Argonaut Gold Inc T.AR

First quarter results

[rj2020]

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1033-tsx/ar/121129-argonaut-gold-announces-first-quarter-production-of-55-516-gold-equivalent-ounces-cash-flow1-of-25-million-and-provides-magino-construction-project-update.html

[rvirdi6394]

Any comments anyone?

[geosan0]

I'll take first dibs.  I'm flabbergasted at this management team!!!! How can this company continue to be so wrong on the cost side of Magino in such a short period of time!!!! The company provides a cost update in December and gives confidence levels and then 5 months later they think costs are likely to be 15% higher than the $800m price tag.  It is important to remember that

[rj2020]

Indeed, isn't this little too much? Costs to build the Magino gold mine first increased from C$510 to C$800 and now to around $920 (C$800+15%). 

[rvirdi6394]

Sometimes I feel AR stock price is driven down intentionally with such news releases, one after the other. Afterwards the stock starts to recover and hits new highs. Don't forget AR's book value is over $3 and it is cash positive without Magino. After Magino comes up even after $920M, it will be an added bonus. Not sure if I am being too optimistic!!

[geosan0]

I'm sorry to say rivirdi6394 but you are being too optimistic because after this disaster the amount of debt financing that they will need to raise to complete the project on time just went way up.  Until funding is secure (pun intended) proceed with extreme caution!!! Just my opinion but I have been in this hot mess for a long time and have the battle scars to prove it, lol!!!! GLTA

[rvirdi6394]

There is no way I am buying more but I am so deep into this already. I had bought my first AR shares for over $6 back in 2012. I thought Magino was going to help me recover my losses but Magino is becoming a curse.