Ms. Joanna Longo reports

ARGONAUT GOLD ANNOUNCES FILING OF UPDATED TECHNICAL REPORTS FOR FLORIDA CANYON AND SAN AGUSTIN

Argonaut Gold Inc. has filed updated technical reports for its Florida Canyon and San Agustin mines. The reports can be found on the company's website or under the company's issuer profile on SEDAR+.

The reports have been prepared in accordance with the disclosure and reporting requirements set forth in the Canadian Securities Administrators' National Instrument 43-101, Standards of Disclosure for Mineral Projects, Companion Policy 43-101CP to NI 43-101 and Form 43-101F1 technical report, as well as the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves.

About the Florida Canyon mine

Florida Canyon is an open-pit and heap leach gold recovery mining operation that has been operating continuously with sporadic periods of interrupted production since 1986. Florida Canyon is located approximately 45 miles southwest of Winnemucca in Nevada, adjacent to Interstate Highway 80. The Florida Canyon mine is owned through a wholly owned subsidiary of Argonaut Gold acquired through its acquisition of Alio Gold Inc. in July, 2020.

Summary of the updated Florida Canyon technical report

The technical report, entitled "NI 43-101 Technical Report, Florida Canyon Gold Mine, Pershing County, Nevada, USA," with an effective date of May 1, 2024, has been prepared for Argonaut and a wholly owned subsidiary to be formed by Argonaut (Spinco), by Global Resource Engineering Ltd.

In the Florida Canyon technical report, a financial analysis was developed using a discounted cash flow approach on a pretax and after-tax basis. The net present value was calculated from the cash flows generated based on a discount rate of 5 per cent utilizing gold metal selling prices of $2,200 (U.S.) per ounce for 2024, $2,150 (U.S.) per ounce for 2025/2026 and thereafter $1,900 (U.S.) per ounce. Gold metal prices are elevated in the first three years to reflect current metal price trends, with latter years reverting to slightly above the three-year trailing average. Silver metal selling price is assumed as $20 (U.S.) per ounce.

Florida Canyon technical report highlights:

• Average annual gold production of 70,000 ounces from 2024 through 2030;
• Total cash cost of $1,394 (U.S.) per ounce and all-in sustaining cost of approximately $1,630 (U.S.) per ounce over the remaining life of mine;
• Pretax net present value (5 per cent) of $153-million (U.S.);
• After-tax net present value (5 per cent) of $139-million (U.S.).

Qualified persons

The following served as the qualified persons (QPs) for the Florida Canyon technical report:

• Terre Lane, RM SME, MMSA, Global Resource Engineering;
• Jeffrey Todd Harvey, PE, RM SME, Global Resource Engineering;
• Hamid Samari, MMSA, Global Resource Engineering;
• Larry Breckenridge, PE, Global Resource Engineering.

About the San Agustin mine

The San Agustin mine is located in the northern San Lucas de Ocampo mining district. The main part of the San Agustin mine is composed of two concessions acquired from Silver Standard Resources Inc. in December, 2013. Argonaut began mining operations at the San Agustin mine in February, 2017, pouring gold and silver dore in September, 2017, and commencing commercial production in October, 2017.

Summary of the updated San Agustin technical report

The technical report, entitled "San Agustin Gold/Silver Mine, Durango, Mexico, NI 43-101 Technical Report," with an effective date of May 15, 2024, has been prepared for Argonaut and Spinco, by Argonaut and Kappes, Cassiday & Associates.

The net present value was calculated from the cash flows generated based on a discount rate of 5 per cent utilizing gold metal selling prices of $2,200 (U.S.) per ounce for 2024 and $2,150 (U.S.) per ounce for 2025/2026. Gold metal prices are elevated in the life-of-mine plan to reflect current metal price trends and recognizing the short life-of-mine period remaining. Base case silver selling price is assumed as $20 (U.S.) per ounce.

San Agustin technical report highlights:

• Gold production of 89,000 ounces from April, 2024, through 2026;
• Total cash cost of $1,701 (U.S.) per ounce;
• Pretax and after-tax net present value (5 per cent) of $30-million (U.S.).

Qualified persons

The following served as the QPs for the San Agustin technical report:

• Marc Leduc, PEng, Argonaut;
• Owen Nicholls, CPG AIPG, Argonaut;
• Carl Defilippi, RM SME, Kappes, Cassiday & Associates.

About Argonaut Gold Inc.

Argonaut Gold is a Canadian-based gold producer with a portfolio of operations in North America. On March 27, 2024, Argonaut and Alamos Gold Inc. entered into an arrangement agreement whereby Alamos will acquire all of the issued and outstanding shares of Argonaut pursuant to a court-approved plan of arrangement. As part of the arrangement, Alamos will acquire Argonaut's Magino mine and Argonaut's assets in the United States and Mexico will be spun out to its existing shareholders as a newly created junior gold producer, Spinco. As a result, Spinco is expected to own the Florida Canyon and San Agustin mines. Argonaut Gold trades on the Toronto Stock Exchange under the ticker symbol AR.

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