Expert Analysis

Rahul Paul, Canaccord Genuity (1/18/13) "We maintain our Buy rating on Argonaut Gold Inc. following the release of Q4/12 and 2012 production results that were ahead of guidance and our estimates. . .the [management] team's operational track record has been excellent in 2012, highlighted by production results that beat the high end of revised estimates (even after raising guidance twice last year). . .the company remains a Canaccord Genuity Focus List pick based on attractive valuation in the context of one of the best, fully funded growth profiles in the sector."

Christos Doulis, Stonecap Securities (1/18/13) "Argonaut Gold Inc. provided its Q4/12 operating results and 2013 guidance for El Castillo. . .highlights include record Q4/12 production of 32 Koz Au, handily beating guidance of 25–27Koz. . .El Castillo production of 25.8 Koz, ahead of guidance of 22–23 Koz. . .total production in 2012 was 108 Koz, significantly beating guidance of 88–97 Koz and revised guidance of 101–103 Koz. . .the company expects 2013 production to increase by 5–10% at El Castillo. . .and we believe this is conservative guidance."

Craig West, GMP Securities (1/17/13) "Another record quarter for Argonaut Gold Inc. is good news for; while we had expected a strong quarter out of El Castillo, production of 25.8 Koz beat our expectations by over 3 Koz. . .the company's share price continues to outperform. . .given the markets appetite for lower-risk and strong cash generation, we expect interest in names like Argonaut, with simple, open-pit, heap-leach operations, low capital, low all-in costs, will continue."

Henk Krasenberg, Goldview (1/15/13) "Argonaut Gold Inc. is looking to make further progress in attaining their production target of 300 Koz to 500 Koz in the next few years. . .the expanding El Castillo and La Colorada mines will be joined in Mexico from the advanced San Antonio project and the recently acquired Magino mine in Ontario. . .at the end of 2012, the company strengthened its balance sheet further through the exercise of warrants that brought in $115M."

Argonaut Gold Inc. $ 9.54 -0.34 (-3.44%) Volume: 228.09 k 4:00 PM EST Jan 23, 2013

Current Target Price High Target Price Estimate 16.00 Low Target Price Estimate 8.60 Mean Target Price Estimate 13.20 Standard Deviation 2.36 Date of Most Recent Estimate 01/17/13 Analyst Recommendations Analysts recommending Strong Buy 5 Analysts recommending Moderate Buy 2 Analysts recommending Hold 1 Analysts recommending Moderate Sell 0 Analysts recommending Strong Sell 1