Interactive Analyst Centre

INTERACTIVE ANALYST CENTRE DISCLAIMER

Please note that you are now leaving the website of Argonaut Gold Inc. (“AR”) and entering a website directly or indirectly maintained by a third party (the “External Website”).

AR has no control over this External Website. By clicking “Accept” below you acknowledge and agree that all data on the External Website is for information purposes only and that AR management takes no responsibility for its accuracy. For the purpose of comparison, the information displayed may not match the data in filed financial statements of AR. AR is also not responsible, and does not accept or assume any responsibility of liability whatsoever for the technical operation of the External Website.

Non-IFRS Measures

AR has included certain non-IFRS measures including “Cash cost per gold ounce sold”, “All-in sustaining cost per gold ounce sold”, “Adjusted net income” and “Adjusted earnings per share – basic” to supplement its financial data which are presented in accordance with International Financial Reporting Standards (“IFRS”). Cash cost per gold ounce sold is equal to production costs less silver sales divided by gold ounces sold. All-in sustaining cost per gold ounce sold is equal to production costs less silver sales plus general and administrative expenses, exploration expenses, accretion of reclamation provision and sustaining capital expenditures divided by gold ounces sold. Adjusted net income is equal to net income less foreign exchange impacts on deferred income taxes, foreign exchange (gains) losses, reversal of non-cash impairment write down related to the net realizable value of work-in-process inventory, other operating expenses and recognition of previously unrecognized Mexican deferred tax assets. Adjusted earnings per share – basic is equal to adjusted net income divided by the basic weighted average number of common shares outstanding. AR believes that these measures provide investors with an improved ability to evaluate the performance of AR. 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 most recent management's discussion and analysis ("MD&A") available at www.argonautgold.com opens in a new window for full disclosure on non-IFRS measures.