Expert Analysis

Barry Allan, Mackie Research Capital (10/29/12) "Argonaut Gold Inc. hosted a couple of site visits in Mexico. . .we do note that operations continue to perform smoothly and efficiently. . .crushing at El Castillo has now reached just shy of the 17 Ktpd level (equating to ~6 Mt/year). . .we expect that the company will continue to stack ~1 Mt/month ore. . .La Colorada continues to process run-of-mine material, with about three months of production left before mining is scheduled to commence (Q1/13)."

Rahul Paul, Canaccord Genuity (10/26/12) "We visited Argonaut's La Colorada mine in Sonora state and El Castillo mine in Durango state, Mexico. . .we believe that the company remains on track to deliver on expectations, and came away from the tour with a positive impression of its operational abilities. . .Argonaut Gold remains a Focus List pick based on attractive valuation considering a superior low-cost production growth profile, a proven management team and expected strong operational momentum over the next 12 months."

Ovais Habib, Scotia Capital (10/26/12) "We visited Argonaut Gold Inc.'s El Castillo as well as La Colorada projects. . .we were impressed by the work completed to date at La Colorada, both the commissioning of the adsorption desorption recovery plant as well as the progress of pad construction. . .operations at El Castillo are running smoothly with pad 8 construction in progress, which is expected to add 39 Mt of capacity, taking total pad capacity to 69 Mt. . .we rate the company Outperform."

Rob Davies, PI Financial (10/17/12) "Argonaut Gold Inc.'s growth attributes are far better than the mining industry in all of the metrics that we track. High quarterly EPS momentum for the most recent and next quarter are primarily responsible for the company's high rank based on selected growth criteria. . .Argonaut is a high gross margin company. . .stock should be bought at current levels."

Morning Coffee (10/16/12) "Argonaut Gold Inc. agreed to buy Prodigy Gold Inc. for $320.3M to add a project in Ontario. The acquisition and development of Prodigy's Magino gold project will help Argonaut meet its annual production target of 300–500 Koz gold. . .the terms of the transaction have been unanimously approved by both companies' boards of directors. . .Yesterday, Argonaut also announced record Q3/12 gold production of 31,074 oz and increased its 2012 production guidance to 101–103 Koz from 88–97 Koz."