Mr. Dan Symons of Argonaut reports

ARGONAUT GOLD FILES EARLY WARNING REPORT IN RESPECT OF MAGNA GOLD CORP.

Argonaut Gold Inc. has filed an early warning report in respect of its holdings in Magna Gold Corp. On March 7, 2022, Argonaut sold an aggregate of 9.74 million common shares of Magna, at a price of 70 cents per Magna share for aggregate gross proceeds of $6,818,000. In connection with the transaction, Argonaut paid a trading commission of 1.5 cents per Magna share, for aggregate net proceeds of $6,671,900. All dollar amounts are expressed in Canadian dollars.

Immediately prior to giving effect to the transaction, the company had beneficial ownership of, or control and direction over, 9.74 million Magna shares, representing approximately 10.8 per cent of the issued and outstanding Magna shares (being 90,059,874 Magna shares). Immediately after giving effect to the transaction, the company had beneficial ownership of, or control and direction over, nil Magna shares, representing nil per cent of the issued and outstanding Magna shares.

Argonaut disposed of the Magna shares in order to monetize its investment in Magna. Argonaut reserves the right to purchase additional securities of Magna as future circumstances may dictate.

This news release is being issued in accordance with National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated March 8, 2022. The early warning report respecting the transaction has been filed on SEDAR under Magna's issuer profile. To obtain a copy of the early warning report filed by the company, please contact Dan Symons at 416-915-3107 or refer to SEDAR under Magna's issuer profile.