5/5/2023 - 10:11 AM EST - Argonaut Gold Inc. : Reported financial and operating results for the three months ended March 31, 2023. All dollar amounts are expressed in United States dollars, unless otherwise specified. Revenue of $69.0 million was 35% lower than $105.8 million from the first quarter of 2022, due to lower planned production from the Company's three Mexican mines - El Castillo, La Colorada and San Agustin. El Castillo ceased mining activities in the fourth quarter of 2022 and is now in residual leaching and reclamation. Gross loss of $2.5 million was $24.2 million lower than gross profit of $21.7 million from the first quarter of 2022, due to planned lower revenues from lower production, higher costs at the Mexican operations and inventory impairment related to the inability to apply fuel tax credits, net realizable value, and inventory obsolescence writedowns. Net loss of $10.4 million, or $0.01 per basic and diluted share, compared to net income of $5.6 million, or $0.02 per share largely due to lower gross profit. Argonaut Gold Inc.
shares T.AR are trading down $0.03 at $0.63.
