Mr. Richard Young reports

ARGONAUT GOLD RELEASES 2022 ESG REPORT AND ESG STRATEGY

Argonaut Gold Inc. has released its 2022 environmental, social and governance (ESG) report, titled "Building a Legacy," reflecting the commitment to transparent, ethical and responsible mining. The Report includes Argonaut's first ESG Strategy that outlines objectives and metrics that the Company will use to deliver and monitor improved ESG performance throughout the Company.

This is Argonaut's first ESG report that aligns with the Global Reporting Initiative and Sustainability Accounting Standards Board. The launch of the report formalizes Argonaut Gold's commitment to achieving excellence in ESG and establishes a baseline for future reporting in line with industry standards.

"Our 2022 ESG Report reinforces Argonaut Gold's commitment to executing our vision, mission, and values. Our vision is to become a low-cost, mid-tier North American gold producer that creates significant value for our stakeholders and proudly demonstrates responsible mining. We will achieve our mission of delivering asset growth and operational excellence while protecting our people and the environment, and being a good partner to our communities by leveraging our core values of integrity, respect, collaboration, communication, care and performance. This ESG Report underscores our progress on this journey and sets the course for our continued dedication to these principles as we move forward," stated Richard Young, President and Chief Executive Officer.

Argonaut Gold's 2022 ESG Report highlights the significant progress achieved by the Company during calendar year 2022, including:

Environmental:

First time releasing detailed data on energy and climate, water management, and biodiversity

Description of ongoing progressive reclamation at Florida Canyon

Water recycling rate of 91% across four operating mines

Social:

Health & Safety: Company-wide, we lowered our Lost Time Injury Rate to 0.07 in 2022 from 0.32 in 2021

Maintained compliance with Indigenous agreements and ongoing support for permitting at Magino

Zero operational disruptions due to labour or community issues

About Argonaut Gold

Argonaut Gold is a Canadian-based gold producer with a portfolio of operations in North America. Focused on becoming a low-cost, mid-tier gold producer, the Company's newest gold mine, Magino is expected to become Argonaut's largest and lowest cost mine. Commercial production at Magino is the first step in transforming the Company as it enters a pivotal growth stage. The Company also has three additional operating mines including the Florida Canyon mine in Nevada, USA, 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".