Ms. Judy Baker reports

ARGO GOLD CLOSES FINANCING

Argo Gold Inc. has closed its previously announced non-brokered private placement of 11.2 million units at a price of nine cents per unit for gross proceeds of $1,008,000.

Each unit consists of one common share of the company and one common share purchase warrant with each warrant entitling the holder thereof to purchase a common share at an exercise price of 12 cents for a period of 36 months. All securities issued under the offering are subject to a four-month-and-one-day statutory hold period.

Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 11.2 million units for a total consideration of $1,008,000. Following the completion of the private placement, Mr. Sprott beneficially owns and controls 11.2 million common shares and 11.2 million warrants of the company representing approximately 22.2 per cent of the issued and outstanding common shares of the company on a non-diluted basis and approximately 36.4 per cent of the issued and outstanding common shares on a partially diluted basis. Prior to the financing, Mr. Sprott did not beneficially own or control any shares of the company. The units were acquired by Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Argo Gold including on the open market or through private acquisitions or sell securities of Argo Gold including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of Sprott's early warning report will appear on Argo Gold's profile on SEDAR and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (200 Bay St., Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ont., M5J 2J2).

About Argo Gold Inc.

Argo Gold is a Canadian mineral exploration and development company, focused on gold exploration projects in central and Northwestern Ontario. Argo Gold's flagship Uchi gold project comprises 22 square kilometres of multiple mineralized trends and widespread gold mineralization. High-grade gold intercepts from the company's winter 2019 drilling program include 132 grams per tonne Au over 1.8 metres at the Woco vein. All of the company's projects are 100 per cent owned and have the potential for economic mineralization.

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