Argonaut Gold
Argonaut Gold is a Canadian gold mining company that operates the Magino Gold Mine in Ontario, producing approximately 200,000 ounces annually from over 3 million ounces of reserves, selling gold into global commodity markets after divesting its Florida Canyon mine in 2024.
- Company typePublic
- Founded2007
- HeadquartersReno, United States
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What Argonaut Gold does
Argonaut Gold Inc. is a Canadian-incorporated, publicly traded (TSX: AR) gold mining company that operates the Magino Gold Mine in northern Ontario, Canada. Magino holds over 3 million ounces of proven and probable reserves and is designed for approximately 200,000 ounces of annual gold production at steady state, creating over 350 direct local jobs. Until 2024, the company also operated the Florida Canyon Gold Mine in Nevada, which it divested to Integra Resources for C$95 million to focus capital and management attention on Magino.
Argonaut's underlying technology base is conventional open-pit gold mining and extraction, augmented by a planned 2026 technology roadmap at Magino that includes autonomous equipment with AI integration, renewable energy expansion, closed-loop water recycling, and real-time environmental monitoring systems. The company also engages in land reclamation, water management, soil stabilization, and habitat restoration activities across its mining sites. Alamos Gold Inc. acquired approximately 13.8% of Argonaut's shares for C$50 million in April 2024, signaling strategic interest from a larger North American gold producer.
The business model is commodity sales: Argonaut extracts gold from ore and sells it into global commodity markets at prevailing spot prices, with no direct customer contracts or pricing power. The company is not a technology or services business — its revenue mechanics are entirely driven by ounces produced multiplied by the market gold price. Capital is raised through equity financings (multiple bought-deal public offerings between 2022 and 2024) and credit facilities (US$250 million secured in 2022 for Magino construction) to fund mine development and ongoing operations. Customer concentration is structurally low on the demand side (commodity sales into a deep global market) but the company carries full commodity-price exposure, with reported revenue of approximately $372M in 2023 and $388M in 2022 (combined Magino and Florida Canyon operations).
Argonaut Gold firmographics
Firmographics- Name
- Argonaut Gold
- Legal name
- Argonaut Gold Inc.
- Website
- https://argonautgold.com
- Company type
- Public
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Argonaut Gold is a Canadian gold mining company that operates the Magino Gold Mine in Ontario, producing approximately 200,000 ounces annually from over 3 million ounces of reserves, selling gold into global commodity markets after divesting its Florida Canyon mine in 2024.
- Ownership category
- akta.pro rank
Argonaut Gold industry classification
Industry- Product category
- Gold Mining
- NAICS
- Gold Ore and Silver Ore Mining (212220)
- SIC
- Gold And Silver Ores (1040)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
Keywords
Where Argonaut Gold is headquartered
LocationHeadquarters
- HQ city
- Reno
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Argonaut Gold business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Supply Chain, Personnel, Infrastructure, Operations, Others
Revenue model
- Gold production and sales: Argonaut Gold generates revenue primarily through the extraction and sale of gold from its mining operations, including the Magino mine in Ontario, Canada and the Florida Canyon mine in Nevada, USA (subsequently sold to Integra Resources). Gold is sold as a commodity at market prices.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
Argonaut Gold product offering
Product offeringCore offering
Argonaut Gold is a gold mining company that extracts and produces gold from its mining operations for sale into global commodity markets. The company's primary asset is the Magino Gold Mine in northern Ontario, Canada, holding over 3 million ounces of proven and probable reserves with annual production of approximately 200,000 ounces. The company historically operated the Florida Canyon mine in Nevada (sold to Integra Resources in 2024) and is exploring additional sites including the Cerro del Gallo project in Mexico.
Product overview
Argonaut Gold is a gold mining company with operations focused on the Magino Gold Mine in northern Ontario, Canada. The company has historically operated the Florida Canyon Gold Mine in Nevada, which was sold to Integra Resources in 2024. Argonaut Gold's core business involves gold extraction and production, with the Magino Mine representing its primary asset, holding over 3 million ounces of proven and probable gold reserves with annual production of approximately 200,000 ounces.
Differentiator
Problem solved
Functional benefit
Products and services
- Magino Gold Mine A large-scale gold mining operation in northern Ontario, Canada, owned and operated by Argonaut Gold. The mine holds over 3 million ounces of proven and probable gold reserves, produces approximately 200,000 ounces of gold per year, and creates over 350 direct local jobs. Gold produced is sold into global commodity markets at prevailing market prices.
- Florida Canyon Gold Mine (divested) A gold mining operation located in Nevada, USA that was previously owned and operated by Argonaut Gold and sold to Integra Resources in 2024 for C$95 million. The mine had demonstrated 1.1 million ounces of proven and probable reserves and projected annual gold production of 82,000 ounces over an eight-year mine life.
Quantifiable outcome
- Annual gold production of approximately 200,000 ounces at Magino mine.
- +2 more outcomes
Companies that use Argonaut Gold
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles2 records
Argonaut Gold technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability1 record
Feature5 records
Argonaut Gold partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Integra ResourcescoreIntegra Resources acquired the Florida Canyon gold mine from Argonaut Gold for C$95 million in 2024. Following the acquisition, Integra released an updated feasibility study showing a 74% increase in proven and probable reserves to 1.1 million ounces and a 17% rise in annual gold production to 82,000 ounces, validating the asset's potential.
Scale indicators12 records
Recent moves6 records
Expansion highlights5 records
Argonaut Gold competitors and assessment
Company assessmentDirect peers
- Alamos Gold: Senior Canadian gold producer operating the Island Gold District and Young-Davidson in Ontario and Mulatos in Mexico. Holds a 13.8% strategic stake in Argonaut and is the most likely acquirer of the company, making it the most directly comparable peer for valuation and operational benchmarking.
- New Gold: Intermediate gold producer operating the Rainy River mine in Ontario and New Afton in BC. Highly comparable given its Ontario producing asset (Rainy River) and similar scale of ~300,000+ oz/yr; provides a useful benchmark for unit costs and jurisdictional valuation in Ontario.
- Eldorado Gold: Canadian gold producer with operations in Greece, Turkey, and Canada (including Lamaque in Quebec). Comparable mid-cap gold producer with a mix of producing and development assets across multiple jurisdictions.
- IAMGOLD: Canadian mid-tier gold producer with producing mines in Canada, Burkina Faso, and Suriname, plus development projects. Comparable size, jurisdiction mix, and capital-markets profile; both companies have undergone multi-asset restructuring and capital raises in recent years.
- Centerra Gold: Canadian gold miner operating the Mount Milligan copper-gold mine in BC and the Öksüt gold mine in Turkey, with the Goldfields project under construction. Comparable mid-cap gold producer with Canadian roots and similar development-stage asset profile.
- Integra Resources: Junior-to-mid gold developer that acquired Argonaut's Florida Canyon mine for C$95M in 2024. Direct operational link to Argonaut via the Florida Canyon divestiture, with the asset producing ~82,000 oz/yr per the post-acquisition feasibility study.
- Equinox Gold: Multi-asset gold producer with operations across the Americas producing ~600,000 oz/yr. Comparable mid-cap gold producer profile with similar exposure to North American jurisdictions and a multi-mine strategy that contrasts with Argonaut's single-asset focus.
Broad incumbents
- Agnico Eagle Mines: Senior Canadian gold producer with major Ontario assets (Detour Lake, Macassa) and a global portfolio. Useful comparable for jurisdictional premium and as the new owner of the former Kirkland Lake assets, giving read-across to Magino's Ontario positioning.
- SSR Mining: Intermediate precious metals producer with assets in the Americas (including Seabee in Saskatchewan and Marigold in Nevada). Comparable in scale and North American jurisdiction mix; useful benchmark for capital intensity and project development comparable to Magino.
- Kirkland Lake Gold: Canadian gold producer historically operating the Macassa and Detour Lake mines in Ontario (now part of Agnico Eagle after the 2022 merger). Comparable as a senior Ontario-focused gold producer and useful benchmark for jurisdictional valuation in the same province as Magino.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Argonaut Gold social profiles
Digital presenceArgonaut Gold financial estimates
Financial estimateRevenue estimate
Valuation estimate
Argonaut Gold leadership team
Management profileNumber of profiles
Profiles6 records
Argonaut Gold funding detail
Funding detailFunding overview
Funding rounds10 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Argonaut Gold M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Argonaut Gold
What does Argonaut Gold do?
Argonaut Gold is a gold mining company that extracts and produces gold from its mining operations for sale into global commodity markets. The company's primary asset is the Magino Gold Mine in northern Ontario, Canada, holding over 3 million ounces of proven and probable reserves with annual production of approximately 200,000 ounces. The company historically operated the Florida Canyon mine in Nevada (sold to Integra Resources in 2024) and is exploring additional sites including the Cerro del Gallo project in Mexico.
Is Argonaut Gold a public or private company?
Argonaut Gold is a public company. It is classified as public and is currently operating.
When was Argonaut Gold founded?
Argonaut Gold was founded in 2007. It employs 1,001 to 5,000 people.
Where is Argonaut Gold based?
Argonaut Gold is headquartered in Reno, United States, in the North America region.
How does Argonaut Gold make money?
One revenue line is on record: gold production and sales.
Who are Argonaut Gold's main competitors?
Direct peers on record are Alamos Gold, New Gold, Eldorado Gold, IAMGOLD, Centerra Gold, Integra Resources and Equinox Gold. Broad incumbents are Agnico Eagle Mines, SSR Mining and Kirkland Lake Gold.
Does Argonaut Gold have an API?
No public API is recorded for Argonaut Gold.
What industry is Argonaut Gold in?
Argonaut Gold's product category is Gold Mining. Its primary akta.pro industry code is IMAKAEAA, Gold Mining. Its NAICS code is 212220 and its SIC code is 1040.