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Argonaut Gold (TSX:AR) reported its financial and operating results for the fourth quarter and full year ended December 31 2014. Highlights included revenues of $166.3 million with a net loss of $4.2 million, and cash flow from operations before changes in non-cash and working capital items of $42.5 million.
Argonaut Gold (TSX:AR) reported its financial and operating results for the fourth quarter and full year ended December 31 2014. Highlights included revenues of $166.3 million with a net loss of $4.2 million, and cash flow from operations before changes in non-cash and working capital items of $42.5 million.
Argonaut Gold CEO, Pete Dougherty, said:
The team delivered production of 136,706 GEOs in 2014. The Company advanced the projects in our portfolio by acquiring surrounding land for exploration drilling, advancing project permitting and assessing improvements in efficiencies that may impact project development and economics.
In 2015, we anticipate production of 135,000 to 145,000 gold equivalent ounces. In terms of moving projects forward, at San Agustin, an exploration and development program continues as the project advances toward permitting. At San Antonio, we will continue to work on permitting, and at Magino, the Company looks to add more value to the project through an exploration program on the adjacent property under agreement with Richmont and the shadow zone around the old underground workings, as well as assessing aspects of the project layout and processing that may impact the project’s economics. The culmination of this work will result in a new PEA on Magino, which is expected to be issued by the end of 2015.
We continue to focus each day on the Company’s three main goals: (1) providing a safe working environment for our employees and the communities in which we operate, (2) an increase in ounces produced and (3) a decrease in our overall cash cost profile through focusing on our operating assets and moving forward our development projects.