Umbra Magino Stool with Intergral Magazine Rack, Clear, H 42cm, B 43cm, L 29cm

Product Information

Plant ramp up was delayed due to 20 days of unplanned downtime in September. This was the result of facilitating equipment repairs and plant reliability issues centred on the process control system, which is comprised of several disparate systems. The plant has been largely operating at nameplate TPOH capacity since the beginning of the fourth quarter.

The Company announces that Pete Dougherty has ceased to be the President and Chief Executive Officer of Argonaut Gold effective immediately. The Board of Directors has commenced a search to replace these roles and is working in real time to put interim leadership in place. The Board of Directors believes the existing executive team, with the support and guidance of the Board, is well suited to continue to run the business while a lasting leadership decision is being made. The conference call replay will be available from 12:00 p.m. ET on November 14, 2023 until 11:59 p.m. ET on November 21, 2023.

Mining methods at the Magino gold project

Flood zones were natural basins or rivers that could be flooded on demand and thus constitute an additional obstacle in the event of an enemy offensive. Magino is parked just to the west of Alamo Gold’s prolific Island Gold underground mine, now undergoing a third phase of expansion.

In January 1923, after Weimar Germany defaulted on reparations, the French Premier Raymond Poincaré responded by sending French troops to occupy Germany's Ruhr region. During the ensuing Ruhrkampf ("Ruhr struggle") between the Germans and the French that lasted until September 1923, Britain condemned the French occupation of the Ruhr. A period of sustained Francophobia broke out in Britain, with Poincaré being vilified in Britain as a cruel bully punishing Germany with unreasonable reparations demands. The British—who openly championed the German position on reparations—applied intense economic pressure on France to change its policies towards Germany. At a conference in London in 1924 to settle the Franco-German crisis caused by the Ruhrkampf, the British Prime Minister Ramsay MacDonald successfully pressed the French Premier Édouard Herriot to make concessions to Germany. The British diplomat Sir Eric Phipps, who attended the conference, commented afterwards that: Although Argonaut has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this document. Total drilling, both surface and underground, within the Magino resource area is approximately 371,450 metres in 2,414 holes. The Qualified Person responsible for this section was unable to verify drilling completed before 2006 and excluded that data from being used to estimate Mineral Resources. This resulted in the removal of about 114,000 metres of data associated with 1,273 holes, most of which were short, small diameter underground core holes. At Florida Canyon, Inferred Mineral Resources increased to 2.1 million gold ounces from 20,000 gold ounces last year, in part due to the inclusion of 28,956 metres of drilling, and initial inclusion of sulfide mineralization. The inclusion of 700,000 ounces of sulfide mineralization helped pull an additional 1.35 million ounces of oxide mineralization into a large economic pit. The Mineral Reserve estimate for Florida Canyon remains largely unchanged at 930,000 gold ounces, as additional drilling offset depletion and loss from higher costs. The Company provides certain non-IFRS measures as supplementary information that management believes may be useful to investors to explain the Company's financial results.

SUPPLEMENTAL IMPACT REPORT

TORONTO, Nov. 2, 2023 /CNW/ - Argonaut Gold Inc. (TSX: AR) (the "Company", "Argonaut Gold" or "Argonaut") is pleased to announce that commercial production has been achieved at the Company's Magino Mine effective November 1, 2023. The filtered electrowinning sludge is then smelted in a furnace to produce the final gold doré product. Infrastructure details of the Magino gold project Argonaut is in the process of preparing an updated National Instrument ("NI") 43-101 Technical Report for the Magino project, which it expects will be published during the first quarter of 2022. In the interest of finalizing the updated technical report in a timely manner, this updated report will be focused on the Project currently under construction and will not include expansion opportunities, including future potential underground mining. The updated report will include the current EAC and other items including, but not limited to, revised gold price assumptions, an updated mineral resource model which includes all grade control drilling data to date, optimizations to equipment sizing and the processing facilities, updated operating cost and sustaining capital. While the updated report will not contemplate expansion potential and future potential underground mining, Argonaut believes that these are future opportunities for Magino. Drilling concluded in the 1,250 metre West sulfide program in July and logging and analysis work is ongoing. Forward-looking statements are necessarily based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct.

These factors are discussed in greater detail in Argonaut's most recent Annual Information Form dated March 31, 2023 (the "AIF") and in the most recent Management's Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. We encourage all investors to review the Risk Factors section of our AIF in detail prior to making an investment decision in Argonaut. Dore Copper Mining Brief: Providing an Update on its project activities located near Chibougamau, Quebec

From Our Partners

Ausenco Engineering Canada (Ausenco) signed a contract in January 2021 to provide engineering, procurement, construction and commissioning services for the Magino processing facility and other parts of the Magino construction project. Cash cost per gold ounce sold" is a common financial performance measure in the gold mining industry but has no standard meaning under IFRS. The Company reports cash cost per ounce on a sales basis. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure, along with sales, are considered to be key indicators of a Company's ability to generate operating profits and cash flow from its mining operations. The plant has been largely operating at nameplate capacity since the beginning of the quarter," he said.