consensus at US$0.03 and BMO Research at US$0.01. BMO attributes the EPS beat to lower-than-forecast operating expenses."

Christos Doulis, Stonecap Securities (11/7/13) "On Nov. 5, Argonaut Gold Inc. announced the purchase of the San Agustin project, located 10 km from its El Castillo project in Durango, Mexico, from Silver Standard Resources Inc. . .we are pleased to see the company building out its pipeline of projects. . .we are maintaining our Outperform rating."

Andrew Kaip, BMO Capital Markets (11/6/13) "Argonaut Gold Inc. announced that it has signed an agreement to acquire the San Agustin project in Durango, Mexico from Silver Standard Resources Inc. San Agustin is located ~10km from Argonaut's flagship El Castillo mine. . .the metallurgical, grade and structural similarities of the two projects should facilitate strong technical synergies. The proximity of the projects should also allow for efficient management oversight."

Jordan Roy-Byrne, The Daily Gold (11/6/13) "Argonaut Gold Inc. announced it is buying the San Agustin project from Silver Standard Resources Inc. for a total of ~$75M. . .San Agustin, which is located 10km from El Castillo, hosts an Indicated resource of 1.6 Moz gold and 48 Moz silver and an Inferred resource of 1.06 Moz gold and 37 Moz silver. In addition, the oxide mineralization remains open in all directions and the exploration potential is considered excellent. . .San Agustin should be economic even at low silver prices."

Andrew Kaip, BMO Capital Markets (10/30/13) "BMO Research recently attended a site visit of the El Castillo and La Colorada mines in Mexico with senior management. . .the rollout of El Castillo continues to track well with integration of the overland conveyor to the west leach pad complete. The company's execution at El Castillo has solidified the flagship status of the mine and positioned it as a strong cash-flow generator in 2014E. . .La Colorada is expected to be operating at design capacity by the beginning of 2014E."

The Gold Report Interview with Jordan Roy-Byrne (10/28/13) "Some of the absolutely best companies are located in Mexico. . .one of the best is Argonaut Gold Inc. Argonaut has two growing mines in Mexico, La Colorada and El Castillo, and two strong development projects, San Antonio in Mexico and the recently acquired Magino project in Ontario. There could be permitting issues with San Antonio. It's not going to be a slam dunk, but if Argonaut can get that mine into production before the end of 2014, it will have a growth profile basically unmatched by anyone in the industry. In addition, Argonaut has ongoing cash flow, a very strong cash position of around $140M and one of the best management teams in the industry. . .Argonaut's relative strength has been very strong for the most part over the last year or two. In early July, its shares went from about $5 to more than $8, and I think we're going to see a similar move when the bear market ends in the next few months. Argonaut has the management, the capital and the projects to be a serious growth-oriented producer over the next three or four years. That's why I call it a long-term gift." More >

Christos Doulis, Stonecap Securities (10/17/13) "While Q3/13's production results were below our expectations, particularly the slower than expected ramp-up at La Colorada, we continue to believe Argonaut Gold Inc. is well positioned to benefit from its 2013 capital program at both operation's mines. In addition to its two operating assets, with ~$140M in cash and equivalents Argonaut has the financial flexibility to continue advancing its two development projects; we are maintaining our Outperform rating."

Michael Siperco, Macquarie Capital Markets (10/16/13) "Argonaut Gold Inc. has reported a rare miss on Q3/13 production. . .the miss versus our numbers was primarily due to the delay at La Colorada in ramping up production. . .the company is still defensive at these levels, with upside. . .despite the stumble in Q3/13, we recommend buying Argonaut for the optionality underpinned by +$50M in annual free cash flow from current operations."

Jordan Roy-Byrne, The Daily Gold (10/7/13) "Argonaut Gold Inc. remains a long-term core holding due to a strong pipeline, management track record, operational track record, financial strength and future growth potential. . .the company possesses all the ingredients of a leading growth-oriented producer. . .Argonaut is positioned to reach $20, $30 and $40 as the bull market is renewed in the coming quarters and years."

The Gold Report Interview with Barry Allan (9/4/13) "Argonaut Gold Inc. certainly has the operating history and the personnel in place. . .Argonaut tends to optimize and to be on the higher side of our expectations. That reflects the company's conservative approach to communicating production guidance. That's a good thing. The market will always give you kudos for achieving or exceeding expectations. If you continue to underperform your guidance, the markets will discount you. . .it continues to do its business well. It has an open issue related to permitting at San Antonio to resolve, but overall we anticipate more optimization of existing assets." More >

Alec Kodatsky, CIBC World Markets (8/15/13) "Argonaut Gold Inc. reported quarterly earnings that were roughly in line with our expectations with Q2/13 earnings per share coming in at $0.04/share versus our estimate of $0.05/share. . .during Q2/13, the company produced ~33.6 Koz gold, bringing H1/13 production to ~62.5 Koz. . .although Argonaut has a low-cost profile and all-in costs are expected to decline in 2014, we believe the stock is priced for perfection."

Barry Allan, Mackie Research Capital (8/14/13) "Argonaut Gold Inc.'s Q2/13 production of 33.6 Koz had been prereleased, ahead of our 29.5 Koz forecast and the 28.9 Koz produced in Q1/13 due to slightly higher grades and record tonnes crushed and loaded to the pad at El Castillo. . .at the end of Q2/13 the balance sheet remained strong with $197M in working capital, of which ~$140M was cash. . .overall Argonaut remains financially strong and should be able to "thrive" in a lower gold price environment given the company's lower cost structure."

Andrew Kaip, BMO Capital Markets (8/13/13) "Argonaut Gold Inc. shows consistent execution and the prospect of moving toward increasing cash flow generation as production increases and capex declines through H2/13. . .we base our Outperform rating on strong execution and growth that is largely funded through internal resources."

Christos Doulis, Stonecap Securities (8/13/13) "Argonaut Gold Inc. is entering the second half of 2013 well positioned to benefit from its substantial 2013 capital program at both El Castillo and La Colorada. In addition to its two operating assets, with ~$140M in cash and equivalents the company has the financial flexibility to continue advancing its two development projects; we are maintaining our Outperform rating."

Craig Stanley, Stifel Nicolaus (8/6/13) "Recapping previously announced Q2/13 production results from Argonaut Gold Inc., at El Castillo production was 28,075 oz at 0.39 g/t Au. . .at La Colorada production was 5,511 oz. . .an updated preliminary economic assessment (PEA) for the Magino project near Waw, Ontario, is expected Q3/13. . .the Canadian Environmental Assessment Agency issued a press release to request public comments regarding whether a federal environmental assessment is required for the project. The release notes an anticipated mine life of seven to eight years and mill size of 12,500–15,000 tpd. . .if the PEA numbers are close to these guidelines, then this could positively impact our valuation for Magino."

The Gold Report Interview with Ron Struthers (7/29/13) "Argonaut Gold Inc. has not been beaten down nearly as much because its costs are quite low at around $600/oz. The company has two producing mines and produced 93 Koz last year. It is projected to increase to 120–140 Koz this year. Argonaut has two advanced projects under economic assessment, two more mines that could come onstream down the road. It should be able to fund all this internally because it is sitting on $168M in cash and has no debt. Argonaut could be a stock that could continue to outperform in the market going ahead. It's quite a good growth story." More >

Barry Allan, Mackie Research Capital (7/22/13) "We thought it would be important to stress test our models and take a look at our coverage list in a much harsher environment, in this case using a long-term gold price of $1,000/oz and long-term silver price of $18/oz. . .in the junior space, Argonaut Gold Inc. continues to look attractive with steady low-cost production and relatively low levels of capex allowing the company to continue to generate good levels of cash flow, even at $1,000/oz. This remains based on the Magino project remaining shelved and no significant development plans brought forward."

Andrew Kaip, BMO Capital Markets (7/15/13) "Argonaut Gold Inc. announced Q2/13 production results of 33.6 Koz gold, 11% above our estimate of 30.1 Koz. Production results were driven by a strong performance at the Castillo mine that produced 28.1 Koz gold, or ~20% above our estimate at 23.9 Koz. . .the better-than-expected production will largely offset the earnings effect of the Q2 gold price decline. . .the company is rated Outperform."

Craig Stanley, Stifel Nicolaus (7/15/13) "Argonaut Gold Inc. had record production of 33,586 oz gold in Q2/13. . .Argonaut announced Q2/13 gold production results this morning 14% ahead of our expectations. . .production at the El Castillo mine was 44% higher on a year-over-year basis and 18% higher than our expectation; production at La Colorada was 20% higher on a year-over-year basis and 4% lower than our estimates. Note that La Colorada started commissioning at the beginning of 2012 and is still ramping up to full production; management expects that second half of the year will see greater production at La Colorada."

Jordan Roy-Byrne, The Daily Gold (7/14/13) "Given its track record, reputation, strong cash position and strong growth prospects, we think it's reasonable that Argonaut Gold Inc.'s valuation range has increased. . .the company's biggest growth will come from Magino which, based on current work (subject to change) would add 190 Koz/year Au."

Jordan Roy-Byrne, The Daily Gold (7/7/13) "Argonaut Gold Inc. is extremely well funded. . .the company is extremely well capitalized and I have complete confidence in it achieving its objectives."

Christos Doulis, Stonecap Securities (7/5/13) "We expect production of ~23 Koz Au from Argonaut Gold Inc.'s El Castillo and production of approximately 3 Koz Au from La Colorada, for total Q2/13 production of ~26 Koz Au. . .production is expected to increase in the second half of 2013 as production at El Castillo continues to ramp up and mining of fresh ore commences at La Colorada. "

Jordan Roy-Byrne, The Daily Gold (5/30/13) "Argonaut Gold Inc. was our top pick from 2011–2012 and the company exceeded our expectations in operational and financial terms. It is an extremely well run company that has performed well during the cyclical bear market until very recently. . .thanks to the crash in gold, Argonaut is once again, a compelling value. . .it remains a long-term core holding due to a strong pipeline, management track record, operational track record, financial strength and future growth potential. . .Argonaut, which consistently under promises and over-delivers, is guiding for 2013 production of 120–140 Koz Au."

Craig Stanley, Stifel Nicolaus (5/22/13) "We are initiating coverage of Argonaut Gold Inc. with a Buy rating on the shares and a 12-month target price of $8/share. . .management has successfully restarted El Castillo, with production at a steady state of 90–100 Koz/yr; La Colorada is transitioning from reprocessing run-of-mine stockpiles to freshly mined ore. Combined we estimate the company will produce 129 Koz in 2013 at cash costs of $650/oz. . .Argonaut is well funded with $168.5M in cash at March 31, 2013."

Chitmukulu Musonda, CIBC World Markets (5/15/13) "Argonaut Gold Inc. recently released full Q1/13 results. . .cash flow from operations nearly doubled to $0.13/share 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 gold. . .we maintain our Sector Perform 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."

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."

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."

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."

Jordan Roy-Byrne, The Daily Gold (5/11/13) "Argonaut Gold Inc., now at $6.55 and a $975M market cap, is as intriguing as it was in 2011-2012 when it was our top pick. . .because of the warrants and Magino acquisition, the share structure went from roughly 90M to 150M shares. We were cautious with the stock at $9–$10; below $7, this is an incredible long-term value. . .Magino should take the company to an annual rate of 350 Koz Au by the end of 2016—that is 224% production growth in less than four years."

Jordan Roy-Byrne, The Daily Gold (5/3/13) "I prefer producers that already have an asset in production and some cash flow. That derisks the situation. Then I like to look for companies that have potential to be serious growth producers. . .obviously, that means a company like Argonaut Gold Corp."

Christos Doulis, Stonecap Securities (4/22/13) "Our analysis indicates that at $1,400/oz gold, Argonaut Gold Inc. generates free cash flow every year from 2013 to 2015. . .furthermore, the company has a full treasury with ~$190M cash at the end of 2012, and no debt. . .Argonaut is very well positioned to weather a period of low precious metals prices."

Christos Doulis, Stonecap Securities (4/17/13) "We continue to believe that Argonaut Gold Inc. remains on track to make 2013 a pivotal year and that the current share price represents an attractive entry point. We are maintaining our Outperform rating and $10.75 price target."

Michael Siperco, Macquarie Capital Markets (4/16/13) "Argonaut Gold Inc. reported Q1/13 production results that were below our estimates, but still on track to meet back-half weighted full-year guidance of 120–140 Koz. . .the miss vs. our numbers is a non-issue in the context of recent gold price volatility. . .Argonaut is one of our top defensive picks in a lower gold price environment. Low-cost existing operations, minimal ongoing capex, a large cash balance and development optionality are all positives. . .we recommend investors buy the stock both for downside protection in a $1200/oz gold price scenario, and for the potential upside from growth at San Antonio and Magino should gold rebound."

Andrew Kaip, BMO Capital Markets (4/16/13) "Argonaut Gold Inc. reported that it has begun leaching ore on the West 8 pad at El Castillo and that the company has taken over all mining activities from the contractor. Argonaut expects to complete construction of the west side stacking system by the end of Q3/13."

Rahul Paul, Canaccord Genuity (4/16/13) "We reiterate our Buy rating on Argonaut Gold Inc. following the release of better-than-expected Q1/13 production results. . .the company also announced an initial NI 43-101 Inferred resource of 110,145 oz Au and 701,908 oz Ag for the Veta Madre deposit at La Colorada (6.7 Mt grading 0.51 g/t Au and 3.25 g/t Ag)."

Rahul Paul, Canaccord Genuity (4/16/13) "Argonaut Gold Inc. 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, in our view. With a proven management team at the helm and expected continued strong operational momentum over the next 12 months, we see substantial re-rating potential on execution on the ramp-ups at El Castillo and La Colorada, in addition to the advancement of San Antonio and Magino."

The Gold Report Interview with Christos Doulis (3/29/13) "Argonaut Gold Inc. operates a couple of mines in Mexico right now and is in the process of trying to build a third over the next year or so. It's been a big success story. . .it's got strong management and has really delivered into the expectations that it set. While Argonaut has been experiencing margin pressure, it has done a very good job of keeping costs tight and has generated a very good return from operations. It's a company I've recently gone bullish on again. . .the next asset to enter the production queue, San Antonio in Baja Sur California, is a Mexican asset as well. When I moved my rating to Buy at $8/share, one of the things I told clients was even if you strip out the Prodigy acquisition, the stock still is worth $8/share. You get what you pay for. If Prodigy works out, the stock should be worth more than $10/share." More >

Morning Coffee (3/27/13) "Argonaut Gold Inc. release positive Q4/12 results that saw the company earn $0.19/share, compared to consensus estimates of $0.14; revenue for the quarter came in at $52.3M versus estimates of $51.2M. In terms of production the company loaded 48,174 oz gold onto its leach pads and produced 25,805 oz, which was an increase of 31% over that of Q4/11."

Rahul Paul, Canaccord Genuity (3/26/13) "We maintain our Buy rating on Argonaut Gold Inc. following the release of Q4/12 results which were better than expected. . .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. . .with a proven management team at the helm and expected continued strong operational momentum over the next 12 months, we see substantial rerating potential on execution on the ramp-ups at El Castillo and La Colorada, in addition to the advancement of San Antonio and Magino."

Andrew Kaip, BMO Capital Markets (3/26/13) "Argonaut Gold Inc. reported headline Q4/12 net income of US$19.1M. After adjusting for stock-based compensation and other non-cash items, EPS came in at US$0.16, ahead of BMO Research and consensus at US$0.13. We attribute the EPS beat largely to lower operating costs. . .co-product cash costs were reported as US$597/oz, well below guidance of US$625–$650/oz. . .in a strongly inflationary environment, Argonaut Gold continues to tightly control operating costs. . .the company is rated Outperform with a CA$13 target price."

The Gold Report Interview with Jordan Roy-Byrne (3/25/13) "Argonaut Gold Inc. is a very strong model and one we've been very positive on for several years now. . . Argonaut's has done a really good job managing [its assets]. . . I chalk it up to having [a] management team with enough experience in this industry to know how to control costs. They're thinking ahead. They're thinking about what could potentially affect costs next year and the year after. For example, last year Argonaut sensed a cyanide shortage in Mexico and was able to secure cyanide for the next several years. Now the cyanide price is more expensive." More >

Henk Krasenberg, European Gold Centre (3/11/13) "A new prefeasibility report is expected to be issued by midyear. Argonaut Gold Inc. management has set a production target of 300–500 Koz/year as its longer-term target and I am confident they will make it happen."

The Gold Report Interview with Alka Singh (3/1/13) "Argonaut Gold Inc.'s management team is one of the best in the gold sector because they have delivered. They are also frugal and don't overspend. They have always delivered and that has to do with under-promising and over-delivering consistently." More >

Christos Doulis, Stonecap Securities (2/26/13) "Argonaut Gold Inc. provided 2013 guidance. . .highlights include total 2013 production of 120–140 Koz Au at cash costs of $630–660/oz. . .the company also outlined its 2013 capex and exploration budget, which totaled $57–75M, compared to our previous estimate of $111M. . .we continue to believe that 2013 is a pivotal year for Argonaut and that the current share price represents an attractive entry point. . .we are maintaining our Outperform rating."

Michael Siperco, Macquarie Capital Markets (2/25/13) "With the stock of Argonaut Gold Inc. trading at current levels, investors are paying only for El Castillo and La Colorada plus the cash on the balance sheet. . .they are getting the development assets for free. . .between cash on hand and $371M in forecast cash flow over the next three years, the company could develop both San Antonio and Magino from internal sources only. . .with potential production of ~500 Koz/year in 2017+ without debt or dilution, we recommend investors buy Argonaut. . .and reiterate our Outperform rating."

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