Argonaut Gold Announces Third Quarter 2018 Operating and Financial Results

Argonaut Gold Announces Third Quarter 2018 Operating and Financial Results Production of 34,165 Gold Equivalent Ounces and On Track to Meet Lower End of Annual Production Guidance Toronto, Ontario - (November 8, 2018) Argonaut Gold Inc. (TSX: AR) (the Company, Argonaut Gold or Argonaut ) is pleased to report its financial and operating results for the third quarter ended September 30, 2018. The Company s quarterly cash flow from operating activities was $10.9 million before changes in operating working capital, with revenue of $41.3 million, a net loss of $2.7 million or loss per share of $0.02, an adjusted net loss 1 of $1.0 million or adjusted loss per share 1 of $0.01 and production of 34,165 gold equivalent ounces 2 ( GEO or GEOs ). All dollar amounts are expressed in United States dollars, unless otherwise specified (C$ refers to Canadian dollars). CEO Commentary Pete Dougherty, President and CEO stated: We achieved a significant milestone during the quarter in which we produced our millionth gold equivalent ounce, showcasing our commitment to sustainable and profitable mining since launching Argonaut Gold at the end of 2009. Also during the quarter, we had higher production and lower costs compared to 2017, despite the interruption of mining activities at La Colorada, as we are now realizing the positive effects of lower cost production from our San Agustin mine. During the third quarter at La Colorada, we experienced the impacts of the low grades stacked on the leach pads during the suspension of blasting activities in the second quarter in the form of lower production; although, we saw costs normalize as mining activities recommenced upon receiving our explosives permit in late July. Despite these impacts, we are on track to meet the lower end of our 2018 production guidance of 165,000 GEOs, as all of our operations are now performing very well and we anticipate a very strong fourth quarter. 1 Please refer to the section below entitled Non-IFRS Measures for a discussion of these Non-IFRS Measures. 2 GEOs are based on a conversion ratio of 70:1 for silver to gold. This is the referenced ratio for each year throughout the release. 1

Key operating and financial statistics for the three and nine months ended September 30, 2018 and 2017 are outlined in the following table 6 : 3 Months Ended Sept 30 9 Months Ended Sept 30 2018 2017 Change 2018 2017 Change Financial Data (in millions except for earnings (loss) per share) Revenue $41.3 $28.7 44% $144.4 $115.6 25% Gross profit (loss) ($3.3) $3.6 (192%) $28.0 $23.1 21% Net income (loss) ($2.7) $0.4 (775%) $9.9 $18.7 (47%) Earnings (loss) per share basic ($0.02) $0.00 - $0.06 $0.11 (45%) Adjusted net income (loss) 1 ($1.0) ($0.4) (150%) $13.9 $8.6 62% Adjusted earnings (loss) per share basic 1 ($0.01) ($0.00) - $0.08 $0.05 60% Cash flow from operating activities before changes in non-cash operating $10.9 $5.7 91% $48.9 $34.2 43% working capital Cash and cash equivalents $20.6 $37.5 (45%) $20.6 $37.5 (45%) Net cash 1 $12.6 $37.5 (66%) $12.6 $37.5 (66%) Gold Production and Cost Data GEOs loaded to the pads 2, 5 67,244 64,486 4% 222,891 173,335 29% GEOs projected recoverable 2, 3, 5 37,763 36,630 3% 121,932 100,772 21% GEOs produced 2, 4, 5 34,165 24,280 41% 113,459 91,717 24% GEOs sold 2, 5 34,248 23,160 48% 113,152 93,080 22% Average realized sales price $1,212 $1,270 (5%) $1,282 $1,250 3% Cash cost per gold ounce sold 1 $867 $893 (3%) $735 $798 (8%) All-in sustaining cost per gold ounce sold 1 $988 $1,063 (7%) $862 $931 (7%) 1 Please refer to the section below entitled Non-IFRS Measures for a discussion of these Non-IFRS Measures. 2 GEOs are based on a conversion ratio of 70:1 for silver to gold. This is the referenced ratio for each period throughout the release. 3 2018: Expected recoverable GEOs are based on the assumptions and parameters as set forth in the El Castillo Complex Technical Report dated March 27, 2018 and the La Colorada Gold/Silver Mine Technical Report dated March 27, 2018. In periods where the Company mines material not specifically defined in a technical report (for example: low grade stockpile material), management uses its best estimate of recovery based on the information available. 2017: Expected recoverable GEOs El Castillo expected recovery rates: ROM oxide 50%, crushed oxide 70%, ROM transition 40%, crushed transition 60%, crushed sulphides argillic 30% and crushed sulphides silicic 17%; San Agustin expected recovery rates: gold 66% and silver 16%; La Colorada expected recovery rates: gold 60% and silver 30%. 4 Produced ounces are calculated as ounces loaded to carbon. 5 The three and nine months ended September 30, 2017 includes pre-commercial production from San Agustin. 6 As the San Agustin project was in the pre-production development stage as at September 30, 2017, the GEOs produced are excluded from the revenue, gross profit, net income, earnings per share, adjusted net income (loss), cash flows from operations, cash cost and all-in sustaining cost numbers presented in this release for the three and nine months ended September 30, 2017. Third Quarter 2018 and Recent Company Highlights: Corporate Highlights o Achieved a milestone of one million GEOs of production since the launch of the Company at the end of 2009. El Castillo Complex o Third quarter production of 26,894 GEOs. El Castillo production of 10,368 GEOs. San Agustin production of 16,526 GEOs. La Colorada o Third quarter production of 7,271 GEOs. 2

o Resumed blasting in late July and returned to normal operations during the third quarter. Cerro del Gallo o Initiated metallurgical test work. Magino o Advanced Environmental Assessment process (federal and provincial). San Antonio o Held technical sessions with the Mexican Environmental Authority, DGIRA, in preparation of new future Environmental Impact Assessment (Manifiesto de Impacto Ambiental or MIA) application submittal. Financial Results Third Quarter 2018 Revenue for the three months ended September 30, 2018 was $41.3 million, an increase from $28.7 million for the three months ended September 30, 2017. During the third quarter of 2018, gold ounces sold totaled 33,179 at an average realized price per ounce of $1,212, compared to 22,206 gold ounces sold at an average realized price per ounce of $1,270 during the same period of 2017. Gold ounces sold for the three months ended September 30, 2018 increased compared to the same period in 2017 primarily due to the commencement of commercial production at the San Agustin mine effective October 1, 2017. Production costs for the third quarter of 2018 were $29.9 million, an increase from $20.3 million in the third quarter of 2017, primarily due to an increase in gold ounces sold, offset by a decrease in cash cost per gold ounce sold. Cash cost per gold ounce sold (see Non-IFRS Measures section) was $867 in the third quarter of 2018, a decrease from $893 in the same period of 2017, primarily due to the commencement of commercial production at the San Agustin mine effective October 1, 2017, which has a lower cash cost per gold ounce sold. Depreciation, depletion and amortization ( DD&A ) expense included in cost of sales for the third quarter of 2018 totaled $7.9 million, an increase from $4.8 million in the third quarter of 2017, due to the increase in gold ounces sold, as many of the mining assets are amortized on a unit-of-production basis, and the commencement of commercial production at the San Agustin mine, which has a higher DD&A expense per ounce. Additionally, included in cost of sales in the third quarter of 2018 is a non-cash impairment write down of $4.4 million at the El Castillo mine and $2.5 million at the La Colorada mine related to the net realizable value of work-in-process inventory, as a result of the decrease in the price of gold as at September 30, 2018. General and administrative expenses for the third quarter of 2018 were $2.7 million, comparable to $2.7 million in the same period of 2017. Gains on foreign exchange derivatives for the third quarter of 2018 were $0.2 million, comparable to $0.2 million in the third quarter of 2017. Other income for the third quarter of 2018 was $1.2 million, an increase from $0.0 million in the third quarter 2017, primarily due to differences in foreign currency translation effects. 3

Income tax recovery for the third quarter of 2018 was $2.4 million, compared to income tax expense of $0.2 million in the same period of 2017. The change is primarily due to the foreign exchange effects of the strengthening Mexican peso on the calculation of deferred taxes and the deferred tax effect of the non-cash impairment write down of work-in-process inventory in the third quarter of 2018. Net loss for the third quarter of 2018 was $2.7 million or $0.02 per basic share, a decrease from net income of $0.4 million or $0.00 per basic share for the third quarter of 2017. Financial Results First Nine Months 2018 Revenue for the nine months ended September 30, 2018 was $144.4 million, an increase from $115.6 million for the nine months ended September 30, 2017. During the first nine months of 2018, gold ounces sold totaled 108,665 at an average realized price per ounce of $1,282, compared to 90,129 gold ounces sold at an average realized price per ounce of $1,250 during the same period of 2017. Gold ounces sold for the nine months ended September 30, 2018 increased compared to the same period in 2017 primarily due to the commencement of commercial production at the San Agustin mine effective October 1, 2017, partially offset by a reduction in gold ounces produced and sold at the El Castillo mine. Production costs for the nine months ended September 30, 2018 were $85.0 million, an increase from $74.9 million in the first nine months of 2017, primarily due to an increase in gold ounces sold, offset by a decrease in cash cost per gold ounce sold. Cash cost per gold ounce sold (see Non-IFRS Measures section) was $735 in the first nine months of 2018, a decrease from $798 in the same period of 2017, primarily due to the commencement of commercial production at the San Agustin mine effective October 1, 2017, which has a lower cash cost per gold ounce sold. DD&A expense included in cost of sales for the nine months ended September 30, 2018 totaled $24.6 million, an increase from $17.6 million in the nine months ended September 30, 2017, due to the increase in gold ounces sold, as many of the mining assets are amortized on a unit-of-production basis, and the commencement of commercial production at the San Agustin mine, which has a higher DD&A expense per ounce. Additionally, included in cost of sales during the first nine months of 2018 is a non-cash impairment write down of $4.4 million at the El Castillo mine and $2.5 million at the La Colorada mine related to the net realizable value of work-in-process inventory, as a result of a decrease in the price of gold as at September 30, 2018. General and administrative expenses for the nine months ended September 30, 2018 were $9.6 million, an increase from $8.8 million in the same period of 2017, primarily due to employee related costs. Gains on foreign exchange derivatives during the first nine months of 2018 were $0.6 million, a decrease from $2.6 million in the first nine months of 2017, due to a decrease in realized gains on the Company s zero-cost collar contracts on the Mexican peso. 4

Other income for the nine months ended September 30, 2018 was $0.1 million, a decrease from $3.0 million in the same period of 2017, primarily due to differences in foreign currency translation effects. Income tax expense for the nine months ended September 30, 2018 was $7.9 million, compared to income tax recovery of $0.0 million in the same period of 2017. The change is primarily due to a greater foreign exchange effect of the strengthening Mexican peso on the calculation of deferred taxes in 2017 and the recognition of previously unrecognized Mexican deferred tax assets in the first quarter of 2017. Net income for the nine months ended September 30, 2018 was $9.9 million or $0.06 per basic share, a decrease from $18.7 million or $0.11 per basic share for the nine months ended September 30, 2017. Operational Results Third Quarter 2018 During the third quarter 2018, the Company achieved production of 34,165 GEOs at a cash cost of $867 per gold ounce sold and all-in sustaining cost of $988 per gold ounce sold compared to 21,348 GEOs, excluding pre-commercial production from the San Agustin mine of 2,932 GEOs, at a cash cost of $893 per gold ounce sold and an all-in sustaining cost of $1,063 per gold ounce sold during the third quarter 2017 (see Non-IFRS Measures section). Higher production and lower costs were driven by the commencement of commercial production at the lower cost San Agustin mine effective October 1, 2017. The El Castillo Complex produced 26,894 GEOs at a cash cost of $786 per gold ounce sold during the third quarter of 2018 versus 11,521 GEOs, excluding pre-commercial production from the San Agustin mine of 2,932 GEOs, at a cash cost of $947 per gold ounce sold during the third quarter of 2017 (see Non-IFRS Measures section). Higher production and lower costs were driven by the commencement of commercial production at the lower cash cost San Agustin mine effective October 1, 2017. La Colorada produced 7,271 GEOs at a cash cost of $1,152 per gold ounce sold during the third quarter of 2018 compared to 9,827 GEOs at a cash cost of $827 per gold ounce sold during the third quarter of 2017 (see Non-IFRS Measures section). Lower production and higher costs were driven by the processing of low grade stockpiled material during the period where the Company lacked the ability to blast. The Company regained the ability to blast in late July and saw operations and costs normalize during the third quarter. Bill Zisch, Chief Operating Officer, commented: During the third quarter, our productivity in both mining and crushing were at budgeted levels given our expectations during the rainy season. At the El Castillo Complex, we saw crushing rates at El Castillo improve quarter-overquarter, as we moved towards nameplate capacity at the CR2 crusher and we continued to see outperformance at San Agustin. At La Colorada, we experienced lower production and higher cash cost as a result of processing material from low grade stockpiles stacked on the leach pad during the second quarter when we lacked the ability to blast. With our blasting permit suspension lifted in late July, we saw our mining rates and unit costs normalize over the 5

quarter. We are on track to meet the low end of our annual production guidance despite lacking the ability to blast at La Colorada for essentially an entire quarter. With improved productivity at El Castillo, San Agustin s continued outperformance and La Colorada operations now normalized, we are well positioned for strong quarterly production to finish the year. The table below details the El Castillo Complex operating statistics during the three and nine months ended September 30, 2018 and 2017. The three and nine months ended September 30, 2017 for the San Agustin mine represents pre-commercial production operating statistics. Commercial production at the San Agustin mine was declared on October 1, 2017. THIRD QUARTER 2018 EL CASTILLO COMPLEX OPERATING STATISTICS 3 Months Ended Sept 30 9 Months Ended Sept 30 2018 2017 6 % Change 2018 2017 6 % Change Mining (in 000s except waste/ore ratio) Tonnes ore El Castillo 2,267 1,722 32% 6,035 6,200 (3%) Tonnes ore San Agustin 1,747 1,295 35% 5,324 1,522 250% Tonnes ore 4,014 3,017 33% 11,359 7,722 47% Tonnes waste El Castillo 3,869 2,411 60% 9,198 8,446 9% Tonnes waste San Agustin 808 303 167% 1,782 448 298% Tonnes waste 4,677 2,714 72% 10,980 8,894 23% Tonnes mined El Castillo 6,136 4,133 48% 15,233 14,646 4% Tonnes mined San Agustin 2,555 1,598 60% 7,106 1,970 261% Tonnes mined 8,691 5,731 52% 22,339 16,616 34% Tonnes per day El Castillo 66 45 47% 56 53 6% Tonnes per day San Agustin 28 17 65% 26 13 100% Tonnes per day 94 62 52% 82 66 24% Waste/ore ratio El Castillo 1.71 1.40 22% 1.52 1.36 12% Waste/ore ratio San Agustin 0.46 0.23 100% 0.33 0.29 14% Waste/ore ratio 1.16 0.90 29% 0.97 1.15 (16%) Leach Pads (in 000s) Tonnes crushed to East leach pads El Castillo Tonnes crushed to West leach pads El Castillo Tonnes overland conveyor to leach pads El Castillo Tonnes crushed to leach pads San Agustin 1,182 1,235 (4%) 3,348 3,891 (14%) 1,064 499 113% 2,644 1,610 64% 0 0-0 769 (100%) 1,732 1,227 41% 5,335 1,313 306% Tonnes crushed to leach pads 3,978 2,961 34% 11,327 7,583 49% Production Gold grade loaded to leach pads El Castillo (g/t) 1 0.33 0.28 18% 0.38 0.36 6% Gold grade loaded to leach pads San 0.34 0.42 (19%) 0.40 0.42 (5%) 6

Agustin (g/t) 1 Gold grade loaded to leach pads (g/t) 1 0.34 0.34 0% 0.39 0.37 5% Gold loaded to leach pads El Castillo (oz) 2 24,125 15,636 54% 72,321 72,596 (0%) Gold loaded to leach pads San Agustin (oz) 2 18,832 16,710 13% 68,523 17,832 284% Gold loaded to leach pads (oz) 2 42,957 32,346 33% 140,844 90,428 56% Projected recoverable GEOs loaded El Castillo 4 14,477 10,521 38% 42,147 45,339 (7%) Projected recoverable GEOs loaded San Agustin 4 13,596 11,996 13% 49,454 12,791 287% Projected recoverable GEOs loaded 4 28,073 22,517 25% 91,601 58,130 58% Gold produced El Castillo (oz) 2,3 10,298 11,437 (10%) 29,034 50,449 (42%) Gold produced San Agustin (oz) 2,3 15,770 2,690 486% 47,122 2,690 1,652% Gold produced (oz) 2,3 26,068 14,127 85% 76,156 53,139 43% Silver produced El Castillo (oz) 2,3 4,865 5,882 (17%) 20,504 26,874 (24%) Silver produced San Agustin (oz) 2,3 52,895 16,935 212% 189,007 16,935 1,016% Silver produced (oz) 2,3 57,760 22,817 153% 209,511 43,809 378% GEOs produced El Castillo 3 10,368 11,521 (10%) 29,327 50,833 (42%) GEOs produced San Agustin 3 16,526 2,932 464% 49,822 2,932 1,599% GEOs produced 3 26,894 14,453 86% 79,149 53,765 47% Gold sold El Castillo (oz) 2 9,937 12,268 (19%) 27,292 53,487 (49%) Gold sold San Agustin (oz) 2 15,912 520 2960% 46,222 520 8,789% Gold sold (oz) 2 25,849 12,788 102% 73,514 54,007 36% Silver sold El Castillo (oz) 2 4,865 5,882 (17%) 20,504 26,874 (24%) Silver sold San Agustin (oz) 2 54,747 2,190 2400% 185,416 2,190 8,366% Silver sold (oz) 2 59,612 8,072 639% 205,920 29,064 609% GEOs sold El Castillo 10,007 12,352 (19%) 27,585 53,871 (49%) GEOs sold San Agustin 16,694 551 2930% 48,871 551 8,770% GEOs sold 26,701 12,903 107% 76,456 54,422 40% Cash cost per gold ounce sold El Castillo 5 $1,050 $947 11% $1,021 $902 13% Cash cost per gold ounce sold San Agustin 5, 7 $622 $0 - $476 $0 - Cash cost per gold ounce sold 5, 7 $786 $947 (17%) $678 $902 (25%) 1 g/t refers to grams per tonne. 2 oz refers to troy ounce. 3 Produced ounces are calculated as ounces loaded to carbon. 4 2018: Expected recoverable GEOs are based on the assumptions and parameters as set forth in the El Castillo Complex Technical Report dated March 27, 2018. 2017: Expected recoverable GEOs El Castillo expected recovery rates: ROM oxide 50%, crushed oxide 70%, ROM transition 40%, crushed transition 60%, crushed sulphides argillic 30% and crushed sulphides silicic 17%; San Agustin expected recovery rates: gold 66% and silver 16%. 5 Please refer to the section below entitled Non-IFRS Measures for a discussion of this Non-IFRS Measure. 6 The three and nine months ended September 30, 2017 includes pre-commercial production from San Agustin. 7 As the San Agustin project was in the pre-production development stage as at September 30, 2017, the GEOs produced are excluded from the cash cost numbers presented for the three and nine months ended September 30, 2017. 7

Summary of Production Results at the El Castillo Complex During the third quarter 2018, the El Castillo Complex produced 133% more GEOs (excluding San Agustin GEOs produced during pre-commercial production) at a cash cost (see Non-IFRS Measures section) of 17% less compared to the third quarter 2017, due to the introduction of the lower cost San Agustin mine to the Complex. At El Castillo, productivity improved both in the mine and at the crushers quarter-over-quarter and was in line with expectations given the previously anticipated and accounted for lower productivity levels during the rainy season. During the quarter, mining of Phase 11 of the south pit (located on the San Juan mineral concession) led to an increase in strip ratio. With Phase 11 now open, the Company anticipates the strip ratio will decrease approximately 30% to 35% from the third quarter to the fourth quarter and recoveries will increase based on ore type. Also during the quarter, ore tonnes to both the west and east leach pads were stacked on initial lifts of newly constructed leach pads, which is expected to accelerate the timing of recoveries. At San Agustin, the crusher continued to outperform and exceeded nameplate throughput capacity of 16,700 tonnes per day despite the rainy season and the expectation of a reduction in productivity. Given crusher throughputs have exceeded nameplate capacity through the first nine months of the year, the Company expects it will continue to exceed budgeted rates during the fourth quarter. THIRD QUARTER 2018 LA COLORADA OPERATING STATISTICS 3 Months Ended Sept 30 9 Months Ended Sept 30 % 2018 2017 2018 2017 Change % Change Mining (in 000s except for waste/ore ratio) Tonnes mineralized material 1,200 1,093 10% 3,358 3,383 (1%) Tonnes waste 4,254 4,491 (5%) 12,200 14,455 (16%) Total tonnes 5,454 5,584 (2%) 15,558 17,838 (13%) Tonnes per day 59 61 (3%) 57 65 (12%) Waste/mineralized material ratio 3.55 4.11 (14%) 3.63 4.27 (15%) Tonnes rehandled - - 0% 38 29 31% Leach Pads (in 000s) Tonnes crushed to leach pads 1,207 1,138 6% 3,472 3,357 3% Tonnes direct to leach pads 0 164 (100%) 0 290 (100%) Production Gold grade loaded to leach pads (g/t) 1 0.33 0.50 (34%) 0.37 0.56 (34%) Gold loaded to leach pads (oz) 2 12,957 20,954 (38%) 41,766 65,620 (36%) Projected recoverable GEOs 9,690 14,113 (31%) 30,331 42,642 (29%) 8

loaded 4 Gold produced (oz) 2,3 7,040 9,518 (26%) 32,834 36,017 (9%) Silver produced (oz) 2,3 16,213 21,669 (25%) 103,348 135,469 (24%) GEOs produced 3 7,271 9,827 (26%) 34,310 37,952 (10%) Gold sold (oz) 2 7,330 9,938 (26%) 35,151 36,642 (4%) Silver sold (oz) 2 15,205 22,336 (32%) 108,163 141,098 (23%) GEOs sold 7,547 10,257 (26%) 36,696 38,658 (5%) Cash cost per gold ounce sold 5 $1,152 $827 39% $854 $646 32% 1 g/t refers to grams per tonne. 2 oz refers to troy ounce. 3 Produced ounces are calculated as ounces loaded to carbon. 4 2018: Expected recoverable GEOs are based on the assumptions and parameters as set forth in the La Colorada Gold/Silver Mine Technical Report dated March 27, 2018. In periods where the Company mines material not specifically defined in a technical report (for example: low grade stockpile material), management uses its best estimate of recovery based on the information available. 2017: Expected recoverable GEOs recovery rates: gold 60% and silver 30%. 5 Please refer to the section below entitled Non-IFRS Measures for a discussion of this Non-IFRS Measure. Summary of Production Results at La Colorada As previously disclosed, the Company lacked the ability to blast material during the second quarter due to the temporary suspension of the La Colorada mine s explosives permit and therefore mined previously blasted material and free-dig material in the pit plus utilized lowgrade stockpiles to maintain crushing throughput at its budget of 12,000 tonnes per day. As a result, the grade of ore placed on the leach pad during the second quarter, which was processed during the third quarter, was approximately 50% lower than if blasting had not been interrupted. The Company saw the impact of the lower grade ore during the third quarter in the form of lower production and higher cash cost. Since the Company was not incurring costs associated with drilling and blasting during the second quarter, combined with the significantly reduced haul distances associated with the lower grade stockpiles, costs per tonne of ore processed increased by 27% from $7.85 during the second quarter to $9.97 during the third quarter, as blasting activities recommenced late in July. Operations at La Colorada have ramped up to a normal operating state following the reinstatement of the explosives permit. Crusher throughput during the third quarter exceeded 13,100 tonnes per day, versus the budgeted rate of 12,000 tonnes per day, despite an anticipated reduction in crusher availability due to the rainy season. 2018 Production and Cost Guidance The Company is guiding to the lower end of its full year guidance range of between 165,000 and 180,000 GEOs. Cash cost per gold ounce sold (see Non-IFRS measures section) is expected to be at the upper end of the full year guidance of $700 and $800. All-in sustaining cost per gold ounce sold (see Non-IFRS measures section) is also expected to be at the upper end of the full year guidance range of $850 and $950. 2018 Capital Estimate 9

The Company has revised its 2018 capital estimate to between $37 million and $40 million (previously $40 million to $45 million), primarily due to a timing change which moved spending from 2018 into 2019. Argonaut Gold Third Quarter Operational and Financial Results Conference Call and Webcast: The Company will host the third quarter 2018 conference call and webcast on November 9, 2018 at 8:30 am EST. Q3 Conference Call Information Toll Free (North America): 1-888-231-8191 International: 1-647-427-7450 Conference ID: 5897603# Webcast: www.argonautgold.com Q3 Conference Call Replay: Toll Free Replay Call (North America): 1-855-859-2056 International Replay Call: 1-416-849-0833 The conference call replay will be available from 11:30 am EST on November 9, 2018 until 11:59 pm EST on November 16, 2018. 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 income (loss), Adjusted earnings (loss) per share basic and Net cash in this press release 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 net income (loss) is equal to net income (loss) less foreign exchange impacts on deferred income taxes, foreign exchange (gains) losses, non-cash impairment write down (reversal) of work-in-process inventory and unrecognized (recognition of previously unrecognized) Mexican deferred tax assets. Adjusted earnings (loss) per share basic is equal to adjusted net income (loss) 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. 10

This press release should be read in conjunction with the Company's unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2018 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 Filings", and under the Company's profile on SEDAR at www.sedar.com. Creating Value Beyond Gold Cautionary Note Regarding Forward-looking Statements This press release contains certain forward-looking statements and forward-looking information under applicable Canadian securities laws concerning 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 permitting and legal processes in relation to mining permitting and approvals; estimated production and mine life of the various mineral projects of Argonaut; the ability to obtain permits for operations; synergies; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; 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; 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, should 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 variations in ore grade or recovery rates, changes in market conditions, risks relating to the availability and timeliness of permitting and governmental approvals; 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, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated. These factors are discussed in greater detail in Argonaut's most recent Annual Information Form and in the most recent Management s Discussion and Analysis filed on SEDAR, which also 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 11

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 press release should not be unduly relied upon. These statements speak only as of the date of this press release. 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 forwardlooking 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. Qualified Person, Technical Information and Mineral Properties Reports Technical information included in this release was supervised and approved by Brian Arkell, Argonaut s Vice President, Exploration and a Qualified Person under National Instrument 43-101 ( NI 43-101 ). For further information on the Company s material properties, please see the reports as listed below on the Company s website or on www.sedar.com: El Castillo NI 43-101 Technical Report on Resources and Reserves, El Castillo Complex, Complex Durango, Mexico dated March 27, 2018 (effective date of March 7, 2018) La Colorada Mine NI 43-101 Technical Report on Resources and Reserve, La Colorada Gold/Silver Mine, Hermosillo, Mexico dated March 27, 2018 (effective date of December 8, 2017) Magino Gold Feasibility Study Technical Report on the Magino Project, Ontario, Canada Project dated December 21, 2017 (effective date November 8, 2017) San Antonio Gold Project About Argonaut Gold NI 43-101 Technical Report on Resources, San Antonio Project, Baja California Sur, Mexico dated October 10, 2012 (effective date of September 1, 2012) 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 San Agustin mine, which together form the El Castillo Complex 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, the Cerro del Gallo project in Guanajuato, Mexico and the Magino project in Ontario, Canada. The Company also has several exploration stage projects, all of which are located in North America. 12

For more information, contact: Argonaut Gold Inc. Dan Symons Vice President, Investor Relations Phone: 416-915-3107 Email: dan.symons@argonautgold.com Source: Argonaut Gold Inc. 13