RE:The 20 Best Risk/Reward High Return Gold & Silver StocksCon Argonaut Gold: Kees Dekker, Contributor Amazing the way you rate Argonaut. Mind you, not much was presented in terms of numbers. This is a company that gobbled up US$147 million since December 2012. This is not that evident since the exercise of warrant brought in US$115 million and the Prodigy acquisition another US$27.4 million. Argonaut is company that uses good cash flow from its El Castillo mine and throws it at inferior projects such as La Colorada and San Antonio and recently Magino and San Augustin. Unfortunately El Castillo, which is really a good operation, has not much life left after it has produced some 700,000 ozs from reserves that were quoted at 1,2 million ounces in 2010. Of these 1.2 million ounces, 200,000 ops were in Transitional Ore that gives a crappy recovery. The company is not clear what the reserves are currently. It rather quotes the 2010 figure and then how much has been produced since. The story is probably not too good to punt. San Antonio has been around for donkey years, still to be developed. You wonder why when a positive feasibility study was completed in October 2012. Obviously something is not that attractive there. San Augustin has a grade of 0.32 g/t and six years life of mine. Not that impressive either. In other words, don't believe all the numbers that are presented by managing promoting their company in presentations. Do the sums, how much money has been raised by Argonaut over the years and how much returned? Is a company only there to used net free cash flow generated to open another mine to generate free cash flow to fund another mine, never to return a cent as dividends and share buy-backs? Rather than wasting the good cash flow from El Castillo, they should have paid back its shareholders. A twenty bagger? I doubt it. Be happy that the company survives if current gold prices stay as they are for three more years.