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    AR   CA04016A1012


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Argonaut Gold : Webcast Presentation

12/14/2021 | 09:38am EDT


Magino Project

Capital Estimate at


December 14, 2021


This presentation may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All information, other than statements of historical facts, included in this presentation that address activities, events or developments that the Corporation expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Corporation's businesses, operations, plans and other such matters are forward-looking information.

When used in this presentation, the words "estimate", "plan", "anticipate", "expect", "intend", "believe" and similar expressions are intended to identify forward-looking information. This information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such forward-looking information include information pertaining to, without limitation, inherent hazards associated with mining operations, the future price of gold and silver, the market and global demand for gold and silver, the estimation of the Mineral Reserves and Mineral Resources, the realization of Mineral Reserve and Mineral Resource estimates, the timing and amount of estimated future production, costs of production, expansion of production capabilities, expected capital expenditures, costs and timing of development of new deposits, success of exploration activities, permitting risk in development projects, the ability to obtain surface rights to support planned infrastructure at the Corporation's exploration and development projects, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks and hazards, title disputes or claims and limitations on insurance coverage.

For a more detailed discussion of these factors and other risks, see "Risk Factors" as more fully described in the Company's filings with the Canadian Securities Administrators, including its Annual Information Form for the year ended December 31, 2020, available on SEDAR at www.sedar.com.

Although the Corporation has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate as actual developments or events could cause results to differ materially from those anticipated. These include, among others, the factors described or referred to elsewhere herein, and include unanticipated and/or unusual events. Many of such factors are beyond the Corporation's ability to predict or control.

Readers of this presentation are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. The Corporation disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, unless require under applicable laws. This forward-looking information should not be relied upon as representing management's views as of any date subsequent to the date of this presentation.

References to dollars or "$" are to Canadian dollars unless specified otherwise. "US$" refers to United States dollars.

TSX:AR Magino Project Capital Estimate at Complete - DECEMBER 14, 2021 | ARGONAUT GOLD


Magino Construction Project Capital -

Estimate at Completion ("EAC") (CAD $M)

Overall Project

Largest capital

remains on schedule

increases related to cost

for first gold pour by


end of Q1 2023.


Also capital increases due to scope changes.

  • Primarily in the areas of site development, the tailings management facility ("TMF") and permanent power.

TSX:AR Magino Project Capital Estimate at Complete - DECEMBER 14, 2021 | ARGONAUT GOLD


EAC Variances by Category (CAD $M)

Cost / Inflation / COVID-19

Cost increases/inflation/COVID-19 account for ~32% of the capital increase.

Quantities account for ~20% of the capital increase.

Scope changes account for ~28% of the capital increase.

  • Primarily in the areas of site development, the tailings management facility ("TMF") and permanent power.

Schedule Recovery accounts for ~8% of the capital increase.

TSX:AR Magino Project Capital Estimate at Complete - DECEMBER 14, 2021 | ARGONAUT GOLD


Process Facilities (CAD $M)

Largely shielded from cost inflation in process facilities area due to EPC contract with Ausenco.

Schedule Recovery


• Delay in preparing

Increased earthwork

foundation area has led to


schedule compression, but

Unbudgeted lean

overall schedule intact for

concrete and

first gold end of Q1 2023.


TSX:AR Magino Project Capital Estimate at Complete - DECEMBER 14, 2021 | ARGONAUT GOLD


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Argonaut Gold Inc. published this content on 14 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 December 2021 14:37:11 UTC.

© Publicnow 2021
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