Mr. Pete Dougherty reports
ARGONAUT GOLD ANNOUNCES SECOND QUARTER 2020 OPERATING AND FINANCIAL RESULTS, INCLUDING $23 MILLION OF FREE CASH FLOW; PROVIDES SECOND HALF 2020 FREE CASH FLOW GUIDANCE
Argonaut Gold Inc. has released its operating and financial results for the second quarter ended June 30, 2020. The company had quarterly production of 31,531 gold equivalent ounces (GEOs) (1), $23.4-million of free cash flow (FCF) (2), cash flow from operating activities before changes in operating working capital of $11.8-million, net loss of $7.7-million or four cents per share, and adjusted net income (2) of $8.5-million or five cents per basic share (2). All dollar amounts are expressed in U.S. dollars, unless otherwise specified.
Pete Dougherty, president and chief executive officer, stated: "We've completed major milestones for the company over the past few months with the Alio merger, the completion of the schedule 2 process at Magino and the recent equity financing. The company experienced a large cash increase of $23-million during the quarter amidst the two-month shutdown of mining, crushing and stacking activities in Mexico due to COVID-19 restrictions. While production dipped during this shutdown period, we saw significant cash flow, as the heap leach pad inventory was reduced at minimal cost. We are in a position to deliver significant free cash flow through the remainder of the year, which bodes well for the execution of our transition strategy of developing our lower-cost, longer-life pipeline of growth assets. At $1,900 gold, we expect to generate between $49-million and $79-million of free cash flow during the second half of 2020."
Second-half 2020 FCF (2) guidance
Argonaut is well positioned to generate significant FCF (2) in 2020. The company's anticipated FCF (2) is highly leveraged to the gold price. Between Jan. 1, 2020, and June 30, 2020, Argonaut has generated approximately $29-million of FCF (2). The accompanying table outlines Argonaut's FCF (2) leverage to the gold price during the second half of 2020, including the Florida Canyon mine following the merger with Alio Gold Inc. on July 1, 2020 (outside of a construction decision on a development-stage project).
SECOND-HALF 2020 FCF (2) GUIDANCE SENSITIVITY TO GOLD PRICE ($M)
$1,700 $1,800 $1,900 $2,000 $2,100
33-58 41-68 49-79 57-89 65-99
Key operating and financial statistics for the second quarter of 2020 are outlined in the accompanying table.
Three months Six months
ended June 30, ended June 30,
2020 2019 2020 2019
Financial data (in millions, except earning per share)
Revenue $ 58.0 $ 56.0 $ 124.5 129.9
Gross profit 17.7 9.2 31.6 20.7
Net income (loss) (7.7) 5.4 (17.2) 9.5
Earnings (loss) per share -- basic (0.04) 0.03 (0.10) 0.05
Adjusted net income (1) 8.5 1.4 16.9 3.8
Adjusted earnings per share -- basic (1) 0.05 0.01 0.09 0.02
Cash flow from operating activities before changes in
non-cash operating working capital 11.8 11.3 26.5 29.4
Cash and cash equivalents 65.2 23.9 65.2 23.9
Net cash (1) 58.2 9.9 58.2 9.9
Gold production and cost data
GEOs loaded to the pads (2) 40,309 82,680 137,489 159,520
GEOs projected recoverable (1)(3) 20,105 49,763 64,389 97,944
GEOs produced (2)(4) 31,531 40,213 73,067 94,382
GEOs sold (2) 34,196 43,185 76,400 99,859
Average realized sales price 1,713 1,303 1,642 1,306
Cash cost per gold ounce sold (1) 885 931 929 909
All-in sustaining cost per gold ounce sold (1) 1,080 1,264 1,213 1,184
1. These are non-IFRS (international financial reporting standards) measures.
2. GEOs are based on a conversion ratio of 80 to 1 for silver to gold for 2020 and 75 to 1 for 2019. The
silver-to-gold conversion ratio is based on the three-year trailing average silver-to-gold ratio.
3. Expected recoverable GEOs are based on the assumptions and parameters as set forth in the El Castillo
complex technical report dated March 27, 2018, and the La Colorada gold-silver mine technical report
dated March 27, 2018. In periods where the company mines and processes material not specifically
defined in a technical report (for example, low-grade stockpile material or run-of-mine ore),
management uses its best estimate of recovery based on the information available. The El Castillo mine
is currently processing run-of-mine ore and has several years of data to support run-of-mine recoveries.
4. Produced ounces are calculated as ounces loaded to carbon.
Second quarter 2020 and recent company highlights:
-
Corporate:
-
Closed Alio Gold transaction on July 1, 2020, to create a North American, diversified, intermediate gold producer;
- In July, the company completed an equity financing for gross proceeds of $126.5-million (Canadian);
-
El Castillo complex:
-
Second quarter production of 23,662 GEOs:
-
El Castillo production of 9,394 GEOs;
-
San Agustin production of 14,268 GEOs;
-
Completed construction of LV North and East Crusher leach pads at El Castillo;
-
La Colorada:
-
Second quarter production of 7,869 GEOs;
- Completed construction of 4B leach pad and overflow ponds;
-
Florida Canyon:
-
In early July, the company completed and filed a technical report that included an updated life-of-mine plan demonstrating mine site after-tax free cash flow of approximately $133-million at $1,350 gold, $216-million at $1,500 gold, $326-million at $1,700 gold and $491-million at $2,000 gold;
-
Magino:
-
Received approval of schedule 2 process from Canadian federal government;
- In late July, the company provided drill results updated from the Elbow zone. These results showed high-grade continuity below the proposed pit (see press release dated July 28, 2020);
-
Cerro del Gallo:
-
At the end of June, the company submitted a unified technical document that includes an environmental impact assessment, an environmental risk assessment and the justified technical study for a change of soil use;
-
Social responsibility:
-
Zero lost-time accidents during the second quarter of 2020;
- Received nationally awarded "environmental socially responsible company" recognition at the El Castillo complex for the eighth consecutive year;
- Provided COVID-19 support to communities in Mexico by providing food baskets, sanitization of public spaces and streets, and donation of masks, sanitizer and thermometers, and also hosted public health information sessions;
- Participated in municipal meetings with health officials at La Colorada and the El Castillo complex in sessions relating to "safe return to work" procedures;
- Provided equipment for the cleaning of dams for water harvesting in the communities of the Ejidos of Otilio Montano and Atotonilco, near the El Castillo complex.
Financial results -- second quarter 2020
Revenue for the three months ended June 30, 2020, was $58.0-million, an increase from $56.0-million for the three months ended June 30, 2019. During the second quarter of 2020, gold ounces sold totalled 32,707 at an average realized price per ounce of $1,713, compared with 41,647 gold ounces sold at an average realized price per ounce of $1,303 during the same period of 2019. Gold ounces sold for the three months ended June 30, 2020, decreased compared with the same period in 2019, primarily due to a decrease in gold ounces produced at the El Castillo and La Colorada mines mostly related to a large decrease in ore tonnes to leach pads as a result of the COVID-19-related suspension of mining, crushing and stacking activities in response to the Mexican federal government decree. As of June 1, 2020, all mining, crushing and stacking activities had resumed at all Mexican operations.
Production costs for the second quarter of 2020 were $30.9-million, a decrease from $40.5-million in the second quarter of 2019, primarily due to a decrease in gold ounces sold. Cash cost per gold ounce sold (a non-IFRS measure) was $885 in the second quarter of 2020, a decrease from $931 in the same period of 2019, primarily due to a decrease in cash cost per gold ounce sold at the El Castillo and San Agustin mines as discussed further in the discussion of operations for the respective mine. The depreciation, depletion and amortization (DD&A) expense included in cost of sales for the second quarter of 2020 totalled $8.8-million, a decrease from $10.2-million in the second quarter of 2019, primarily due to a decrease in gold ounces sold, as many of the mining assets are amortized on a unit-of-production basis, partially offset by an increase in the average DD&A expense per ounce in work-in-process inventory, primarily due to significant capital additions during the second, third and fourth quarters of 2019.
General and administrative expenses for the second quarter of 2020 were $3.1-million, comparable with $3.4-million for the same period of 2019.
Losses on commodity derivatives for the second quarter of 2020 were $12.4-million, compared with gains of $200,000 in the second quarter of 2019, primarily due to the large increase in unrealized losses on the company's zero-cost collar contracts.
Care-and-maintenance expenses for the three months ended June 30, 2020, were $8.2-million, compared with nil for the comparative period of 2019. On April 1, 2020, the company temporarily suspended all mining, crushing and stacking activities in Mexico due to COVID-19 in response to the Mexican federal government decree. All activities resumed on June 1, 2020. Costs incurred during the temporary suspension associated with the suspended activities that did not generate additional inventory have been separately identified and accounted for as care-and-maintenance expenses within operating income in the interim condensed consolidated statements of (loss) income.
Other income for the second quarter of 2020 was $1.0-million, a decrease from $1.3-million in the second quarter of 2019, primarily due to differences in foreign currency translation effects.
Income tax expense for the second quarter of 2020 was $2.2-million, compared with $1.3-million in the same period of 2019, primarily due to higher forecast taxable income related to the increase in the price of gold, offset by a deferred income tax asset related to the unrealized loss on derivatives.
Net loss for the second quarter of 2020 was $7.7-million or four cents per share, a decrease from net income of $5.4-million or three cents per basic share for the second quarter of 2019.
Adjusted net income (2) for the second quarter of 2020 was $8.5-million or five cents per basic share, an increase from adjusted net income of $1.4-million or one cent per basic share for the second quarter of 2019.
Financial results -- first-half 2020
Revenue for the six months ended June 30, 2020, was $124.5-million, a decrease from $129.9-million for the six months ended June 30, 2019. During the first half of 2020, gold ounces sold totalled 72,876 at an average realized price per ounce of $1,642, compared with 96,426 gold ounces sold at an average realized price per ounce of $1,306 during the same period of 2019. Gold ounces sold for the six months ended June 30, 2020, decreased compared with the same period in 2019, primarily due to a decrease in gold ounces sold at the El Castillo and La Colorada mines due to a large decrease in ore tonnes to leach pads as a result of the temporary suspension of mining, crushing and stacking activities in response to the Mexican federal government decree related to COVID-19.
Production costs for the six months ended June 30, 2020, were $72.5-million, a decrease from $91.5-million in the first half of 2019, primarily due to a large decrease in gold ounces sold, partially offset by a slight increase in cash cost per gold ounce sold. Cash cost per gold ounce sold (a non-IFRS measure) was $929 in the first half of 2020, an increase from $909 in the same period of 2019, primarily due to an increase in cash cost per gold ounce sold at the El Castillo and La Colorada mines, as disclosed further in the discussion of operations for the respective mine. DD&A expense included in cost of sales for the six months ended June 30, 2020, totalled $19.9-million, a decrease from $22.1-million in the six months ended June 30, 2019, due to the decrease in gold ounces sold, as many of the mining assets are amortized on a unit-of-production basis.
General and administrative expenses for the six months ended June 30, 2020, were $7.2-million, comparable with $7.2-million in the same period of 2019.
Care-and-maintenance expenses for the six months ended June 30, 2020, were $8.2-million, compared with nil for the comparative period of 2019. On April 1, 2020, the company temporarily suspended all mining, crushing and stacking activities in Mexico due to COVID-19 in response to the Mexican federal government decree. All activities resumed on June 1, 2020. Costs incurred during the temporary suspension associated with the suspended activities that did not generate additional inventory have been separately identified and accounted for as care-and-maintenance expenses within operating income in the interim condensed consolidated statements of (loss) income.
Losses on commodity derivatives during the first half of 2020 were $14.2-million, compared with gains of $500,000 in the first half of 2019, primarily due to the large increase in unrealized losses on the company's zero-cost collar contracts.
Other expenses for the six months ended June 30, 2020, were $4.9-million, a decrease from other income of $1.9-million in the same period of 2019, primarily related to differences in foreign currency translation effects.
Income tax expense for the six months ended June 30, 2020, was $13.4-million, compared with $5.2-million in the same period of 2019. The change is primarily due to the foreign exchange effects of the weakening Mexican peso on the calculation of deferred taxes during the first half of 2020 and to higher forecast taxable income related to the increase in the price of gold, offset by a deferred income tax asset related to the unrealized loss on derivatives.
Net loss for the six months ended June 30, 2020, was $17.2-million or 10 cents per share, a decrease from net income of $9.5-million or five cents per basic share for the six months ended June 30, 2020.
Adjusted net income (2) for the six months ended June 30, 2020, was $16.9-million or nine cents per basic share, an increase from adjusted net income (2) of $3.8-million or two cents per basic share for the six months ended June 30, 2020.
Operational results -- second quarter 2020
During the second quarter of 2020, the company achieved production of 31,531 GEOs at a cash cost of $885 per gold ounce sold and an all-in sustaining cost of $1,080 per gold ounce sold, compared with 40,213 GEOs at a cash cost of $931 per gold ounce sold and an all-in sustaining cost of $1,264 per gold ounce sold during the second quarter of 2019 (non-IFRS measures). Lower production was primarily related to the temporary shutdown of mining, crushing and stacking activities during April and May due to COVID-19 restrictions in response to the Mexican federal government decree. Lower costs are primarily due to the reduction in costs related to the temporary shutdown of mining, crushing and stacking activities during April and May while gold production and sales continued.
Mr. Dougherty commented: "I commend the team for their commitment to safety protocols and the new protocols that have been developed and implemented due to COVID-19 precautions. It is not an easy undertaking to shut down certain activities and ramp them back up as efficiently and with the additional health and safety protocols as we have done, and our operating team deserves full credit for this successful restart. Mining, crushing and stacking activities have ramped up very well following the temporary shutdown of these activities due to COVID-19 during April and May. We are getting the planned tonnes to the leach pads despite the heavy rains experienced recently in Mexico. These rains have the potential to dilute the solution on the leach pads and slow third quarter recoveries, but any delay in recoveries is expected to be temporary and all operations are functioning to plan."
SECOND QUARTER 2020 EL CASTILLO COMPLEX OPERATING STATISTICS
Three months Six months
ended June 30, ended June 30,
2020 2019 2020 2019
Mining (in 000s, except waste/ore ratio)
Tonnes ore -- El Castillo 902 2,300 2,824 4,588
Tonnes ore -- San Agustin 1,172 1,961 3,881 3,622
Tonnes ore 2,074 4,261 6,705 8,210
Tonnes waste -- El Castillo 770 3,489 4,184 7,294
Tonnes waste -- San Agustin 584 1,408 2,453 2,725
Tonnes waste 1,354 4,897 6,637 10,019
Tonnes mined -- El Castillo 1,672 5,789 7,008 11,882
Tonnes mined -- San Agustin 1,756 3,369 6,334 6,347
Tonnes mined 3,428 9,158 13,342 18,229
Tonnes per day -- El Castillo 18 64 39 66
Tonnes per day -- San Agustin 19 37 35 35
Tonnes per day 37 101 74 101
Waste/ore ratio -- El Castillo 0.85 1.52 1.48 1.59
Waste/ore ratio -- San Agustin 0.50 0.72 0.63 0.75
Waste/ore ratio 0.65 1.15 0.99 1.22
Leach pads (in 000s)
Tonnes crushed to East leach pads -- El Castillo 64 1,101 278 2,174
Tonnes crushed to West leach pads -- El Castillo 0 1,175 3 2,432
Tonnes direct to leach pads -- El Castillo 903 0 2,635 0
Tonnes crushed to leach pads -- San Agustin 1,191 1,931 3,924 3,622
Tonnes to leach pads 2,158 4,207 6,840 8,228
Production
Gold grade loaded to leach pads -- El Castillo (g/t) 0.43 0.39 0.51 0.39
Gold grade loaded to leach pads -- San Agustin (g/t) 0.33 0.39 0.35 0.43
Gold loaded to leach pads (g/t) 0.37 0.39 0.42 0.41
Gold loaded to leach pads -- El Castillo (oz) 13,386 28,225 47,857 57,569
Gold loaded to leach pads -- San Agustin (oz) 12,609 24,458 43,864 50,163
Gold loaded to leach pads (oz) 25,995 52,683 91,721 107,732
Projected recoverable GEOs loaded -- El Castillo 5,547 18,635 18,619 38,972
Projected recoverable GEOs loaded -- San Agustin 8,951 16,940 31,732 34,966
Projected recoverable GEOs loaded 14,498 35,575 50,351 73,938
Gold produced -- El Castillo (oz) 9,151 14,361 23,586 37,248
Gold produced -- San Agustin (oz) 13,403 12,684 26,238 26,768
Gold produced (oz) 22,554 27,045 49,824 64,016
Silver produced -- El Castillo (oz) 19,547 29,791 43,092 58,001
Silver produced -- San Agustin (oz) 69,242 43,097 144,746 97,127
Silver produced (oz) 88,789 72,888 187,838 155,128
GEOs produced -- El Castillo 9,394 14,758 24,123 38,021
GEOs produced -- San Agustin 14,268 13,259 28,047 28,063
GEOs produced 23,662 28,017 52,170 66,084
Gold sold -- El Castillo (oz) 11,008 16,094 24,634 38,884
Gold sold -- San Agustin (oz) 14,293 14,181 27,754 30,087
Gold sold (oz) 25,301 30,275 52,388 68,971
Silver sold -- El Castillo (oz) 19,547 29,791 43,092 58,001
Silver sold -- San Agustin (oz) 71,042 50,786 156,179 107,420
Silver sold (oz) 90,589 80,577 199,271 165,421
GEOs sold -- El Castillo 11,253 16,491 25,173 39,657
GEOs sold -- San Agustin 15,181 14,858 29,706 31,519
GEOs sold 26,434 31,349 54,879 71,176
Cash cost per gold ounce sold -- El Castillo $862 $976 $988 $942
Cash cost per gold ounce sold -- San Agustin $756 $910 $769 $849
Cash cost per gold ounce sold $802 $945 $872 $901
Notes:
1. G/t refers to grams per tonne.
2. Oz refers to troy ounce.
3. Produced ounces are calculated as ounces loaded to carbon.
4. Expected recoverable GEOs are based on the assumptions and parameters as set forth in the El Castillo
complex technical report dated March 27, 2018. In periods where the company mines and processes material
not specifically defined in a technical report (for example, run-of-mine ore), management uses its best
estimate of recovery based on the information available. The El Castillo mine is currently processing
run-of-mine ore and has several years of data to support run-of-mine recoveries.
5. Non-IFRS measures.
Summary of production
results at the El Castillo complex
The El Castillo complex produced 23,662 GEOs at a cash cost of $802 per gold ounce sold during the second quarter of 2020, compared with 28,017 GEOs at a cash cost of $945 per gold ounce sold during the second quarter of 2019 (non-IFRS measures). Lower costs are primarily due to the reduction in strip ratio at both mines and a weakening of the Mexican peso. El Castillo costs were also lower due to the switch to processing run-of-mine ore and eliminating crushing and related costs.
SECOND QUARTER 2020 LA COLORADA OPERATING STATISTICS
Three months Six months
ended June 30, ended June 30,
2020 2019 2020 2019
Mining (in 000s, except waste/ore ratio)
Tonnes ore 506 1,187 1,453 2,059
Tonnes waste 1,737 5,934 6,420 11,900
Tonnes mined 2,243 7,121 7,873 13,959
Tonnes per day 25 78 43 77
Waste/ore ratio 3.43 5.00 4.42 5.78
Tonnes rehandled 0 0 0 0
Leach pads (in 000s)
Tonnes crushed to leach pads 518 1,213 1,484 2,006
Tonnes direct to leach pads 0 0 0 89
Production
Gold loaded to leach pads (g/t) 0.42 0.46 0.38 0.45
Gold loaded to leach pads (oz) 7,048 18,078 18,070 30,511
Projected recoverable GEOs loaded 5,607 14,188 14,038 24,006
Gold produced (oz) 7,537 11,723 19,886 27,095
Silver produced (oz) 26,554 35,485 80,869 90,258
GEOs produced 7,869 12,196 20,897 28,298
Gold sold (oz) 7,406 11,372 20,488 27,455
Silver sold (oz) 28,410 34,788 82,608 92,090
GEOs sold 7,762 11,836 21,521 28,683
Cash cost per gold ounce sold $1,169 $894 $1,074 $928
Notes:
1. G/t refers to grams per tonne.
2. Oz refers to troy ounce.
3. Produced ounces are calculated as ounces loaded to carbon.
4. Expected recoverable GEOs are based on the assumptions and parameters as set forth in the La Colorada
gold-silver mine technical report dated March 27, 2018. In periods where the company mines material not
specifically defined in a technical report (for example, low-grade stockpile material), management uses
its best estimate of recovery based on the information available.
5. Non-IFRS measures.
Summary of production
results at La Colorada
La Colorada produced 7,869 GEOs at a cash cost of $1,169 per gold ounce sold during the second quarter of 2020, compared with 12,196 GEOs at a cash cost of $894 per gold ounce sold during the second quarter of 2019 (non-IFRS measures). Higher costs are primarily due to lower gold grades and lower gold ounces sold, as cash cost is calculated on a per-ounce-sold basis.
Florida Canyon
While not attributed to Argonaut for the second quarter of 2020, as the Alio Gold transaction closed on July 1, 2020, during the second quarter of 2020, the Florida Canyon mine produced 13,215 GEOs at a cash cost per gold ounce sold of $1,240.
During the second half of 2020, Argonaut anticipates making a capital investment of approximately $10-million into the crushing and stacking circuit, with the expectation that this investment will lower operating costs in 2021 onward.
For more information regarding plans at Florida Canyon, please refer to the updated life-of-mine plan detailed in the press release dated July 3, 2020, and the corresponding technical report, available on the company's website and on SEDAR.
2020 guidance
Since resuming mining, crushing and stacking activities on June 1, 2020, the company has not experienced significant disruptions to production or its supply chain due to COVID-19. However, the company cautions that the global effects of COVID-19 are continuing to evolve, and given the uncertainty of the duration and magnitude of the impact of COVID-19, the company's production and cash cost estimates are subject to a higher-than-normal degree of uncertainty. The guidance discussed herein does not reflect any potential for additional suspensions or other significant disruption to operations due to COVID-19.
On July 6, 2020, the company provided updated production, cost and capital guidance following the reinstatement of mining, crushing and stacking activities on June 1, 2020, and the closing of the Alio Gold merger on July 1, 2020. No changes have been made to that guidance (see July 6, 2020, press release).
Second quarter 2020 operational and financial results conference call and webcast
The company will host its second quarter 2020 conference call and webcast on Wednesday, Aug. 12, 2020, at 9 a.m. ET.
Second quarter conference call information:
Toll-free (North America): 1-888-231-8191
International: 1-647-427-7450
Conference ID: 6463827
Webcast: Argonaut's website
Second quarter conference call replay:
Toll-free replay call (North America): 1-855-859-2056
International replay call: 1-416-849-0833
The conference call replay will be available from 12 p.m. ET on Aug. 12, 2020, until 11:59 p.m. ET on Aug. 19, 2020.
This press release should be read in conjunction with the company's unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2020, and associated MD&A (management's discussion and analysis) for the same period, which are available from the company's website and under the company's profile on SEDAR.
Qualified person, technical information and mineral properties reports
Technical information included in this release was supervised and approved by Brian Arkell, Argonaut's vice-president of exploration and a qualified person under National Instrument 43-101. For further information on the company's material properties, please see the reports as listed below on the company's website or on SEDAR:
-
El Castillo complex -- "NI 43-101 Technical Report on Resources and Reserves, El Castillo Complex, Durango, Mexico," dated March 27, 2018 (effective date of March 7, 2018);
-
La Colorada mine -- "NI 43-101 Technical Report on Resources and Reserves, La Colorada Gold/Silver Mine, Hermosillo, Mexico," dated March 27, 2018 (effective date of Dec. 8, 2017);
-
Florida Canyon gold mine -- "NI 43-101 Technical Report on Mineral Resource and Mineral Reserve, Florida Canyon Gold Mine, Pershing County, Nevada, USA," dated July 8, 2020 (effective date of June 1, 2020);
-
Magino gold project -- "Feasibility Study Technical Report on the Magino Project, Ontario, Canada," dated Dec. 21, 2017 (effective date of Nov. 8, 2017);
- Cerro del Gallo project -- "Pre-Feasibility Study Technical Report on the Cerro del Gallo Project, Guanajuato, Mexico," dated Jan. 31, 2020 (effective date of Oct. 24, 2019).
Notes:
-
GEOs are based on a conversation ratio of 80 to 1 for silver to gold for 2020 and 75 to 1 for 2019. The silver-to-gold conversation ratio is based on the three-year trailing average silver to gold ratios. These are the referenced ratios for each year throughout the press release.
- Non-IFRS measures.
About Argonaut Gold Inc.
Argonaut is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and the San Agustin mine, which together form the El Castillo complex in Durango, Mexico; the La Colorada mine in Sonora, Mexico; and the Florida Canyon mine in Nevada, United States. Advanced exploration projects include the Magino project in Ontario, Canada, the Cerro del Gallo project in Guanajuato, Mexico, and the Ana Paula project in Guerrero, Mexico. The company holds several other exploration-stage projects, all of which are located in North America.
We seek Safe Harbor.
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