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TORONTO - Argonaut Gold Inc. [AR-TSX; ARNGF-OTC] reported financial and operating results for the first quarter ended March 31, 2021. The company reports record quarterly production of 59,704 gold equivalent ounces, record quarterly revenue of $105.3-million, cash flow from operating activities before changes in operating working capital of $27.7-million and net income of $27.0-million or earnings per share of nine cents. All dollar amounts are expressed in US dollars.
Pete Dougherty, president and CEO, stated: "It was our second consecutive quarter of record quarterly production and revenue. We demonstrated strong cash flow during the first quarter, which underpins our strategy to harvest cash from the existing operations, replace depleted ounces and invest in our growth asset portfolio to transform Argonaut from a high-cost, junior producer with short mine lives to a lower-cost intermediate producer with long mine lives. With the cash we are generating, the recent announcement of an increase of mineral reserves by 43% and measured and indicated mineral resources by 26% year over year and the early progress of the Magino construction project, we are delivering on all three phases."
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