September 2013 - Argonaut Gold Inc.

September 2013
ArgonautGold.com
TSX:AR

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.
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Argonaut Investments
Core Values/Foundations
Leverage to Gold through
+12.5 million gold ozs
M&I resource base
De-risked with low CAPEX and
LOM Operating Cost
• ~$100/oz CAPEX
• ~$600 Cash Cost
Favorable Jurisdictions
Potential Hidden Value Drivers
Fully Funded through Operational
Cash Flow &$140 million Cash Balance
(6/30/2013)
Proven track record
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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
FUTURE GROWTH
EXPLORATION FOCUS
2012
OPERATIONS
EL CASTILLO -> 88 K ozs
LA COLORADA -> 20 k ozs
OPERATIONS
EXPANSION
El CASTILLO -> 105-120 k ozs
LA COLORADA -> 50-60 k ozs
ADVANCED
PROJECTS
SAN ANTONIO-> +60 k ozs
MAGINO -> ~250 k ozs*
ACQUISITIONS
IN THE AMERICAS
ULTIMATE GOAL
• 300,000-500,000 oz/yr
• Lower quartile of cost
* Argonaut will be provide a PEA report in the second half of
2013.
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2013 Operations
El Castillo
La Colorada
Guidance
• 90-100,000 ozs @ $700-$725/oz cash cost
• H1 ~ 46,000 ozs; H2 ~ 49,000 ozs
• H1 Actual 51K ozs @ $695/oz
Initiatives - $30 million
• New west side pad with 30 m tonne capacity to be
completed in 2013
• Transfer of mining equipment to the company
• New crushing, overland and conveying system for
the west pad 8
Guidance
• 30-40,000 ozs @ $450-$475/oz cash cost
• H1 ~ 9,000 ozs; H2 ~ 27,000 ozs
• H1 Actual 11K ozs @ $309/oz
Initiatives - $22 million
• New crushing system capable of producing +4 m
tonnes per year at

Capital Aimed at Future Improvements
El Castillo Capital Projects
West side overland conveying system
Relocation of overburden disposal
Cost Savings Program
2012 2014 E
Production (ozs.) 88,000 100,000
Mining cost /tonne (Q4/Q4) $5.67/t $5.00/t
Tonnes per year mined (M) 12 15
Operating Cash Flow (M) $38 $45
($1,200 Au)
Cost Savings program more than compensates for anticipated drop in head grade
La Colorada Capital Projects
Crushing system
2012 2014 PEA
Production (ozs.) 20,000* 60,000
Cash cost per oz sold $292 $650
Operating Cash Flow (M) $18 $33
($1,200 Au)
*Heap Leach Pad Reprocessing
Production Increases lead to higher operating cash flow
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2013 Development Projects
San Antonio
Magino
Constrained
Pit
Resource
Pit
2012 Accomplishments
• Permits submitted
• 20 k meters of drilling in a new resource
and PEA
2013 - $4 million
• Permitting continues
2012 Accomplishments
• Finalized acquisition of the project
• 89,000 meter drill program
• Drill spacing from 45 m centers to 25 m centers
2013 - $10 million
• Project advancement and development
• Submit EIS
• Pre-feasibility study
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Growth to 300-500,000 ozs per year
Production Growth
La Colorada and El Castillo
Expansion Through 2013 and 2014
San Antonio
Permitting Ongoing
Construction
7-9 months
Production Late 2014-2015
Magino
Permitting 18-24 months
Construction
12-24 months
Production
Future
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El Castillo Mine
Location:
120 kilometers from the capital of
Durango in state of Durango, Mexico
Infrastructure:
Open Pit / Heap Leach Mine
Favorable Topography
Resources: (@ Nov 2010)
P&P 1.2Moz @ 0.36 g/t
M&I 1.7Moz @ 0.32 g/t
(Note additional 1.5Moz sulphide in global resource).
150
100
50
0
Production Growth
29
14
2
51
72
88 95 100
Argo 12-30-09
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La Colorada Mine
Location:
45 kilometers from the capital of Hermosillo
Infrastructure:
Open Pit / Heap Leach Mine
Favorable Topography
M&I Resources: (@ Oct 2011)
1.1Moz @ 0.66 g/t Au
14Moz Ag @ 8.7 g/t
400
300
200
100
0
Production Growth
Gold Silver
20
48
35
200
2012 2013 Proj. 2014 Proj.
60
300
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San Antonio Project
Location:
45 kilometers from the capital of La Paz
Infrastructure:
Open Pit / Heap Leach Mine
Favorable Topography
M&I Resources: (@ Sept 2012)
1.7Moz @ 0.83 g/t Au
Construction:
Initial
Sustaining
$84 Million
$13 Million
Production Profile (*PEA @ 4Million Tons per year)
100
85 83
70
83
50
35
0
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5
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Prodigy - Magino’s Flexibility
Location:
• Prodigy’s flagship asset is the Magino gold project
(40 km northwest of Wawa, Ontario)
Purchase finalized (12/11/2012)
• Prodigy Gold transaction with purchase consideration
valued at $315 million
Preliminary Economic Assessment
(“PEA” as of 12/22/2011)
• Pre-tax NPV of C$939 m (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 m
with LOM sustaining capital expenditures of C$145 m
• 20,000 tpd mill achieving 95% recoveries
400
200
Production Profile (*PEA)
367
232 252 240 243
0
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5
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El Castillo
La Colorada
2013 Exploration Program - $10 Million
ACCOMPLISHMENTS
Sulphide metallurgical work
adds 360,000 ounces to the pit
GOALS
2,000-3,000 meter drill program
for sulphide metallurgical work
ACCOMPLISHMENTS
36,000 metres of drilling
Expanded Veta Madre
GOALS
1- Further testing of multiple satellite
deposits surrounding the La Colorada mine
2- Continue regional exploration in the
La Colorada district
OVERALL PROGRAM GOALS
Company Wide
Targeted acquisition of three or more mid-level to advanced
precious metal properties in central to northern Mexico
Agua Grande
+5,000 meters over three targets
Additional Exploration
San Antonio and various grass roots projects in Mexico
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Future Value Drivers
Gold Production
300-500,000 ozs / year
El Castillo
Sulphide Mineralization
Continuing geological and metallurgical work
(Resource of 1.5 mm ozs contained in 30-50 meters of
drilling underneath pit)
Magino
San
Antonio
La Colorada
Exploration Upside
Veta Madre drilling
Underground Exploration
(Historical records show 3 mm ozs. recovered underground)
San Antonio
Exploration Potential
La Colorada
El Castillo
Prodigy / Magino
Cutoff Flexibility
Underground Potential
Heap Leach Potential
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The Difference
Value Beyond Gold
• Leverage to Gold
‣ >12.5 million ozs M&I Resource
• De-risked with low CAPEX and
LOM Operating Cost
‣ ~$100/oz CAPEX
‣ ~$600 Cash Cost
• Favorable Jurisdictions
• Potential Hidden Value Drivers
• Fully Funded thru Operational Cash Flow &
$140 million Cash Balance
• Proven track record
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For Additional Information
www.argonautgold.com
Nichole Cowles
Investor Relations Manager
Argonaut Gold Inc.
9600 Prototype Ct.
Reno, NV 89521
Ph.: 775-284-4422 ext. 101
Cell.: 775-240-4172
Fax: 775-284-4426
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Resource
Category
Au
Grade (g/t)
Au
Ounces
Ag
Grade (g/t)
Ag
Ounces
Tonnes
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
Hercules Indicated 231,800 7.64 56,970
Total Hercules M&I 231,800 7.64 56,970
La Colorada - Gran Central, La Colorada Indicated 29,915,053 0.724 696,336 5.1 4,905,135
La Colorada, El Creston Deposit Indicated 14,438,662 0.618 286,658 12.1 5,635,385
La Colorada, Veta Madre Indicated 2,900,000 0.491 46,261 3.3 307,155
La Colorada, ROM Pad Indicated 2,700,000 0.429 38,000 36.5 3,200,000
Total La Colorada 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
Magino - Webb Lake Indicated 207,268,820 0.87 5,797,550
Magino - Lovell Lake Indicated 1,880,830 0.80 48,380
Magino - South Metavolcanis Indicated 12,514,080 0.85 341,990
Magino - North Metavolcanics Indicated 1,816,060 0.92 53,270
Total Magino M&I 223,479,790 0.87 6,250,990
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 / M&I 65,089,000 0.83 1,735,000
Inferred Mineral Resources
Hercules Inferred 761,300 3.04 74,380
La Colorada - Gran Central, La Colorada Inferred 2,500,000 1.204 95,149 8.4 661,000
La Colorada, El Creston Deposit Inferred 2,199,713 0.88 62,703 13.3 943,734
La Colorada, Veta Madre Inferred 8,799 0.665 200 2.4 700
Magino - Webb Lake Inferred 7,803,620 0.77 193,190
Magino - Lovell Lake Inferred 123,370 0.52 2,060
Magino - South Metavolcanics Inferred 5,757,820 0.85 157,350
Magino - North Metavolcanics Inferred 124,600 0.56 2,240
San Antonio - Oxide/ Transition / Sulphides Inferred 6,215,000 0.34 67,000
Total Inferred Resources 25,494,222 654,272 1,605,434
Total Measured and Indicated Resources 671,100,590 12,662,915 14,047,675
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 Mine NI 43-101 Preliminary Economic Assessment La Colorada Project, Sonora, Mexico dated December 30, 2011
La Fortuna Property NI 43-101 La Fortuna, Durango, Mexico, Technical Report dated October 21, 2008
Hercules Technical Review and Mineral Resource Estimate of the Hercules Property dated May 26, 2010
Magino Gold Project
NI 43-101 Technical Report and Mineral Resource Estimate on the Magino Gold Project, Ontario, Toronto,
Canada dated October 4, 2012
San Antonio Gold Project
NI 43-101 Technical Report and Mineral Resource Estimate on the San Antonio Gold Project, Baja California Sur,
Mexico dated October 10, 2012
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 Durango, Mexico and the La Colorada
Mine in Sonora, Mexico, the advanced exploration stage San Antonio
project in Baja California Sur, Mexico, the advanced exploration stage
Magino project in Ontario, Canada and several exploration stage projects,
all of which are located in North America.
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:
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.
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 presentation 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 production costs 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.

Argonaut Position
Chairman
Brian J. Kennedy
Directors
Peter C. Dougherty
James E. Kofman
Christopher R. Lattanzi
Peter Mordaunt
Dale C. Peniuk
David H. Watkins
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
President and CEO of Atna Resources Ltd
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)
Vice President of Technical Services
W. Bob Rose COO Andina Minerals Inc.
Corporate Development Officer
Curtis K. Turner CFO Cyanco Corp.
Financial Status (6-30-2013)
Cash Balance ~ C $140 million Debt ~ 0
BMO
Canaccord Genuity
Dahlman Rose
GMP (Griffiths McBurney)
Macquarie Securities
Mackie Research
RBC
Scotia
Stonecap Securities
TSX Share Summary : AR
Outstanding Shares
149 million
Fully Diluted Shares
Market Cap
Analyst Research
Andrew Kaip
Rahul Paul
Adam Graf
Ian Parkinson
Michael Siperco
Barry Allen
Sam Crittenden
Ovais Habib
Christos Doulis
151 million
$1.09 billion
Share Price Range (52 week) $5.03 - $11.08
Management ~5%
Institutional ~80%
Retail ~15%
*Updated as of September 2013
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