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ARGONAUT GOLD Argonaut Gold Announces Record Quarterly Production of 59,704 Gold Equivalent Ounces , Record Quarterly Revenue of $ 105.3 Million and Earnings per Share of $ 0.09 Toronto , Ontario - ( May 4 , 2021 ) Argonaut Gold Inc. ( TSX : AR ) ( the " Company " , " Argonaut Gold " or " Argonaut " ) is pleased to announce its financial and operating results for the first quarter ended March 31 , 2021. The Company reports record quarterly production of 59,704 gold equivalent ounces¹ ( " GEO ” or “ GEOs " ) , record quarterly revenue of $ 105.3 million , cash flow from operating activities before changes in operating working capital of $ 27.7 million and net income of $ 27.0 million or earnings per share of $ 0.09 . All dollar amounts are expressed in United States dollars , unless otherwise specified ( C $ refers to Canadian dollars ) . CEO Commentary Pete Dougherty , President and CEO stated : " It was our second consecutive quarter of record quarterly production and revenue . We demonstrated strong cash flow during the first quarter , which underpins our strategy to harvest cash from the existing operations , replace depleted ounces and invest in our growth asset portfolio to transform Argonaut from a high - cost , junior producer with short mine lives to a lower cost intermediate producer with long mine lives . With the cash we are generating , the recent announcement of an increase of Mineral Reserves by 43 % and Measured and Indicated Mineral Resources by 26 % year - over - year and the early progress of the Magino construction project , we are delivering on all three phases . " Key operating and financial statistics for the three months ended March 31 , 2021 are outlined in the following table : ¹ GEOs are based on a conversion ratio of 85 : 1 for silver to gold for 2021 and 80 : 1 for 2020. The silver to gold conversion ratio is based on the three - year trailing average silver to gold price . These are the ratios for each year throughout the press release . 1