With all of this great anal yst good vibers how come we are not smiling yet? Perhaps because they are only anal- anal ysts after all and we all know just about how much we can always believe everything that they say (not).

Doc

Expert Analysis

Andrew Kaip, BMO Capital Markets (12/12/12) "We are resuming coverage of Argonaut Gold Inc. following the completion of its acquisition of Prodigy Gold Inc. . .the acquisition of Prodigy is forecast to increase Argonaut's production by ~240% from current levels to 390 Koz gold equivalent by 2017E. . .we are maintaining an Outperform rating for the company and increasing the price target to $13 (from $11 previously) based on Argonaut's safe jurisdictional composition, track record of execution and future growth."

Rahul Paul, Canaccord Genuity (12/12/12) "We reiterate our Buy rating on Argonaut Gold Inc. following the close of the Prodigy Gold Inc. acquisition, which sets the stage for further growth beyond El Castillo, La Colorada and San Antonio. . .with a proven management team at the helm and expected strong operational momentum over the next 12 months we see strong re-rating potential. . .management has indicated the likelihood of a smaller-scale operation at Magino based on a smaller but higher-grade mineable resource. . .this may be the right decision since a smaller operation should best facilitate cost control and management of development risks."

Ovais Habib, Scotia Capital (12/10/12) "Argonaut Gold Inc. announced that the Supreme Court of British Columbia has granted the final order approving the transaction whereby the company will acquire all the outstanding shares of Prodigy Gold Inc. . .the acquisition is primarily for the Magino project in Ontario, which hosts an Indicated resource of 6.25 Moz at a grade of 0.87 g/t Au. . .the 2011 PEA outlined a 20 Ktpd operation producing 250 Koz Au/year at an average head grade of 1.15 g/t Au. . .our conservative conceptual development scenario for the Magino project at this preliminary stage is compelling."

Christos Doulis, Stonecap Securities (11/15/12) "Argonaut Gold Inc. has delivered another solid quarter of operating and financial results and continues to build cash. With the final major permit received for La Colorada the path is now clear to begin full production in 2013. . .we are increasing our price target to $11.35 from $11.05."

Barry Allan, Mackie Research Capital (11/15/12) "Argonaut Gold Inc.'s Q3/12 production of 31.1 Koz (prereleased) was above our initial forecast of 24.8 Koz, and operating costs of $577/oz was better than the $608/oz we had expected. Overall, the company is well on the way to beating initial guidance for 2012—a rare feature with the gold mining industry. . .good financial results were also driven by high sales volume; gold sales in Q3/12 were 42.5 Koz, 11.4 Koz more than what was produced. . .EPS of $0.29 was well above the $0.26 we forecasted, and cash flow of $0.39/share handily beat the $0.30/share we expected. . .our estimates were well above street consensus, meaning Q3/12 was a pleasant but unexpected surprise."