Mr. Dan Symons reports

ARGONAUT GOLD FILES UPDATED MAGINO TECHNICAL REPORT

Argonaut Gold Inc. has filed a technical report in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, on its 100-per-cent-owned Magino gold project, located in Ontario, Canada.

The technical report, entitled "Magino Gold Project, Ontario, Canada, NI 43-101 Technical Report, Mineral Resource and Mineral Reserve Update," effective date of Feb. 14, 2022, has been prepared for Argonaut by Independent Mining Consultants Inc. with the assistance of a number of specialized consultants, including SLR Consulting (Canada) Ltd. and T.R. Raponi Consulting Ltd. The Magino technical report is available on SEDAR under Argonaut's issuer profile.

Argonaut's news release dated Feb. 14, 2022, summarized certain key results, assumptions and estimates contained in the Magino technical report. The company is pleased to report that there are no material differences between the key results, assumptions and estimates contained in the Magino technical report and its news release dated Feb. 14, 2022.

About Argonaut Gold Inc.

Argonaut is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine in Durango, Mexico, the La Colorada mine in Sonora, Mexico, and the 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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