2022 $118$/5(3257
Message from the Chairman
Dear Shareholders,
2022 was the most challenging year in the history of Argonaut Gold and one that
fundamentally changed how we will operate today and, in the future, guided by our new
vision, mission and values which will be embedded in everything we do moving forward.
We will leverage our core values of integrity, respect, communication, collaboration, care
and performance, to realize our vision of becoming a low-cost, mid-tier North American
gold producer that creates significant value for our stakeholders and proudly
demonstrates responsible mining. We will accomplish this by delivering asset growth and
operational excellence, while protecting our people and the environment, and being a
good partner to our communities.
Our greatest challenge presented itself at our flagship Magino project. While we made
tremendous progress in a difficult construction environment, cost overruns put the
Company in a precarious financial position.
Despite turbulent financial markets, Argonaut was still able to raise over $500 million
through a combination of debt, equity and a royalty on the Magino project, not only critical
to our survival, but also a testament to our stakeholders’ overall confidence and
commitment to the Company. We sincerely appreciated this support and dedication to
Argonaut’s viability and long-term success.
Magino is the cornerstone of Argonaut’s future: it is expected to be our lowest cost,
longest life mine located in a tier one mining jurisdiction of Ontario, Canada. Magino is
expected to average about 150,000 ounces of gold per year on its own over its first five
years following its ramp up period at life of mine all-in-sustaining costs of $1,000 per
ounce, making it one of the lowest cost gold mines in Canada. We are looking at options
to increase production with the goal of having Magino among the top gold mines in
Canada.
At the end of 2022, construction at Magino was 80% complete and was progressing very
well. Today I am pleased to report that we remain on track for first pour in the second
quarter of this year.
This progress at Magino was in no small part due to Larry Radford who joined Argonaut
in March 2022 as interim CEO. Larry focused on righting our ship, ensuring we had the
best team in place to build Magino properly, on schedule and on budget. Larry always
viewed the role as temporary; to put us on the path to success. He did just that and I want
to thank Larry for leading us through such a difficult period.
In December, Richard Young replaced Larry as CEO. Richard is the right leader for the
right time. He has a great track record of building a successful gold company. Richard
is well respected, knows how to build strong teams, is an advocate for ESG, and
understands creating shareholder value is priority. We feel very good about having the
Company under the leadership of such a respected CEO.
Magino’s capital overrun and an unacceptable tragic on-site fatality experienced by a sub-
contractor, made us rethink everything we do. Our El Castillo operation has delivered
$200 million in free cash flows to Argonaut over the years. In December, we began the
end of life shut down process at El Castillo early due to significant margin compression.
At our La Colorada mine, we decided to defer the massive stripping that was planned and
to relook at the underground potential of La Colorada on a more capital efficient basis.
This decision will improve our near-term cash flow, but will delay future production at La
Colorada.
Our San Agustin mine continued to produce good results, however, we will need permits
and access to new land to extend the mine life as desired. The permitting environment
in Mexico remains a challenge currently.
Our Florida Canyon mine produced about 50,000 ounces of gold in 2022, but has still not
delivered the operational reliability we expect. Our new management team is taking a
fresh look at Florida Canyon and feel very positive about the potential at this operation.
As we look forward, our primary focus remains the completion and ramp up at Magino.
We believe that the biggest value drivers for Argonaut over the next several years are
focused on the success of Magino through 1) the delivery of the project on schedule, 2)
a safe and efficient ramp up to nameplate capacity following construction, and 3) a
potential expansion to the processing facilities and the development of a high-grade
underground mine that would operate concurrent with the open pit mine.
In closing, I want to recognize our management team and employees for their loyalty and
dedication to the Company. The past year was not an easy one, and members of the
team worked incredibly hard to get Argonaut moving in the right direction. We are all
committed to seeing Argonaut transition from a higher-cost, junior producer with relatively
short mine lives to a lower-cost, mid-tier gold producer with longer mine lives. Magino is
an important step in that journey.
Sincerely,
James E. Kofman
Chairman
Message from the President and CEO
2022
was
a
very
challenging
year
for
our
shareholders,
marked
by
disappointing operational and financial performance, however, it does not in any
way diminish our enthusiasm for the future of Argonaut as I will describe in this letter.
What attracted me to join Argonaut, was the chance to be part of a team that believes
we have an opportunity to build one of the largest and lowest cost gold mines in Canada
with our Magino Project, combining a large open pit operation with the potential of
higher-grade underground material to feed an expandable mill. If we achieve this goal,
we would be one of the only top tier Canadian mines not owned by a senior gold
company. The commissioning of Magino will be the first step in transforming the
Company as it enters a pivotal growth stage.
To accomplish that goal, we are laser focused on completing construction at Magino,
with first gold pour planned for mid-May, followed by commercial production in the
third
quarter.
We
are
progressing
well
on
completing
construction,
commissioning the mill and ramping up to full operations, in addition to
advancing the underground exploration program. As a result of capital cost
increases, the steps taken last year to strengthen the balance sheet put the
Company in a solid financial position to complete the Project.
In addition to Magino, we will be focused on exploring the large sulfide resource at our
Florida Canyon mine, located just below existing oxide deposits. We recognize that
Florida Canyon has never been a significant cash flow generator, but we have put a
plan in place to stabilize and optimize the current oxide operation, as well as begin a
proof-of-concept program for the sulfide material.
The combination of an expanded Magino mill with the potential to add
underground material, and a possible re-development of Florida Canyon would provide
the foundation for building a low-cost mid-tier gold producer in North America able to
deliver sustainable returns to shareholders.
Our Mexican operations have been the cornerstone of this Company since its Initial
Public Offering, 2022 marked the final year that our Mexican operations contributed the
majority of our production and cash flows. Since joining in December, we have revised
the mine plans to focus on free cash flow generation. As a result, we suspended
mining activities at El Castillo ahead of schedule and we anticipate, at least
temporarily, pausing mining activities at our two other operating mines in Mexico by the
fourth quarter of this year.
While we have significant reserves and resources in Mexico, we require land access
and permit approvals to continue mining. The timing of these approvals is uncertain at
this point.
We also made several management changes during the first quarter of this year aimed
at strengthening our management team and providing the collective skills and expertise
to execute on our mission, vision, strategy and values. Our ability to attract these highly
skilled individuals is a testament to the special opportunity we have at Argonaut today.
2023 is a year of transition, with a new mine and new management team. Production is
expected to be similar to last year, while costs will begin to improve, however, from a
production, cost and cash flow perspective we will not see the full benefit of Magino until
next year.
Management is focused on adding value across our asset base. First, we are focused
on providing a pathway for Magino to become a top tier gold mine in Canada.
Second, completing a proof-of-concept for the Florida Canyon sulfides, which
currently have no value in our share price. Third, optimizing the remaining value of our
Mexican asset base. Beyond our operations, our focus will be on building a strong
ESG program that we can all be proud of.
Argonaut has operated a strong ESG program in Mexico and is at the forefront of
the mining industry in its engagement with First Nations here in Canada, which is a
credit to the board and prior management. Going forward, we will step up our ESG
engagement. We believe that a strong social license is paramount to creating a
successful mining company. To that end, we have increased the ESG weighting in our
company scorecard, and added resources and enhanced focus to our ESG strategy
and efforts, which start from the top. We look forward to sharing our progress with our
stakeholders over the next several years. Our goal is to make all our stakeholders
proud of being associated with this Company.
In conclusion, we at Argonaut thank you for your support through a difficult 2022 and
appreciate your patience this year as we execute on the value creation opportunities
we have laid out in this letter, driving our Company’s prospects and positioning it for
future growth.
Sincerely,
Richard Young
President and CEO
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PricewaterhouseCoopers LLP
PricewaterhouseCoopers Place, 250 Howe Street, Suite 1400, Vancouver, British Columbia, Canada V6C 3S7
T: +1 604 806 7000, F: +1 604 806 7806
“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.
Independent auditor’s report
To the Shareholders of Argonaut Gold Inc.
Our opinion
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects,
the financial position of Argonaut Gold Inc. and its subsidiaries (together, the Company) as at
December 31, 2022 and 2021, and its financial performance and its cash flows for the years then ended in
accordance with International Financial Reporting Standards as issued by the International Accounting
Standards Board (IFRS).
What we have audited
The Company’s consolidated financial statements comprise:
the consolidated statements of financial position as at December 31, 2022 and 2021;
the consolidated statements of (loss) income for the years then ended;
the consolidated statements of comprehensive (loss) income for the years then ended;
the consolidated statements of cash flows for the years then ended;
the consolidated statements of changes in shareholders’ equity for the years then ended; and
the notes to the consolidated financial statements, which include significant accounting policies and
other explanatory information.
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the consolidated financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Independence
We are independent of the Company in accordance with the ethical requirements that are relevant to our
audit of the consolidated financial statements in Canada. We have fulfilled our other ethical responsibilities
in accordance with these requirements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements for the year ended December 31, 2022. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter
How our audit addressed the key audit matter
Impairment assessment of mineral properties,
plant and equipment and assets under
construction
Refer to note 2 – Significant accounting policies,
note 3 – Significant estimates and judgments, note
8 – Mineral properties, plant and equipment, note
22 – Segment information and note 27 –
Impairment to the consolidated financial
statements.
As at December 31, 2022, the total net book value
of mineral properties, plant and equipment and
assets under construction amounted to
$992.5 million. At each reporting date,
management reviews its non-current assets for
impairment indicators. If any such indicators exist,
management estimates the recoverable amount of
the assets or cash generating unit (CGU) in order
to determine the extent of the impairment, if any. If
the carrying amount of an asset or CGU exceeds
its recoverable amount, the carrying amount of the
asset or CGU is reduced to its recoverable
amount.
During the year ended December 31, 2022,
management identified impairment indicators for
the following CGUs: Florida Canyon, La Colorada,
San Agustin, El Castillo and Magino. Accordingly,
management estimated the recoverable amounts of
these CGUs. The mineral properties, plant and
equipment and assets under construction of these
CGUs represented a significant portion of the total
net book value of these assets. The recoverable
amounts were determined by the fair value less
Our approach to addressing the matter included the
following procedures, among others:
Tested how management determined the
recoverable amounts of the Florida Canyon, La
Colorada, San Agustin, El Castillo and Magino
CGUs, which included the following:
Evaluated the appropriateness of the
FVLCD method and tested the
mathematical accuracy of the discounted
cash flow models.
Tested the underlying data used by
management in the discounted cash flow
models.
Evaluated the reasonableness of the key
assumptions, such as estimated future
commodity prices, exchange rates and
expected future operating costs and
capital, by (i) comparing estimated future
commodity prices and exchange rates to
external market and industry data; (ii)
comparing expected future operating and
capital costs to the current and past
performance of the CGUs; and (iii)
assessing whether these assumptions
aligned with evidence obtained in other
areas of the audit, as applicable.
The work of management’s experts was
used in performing the procedures to
evaluate the reasonableness of the
estimated recoverable mineral reserves
and resources, future production volume
Key audit matter
How our audit addressed the key audit matter
cost of disposal (FVLCD) method for each CGU
using discounted cash flow models and in-situ fair
value per ounce of gold equivalent to resources
that were not considered in the discounted cash
flow model.
Calculating the FVLCD required management to
make significant judgments in developing key
assumptions, which included estimated recoverable
mineral reserves and resources, metallurgical
recovery estimates, estimated future commodity
prices, future production volume, expected future
operating and capital costs, discount rates,
exchange rates and the in-situ fair value per ounce
of gold equivalent resources. Management relies
on internal geological and metallurgical experts to
develop estimates of recoverable mineral reserves
and resources, metallurgical recovery estimates
and future production volume (management’s
experts).
During the year ended December 31, 2022,
management recorded a total impairment charge of
$125.2 million related to these CGUs.
We considered this a key audit matter due to the
significant judgment made by management in
developing key assumptions to determine the
recoverable amounts of the CGUs. This, in turn,
resulted in significant audit effort and subjectivity in
performing procedures to test these key
assumptions. Professionals with specialized skill
and knowledge in the field of valuation assisted in
performing the procedures.
and metallurgical recovery estimates. As a
basis for using this work, the competence,
capabilities and objectivity of
management’s experts was evaluated, the
work performed was understood and the
appropriateness of the work as audit
evidence was evaluated. The procedures
performed also included evaluation of the
methods and assumptions used by
management’s experts, tests of the data
used by management’s experts and an
evaluation of their findings.
Utilized professionals with specialized skill
and knowledge in the field of valuation to
assist in the evaluation of the
reasonableness of the discount rates and
the in-situ fair value per ounce of gold
equivalent resources.
Key audit matter
How our audit addressed the key audit matter
Impact of estimated recoverable ounces of gold
on leach pads on work-in-process inventory
Refer to note 2 – Significant accounting policies,
note 3 – Significant estimates and judgments and
note 7 – Inventories to the consolidated financial
statements.
The Company’s work-in-process inventory balance
amounted to $74.4 million as at December 31,
2022. Inventories are stated at the lower of
weighted average cost and net realizable value.
Work-in-process cost includes all direct costs
incurred in production, including direct labour and
materials, freight, depreciation and amortization of
plant and equipment used in the production
process, depletion of mineral properties and
directly attributable overhead costs. Management
applies significant judgment in determining the
estimated recoverable ounces of gold on leach
pads based on type of ore tonnes mined and
placed on leach pad, grams of gold per tonne,
expected recovery rates and timing of recoveries to
determine the cost of work-in-process inventory per
ounce, which is used to record cost of sales. The
estimated recoverable ounces of gold on leach
pads are determined by the Company’s geological
and metallurgical experts (management’s experts).
The net realizable value of work-in-process
inventory is calculated based on the estimated
recoverable ounces of gold placed on leach pads
less ounces of gold recovered, the estimated gold
price at the time of sale less remaining costs of
completion to bring the inventory into its saleable
form discounted over the planned processing
timeframe. The writedown may be reversed if
circumstances change. During the year,
management recorded an impairment of
$22.9 million related to the net realizable value of
its work-in-process inventory.
Our approach to addressing the matter included the
following procedures, among others:
Tested how management determined the
estimated recoverable ounces of gold on leach
pads, which included the following:
The work of management’s experts was
used in performing the procedures to
evaluate the reasonableness of the
estimated recoverable ounces of gold on
leach pads. As a basis for using this work,
the competence, capabilities and objectivity
of management’s experts was evaluated,
the work performed was understood and
the appropriateness of the work as audit
evidence was evaluated. The procedures
performed also included evaluation of the
methods and assumptions used by
management’s experts, tests of the data
used by management’s experts and an
evaluation of their findings.
Tested how management determined the net
realizable value of work-in-process inventory,
which included the following:
Tested the mathematical accuracy of the
net realizable value calculations.
Evaluated the reasonableness of
assumptions used by management by
comparing:
o
estimated gold price at the time of
sale with external market and
industry data; and
o
remaining costs of completion to
bring inventory into its saleable form
with recent actual costs incurred.
Tested that work-in-process inventory at
year-end was recorded at the lower of cost
and net realizable value by testing the
Key audit matter
How our audit addressed the key audit matter
We considered this a key audit matter due to the
significant judgment applied by management in
developing the estimated recoverable ounces of
gold on leach pads and the net realizable value,
including assumptions related to type of ore tonnes
mined and placed on leach pads, grams of gold per
tonne, expected recovery rates, timing of
recoveries, estimated gold prices at the time of sale
and remaining costs of completion to bring
inventory into its saleable form, as applicable. This,
in turn, led to a high degree of auditor judgment,
subjectivity and effort in performing procedures and
evaluating audit evidence relating to these
assumptions used by management.
mathematical accuracy of the weighted
average cost calculations of work-in-
process inventory and by comparing to its
net realizable value.
Other information
Management is responsible for the other information. The other information comprises the Management’s
Discussion and Analysis.
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially
inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of management and those charged with governance for the
consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with IFRS, and for such internal control as management determines is
necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting
process.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Company to
cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Company to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group audit. We
remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current period and
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Dean Larocque.
Chartered Professional Accountants
Vancouver, British Columbia
February 26, 2023
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