1. Limited geographical diversification: Argo Gold Inc operates primarily in Canada, which limits its exposure to other potentially lucrative markets.

2. Small market capitalization: The company has a relatively small market capitalization compared to its peers, which may limit its ability to attract investors and raise capital.

3. Limited production capacity: Argo Gold Inc has limited production capacity, which may limit its ability to generate revenue and compete with larger peers.

4. Limited resources: The company has limited financial and human resources, which may limit its ability to explore and develop new projects.

5. High risk: As a small exploration company, Argo Gold Inc is inherently high risk, as there is no guarantee that its exploration efforts will result in successful discoveries.

6. Limited track record: The company has a limited track record of successful exploration and development projects, which may make it less attractive to investors compared to more established peers.

7. Dependence on external funding: Argo Gold Inc may be dependent on external funding to finance its exploration and development activities, which may limit its ability to pursue projects independently.