Argonaut Gold : April 2021 Corporate Presentation

TSX:AR

Corporate

Presentation

April 2021

FORWARD LOOKING INFORMATION

Readers of this presentation are encouraged to read the "Risk Factors" as more fully described in the Company's filings with the Canadian Securities

Administrators, including its Annual Information Form for the year ended December 31, 2019, available on SEDAR at www.sedar.com. The following, while not exhaustive, are important Risk Factors to consider: Commodity Price Volatility; Uncertainty of Exploration and Development; Uncertainty in the Estimation of Mineral Reserves and Mineral Resources; Permitting Risk; Mineral and Surface Rights; Financing Requirements; The Revolving Credit Facility may present certain risks to the Corporation; Operational Risks; The Corporation may not achieve its Production Estimates; Increase in Production Costs; Uncertainty Relating to Mineral Resources; Environmental Risks and Hazards; Fluctuations in Operating Results can cause Common Share Price Decline; Local Legal, Political and Economic Factors; Changes in Climate Conditions; Unsettled First Nations Rights; Governmental Regulation of the Mining Industry; Foreign Subsidiaries; Operations in Mexico; Use of Ejido Owned Land; Competition for Explorations, Development and Operation Rights; Foreign Currency Exchange Rate Fluctuation; Title to Properties; Safety and Security; Infrastructure; Community Relations; Contractors; Labour and Employment Matters; Work Stoppages or Labour Disputes; Attracting and Retaining Talented Personnel; Contract Renegotiation; Construction and Start-up of New Mines; Volatility of Market for Common Shares; Foreign Private Issuer Status; Internal Control over Financial Reporting; Acquisitions and Integration; Risk Management; Insurance and Uninsured Risks; Dilution Risk;

Asset Impairment Charges; Write-downs and Impairments; Exchange Controls; Possible Conflicts of Interest of Directors and Officers of the Corporation; Enforcement of Civil Liabilities in the United States; Cybersecurity Risks; Security and Privacy Breaches; Recent Global Financial Conditions; and Foreign Corrupt Practices and Anti-Bribery Legislation.

This presentation includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this MD&A that address activities, events, or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company's business, operations, plans and other such matters are forward-looking information. When used in this presentation, the words "estimate", "plan", "anticipate", "expect", "intend", "believe" and similar expressions are intended to identify forward-looking information. This information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements

expressed or implied by such forward-looking information. Examples of such forward-looking information include statements pertaining to, without limitation, the future price of gold and silver, the estimation of the mineral reserves and resources, the realization of mineral reserve and resource estimates, the timing and amount of estimated future production at the El Castillo mining complex and La Colorada mine, costs of production (including cash cost per ounce of gold sold, see "Non-IFRS Measures" section), expected capital expenditures, costs and timing of development of new deposits, success of exploration activities, permitting requirements, currency fluctuations, the ability to take advantage of forward sales agreements profitably, the ability to recover property potentially impaired by third party insolvency proceedings, requirements for additional capital, government regulation of mining operations, environmental risks and hazards, title disputes or claims and limitations on insurance coverage.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate as actual results may differ materially

from those anticipated. Many factors are beyond the Company's ability to predict or control. Readers of this presentation are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. Argonaut disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as and when required by applicable securities laws. This forward-looking information should not be relied upon as representing management's views as of any date subsequent to the date of this presentation.

References to dollars or "$" are to U.S. dollars unless specified otherwise.

TSX:AR Corporate Presentation APRIL 2021 | ARGONAUT GOLD

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North American Focused Intermediate Producer

PRODUCING MINE

DEVELOPMENT PROJECT

MAGINO

Ontario, Canada

FLORIDA

CANYON Mine

Nevada, USA

	ARGONAUT
	Reno Office		EL CASTILLO COMPLEX
			Durango, Mexico
			EL CASTILLO Mine
LA COLORADA Mine	SAN AGUSTIN Mine
Sonora, Mexico

CERRO DEL GALLO

Guanajuato, Mexico

HISTORICAL

PRODUCTION:

1.4M GEOS1

at $790 Cash Cost2

CASH AT DEC. 31/20

$214M

DEBT AT DEC. 31/20

$58M

EXISTING REVOLVER

CREDIT FACILITY:

$125M

• GEOs are based on the three-year trailing average silver to gold ratio.
  2 Please refer to section on slide 24 entitled "Non-IFRS Measures" for a discussion of these Non-IFRS Measures.

TSX:AR Corporate Presentation APRIL 2021 | ARGONAUT GOLD

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Three Year Snapshot

	2019A	2020A	2021E
GEO(1) production	186,615	203,483(3)	210k - 250k	PRODUCTION
rising
Cash costs(2) $ per oz	$1,041	$936	950 - 1,050
Au	COSTS
				relatively flat
AISC(2) $ per oz Au	$1,299	$1,244	1,250 - 1,350
Cash Flow Activities				CASH FLOW
from Operating	$73.8M	$95.0M	$90M - $140M(4)
Activities	rising

before changes in non-cash operating working capital

• GEOs are based on a conversion ratio of 85:1 for silver to gold for 2021, 80:1 for 2020 and 75:1 for 2019. The silver to gold ratio is based on the three-year trailing average silver to gold ratio.
  2 Please refer to section on slide 23 entitled "Non-IFRS Measures" for a discussion of these Non-IFRS Measures.
  3 Florida Canyon production during Q1 2020 and Q2 2020 was under Alio Gold Inc. prior to the closing of the merger between Alio Gold Inc. and Argonaut on July 1, 2020. 2020 GEO production combined full year 2020 production from the El Castillo, San Agustin, La Colorada and Florida Canyon.
  4 Assumes $1,700 per ounce gold.

TSX:AR Corporate Presentation APRIL 2021 | ARGONAUT GOLD

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Argonaut's Vision & Strategy

Transitioning our production and cost profile:

High-Cost Producer

Low-Cost Intermediate Producer

150k - 200k oz	300k - 500k oz
per year	per year

SUSTAINABLE GROWTH & REPLACEMENT

of ounces

Generating cash flow	Favourable gold price	De-risking our
to finance growth	environment	development
		project pipeline

TSX:AR Corporate Presentation APRIL 2021 | ARGONAUT GOLD

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