TSX:AR

WEBCAST

PRESENTATION

First Quarter

Ended March 31, 2022

Conference Call

May 12, 2022

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, 2021, 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 Q1 2022 Results Ended March 31, 2022 Conference Call - May 12, 2022 | ARGONAUT GOLD

2

Magino Construction Update

ROM Pad

Process Plant

Following Larry Radford's appointment as President, CEO and Director, the Company initiated a review of the estimated cost to completion ("EAC"). While the update EAC is not finalized, Argonaut estimates it will likely be approximately 15% higher than the C$800M announced on December 14, 2021.

At March 31, 2022, Argonaut had committed to C$605 million, had incurred approximately C$400 million, and estimates the project is approximately 50% complete.

The Magino construction project remains on schedule for first gold pour by March 31, 2023.

TSX:AR Q1 2022 Results Ended March 31, 2022 Conference Call - May 12, 2022 | ARGONAUT GOLD

RECENT HIGHLIGHTS

CURRENT FOCUS

Recent Highlights & Current Focus

  • Filing of Updated Technical Reports for Mexican Operations and Exploration Updates for Magino, La Colorada and Florida Canyon
    • Announced February 14, 2022
  • Filing of Updated Magino Technical Report
    • Announced March 3, 2022
  • C$51.8M Bought Deal Private Placement Closing
    • Announced March 3, 2022
  • New President & CEO
    • Announced appointment of Larry Radford as President, CEO & Director on March 7, 2022
  • Protecting Cash Flow through Capital Intensive Phase
    • Monthly gold hedge of 40% - 45% of production from April 2022 - March 2023 at $1,916/oz.
  • Financing and/or Strategic Alternatives to fund remaining capital required for Magino construction project
    • Weighing strategic alternatives vs. self-funding
    • Goal: In place by end of Q2 2022

TSX:AR Q1 2022 Results Ended March 31, 2022 Conference Call - May 12, 2022 | ARGONAUT GOLD

4

Financial Performance

  • GEOs are based on a conversion ratio of 80:1 for silver to gold ounces for 2022 and 85:1 for 2021.
  • Please refer to section on slide 16 entitled "Non-IFRS Measures" for a discussion of these Non-IFRS Measures.

TSX:AR Q1 2022 Results Ended March 31, 2022 Conference Call - May 12, 2022 | ARGONAUT GOLD

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Argonaut Gold Inc. published this content on 11 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2022 12:38:02 UTC.