Argonaut Gold Kept at Outperform by BMO; Target C$0.75Argonaut Gold Kept at Outperform by BMO as Q4 Results Disappoint; Price Target Kept at C$0.75 2023-02-28 11:33:48 AM ET (MT Newswires)
11:33 AM EST, 02/28/2023 (MT Newswires) -- BMO Capital Markets on Tuesday reiterated its outperform rating on the shares of Argonaut Gold (AR.TO) with a C$0.75 price target after the company reported fourth-quarter results and said it is suspending some operations at its Mexican mines to free up cash for construction of its Magino gold mine in Ontario.
"Negative. Besides missing 2022 cost guidance, and taking a significant write down on its low-grade Mexican assets, the company also announced that the Magino project is taking slightly (6 weeks) longer than previously anticipated, and has expanded capital guidance to build Magino by $25 million. 2023 guidance was lowered to 200-230 koz AuEq after deciding to shutter the El Castillo, La Colorada and San Agustin mines in Mexico, at least temporarily," analyst Brian Quast wrote.