TORONTO, Nov. 15,
2023 /CNW/ - Argonaut Gold Inc. (TSX: AR) (the
"Company", "Argonaut Gold" or "Argonaut") is pleased to announce
that it has completed the Magino royalty transaction with a
wholly-owned subsidiary of Franco-Nevada Corporation
("Franco-Nevada"), as announced on November
2, 2023.
Pursuant to the transaction, the Company has completed the sale
of an additional 1% net smelter return royalty ("NSR") on its
Magino Mine to Franco-Nevada for $28.0
million. Franco-Nevada now
holds an aggregate 3.0% NSR on the Magino Mine. The closing
of the sale of certain non-core royalty holdings in Canada and Mexico is expected to close subsequently,
adding up to an additional $1.45
million to the sale proceeds, subject to satisfying certain
conditions of closing.
About Argonaut Gold
Argonaut Gold is a Canadian-based gold producer with a portfolio
of operations in North America.
Focused on becoming a low-cost, mid-tier gold producer, the
Company's newest gold mine, Magino is expected to become Argonaut's
largest and lowest cost mine. Commercial production at Magino is
the first step in transforming the Company as it enters a pivotal
growth stage. The Company also has three additional operating mines
including the Florida Canyon mine in Nevada, USA, where it is pursuing potential
for redevelopment and additional growth, La Colorada mine in Sonora, Mexico and San Agustin mine in Durango, Mexico. Argonaut Gold trades on the
Toronto Stock Exchange (TSX) under the ticker symbol
"AR".
SOURCE Argonaut Gold Inc.