TSX:AR

Corporate

Presentation

April 27-29 2021

FORWARD LOOKING INFORMATION

This presentation may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All information, other than statements of historical facts, included in this presentation that address activities, events or developments that the Corporation 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 Corporation's businesses, 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 Corporation 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 information pertaining to, without limitation, inherent hazards associated with mining operations, the future price of gold and silver, the market and global demand for gold and silver, the estimation of the Mineral Reserves and Mineral Resources, the realization of Mineral Reserve and Mineral Resource estimates, the timing and amount of estimated future production, costs of production, expansion of production capabilities, expected capital expenditures, costs and timing of development of new deposits, success of exploration activities, permitting risk in development projects, the ability to obtain surface rights to support planned infrastructure at the Corporation's exploration and development projects, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks and hazards, title disputes or claims and limitations on insurance coverage.

For a more detailed discussion of these factors and other risks, see "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, 2020, available on SEDAR at www.sedar.com.

Although the Corporation 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 developments or events could cause results to differ materially from those anticipated. These include, among others, the factors described or referred to elsewhere herein, and include unanticipated and/or unusual events. Many of such factors are beyond the Corporation'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. The Corporation disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, unless require under applicable 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 27-29 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 27-29 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 25 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 27-29 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 27-29 2021 | ARGONAUT GOLD

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Argonaut Gold Inc. published this content on 27 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2021 12:10:04 UTC.