Antero Resources Corp T.AR

Primary Symbol: AR

Energy Oil & Gas E&P

Antero Resources Corporation is an independent natural gas and natural gas liquids (NGLs) company. The Company is engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia and Ohio. The Company targets large, repeatable resource plays where horizontal drilling and advanced fracture stimulation technologies provide the means to economically develop and produce natural gas, NGLs and oil from unconventional formations. The Company operates through three segments: the exploration, development, and production of natural gas, NGLs and oil; marketing of excess firm transportation capacity; and midstream services through its equity method investment in Antero Midstream Corporation (Antero Midstream). The Company holds approximately 515,000 net acres of natural gas, NGLs and oil properties located in the Appalachian Basin, primarily in West Virginia and Ohio.

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Antero Resources Corp

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Post by pppon Jun 10, 2022 10:06am

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Post# 34746813

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Key Risks: Multiple contraction, commodity prices, technical and operational risks, and geopolitical risks

Company Profile: Argonaut Gold Inc. is a gold producer operating the El Castillo, La Colorada, and San Agustin mines in Mexico, in addition to the Florida Canyon mine in Nevada. The company is also advancing the wholly owned Magino project in Ontario and the Cerro del Gallo development project in Mexico.

Latest Research (May 12, 2022): OUR TAKE: Negative. Argonaut Gold reported Q1/2022 financial and operating results along with a Magino project update. Notably, a review of Magino project capex is underway and total cost is now expected to be 15% higher than the prior C$800M estimate or ~C$920M. Argonaut continues to advance project financing and strategic alternatives to address project funding shortfall to complete Magino construction (we previously estimated the shortfall at $100M; based on the revised capex numbers we expect the funding shortfall now to be ~$200M). At March 31/22, AR had committed ~C$605M of total capex for the project and incurred expenses of C$400M. AR also warned that potential labour actions could negatively impact project timing.Q1/2022 results were in line with adj EPS of $0.03 and met consensus of $0.03 based on Q1 production of 55.5k GEOs with AISC of $1430/oz. We had modeled production of 52.5k GEOs with AISC of $1531/oz.With added uncertainty related to Magino project construction and financing, we expect investors to await further details on the path forward at Magino. Our PT moves to C$3.00 (from C$3.50), based on our updated assumptions outlined below.