Argonaut Gold : Q2 WEBCAST PRESENTATION

TSX:AR

WEBCAST

PRESENTATION

Second Quarter

Ended June 30, 2022

Conference Call

August 11, 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 Q2 2022 Results Ended June 30, 2022 Conference Call - August 11, 2022 | ARGONAUT GOLD

2

Magino Financing Update

Magino fully financed

• Equity Financing closed July 5, 2022 and New Debt Facility committed and expected to close in Q3 2022
• Total available funding ~US$468M dedicated to Magino construction and expected to fully finance the project

	CAD $	USD $
Cash1	C$95M	US$76M
New Debt Facility	C$315M	US$250M
July Equity Financing (net)	C$185M	US$142M
TOTAL	C$595M	US$468M

• Cash balance at June 30, 2022.

TSX:AR Q2 2022 Results Ended June 30, 2022 Conference Call - August 11, 2022 | ARGONAUT GOLD

3

Magino Construction Update

At June 30, 2022, of the C$920 million estimated cost to completion, C$510.1 million and C$688.1 million had been spent and committed at the Magino construction project.

Plant Site

Process Plant Aerial

Process Plant Interior

TSX:AR Q2 2022 Results Ended June 30, 2022 Conference Call - August 11, 2022 | ARGONAUT GOLD

4

Magino Construction Update

TMF

WQCP

TSX:AR Q2 2022 Results Ended June 30, 2022 Conference Call - August 11, 2022 | ARGONAUT GOLD

5