ARNGF - Argonaut Gold: A Strong Finish To FY2020

• Argonaut Gold released its Q4 and FY2020 results last week and reported record quarterly production of 57,000~ gold-equivalent ounces.
• Based on guidance, FY2021 is expected to be a high-cost year, but the future looks bright, with Magino set to transform the company by FY2023.
• While I'm not elated with all the dilution in the past 9 months at unfavorable prices, the stock is still reasonably priced even after accounting for the increased share count.
• Based on significant organic growth potential, and an upgrade in Argonaut's jurisdictional profile with Magino, I see the stock as a Speculative Buy at US$1.69.

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