Mr. Dan Symons reports

ARGONAUT GOLD RECEIVES FEDERAL GOVERNMENT APPROVAL OF MAGINO ENVIRONMENTAL ASSESSMENT

Argonaut Gold Inc. has received a positive decision statement for the environmental assessment (EA) under the Canadian Environmental Assessment Act 2012 for its 100-per-cent-owned Magino project from Catherine McKenna, Minister of Environment and Climate Change.

This decision follows a thorough and science-based environmental assessment conducted by the Canadian Environmental Assessment Agency with participation of indigenous groups, the public and federal departments including Fisheries and Oceans Canada, Environment and Climate Change Canada, Natural Resources Canada, Health Canada, and Transport Canada.

Pete Dougherty, president and chief executive officer, stated: "The approval of the EA is the completion of a major milestone for the Magino project, a process that included co-operation of the company, indigenous and non-indigenous communities and the Canadian government to the benefit of all stakeholders. Magino is a strategic, long-life asset located in the attractive mining jurisdiction of Ontario, Canada. As demonstrated in our feasibility study published December, 2017, the size, location, existing infrastructure and economics of the project give Argonaut significant flexibility to explore options around Magino on our own or with partners. Our plans in 2019 are to continue our work to secure other key authorizations required for the project, as well as continue our detailed design and engineering efforts."

Subsequent key authorizations under way for Magino include but are not limited to the conclusion of the provincial EA, the construction permit, the mine closure plan and the Schedule 2 authorization. The company anticipates the conclusion of the provincial EA later in the first half of 2019 and subsequent authorizations during 2020.

For further information on Magino, please see the report on the company's website or on SEDAR.

About Argonaut Gold Inc.

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo complex in Durango, Mexico, and the La Colorada mine in Sonora, Mexico. Advanced exploration projects include the San Antonio project in Baja California Sur, Mexico, the Cerro del Gallo project in Guanajuato, Mexico, and the Magino project in Ontario, Canada. The company also has several exploration stage projects, all of which are located in North America.

We seek Safe Harbor.