Disclaimers

Any material, information, or other communication (including questions, comments or suggestions) you transmit to Argonaut through this website will be considered non-confidential and non-proprietary ("Communications"). In making any such transmission, you agree that Argonaut will have no obligations of any kind with respect to the Communications. Where it is necessary, in order to answer your enquiry, the Communications you have provided may be passed to any Argonaut office or affiliate. By sending any Communications to us, you are consenting to the personal information contained therein being transferred within Argonaut and being processed by the Company for these purposes. You are prohibited from posting or transmitting to or from Argonaut any unlawful, threatening, libellous, defamatory, obscene, pornographic, or other materials that violate any law.

Certain material found on this website is protected by copyright. Certain names, graphics, logos, icons, designs, words, titles or phrases on this website may constitute trade names, trademarks or service marks of Argonaut Gold Inc. or other entities. Trademarks may be registered in Canada and in other countries, as applicable. The display of trademarks on pages of this website does not imply that a license of any kind has been granted. Except for non-commercial, personal or educational purposes, where the material is not modified and that copyright or trademark notices are not deleted, materials may not be copied, reproduced, modified, uploaded, posted, transmitted, or distributed in any way without Argonaut’s prior written approval. Any unauthorized downloading, re-transmission or other copying or modification of trademarks and/or the contents herein may be a violation of federal or common law, trademark and/or copyright laws and could subject the copier to legal action.

This website includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All information, other than statements of historical facts, included on this website 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 on this website, 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, the future price of gold, the market and global demand for gold, the estimation of the mineral reserves and resources, the realization of mineral reserve and resource estimates, the timing and amount of estimated future production (including production forecasts for the El Castillo Mine and La Colorada Mine), costs of production, expansion of production capabilities at the El Castillo Mine and La Colorada Mine, the possibility of expanding the El Castillo Mine pit further into known mineralization, 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.

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 website are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. Argonaut Gold Inc. disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

Gold Equivalent Ounces are based on a conversion of 55:1 for silver to gold prior to and including 2015, 65:1 for 2016 and 70:1 for 2017.

The Company has included certain non-IFRS measures including “Cash cost per gold ounce sold”, “Adjusted cash cost per gold ounce sold”, “All-in sustaining cost per gold ounce sold”, “Adjusted all-in sustaining cost per gold ounce sold”, “Adjusted net income”, “Adjusted earnings per share – basic” and “Net cash” in this presentation to supplement its financial statements which are presented in accordance with International Financial Reporting Standards (“IFRS”). Cash cost per gold ounce sold is equal to production costs plus the total impact of impairment write downs related to work-in-process inventory less silver sales divided by gold ounces sold. Adjusted cash cost per gold ounce sold is equal to production costs plus only the impact of non-cash impairment write downs related to the net realizable value of work-in-process inventory less silver sales divided by gold ounces sold. AISC per gold ounce sold is equal to production costs plus the total impact of impairment write downs related to work-in-process inventory less silver sales plus general and administrative, exploration, accretion and other expenses and sustaining capital expenditures divided by gold ounces sold. Adjusted AISC per gold ounce sold is equal to production costs plus only the impact of non-cash impairment write downs related to the net realizable value of work-in-process inventory less silver sales plus general and administrative, exploration, accretion and other expenses and sustaining capital expenditures divided by gold ounces sold. Adjusted net income is equal to net loss less foreign exchange impacts on deferred income taxes, foreign exchange (gains) losses, impairment write down (reversal) of work-in-process inventory, proceeds from legal proceedings, non-cash impairment loss (reversal) on certain non-current assets, unrealized (gains) losses on commodity derivatives and other operating expense (income). Adjusted earnings per share – basic is equal to adjusted net income divided by the basic weighted average number of common shares outstanding. Net cash is calculated as the sum of the cash and cash equivalents balance net of debt as at the statement of financial position date. The Company believes that these measures provide investors with an alternative view to evaluate the performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS. Therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please see the management's discussion and analysis ("MD&A") for full disclosure on non-IFRS measures.

This website should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2019 and associated MD&A, for the same period, which are available from the Company's website, www.argonautgold.com, in the "Investors" section under "Financial Reports", and under the Company's profile on SEDAR at www.sedar.com.

All stock quote data is provided by third party service providers, and is delayed at least 15 minutes unless otherwise stated. Stock data is provided for information purposes only, and is not intended for trading purposes. Argonaut makes no representation or warranty regarding the accuracy or completeness of any such stock price quotes or historical stock price data and has not taken any steps to verify, the adequacy, accuracy or completeness of the information provided herein and, under no circumstances, will be liable for any inaccuracies or omissions in any such information or data, any delays or errors in the transmission thereof, or any loss or direct, indirect, incidental, special or consequential damages caused by reliance on this information or the risks arising from the stock market.

Argonaut Gold Inc. and its subsidiaries Minera Real de Oro, S.A. de C.V., Compañia Minera Pitalla , S.A. de C.V. and Minera Sud-California, S.A. de C.V., in accordance with the provisions of the Federal Law on Protection of Personal Data in possession of Individuals makes of their knowledge this Privacy Notice for customers and suppliers:

1. About the personal processing of data for customers and suppliers:

We collect your personal data and sensitive personal data for the purposes mentioned in this Privacy Notice. In this sense, we inform you that your personal data will be handled and protected based on the principles of legality, quality, consent, information, purpose, loyalty, proportionality and responsibility, mentioned in the Federal Law on Protection of Personal Data Held of the Individuals.

2. Purpose of the personal processing data:

We collect your personal data and sensitive personal data we request your consent through this Privacy Notice in order to use them for the following purposes:

• To contact you and send you relevant information about our products.
• To identify you as a customer and / or supplier of any of our subsidiaries.
• To perform all the necessary internal procedures related to the existing business relationship, including credit and payment issues.

3. Means to restrict the use or disclosure of your personal information:

We hereby inform you that your personal data and sensitive personal data will be safeguarded under tight administrative, technical and physical strict security measures which have been implemented in order to protect your personal data against damage, loss, alteration, destruction or use, access or unauthorized processing.

4. Means for the exercise of your rights as holder of personal data:

As holder of personal data covered by this Privacy Policy you can execute your rights of access, rectification, cancellation or opposition (ARCO rights), same as enshrined in the Law on Protection of Personal Data in Possession of Individuals. Also you can withdraw your consent for the use of your personal data. In any of these cases, you can make your request by sending an email to: gabriela.grijalva@argonautgold.com

In order to fulfill your request, it must satisfy all the requirements of the Federal Law on Protection of Personal Data held by individuals.

5. Transfer of your personal data:

Your personal data and / or sensitive personal data may be transferred to third parties, for the fulfillment of the obligations in any subsidiary offers if needed. The above is without prejudice to the exceptions of the Federal Law on Protection of Personal Data in Possession of Individuals. For which your express consent is required to make such transfers. (Select only one):

1. I give my consent for the transfer of my data
2. I do not give my consent to the transfer of my data

6. Changes to this privacy notice:

This Privacy Notice may be amended in the future. In any case, any amendments thereto will be informed to you by sending an email to the account that you provide to making of your knowledge this Privacy Notice.

We will not be responsible if you do not receive such notice of change of Privacy Notice because of a problem with your email account or internet data transmission.

Due to technical difficulties inherent in the internet, internet software or transmission problems could produce inaccurate or incomplete copies of information contained on this website. Computer viruses or other destructive programs may also be inadvertently downloaded from the website. Argonaut shall not be liable for internet software, computer viruses or destructive programs and recommends that you install appropriate anti-virus or other protective software.

We aim to provide social media communities where users can learn about our company, exchange thoughtful and informed commentary, and share thoughts on important topics in mining. When participating and engaging in our social media communities, our guidelines are as follows:

• Follow opens in a new windowFacebook’s, opens in a new windowTwitter’s and opens in a new windowLinkedIn’s rules. Keep each channel’s privacy and security policies in mind when posting content or responding to others.
• Be respectful in your posts or when commenting.
• Stay on topic. We want the content on our social media channels to be the most informative and beneficial for the greatest number of people. Your posts should relate to Argonaut Gold Inc. and the mining industry.
• Keep it clean. Please don’t post content that may be offensive or include inappropriate language. This type of content will be removed.
• We don’t allow solicitations or spam on our social media channels and these types of comments will be removed.

We pride ourselves on adhering to a code of conduct, a set of values, and a commitment to our social media communities. With this in mind, we have the right to remove any content violating the guidelines above.