Investor Presentaiton

Endnotes 1) 2) Gold Equivalent Ounces ("GEOs") are based on a conversion ratio of 80:1 for silver to gold in 2023 and 2022. The silver to gold conversion ratio is based on the three-year trailing average silver to gold ratio. Produced ounces are calculated as ounces loaded to carbon. The production target range is based on proven and probable reserves only from Argonaut's Magino Project, as of December 31, 2022, and reflects the potential impact of higher grades and throughput rates on production. To date, infill drill results show higher tonnage and grade, which could improve the average grade processed over the first five years of operations from 1.3 grams per tonne up to 1.43 grams per tonne. Throughput rates are expected to be higher than nameplate capacity of the process plant for two reasons. First, EPC contracts, as is the case for the Magino Project, require the engineering firm to guarantee throughput rates which generally result in slight overdesign of process plants. The second reason for the higher throughput rates is the potential addition of a pebble crusher to debottleneck the crushing circuit. A 15% improvement due to overdesign of the process plant combined with a 15% increase in throughput from the addition of the pebble crusher could increase throughput by as much as 30% over the current nameplate capacity of the process plant of 10,000 tonnes per day to 13,000 tonnes per day. A 13,000 tonnes per day process plant processing gold with an average grade of 1.43 grams per tonne with a 92% recovery rate could produce 201,000 ounces of gold. ARGONAUT GOLD TSX: AR | 15

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