News for angus
Wesdome is a poor choice for comparison to Argonaut. There are a few other high grade companies with Ontario/PQ addresses that carry very premium valuations - besides Wesdome, Osisko comes to mind.
On the other hand, there's an even-more-plentiful number of very low grade deposits in the same general neighbourhood that have proven to be disasters. McEwan Mining is probably the poster child for this unfortunate group. Iamgold is cursed with such a project. Even Detour Lake before being taken over went through some episodes where they destroyed a lot of shareholder value.
I'm sure other posters could add to this list.
Argonaut's Magino project has approximately doubled in cost to $800 million. Read the company's news from December or thereabouts. Speaking of reading company news, go back and study a few news releases from about a year ago. You will soon realize that what was then a promising-looking company, is today up to its corporate neck in very thick mud.