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 > Scotia

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Post by pppon Oct 16, 2023 10:25am

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Post# 35685242

Scotia

atest Research (September 11, 2023): OUR TAKE: Mixed. On September 8, we visited Argonaut Gold’s Magino gold project in Ontario. Our key takeaways from the site tour are:

The processing plant is ramping up to reach commercial production (expected by end of Q3/23), withthe mill regularly exceeding the 10 ktpd nameplate throughput and recoveries stabilizing at ~90%. Mining rates have been slower than expected (planning 12 Mt this year vs. the budget of 19 Mt) due to challenges with labour availability, swelling of mined material, and difficulty navigating underground voids. Initial ore control drilling in the first stage of the pit has returned ~18% more tonnes with ~97% of the expected grade leading to ~15% more contained oz in the pit. The latest estimates put internal dilution at ~30%, but the team is targeting to reduce dilution to ~20%.

AR is beginning a 63 km exploration program designed to test targets immediately below the pit shell and extend mineralization at depth with the goal of adding 0.5-1.0 Moz of reserveswhich would support Magino’s “blue-sky” expansion potential.
Management envisions a scenario to significantly expand the size of the mill from10 ktpd to a range of 15-20 ktpd, boosting annual production to >200 koz per year (vs. FS of 117 koz).