Ms. Joanna Longo reports

ARGONAUT GOLD RECEIVES MEXICAN ANTI-TRUST APPROVAL AND FINAL ORDER OF THE ONTARIO SUPERIOR COURT OF JUSTICE TO APPROVE ARRANGEMENT WITH ALAMOS GOLD

Argonaut Gold Inc. has received the clearance decision from the Comision Federal de Competencia Economica (COFECE) and the final order of the Ontario Superior Court of Justice (Commercial List) with respect to the pending arrangement transaction between Argonaut and Alamos Gold Inc. COFECE approval and court approval were the final substantive regulatory and court approvals required prior to closing of the arrangement, which is anticipated to occur in mid-July. Among other customary closing conditions, closing of the arrangement is subject to approval from the TSX Venture Exchange for the listing of the shares of Florida Canyon Gold Inc. (SpinCo), which will hold all of Argonaut's ownership interest in its United States and Mexican assets.

The arrangement agreement dated March 27, 2024, between the company and Alamos, as amended on May 24, 2024 (the arrangement agreement), provides that Alamos will acquire all of the issued and outstanding common shares of Argonaut by way of a court-approved plan of arrangement under the Business Corporations Act (Ontario), and in exchange, the shareholders of Argonaut will be entitled to receive 0.0185 of a Class A common share of Alamos and 0.1 of a common share of SpinCo. The arrangement was overwhelmingly approved by shareholders at the annual general and special meeting of shareholders held on June 28, 2024.

Further details regarding the arrangement are set out in the management information circular of Argonaut dated May 23, 2024, and the news releases of Argonaut dated March 27, 2024, and May 29, 2024, each of which are available on Argonaut's SEDAR+ profile.

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 entered into an arrangement agreement, as approved on June 28, 2024, at the annual general and special meeting of shareholders, whereby Alamos will acquire all of the issued and outstanding shares of Argonaut. As part of the arrangement agreement, 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, Florida Canyon Inc. (SpinCo or Florida Canyon Gold). As a result, Florida Canyon Gold is expected to own the Florida Canyon and San Agustin mines. Argonaut Gold trades on the Toronto Stock Exchange (TSX) under the ticker symbol AR.

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