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ARGONAUT GOLD Argonaut Gold Provides Updated Magino Construction Capital Estimate and Announces Leadership Change Conference Call and Webcast Scheduled : December 14 , 2021 at 10:00 am EST Toronto , Ontario - ( December 14 , 2021 ) Argonaut Gold Inc. ( TSX : AR ) ( the " Company " , " Argonaut Gold " or " Argonaut " ) announces that it has completed a review of the estimated construction capital at completion ( " EAC " ) of its 100 % -owned Magino project in Ontario , Canada ( “ Magino " or the " Project " ) . The Company also announces a change in leadership . All dollar amounts are expressed in Canadian dollars , unless otherwise specified . " US $ ” refers to United States dollars . Leadership Change The Company announces that Pete Dougherty has ceased to be the President and Chief Executive Officer of Argonaut Gold effective immediately . The Board of Directors has commenced a search to replace these roles and is working in real time to put interim leadership in place . The Board of Directors believes the existing executive team , with the support and guidance of the Board , is well suited to continue to run the business while a lasting leadership decision is being made . Argonaut would like to thank Mr. Dougherty for his contributions during his tenure as President and Chief Executive Officer . James Kofman , Chair of the Board , commented : " Pete Dougherty was the founder of the Company and has taken Argonaut from a small Company to a diversified gold producer operating in three countries . The Board of Directors intends to work actively with and be available to the executive leadership team . Our Board consists of four members with mining CEO experience and a wealth of knowledge in both financing and strategic alternatives . We have full confidence in the existing executive team to step up during this interim period . " Magino Construction Capital Estimate After a review of the impacts of cost increases , inflation , COVID - 19 , adjustments to the development plans and contingencies , the updated Magino EAC is approximately $ 800 million . It is forecasted that through December 31 , 2021 , approximately $ 342 million will have been invested into the Project , leaving approximately $ 459 million remaining to be invested to complete the Project . Magino EAC Variance - October 2020 Construction Decision vs. Current ( CAD $ M ) Process Facilities Area October 2020 EAC $ 193 Change $ 26 Current EAC $ 219 1