Mr. Chuck Hennessy reports

ARGONAUT GOLD PROVIDES COMMISSIONING UPDATE AT ITS MAGINO MINE IN NORTHERN ONTARIO

Wet commissioning activities at Argonaut Gold Inc.'s Magino mine are well under way, with the introduction of ore into the crushing circuit on May 13 and ore into the grinding circuit on May 19. The company is now guiding toward a first gold pour by mid-June as it works closely with Ausenco Engineering Canada Inc., its engineering, procurement and construction manager, to pro-actively and systematically progress through the anticipated challenges that are common during the commissioning phase.

"The initial 48-hour run of the mills was completed on May 30, and the requisite retorquing of the grinding mills, mechanical inspections, and some minor repairs and modifications have begun. Milling is scheduled to resume on June 4. Initial results during commissioning indicate that throughput targets in the crushing and grinding circuits should be easily achieved, and the team is now working on achieving design availabilities as we work through instrumentation, electrical and communications issues that are common in the start-up of a process plant of this size. Furthermore, the tailings commissioning is complete, and all operating permits have been received to operate the plant and tailings management facilities. Over all, the ramp-up to commercial production remains on schedule and is expected in the third quarter," stated Chuck Hennessy, vice-president, Canadian operations.

About Argonaut Gold Inc.

Argonaut Gold is a Canadian gold company with a portfolio of operations and multistage assets in North America. Focused on becoming a low-cost mid-tier gold producer, the company is in the final stages of construction at its Magino mine, located in Ontario, Canada. Magino is expected to achieve commercial production in the third quarter of 2023 and become Argonaut's largest and lowest-cost mine. The commissioning of Magino will be the first step in transforming the company as it enters a pivotal growth stage. The company also has three operating mines, including the Florida Canyon mine in Nevada, United States, where it is pursuing potential for redevelopment and additional growth, La Colorada mine in Sonora, Mexico, and San Agustin mine in Durango, Mexico. Argonaut Gold trades on the Toronto Stock Exchange (TSX) under the ticker symbol AR.

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