Argonaut Gold has secured some desperately needed financing this week to finish construction of its Magino Mine open-pit project. The Toronto miner developer closed a funding package that includes a term loan of US$200 million and a revolving credit facility of US$50 million that is earmarked to bring the historic mine back into production. The company announced last December that the cost to complete the mine had jumped from $510 million to $800 million, attributing the hike to inflation and the pandemic. In addition, Argonaut closed a two per cent net smelter return royalty to Franco-Nevada in exchange for US$52.5 million and a US$10 million private placement as part of a common share deal. In a statement, Argonaut Gold President-CEO Larry Radford attributes the completion of this financial deal to the Magino's "strong project fundamentals.