Mr. David Ponczoch reports

ARGONAUT GOLD ANNOUNCES GOLD PRICE PROTECTION FOR THE REMAINDER OF THE MAGINO CONSTRUCTION PHASE

Argonaut Gold Inc. has entered into monthly unsecured forward gold sales contracts of 7,500 gold ounces between April, 2022, and March, 2023, at a price of $1,916 per gold ounce. These forward sales contracts total 90,000 ounces over the next 12 months and provide certainty of cash flow during the final year of Magino project construction. These contracts represent between 40 per cent and 45 per cent of Argonaut's expected annual gold production, based on the company's most recent projections for production (see the company's press release dated March 1, 2022). The company believes that these forward gold sales contracts will be helpful for a potential future debt financing, which Argonaut is working to finalize during the second quarter of 2022.

"We believe that the Magino project will be transformational to the future of Argonaut. The objective of the forward gold sales contracts is to take advantage of recent commodity price increases and limit our exposure to risk associated with adverse fluctuations over the next year. This will allow Argonaut to have greater certainty in operating cash flows while we finalize the construction of Magino," said David Ponczoch, Argonaut's chief financial officer.

About Argonaut Gold Inc.

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo complex 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 Ana Paula projects, and several other exploration-stage projects, all of which are located in North America.

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