ARNGF - Argonaut Gold: Inflationary Pressures Continue To Impact Magino Capex
- Argonaut Gold released its Q3 results this week, reporting quarterly production of ~58,800 gold-equivalent ounces at all-in sustaining cost of $1,207/oz.
- This translated to a 14% decline in costs year-over-year, with all-in sustaining cost margins improving to $582/oz despite the company being up against tough year-over-year comps.
- The solid operational news was partially overshadowed by news that Magino's upfront capex is tracking above estimates, with a revision expected by year-end.
- Argonaut Gold is arguably one of the top 10 organic growth stories sector-wide, but at 0.90x P/NAV, I think there is much better value elsewhere in the sector.
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Argonaut Gold: Inflationary Pressures Continue To Impact Magino Capex