IKN

Win us with honest trifles

Argonaut Gold (AR.to) managed to use the word “Record” three times in the title…

…of its 4q21 and Year-End financials cover NR, out a few minutes ago. Which is brave of them, considering how…

  • …the 4q21 net loss was $37.3m, representing a negative EPS of 12c
  • …production dropped and costs rose in Q4
  • …there’s a $57.5m impairment on Florida Canyon
  • ….2022 guidance is for lower ounces produced at substantially higher cost than 2021
  • …G&A went through the roof in the quarter
  • …etc

And we haven’t got to Magino yet! Even if that were still running on budget and schedule I’d be bummed out about this 4q21 from AR if I were still a holder, but when “The M Word” comes up things get worse:

“As Argonaut is currently evaluating several viable financing options to fund the remainder of the Magino construction project, it intends to provide full year 2022 capital guidance after financing is in place.  The largest component of the projected 2022 capital spend will be the Magino construction project where Argonaut forecasts it will invest approximately $340 million (C$424 million) during 2022.  In the event that financing is not available promptly and upon acceptable terms, the Company may need to amend or adjust its plans for construction of the Magino project.”

Here’s the Ottotrans on that: “Dear shareholders; It’s March 2022, three months from when we ruined your 2021 portfolio performance with our incompetency. We still don’t have the money to build Magino, we still don’t have a CEO to lead the build and we had to promote from within to get a COO because nobody wanted that job either, so not only is the Magino capex a massive blowout but you can start to add a few quarters to the construction timeline. We hope you like hot messes for breakfast, have a nice day.”

2 Comments

    I hear that Makuch is available…..

    Reply

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