Mr. Richard Young reports

ARGONAUT GOLD ACHIEVES FIRST GOLD POUR AT ITS MAGINO MINE IN NORTHERN ONTARIO

Argonaut Gold Inc. achieved first gold pour at its Magino mine on June 14, 2023. Process plant ramp-up remains on schedule, with commercial production expected in the third quarter of 2023. Magino is Argonaut's first Canadian operation and is located in Dubreuilville, Ont.

"We are proud of the Argonaut team for delivering Canada's newest gold mine. The Magino mine is key to achieving our vision to become a low-cost, mid-tier North America gold producer that creates significant value for all our stakeholders and proudly demonstrates responsible mining. We thank all our employees, contractors and community partners for their hard work and dedication that has led us to this exciting project milestone," stated Richard Young, president and chief executive officer.

"With the first gold pour milestone behind us, we are now focused on completing commissioning and ramping up the mill to steady state. In addition, we are looking to further grow our flagship gold mine as we commence a reserve development drilling program, intending to increase reserves in combination with studies to expand and optimize mill throughput, both scheduled to begin later this summer," stated Marc Leduc, chief operating officer.

Magino is expected to produce between 72,000 ounces and 81,000 ounces of gold in 2023, at cash costs of between $850 and $950 per ounce, and approximately 148,000 ounces of gold at a cash cost of $868 per ounce in 2024, its first full year of production.

Argonaut is also pursuing additional growth opportunities at Magino. The company is scheduled to begin a 12-to-15-month exploration and reserve development program, in the third quarter, to convert open-pit resources to reserves within the current resource pit cone, test deep underground high-grade targets and test open-pit targets along strike west of the current deposit. In parallel, a review of mill optimization and expansion opportunities will commence in the third quarter, to potentially raise throughput rates and increase annual production. Metrics from Magino's National Instrument 43-101 technical report provide a static base case for analysis.

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 commissioning phase 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 ramp-up 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, the La Colorada mine in Sonora, Mexico, and the San Agustin mine in Durango, Mexico.

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