Argonaut Gold : Gold Forum Americas Presentation

Diversified Intermediate Producer & Developer

In North America

Corporate Presentation

TSX:AR

September 20-23 2020

FORWARD LOOKING INFORMATION

This presentation contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the proposed transaction and the business, operations and financial performance and condition of Argonaut Gold Inc. ("Argonaut" or "Argonaut Gold"). Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the pandemic virus outbreak and government, regulatory and market responses thereto; commodity price volatility; uncertainty of exploration and development; uncertainty in the estimation of Mineral Reserves and Mineral Resources; permitting risk; mineral and surface rights; undisclosed risks and liabilities relating to the Alio business combination; risks that the anticipated benefits of the Alio business combination will not be realized or fully realized; statements with respect to estimated production and mine life of the various mineral projects of Argonaut; the benefits of the development potential of the properties of Argonaut; the future price of gold, copper, and silver; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to Argonaut, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions; the scope, duration and impact of the COVID-19 pandemic; the scope, duration and impact of regulatory responses to the pandemic on the employees, business and operations of Argonaut and the broader market; variations in ore grade or recovery rates; risks relating to international operations; fluctuating metal prices and currency exchange rates; the ability to realize synergies of recent M&A activity; possible exposure to undisclosed risks of liabilities arising in relation to recent transactions; changes in project parameters; the possibility of project cost overruns or unanticipated costs and expenses; labour disputes and other risks of the mining industry; failure of plant, equipment or processes to operate as anticipated. Although Argonaut has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward- looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this document.

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

TSX:AR World Gold Forum - Sept. 20-23 2020 | ARGONAUT GOLD

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North American Focused Intermediate Producer

FLORIDA CANYON

Mine

Nevada, USA	ARGONAUT
	Reno Office

LA COLORADA Mine

Sonora, Mexico

PRODUCING MINE

DEVELOPMENT PROJECT

MAGINO

Ontario, Canada

EL CASTILLO COMPLEX

Durango, Mexico

EL CASTILLO Mine

SAN AGUSTIN Mine

CERRO DEL GALLO

Guanajuato, Mexico

ANA PAULA

Guerrero, Mexico

TSX:AR World Gold Forum - Sept. 20-23 2020 | ARGONAUT GOLD

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Argonaut's Vision & Strategy

Transitioning our production and cost profile:

High-Cost Producer

150k - 200k oz

per year

Low Cost Intermediate Producer

300k - 500k oz

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 World Gold Forum - Sept. 20-23 2020 | ARGONAUT GOLD

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