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Argonaut Gold Inc
Symbol AR
Shares Issued 835,608,037
Close 2022-11-21 C$ 0.355
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Globe says Argonaut Gold reaffirmed at "buy"

2022-11-21 07:59 ET - In the News

The Globe and Mail reports in its Saturday, Nov. 19, edition that with the close of its $17-million equity financing, Desjardins Securities analyst John Sclodnick sees Argonaut Gold fully funded to complete and ramp up its Magino project in Northern Ontario, which he expects will lead its stock to rerate and trade more in line with peers. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sclodnick reaffirmed his "buy" recommendation and $1 share target for Argonaut. Analysts on average target the shares at $1.20. Mr. Sclodnick says in a note: "Prior to the announcement of the deal, we had already viewed Argonaut Gold's Magino build as fully financed with its $195-million public equity financing and $250-million loan facility, as well as its $52.5-million NSR sale and $10-million private equity sale, both to Franco-Nevada. With this additional $17-million, we have few concerns about Argonaut Gold's ability to complete the build and now model a remaining cash buffer of $82-million when Magino starts up in 2Q23 after fully drawing on the credit facility and revolver." The Globe reported on July 7 that RBC Capital rated Argonaut "outperform" when it could be had for 50 cents.

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