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Argonaut Gold Announces Second Quarter 2020 Operating and Financial Results, Including $23 Million of Free Cash Flow; Provides Second Half 2020 Free Cash Flow Guidance

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Argonaut Gold Announces Second Quarter 2020 Operating and Financial Results, Including $23 Million of Free Cash Flow; Provides Second Half 2020 Free Cash Flow Guidance

 

 

 

 

 

Argonaut Gold Inc. (TSX: AR) announces its operating and financial results for the second quarter ended June 30, 2020.  The Company reports quarterly production of 31,531 gold equivalent ounces[1], $23.4 million of free cash flow[2] cash flow from operating activities before changes in operating working capital of $11.8 million, net loss of $7.7 million or loss per share of $0.04 and adjusted net income2 of $8.5 million or adjusted earnings per basic share2 of $0.05.  All dollar amounts are expressed in United States dollars, unless otherwise specified (C$ refers to Canadian dollars). 

 

Pete Dougherty, President and CEO stated: “We’ve completed major milestones for the Company over the past few months with the Alio merger, the completion of the Schedule 2 process at Magino and the recent equity financing.  The Company experienced a large cash increase of $23 million during the quarter amidst the two month shutdown of mining, crushing and stacking activities in Mexico due to COVID-19 restrictions.  While production dipped during this shutdown period, we saw significant cash flow, as the heap leach pad inventory was reduced at minimal cost.  We are in a position to deliver significant free cash flow through the remainder of the year, which bodes well for the execution of our transition strategy of developing our lower-cost, longer-life pipeline of growth assets.  At $1,900 gold, we expect to generate between $49 million and $79 million of free cash flow during the second half of 2020.”

 

Second Half 2020 FCF2 Guidance

Argonaut is well positioned to generate significant FCF2 in 2020.  The Company’s anticipated FCF2 is highly leveraged to the gold price.  Between January 1, 2020 and June 30, 2020, Argonaut has generated approximately $29 million of FCF2.  The table below outlines Argonaut’s FCF2 leverage to the gold price during the second half of 2020, including the Florida Canyon mine following the merger with Alio Gold Inc. on July 1, 2020 (outside of a construction decision on a development stage project).

 

Second Half 2020 FCF2 Guidance Sensitivity to Gold Price ($M)

 

$1,700 $1,800 $1,900 $2,000 $2,100
33 – 58 41 – 68 49 – 79 57 – 89 65 – 99

 

Key operating and financial statistics for the second quarter of 2020 are outlined in the following table:

 

 

  3 Months Ended June 30 6 Months Ended June 30
  2020 2019 Change 2020 2019 Change
Financial Data (in millions except for
earning per share)
           
Revenue $58.0 $56.0 4% $124.5 $129.9 (4%)
Gross profit $17.7 $9.2 92% $31.6 $20.7 53%
Net income (loss) $(7.7) $5.4 (243%) $(17.2) $9.5 (281%)
Earnings (loss) per share – basic $(0.04) $0.03 (233%) $(0.10) $0.05 (300%)
Adjusted net income1 $8.5 $1.4 507% $16.9 $3.8 345%
Adjusted earnings per share – basic1 $0.05 $0.01 400% $0.09 $0.02 350%
Cash flow from operating activities
before changes in non-cash operating
working capital
$11.8 $11.3 4% $26.5 $29.4 (10%)
Cash and cash equivalents $65.2 $23.9 173% $65.2 $23.9 173%
Net cash1 $58.2 $9.9 488% $58.2 $9.9 488%
Gold Production and Cost Data            
GEOs loaded to the pads2 40,309 82,680 (51%) 137,489 159,520 (14%)
GEOs projected recoverable1,3 20,105 49,763 (60%) 64,389 97,944 (34%)
GEOs produced2,2,4 31,531 40,213 (22%) 73,067 94,382 (23%)
GEOs sold2 34,196 43,185 (21%) 76,400 99,859 (23%)
Average realized sales price $1,713 $1,303 31% $1,642 $1,306 26%
Cash cost per gold ounce sold1 $885 $931 (5%) $929 $909 2%
All-in sustaining cost per gold ounce sold1,5 $1,080 $1,264 (15%) $1,213 $1,184 2%
   
1 Please refer to the section below entitled “Non-IFRS Measures” for a discussion of these Non-IFRS Measures.
2 GEOs are based on a conversion ratio of 80:1 for silver to gold for 2020 and 75:1 for 2019. The silver to gold conversion ratio is based on the three-year trailing average silver to gold ratio.
3 Expected recoverable GEOs are based on the assumptions and parameters as set forth in the El Castillo Complex Technical Report dated March 27, 2018 and the La Colorada Gold/Silver Mine Technical Report dated March 27, 2018.  In periods where the Company mines and processes material not specifically defined in a technical report (for example: low grade stockpile material or run-of-mine ore), management uses its best estimate of recovery based on the information available.  The El Castillo mine is currently processing run-of-mine ore and has several years of data to support run-of-mine recoveries.
4 Produced ounces are calculated as ounces loaded to carbon.

 

Second Quarter 2020 and Recent Company Highlights:

 

  • Corporate
    • Closed Alio Gold Inc. transaction on July 1, 2020 to create a North American, diversified, intermediate gold producer.
    • In July, the Company completed an equity financing for gross proceeds of C$126.5 million.
  • El Castillo Complex
    • Second quarter production of 23,662 GEOs.
      • El Castillo production of 9,394 GEOs.
      • San Agustin production of 14,268 GEOs.
    • Completed construction of LV North and East Crusher leach pads at El Castillo.
  • La Colorada
    • Second quarter production of 7,869 GEOs.
    • Completed construction of 4B leach pad and overflow ponds.
  • Florida Canyon
    • In early July, the Company completed and filed a technical report that included an updated life-of-mine plan demonstrating mine site after-tax free cash flow of approximately $133 million at $1,350 gold, $216 million at $1,500 gold, $326 million at $1,700 gold and $491 million at $2,000 gold.
  • Magino
    • Received approval of Schedule 2 process from Canadian Federal government.
    • In late July, the Company provided a drill results updated from the Elbow Zone. These results showed high-grade continuity below the proposed pit (see press release dated July 28, 2020).
  • Cerro del Gallo
    • At the end of June, the Company submitted a Unified Technical Document that includes an Environmental Impact Assessment, an Environmental Risk Assessment and the Justified Technical Study for a Change of Soil Use.
  • Social Responsibility
    • Zero lost time accidents during the second quarter 2020.
    • Received nationally awarded Environmental Socially Responsible Company recognition at the El Castillo Complex for the eighth consecutive year.
    • Provided COVID-19 support to communities in Mexico by providing food baskets, sanitization of public spaces and streets, donation of masks, sanitizer and thermometers and hosted public health information sessions.
    • Participated in municipal meetings with health officials at La Colorada and the El Castillo Complex in sessions relating to “Safe Return to Work” procedures.
    • Provided equipment for the cleaning of dams for water harvesting in the communities of the Ejidos of Otilio Montaño and Atotonilco, near the El Castillo Complex.

 

Financial Results – Second Quarter 2020

 


Revenue for the three months ended June 30, 2020 was $58.0 million, an increase from $56.0 million for the three months ended June 30, 2019.  During the second quarter of 2020, gold ounces sold totaled 32,707 at an average realized price per ounce of $1,713, compared to 41,647 gold ounces sold at an average realized price per ounce of $1,303 during the same period of 2019.  Gold ounces sold for the three months ended June 30, 2020 decreased compared to the same period in 2019 primarily due to a decrease in gold ounces produced at the El Castillo and La Colorada mines mostly related to a large decrease in ore tonnes to leach pads as a result of the COVID-19 related suspension of mining, crushing and stacking activities in response to the Mexican Federal Government decree.  As of June 1, 2020, all mining, crushing and stacking activities had resumed at all Mexican operations.

 

Production costs for the second quarter of 2020 were $30.9 million, a decrease from $40.5 million in the second quarter of 2019, primarily due to a decrease in gold ounces sold.  Cash cost per gold ounce sold  was $885 in the second quarter of 2020, a decrease from $931 in the same period of 2019, primarily due to a decrease in cash cost per gold ounce sold at the El Castillo and San Agustin mines as discussed further in the discussion of operations for the respective mine.  The depreciation, depletion and amortization (“DD&A”) expense included in cost of sales for the second quarter of 2020 totaled $8.8 million, a decrease from $10.2 million in the second quarter of 2019, primarily due to a decrease in gold ounces sold, as many of the mining assets are amortized on a unit-of-production basis, partially offset by an increase in the average DD&A expense per ounce in work-in-process inventory, primarily due to significant capital additions during the second, third and fourth quarters of 2019.

 

General and administrative expenses for the second quarter of 2020 were $3.1 million, comparable to $3.4 million for the same period of 2019.

 

Losses on commodity derivatives for the second quarter of 2020 were $12.4 million, compared to gains of $0.2 million in the second quarter of 2019, primarily due to the large increase in unrealized losses on the Company’s zero-cost collar contracts. 

 

Care and maintenance expenses for the three months ended June 30, 2020 were $8.2 million compared to nil for the comparative period of 2019.  On April 1, 2020, the Company temporarily suspended all mining, crushing and stacking activities in Mexico due to COVID-19 in response to the Mexican Federal Government decree.  All activities resumed on June 1, 2020.  Costs incurred during the temporary suspension associated with the suspended activities that did not generate additional inventory have been separately identified and accounted for as care and maintenance expenses within operating income in the interim condensed consolidated statements of (loss) income.

 

Other income for the second quarter of 2020 was $1.0 million, a decrease from $1.3 million in the second quarter of 2019, primarily due to differences in foreign currency translation effects.

 

Income tax expense for the second quarter of 2020 was $2.2 million, compared to $1.3 million in the same period of 2019, primarily due to higher forecasted taxable income related to the increase in the price of gold, offset by a deferred income tax asset related to the unrealized loss on derivatives.

 

Net loss for the second quarter of 2020 was $7.7 million or $0.04 per share, a decrease from net income of $5.4 million or $0.03 per basic share for the second quarter of 2019.

 

Adjusted net income2 for the second quarter of 2020 was $8.5 million or $0.05 per basic share, an increase from adjusted net income of $1.4 million or $0.01 per basic share for the second quarter of 2019.

 

Financial Results – First Half 2020

 

Revenue for the six months ended June 30, 2020 was $124.5 million, a decrease from $129.9 million for the six months ended June 30, 2019.  During the first half of 2020, gold ounces sold totaled 72,876 at an average realized price per ounce of $1,642, compared to 96,426 gold ounces sold at an average realized price per ounce of $1,306 during the same period of 2019. Gold ounces sold for the six months ended June 30, 2020 decreased compared to the same period in 2019 primarily due to a decrease in gold ounces sold at the El Castillo and La Colorada mines due to a large decrease in ore tonnes to leach pads as a result of the temporary suspension of mining, crushing and stacking activities in response to the Mexican Federal government decree related to COVID-19.

 

Production costs for the six months ended June 30, 2020 were $72.5 million, a decrease from $91.5 million in the first half of 2019 primarily due to a large decrease in gold ounces sold partially offset by a slight increase in cash cost per gold ounce sold.  Cash cost per gold ounce sold (see “Non-IFRS Measures” section) was $929 in the first half of 2020, an increase from $909 in the same period of 2019, primarily due to an increase in cash cost per gold ounce sold at the El Castillo and La Colorada mines, as disclosed further in the discussion of operations for the respective mine.  DD&A expense included in cost of sales for the six months ended June 30, 2020 totaled $19.9 million, a decrease from $22.1 million in the six months ended June 30, 2019, due to the decrease in gold ounces sold, as many of the mining assets are amortized on a unit-of-production basis.

 

General and administrative expenses for the six months ended June 30, 2020 were $7.2 million, comparable to $7.2 million in the same period of 2019.

 

Care and maintenance expenses for the six months ended June 30, 2020 were $8.2 million compared to nil for the comparative period of 2019.  On April 1, 2020, the Company temporarily suspended all mining, crushing and stacking activities in Mexico due to COVID-19 in response to the Mexican Federal Government decree.  All activities resumed on June 1, 2020.  Costs incurred during the temporary suspension associated with the suspended activities that did not generate additional inventory have been separately identified and accounted for as care and maintenance expenses within operating income in the interim condensed consolidated statements of (loss) income.

 

Losses on commodity derivatives during the first half of 2020 were $14.2 million, compared to gains of $0.5 million in the first half of 2019, primarily due to the large increase in unrealized losses on the Company’s zero-cost collar contracts. 

 

Other expenses for the six months ended June 30, 2020 was $4.9 million, a decrease from other income of $1.9 million in the same period of 2019, primarily related to differences in foreign currency translation effects.

 

Income tax expense for the six months ended June 30, 2020 was $13.4 million, compared to $5.2 million in the same period of 2019.  The change is primarily due to the foreign exchange effects of the weakening Mexican peso on the calculation of deferred taxes during the first half of 2020 and to higher forecasted taxable income related to the increase in the price of gold, offset by a deferred income tax asset related to the unrealized loss on derivatives.  

 

Net loss for the six months ended June 30, 2020 was $17.2 million or $0.10 per share, a decrease from net income of $9.5 million or $0.05 per basic share for the six months ended June 30, 2020. 

 

Adjusted net income2 for the six months ended June 30, 2020 was $16.9 million or $0.09 per basic share, an increase from adjusted net income2 of $3.8 million or $0.02 per basic share for the six months ended June 30, 2020.

 

Operational Results – Second Quarter 2020

 

During the second quarter 2020, the Company achieved production of 31,531 GEOs at a cash cost of $885 per gold ounce sold and all-in sustaining cost of $1,080 per gold ounce sold compared to 40,213 GEOs at a cash cost of $931 per gold ounce sold and an all-in sustaining cost of $1,264 per gold ounce sold during the second quarter 2019 (see “Non-IFRS Measures” section).  Lower production was primarily related to the temporary shutdown of mining, crushing and stacking activities during April and May due to COVID-19 restrictions in response to the Mexican Federal Government decree.  Lower costs are primarily due to the reduction in costs related to the temporary shutdown of mining, crushing and stacking activities during April and May while gold production and sales continued.     

 

Pete Dougherty commented: “I commend the team for their commitment to safety protocols and the new protocols that have been developed and implemented due to COVID-19 precautions.  It is not an easy undertaking to shutdown certain activities and ramp them back up as efficiently and with the additional health and safety protocols as we have done, and our operating team deserves full credit for this successful restart.  Mining, crushing and stacking activites have ramped up very well following the temporary shutdown of these activities due to COVID-19 during April and May.  We are getting the planned tonnes to the leach pads despite the heavy rains experienced recently in Mexico.  These rains have the potential to dilute the solution on the leach pads and slow third quarter recoveries, but any delay in recoveries is expected to be temporary and all operations are functioning to plan.”   

 

SECOND QUARTER 2020 EL CASTILLO COMPLEX OPERATING STATISTICS

 

 

  3 Months Ended June 30 6 Months Ended June 30
  2020 2019 %
Change
2020 2019 %
Change
Mining (in 000s except
waste/ore ratio)
           
Tonnes ore El Castillo 902 2,300 -61% 2,824 4,588 -38%
Tonnes ore San Agustin 1,172 1,961 -40% 3,881 3,622 7%
Tonnes ore 2,074 4,261 -51% 6,705 8,210 -18%
Tonnes waste El Castillo 770 3,489 -78% 4,184 7,294 -43%
Tonnes waste San Agustin 584 1,408 -59% 2,453 2,725 -10%
Tonnes waste 1,354 4,897 -72% 6,637 10,019 -34%
Tonnes mined El Castillo 1,672 5,789 -71% 7,008 11,882 -41%
Tonnes mined San Agustin 1,756 3,369 -48% 6,334 6,347 0%
Tonnes mined 3,428 9,158 -63% 13,342 18,229 -27%
Tonnes per day El Castillo 18 64 -72% 39 66 -41%
Tonnes per day San Agustin 19 37 -49% 35 35 0%
Tonnes per day 37 101 -63% 74 101 -27%
Waste/ore ratio El Castillo 0.85 1.52 -44% 1.48 1.59 -7%
Waste/ore ratio San Agustin 0.50 0.72 -31% 0.63 0.75 -16%
Waste/ore ratio 0.65 1.15 -43% 0.99 1.22 -19%
Leach Pads (in 000s)            
Tonnes crushed to East leach pads
El Castillo
64 1,101 -94% 278 2,174 -87%
Tonnes crushed to West leach pads
El Castillo
0 1,175 -100% 3 2,432 -100%
Tonnes direct to leach pads
El Castillo
903 0 2,635 0
Tonnes crushed to leach pads San
Agustin
1,191 1,931 -38% 3,924 3,622 8%
Tonnes to leach pads 2,158 4,207 -49% 6,840 8,228 -17%
Production            
Gold grade loaded to leach pads El
Castillo (g/t)
0.43 0.39 10% 0.51 0.39 31%
Gold grade loaded to leach pads
San Agustin (g/t)
0.33 0.39 -15% 0.35 0.43 -19%
Gold loaded to leach pads (g/t) 0.37 0.39 -5% 0.42 0.41 2%
Gold loaded to leach pads El Castillo
(oz)
13,386 28,225 -53% 47,857 57,569 -17%
Gold loaded to leach pads San
Agustin (oz)
12,609 24,458 -48% 43,864 50,163 -13%
Gold loaded to leach pads (oz) 25,995 52,683 -51% 91,721 107,732 -15%
Projected recoverable GEOs loaded
El Castillo
5,547 18,635 -70% 18,619 38,972 -52%
Projected recoverable GEOs loaded
San Agustin
8,951 16,940 -47% 31,732 34,966 -9%
Projected recoverable GEOs loaded 14,498 35,575 -59% 50,351 73,938 -32%
Gold produced El Castillo (oz) 9,151 14,361 -36% 23,586 37,248 -37%
Gold produced San Agustin (oz) 13,403 12,684 6% 26,238 26,768 -2%
Gold produced (oz) 22,554 27,045 -17% 49,824 64,016 -22%
Silver produced El Castillo (oz) 19,547 29,791 -34% 43,092 58,001 -26%
Silver produced San Agustin (oz) 69,242 43,097 61% 144,746 97,127 49%
Silver produced (oz) 88,789 72,888 22% 187,838 155,128 21%
GEOs produced El Castillo 9,394 14,758 -36% 24,123 38,021 -37%
GEOs produced San Agustin 14,268 13,259 8% 28,047 28,063 0%
GEOs produced 23,662 28,017 -16% 52,170 66,084 -21%
Gold sold El Castillo (oz) 11,008 16,094 -32% 24,634 38,884 -37%
Gold sold San Agustin (oz) 14,293 14,181 1% 27,754 30,087 -8%
Gold sold (oz) 25,301 30,275 -16% 52,388 68,971 -24%
Silver sold El Castillo (oz) 19,547 29,791 -34% 43,092 58,001 -26%
Silver sold San Agustin (oz) 71,042 50,786 40% 156,179 107,420 45%
Silver sold (oz) 90,589 80,577 12% 199,271 165,421 20%
GEOs sold El Castillo 11,253 16,491 -32% 25,173 39,657 -37%
GEOs sold San Agustin 15,181 14,858 2% 29,706 31,519 -6%
GEOs sold 26,434 31,349 -16% 54,879 71,176 -23%
Cash cost per gold ounce sold El
Castillo
$862 $976 -12% $988 $942 5%
Cash cost per gold ounce sold San
Agustin
$756 $910 -17% $769 $849 -9%
Cash cost per gold ounce sold $802 $945 -15% $872 $901 -3%
   
1 “g/t” refers to grams per tonne.
2 “oz” refers to troy ounce.
3 Produced ounces are calculated as ounces loaded to carbon.
4 Expected recoverable GEOs are based on the assumptions and parameters as set forth in the El Castillo Complex Technical Report dated March 27, 2018.  In periods where the Company mines and processes material not specifically defined in a technical report (for example: run-of-mine ore), management uses its best estimate of recovery based on the information available.  The El Castillo mine is currently processing run-of-mine ore and has several years of data to support run-of-mine recoveries.
5 Please refer to the section below entitled “Non-IFRS Measures” for a discussion of this Non-IFRS Measure.

 

Summary of Production Results at the El Castillo Complex

 

The El Castillo Complex produced 23,662 GEOs at a cash cost of $802 per gold ounce sold during the second quarter of 2020 versus 28,017 GEOs at a cash cost of $945 per gold ounce sold during the second quarter of 2019 (see “Non-IFRS Measures” section).  Lower costs are primarily due to the reduction in strip ratio at both mines and a weakening of the Mexican peso.  El Castillo costs were also lower due to the switch to processing run-of-mine ore and eliminating crushing and related costs.      

 

SECOND QUARTER 2020 LA COLORADA OPERATING STATISTICS

 

 

  3 Months Ended June 30 6 Months Ended June 30
  2020 2019 %
Change
2020 2019 %
Change
Mining (in 000s except for
waste/ore ratio)
           
Tonnes ore 506 1,187 -57% 1,453 2,059 -29%
Tonnes waste 1,737 5,934 -71% 6,420 11,900 -46%
Tonnes mined 2,243 7,121 -69% 7,873 13,959 -44%
Tonnes per day 25 78 -68% 43 77 -44%
Waste/ore ratio 3.43 5.00 -31% 4.42 5.78 -24%
Tonnes rehandled 0 0   0 0  
Leach Pads (in 000s)            
Tonnes crushed to leach pads 518 1,213 -57% 1,484 2,006 -26%
Tonnes direct to leach pads 0 0   0 89 -100%
Production            
Gold loaded to leach pads (g/t) 0.42 0.46 -9% 0.38 0.45 -16%
Gold loaded to leach pads (oz) 7,048 18,078 -61% 18,070 30,511 -41%
Projected recoverable GEOs
loaded
5,607 14,188 -60% 14,038 24,006 -42%
Gold produced (oz) 7,537 11,723 -36% 19,886 27,095 -27%
Silver produced (oz) 26,554 35,485 -25% 80,869 90,258 -10%
GEOs produced 7,869 12,196 -35% 20,897 28,298 -26%
Gold sold (oz) 7,406 11,372 -35% 20,488 27,455 -25%
Silver sold (oz) 28,410 34,788 -18% 82,608 92,090 -10%
GEOs sold 7,762 11,836 -34% 21,521 28,683 -25%
Cash cost per gold ounce sold $1,169 $894 31% $1,074 $928 16%
   
1 “g/t” refers to grams per tonne.
2 “oz” refers to troy ounce.
3 Produced ounces are calculated as ounces loaded to carbon.
4 Expected recoverable GEOs are based on the assumptions and parameters as set forth in the La Colorada Gold/Silver Mine Technical Report dated March 27, 2018.  In periods where the Company mines material not specifically defined in a technical report (for example: low grade stockpile material), management uses its best estimate of recovery based on the information available.
5 Please refer to the section below entitled “Non-IFRS Measures” for a discussion of this Non-IFRS Measure.

 

Summary of Production Results at La Colorada

 

La Colorada produced 7,869 GEOs at a cash cost of $1,169 per gold ounce sold during the second quarter of 2020 compared to 12,196 GEOs at a cash cost of $894 per gold ounce sold during the second quarter of 2019 (see “Non-IFRS Measures” section).  Higher costs are primarily due to lower gold grades and lower gold ounces sold, as cash cost is calculated on a per-ounce-sold basis.

 

Florida Canyon

While not attributed to Argonaut for the second quarter of 2020, as the Alio Gold Inc. transaction closed on July 1, 2020, during the second quarter of 2020, the Florida Canyon mine produced 13,215 GEOs at a cash cost per gold ounce sold of $1,240.

 

During the second half of 2020, Argonaut anticipates making a capital investment of approximately $10 million into the crushing and stacking circuit with the expectation that this investment will lower operating costs in 2021 onward.

 

For more information regarding plans at Florida Canyon, please refer to the updated life-of-mine plan detailed in the press release dated July 3, 2020 and the corresponding technical report, which is available on the Company’s website at www.argonautgold.com or at www.sedar.com

 

2020 Guidance

 

Since resuming mining, crushing and stacking activities on June 1, 2020, the Company has not experienced significant disruptions to production or its supply chain due to COVID-19.  However, the Company cautions that the global effects of COVID-19 are continuing to evolve and given the uncertainty of the duration and magnitude of the impact of COVID-19, the Company’s production and cash cost estimates are subject to a higher than normal degree of uncertainty.  The guidance discussed below does not reflect any potential for additional suspensions or other significant disruption to operations due to COVID-19.

 

On July 6, 2020, the Company provided updated production, cost and capital guidance following the re-instatement of mining, crushing and stacking activities on June 1, 2020 and the closing of the Alio Gold Inc. merger on July 1, 2020.  No changes have been made to that guidance (see July 6, 2020 press release). 

 

About Argonaut Gold

 

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production.  Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo Complex in Durango, Mexico, the La Colorada mine in Sonora, Mexico and the Florida Canyon mine in Nevada, USA.  Advanced exploration projects include the Magino project in Ontario, Canada, the Cerro del Gallo project in Guanajuato, Mexico and the Ana Paula project in Guerrero, Mexico.  The Company holds several other exploration stage projects, all of which are located in North America.

 

Posted August 12, 2020

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