Ms. Judy Baker reports

ARGO PERMITS ROTTENSTONE AND DREAVER LAKE IN SASKATCHEWAN

Argo Gold Inc. has obtained its mineral exploration permits from the Saskatchewan Ministry of Environment for Argo Gold's projects in the Rottenstone belt in Saskatchewan. The permits cover 26,661 hectares of mineral claims in the emerging Rottenstone belt and 1,155 hectares at the Dreaver Lake gold project.

Under the permits, Argo Gold is authorized to conduct prospecting, geological mapping and surface sampling. Airborne surveys can also be conducted upon notifying the Saskatchewan Ministry of Environment.

Dreaver Lake gold project

The Dreaver Lake gold project has weakly anomalous gold and silver in lake sediments, as well as a highly anomalous halo of coincident gold and silver in lake sediments for 10 kilometres in the down-ice direction. In 1968, prospecting at Dreaver Lake identified outcrops of quartz diorite rock consistent with rock hosting the gold mineralization in the Ramp Metals discovery hole Ranger 1, which intersected 73.55 grams per tonne gold over 7.5 metres from 227 to 234.5 metres (Ramp Metals, June 17, 2024). Exploration work in the 1960s was focused on nickel and copper, not gold. An airborne survey conducted for Noranda Exploration in 1966 at Dreaver Lake delineated three conductors, all with associated magnetic highs, in the metasediments flanking the intrusive granites. The highest-priority target is a strong, wide electromagnetic conductor that is approximately 1.5 kilometres in length with associated magnetic highs on both sides. All three conductors remain undrilled. The Dreaver Lake mineral claims are located approximately 12 km southeast of the Ramp Metals property.

The Dreaver Lake gold project is contiguous to that of Eagle Plains Resources, where trench sampling on the Cook showing returned 79.96 g/t Au over 1.0 metre, and a grab sample returned up to 78.84 g/t Au, 2.7 g/t silver, 0.146 per cent lead and 0.019 per cent copper (Eagle Plains website, 2025). Fathom Nickel is currently exploring at Gochager Lake, approximately five kilometres southwest of the Dreaver Lake property. Recent drilling intersected 18.1 metres of 2.43 per cent nickel, 0.51 per cent copper and 0.18 per cent cobalt (Fathom Nickel, April 12, 2023). Rock chip and soil geochemical sampling has extended the Gochager footprint by two kilometres to the southwest and two kilometres to the northeast (Fathom Nickel, Aug. 26, 2024). Underground exploration drilling at the past-producing Roy Lloyd mine located 20 kilometres south of Dreaver Lake intersected 8.17 metres (5.32-metre true width) of 66.85 g/t Au, 6.79 metres (4.42-metre true width) of 80.12 g/t Au and 2.23 metres (1.73-metre true width) of 128.37 g/t Au at a depth of approximately 240 metres (Matrixset Investment Corp. website).

Rottenstone project

Argo has completed a compilation of all historic data for the Rottenstone project, where Argo owns 100 per cent of 26,661 hectares of mineral claims in the emerging Rottenstone belt (Argo Gold, Aug. 7, 2024, and Argo Gold, Jan. 20, 2025). The compilation of historic data has identified additional prospective mineral exploration ground where anomalous gold, silver and copper in lake sediments coincide with an interpreted fold axis from historic geophysical data. Argo's mineral claim position in the Rottenstone belt covers areas of interest, including: anomalous copper in soils, electromagnetic conductors identified by historic geophysical surveys, ultramafic rocks, the Gow Lake meteor crater area and the geological strike extension of the Rottenstone mine.

The Fraser Institute's annual survey of mining companies ranked Saskatchewan as third in the world for mineral exploration and mining investment attractiveness. Argo is well positioned to advance mineral exploration with high-quality assets in a mining-friendly jurisdiction.

National Instrument 43-101 disclosure

The technical information in this news release has been reviewed and approved by Michael Guo, PhD, PGeo, MG Geological Consulting Ltd., who is a qualified person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Historical geochemical, drilling results and geological descriptions quoted in this news release were taken directly from news releases by other mineral explorers and from information provided by the government of Saskatchewan. Management cautions that results reported by other parties on adjacent properties have not been verified nor confirmed by its qualified person, but Argo believes they create a scientific foundation for the exploration in the district. Management further cautions that historical results or discoveries on adjacent or nearby mineral properties are not necessarily indicative of the results that may be achieved on Argo's mineral properties.

About Argo Gold Inc.

Argo Gold is a Canadian mineral exploration and development company and an oil producer.

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