Mr. James Kofman reports

ARGONAUT GOLD APPOINTS NEW CEO TO LEAD THE COMPANY TO THE NEXT STAGE OF GROWTH

Larry Radford will step down as president and chief executive officer of Argonaut Gold Inc., effective immediately, for personal health reasons. The board of directors has appointed Richard Young as president and chief executive officer and director of the board of the company. Mr. Radford will stay on at Argonaut as a member of the board of directors and chief adviser to the CEO until Jan. 22, 2023.

"Larry stepped in during a challenging time for the company. Larry put in place an experienced construction team at Magino, developed a solid plan to bring Magino into production and ensured the company was on a solid financial footing," said James Kofman, chairman of the board. "Richard is an exceptional leader and seasoned CEO with a history of delivering results through strong execution and operational excellence. His experience at Teranga Gold in leading teams that built, commissioned and operated mines will be valuable to Argonaut. The board is confident that Richard is the right leader for the company at a pivotal time with the completion of the Magino mine in 2023 as part of our transformative strategy that will drive long-term, sustainable value for our shareholders and all stakeholders."

Mr. Young brings more than 30 years of extensive experience in the gold industry. A chartered professional accountant, Mr. Young joined Barrick Gold Corp. in 1991 and served in a series of positions of increasing responsibility in finance, operations, corporate development, investor relations and mine development. Most recently, Mr. Young was the president and CEO of Teranga Gold Corp. which was sold to Endeavor Mining Corp. in 2021. Prior to joining Teranga in 2010, Mr. Young served as vice-president and chief financial officer of Gabriel Resources Ltd. for five years. Mr. Young holds a bachelor of economics from the University of Western Ontario, as well as a graduate diploma in public accountancy from McGill University. Mr. Young is a CPA, CA.

About Argonaut Gold Inc.

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. The company is in the final stages of construction of the Magino mine, located in Ontario, Canada. Magino will be the company's largest and lowest-cost gold mine. Commissioning is scheduled for the second quarter of 2023, followed by commercial production in the third quarter of 2023. In addition, the company has four operating mines, including 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 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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