Argonaut Gold Announces 1st Quarter 2013 Revenue of $43.1M and Net Income of $11.6M
Published : May 14, 2013

Earnings Per Basic Share of $0.08

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

TORONTO, ONTARIO--(Marketwired - May 14, 2013) - Argonaut Gold Inc. (News - Market indicators) (the "Company", "Argonaut Gold" or "Argonaut") is pleased to announce its financial and operating results for the first quarter ended March 31, 2013. All dollar amounts are expressed in United States dollars unless otherwise specified.

  1st Quarter    
  2013 2012 Change  
Financials (000s)        
Revenue $ 43,080 $ 24,353 up 77 %
Net income $ 11,615 $ 7,260 up 60 %
Income per share ‐ basic $ 0.08 $ 0.08 N/A  
Cash flow from operating activities before changes in non‐cash operating working capital and other items $ 19,351 $ 8,141 up 138 %
Cash and cash equivalents $ 168,514 $ 17,779 up 848 %
Gold production and cost:            
Gold ounces loaded to pads   39,786   44,169 down 10 %
Gold ounces produced   28,907   20,884 up 38 %
Gold ounces sold   25,441   14,498 up 75 %
Average realized sales price $ 1,622 $ 1,677 down 3 %
Cash cost per gold ounce sold $ 594 $ 639 down 7 %
 
FIRST QUARTER 2013 & RECENT HIGHLIGHTS
  • Capital expenditures of $18.8 million on mineral properties, plant and equipment
  • El Castillo operations:
    • Pad 8 construction well under way with stacking of ore and leaching
    • Argonaut is now operating all mining internally, having assumed prior contractor mining activities in March 2013
    • Over 360,000 gold ounces were added to the in‐pit resources relating to sulphide mineralization
  • La Colorada operations:
    • Pad construction initiated in 2012 continues to progress well and we have now begun loading and leaching
    • Crushing circuit expansion continues and is scheduled to be completed and operational in the third quarter of 2013
    • Updated resource for the Veta Madre deposit added 110,000 inferred gold ounces, with potential for further expansion
  • San Antonio and Magino permitting process underway

CEO Commentary

Pete Dougherty, President and CEO of Argonaut Gold stated "2013 will see a substantial investment in both the El Castillo and La Colorada operations as we bring forward our capital expansion programs. At El Castillo, the addition of the new heap leach pads and west side crusher/overland conveyor is aimed at reducing operating costs and providing production growth; both should be fully functional in the third quarter of this year. At La Colorada, the Company continues to open the ore body and construct the new crusher; both are anticipated to provide improved production in the second half of the year. Overall operations are showing steady improvement toward our 2013 goals and objectives and we are poised to make our guidance provided earlier."

Financial Results - First Quarter 2013

During the first quarter of 2013, revenue was $43.1 million from gold sales of 25,441 ounces, compared to $24.4 million from gold sales of 14,498 ounces in the first quarter of 2012. Cash cost per gold ounce sold in the quarter was $594, compared to $639 in the same period of the prior year (cash cost per gold ounce sold is a non‐IFRS measure, see note below).

During the first quarter of 2013, gross profit was $21.0 million, compared to $12.3 million in the first quarter of 2012. During the quarter, profit from operations was $17.2 million, compared to $9.7 million in the same period of the prior year. Net income for the period was $11.6 million, or $0.08 per basic share, versus $7.3 million, or $0.08 per basic share, in the first quarter of 2012.

Cash and cash equivalents was $168.5 million at March 31, 2013. Capital expenditures in the first quarter were $18.8 million primarily as a result of infrastructure improvements at the El Castillo and La Colorada mines.

This press release should be read in conjunction with the Company's unaudited interim condensed consolidated financial statements for the quarter ended March 31, 2013 and associated management's discussion and analysis ("MD&A") which are available from the Company's website, www.argonautgold.com, in the "Investors" section under "Financial Filings", and under the Company's profile on SEDAR at www.sedar.com.

El Castillo Operating Statistics        
  Q1 2013 Q1 2012 Change  
Tonnes ore   3,172,772   3,050,527 up 4 %
Tonnes waste   3,013,605   2,914,397 up 3 %
Tonnes mined   6,186,377   5,964,924 up 4 %
Waste/ore ratio   0.95   0.96 down 1 %
Tonnes ore direct to leach pad   1,729,396   2,183,893 down 21 %
Tonnes crushed   1,431,686   838,378 up 71 %
Average grams per tonne of gold to leach pad   0.35   0.36 down 3 %
Gold loaded to leach pad (oz)   36,023   35,283 up 2 %
Gold produced (oz)   23,125   17,799 up 30 %
Gold ounces sold   19,509   14,498 up 35 %
Silver ounces sold   8,687   1,410 up 516 %
Cash cost per gold ounce sold $ 702 $ 639 up 10 %

Summary of Production Results at El Castillo

As of mid‐March, we assumed the day to day mining operations at El Castillo from the former mining contractor. We hope to bring further efficiencies to the mining process through this investment. Total tonnes mined in the first quarter 2013 were up 4 percent, compared to the first quarter of 2012. Of note, the 1.4 million tonnes crushed in the first quarter was a new record for El Castillo and represented a 71 percent increase in crushed tonnes, over the first quarter of 2012. The total ounces loaded to the leach pad were 36,023 in the first quarter of 2013, a 2 percent increase over the first quarter of 2012. The stripping ratio of waste to ore remained relatively consistent between periods.

The 2013 production guidance at El Castillo is expected to be between 90,000‐100,000 ounces with a cash cost between $700 and $725 per gold ounce sold.

La Colorada Operating Statistics        
  Q1 2013 Q1 2012 Change  
Tonnes ore   556,637   N/A  
Tonnes waste   3,798,625   N/A  
Tonnes mined   4,355,262   N/A  
Waste/ore ratio   6.82   N/A  
Tonnes moved   4,355,262   678,310 up 542 %
Tonnes ore direct to leach pad     N/A  
Tonnes crushed   402,548   680,396 down 41 %
Average grams per tonne of gold to leach pad   0.27   0.41 down 34 %
Gold loaded to leach pad (oz)   3,763   8,886 down 58 %
Gold produced (oz)   5,782   3,085 up 87 %
Gold ounces sold   5,932   N/A  
Silver produced (oz)   44,879   17,182 up 161 %
Silver ounces sold   54,269   N/A  
Cash cost per gold ounce sold $ 240 $ N/A  

Summary of Production Results at La Colorada

Overburden removal began in the fourth quarter of 2012; we have now increased the daily mining rate to roughly 50,000 tonnes per day. During removal of the overburden we have encountered some marginally mineralized material at 0.27 g/t for the first quarter. We are on schedule to have the pit opened to ore in the third quarter. As a result, we anticipate mineralization to increase during the second half of the year.

The 2013 production guidance at La Colorada is between 30,000‐40,000 ounces, back loaded to the second half of the year, with a cash cost between $450 and $475 per gold ounce sold.

Expansion Projects for 2013

The Company plans on investing a total of between $64 million to $74 million on capital expenditures and exploration initiatives in 2013. Major capital expenditures in 2013 are expected to include approximately $25 million at El Castillo, $19 million at La Colorada, $6 million at Magino, between $5 million and $11 million at San Antonio and between $2 million and $3 million for other capital expenditures. Exploration expenditures in 2013 are expected to amount to between $7 million and $10 million.

Non‐IFRS Measures

The Company included the non‐IFRS measure "Cash cost per gold ounce sold" in this press release to supplement its financial statements which are presented in accordance with International Financial Reporting Standards ("IFRS"). Cash cost per gold ounce sold is equal to production costs less silver sales divided by gold ounces sold. The Company believes that this measure provides investors with an improved ability to evaluate the performance of the Company. Non‐IFRS measures do not have any standardized meaning prescribed under IFRS. Therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please see the MD&A for full disclosure on non‐IFRS measures.

Qualified Person, Technical Information and Mineral Properties Reports

The technical information contained in this document has been prepared under supervision of, and reviewed and approved by Mr. Thomas H. Burkhart, Argonaut's Vice President of Exploration, a qualified person as defined by National Instrument 43‐101. Mr. Alberto Orozco, Argonaut's Mexico Exploration Manager also supervised the drill programs and on‐site sample preparation procedures at La Colorada. Bret Swanson of SRK of Denver, CO, who is an "Independent Qualified Person" as defined by NI 43‐101 and the lead person responsible for completing the updated Veta Madre resource has reviewed this press release as it relates to Veta Madre.

For further information on the Company's properties please see the reports as listed below on the Company's website or on www.sedar.com:

El Castillo Mine   NI 43‐101 Technical Report on Resources and Reserves, Argonaut Gold Inc., El Castillo Mine, Durango State, Mexico dated November 6, 2010
La Colorada Mine   NI 43‐101 Preliminary Economic Assessment La Colorada Project, Sonora, Mexico dated December 8, 2011
Magino Gold Project   NI 43‐101 Technical Report and Mineral Resource Estimate on the Magino Gold Project, Ontario, Toronto, Canada dated October 4, 2012
San Antonio Gold Project   NI 43‐101 Technical Report and Mineral Resource Estimate on the San Antonio Gold Project, Baja California Sur, Mexico dated October 10, 2012

About Argonaut Gold

Argonaut Gold 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, the advanced exploration stage San Antonio project in Baja California Sur, Mexico, the recently acquired advanced exploration stage Magino project in Ontario, Canada and several exploration stage projects, all of which are located in North America.

Creating Value Beyond Gold

Cautionary Note Regarding Forward‐looking Statements

This news release contains forward‐looking statements that involve risks and uncertainties that could cause results to differ materially from management's current expectations. Actual results may differ materially due to a number of factors. Except as required by law, Argonaut Gold Inc. assumes no obligation to update the forward‐looking information contained in this news release.



Argonaut Gold Inc.
Nichole Cowles
Investor Relations Manager
(775) 284-4422 x 101
nichole.cowles@argonautgold.com
www.argonautgold.com
Data and Statistics for these countries : Canada | Mexico | All
Gold and Silver Prices for these countries : Canada | Mexico | All

Argonaut Gold Inc.

PRODUCER
CODE : AR.TO
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Argonaut Gold is a gold producing company based in United states of america.

Argonaut Gold holds various exploration projects in Mexico.

Its main assets in production are EL SASTRE GOLD MINE, EL SASTRE, EL SASTRE - EL ARENAL, EL SASTRE BRIDGE ZONE and EL SASTRE - LUPITA ZONE in Guatemala and EL CASTILLO in Mexico and its main exploration property is SAN ANTIONIO in Mexico.

Argonaut Gold is listed in Canada. Its market capitalisation is CA$ 700.7 millions as of today (US$ 556.1 millions, € 489.8 millions).

Its stock quote reached its highest recent level on January 25, 2013 at CA$ 9.99, and its lowest recent point on March 20, 2020 at CA$ 0.76.

Argonaut Gold has 176 940 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Nominations of Argonaut Gold Inc.
11/15/2013Announces New Chief Financial Officer
12/15/2011Announces New Chief Operating Officer
Financials of Argonaut Gold Inc.
3/16/2015Announces 2014 Revenue of $166.3M, $42.5M in Cash Flow from ...
8/6/2013Provides Notice of Second Quarter Financial Results on Augus...
7/25/2012Provides Notice of Second Quarter Financial Results on Augus...
3/19/2012Provides Notice of Fourth Quarter and Year End Financial Res...
8/5/2011Provides Notice of Second Quarter Financial Results on Augus...
Project news of Argonaut Gold Inc.
1/31/2014Confirms Filing of Prefeasibility Study for the Magino Proje...
1/20/2014CORRECTION FROM SOURCE - Argonaut Gold Announces Full Year 2...
1/20/2014Announces Full Year 2013 Gold Production of 120,224 gold equ...
12/31/2013Announces Completion of the San Agust=EDn project purchase f...
11/6/2013Announces Purchase of San Agust=EDn project from Silver Stan...
10/16/2013Announces Q3 Gold Production of 26,690 Ounces
7/15/2013Announces Record Q2 Gold Production of 33,586 Ounces
4/15/2013Announces Q1 Gold Production of 28,907 Ounces
2/25/2013Announces 2013 Production Guidance of 120-140,000 Ounces
1/17/2013Exceeds 2012 Guidance with Gold Production of 108,081 Ounces
1/17/2013Exceeds 2012 Guidance with Gold Production of 108,081 Ounces
7/18/2012Announces Q2 Gold Production of 24,123 Ounces
4/17/2012Announces Q1 Gold Production of 21,084 Ounces
7/15/2011Announces Q2 Gold Production of 17,453 Ounces
4/14/2011Announces Q1 Gold Production of 18,005 0unces
3/22/2011(San Antionio)Reports on Resource Expansion Drilling at San Antonio
2/14/2011(El Castillo)Provides 2011 Guidance on El Castillo Production of 70-75,00...
Corporate news of Argonaut Gold Inc.
5/25/2016Argonaut Gold Raises C$4.5M via Private Placement of Flow-Th...
5/4/2016Argonaut Gold Announces Results of Annual and Special Meetin...
5/3/2016Argonaut Gold Announces First Quarter 2016 Earnings per Shar...
4/29/2016Argonaut Gold Announces $30 Million Revolving Credit Facilit...
4/14/2016Argonaut Gold Announces First Quarter 2016 Production of 32,...
4/6/2016Argonaut Gold Further Strengthens Board and Management Team
1/18/2016Argonaut Gold Announces Updated Pre-Feasibility Study Result...
11/30/2015Mexus Gold is Pleased to Announce That Argonaut Gold Has Com...
11/24/2015Argonaut Gold Chairman Brian Kennedy Retiring; Jim Kofman to...
11/3/2015Argonaut Gold Announces Third Quarter 2015 Revenue of $32M; ...
11/2/2015Argonaut Gold El Castillo Update
10/22/2015Argonaut Gold El Castillo Update
10/19/2015Mexus Commences Drill Pad Construction for Argonaut
10/15/2015Argonaut Gold Announces Third Quarter 2015 Production of 28,...
9/17/2015Argonaut Gold Announces Updated Economic Parameters to the D...
9/14/2015Mexus Gold US Julio/Santa Elena Update
9/9/2015Mexus Gold US Press Release Correction
8/17/2015Argonaut Gold Updates Mexus Gold US on the Julio property
8/14/2015Argonaut Gold Announces Second Quarter 2015 Revenue of $44M;...
4/15/2015Announces First Quarter 2015 Production of 43,255 Gold Equiv...
3/16/2015Argonaut Gold Announces 2014 Revenue of $166.3M, $42.5M in C...
2/20/2015Argonaut Gold Confirms Filing of Technical Report and Prelim...
1/26/2015Argonaut Gold Receives TSX Acceptance of Shareholder Rights ...
1/20/2015Argonaut Gold Adopts Shareholder Rights Plan
1/13/2015Argonaut Gold Announces Full Year 2014 Gold Production of 13...
1/13/2015Argonaut Gold Announces Updates on the Magino and San Agusti...
1/12/2015Argonaut Gold Announces Updates on the Magino and San Agusti...
1/7/2015Argonaut Gold Announces Full Year 2014 Gold Production of 13...
11/6/2014Argonaut Gold Announces Third Quarter 2014 Revenue of $37.3M...
10/15/2014Argonaut Gold Announces Q3 Production of 32,122 Gold Equival...
10/3/2014Argonaut Gold Confirms Filing of National Instrument 43-101 ...
8/29/2014IIROC Trade Resumption - AR
11/12/2013Announces 3rd Quarter 2013 Revenue of $42.4M and Net Income ...
8/13/2013Announces 2nd Quarter 2013 Revenue of $44.9M and Net Income ...
5/14/2013Announces 1st Quarter 2013 Revenue of $43.1M and Net Income ...
4/26/2013Amends Annual Meeting Business in Response to ISS Comments
3/26/2013Announces 2012 Revenue of $187.1 Million and Net Income of $...
11/14/2012Announces Third Quarter 2012 Revenue of $72.9 Million and Ne...
10/15/2012and Prodigy Agree to Friendly Business Combination
10/15/2012and Prodigy Agree to Friendly Business Combination
10/15/2012and Prodigy Agree to Friendly Business Combination
9/4/2012Announces Updated PEA for the San Antonio Project, Projected...
8/15/2012Announces Record Production, Record Revenue and Record Earni...
5/15/2012Announces First Quarter 2012 Revenue of $24.4 Million and Ne...
5/8/2012Provides Exploration Update on San Antonio and La Colorada
4/25/2012for Annual and Special Meeting of Shareholders
3/30/2012Announces 2011 Revenue of $105 Million and Net Income of $26...
3/14/2012Added to the S&P/TSX Composite Index
2/27/2012Announces 2012 Project Initiatives
1/9/2012Announces the La Colorada Project on Track for Production in...
11/28/2011(El Castillo)Reports on Metallurgical Test Work for El Castillo Sulphide
10/24/2011Increases Measured and Indicated Resource at La Colorada to ...
9/14/2011to be Included in the S&P TSX SmallCap Index
8/15/2011Reports Q2 2011 Revenue of $21.6 Million Net Income of $5.2 ...
6/15/2011Provides Update on 2011 Drilling at La Colorada; Board Appro...
6/6/2011Reports Q1 2011 Revenue of $25.7 Million
5/20/2011Announces Intent to Terminate Registration Under U.S. Securi...
5/9/2011s Resource for San Antonio
4/7/2011Begins Resource Expansion Drilling at the La Colorada Projec...
3/31/2011Announces Q4 Revenue of $19.9 Million as Part of Year End Fi...
3/16/2011to Begin Trading on the S&P Canadian Index Operations
1/25/2011Shareholders and Pediment Gold Corp Shareholders Approve Bus...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (AR.TO)
3.96-0.50%
TORONTO
CA$ 3.96
11/18 16:00 -0.020
-0.5%
Prev close Open
3.98 4.00
Low High
3.96 4.09
Year l/h YTD var.
1.92 -  3.98 44.53%
52 week l/h 52 week var.
1.92 -  3.98 70.69%
Volume 1 month var.
880,581 22.98%
24hGold TrendPower© : -44
Produces Gold
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 2/15/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
202144.53%3.441.90
202048.11%3.420.76
201923.33%2.871.36
2018-37.50%2.871.18
201713.21%2.981.76
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 6.49-4.84%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.68-0.74%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 2.92-7.01%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 1.03-2.83%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.86-6.52%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.04+12.50%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.55-0.56%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.53-0.47%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.46-4.17%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19-2.56%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 3.52+2.62%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 42.70-5.30%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03-6.45%Trend Power :