Ms. Judy Baker reports

ARGO GOLD ENTERS INTO LETTER OF INTENT AND AREA OF MUTUAL INTEREST IN SOUTHERN ALBERTA, CANADA

As a result of an increase in oil and gas prices, world energy supply issues and the abundance of oil and gas exploration and development opportunities in Canada, on June 23, 2022, Argo Gold Inc. entered into a letter of intent and area of mutual interest on to earn into oil and gas lands in southern Alberta, with exploration and development potential in Cretaceous clastic reservoirs.

The letter of intent involves two-and-a-half sections of petroleum lands and contemplates the recompletion of a producing borehole. The parties will work toward a definitive Farmin agreement, whereby Argo will earn a 70-per-cent working interest by assuming 100 per cent of the drilling costs, subject to gross overriding royalties (GORR). Production from the primary target reservoir is expected to be in the hundreds of barrels of oil production per day from the new and recompleted wells. Upside is recognized in other, secondary reservoirs.

The area of mutual interest will enable the two parties to explore additional lands in a 50-50 partnership going forward, after Argo has earned into the initial section by drilling a well. Argo has engaged industry consultants to review geological, geophysical and engineering data, and believes both that there is large potential over multiple stratigraphic levels and that the area could become a substantial continuing business opportunity.

About Argo Gold Inc.

Argo Gold is a Canadian mineral exploration and development company. Information on Argo Gold can be obtained from SEDAR and on Argo Gold's website. Argo Gold is listed on the Canadian Securities Exchange (CSE).

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