Argonaut Gold Announces Updated Technical Reports, 2021 Production, 2022 Guidance and Provides Exploration Update

TORONTO, Feb. 14, 2022

Magino Technical Report Highlights

• After-tax net present value of current 10,000 tonne per day project at a 5% discount rate ("NPV5%") of $421 million, 19% internal rate of return ("IRR") at a gold price of $1,600/oz and USD:CAD exchange rate of 0.80 (from January 1, 2022);
• After-tax NPV5% of current 10,000 tonne per day project of $622 million, 26% IRR at the current gold price of $1,800/oz and USD:CAD exchange rate of 0.80 (from January 1, 2022);
• Average annual production of 142,000 gold ounces during the first five years following ramp up to full run rate;
• Mine life of 19 years;
• Life-of-mine average cash cost of $888/oz and all-in sustaining costs ("AISC") of $963/oz; and
• Other opportunities:
• Processing expansion: The current 10,000 tonnes per day project was chosen to manage initial capital costs. Studies have been conducted that contemplate an expansion of the processing facility to 20,000 tonnes per day; and
• Underground Potential: An exploration target has been identified, primarily consisting of the upper portions of the Elbow and Central Zones between the bottom of the current Mineral Reserve pit and approximately 500m vertical below surface, where there is the highest drill density on deeper, high-grade gold targets and excluding the Scotland, #42, Sandy and South Zones. This exploration target ranges from 1.8 million to 2.5 million tonnes at gold grades ranging from 6.0 g/t to 7.0 g/t for 400,000 to 500,000 contained gold ounces (see "Other Opportunities" section below for more detail).

Fourth Quarter and Full Year 2021 Gold Equivalent Ounce ("GEO" or "GEOs")¹ Production

• Record annual production of 244,156 GEOs; and
• Fourth quarter 2021 of 61,926 GEOs.

Exploration Update Highlights

• Recent Magino drill results include:
• MA21-088 intersected 4.0m at 26.7 g/t Au, including 2.0m at 53.2 g/t Au within the #42 Zone; and
• MA21-102 intersected 3.0m at 11.1 g/t Au, including 1.0m at 30.0 g/t Au within the Elbow Zone.
• Recent La Colorada drill results include:
• 21-LCRC-675 intersected 27.4m at 5.2 g/t Au and 12.5 g/t Ag, including 7.6m at 16.8 g/t Au and 29.3 g/t Ag within the South vein;
• 21-LCRC-678 intersected 47.2m at 2.5 g/t Au and 6.6 g/t Ag, including 1.5m at 66.2 g/t Au and 47.4 g/t Ag within the North vein; and
• 21-LCRC-680 intersected 56.4m at 2.3 g/t Au and 16.6 g/t Ag, including 4.6m at 16.5 g/t Au and 17.1 g/t Ag within the South vein.
• Recent Florida Canyon drill results targeting gold mineralization in sulphides below the oxide cap include:
• FCM-0124 intersected 73.2m at 8.8 g/t Au below the Main pit; and
• FCM-0115 intersected 68.6m at 2.8 g/t Au, including 47.2m at 3.9 g/t Au below the Radio Tower pit.

Mexican Mines Technical Report Highlights

• Significant increase in San Agustin Inferred Mineral Resource to 86.9 million tonnes at 0.48 g/t Au and 14.7 g/t Ag for 1.3 million contained gold ounces and 41.0 million contained silver ounces, which includes 84.8 million tonnes in initial sulphide Inferred Mineral Resource;
• Potential to add between six and ten years to San Agustin mine life with further drilling and metallurgical work; and
• La Colorada mine life extended to 2027.

Magino Updated Technical Report

Argonaut Gold reports results to be incorporated in a new technical report prepared by Independent Mining Consultants, Inc. ("IMC") in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Properties ("NI 43-101"), which confirms Magino as a robust, long-life project in a tier one jurisdiction.