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Argonaut Gold Announces Second Quarter 2017 Operating and Financial Results; 
Narrows Range of Production Guidance to Upper End

Production of 29,730 Gold Equivalent Ounces and Earnings per Share of $0.04

Toronto, Ontario - (August 10, 2017) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce its financial and operating results for the second quarter ended June 30, 2017.  The Company reports quarterly net income of $6.2 million or earnings per share of $0.04, the sale of 33,747 gold equivalent ounces1 (“GEO” or “GEOs”) and production of 29,730 GEOs.  All dollar amounts are expressed in United States dollars, unless otherwise specified (C$ refers to Canadian dollars).    

Key operating and financial statistics for the second quarter of 2017 are outlined in the following table:


(in millions except for earnings (loss) per share)		 3 months ended  June 30

Change		 6 months ended June 30 Change
2017 2016 2017 2016
Revenue  $42.5 $39.1 9% $87.0 $74.4 17%
Gross profit  $9.5 $7.8 22% $19.5 $16.7 17%
Net income (loss) $6.2 ($0.7) 986% $18.2 $3.6 406% 
Earnings (loss) per share – basic $0.04 ($0.00) - $0.11 $0.02 450% 
Adjusted net income2 $4.1  $3.1 32% $9.0 $4.9 84% 
Adjusted earnings per share – basic2 $0.02  $0.02 0% $0.05 $0.03 67% 
Cash flow from operating activities before changes in non-cash operating working capital  $13.5 $9.2 47% $28.4 $18.1 57% 
Cash and cash equivalents $53.8 $54.1 (1%) $53.8 $54.1 (1%) 
GEOs loaded to the pads1 53,402 63,724 (16%) 108,849 114,726 (5%) 
GEOs projected recoverable1,3 31,430 32,125 (2%) 64,142 59,981 7% 
GEOs produced1,4 29,730 29,237 2% 67,437 61,391 10% 
GEOs sold1 33,747 31,230 8% 69,920 61,242 14% 
Average realized sales price per gold ounce sold $1,260 $1,258 0% $1,244 $1,220 2%
Cash cost per gold ounce sold2 $785 $794 (1%) $767 $776 (1%) 
All-in sustaining cost per gold ounce sold2 $906 $947 (4%) $887 $910 (3%)
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