November 2012 presentation - Argonaut Gold Inc.

TSX:AR TSX:AR.WT
ArgonautGold.com
November 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. 2
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Creating Value Beyond Gold
Generating
Cash
Near Term
Potential
Exploration
Potential
Q3 Year to date ~ 76,000 ozs. Produced
2011 Full Year ~ 72,000 ozs. Produced
San Antonio advanced exploration stage
project
• 1.7 mm ozs gold in M&I (↑43%)
Magino (following year end acquisition)
• 6.3 mm ozs gold in M&I
La Fortuna
• 300,000 gold ozs in M&I
Hercules (Prodigy project)
• 300,000 gold ozs
11 projects in the Sonora Mojave
Megashear
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Vision
Creating the Next Quality Mid-Tier Gold Company in the Americas
Strong management team and financial position
Growth thru acquisitions & exploration
Honor commitments to all stakeholders
Consolidation in the junior space
PRIMARY
ASSET
EL CASTILLO
84-85 k ozs.
SECOND MINE
LA COLORADA
17-18 k ozs
OPERATIONS
EXPANSION
El Castillo
-> 105-120 k ozs
La Colorada
-> 50-60 k ozs
ADVANCED
PROJECT
San Antonio
-> +70 k ozs
FUTURE GROWTH
EXPLORATION FOCUS
ACQUISITIONS
IN THE AMERICAS
Prodigy ~ Magino
ULTIMATE GOAL
• 300,000-500,000 oz/yr
• Lower quartile of cost
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Argonaut Mexican Assets
2 producing gold mines in 2012
• Good infrastructure and political stability
• Open pit heap leach
1 advanced exploration stage project
9 grass roots projects staked in
a prolific gold belt
La Colorada – Mine
2012 Guidance 17 – 18,000 ozs
M&I Resources
M&I: 1.1 M ozs Au
14 M ozs Ag
El Castillo - Mine
2012 Guidance 84 - 85,000 ozs
Reserves and
M&I Resources
(incl. of Reserves)
P+P: 1.23 M ozs Au
M&I: 1.73 M ozs oxide
1.5 M ozs sulphide
La Fortuna - Exploration
Potential Production n/a
M&I Resources M&I: 0.31 M ozs
San Antonio – Development Stage
LOM Production
and cash costs
M&I Resources
69,700 ozs Au @ US$553/oz
for 15 year Mine Life
M&I: 1.7 M ozs
Portfolio also includes 9 Grass Roots projects including
+47,000 hectares of land in the Sonora Mojave Megashear
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Argonaut Operations
El Castillo La Colorada San Antonio
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
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
Guidance
• Production 17-18k oz @
$450 -$500
• Q4 guidance ~ 3-4k ozs
YTD Accomplishments
• 20k meters of drilling
• Permits submitted
• New resource and PEA
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Argonaut Q3 Results
Highlights
Record Quarter performance:
• Record gold production of 31, 074 ounces
• 24,575 ounces at El Castillo (↑46% over Q3 2011)
• 6,499 ounces at La Colorada (↑42% over Q2 2012)
• Record sales of 42,534 ounces of gold
• Record revenue of $72.9 million
• Record net income of $29.2 million ($0.29 /basic share)
• Cash Flow of $36.5 million
10,242 10,066
El Castillo Production (oz Au)
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
2010 2011 2012
24,575
Q3
Actual
Fourth Quarter Outlook
• El Castillo estimate of 22,000 - 23,000 ounces of gold
• La Colorada estimate of 3,000 - 4,000 ounces of gold
La Colorada Production (oz Au)
6,499
Full year guidance for 2012 of 101,000 - 103,000 ounces of
gold (Increased from 88,000 – 97,000)
• El Castillo: 84,000 - 85,000 ounces of gold
• La Colorada: 17,000 - 18,000 ounces of gold
4,590
3,085
3,000
Q1 Q2 Q3 Guidance Q3 Actual
2012
Source: Company Filings 7
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Argonaut’s Value Creation Beyond Gold
$16
$14
$12
$10
$8
$6
$4
$2
$0
200
150
100
50
0
-50
AR Realized Value
$3 $13.42
IPO
347%
Today
Valuations
PEZ Realized Value
31%
1.6 -0.5 0 5
51%
$2.20 $2.56 $6.53
Offer Closing Today
Cash Flow from Operations
42
228%
150
2007 2008 2009 2010 2011 2014
Castle Gold
Argonaut Gold Analyst
Consensus
300
250
200
150
100
50
0
7
6
5
4
3
2
1
0
San Antonio
La Colorada
El Castillo
Operations (k oz)
17-18
2 14 29 51 72 84-85 107
2007 2008 2009 2010 2011 2012 E 2014
Castle Gold Argonaut Gold
Analyst
Consensus
Resource Growth (m oz)
San Antonio
La Colorada
La Fortuna
El Castillo Total
1.0 1.0 1.0
5.4
200 - 300
2007 2008 2009 2010 2012
Castle Gold
Argonaut Gold
70
63
6.5
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Building the Next Intermediate Gold Company
Core Values/Foundations
Leverage to Gold thru large resource base
De-risked with low CAPEX and
Operating Cost
‣ 12 million ozs M&I Resource
4 Mines
• 500k Ozs/year
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Argonaut – Production Funding Growth
Production Growth
500
+500k ozs.
400
Magino
300
200
100
0
$700
$600
101-103k ozs.
150-180k ozs.
220- 250k ozs.
2012 Expansion New Mine -
San Antonio
Sources of Funding (US$mm)
New Mine - Magino
$564
San Antonio
La Colorada
El Castillo
Argonaut expects to have
sufficient cash to fund the
development of Magino,
avoiding shareholder
dilution
$500
$419
$145
$400
$300
$200
$162
$204
$42
$290
$85
$130
$130
$100
$114
--
$47
Argonaut End of Year Cash
+ Dilutive Instruments
Prodigy End of
Year Cash
Argonaut
2013E FCF
Argonaut
2014E 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
Argonaut
2015E FCF
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Prodigy - Magino’s Flexibility
Dec 2011
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
PEA
Cutoff
Grade
Indicated Resource
Magino Project Mineral Resource Estimate
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)
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
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
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Transaction Rationale
Argonaut Shareholders
Multi-million ounce deposit with
tremendous grade flexibility
Growth beyond Argonaut's existing
organic growth profile
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
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
Once full production is achieved, expects
to reach goal of 300 - 500k oz per year of
production and enter the ranks of
intermediate producers
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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Future 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)
Magino
La Colorada
Exploration Upside
Veta Madre drilling
Underground Exploration
(Historical records show 3 mm ozs. recovered underground)
San Antonio
San Antonio
Exploration Potential
La Colorada
El Castillo
Prodigy / Magino
Heap Leach Potential
Underground Potential
Cutoff Flexibility
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Upcoming News
Q4 2012
- December 6 th – Special Meeting to
approve merger
- El Castillo Sulphide study update
Q1 2013 - La Colorada Veta Madre resource
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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
‣

Appendix
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Indexed Performance
Argonaut Position
Chairman
Brian J. Kennedy
Directors
Peter C. Dougherty
James E. Kofman
Christopher R. Lattanzi
Peter Mordaunt
Dale C. Peniuk
Board of Directors
Prior Experience
President /CEO Meridian Gold Inc.
CFO Meridian Gold Inc.
Vice Chairman UBS Securities Canada Inc.
President Micon International Limited
Director of Pediment Gold
Assurance partner KPMG LLP
Management Team
President & CEO Prior Experience
Peter C. Dougherty CFO Meridian Gold Inc.
Chief Operating Officer
Richard Rhoades General Manager Asarco LLC
Chief Financial Officer
Barry L. Dahl CFO Hettinger Welding LLC.
Vice President of Exploration
Thomas H. Burkhart Vice President of New Dimensions (Northair)
Corporate Development Officer
Curtis K. Turner CFO Cyanco Corp.
Financial Status (End of Q3)
Cash Balance ~ C $43 million Debt ~ 0
350%
300%
250%
200%
150%
100%
50%
Performance since IPO
↑ 236% AR
↑ 57% Gold
↑ 1.4% PHLX Gold/Silver
--
1-Jan-10 1-Jun-10 1-Nov-10 1-Apr-11 1-Sep-11 1-Feb-12 1-Jul-12
TSX Share Summary : AR / AR.WT
Outstanding Shares
93.3 million
Warrants / In the Money Value 24.1 million / $108 million
(C$4.50 expire 12/29/2012)
Fully Diluted Shares
118.5 million Management ~ 5%
Market Cap (Fully Diluted)
$1.2 billion
Share Price Range (52 week) $6.02 - $11.08
Institutional ~ 83%
Warrant Price Range (52 week) $1.90 - $6.99 Retail ~ 12%
*Updated as of November 19, 2012
BMO
Canaccord Genuity
Dahlman Rose
GMP (Griffiths McBurney)
Macquarie Securities
Mackie Research
Scotia
Stonecap Securities
Analyst Research
Andrew Kaip
Rahul Paul
Adam Graf
Craig West
Michael Siperco
Barry Allen
Ovais Habib
Christos Doulis
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Prodigy 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$10.25 million payable under certain circumstances
• Prodigy options and warrants roll at exchange ratio
• Support agreements signed by Prodigy’s management and board
• Prodigy to receive one Board seat on Argonaut Board
• Mailing of Circular: November 2012
• Argonaut and Prodigy shareholder votes: December 2012
• Transaction close: December 2012
1. Based on share capital as of June 30, 2012, adjusted for subsequent events on a fully diluted in-the-money basis 18
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Pro Forma Capitalization and Balance Sheet
Argonaut Prodigy Combined
TSX Share Price (12-October-12) (C$) $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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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 October 10, 2012
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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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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November 2012
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