Argonaut Gold Misses Production Target at Magino Mine

Argonaut Gold Inc. fell short of its production target last year due to delays in the ramp-up of its flagship Magino operation. Despite this setback, the Canadian gold producer still achieved growth in the final quarter of 2023.

Production Figures

During the last three months of the year, Argonaut Gold produced a total of 61,523 gold-equivalent ounces, representing a 14% increase from the previous quarter. This boost was primarily attributed to the commissioning of the Magino mine located in Ontario.

Although the overall yearly output reached 197,511 ounces, it fell slightly below the lower end of the guidance range of 200,000 to 230,000 ounces. Notably, the production at the Magino mine only amounted to 36,101 ounces, missing the initial target of 72,000 to 81,000 ounces.

Expectations for the Future

Argonaut Gold remains optimistic about its prospects for the upcoming year. The company has plans in place to improve mining rates at the Magino mine, which is expected to become their largest and most cost-effective operation. Additional mobile equipment is scheduled to arrive in the first half of the year, facilitating increased daily mining rates.

Furthermore, a temporary mill shutdown is scheduled for the first half of January. This will enable the Magino mill to increase its average daily throughput to reach its nameplate capacity of 10,000 tons per day.