Argonaut Gold : Q3 WEBCAST PRESENTATION

TSX:AR

CORPORATE

PRESENTATION

Third Quarter

Ended September 30, 2021

Conference Call

November 15, 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 Q3 2021 Results Ended September 30, 2021 Conference Call - November 15, 2021 | ARGONAUT GOLD

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Q3 2021 and Recent Highlights

Financial Performance

• Quarterly cash flows from operating activities before changes in non-cash operating working capital and other items of $39.6M
• Quarterly revenue of $108.6M
• Net income of $15.0M or $0.05 per basic share
• Adjusted net income1 of $17.4 M or $0.06 per basic share
• Cash balance of $167.6M

Short-Term Initiatives

• Magino construction progressing on schedule for first gold pour by end of Q1 2023.
• • Providing monthly newsletter for regular updates
• Quadrupled mineral tenure in San Agustin district.

Production and Cost

• Quarterly production of 58.8k GEOs2
• Cash cost per gold ounce sold1 of $992
• AISC per gold ounce sold1 of $1,207

Long-Term Growth Initiatives

• Magino exploration at depth
• • 7.0m at 13.3 g/t Gold at Magino's South Zone approx. 1.5km from Island Gold border
• La Colorada

• Continued to test high grade gold veins below El Crestón pit including:
  4.6m at 51.9 g/t Au and 28.5 g/t Ag and 4.6m at 17.4 g/t Au and 29.0 g/t Ag

• Please refer to section on slide 21 entitled "Non-IFRS Measures" for a discussion of these Non-IFRS Measures.

• Gold equivalent ounces ("GEO" or "GEOs") are based on a conversion ratio of 85:1 for silver to gold ounces. The conversion ratios are based on three year trailing average silver to gold exchange ratio.

TSX:AR Q3 2021 Results Ended September 30, 2021 Conference Call - November 15, 2021 | ARGONAUT GOLD

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Financial Performance

Surpassed 2021 target of $100M cash flow with three months remaining to add to total for the year.

• GEOs are based on a conversion ratio of 85:1 for silver to gold ounces for 2021 and 80:1 for 2020.

• Please refer to section on slide 21 entitled "Non-IFRS Measures" for a discussion of these Non-IFRS Measures.

TSX:AR Q3 2021 Results Ended September 30, 2021 Conference Call - November 15, 2021 | ARGONAUT GOLD

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Q3 2021 Capital Spending and Cash Flow ($M)

Investing in the future

Q3 Cash Flow Reconciliation ($M)		Q3 Capital Spend ($M)

* Total does not sum due to rounding

During the three and nine months ended September 30, 2021, the Company incurred $68.0 million and $171.2 million in costs, respectively, related to the construction of the Magino project.

TSX:AR Q3 2021 Results Ended September 30, 2021 Conference Call - November 15, 2021 | ARGONAUT GOLD

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