Home Commodities Argonaut Gold 2023 Production Narrowly Misses Guidance — Commodity Comment

Argonaut Gold 2023 Production Narrowly Misses Guidance — Commodity Comment

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Published: Jan. 18, 2024 at 7:28 a.m. ET

By Robb M. Stewart

Argonaut Gold’s production last year narrowly missed its target after the ramp up of the mine and mill at its flagship Magino operation took longer than expected.

On production:

The…

By Robb M. Stewart

Argonaut Gold’s production last year narrowly missed its target after the ramp up of the mine and mill at its flagship Magino operation took longer than expected.

On production:

The Canadian gold producer produced 61,523 gold-equivalent ounces in the last three months of 2023, up 14% from the prior quarter with the commissioning of the Magino mine in Ontario.

For the year, output totaled 197,511 ounces, just below the bottom end of guidance of 200,000 to 230,000 ounces. Production at Magino reached 36,101 for the year, missing the target of 72,000 to 81,000.

On Magino:

Argonaut said that with additional mobile equipment scheduled to arrive in the first half of the new year, daily mining rates at Magino–expected to become the company’s largest and lowest-cost mine–are expected to rise.

Additionally, a scheduled mill shutdown in the first half of January is expected to support the continued increase in mill average daily throughput to the nameplate capacity of 10,000 tons per day, Argonaut said.

Write to Robb M. Stewart at robb.stewart@wsj.com

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