Argonaut Gold : Q4 WEBCAST PRESENTATION

Building a Low-CostMid-Tier North American Gold Producer

Q4 and Year End 2023 Results

TSX: AR

March 6, 2024

Forward-Looking Information

Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects or future financial or operating performance, 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. This presentation contains forward-looking statements and forward-looking information including, but not limited to: The ramp up of Magino, the refinance of the current debt package, reserve and mill expansion, 13-week plan beginning Feb. 1st showing that contained gold is projected to be within 1% of the reserve model, the R&R expansion at Magino and Florida Canyon.

Forward-looking statements are based on a number of assumptions, opinions and estimates, including estimates and assumptions in regards to the factors listed below that, while considered reasonable by the Company as at the date of this presentation based on management's experience and assessment of current conditions and anticipated developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. 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. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: risks associated with construction and start up of new mines, various operational risks associated mines at difference stages of their lifecycles; the impact of inflation on costs of exploration, development and production; the impact of COVID-19 and other human health concerns and the effectiveness of government responses to COVID-19 and other human health concerns; risks and uncertainties associated with operations in an emerging market; risk associated with safety and security of people and assets in emerging markets; commodity price volatility; foreign exchange rate fluctuations; the ability of the Company to achieve the conditions precedent for draws on the loan facilities; the availability of undrawn debt under the loan facilities; risks associated with independent engineer technical review and impacts on availability and/or timing of access to loan facilities; the availability of and changes in terms of financing; the ability of the Magino project to become one of the largest and lowest cost gold mines in Canada; the ability of the Company to complete the drill programs in line with public guidance (if at all); the realization of mineral reserve estimates; risks associated with the winding down of Mexican mines; risks associated with achieving estimated production and mine life of the various mineral projects of the Company; risks of employee and/or contractor strike actions; risks associated with the Company's ability to recruit, retain and maintain workforce necessary to achieve its objectives; timing of approval for remaining permits or modifications to existing permits; risks associated with achieving the benefits of the development potential of the properties of the Company; risks associated with the future price of gold; risks associated with the estimation of mineral reserves and resources and the possibility that future exploration results may not be consistent with Company's expectations and that resources may not be converted into reserves.

These factors are discussed in greater detail in the 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 twelve months ended December 31, 2023, both filed under the Company's issuer profile on SEDAR+. 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.

Forward-looking statements included in this presentation speak only as of the date of this presentation. 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.

CURRENCY

References to dollars or "$" are to U.S. dollars unless specified otherwise.

TSX: AR | 2

Magino is Our Future

ROADMAP TO RESET

1

Ramp Up Magino

Focus on mining operation and mill optimization to bring the mine to steady-state production

2

Strengthen Our

Balance Sheet

Refinancing our current debt package to support short-term liquidity enabling us to achieve our expansion goals

3

Growth &

Operational Excellence

Unlocking the significant potential at Magino through reserve and mill expansion

TSX: AR | 3

Consolidated GEOs Production for Fiscal 2023

100,000		$2,500

Production (Gold Equivalent Ounces(1))

80,000

60,000

40,000

20,000

-

$2,000

$1,500

$1,000

$500

-

Cost per Ounce Sold (US$/oz)

Consolidated Production is Ramping Up

• Magino making progress: fourth quarter 2023 production was 61,523 gold equivalent ounces (GEOs), an increase of 14% compared to the third quarter 2023
• On a consolidated basis: 2023 annual production was
  197,511 GEOs, 1% less than the Company's annual guidance of 200,000 to 230,000 GEOs

Q1

Q2

Q3

Q4

2022

Q1

Q2 Q3 Q4

2023

Mexico

Florida Canyon

Magino

Cash Cost

AISC

Magino has began to transform the Argonaut Gold production profile

Refer to Endnote (1) in the Appendix

1. Refer to "Notes & Disclosures - Non-IFRS Performance Measures" in the Appendix
2. Before changes in operating working capital and other items

TSX: AR | 4

Magino Mining Metrics Continue to Improve

Daily Total Material Moved (ktpd)

60
45							45.4	50.5
				42.6	41.3	40.8
30
			37.3
15		23.9	22.7	23.9
13.3	13.6	16.4

-

				Processed Ore Grade (g/t)
1.25
1.00										1.02	1.07
0.75								0.93
				0.84	0.84
							0.69
0.50				0.50			0.66
0.25
-
Jan	0Feb.00 0Mar.00	0Apr.00	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
		Q1		Q2			Q3			Q4
					2023

With mine tonnage approaching design rates, management focus has turned to mining accuracy & efficiency

• Implementation of the Fleet Management System is well- underway and already having a positive effect
• The 13-week plan beginning Feb. 1st shows that contained gold is projected to be within 1% of the reserve model

Refining the short-range planning model is the focus moving forward

February was a strong month in terms of mining rate and grade compliance

TSX: AR | 5

Magino Mill Continues to Ramp Towards Nameplate Throughput

Mill Daily Tonnage (tpd) & Throughput Rate (tpoh)

12,000			457
Nameplate capacity:	439		437
424
10,000 tonnes per day	422
422
10,000

470

Mill tonnage continues to improve

• Shortfalls attributable to excessive unscheduled mill downtime which is fixable

374

370 Success is being driven by people

8,000

	8,026
6,000	6,267
	190
4,000	4,915

9,2009,240

8,449

7,7211

• Key new mill hires including a mill maintenance

270superintendent starting in Q1

170 Mill has proven to exceed nameplate

• Mill has achieved as high as 12,400 tonnes per

day

2,000						2,627
-
May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
		Q2		Q3				Q4
				Tonnage (tonnes per day)		Throughput Rate (tpoh)

70

-30

The mill is capable of exceeding nameplate capacity

1. September operating days average (downtime excluded)

TSX: AR | 6

Financial Performance Reflects Current Transformation

		Q4 2023A	Q4 2022A	Change
Gold sold (oz)		59,632	50,606	18%
Cost of sales ($/oz sold)		$1,768	$2,383	(26%)
Cash cost1 ($/oz sold)		$1,437	$2,007	(28%)
All-in sustaining costs1 ($/oz sold)		$1,804	$2,266	(20%)
Revenues (Millions)		$115.6	$95.9	21%
Cost of sales (Millions)		$105.5	$120.5	(12%)
Gross profit (loss) (Millions)		$10.1	($24.6)	NM2
Net income (loss) (Millions)		$27.9	($174.9)	NM
Per basic & diluted share		$0.03	($0.22)	NM
Adjusted net loss1 (Millions)		($17.4)	($37.7)	(54%)
Per basic & diluted share1		($0.02)	($0.05)	(59%)
Operating cash flow (Millions)		$7.7	$2.4	NM
Operating cash flow before changes in	$18.3	$8.6	NM
working capital and other items1	(Millions)

• Gold sold increased due to Magino contribution and Florida Canyon improvements
• Cost of sales, cash cost1, and all-in sustaining costs1 per ounce were higher than guidance set at the beginning of the year due to the slower ramp up of Magino in 2023
• Revenue, gross profit, and operating cash flow increased due to an increase in production

1. Refer to "Notes & Disclosures - Non-IFRS Performance Measures" in the Appendix
2. References to "NM" are certain change percentages that are not meaningful

TSX: AR | 7

Liquidity & 2024 Outlook

Liquidity Overview

	Outstanding	Undrawn
	(as at Dec. 31, 2023)	(as at Dec. 31, 2023)
Cash and Cash Equivalents	$84M	-
Loan Facilities - Drawn
Term Loan	$188M	-
Revolving Credit Facility	$30M	$20M

Refinance Loan Facilities

• Several lenders have provided term sheets conditional on final due diligence and approval
• Expect to close refinancing in April 2024

2024 Guidance

		Magino Mine	Florida Canyon	San Agustin	La Colorada	El Castillo	Consolidated
GEOs Produced	(koz)	120	- 130	63	- 70	35	- 40	5	- 6	2	- 4	225	- 250
Cost of Sales	($/oz sold)	1,400	- 1,550	1,850	- 1,950	1,950	- 2,050	1,950	- 2,050	1,100	- 1,200	1,650	- 1,750
Cash Cost	($/oz sold)	1,050	- 1,200	1,575	- 1,675	1,650	- 1,750	1,600	- 1,700	1,100	- 1,200	1,350	- 1,450
All-in Sustaining Cost	($/oz sold)	1,650	- 1,800	2,350	- 2,450	1,800	- 1,900	1,600	- 1,700	1,100	- 1,200	1,950	- 2,050

Refinance necessary to provide sufficient liquidity

1. Refer to "Notes & Disclosures - Non-IFRS Performance Measures" in the Appendix

TSX: AR | 8

Delivering per Share Growth through Responsible Capital Allocation

Major Objectives

1) Complete Magino Construction

1. Ramp Magino to Steady-State

3) Stabilize Florida Canyon

1. Execute on Resource Expansion Programs
2. Optimize Value of Mexican Operations

Refinance Debt

Provides sufficient

liquidity

Reserve

Expansion

Key to the Magino

mill expansion

Magino Mill

Expansion

Provides scale for

further value

creation

Near-term Value Creation

Long-term Value Creation

TSX: AR | 9

APPENDIX