Ms. Judy Baker reports

Argo Gold Inc.'s has released its year-end 2023 reserves report, with an effective date of Dec. 31, 2023, which is summarized herein. The reserves report was completed by Petrotech and Associates, an independent qualified reserves evaluator based in Calgary, Alta., and was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook (COGE Handbook) and National Instrument 51-101 -- Standards of Disclosure for Oil and Gas Activities. The evaluation was conducted using the Sproule Dec. 31, 2023, price forecast for heavy crude oil (12-degree API (American Petroleum Institute)), adjusted for each property.

The reserves report includes Argo's interest in the three current producing oil wells at Lindbergh and Lloydminster, Alta., and three undeveloped planned development oil wells at Lindbergh. The associated table summarizes the information contained in the reserves report, with an effective date of Dec. 31, 2023.

The disclosures contained in this report represent information related to the company's reserves, future net revenue and discounted value of future net cash flows as of Dec. 31, 2023. The report does not include the second planned oil well at Lloydminster, as this was not confirmed until Q1 2024.

The company will be filing its Form 51-101 F1 -- Statement of Reserves Data and Other Oil and Gas Information, Form 51-101 F2 -- Report on Reserves Data by Independent Qualified Reserves Evaluator, and Form 51-101 F3 -- Report of Management and Directors on Oil and Gas Disclosure for the year ending Dec. 31, 2023, shortly. These documents will be posted on the company's website and SEDAR+.

About Argo Gold Inc.

Argo Gold is a Canadian mineral exploration and development company.

We seek Safe Harbor.