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Argonaut Gold Announces 2014 Revenue of $166.3M,
$42.5M in Cash Flow from Operations before Changes in Non-Cash
Operating Working Capital and Other Items

March 16, 2015

Toronto, Ontario - (March 16, 2015) 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 full year ended December 31, 2014.All dollar amounts are expressed in United States dollars unless otherwise specified.

3 months ended
December 31
Change
12 months ended
December 31
Change
2014
2013
2014
2013
Financial Data (000s except for earnings (loss) per share)
Revenue
$48,959
$34,604
↑41%
$166,266
$165,061
↑1%
Gross profit
$2,908
$8,553
↓66%
$22,651
$59,065
↓62%
Net income (loss)
($7,205)
($20,058)
↑64%
($4,190)
$4,628
↓191%
Earnings (loss) per share - basic
($0.05)
($0.13)
↑62%
($0.03)
$0.03
↓200%
Cash flow from operating activities before changes in non-cash operating working capital and other items
$7,329
$9,315
↓21%
$42,514
$61,734
↓31%
Cash and cash equivalents
$51,446
$81,076
↓37%
Gold Production and Cost Data
GEOs loaded to the pads1
62,823
51,549
↑22%
241,656
183,929
↑31%
GEOs projected recoverable 1,2
38,093
28,542
↑33%
140,563
105,481
↑33%
GEOs produced1
44,312
28,896
↑53%
136,706
121,243
↑13%
GEOs sold1
41,172
27,823
↑48%
132,977
118,877
↑ 12%
Average realized sales price
$1,196
$1,248
↓4%
$1,256
$1,392
↓10%
Cash cost per gold ounce sold3
$801
$654
↑22%
$771
$644
↑20%
1 Gold equivalent ounces (“GEO” or “GEOs”) are based on 55:1 conversion of silver to gold.
2 Recoverable ounces – El Castillo expected recovery rates: ROM oxide 50%, crushed oxide 70%, ROM transition 40%, crushed transition 60%, crushed sulphides argillic 30% and crushed sulphides silicic 17%; La Colorada expected recovery rates: gold 60% and silver 30%.
3 Refer to section Non-IFRS Measures.
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