Mr. Dan Symons reports

ARGONAUT GOLD INC. ANNOUNCES C$110 MILLION BOUGHT DEAL FINANCING

Argonaut Gold Inc. has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on a bought deal basis 43,138,000 common shares at a price of $2.55 per common share for gross proceeds of approximately $110-million. The company has granted the underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the offering, to purchase up to an additional 15 per cent of the offering to cover overallotments, if any. The offering is expected to close on or about July 23, 2020, and is subject to Argonaut Gold receiving all necessary regulatory approvals.

Argonaut intends to use the net proceeds of the offering for the advancement of the company's Magino project and for general corporate purposes.

The common shares will be offered by way of a short-form prospectus in all provinces, excluding Quebec, and may also be offered by way of private placement in the United States. The offering is subject to typical conditions, including, but not limited to, receipt of approval from the Toronto Stock Exchange.

About Argonaut Gold Inc.

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production.

We seek Safe Harbor.