"Our
Fourth quarter 2023 production was 61,523 gold equivalent ounces (GEOs), an increase of 14% compared to the third quarter 2023, benefiting from the commissioning of the
Summary of Production Results
2023 | Total | 2023 | |||||||
Production – GEO's | Q1 | Q2 | Q3 | Q4 | Actual | ||||
Magino | 0 | 3,296 | 10,693 | 22,112 | 36,101 | 72,000 | 81,000 | ||
12,746 | 18,251 | 22,384 | 17,780 | 71,161 | 55,000 | 65,000 | |||
5,674 | 5,932 | 6,741 | 7,861 | 26,208 | 27,000 | 30,000 | |||
12,924 | 11,245 | 10,208 | 10,252 | 44,629 | 35,000 | 39,000 | |||
7,241 | 4,768 | 3,885 | 3,518 | 19,412 | 10,000 | 14,000 | |||
Consolidated Mexican | 90,247 | 72,000 | 83,000 | ||||||
Total* | 38,585 | 43,492 | 53,911 | 61,523 | 197,511 | 200,000 | 230,000 | ||
*Totals may not add due to rounding |
In summary, the Company nearly achieved consolidated lower end of production guidance, with strong performances from
- Daily mining rates for the month of December were largely on target, averaging 50,500 tonnes per day ("tpd"). There has been a steady improvement in the daily mining rate through 2023, with continuing improvement in the average quarterly daily mining rate through the year:
Q1 | Q2 | Q3 | Q4 | Q4 Detail | |||||||||
Oct | Nov | Dec | |||||||||||
Magino | 14,400 | 23,500 | 40,400 | 45,600 | 40,800 | 45,400 | 50,500 |
- Overall, the daily average mining rate increased by 25% in December compared to the third quarter average.
- With additional mobile equipment scheduled to arrive in H1 2024 along with the installation of the fleet management system, management expects daily mining rates to increase into the 65,000 tpd range in 2024, in line with the current NI 43-101 technical report for the
Magino Mine . - In parallel with the increase in the daily mining rate through the fourth quarter, gold grades mined have also increased, resulting in the average grade milled, on a monthly basis, increasing from 0.69 grams per tonne in October, to 1.02 grams per tonne in November, to 1.07 grams per tonne in December.
- Mill throughput rates remained below nameplate in December, averaging 9,240 tpd, however, a scheduled mill shutdown in the first half of
January 2024 is expected to support the continued increase in mill average daily throughput to the nameplate of 10,000 tpd. - The infill drill program underway to convert Mineral Resources to Mineral Reserves is proceeding well, having completed approximately 27,000 metres through the end of 2023, constituting 43% of the planned program. The program is expected to be completed on time in
June 2024 . The goal of the drill program is to add between 500,000 and 1 million ounces to Mineral Reserves, based on the conversion of existing Mineral Resources. A second phase program is expected to continue through the end of 2024. - Mill optimization and expansion studies are well underway to determine the most cost effective path to expand the process facilities to between a target of 17,500 and 20,000 tpd.
- An updated NI 43-101 technical report for the Magino Mine including the updated Mineral Reserves and Mineral Resources and mill optimization and expansion opportunities is expected to be completed in the first quarter of 2024. A second NI 43-101 technical report including the balance of the 63,000 metre drill program and detailed mill optimization and expansion plans is expected to be completed in the third quarter of 2024.
The technical information contained in this press release has been prepared under the supervision of, and has been reviewed and approved by Mr.
This press release contains certain "forward-looking statements" under applicable Canadian securities laws concerning the business, operations and financial performance and condition of
Forward-looking statements are necessarily based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include but are not limited to the availability and changing terms of financing, variations in ore grade or recovery rates, changes in market conditions, changes in inflation, risks relating to the availability and timeliness of permitting and governmental approvals; risks relating to international operations, fluctuating metal prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, risks related to the anticipated performance of material equipment, the impact of COVID-19 and other human health concerns and the impact and effectiveness of governmental responses to them, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Argonaut's most recent Annual Information Form dated
Although Argonaut has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this document. Further, the forward-looking statements included herein speak only as of the date of this press release.
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