Argonaut Gold : June 2021 Corporate Presentation

TSX:AR

Corporate

Presentation

June 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 - JUNE 2021 | ARGONAUT GOLD

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Argonaut = Full Cycle Business

ARGONAUT CHECKS

ALL THE BOXES :

OPERATIONS

• Record Production
• Record Revenue
• Record Cash Flow
• Strengthened Team

EXPLORATIONDEVELOPMENT

§	Magino exploration at	§	Magino construction
	depth		progress
§	La Colorada	§	Fixed-bid contract
	exploration		with Ausenco
		§	Ausenco private
			placement

TSX:AR CORPORATE PRESENTATION - JUNE 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 MAR. 31/21

$227M

DEBT AT MAR. 31/21

$53M

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 28 entitled "Non-IFRS Measures" for a discussion of these Non-IFRS Measures.

TSX:AR CORPORATE PRESENTATION - JUNE 2021 | ARGONAUT GOLD

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Three Year Snapshot

GEO(1) production

Cash costs(2) $ per oz

Au

AISC(2) $ per oz Au

Cash Flow Activities from Operating Activities

before changes in non-cash

operating working capital

2019A 2020A 2021E

186,615

203,483(3)

210k - 250k

$1,041	$936	950 - 1,050

$1,299	$1,244	1,250 - 1,350

$73.8M

$95.0M

$90M - $140M(4)

PRODUCTION rising

COSTS relatively flat

CASH FLOW rising

• 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 28 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 - JUNE 2021 | ARGONAUT GOLD

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