Argonaut_Gold_and_Pr.. - Argonaut Gold Inc.

Argonaut and Prodigy Announce Business Combination
TSX:AR TSX:AR.WT
ArgonautGold.com
October 15, 2012
1

Cautionary Forward Looking Statements
All monetary amounts in U.S. dollars unless otherwise stated
FORWARD-LOOKING STATEMENT
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 each of Argonaut Gold Inc. (“Argonaut Gold”) and Prodigy Gold Incorporated (“Prodigy”). Forward-looking statements and forward-looking information include, but are not limited
to, statements with respect to the Arrangement, development and estimated production and mine life of the various mineral projects of Argonaut Gold and Prodigy; synergies and financial impact of the Arrangement;
the benefits of the development potential of the properties of Argonaut Gold and Prodigy; the future price of gold, copper, and 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 Gold and Prodigy, 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. 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. Assumptions upon which such forward-looking statements are based include that all required third party, court, regulatory and governmental approvals to the
Arrangement will be obtained and all other conditions to completion of the transaction will be satisfied or waived, that actual results of exploration activities will be as expected, that proposed mine plans and recoveries
will be achieved, that capital costs and sustaining costs will be as estimated, that the assumptions underlying mineral resource estimates are valid, that Argonaut Gold and Prodigy will not experience unforeseen
accident, fire, ground instability, flooding, labor disruption, equipment failure, or adverse metallurgical or environmental events, and that supplies, equipment, personnel, permits and other approvals required to
conduct planned activities will be available on reasonable terms. Many of these assumptions are based on factors and events that are not within the control of Argonaut Gold or Prodigy 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 non-completion of the Arrangement, 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 Gold and Prodigy have each 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 Gold and Prodigy undertake 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 document.
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.
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October 15, 2012
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Transaction Rationale for Argonaut
Shareholders
Multi-million ounce deposit with tremendous grade flexibility
Growth beyond Argonaut's existing organic growth profile
Entry into another of the world's most supportive mining jurisdictions
Significantly accretive to all of Argonaut's per share metrics
Once pre-production projects have been developed, Argonaut is expected to fulfill its stated
goal of 300 - 500k oz per year of production and enter the ranks of the intermediate
producers
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October 15, 2012
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Transaction Rationale for Prodigy
Shareholders
Significant premium of 54% to Prodigy based on both companies 20-day VWAPs as at
October 12, 2012
Provides Prodigy shareholders with exposure to current production and strong gold price
environment, and continued growth
Substantially decreases the financing risk for Magino
Leverages Argonaut's highly experienced and successful management team to develop
Magino
Argonaut's shares provide improved trading liquidity for Prodigy shareholders
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October 15, 2012
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Transaction Overview
Offer Terms
• 0.1042 of an Argonaut share and C$0.0001 cash for each Prodigy share
• Friendly plan of arrangement
• Pro forma ownership: 78% Argonaut / 22% Prodigy (1)
Key Conditions
• 66 ⅔ Prodigy shareholder approval
• 50.1% Argonaut shareholder approval
• Stock exchange and court approvals
Other Terms
Indicative Timeline
• Unanimous Argonaut and Prodigy board approval
• No solicitation and 5 business day right to match Superior Proposal
• Termination fee of C$10.25 million payable under certain circumstances
• Prodigy options and warrants roll at exchange ratio
• Support agreements signed by Prodigy’s management and board
• Prodigy to receive one Board seat on Argonaut Board
• Mailing of Circular: November 2012
• Argonaut and Prodigy shareholder votes: December 2012
• Transaction close: December 2012
1. Based on share capital as of June 30, 2012, adjusted for subsequent events on a fully diluted in-the-money basis 5
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October 15, 2012
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Pro Forma Capitalization and Balance
Sheet
Argonaut Prodigy Combined
TSX Share Price (12-October-12) (C$) $10.48 $0.69 n.a.
Basic Shares Outstanding (1) (mm) 93 293 123
FD ITM Shares Outstanding (1) (mm) 118 307 151
Basic Market Capitalization (1) (C$ mm) $970 $202 $1,173
FD ITM Market Capitalization (1) (C$ mm) $1,242 $212 $1,454
Cash (2) (C$ mm) $42 $50 $93
Cash including Proceeds from
ITM Instruments (2) (C$ mm) $159 $57 $220
YTD Avg. Daily Value Traded (C$ mm) $5.7 $0.3 $6.0
Source: Bloomberg, Company Filings, FactSet
1. Based on closing prices as of October 12, 2012 on the TSX and TSX Venture Exchange and share capital as of June 30, 2012, adjusted for subsequent events
2. Based on September 30, 2012 financial for Argonaut balance and June 30, 2012 financials for Prodigy balance, adjusted for subsequent events
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October 15, 2012
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Ability for Prodigy Shareholders to
Participate in Argonaut Portfolio
Share Price
Volume
Price
Share Price (C$)
$12
$9
$6
$3
Completes
compulsory
acquisition of
Castle Gold
Announces business
combination with Pediment Gold
Releases updated resources for
El Castillo highlighted by a
doubling of reserves
Releases La Colorada PEA with
first production in early Q2 2012
Announces updated PEA for the
San Antonio project
8
6
4
2
Volume (millions)
--
--
Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12
Premium Received by Pediment Shareholders
Current Board and Select Management Profile
Share Price Day
Prior to
Announcement
1 – Day Premium Implied Current Premium
51% 285%
Name Title Description
Brian Kennedy Chairman Former President and CEO of Meridian Gold
Peter Dougherty
President, CEO &
Director
Former VP of Finance and CFO of Meridian Gold
Thomas Burkhart VP Exploration Over 30 years of experience in mineral exploration
Richard Rhoades COO Former General Manager and Director of Mine Planning for Asarco
$6.55
Curtis Turner
Corporate
Development Officer
Former Director of Finance of Yamana Gold and Corporate Controller
of Meridian Gold
$1.70
$2.56
James Kofman
Christopher
Lattanzi
Director
Director
Vice-Chairman, Cormark Securities and Chairman, ZENN Motor
Company
Former President of Micon International and Director of Meridian Gold
Pre Announce
Share Price
Source: Bloomberg, Company Filings
1-Day Transaction
Consideration
Current Implied
Consideration
Dale Peniuk
Director
Current Director of Capstone Mining, Lundin Mining, Rainy River
Resources and Sprott Resource Lending
Peter Mordaunt Director Founder and former President and CEO of Stingray Copper
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October 15, 2012
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Argonaut Q3 Results
Record gold production of 31,074 ounces and record sales of 42,534
ounces during Q3
Highlights
‣ Included 24,575 ounces at El Castillo and 6,499 ounces at La Colorada
‣ La Colorada also produced 41,937 ounces of silver
El Castillo
‣ Gold production for the quarter at El Castillo represented a 46%
improvement over Q3 2011
‣ Conveying and stacking system on the east pad fully functional for Q3
La Colorada
‣ Gold production for the quarter at La Colorada represented a 42%
improvement over the prior quarter, and silver production represented a
63% increase
‣ With the refining facility at La Colorada now in place, the stripping and
refining process for both El Castillo and La Colorada has been
accelerated
Fourth Quarter Outlook
‣ El Castillo production estimates of 22,000 - 23,000 ounces of gold
‣ La Colorada production estimate of 3,000 - 4,000 ounces of gold
Full year Outlook
‣ El Castillo: 84,000 - 85,000 ounces of gold
‣ La Colorada: 17,000 - 18,000 ounces of gold
‣ Total guidance for 2012 of 101,000 - 103,000 ounces of gold, increased
from 88,000 – 97,000 previously
10,242 10,066
12,724
18,300 18,064 17,453 16,884
19,700
17,799
19,533
20,500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Guidance
3,085
El Castillo Production (oz Au)
2010 2011 2012
La Colorada Production (oz Au)
4,590
3,000
6,499
Q1 Q2 Q3 Guidance Q3 Actual
2012
24,575
Q3
Actual
Source: Company Filings
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October 15, 2012
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Overview of Prodigy’s Assets
Description Magino Production Profile (Au k oz) (1)
Prodigy’s flagship asset is the Magino gold project, located in Ontario
‣ A former producing underground mine with total production of 105k oz Au from
1988-1992 currently designated as an “inactive mine”, facilitating permitting
process
‣ Located approximately 40km northeast of Wawa and in close proximity to
excellent infrastructure (road, rail, power, etc.)
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% (US$1,200/oz gold price and
0.93 USD:CAD exchange ratio)
‣ LOM average gold production of 249k oz per year over 11 year mine life at cash
costs of US$461/oz (C$496/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
‣ 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
On August 20, 2012, Prodigy released an updated resource estimate for Magino
‣ Based on 0.35 g/t cut-off, indicated resources of 6.3 mm oz in 223 mm tonnes at
0.87 g/t (previously 2.2 mm oz at 1.0 g/t) and inferred resources of 0.4 mm oz in
14 mm tonnes at 0.80 g/t (previously 1.7 mm oz at 0.99g/t)
Prodigy also has ownership or option interests in the Hercules, Highland Gold, West
Porcupine, and Akweska Lake properties
367
232
252
240 243
Year 1 Year 2 Year 3 Year 4 Year 5
0.35 g/t Cutoff
Tonnage
(mm tonnes)
Measured
& Indicated
Grade
(g/t)
Magino Resource
Au
Cont.
(k oz)
223 0.87 6,251
Inferred 14 0.80 355
1.00 g/t Cutoff
Tonnage
(mm tonnes)
Measured
& Indicated
Grade
(g/t)
Au
Cont.
(k oz)
55 1.69 3,005
Inferred 3 1.71 154
Source: Company Filings, Equity Research
1. Production schedule based on February 2012 Magino PEA 9
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October 15, 2012
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Significant Impact on Argonaut
Portfolio
Measured & Indicated Resources (1)
0.35 g/t Cutoff 1.00 g/t Cutoff
12,663
99%
9,417
Production Growth Profile (k oz)
Argonaut Prodigy San Antonio
490
6,355
48%
381%
249
Argonaut
Pro Forma
M&I Resources (Au k oz)
69
50%
11%
103
76
110%
214
56
241
102
241
(3)
158
Argonaut
Pro Forma
(2)
M&I / Share (oz / 000's shares)
2012
(See slides “About Argonaut” and “About Prodigy”)
AR Mgmt. Guidance
Source: Company Filings, Equity Research
1. Resources shown inclusive of reserves
2. Pro forma shares based on current basic shares outstanding of Argonaut and basic shares outstanding of Prodigy converted at a 0.1042x exchange ratio
2. Midpoint of range of 17 – 18k oz for La Colorada and 84 – 85k oz for El Castillo
2014
AR Street Consensus
(San Antonio Start-Up)
2016
AR Street Consensus
2016
AR Street Consensus
- PDG PEA LOM Avg.
3. 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
(3)
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October 15, 2012
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Magino Resource Flexibility
Description
Magino Project Mineral Resource Estimate
Argonaut began its due diligence investigation of
Magino over 10 months ago
‣ As part of that due diligence investigation
Argonaut established a level of comfort on
permitting risk for Magino
An attractive element of Magino is that it contains
tremendous grade flexibility without the loss of
significant ounces
‣ Provides an opportunity for Argonaut to develop a
mine that balances returns with scale
Approach that Argonaut is targeting for development
of Magino is one that focuses on a higher grade and
lower scale operation that can be funded out of
Argonaut cash flow
‣ Multiple development scenarios have been
evaluated by Argonaut management in assessing
the merits of this transaction
Argonaut is targeting a pre-feasibility study in 2013
which will explore this approach
Dec 2011
PEA
Cutoff
Grade
Indicated Resource
Inferred Resource
Tonnes Grade Ounces Tonnes Grade Ounces
(g/t) (000's) (g/t) (k oz) (000's) (g/t) (k oz)
0.35 67,555 1.00 2,176 54,242 0.99 1,721
Current 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)
0.35 223,480 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
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Argonaut Can Fund Magino
$700
Sources of Funding (US$mm)
$600
$564
$500
$419
$145
$400
$300
$200
$162
$204
$42
$290
$85
$130
$100
$114
--
$47
Argonaut End of Year Cash
+ Dilutive Instruments
Prodigy End of
Year Cash
Argonaut
2013E FCF
Argonaut
2014E FCF
Argonaut
2015E FCF
Argonaut expects to have sufficient cash to fund the development of Magino
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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Transaction Rationale Summary
The development of Magino in combination with Argonaut's existing projects will expand
Argonaut's production scale to that of an intermediate producer
Asset portfolio diversification via a development stage asset located in Ontario
Highly accretive transaction to Argonaut when considered on all relevant per share metrics
Provides a non-dilutive financing scenario for the development of an asset of significant
scale
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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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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
Resource Tonnes Au Ounces Ag Ounces
Category
Grade (g/t)
Grade (g/t)
Mineral Reserves
Castillo - Oxide Proven 84,470,000 0.36 994,000
Castillo - Transition Proven 19,180,000 0.37 228,000
Sub Total Proven - Oxide & Transition 104,650,000 0.36 1,222,000
Castillo – Oxide Probable 772,000 0.33 8,000
Castillo – Transition Probable 73,000 0.35 1,000
Sub Total Probable - Oxide & Transition 844,000 0.33 9,000
Total Proven and Probable Reserves 105,495,000 0.36 1,231,000
Measured and Indicated Mineral Resources
(Including P&P Reserves)
Castillo - Oxide in Pit Measured 114,300,000 0.293 1,220,100
Castillo - Oxide in Pit Indicated 4,900,000 0.293 45,700
Castillo - Oxide in Pit M&I 119,200,000 0.331 1,268,000
Castillo - Transition in Pit Measured 44,600,000 0.295 423,200
Castillo - Transition in Pit Indicated 1,900,000 0.278 17,100
Castillo - Tranistion in Pit M&I 46,500,000 0.294 439,900
Total Castillo Oxide and Transition in Pit Measured 158,900,000 0.322 1,645,300
Total Castillo Oxide and Transition in Pit Indicated 6,800,000 0.289 62,900
Total Castillo Oxide and Transition in Pit M&I 165,700,000 0.32 1,704,700
Castillo Sulphide (Global) Measured 70,600 0.328 744,800
Castillo Sulphide (Global) Indicated 91,200 0.272 797,500
Total Castillo Sulphide (Global) M&I 161,800,000 0.296 1,540,000
San Antonio, Las Colinas - Oxide & Transition Indicated 1,910,000 0.62 38,000
San Antonio, Las Colinas - Sulphide Indicated 8,103 0.69 179,000
San Antonio, Los Planes - Oxide & Transition Measured 12,351,000 0.76 303,000
San Antonio, Los Planes - Oxide & Transition Indicated 8,408,000 0.67 181,000
San Antonio, Los Planes - Sulphide Measured 6,649,000 1.17 250
San Antonio, Los Planes - Sulphide Indicated 22,065,000 0.92 653,000
San Antonio, Intermediate - Oxide & Transition Indicated 643,000 0.39 8,000
San Antonio, Intermediate - Sulphide Indicated 4,961,000 0.77 123,000
All San Antonio Deposits - Oxide & Transition M&I 23,312,000 0.71 530,000
All San Antonio Deposits - Sulphide M&I 41,778,000 0.90 1,205,000
Total San Antonio Deposits - Oxide / Transition / Sulphide M&I 65,089,000 0.83 1,735,000
La Colorada, Gran Central - La Colorada Indicated 29,915,053 0.724 696,336 5.1 4,905,135
La Colorada, Gran Central - La Colorada Inferred 2,500,000 1.204 95,149 8.4 661,000
La Colorada, El Creston Deposit Indicated 14,438,662 0.618 286,658 12.1 5,635,385
La Colorada, El Creston Deposit Inferred 2,199,713 0.88 62,703 13.3 943,734
La Colorada, Veta Madre Indicated 2,900,000 0.491 46,261 3.3 307,155
La Colorada, Veta Madre Inferred 8,799 0.665 200 2.4 700
La Colorada, ROM Pad Indicated 2,700,000 0.429 38,000 36.5 3,200,000
Total La Colorada Deposits M&I 50,000,000 0.664 1,067,255 8.7 14,047,675
La Fortuna Measured 1,538,000 2.956
La Fortuna Indicated 3,287,000 1.533
Total La Fortuna M&I 4,800,000 1.98 308,000
Inferred Mineral Resources
San Antonio Inferred 6,215,000 0.34 67,000
La Colorada Inferred 4,700,000 1.04 158,000 10.6 1,605,000
Total Inferred Resources 10,915,000 225,000 1,605,000
Total Measured and Indicated Resources 447,389,000 6,354,955 14,047,675
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 NI 43-101 Technical Report on Resources and Reserves, Argonaut Gold Inc.,
El Castillo Mine, Durango State, Mexico dated November 6, 2010
La Colorada
NI 43-101 Preliminary Economic Assessment La Colorada Project, Sonora,
Property
Mexico dated December 30, 2011
San Antonio
Technical Report and Mineral Resource Estimate on the San Antonio Gold
Gold Project
Project, Baja California Sur, Mexico dated June 30, 2011
La Fortuna
Property 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
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..
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