Mr. Dan Symons of Argonaut reports

ARGONAUT GOLD AND ALIO GOLD COMPLETE MERGER TO CREATE NORTH AMERICAN DIVERSIFIED INTERMEDIATE GOLD PRODUCER

Argonaut Gold Inc. and Alio Gold Inc. have completed the business combination to create a North American, diversified precious-metal-producing company with a strong portfolio of growth assets.

Pete Dougherty, president and chief executive officer of Argonaut Gold, stated: "By combining Argonaut with Alio, we have created a diversified, intermediate gold producer with four producing mines, an enviable growth asset pipeline and increased capital markets scale. On behalf of the entire Argonaut Gold team, I would like to personally welcome Ms. Paula Rogers and Mr. Stephen Lang to the board of directors."

Argonaut common shares will continue trading on the Toronto Stock Exchange with no changes.

Alio shares are expected to cease trading on the NYSE American on July 1, 2020, and be delisted from the Toronto Stock Exchange after close of business on July 3, 2020. Under the terms of the arrangement agreement, all of the Alio issued and outstanding common shares will be exchanged on the basis of 0.67 of an Argonaut common share per Alio common share. The exchange ratio was agreed upon based on the volume-weighted average prices of Argonaut and Alio common shares over the 20 trading days ended on March 27, 2020.

Alio shares deposited in an on-line trading account will update automatically to reflect the conversion to Argonaut shares, generally within two weeks of closing. Alio shareholders who still hold physical share certificates or DRS statements must submit a letter of transmittal to Argonaut's transfer agent, Computershare Investor Services Inc., to receive new Argonaut share certificates. Additional information regarding the process is available on Argonaut's website.

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 the San Agustin mine, which together form the El Castillo complex in Durango, Mexico, the La Colorada mine in Sonora, Mexico, and the Florida Canyon mine in Nevada, United States. Advanced exploration projects include the Cerro del Gallo project in Guanajuato, Mexico, the Magino project in Ontario, Canada, and the Ana Paula project in Guerrero, Mexico. 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.

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