TSX:AR. Proven Management, Unparalleled Growth, Focus on Per Share Value Creation

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1 TSX:AR Proven Management, Unparalleled Growth, Focus on Per Share Value Creation November 2017

2 FORWARD LOOKING INFORMATION This presentation contains certain forward-looking statements and forward-looking information under applicable Canadian securities laws concerning the proposed transaction and the business, operations and financial performance and condition of Argonaut Gold Inc. ( Argonaut or Argonaut Gold ). Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and mine life of the various mineral projects of Argonaut; expectations with respect to future cash flows from operations, net debt and financial results; the successful completion of proposed acquisitions; metal or mineral recoveries; synergies and financial impact of completed acquisitions; 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; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; 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 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 there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, changes in market conditions, variations in ore grade or recovery rates, risks relating to international operations, fluctuating metal prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses and labour disputes. These factors are discussed in greater detail in Argonaut's (i) preliminary short form prospectus dated February 27, 2017, (ii) most recent Annual Information Form, and (iii) most recent Management Discussion and Analysis, which are each filed on SEDAR and 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. 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 and such forward-looking statements included in this presentation should not be unduly relied upon. These statements 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. 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. References to dollars or $ are to U.S. dollars unless specified otherwise. TSX:AR November 2017 ARGONAUT GOLD 2

3 The Next Intermediate Gold Producer in the Americas OVERVIEW OBJECTIVES & STRATEGY ACHIEVING OUR OBJECTIVES & DELIVERING VALUE OPERATIONS AND ACTIONS TSX:AR November 2017 ARGONAUT GOLD 3

4 Argonaut Gold: Overview Founded by former Meridian Gold senior executive team in late 2009 TSX: AR Canadian incorporated company with corporate office in Reno, Nevada TSX:AR November 2017 ARGONAUT GOLD 4

5 Objectives and Strategy Long Term Goal: 300k 500k oz per year CASH SUSTAINABLE It provides cash needed to build and replace production. At $1,200 gold price, 300,000 oz at AISC 1 $950 yields $75M per year after tax cash flow which can fund the following: - Exploration - Build new mines - Dividends NEW INVESTORS Re-rates the company to a new, more relevant level to investors 1 Non-IFRS measures discussed on page 26 of this presenta;on TSX:AR November 2017 ARGONAUT GOLD 5

6 Objectives and Strategy Strategy Proven, experienced board and management Strong balance sheet Focus on high-return, short payback projects in the Americas Focus on simple, lower risk projects Leverage to gold through development projects ~60% production growth through 2019 TSX:AR November 2017 ARGONAUT GOLD 6

7 Achieving Our Objectives and Delivering Value First Nine Months Highlights Solid Financial Performance Net income of $18.7 million Earnings per share basic of $ ,717 GEO 2 Production Produced 91,717 GEOs at a cash cost per gold ounce sold 1 of $798 and AISC per gold ounce sold 1 of $931 Short Term Growth Initiatives San Agustin Acquired Fresnillo concession to extend mine life at El Castillo Updated Mineral Resources at El Castillo and La Colorado Long Term Growth Initiatives Magino Feasibility Study EA process and permitting Indigenous agreements Cerro del Gallo Pipeline project at a reasonable price Received Environmental Socially Responsible Company recognition at all Mexican operations 1 Please refer to section on slide 26 entitled Non-IFRS Measures for a discussion of these Non-IFRS Measures. 2 Gold equivalent ounces ( GEO or GEOs ) are based on a conversion ratio of 70:1 for silver to gold for TSX:AR November 2017 ARGONAUT GOLD 7

8 Achieving Our Objectives and Delivering Value Recent Financial Highlights 9 months months 2016 Change Sales (GEO) 1 93,080 87,311 +7% Average realized sales price per gold ounce $1,250 $1,257-2% Revenue ($M) $115.6 $ % Net income ($M) $18.7 $ % Earnings per share basic $0.11 $ % Cash flow from operations before changes in non-cash operating working capital ($M) $34.2 $ % 1 GEOs is gold equivalent ounces based on a conversion of silver to gold at a 70:1 TSX:AR November 2017 ARGONAUT GOLD 8

9 2017 GEO Production Guidance (000s) El Cas;llo/San Agus;n Complex La Colorada Q4E Q3A 14.5 Q1A 22.2 Q2A 17.1 Q4E Consolidated Q1A 37.7 Q4E Q3A 9.8 Q2A 12.6 Q1A 15.5 Q3A 24.3 Q2A 29.7 TSX:AR November 2017 ARGONAUT GOLD 9

10 Achieving Our Objectives and Delivering Value Three Year Production Outlook GEO 2 Production El Castillo/San Agustin Complex La Colorada Year El Castillo / San Agustin 1 Complex GEO Production (000s) La Colorada GEO Production (000s) Consolidated GEO Production (000s) Year Unparalleled Production Growth Argonaut Goal: Annual AISC 4 at or below $950 per gold ounce sold 1 San Agustin 2017 guidance reflects full year expected production production and costs prior to declaration of commercial production will be capitalized on the balance sheet. 2 GEO is based on a conversion ratio of 70:1 for silver to gold ounces. 3 Assumes mid-point of production guidance. 4 Non-IFRS measures discussed on page 26 of this presentation. TSX:AR November 2017 ARGONAUT GOLD 10

11 Operations and Actions El Castillo Mine 2017 Guidance El Castillo / San Agustin 4 Complex 9 months months 2016 GEO 2 Production In 000s Cash costs 3 $/Au oz sold Measured & Indicated Mineral Resources 1 At December 31, 2016 ~486k oz. Au Through resource expansion drilling ~328k oz. Au Total ~814k oz. Au Less ~63k oz. Au depleted 1 Mineral Resources are inclusive of Mineral Reserves. See Mineral Resource disclosure on page 27 for full details 2 GEO is gold equivalent ounces based on a conversion of silver to gold at a a 70:1 ratio. 3 Non-IFRS measures discussed on page 26 of this presentation. 4 San Agustin guidance reflects full year expected production and cost guidance. Production and costs prior to the declaration of commercial production will be capitalized on the balance sheet. At July 1, 2017 ~751k oz. Au TSX:AR November 2017 ARGONAUT GOLD 11

12 Optimization of the San Agustin Project Stand Alone Project1 As Part of El Castillo Complex2 Change $67M $43M -36% $611/oz $594/oz -3% After-tax NPV5% at $1,200 Au $70M $90M +27% After-tax IRR 22% 50% +29% 51k GEOs 80k GEOs +57% San Agustin Initial Capital Cash Costs (by product basis) Average LOM annual production El Castillo Complex Synergies ü ü ü ü ü ü 1Based 2Based Same General Manager Same engineering team Same accounting team Same laboratory Truck shop light Maximizes the life of equipment on the assumptions and parameters as set forth in the PEA NI Technical Report dated February 19, on the assumptions and parameters as set forth in the PEA NI Technical Report dated June 10, TSX:AR November 2017 ARGONAUT GOLD 12

13 Purchased Ø December 2013 Updated Mineral Resource Ø August 2014 Updated PEA Ø April 2016 Construc;on decision Ø November 2016 First gold pour Ø September 2017 Commercial produc;on Ø October 2017 San Agustin The Next Chapter Project delivered on :me and 25% under budget TSX:AR November 2017 ARGONAUT GOLD 13

14 Operations and Actions La Colorada Mine 2017 Guidance La Colorada 9 months months 2016 GEO 2 Production In 000s Cash costs 3 $/Au oz sold Measured & Indicated Mineral Resources 1 At December 31, 2016 ~701k GEOs Through resource expansion drilling ~63k GEOs Total ~764k GEOs Less ~37k GEOs depleted 1 Mineral Resource disclosure on page 27 for full details 2 GEO is gold equivalent ounces based on a conversion of silver to gold at a a 70:1 ratio. 3 Non-IFRS measures discussed on page 26 of this presentation. At July 1, 2017 ~727k GEOs TSX:AR November 2017 ARGONAUT GOLD 14

15 Cerro del Gallo Acquisition Advanced Exploration Project Similar to La Colorada Open pit, heap leach, 3- stage crush TSX:AR November 2017 ARGONAUT GOLD 15

16 Cerro del Gallo Mineral Resources and Reserves 1 Mineral Resources (Excluding Proven and Probable Reserves) Category K tonnes g Au/t K Ozs Au g Ag/t K Ozs Ag Cu % K lbs Cu Measured 39, , ,790 Indicated 8, , ,608 M&I 47, , ,398 First Stage Heap Leach Proven and Probable Mineral Reserve Es;mate Category K tonnes g Au/t K Ozs Au g Ag/t K Ozs Ag Cu % K lbs Cu Proven 28, , ,247 Probable 3, , ,197 P&P 32, , ,443 1 Based on the assumptions and parameters as set forth in Primero Mining Corp. s Definitive Feasibility Study Technical Report dated June 29, TSX:AR November 2017 ARGONAUT GOLD 16

17 Cerro del Gallo Acquisition About Cerro del Gallo Rationale Located in Guanajuato state, Mexico Approximately 270 km from Mexico City Availability of skilled local workforce, grid power, water, sealed roads, equipment suppliers and established transport routes Primero s May 2012 Feasbility Study Highlights 1 : Initial 7 year mine life Ability to expand mine life to 14 years through a second stage CIL/Heap Leach mill expansion Coventional open pit truck and shovel operation with 4.5Mtpa processing plant 95,000 GEOs annually at estimated cash costs of $700/oz. Advanced project in our backyard Ability to leverage existing operations team s skill sets Excellent infrastructure Pipeline project at a reasonable price Low risk/high reward investment at price paid for asset Potential to reduce initial capital Comes with ~$22M of tax losses 1 Based on the assumptions and parameters as set forth in Primero Mining Corp. s Definitive Feasibility Study Technical Report dated June 29, TSX:AR November 2017 ARGONAUT GOLD 17

18 Magino Project1 Feasibility Study PROJECT DETAILS 10k tpd 30k tpd After-tax NPV5% at $1,250 Au $288M $399M After-tax IRR at $1,250 Au 19.5% 18.9% Life of Mine 17 years 11 years Average Annual Production First 5 Years 150k oz 319k oz Average Grade First 5 Years 1.4 g/t 1.0 g/t Cash Operating Costs2 $669/oz $662/oz AISC2 $711/oz $718/oz Initial Capital $321M $610M After-tax Payback 3.9 yrs 4.4 yrs Next to the Island Gold Mine in Ontario, Canada Open pit, conventional mill 1Based on the assumptions and parameters as set forth in the Feasibility Study results press release dated November 6, see non-ifrs disclosure discussed on page 26. 3Please see Mineral Resource disclosure on page 27 for full details. 2Please TSX:AR November 2017 ARGONAUT GOLD 18

19 Magino Mineral Resources and Reserves 1 Mineral Resource Es;mate (Including Proven and Probable Reserves) Resource Category Tonnes (Mt) Au (g/t) Contained Au Ounces (koz) Measured ,010 Indicated ,187 Measured & Indicated ,197 Inferred Mineral Reserve Es;mate Reserve Class Diluted Tonnage (Mt) Diluted Grade g/t Au Contained Au Ounces (koz) Proven Probable ,332 P&P ,157 Note: Mineral Reserves include 3% ore loss and 20% dilu;on 1 Based on the assumptions and parameters as set forth in the Feasibility Study results press release dated November 6, TSX:AR November 2017 ARGONAUT GOLD 19

20 Magino Feasibility Study Update 10,000 tonne per day 30,000 tonne per day Base case for the feasibility study Potential ability to advance on a stand-alone basis with debt facility and operating cash flow Will have the ability to scale up throughput and production in the future should economics warrant such an investment Large, solid Canadian project Will require a partner due to size of capital investment Production profile supports JV approach Share project risk and reward Magino Strategy: Advance 10ktpd case while evalua;ng JV interest in 30ktpd case. Maximize shareholder value TSX:AR November 2017 ARGONAUT GOLD 20

21 Optionality Through De-Risking Market Capitalization at November 9, 2017 Analyst Consensus ($M) 1 Magino 10ktpd at $1,250 Au and 5% discount rate ($M) Magino 30ktpd at $1,250 Au and 5% discount rate ($M) El Castillo/ San Agustin $193 La Colorada $87 San Antonio $69 Magino $129 $288 $399 Total $341 $478 $637 $748 Does not include Cerro del Gallo DE-RISKING PROVIDES SIGNIFICANT OPTIONALITY AND UPSIDE 1 Analyst consensus NPVs are based on analyst consensus estimates available at November 9, Analyst consensus includes research from BMO Capital Markets, Canaccord Genuity, CIBC World Markets, Cormark Securities, GMP Securities, Laurentian Bank, RBC Capital Markets and Scotia Capital. TSX:AR November 2017 ARGONAUT GOLD 21

22 Achieving our objectives and delivering value Why Argonaut Gold: OPERATING RESULTS ADDING RESERVES & RESOURCES OPERATIONS ENGINEERING PROJECT DESIGN Strong first nine months 2017 operating results 92k GEOs sold $34M CF from ops $19M net income Extending El Castillo mine life through Fresnillo concession purchase Extending La Colorada mine life through resouce growth exploration at El Creston Acquiring Cerro del Gallo San Agustin delivered on schedule and 25% under budget Magino feasibility study delivered Q El Castillo and La Colorada technical report updates Q TSX:AR November 2017 ARGONAUT GOLD 22

23 Achieving our objectives and delivering value Key Deliverables La Colorada exploration results El Castillo exploration results First gold production from San Agustin Resource updates at operating mines Commercial production at San Agustin Magino feasibility study results Updated NI Technical Reports at operating mines þ þ þ þ þ þ Q TSX:AR November 2017 ARGONAUT GOLD 23

24 Summary of Investment Case Strong balance sheet with flexibility Defensive gold stock Highly leveraged to upside in gold Proven operator $37M cash, no debt $30M undrawn revolver $20M VAT and income tax prepayments $66M inventory value at $1,200 gold At September 30, 2017 Long track record of adding cash to the balance sheet through operations Goal of AISC 1 at or below $950 per gold ounce sold De-risking of development assets provides tremendous leverage Track record of profitable production from low grade mines. Expected ~60% annual production growth 2017 to Non-IFRS Measure. See note on page 26 of this presentation. TSX:AR November 2017 ARGONAUT GOLD 24

25 ADDITIONAL INFORMATION Dan Symons Vice President, Investor Relations Argonaut Gold Inc. First Canadian Place 100 King St. West, Suite 5700 Toronto, ON M5X 1C7 T: AUGUST 2017 ARGONAUT GOLD TSX:AR

26 Notes and Disclosures Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production stage El Castillo mine and the construction stage San Agustin project in Durango, Mexico and the production stage La Colorada mine in Sonora, Mexico. Advanced exploration stage projects include the San Antonio project in Baja California Sur, Mexico, and the Magino project in Ontario, Canada. The Company also has several exploration stage projects, all of which are located in North America. QUALIFIED PERSON Technical information included in this presentation was supervised and approved by Thomas Burkhart, Argonaut Gold's Vice President of Exploration, and a Qualified Person under National Instrument Standards of Disclosure for Mineral Projects. ( NI ). NATIONAL INSTRUMENT Thomas Burkhart, Argonaut Gold s Vice-President of Exploration and a Qualified Person under NI , has read and approved the scientific and technical information in this presentation as it relates to Argonaut. This presentation contains information regarding mineral resources that are not mineral reserves and do not have demonstrated economic viability. The preliminary economic assessments referenced herein are preliminary, and may include inferred mineral resources that are too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessments will be realized. CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES This presentation uses the terms Measured, Indicated and Inferred Resources as defined in accordance with NI United States readers are advised that while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission does not recognize them. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. United States readers are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into reserves. In addition, Inferred Resources have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. United States readers are also cautioned not to assume that all or any part of an Inferred Resource exists, or is economically or legally mineable. NON-IFRS MEASURES The Company has included certain non-ifrs measures including Cash cost per gold ounce sold, All-in sustaining cost per gold ounce sold, Adjusted net earnings and Adjusted earnings per share 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 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 earnings is equal to net income (loss) less foreign exchange impacts on deferred income taxes, foreign exchange (gains) losses, non-cash impairment write down (reversal) related to the net realizable value and changes in expected recovery of gold ounces from mineralized material in the work-in-process inventory, non-cash impairment loss on certain non-current assets, unrecognized Mexican operating loss carryforwards, unrecognized (recognition of previously unrecognized) Mexican deferred tax assets during the period and other adjustments. Adjusted earnings (loss) per share is equal to adjusted net earnings (loss) divided by basic weighted average number of common shares outstanding. The Company believes that these measures provide investors with an improved ability 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. TSX:AR November 2017 ARGONAUT GOLD 26

27 Mineral Resource Notes and Disclosures All Mineral Resources have been estimated in accordance with Canadian Institute of Mining ( CIM ) Standards. Mineral Resources are not known with the same degree of certainty as Mineral Reserves and do not have demonstrated economic viability. In addition, the quantity and grade of reported inferred mineral resources shown above are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. Numbers may not add up due to rounding. The Mineral Reserves for El Castillo were updated internally, are valid as of December 31, 2016 and reviewed by Mike Lechner and Richard Rhoades, each of whom is a "qualified person" for purposes of NI The reserve update used a gold price of $1,200. Cut-off grades, depending on rock and ore type, varied from 0.15 g/t for oxide to 0.44 g/t for silicified sulphide. The Mineral Reserves for Magino were taken from the Feasibility Study press release dated November 6, The Mineral Reserve was estimated at a gold price of $1,250. The Probable Reserve study used a gold cutoff of 0.41 g/t. These amounts have been reviewed and confirmed by Mike Lechner, who is a qualified person for purposes of NI The M&I Resource and Inferred Resource for El Castillo were updated internally, are valid as of July 1, 2017 and reviewed Mike Lechner who is a "qualified person" for purposes of NI The Mineral Resource update used a gold price of $1,400. Cut-off grades, depending on rock and ore type, varied from g/t for oxide to g/t for silicified sulphide. The Mineral Resources for the San Agustin Gold-Silver Project were taken from the San Agustin Technical Report dated June 10, 2016 (effective date of April 29, 2016). The Mineral Resource was estimated at a gold price of $1,300 and silver price of $20. A gold equivalent cutoff of 0.18 g/t was utilized for the resource. These amounts have been reviewed and confirmed by Thomas Burkhart, who is a "qualified person" for purposes of NI The M&I Resource and Inferred Resource used for La Colorada were updated internally, are valid as of July 1, 2017and reviewed by Mike Lechner who is a "qualified person" for purposes of NI The Mineral Resource update used a gold price of $1,400 and a silver price of $20. The gold equivalent cutoff grade varied depending on deposit and ranged from to g/t. The Mineral Resources for the Magino Project were taken from the Feasibility Study press release dated November 6, The Mineral Resource was estimated at a gold price of $1,300. The Measured and Indicated Resource study used a cutoff of 0.25 g/t gold. These amounts have been reviewed and confirmed by Thomas Burkhart, who is a "qualified person" for purposes of NI The Mineral Resources for the San Antonio Project were taken from the San Antonio Technical Report dated October 10, 2012 (effective date of September 1, 2012). The gold resource was estimated at a gold price of $1,500 using a cutoff grade of 0.11 g/t Au for oxide and transition and 0.15 g/t Au for sulphide. These amounts have been reviewed and confirmed by Thomas Burkhart, who is a "qualified person" for purposes of NI The Mineral Reserves and Resources for the Cerro del Gallo Project were taken from the Cerro Resource NL Technical Report dated June 29, 2012 (effective date of May 11, 2012). The gold resource was estimated at a gold price of $1,341 using a cutoff grade of 0.24, 0.29 and 0.34 g/t GEO for weathered, partially oxidized and fresh material. TSX:AR November 2017 ARGONAUT GOLD 27

28 Experienced Board of Directors Strong Board, Management & Technical Strong Management & Technical Team James E. Kofman, Chairman Vice Chairman, Cormark Securities Work experience at UBS Securities, Osler, Hoskin & Harcourt Peter C. Dougherty Work experience at Meridian Gold, FMC Ian Atkinson Director of Kinross Gold and Globex Mining Work experience at Centerra, Hecla, Battle Mountain, Hemlo, Noranda Christopher R. Lattanzi Director of Teranga Gold, Spanish Mountain Gold Work experience at Micon Peter Mourdaunt Director at Ethos Gold Work experience at Stingray Copper, Corner Bay Silver Peter C. Dougherty, President & CEO Work experience at Meridian Gold, FMC William Zisch, COO Work experience at Midway Gold, Royal Gold, Newmont, FMC David A. Ponczoch, CFO Work experience at Twin Metals Minnesota, Yamana Gold, Meridian Gold W. Robert Rose, Vice President of Technical Services Work experience at Andina Minerals, Kappes, Cassiday & Associates Daniel A. Symons, Vice President, Investor Relations Work experience at Romarco Minerals, Renmark Financial Dale Peniuk Director of Lundin Mining, Capstone Mining Work experience at KPMG Audra B. Walsh CEO of Minas de Aguas Tenidas, President & SEO of A2Z Mining, Director of Orvana Minerals Work experience at Sierra Metals, Minera, Barrick, Newmont TSX:AR November 2017 ARGONAUT GOLD 28

29 Cost per Tonne Mined / Processed El Castillo - Cost Per Tonne Cost per tonne Q Q Q Mining $1.55 $1.33 $1.26 $1.14 $1.23 $1.45 Cost per tonne of ore processed Q Q Q Mining $2.98 $2.46 $2.21 $2.28 $2.08 $2.62 Crushing & Processing $3.47 $3.59 $3.04 $2.59 $3.13 $2.75 Mine G&A $0.54 $0.54 $0.45 $0.49 $0.67 $0.45 Total $6.99 $6.59 $5.70 $5.36 $5.88 $5.82 La Colorada - Cost Per Tonne Cost per tonne Q Q Q Mining $1.64 $1.51 $1.39 $1.64 $1.37 $1.60 Cost per tonne of mineralized material processed Q Q Q Mining $4.78 $4.39 $3.44 $5.22 $3.02 $4.85 Crushing & Processing $2.58 $2.81 $2.66 $2.56 $3.11 $4.11 Mine G&A $0.55 $0.57 $0.52 $0.43 $0.59 $1.07 Total $7.91 $7.77 $6.62 $8.21 $6.72 $10.03 TSX:AR November 2017 ARGONAUT GOLD 29

30 Capitalization Summary Exchange / Symbol Share Price (1) Shares Outstanding (2) FD Shares Outstanding (2) Market Capitaliza;on (1) TSX:AR C$ M 183M C$432M 52 Week High / Low (1) C$2.98 / C$1.48 Cash Balance (2) ~US$37M 1 At November 9, At September 30, 2017 TSX:AR November 2017 ARGONAUT GOLD 30