RBC Says AR Q2 Results Slightly Below Consensus Forecast 2022-08-11 07:15:42 AM ET (MT Newswires)
07:15 AM EDT, 08/11/2022 (MT Newswires) -- RBC Capital Markets said overnight Wednesday that Argonaut Gold Inc. (AR.TO)'s second-quarter results were slightly below consensus due to higher costs.
Argonaut reported an adjusted EPS of US$0.02, in line with RBC's estimate but below the consensus forecast of US$0.03.
Adjusted EBITDA was US$31 million, meeting RBC's forecast but missing the consensus estimate of US$32 million.
Argonaut reiterated its $920 million budget for the development of the Magino project, where first gold production is delayed by one month to April 2023 due to a strike. Construction is 55% complete as of the second quarter.
The company is on track to achieving its 2022 production guidance, with 115,000 ounces of gold equivalent produced during the first half, representing 53% of its midpoint target.
RBC gave Argonaut an outperform rating and a $1.25 price target.