ARGONAUT GOLD Commercial production expected in Q3 2023

By Kevin Vincent

Everyone remembers their first dance – their first kiss – or the first time you drove mom and dad’s car by yourself.

In mid-June, investors, management, and employees at Argonaut Gold has the adult version as they got to enjoy their first gold pour at their flagship Magino Mine in Dubreuilleville, the first Canadian output from its estimated 5.6 million ounces of proven and probable reserves globally.

“We are proud of the Argonaut team for delivering Canada’s newest gold mine,” said Richard Young, President and Chief Executive Officer.

Full-scale production is expected any day at Magino, which is Argonaut’s first Canadian operation. The company expects to employ 350 full-time workers once production is in full swing. Based on known reserves, the Magino is expected to last 19 years. “The Magino mine is key to achieving our vision to become a low-cost, mid-tier North America gold producer that creates significant value for all our stakeholders and proudly demonstrates responsible mining. We thank all our employees, contractors, and community partners for their hard work and dedication that has led us to this exciting project milestone,” said Young. With the first gold pour milestone behind them, the company turned its attention to completing commissioning and ramping up the mill to a steady state.

“In addition, we are looking to further grow our flagship gold mine as we commence a reserve development drilling program intending to increase reserves in combination with studies to expand and optimize mill throughput, both scheduled to begin later this summer,” added Marc Leduc, Chief Operating Officer, in the company’s June news release.

Magino is expected to produce between 72,000 and 81,000 ounces of gold in 2023 at cash costs of between $850 and $950 per ounce and approximately 148,000 ounces

Cont’d on pg. 42

First Gold Pour Milestone Completed