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- Argonaut Gold reported a slight loss in the third quarter as sales fell while costs rose.
- I hadn't anticipated this although the company's sales figures are misleading given processing delays.
- Argonaut shares have collapsed making them extremely compelling at current prices.
- Argonaut Gold reports a net loss and is free cash flow negative, which isn’t really surprising.
- This could have been expected as the gold price has been crashing. On top of that, the expansion story is really dead.
- The investment thesis has changed dramatically since the original article, and I wouldn’t recommend an investment in this company.
- Argonaut Gold substantially increased gold production, despite the fact that sales were down.
- This is in line with my expectations.
- Shares will likely remain depressed until the gold price rises or until the company shows progress at one of its development projects, but the long-term thesis is intact.
- Argonaut's Magino project is a mini Detour Lake or Canadian Malartic.
- The Pre-Feasibility Study on Magino didn't take into consideration older drill holes, which seriously underestimates the total resource.
- San Antonio is a big money maker if it gets approval, but even if it doesn't, Magino should make up for the loss.
- El Castillo and La Colorada provide a steady stream of cash flow to Argonaut, even with the recent increase in cash costs from both mines.
- Overall, Argonaut is a solid gold producer with a management team that knows how to build and grow a gold company.
Update: Argonaut Gold Releases Its Resource Estimate For Its Newly Acquired San Agustin Project
- Argonaut Gold just reported its resource estimate for the newly acquired San Agustin Project in Mexico.
- The updated resource is larger than when I wrote about the project last summer in the context of its previous owner - Silver Standard Resources.
- 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 despite its issues with some of its other projects.
- The stock remains attractive on weakness.
Update: Argonaut Gold Is Better Off Than The Company's Q2 FinancialsBen Kramer-Miller • Fri, Aug. 15
- Argonaut Gold announced Q2 earnings came in at $2 million with $13.5 million in operating cash-flow and $40.9 million in revenues.
- The figures are weaker than expected but the company is ramping up its operations.
- As I expected production would be weak but increase as the year goes on.
- Investors should also keep in mind that the company's project pipeline is extensive and not reflected in these numbers.
- I continue to like Argonaut Gold as its share price remains depressed.
- Argonaut Gold has reported weak earnings for Q2 2014.
- This company’s plan to meet the lower part of the guidance is much worse than I expected in my previous article.
- As such, the investment thesis changes completely as Argonaut Gold is no longer a fast grower.
Argonaut Gold Is A Buy Without San Antonio, And A Steal With It
- Argonaut Gold shares plummeted when it learned that the MIA rejected its appeal to build the San Antonio Mine.
- While this was a large blow there is very little chance that the project won't be developed--it will just take a while.
- Nevertheless the market is pricing this long-life, low-cost gold mine out of the stock.
- The stock is a good buy even if we assume that San Antonio is worthless, especially if you are bullish on gold.
- The stock is a steal if we assume production at San Antonio, even if we discount it out 3 years.
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Argonaut Gold is a Canadian gold mining company engaged in exploration, mine development and production activities on gold-bearing properties in Mexico. Founded in 2009, Argonaut was created by an experienced executive management team focused on creating value for our shareholders.
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