Umbra Magino Stool with Intergral Magazine Rack, Clear, H 42cm, B 43cm, L 29cm

Product Information

During the three months ended September 30, 2023, the Magino mine produced 10,661 gold ounces and sold 11,454 gold ounces. Production was lower than expected due to the unplanned downtime, the delay in completing and commissioning the gravity circuit, and lower feed grades. The Magino mine achieved commercial production on November 1, 2023. Plant throughput has averaged 9,200 tonnes per day since the beginning of the fourth quarter, with tonnes per operating hour ("TPOH") in-line with nameplate capacity. Argonaut Gold Inc. Reports Consolidated Production Results for the Third Quarter and Nine Months Ended September 30, 2023

Argonaut Gold (TSX:AR) is expecting to produce between 210,000 and 250,000 gold equivalent ounces in 2021. The company is shifting to longer-lived assets with greater production and lower costs. The company hopes to hit 300,000 to 500,000 ounces of production mid-decade. Forward-looking statements are necessarily based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct.Dore Copper Mining Brief: Providing an Update on its project activities located near Chibougamau, Quebec Mary, Jean-Yves; Hohnadel, Alain; Sicard, Jacques. Hommes et Ouvrages de la Ligne Maginot, Tome 3. Paris, Histoire & Collections, 2003. ISBN 2-913903-88-6. (in French) Drilling concluded in the 1,250 metre West sulfide program in July and logging and analysis work is ongoing. This updated resource statement underpins our belief that the combination of Magino and a redevelopment of Florida Canyon can provide the foundation for Argonaut's transition into a low-cost mid-tier gold producer in North America," stated Richard Young, President and Chief Executive Officer. Argonaut Gold Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023

The loaded carbon containing gold and silver particulates are acid washed, and carbon stripped in an AARL elution circuit and passed through electrowinning circuits to recover gold and silver. These factors are discussed in greater detail in Argonaut's most recent Annual Information Form dated March 31, 2023 and in the most recent Management's Discussion and Analysis for the three and six months ended June 30, 2023, both filed under the Company's issuer profile on SEDAR, which also provide additional general assumptions in connection with these statements. Argonaut cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Through capital-efficient design and procurement processes, we were able to achieve significant capital cost reductions for the client. Our Supply Chain and Construction teams engaged with our key partners to provide project delivery certainty, while our HSE teams delivered stringent safety plans in accordance with Covid-19 protocols. Plant ramp up was delayed due to 20 days of unplanned downtime in September. This was the result of facilitating equipment repairs and plant reliability issues centred on the process control system, which is comprised of several disparate systems. The plant has been largely operating at nameplate TPOH capacity since the beginning of the fourth quarter.

In addition, engineering work is underway to evaluate a potential plant expansion from the current nameplate capacity of 10,000 tonnes per day to 17,500 and 20,000 tonnes per day. A 10 000 t/d processing facility has been selected for the feasibility study, compared with the 30 000 t/d plant presented in the January 2016 prefeasibility study. Phase two will extend the pit to the northeast while phase three will extend the pit to the southwest. Phases four and five will push the pit to the final wall position in the northeast and southwest, respectively. Gold processing at Magino

There are several kinds of armoured cloches. Cloches are non-retractable turrets. The word cloche is a French term meaning bell due to its shape. All cloches were made of alloy steel. When evaluating the remaining investment required to complete the Project that are critical to schedule and undertaking a detailed risk assessment of all areas that make up the EAC, there were seven areas that accounted for 90% of the risk for variance. It is estimated that these seven areas account for approximately 60% of the remaining capital. Within these seven areas, as detailed below, all have a reasonably high level of confidence after a detailed risk assessment given either the high level of engineering for these Project areas or the low level of complexity for the remaining work.

Environmental Assessment Decision Statement

Argonaut Gold Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023

Envisaged is a 115 700 oz/y gold operation with a 17-year mine life. Average gold production of 150 000 oz/y is expected over the first five years. Roth, Ariel Ilan (2010). Leadership in International Relations: The Balance of Power and the Origins of World War II. Palgrave Macmillan. ISBN 978-0-230-10690-1. This press release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the business, operations and financial performance and condition of Argonaut Gold. Forward-looking statements and forward-looking information include, but are not limited to statements with respect to: the availability and change in terms of financing, the Magino construction capital estimate; the ability to finance additional construction costs on terms acceptable to Argonaut; risks related to meeting the Magino construction project schedule; the realization of mineral reserve estimates; the timing and amount of estimated future production; the impact of inflation on costs of exploration, development and production; estimated production and mine life of the various mineral projects of Argonaut; risk of employee and/or contractor strike actions; timing of approval for modifications to existing permits; permitting and legal processes in relation to mining permitting and approval; the benefits of the development potential of the properties of Argonaut; the future price of gold, copper, and silver; the estimation of mineral reserves and resources; success of exploration activities;; and currency exchange rate fluctuations. Except for statements of historical fact relating to Argonaut, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and while Argonaut believes that the assumptions reflected in those forward-looking statements are reasonable, there is no assurance they will prove to be correct. Argonaut cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Argonaut believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. We believe organic growth through mineral resource expansion will deliver significant value within the Company's asset base and lays the long-term foundation to grow our current production profile as we seek to become a low-cost, midtier North American gold producer," comments Young.

Infrastructure details of the Magino gold project

Although Argonaut has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this document. There are 72 AM cloches ( armes mixtes or "mixed weapons") on the line, equipped with a pair of machine guns and a 25mm (1.0in) anti-tank gun. Some GFM cloches were transformed into AM cloches in 1934. (The aforementioned total does not include these modified cloches.) Cash cost figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is considered the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies.