ARGONAUT GOLD AND ALIO GOLD ANNOUNCE FRIENDLY AT-MARKET MERGER

AR-PR-ARGONAUT-ALIO-MERGER_03302020-FINAL

TORONTO, Ontario and VANCOUVER, British Columbia – March 30, 2020 – Argonaut Gold Inc. (“Argonaut” or “Argonaut Gold”) (TSX: AR) and Alio Gold Inc. (“Alio” or “Alio Gold”) (TSX, NYSE-A: ALO) are pleased to announce that they have entered into a definitive agreement for an at-market merger (the “Arrangement Agreement”) whereby Argonaut will acquire all of the issued and outstanding shares of Alio (the “Transaction”). Under the terms of the Arrangement Agreement, all of the Alio issued and outstanding common shares will be exchanged on the basis of 0.67 of an Argonaut common share per each Alio common share (the “Exchange Ratio”).

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