Q1-2020-Operating-and-Financial-results-FINAL

Toronto, Ontario – (May 12, 2020) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce its operating and financial results for the first quarter ended March 31, 2020. The Company reports quarterly production of 41,536 gold equivalent ounces2 (“GEO” or “GEOs”), a quarterly net cash1 increase of $6.0 million, cash flow from operating activities before changes in operating working capital of $14.8 million, net loss of $9.5 million or loss per share of $0.05 and adjusted net income1 of $8.4 million or adjusted earnings per share1 of $0.05. All dollar amounts are expressed in United States dollars, unless otherwise specified (C$ refers to Canadian dollars).