Ar gonaut Gold has more than quadrupled production since its 2010 inception During 2014 the Company achieved record production while advancing the other projects in our portfolio The San Agustin resource nearly tripled and there is still upside exploration potential at that project The Company will assess the possible resource expansion after acquiring addtional land surrounding our Magino project Finally we continue to work on permitting San Antonio In spite of the challenging market conditions as an organization we have made great strides during 2014 In 2015 the focus will continue to be on the core principles of our Company safe and efficient operations meeting production goals and targets producing at a cost that allows us to generate returns to our shareholders and finding value in our pipeline of future projects Peter Dougherty Upcoming Project De v elopments El Cas llo San Agus n El Cas tillo Locat e d 1 20 km nor t h of Durango S t at e of Durango Me xico MiningProc e ssing R esourc es Nov 2010 PP of 12 M o z 106 Million t onnes 036 g t a t 1000 Au MI of 17 M o z 166 Million t onnes 032 g t a t 1300 Au Sulphides MI of 15 M o z 162 Million t onnes 0296 g t La Colorada Locat e d 45 km southeast of Hermosillo Sonora Me xico MiningProc essing R esourc es Oct 2011 MI of 11 M o z Gold 50 Million tonnes 066 g t a t 1500 Au MI of 14 M o z Silv er 50 Million t onnes 87 g t a t 20 Ag Inf err ed of 269K o z Gold 114 Million tonnes 073 g t 43K GE Os overall guidance f or 740760 o z c ash c o s t 5055K GE O o z a t 600650 o z c ash c o s t Magino Locat e d 40 km nor t hw est of W a w a Ontario Canada MiningProc essing R esourc es Dec 2013 at 1250 Au PP of 17 M o z 60 Million t onnes 090 g t MI of 42 M o z 127 Million t onnes 101 g t In f err ed of 1 M o z 30 Million t onnes 108 g t Preliminary F easibility Study San Antonio Locat e d 45 km southeast of La P a z Baja Calif o rnia Sur MiningProc essing Open Pit heap leach R esourc es Sept 2012 at 1500 Au MI of 17M o z 65 Million t onnes 083 g t 84 M 70k o z s Cash Cos t 553 o z 66 San A gus tin Locat e d 1 0 km southw est of El Castillo Mine MiningProc essing Open Pit heap leach R esourc es Oct 2014 at 1200 Au and 17 Ag Indic a t ed of 845K o z Gold 82 Million tonnes 032 g t Au Indic a t ed of 28 M o z Silv er 82 Million t onnes 107g t Ag Magino To r o n t o 356 M 127k o z s Cash Cos t 693 oz 18 FUTURE PROJECTS 0 10 0 20 0 30 0 40 0 50 0 60 0 2012 2013 2014 Ex p a n s ion L a Colorada El Cas ll o Ne w Mi ne S a n A g us n Ne w Mi ne S a n A n t o ni o Ne w Mi ne Magi no Magino San Antonio San Agus n La Colorada El C a s llo 108k ozs 150 180k ozs 270 365k ozs 500k ozs wit h ups ide 120k ozs 137k ozs 200 240k ozs La Color a da a nd El Ca s llo Ve t a M a d r e Ex pansion Ong oing P e rmi ng 79 m o n ths C o ns truc on San An t o nio 70 to 125k ozs Magino 200k ozs years 17 1824 m o n ths P e rmi ng 1224 m on ths C o ns truc on Sa n Ag us n 50 to 60k ozs 57 m o n ths 612 m o n ths Land W a t e r P e rmi ng C o ns truc on 93K g old o z overall guidance f or 740760 o z c ash c o s t 8590K g old o z guidance f or 750800 o z c ash c o s t 5 5 611oz 67 M Cash Cos t Two Producing Mines and A Portfolio of Three Additional Projects PRODUCTION mine with a life of mine strip ra o of 041 Note construc on decisio n pending bo ard appro v al o n a pro j ect by project basis based on co mpany and market condi ons 50k GEOs 22 F irst 7 years produc on