Mr. Dan Symons reports

ARGONAUT GOLD INC. - ANNOUNCES C$45 MILLION BOUGHT DEAL FINANCING

Argonaut Gold Inc. has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on a bought deal basis by way of a private placement 3.4 million Canadian exploration expense (CEE) and 13.8 million Canadian development expense (CDE) flow-through common shares of the company at a price of $2.95 per CEE flow-through common share and $2.54 per CDE flow-through common share for gross proceeds of approximately $45-million. In addition, the company has also granted the underwriters an option, exercisable up to 48 hours prior to the closing of the offering, to purchase up to an additional 15 per cent of the number of flow-through common shares, in the same percentages and at the same price, as initially issued pursuant to the offering.

The company intends to use the net proceeds of the offering for continued exploration and development activities at the company's Magino project and for general corporate purposes.

The offering is expected to close on or about March 3, 2022, and is subject to Argonaut receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange.

About Argonaut Gold Inc.

Argonaut is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are its El Castillo mine and San Agustin mine, which together form the El Castillo complex in Durango, Mexico, its La Colorada mine in Sonora, Mexico, and its Florida Canyon mine in Nevada, United States. The company also holds the construction-stage Magino project, the advanced exploration-stage Cerro del Gallo project and several other exploration-stage projects, all of which are located in North America.

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