Toronto, Ontario – (November 2, 2017) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce its financial and operating results for the third quarter ended September 30, 2017. The Company reports quarterly net income of $0.4 million or earnings per share of $0.00 derived from the sale of 22,609 gold equivalent ounces(1) (“GEO” or “GEOs”), which generated cash flow from operations before working capital changes of $5.7 million. The Company produced 24,280 GEOs during the third quarter, including pre-commercial production from the San Agustin mine of 2,932 GEOs. As the San Agustin project was in the pre-production development stage as at September 30, 2017, the GEOs produced are excluded from the revenue, sales, net income, adjusted net income (loss), cash flows from operations, cash cost and all-in sustaining cost numbers presented in this release. All dollar amounts are expressed in United States dollars, unless otherwise specified (C$ refers to Canadian dollars).