Argonaut has hedged 25,000 gold ounces per quarter for the six quarters starting in the third quarter 2023 at a gold price of $1,860/oz. and 15,000 gold ounces per quarter for the 10 quarters starting in the first quarter 2025 at a gold price of $1,860/oz.
In addition, the company has hedged 10,000 gold ounces per quarter for the 10 quarters starting the first quarter 2025 at a gold price of $1,763/oz.
The company has also closed the sale of a 2% net smelter return royalty on Magino and the surrounding land package with Franco-Nevada (TSX: FNV) for $52.5 million and a $10 million equity private placement, for which approximately 34.7 million Argonaut common shares at a price of C$0.3931 per share will be issued to Franco-Nevada.
The Magino gold project has measured and indicated resources of 132.4 million tonnes grading 0.94 g/t gold for 4.0 million oz. and an inferred resource of 20.9 million tonnes at 0.78 g/t gold for…
