Mr. Dan Symons of Argonaut Gold reports

ARGONAUT GOLD AND ALIO GOLD MERGER RECEIVES POSITIVE RECOMMENDATION FROM PROXY ADVISOR FIRM, INSTITUTIONAL SHAREHOLDER SERVICES INC.

Institutional Shareholder Services Inc. (ISS), an independent proxy advisory firm that provides voting recommendations to shareholders, has issued positive reviews of the proposed merger of Argonaut Gold Inc. and Alio Gold Inc. announced on March 30, 2020. ISS recommends that both Argonaut and Alio shareholders vote in favour of the resolutions to be voted on at the special meeting of shareholders to be held on May 20, 2020.

Argonaut and Alio shareholders of record at the close of business on March 30, 2020, and April 14, 2020, respectively, are eligible to vote their common shares. Full details of the proposed merger and the matters to be voted on at the meeting are described in the joint management information circular and related meeting materials that were mailed to shareholders on April 22, 2020. All of the meeting materials can be downloaded from Argonaut's website and from Alio's website, and also from each company's profile on SEDAR.

To pro-actively deal with the unprecedented public health impact of COVID-19, both meetings will be held in a virtual-only format.

The Argonaut meeting will be conducted via live on-line audio only at 11:30 a.m. ET on May 20, 2020.

The Alio meeting will be conducted via live audio webcast only at 8:30 a.m. PT on May 20, 2020.

About Argonaut Gold Inc.

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

About Alio Gold Inc.

Alio is a gold mining company. It is focused on the safe and profitable production of gold from its cornerstone asset, the 100-per-cent-owned Florida Canyon mine in Nevada, United States. The company also owns the development-stage Ana Paula project in Guerrero, Mexico.

We seek Safe Harbor.