Ms. Judy Baker reports

ARGO'S OIL UPDATE

Argo Gold Inc.'s 2025 oil production -- Jan. 1, 2025, to Sept. 30, 2025 -- was a total of 24,003 barrels, averaging 88 barrels per day. Oil prices averaged $68 per barrel, and Argo's oil revenue was $1,631,714 and net operating cash flow was $913,157.

Lloyd 2 collapsed after six weeks of production in Q4 (fourth quarter) 2024 and, after six months of almost no oil production, was shut down in June, 2025. As a result of low oil prices, the partial redrill of Lloyd 2 and the planned drilling of Lloyd 3 were not completed in 2025.

Monthly oil production for June, July, August and September, 2025, are detailed in the attached tables.

About Argo Gold Inc.

Argo Gold is a Canadian mineral exploration and development company, and an oil producer. Information on Argo Gold can be obtained from SEDAR+ and on Argo Gold's website. Argo Gold is listed on the Canadian Securities Exchange, as well as on the OTC.