Argo Gold – Summer 2025 Update
- Argo finished calendar 2024 with an ownership interest in 5 operating oil wells in the Lloydminster area of Alberta, Canada.
- 2024 Net Operating Cash Flow from oil operations has been finalized at CAD$ 1.7 M.
- 2025 Net Operating Cash Flow from oil operations is estimated at CAD$1.3 M mainly due to lower oil prices.
- In the Fall of 2025, Argo will participate in drilling a new oil well at Lloyd; as well as the partial re-drill of Lloyd 2 where Argo has increased its interest to 23.077%.
- In 2025, Argo will pay down some of the debt.
- The timing of Argo paying a dividend is oil price dependent.
During 2023 and 2024, Argo invested capital of CAD $2.6 million to participate in the development drilling of 5 new horizontal oil wells – 3 oil wells at Lindbergh into the Sparky formation and 2 oil wells at Lloyd, 1 oil well in the Sparky formation and 1 oil well in the General Petroleum. All 5 oil wells were successfully drilled, completed, equipped, and brought on production, except for Lloyd 2. After 6 weeks of oil production at Lloyd 2 (mid September – end of October), of approximately 5,000 barrels of oil (Argo’s share 1,500 barrels), the oil well collapsed, and production has been minimal.
For Full Year 2024, Argo’s oil production was 39,739 barrels; generating oil revenue of $2.9 million (before royalty payments) and a net operating cash flow total of $1.7 million (before non-cash oil depreciation and accretion).
| Full Year 2024 | Argo’s oil production | Argo’s 2024 Oil Revenue | Argo’s 2024 net operating cash flow |
| Lindbergh 1, Lloyd 1, Lindbergh 2, Lloyd 2, Lindbergh 3 | 39,739 barrels | $2.9 million | $1.7 million |
Year-to-date 2025, January 2025 to May 2025, Argo’s oil production was 15,295 barrels; generating oil revenue of $1.04 million (before royalty payments) and a net operating cash flow total of $0.6 million (before non-cash oil depreciation and accretion).
| YTD 2025 – Jan to May 2025 | Argo’s YTD oil production | Argo’s YTD 2025 Oil Revenue | Argo’s YTD 2025 net operating cash flow |
| Lindbergh 1, Lloyd 1, Lindbergh 2, Lloyd 2, Lindbergh 3 | 15,295 barrels | $1.04 million | $0.6 million |
Argo’s Year-End 2024 Oil Reserves summarized below includes the five current operating oil wells and five future planned oil wells at Lindbergh and Lloyd.
| Year-End 2024 Oil Reserves | Argo Gross Oil | Argo Oil net of Royalties | 0% NPV | 10% NPV | 15% NPV |
| Total Proved plus Probable | 466,300 bbl | 400,800 bbl | $24 million | $16.2 million | $13.8 million |
Argo’s Plan for 2025
- Argo has a Growth Agenda with plans to continue to participate in development drilling of a new oil well in 2025 at Lloyd; as well as a partial re-drill of Lloyd 2.
- Argo Gold is also the 100% owner of two gold projects in northwestern Ontario, the Uchi Gold Project and the Talbot Lake Gold Project.
- In August 2024 and January 2025, Argo acquired a 100% ownership position of over 200 square kilometres in the emerging and underexplored Rottenstone Metallogenic Belt.
- In late 2024, Argo Gold acquired a 100% ownership position of over 160 square kilometres of uranium mineral claims in the Athabasca Basin in Saskatchewan.
- Argo Gold currently has 73 M shares outstanding. Institutions and insiders own 50% of the shares outstanding. The current CAD $5 million market capitalization is a compelling opportunity.
CSE: ARQ, OTC: ARBTF and XFRA, XSTU, XBER: A2ASDS
Judy Baker
CEO, Argo
(416) 786-7860
jbaker@argogold.ca
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