ARNGF - Argonaut Gold: Solid Q1 Results Overshadowed By Further Cost Creep

• Argonaut Gold released its Q1 results earlier this month, reporting quarterly production of ~55,500 gold-equivalent ounces at all-in sustaining costs of $1,430/oz.
• While these costs were slightly below my estimates and production is tracking at ~26% of annual production, the more important item was a more current update on Magino.
• Unfortunately, the recent Magino update overshadowed the decent operational results, with further cost creep vs. the already upwardly revised capex estimates.
• Following a 65% decline, Argonaut's valuation is improving, but I would still consider the stock high-risk, hence why I see the stock as a Speculative Buy only at US$0.89.

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