Umbra Magino Stool with Intergral Magazine Rack, Clear, H 42cm, B 43cm, L 29cm

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When evaluating the remaining investment required to complete the Project that are critical to schedule and undertaking a detailed risk assessment of all areas that make up the EAC, there were seven areas that accounted for 90% of the risk for variance. It is estimated that these seven areas account for approximately 60% of the remaining capital. Within these seven areas, as detailed below, all have a reasonably high level of confidence after a detailed risk assessment given either the high level of engineering for these Project areas or the low level of complexity for the remaining work. Argonaut is in the process of preparing an updated National Instrument ("NI") 43-101 Technical Report for the Magino project, which it expects will be published during the first quarter of 2022. In the interest of finalizing the updated technical report in a timely manner, this updated report will be focused on the Project currently under construction and will not include expansion opportunities, including future potential underground mining. The updated report will include the current EAC and other items including, but not limited to, revised gold price assumptions, an updated mineral resource model which includes all grade control drilling data to date, optimizations to equipment sizing and the processing facilities, updated operating cost and sustaining capital. While the updated report will not contemplate expansion potential and future potential underground mining, Argonaut believes that these are future opportunities for Magino. The company also has three operating mines including the Florida Canyon mine in Nevada, USA, where it is pursuing potential for redevelopment and additional growth, La Colorada mine in Sonora, Mexico and San Agustin mine in Durango, Mexico.

Production during the third quarter measured 53,911 gold ounces, including pre-commercial production of 10,693 ounces. Dougherty said 2021 is a real transitional year for the company. The company had been assembling assets over the past few years when the precious metal market had ebbed. Money from Argonuat's current operations are being used to fund development of Magino and other projects like Cerro Del Gallo in Mexico. An in-fill drill program is also underway on the oxide resources, which is expected to be completed by year end. Consolidated production of 53,911 GEOs, including pre-commercial production of 10,693 GEOs from the Magino mine, was 17% higher compared to 45,939 GEOs from the third quarter of 2022. The increase in production was largely due to initial production from the Magino mine, as higher production from the Florida Canyon mine offset lower production from the Company's Mexican mines.

From Our Partners

Argonaut Gold Q3 Profit Before Items Tops Expectations as it Declares Commercial Operations at its Magino Mine The project is being developed in five mining phases, in addition to the borrow pit north of the main pit. Phase one involves extracting relatively high-grade, low waste ratio material in the middle of the deposit. To that end, during the third quarter, while commissioning the Magino mill, the company will start a reserve development drilling programme intended to increase reserves in combination with engineering studies to increase mill throughput. We made measurable progress in the third quarter delivering a solid performance at our existing operations. Despite the early challenges and a slower than expected ramp-up, we achieved commercial production at our flagship asset, the Magino mine, after the quarter end. This achievement coupled with strong performance at our Florida Canyon mine is a testament to our team who has worked diligently to optimize our operations. Going forward, we will focus on allocating capital towards those assets, projects and activities that generate the highest potential for per share growth that includes increasing production through reserve and plant expansion at the Magino mine and redevelopment of the Florida Canyon mine," Richard Young, President and Chief Executive Officer of Argonaut Gold. The Company provides certain non-IFRS measures as supplementary information that management believes may be useful to investors to explain the Company's financial results.

High-voltage transmission lines, initially above-ground but then buried, and connected to the civil power grid, provided electric power to the many fortifications and fortresses. Meanwhile, the company produced 38585 gold-equivalent ounces in the first quarter, which was 30% below that of a year earlier, owing to lower ore tonnes mined and lower grades placed on the leach pads at its three Mexican operations, as part of the wind down of those operations. Reagan's budgetary Maginot Line". The New York Times. 13 February 1985 . Retrieved 23 February 2023. James Kofman, Chair of the Board, commented: " Pete Dougherty was the founder of the Company and has taken Argonaut from a small Company to a diversified gold producer operating in three countries. The Board of Directors intends to work actively with and be available to the executive leadership team. Our Board consists of four members with mining CEO experience and a wealth of knowledge in both financing and strategic alternatives. We have full confidence in the existing executive team to step up during this interim period."The defences were first proposed by Marshal Joseph Joffre. He was opposed by modernists such as Paul Reynaud and Charles de Gaulle, who favoured investment in armour and aircraft. Joffre had support from Marshal Henri Philippe Pétain, and the government organised many reports and commissions. André Maginot finally convinced the government to invest in the scheme. Maginot was another veteran of World War I; he became the French Minister of Veteran Affairs and then Minister of War (1928–1932). Total drilling, both surface and underground, within the Magino resource area is approximately 371,450 metres in 2,414 holes. The Qualified Person responsible for this section was unable to verify drilling completed before 2006 and excluded that data from being used to estimate Mineral Resources. This resulted in the removal of about 114,000 metres of data associated with 1,273 holes, most of which were short, small diameter underground core holes. Ouvrage Rochonvillers was retained by the French Army as a command centre into the 1990s but was deactivated following the disappearance of the Soviet threat. Ouvrage Hochwald is the only facility in the main line that remains in active service as a hardened command facility for the French Air Force known as Drachenbronn Airbase. The plant has been largely operating at nameplate capacity since the beginning of the quarter," he said.

The updated PFS was compiled by JDS Energy & Mining with inputs from Resource Modeling for the geology and resource estimate, SLR International for the geotechnical, tailings, hydrogeology, tailings management facility and surface water management studies, and DENM Engineering for the metallurgical review.

Technical Supporting Documents

Mary, Jean-Yves; Hohnadel, Alain; Sicard, Jacques. Hommes et Ouvrages de la Ligne Maginot, Tome 1. (Men and Works of the Maginot Line). Paris, Histoire & Collections, 2001. ISBN 2-908182-88-2. (in French)

The conference call replay will be available from 12:00 p.m. ET on November 14, 2023 until 11:59 p.m. ET on November 21, 2023. There are 72 AM cloches ( armes mixtes or "mixed weapons") on the line, equipped with a pair of machine guns and a 25mm (1.0in) anti-tank gun. Some GFM cloches were transformed into AM cloches in 1934. (The aforementioned total does not include these modified cloches.)

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The proceeds of the debt facilities would be used to refinance the company's existing debt and for general corporate purposes, including ongoing development and expansion capital of the Magino project.