Welcome to our dedicated page for Argo Gold news (Ticker: ARBTF), a resource for investors and traders seeking the latest updates and insights on Argo Gold stock.
Argo Gold Inc. reports developments for a Canadian mineral exploration and development company that also produces oil. News about ARBTF commonly covers monthly oil production and cash flow from Alberta assets including Lindbergh and Lloyd interests, alongside updates on its mineral portfolio in Ontario.
Recurring company updates include exploration permits and project work at the Uchi Gold Project east of Red Lake, claim activity and technical context for the Hurdman Silver-Zinc Project north of Timmins, stock option grants, advisory and management appointments, and exchange quotations on the Canadian Securities Exchange and OTC market.
Argo Gold reported its May 2024 oil production at 3,375 barrels, averaging 109 barrels per day. The company earned an average oil price of CDN$79.43 per barrel, resulting in total revenue of $268,111 and a net operating cash flow of $175,732. Argo holds interests in three oil fields: Lindbergh 1, Lindbergh 2, and Lloyd. In Lindbergh 1, with a 37.5% interest, Argo produced 41 barrels per day, earning $100,878 in revenue and generating $65,952 in net operating cash flow. At Lloyd, with an 18.75% interest, the company produced 37.5 barrels per day, garnering $92,210 in revenue and $61,398 in net operating cash flow. Lastly, in Lindbergh 2, with a 37.5% interest, Argo produced 30.5 barrels per day, earning $75,023 in revenue and resulting in $48,382 in net operating cash flow.
Argo Gold announced its plan to initiate a normal course issuer bid (NCIB) starting June 27, 2024, to repurchase up to 3,617,692 common shares, representing 5% of its issued and outstanding shares. This initiative will span 12 months, concluding on June 26, 2025, unless the maximum shares are acquired before then or the program is terminated early. The company believes the current market price undervalues its business and prospects, making this buyback a strategic move to enhance long-term shareholder value. Purchases will be conducted through the Canadian Securities Exchange or alternative trading systems at prevailing market prices. All repurchased shares will be canceled.
Argo Gold reported April 2024 oil production totaling 2,842 barrels, with an average daily output of 95 barrels. The average oil price for April was CDN$83 per barrel, leading to a total oil revenue of $235,869 and a net operating cash flow of $133,739.
Argo's production from Lindbergh 1 (37.5% interest) was 85 barrels per day, contributing 32 barrels per day to Argo's share. This resulted in $79,398 in revenue and $39,084 in net operating cash flow. From the Lloyd site (18.75% interest), production was 182 barrels per day, with Argo's share at 34 barrels per day, generating $85,179 in revenue and $51,286 in net operating cash flow. Lindbergh 2 (37.5% interest) produced 76 barrels per day, with Argo's share at 29 barrels per day, resulting in $71,292 in revenue and $43,369 in net operating cash flow.
Argo Gold released its Year-End 2023 Reserves Report effective December 31, 2023, prepared by Petrotech and Associates. The report complies with the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 standards. It covers Argo's interests in three producing and three planned undeveloped oil wells in Lindbergh and Lloydminster, Alberta. The report excludes a second planned well at Lloydminster set for summer 2024.
The key figures are:
- Proved Developed Producing: 208.8 Mbbl Gross, 176.3 Mbbl Net, with NPV ranging from $7.1M to $11.1M
- Proved Undeveloped: 272.7 Mbbl Gross, 223.6 Mbbl Net, with NPV ranging from $7.4M to $13.7M
- Total Proved: 481.5 Mbbl Gross, 399.9 Mbbl Net, with NPV ranging from $14.5M to $24.8M
- Probable: 92.8 Mbbl Gross, 76.0 Mbbl Net, with NPV ranging from $2.0M to $5.5M
- Total Proved plus Probable: 574.3 Mbbl Gross, 476.0 Mbbl Net, with NPV ranging from $16.5M to $30.3M
The formal documents have been filed and are available on the company's website and SEDAR+.
Argo Gold Inc. reported a total of 3,269 barrels of oil production in March 2024, with an average of 105 barrels per day. The oil prices averaged CDN$73 per barrel, resulting in March oil revenue of $239,334 and a net operating cash flow of $138,860. Argo's interest in Lindbergh 1, Lloyd, and Lindbergh 2 contributed to the production and revenue figures.
Argo Gold Inc. reported a total 2023 oil production of 17,553 barrels in their first year as an oil producer in Alberta, Canada. The company's 2023 oil revenue reached $952,692 with a net operating cash flow of $665,917.
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