Q3-2012-Conference-C..

Q3 Financial Results Conference Call
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ArgonautGold.com
November 14, 2012
1
Forward Looking Statement
Forward Looking Information
All monetary amounts in U.S. dollars unless otherwise stated
This document contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws concerning the proposed transaction and the business, operations and financial
performance and condition of Argonaut Gold Inc.( “Argonaut”). Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and mine life of the
various mineral projects of Argonaut; synergies and financial impact of completed acquisitions; the benefits of the development potential of the properties of Argonaut; the future price of gold, copper, silver; the estimation of
mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations.
Except for statements of historical fact relating to Argonaut, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,”
“expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur or the negative connotation thereof. Forward-looking statements are
based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they
will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, variations in ore grade or recovery rates, risks
relating to international operations, fluctuating metal prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks
of the mining industry, failure of plant, equipment or processes to operate as anticipated. Although Argonaut has attempted to identify important factors that could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove
to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management’s
estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource
estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a
date prior to the date of this presentation. Argonaut does not undertake to update any forward looking statements that are included in this document, except in accordance with applicable securities laws.
NATIONAL INSTRUMENT 43-101 – STANDARDS OF DISCLOSURE FOR MINERAL PROJECTS (“NI 43-101”)
Thomas Burkhart, Argonaut Gold’s Vice-President of Exploration and a Qualified Person under NI 43-101, has read and approved the scientific and technical information in this presentation as it relates to Argonaut. This
presentation contains information regarding mineral resources that are not mineral reserves and do not have demonstrated economic viability. The potential quantities and grades disclosed herein in connection with the drilling
results at San Antonio and La Colorada are conceptual in nature and there has been insufficient exploration to define an updated mineral resource with these results and it is uncertain if further exploration will result in these
targets being delineated as a mineral resource. For further information on Argonaut’s El Castillo mine, please see the “NI 43-101 Technical Report on Resources and Reserves. Argonaut Gold Inc. El Castillo Mine, Durango State,
Mexico” dated Nov. 6, 2010 and available on Argonaut’s profile at www. sedar.com.
For further information on Argonaut’s La Fortuna property please see the “La Fortuna, Durango, Mexico, Technical Report” dated October 21, 2008 and available on Argonaut’s profile at www. sedar.com.
For further information on Argonaut’s San Antonio Project, please see the “Technical Report and Mineral Resource Estimate on the San Antonio Gold Project, Baja California Sur, Mexico” dated June 22,2011and Argonaut’s press
release dated May 9, 2011, available on Argonaut’s profile at www.sedar.com. For further information on Argonaut’s La Colorada Property please see the “Geological Report on the La Colorada Property with a Resource Estimate
on La Colorada and El Creston Mineralized Zones – Sonora, Mexico” dated November 30, 2009 and available on Argonaut’s profile at www.sedar.com.
CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
This presentation uses the terms “Measured”, “Indicated” and “Inferred” Resources as defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. United States readers are advised that
while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission does not recognize them. Under United States standards, mineralization may not be classified as a
“reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. United States readers are cautioned not to assume
that all or any part of the mineral deposits in these categories will ever be converted into reserves. In addition, “Inferred Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal
feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. United States readers are also cautioned not to assume that all or any part of an Inferred Resource exists, or is
economically or legally mineable.
NON-IFRS MEASURES
The Company included the non-IFRS measure “Cash cost per gold ounce sold” in this press release to supplement its financial statements which are presented in accordance with International Financial Reporting Standards
(“IFRS”). Cash cost per gold ounce sold is equal to cost of sales less silver sales divided by gold ounces sold. The Company believes that this measure provides investors with an improved ability to evaluate the performance of the
Company. Non-IFRS measures do not have any standardised meaning prescribed under IFRS. Therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional
information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please see the MD&A for full disclosure on non-IFRS measures.
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November 14, 2012
2
2
3rd Quarter Highlights
Operations:
Financials:
El Castillo
 West Side Pad 8 Permit Granted
 East Side Conveying and stacking system
fully functional during the third quarter
 +500,000 tonnes on in September
 Land agreement extension
 La Colorada
 Phase 2 pad construction is
one-third complete
 Desorption/Refining circuit
fully functional
 Overburden removal began

Revenue - $72.9 million
 Net Income - $27.2 million
- $0.29 /basic share
 Cash Balance- $43 million
 Repaid $6 million loan and the
Company is now debt free
 Capital Invested
 $8.8 million QTR
 $36.0 million YTD

Exploration:

Bravada Gold Corp
 East Side
 Wind Mountain:
 Jurisdictional alignment
 Low cost entry point
 Reasonable acquisition cost
 Exploration potential
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Production:


November 14, 2012
31,074 ozs total produced
$601 Total Q3 cash cost/ounce sold
(2012 guidance of $625-$650)
3
3
3rd Quarter 2012 - Income Statement
Earnings (US$ in Millions)
Q3 2012
Revenue
EPS/share – basic
Gross Profit (Sales – Cost of Goods Sold)
Cash flow from operating activities
Cash Balance
$72.9
$0.29
$38.0
$36.5
$43
Q3 2011 YTD 2012 YTD 2011
$22.7
$0.07
$11.9
$7.7
$35
$134.8
$0.49
$68.6
$49.6
$43
$47.3
$0.20
$33.6
$19.4
$35

3rd Quarter Comments
Sales reflect 42,534 gold ounces
sold compared to 13,260 ounces
sold in 2011.
Financial Status & Projected Sources/Uses
Estimated Cash Flow(US$ in Millions)
Cash Balance at 9/30/2012:
$43
2012 Remaining Projected Cash from Gold Sales1:
$25
Projected G&A:
-$2
2
Income Taxes :
-$7
Projected Remaining Capital Expansion & Exploration3:
-$12 - $14
Closing Costs
-$10
Warrant Exercise 12/29/2012 (24 mm @$4.50):
$108
Prodigy Year End Cash
$42
ANTICIPATED CASH YEAR END
$185-$187 Million
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November 14, 2012
1 Estimated sales
of 25,000 oz at $1650 gold price net
of $650 production cost.
2 Assumed 30% statutory tax rate for Mexico
operations.
3 Full Year CAPEX (millions):
El Castillo
$11
La Colorada
$17-$18
a
Pre-stripping
$5
San Antonio
$5
Exploration
$10-$11
u
Total
$48-$50 million
a Dependent upon timing for receiving permits
4
4
El Castillo Operating Statistics
Year over Year Statistics
2012
Q3
Total Tonnes Mined (Millions)
Tonnes Ore (Millions)
Tonnes to Pad
ROM (Millions)
Crushed (Millions)
Gold Grade (g/t)
Ounces to Leach Pad
Produced (ounces)
Cash cost per oz sold
El Castillo Pit
6.4
3.1
YTD
17.4
8.6
1.8
5.5
1.3
3.2
0.42
0.40
41,630 112,133
24,575 61,907
$617
$626
Full Year
2011
2010
20.0
16.0
11.1
7.8
8.1
3.0
0.33
117,939
72,049
$622
6.3
1.5
0.37
91,839
51,324
$728
Cost Per Tonne of Ore Processed
Mining
Q3
$2.56
2012
YTD
$2.54
Full Year
2011
2010
$2.25
$2.46
Crushing
$0.53
$0.58
$0.49
$0.34
Processing
$2.02
$1.74
$1.37
$1.15
Mine G&A
$0.29
$0.25
$0.23
$0.26
$5.11
$4.34
$4.21
Total
$5.40
1
El Castillo East Side Pad and New Conveyor
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November 14, 2012
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5
La Colorada Operating Statistics
Statistics
Total Tonnes Moved (Millions)
Tonnes Ore (000’s)
Tonnes Crushed (000’s)
Gold Grade (g/t)
Gold ounces to Leach Pad
Produced Gold (ounces)
Produced Silver (ounces)
Produced Gold Equivalent Ounces
Cash Cost net by product sold
Q3
2.7
924
848
0.43
12,276
6,499
41,937
7,305
$421
YTD
4.2
2,300
0.43
31,335
14,174
84,915
15,806
$480
Cost Per Tonne of Ore Processed
20121
Q3
YTD
PEA
Mining
$0.98
$0.98
$7.22
Crushing & Processing
$2.49
$2.15
$2.36
Mine G&A
$0.75
$0.72
$0.55
1 $4.22
$3.85
$10.13
Total
1Reprocessing
existing run of mine ore which doesn’t require explosives.
6
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November 14, 2012
6
Argonaut Operations
El Castillo
YTD Accomplishments
• Production of 62k ozs
• New stacking /conveying system
• Pad 7A complete
• Pad 8 permit granted
Guidance
• Production 84-85k ozs @
$625 -$650
• Q4 estimates 22-23k ozs
La Colorada
YTD Accomplishments
• Production of 14k ozs Au
• Refinery Complete
• New crusher for overliner
• 35k meters of expansion drilling
• Pad Construction 1/3 complete
• Explosives Permit received
San Antonio
YTD Accomplishments
• 20k meters of drilling
• Permits submitted
• New resource and PEA in Q3
Guidance
• Production 17-18k oz @
$450 -$500
• Q4 guidance ~ 3-4k ozs
7
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November 14, 2012
7
Building the Next Intermediate Gold Company
Current
 >6 million ozs M&I Resource
 2 Mines
 ~100k Ozs/year in 2012 @
$600/oz cash cost
Core Values/Foundations
 Leverage to Gold thru large resource base
 De-risked with low CAPEX and
Operating Cost
<$100/oz CAPEX
 <$600 LOM Cash Cost
 Favorable Jurisdictional Risk

 Potential
Hidden Value Drivers
 Fully Funded through
Operational Cash Flow & Warrants
 Engaged Leadership – Proven track record
Future
 >12 million ozs M&I Resource
 4 Mines
 500k Ozs/year
8
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November 14, 2012
8
Argonaut – Production Funding Growth
Production Growth
+500k ozs.
500
400
Magino
300
San Antonio
220- 250k ozs.
200
La Colorada
150-180k ozs.
El Castillo
101-103k ozs.
100
0
2012
Expansion
New Mine San Antonio
New Mine - Magino
Sources of Funding (US$mm)
$700
$564
$600
$500
$419
$400
$290
Argonaut expects to have
sufficient cash to fund the
development of Magino,
avoiding shareholder
dilution
$145
$130
$130
$300
$204
$200
$162
$100
$114
--
$85
$85
$42
$42
$47
Argonaut End of Year Cash
+ Dilutive Instruments
Prodigy End of
Year Cash
Argonaut
2013E FCF
Argonaut
2014E FCF
Argonaut
2015E FCF
Source: Equity Research. Note: Free cash flow estimates based on average broker estimates for operating
cash flow and capital expenditures between 2012 and 2015 at broker estimated gold prices
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November 14, 2012
9
9
Prodigy - Magino’s Flexibility
Dec 2011
PEA


Prodigy’s flagship asset is the Magino gold project
(40 km northwest of Wawa, Ontario)
On December 22, 2011, Prodigy released an updated
Preliminary Economic Assessment (“PEA”):
 Pre-tax NPV of C$939 mm and pre-tax IRR of 36%
 LOM average gold production of 249k oz per year
over 11 year mine life at cash costs of US$461/oz
 LOM production of 2.6 million ounces at 1.15 g/t
 Total development capital expenditures of C$404 mm
with LOM sustaining capital expenditures of C$145
mm
 20,000 tpd mill achieving 95% recoveries
 Resource Flexibility
 Tremendous grade flexibility without the loss of
significant ounces
 Mine development that balances returns with scale
 Multiple development scenarios have been evaluated
by Argonaut management in assessing the merits of
this transaction
 Pre-feasibility study (2013 target) which will explore
the development of Magino, focusing on a higher
grade, lower scaled operation balancing returns for
the project
 Project funding through Argonaut cash flow
Indicated Resource
Inferred Resource
Cutoff
Grade
Tonnes
Grade
Ounces
Tonnes
Grade
Ounces
(g/t)
(000's)
(g/t)
(k oz)
(000's)
(g/t)
(k oz)
0.35
Magino
Project
Mineral
Resource
Estimate
67,555
1.00
2,176
54,242
0.99
Current
Indicated Resource
1,721
Inferred Resource
Cutoff
Grade
Tonnes
Grade
Ounces
Tonnes
Grade
Ounces
(g/t)
(000's)
(g/t)
(k oz)
(000's)
(g/t)
(k oz)
0.35
223,480
0.87
6,251
13,809
0.80
355
0.40
199,897
0.92
5,913
11,920
0.87
333
0.50
159,681
1.04
5,339
9,021
1.00
290
0.60
128,135
1.16
4,779
7,006
1.13
255
0.70
102,970
1.29
4,271
5,430
1.27
222
1.00
55,306
1.69
3,005
2,795
1.71
154
Source: Prodigy SEDAR Company Filings as described on the slide “About Prodigy”
Note: The December 2011 PEA is shown here for comparative purposes only, readers should note
that the current technical report states as the new resource estimate is significantly different from
the existing one, the mine plan and process disclosure in the PEA is no longer current
(US$1,200/oz gold price and 0.93 USD:CAD exchange ratio)
The December 2011 PEA is shown here for comparative purposes only, readers should note that the
current technical report states as the new resource estimate is significantly different from the
existing one, the mine plan and process disclosure in the PEA is no longer current; Prodigy is
currently working on prefeasibility study which will supersede previous technical reports
10
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November 14, 2012
10
Transaction Rationale
Argonaut Shareholders
Prodigy Shareholders
Multi-million ounce deposit with
tremendous grade flexibility
Significant premium of 54% to Prodigy
based on both companies 20-day VWAPs
as at October 12, 2012
Growth beyond Argonaut's existing
organic growth profile
Provides Prodigy shareholders with
exposure to current production and
strong gold price environment, and
continued growth
Entry into another of the world's most
supportive mining jurisdictions
Substantially decreases the financing risk
for Magino
Significantly accretive to all of Argonaut's
per share metrics
Leverages Argonaut's highly experienced
and successful management team to
develop Magino
Once full production is achieved, expects
to reach goal of 300 - 500k oz per year of
production and enter the ranks of
intermediate producers
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Argonaut's shares provide improved
trading liquidity for Prodigy shareholders
11
11
Potential Hidden Value Drivers
Gold Production
300-500,000 ozs / year
El Castillo
Sulphide Mineralization
Preliminary met work encouraging
New test results to be released in Q4
(Resource of 1.5 mm ozs contained in 30-50 meters of
drilling underneath pit)
La Colorada
Exploration Upside
Veta Madre drilling
Underground Exploration
Magino
(Historical records show 3 mm ozs. recovered underground)
San Antonio
San Antonio
Exploration Potential
La Colorada
El Castillo
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Prodigy / Magino
Heap Leach Potential
Underground Potential
Cutoff Flexibility
November 14, 2012
12
12
Upcoming News
December 6th – Special Meeting to
Q4 2012 approve merger
El Castillo Sulphide study update
Q1 2013 La Colorada updated resource
13
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November 14, 2012
13
The Difference
 Value






Beyond Gold
Leverage to Gold
 >6 million ozs M&I Resource growing to over
12 million ozs
De-risked with low CAPEX and Operating Cost
 <$100/oz CAPEX
 <$600 LOM Cash Cost
Favorable Jurisdictional Risk
Potential Hidden Value Drivers
Fully Funded thru Operational Cash Flow & Warrants
Engaged Leadership – Proven track record
14
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November 14, 2012
14
About The Companies
About Argonaut Gold
Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo Mine in the State of Durango, Mexico, the La
Colorada Mine in the State of Sonora, Mexico, the advanced exploration stage San Antonio project in the State of Baja California Sur, Mexico, and several exploration stage projects, all of which are located in Mexico.
Creating Value Beyond Gold
Mineral Reserves
Castillo - Oxide
Castillo - Transition
Sub Total Proven - Oxide & Transition
Castillo – Oxide
Castillo – Transition
Sub Total Probable - Oxide & Transition
Total Proven and Probable Reserves
Measured and Indicated Mineral Resources
(Including P&P Reserves)
Castillo - Oxide in Pit
Castillo - Oxide in Pit
Castillo - Oxide in Pit
Castillo - Transition in Pit
Castillo - Transition in Pit
Castillo - Tranistion in Pit
Total Castillo Oxide and Transition in Pit
Total Castillo Oxide and Transition in Pit
Total Castillo Oxide and Transition in Pit
Castillo Sulphide (Global)
Castillo Sulphide (Global)
Total Castillo Sulphide (Global)
San Antonio, Las Colinas - Oxide & Transition
San Antonio, Las Colinas - Sulphide
San Antonio, Los Planes - Oxide & Transition
San Antonio, Los Planes - Oxide & Transition
San Antonio, Los Planes - Sulphide
San Antonio, Los Planes - Sulphide
San Antonio, Intermediate - Oxide & Transition
San Antonio, Intermediate - Sulphide
All San Antonio Deposits - Oxide & Transition
All San Antonio Deposits - Sulphide
Total San Antonio Deposits - Oxide / Transition / Sulphide
La Colorada, Gran Central - La Colorada
La Colorada, Gran Central - La Colorada
La Colorada, El Creston Deposit
La Colorada, El Creston Deposit
La Colorada, Veta Madre
La Colorada, Veta Madre
La Colorada, ROM Pad
Total La Colorada Deposits
La Fortuna
La Fortuna
Total La Fortuna
Inferred Mineral Resources
San Antonio
La Colorada
Total Inferred Resources
Total Measured and Indicated Resources
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Resource
Category
Tonnes
Proven
Proven
84,470,000
19,180,000
104,650,000
772,000
73,000
844,000
105,495,000
0.36
0.37
0.36
0.33
0.35
0.33
0.36
994,000
228,000
1,222,000
8,000
1,000
9,000
1,231,000
Measured
Indicated
M&I
Measured
Indicated
M&I
Measured
Indicated
M&I
Measured
Indicated
M&I
Indicated
Indicated
Measured
Indicated
Measured
Indicated
Indicated
Indicated
M&I
M&I
M&I
Indicated
Inferred
Indicated
Inferred
Indicated
Inferred
Indicated
M&I
Measured
Indicated
M&I
114,300,000
4,900,000
119,200,000
44,600,000
1,900,000
46,500,000
158,900,000
6,800,000
165,700,000
70,600
91,200
161,800,000
1,910,000
8,103
12,351,000
8,408,000
6,649,000
22,065,000
643,000
4,961,000
23,312,000
41,778,000
65,089,000
29,915,053
2,500,000
14,438,662
2,199,713
2,900,000
8,799
2,700,000
50,000,000
1,538,000
3,287,000
4,800,000
0.293
0.293
0.331
0.295
0.278
0.294
0.322
0.289
0.32
0.328
0.272
0.296
0.62
0.69
0.76
0.67
1.17
0.92
0.39
0.77
0.71
0.90
0.83
0.724
1.204
0.618
0.88
0.491
0.665
0.429
0.664
2.956
1.533
1.98
1,220,100
45,700
1,268,000
423,200
17,100
439,900
1,645,300
62,900
1,704,700
744,800
797,500
1,540,000
38,000
179,000
303,000
181,000
250
653,000
8,000
123,000
530,000
1,205,000
1,735,000
696,336
95,149
286,658
62,703
46,261
200
38,000
1,067,255
Inferred
Inferred
6,215,000
4,700,000
10,915,000
447,389,000
0.34
1.04
67,000
158,000
225,000
6,354,955
Probable
Probable
Au
Grade (g/t)
Ounces
Ag
Grade (g/t)
Ounces
The technical information contained in this document has been prepared under supervision of, and
reviewed and approved by Mr. Thomas H. Burkhart, Argonaut’s Vice President of Exploration, and a
qualified person as defined by National Instrument 43-101 (“NI 43-101″). For further information on
the Company’s properties please see the reports as listed below on the Company’s website or on
www.sedar.com:
El Castillo Mine
La Colorada
Property
San Antonio
Gold Project
La Fortuna
Property
NI 43-101 Technical Report on Resources and Reserves, Argonaut Gold Inc.,
El Castillo Mine, Durango State, Mexico dated November 6, 2010
NI 43-101 Preliminary Economic Assessment La Colorada Project, Sonora,
Mexico dated December 30, 2011
Technical Report and Mineral Resource Estimate on the San Antonio Gold
Project, Baja California Sur, Mexico dated June 30, 2011
La Fortuna, Durango, Mexico, Technical Report dated October 21, 2008
The preliminary economic assessment is preliminary in nature, includes inferred mineral resources
that are considered too speculative geologically to have the economic considerations applied to
them that would enable them to be categorizes as mineral reserves, and that there is no certainty
that the preliminary economic assessment will be realized.
Mineral resources are not mineral reserves and do not have demonstrated economic viability.
There is no certainty that all or any part of the mineral resource will be converted into mineral
reserves
5.1
8.4
12.1
13.3
3.3
2.4
36.5
8.7
4,905,135
661,000
5,635,385
943,734
307,155
700
3,200,000
14,047,675
10.6
1,605,000
1,605,000
14,047,675
308,000
About Prodigy
Prodigy is currently evaluating the development of the Magino mine gold project in Ontario as an
open-pit mining opportunity with the potential for deeper, higher grade gold production. The Magino
project contains Indicated gold resources of 6,250,990 ounces grading 0.87 g/t gold (223.5 million
tonnes), and 355,190 ounces of Inferred gold resources grading 0.80 g/t gold (13.8 million tonnes)
at a cut-off grade of 0.35 g/t gold. For more information please refer to the “Technical Report on the
Magino Property, Wawa, Ontario dated October 4, 2012 available on SEDAR or Prodigy’s website.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. There
is no certainty that all or any part of the mineral resource will be converted into mineral reserves.
November 14, 2012
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For Additional Information
www.argonautgold.com
Nichole Cowles
Investor Relations Manager
Argonaut Gold Inc.
9604 Prototype Ct.
Reno, NV 89521
Ph.: 775-284-4422 ext. 101
Cell.: 775-240-4172
Fax: 775-284-4426
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TSX:AR
TSX:AR.WT
ArgonautGold.com
November 14, 2012
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