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Argonaut Gold Inc

Argonaut Gold Announces Q3 2019 Operating and
Financial Results & Organizational Restructuring

Argonaut Gold Inc. (TSX: AR) announced its operating and financial results for the third quarter ended September 30, 2019. The Company reports quarterly production of 44,712 gold equivalent ounces (“GEO” or “GEOs”), cash flow from operating activities before changes in operating working capital of $17.2 million, net income of $4.9 million or earnings per share of $0.03, adjusted net income of $6.5 million or adjusted earnings per share of $0.04 and a net cash increase of $11.7 million (see “Non-IFRS Measures” section in news release). All dollar amounts are expressed in United States dollars, unless otherwise specified (C$ refers to Canadian dollars).

Pete Dougherty, President and CEO stated: “Our net cash position increased by $11.7 million during the quarter and as the quarter progressed, we started to see a rebound in operations after a challenging second quarter earlier this year. We were able to stack considerable ounces to the leach pads, which should lead to a strong fourth quarter in terms of production. As previously guided, we expect crushing throughput at San Agustin to ramp up to 30,000 tonnes per day during the fourth quarter after achieving nearly 25,000 tonnes per day in the third quarter. We anticipate finishing 2019 near the low end or slightly under our annual production guidance of between 200,000 and 215,000 GEOs.”

About Argonaut Gold Inc.

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo Complex in Durango, Mexico and the La Colorada mine in Sonora, Mexico. Advanced exploration projects include the San Antonio project in Baja California Sur, Mexico, the Cerro del Gallo project in Guanajuato, Mexico and the Magino project in Ontario, Canada. The Company also has several exploration stage projects, all of which are located in North America.

For more information on Argonaut Gold Inc., contact: Dan Symons Vice President, Investor Relations Phone: (416) 915-3107.

Email: dan.symons@argonautgold.com

For the Full News Release Click Here

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