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ARGONAUT GOLD Argonaut Gold Announces Record Quarterly and Annual Revenue and Cash Flow from Operating Activities ; Provides Fourth Quarter and Full Year Financial and Operating Results Toronto , Ontario - ( February 25 , 2021 ) Argonaut Gold Inc. ( TSX : AR ) ( the " Company " , " Argonaut Gold " or " Argonaut ” ) is pleased to announce its financial and operating results for the fourth quarter and year ended December 31 , 2020. For the fourth quarter 2020 , the Company reports record quarterly revenue of $ 100.8 million , adjusted net income¹ of $ 20.8 million or adjusted earnings per basic share¹ of $ 0.07 and net income of $ 18.0 million or earnings per basic share of $ 0.06 , derived from the sale of 53,478 gold equivalent ounces² ( “ GEO ” or “ GEOs ” ) , which generated record quarterly cash flow before changes in working capital of $ 39.5 million . For the full year 2020 , the Company reports record annual revenue of $ 319.7 million , adjusted net income¹ of $ 48.3 million or adjusted earnings per basic share¹ of $ 0.21 and net income of $ 14.2 million or earnings per basic share of $ 0.06 , derived from the sale of 179,169 GEOs , which generated record annual cash flow from operations before working capital changes of $ 95.0 million . All dollar amounts are expressed in United States dollars unless otherwise specified . CEO Commentary Pete Dougherty , President and CEO stated : “ During 2020 , we put the Company in a fantastic position to execute on our transition strategy from a short mine life , high - cost junior producer to a long mine life , lower cost intermediate producer through the permitting and financing achievements for the Magino project in Ontario , Canada , leading to a construction decision , and the acquisition of the Florida Canyon mine in Nevada , USA . As we look to 2021 , we are focused on continuing to execute on this strategy now that the pieces are in place to do so , as well as the exploration upside at the Magino and the Florida Canyon districts . " 1 See " Non - IFRS Measures " section . ² GEOs are based on a conversation ratio of 80 : 1 for silver to gold for 2020 and 75 : 1 for 2019. The silver to gold conversation ratio is based on the three - year trailing average silver to gold ratio . 1