Toronto-based Argonaut Gold has unveiled the company recently entered into monthly unsecured forward gold sales contracts of some 7,500 gold oz between April 2022 and March 2023 at a price of US$1,916 per gold ounce.
“These forward sales contracts total 90,000 ounces over the next 12 months and provide certainty of cash flow during the final year of Ma-gino project construction. These contracts represent between 40 and 45% of Argonaut's expected annual gold production, based on the Company's most recent projections for production,” the Canadian business said in a statement.
Argonaut Gold says it believes these forward gold sales contracts could be “helpful for a potential future debt financing, which Argonaut is working to finalize during the second quarter of 2022.”
“We believe that the Magino project will be transformational to the future of Argonaut,” said David Ponczoch, Argonaut Gold's Chief Fi-nancial Officer.