Magino IMO, Magino has a tremendous potential.
production 126,000 oz/yr
aisc $711 per oz
LOM 17 years
development cost $321M
With an average gold price at $1,350
126,000 x ($1,350 - $711) x 17 = $1.37B
And minus $321, still over $1B
With gold at $1,500
$1.80B - $321M = $1.48B
With gold at $1,800
$2.33B - $321 = $2B
$2B not bad for this “inferior” mine.
I would say that Magino alone is worth more than today’s Argonaut enterprise value.
Magino currently has more P+P ounces than the Island Gold mine (2.137M vs. 1.215M) and these ounces are within only 300m from the surface.