from seeking alpha article Risks & Negatives
As highlighted above, there are certainly risks to the investment thesis, with the potential for a final equity raise during this period of tighter working capital ($6.9 million deficiency at quarter-end ahead of royalty sale) and Magino still working to ramp up to full production levels, with commercial production reached on November 1st, suggesting that the first quarter of full production will be Q1. The other negative worth noting is that the company has a material amount of hedges related to its 2022 financing to cover the capex blowout at Magino, with ~375,000 ounces hedged at an average price of ~$1,834/oz. This gives Argonaut less leverage to the gold price assuming a production profile of ~220,000 ounces in 2025/2026 at Florida Canyon and Magino combined, with 45% of production hedged at below spot prices.