Argonaut Gold Announces Filing of Updated Technical Reports for Florida Canyon and San Agustin
The Reports have been prepared in accordance with the disclosure and reporting requirements set forth in the Canadian Securities Administrators' National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), Companion Policy 43-101CP to NI 43-101 and Form 43-101F1 Technical Report, as well as the
The technical report, entitled "NI 43-101 Technical Report,
In the Florida Canyon Technical Report, a financial analysis was developed using a discounted cash flow approach on a pre-tax and after-tax basis. The net present value was calculated from the cash flows generated based on a discount rate of 5% utilizing gold metal selling prices of
- Average annual gold production of 70,000 ounces from 2024 through 2030
- Total cash cost of
US$1,394 per ounce and all-in sustaining cost of approximatelyUS$1,630 per ounce over the remaining life-of-mine1 - Pre-tax net present value (5%) of
US$153 million - After-tax net present value (5%) of
US$139 million
The following served as the qualified persons ("QPs") for the Florida Canyon Technical Report:
- Ms.
Terre Lane , RM SME, MMSA,Global Resource Engineering Ltd. - Mr. Jeffrey Todd Harvey, PE, RM SME,
Global Resource Engineering Ltd. - Mr.
Hamid Samari , MMSA,Global Resource Engineering Ltd. - Mr. Larry
Breckenridge , PE,Global Resource Engineering Ltd.
The
The technical report, entitled "
The net present value was calculated from the cash flows generated based on a discount rate of 5% utilizing gold metal selling prices of
- Gold production of 89,000 ounces from
April 2024 through 2026 - Total cash cost of
US$1,701 per ounce2 - Pre-tax and after-tax net present value (5%) of
US$30 million
Qualified Persons
The following served as the QPs for the San Agustin Technical Report:
- Mr.
Marc Leduc ,P. Eng , Argonaut - Mr.
Owen Nicholls , CPG AIPG, Argonaut - Mr. Carl Defilippi, RM SME, Kappes,
Cassiday & Associates
The Company provides certain non-IFRS measures as supplementary information that management believes may be useful to investors to explain and evaluate the Company's financial results. "Total cash cost" and "all-in sustaining cost" are non-IFRS measures. 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. For further information about non-IFRS measures, please see the Company's management's discussion and analysis for the year ended
This press release contains certain "forward-looking statements" under applicable Canadian securities laws concerning the business, operations and financial performance and condition of
Forward-looking statements are necessarily based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include but are not limited to: variations in ore grade or recovery rates; changes in market conditions; changes in inflation; risks relating to the availability and timeliness of permitting and governmental approvals; the possibility of project cost overruns or unanticipated costs and expenses; risks relating to international operations; fluctuating metal prices and currency exchange rates; changes in project parameters; labour disputes and other risks of the mining industry; and failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Argonaut's most recent annual information form dated
Although Argonaut has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this document. Further, the forward-looking statements included herein speak only as of the date of this press release.
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1 These figures are non-IFRS measures. |
2 These figures are non-IFRS measures. |
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