Mr. Dan Symons of Argonaut reports

ARGONAUT GOLD AND ALIO GOLD MERGER RECEIVES POSITIVE RECOMMENDATION FROM PROXY ADVISORY FIRM, GLASS, LEWIS & CO.

Argonaut Gold Inc. and Alio Gold Inc. proxy adviser Glass Lewis & Co. has issued positive reviews of the proposed merger announced on March 30, 2020. Leading proxy advisory firms Glass Lewis and Institutional Shareholder Services Inc. (ISS) both recommend that Argonaut and Alio shareholders vote in favour of the resolutions to be voted on at the special meetings 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 through live on-line audio only at 11:30 a.m. EDT on May 20, 2020.

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

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.

About Alio Gold Inc.

Alio Gold is a gold mining company, 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.

We seek Safe Harbor.