ARNGF - Argonaut Gold reports Q2 earnings; reaffirms FY23 production outlook

2023-08-11 07:15:50 ET

• Argonaut Gold press release ( OTCPK:ARNGF ): Q2 Non-GAAP EPS of $0.01.
• Revenue of $83.1M (-25.4% Y/Y).
• Cash and cash equivalents of $71.8 million and net debt of $151.6 million at June 30, 2023.
• Consolidated production of 43,492 GEOs, including the initial 3,295 ounces of gold from the Magino mine, was 27% lower compared to 59,190 GEOs from the second quarter of 2022.
• Cost of sales per ounce of $1,590, cash cost per ounce of $1,304 and AISC per ounce of $1,594 were similar to the prior year period and largely in-line with 2023 full-year guidance.
• With the expectation of achieving commercial production at Magino in the third quarter of 2023, cost of sales per ounce, cash cost per ounce, and AISC per ounce are expected to be in-line with full year 2023 guidance.
• Consolidated 2023 production and cost guidance remains unchanged at 200,000 to 230,000 GEOs and an all-in sustaining cost of $1,625 – $1,725 per ounce.

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