An anonymous director of Argonaut reports

ARGONAUT GOLD AND ALIO GOLD MERGER: REMINDER TO VOTE

Argonaut Gold Inc. and Alio Gold Inc. would like to remind shareholders and certain securityholders (in the case of Alio) that they have until 11:30 a.m. Eastern Time or 8:30 a.m. Pacific Time on Friday, May 15, 2020, to vote their shares or securities by proxy at the companies' respective upcoming annual and special meetings.

Each of the Argonaut Gold and Alio Gold board of directors has unanimously recommended that the shareholders and certain securityholders (in the case of Alio) of their respective companies vote for each of the proposed resolutions to be considered at their respective annual and special meetings. In addition, both Institutional Shareholder Services and Glass, Lewis & Co., two leading independent third party proxy advisory firms, have issued positive reviews of the proposed merger of Argonaut and Alio, and both recommend that shareholders vote in favour of the resolutions to be voted upon at the annual and special meetings of Argonaut Gold and Alio Gold 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 and registered holders of options, RSUs, PSUs and DSUs of Alio at the close of business on April 14, 2020, are eligible to vote those securities on the resolution to approve the Argonaut Gold and Alio Gold merger. 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 and holders of Alio options, RSUs, PSUs and DSUs 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.

Shareholders and holders of Alio options, RSUs, PSUs and DSUs are encouraged to vote today using the Internet or telephone to ensure that your vote is received in a timely manner.

Argonaut Gold shareholders who have questions or need assistance with voting their shares can contact the Argonaut proxy solicitation agent Gryphon Advisors Inc.

North American toll-free:  1-877-353-5209

Calls outside North America:  1-416-661-6592

E-mail:  inquiries@gryphonadvisors.ca

Alio Gold securityholders who have questions or need assistance with voting their shares, options, RSUs, PSUs and/or DSUs, can contact the Alio proxy solicitation agent, Laurel Hill Advisory Group.

North American toll-free:  1-877-452-7184

Calls outside North America:  1-416-304-0211

E-mail:  assistance@laurelhill.com

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 the LumiAGM website at 11:30 a.m. EDT on May 20, 2020.

The Alio meeting will be conducted via live audio webcast only at the LumiAGM website 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. Advanced exploration projects include the Cerro del Gallo project in Guanajuato, Mexico, and the Magino project in Ontario, Canada.

About Alio Gold Inc.

Alio Gold 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. The company also owns the development-stage Ana Paula project in Guerrero, Mexico.

We seek Safe Harbor.