TORONTO and VANCOUVER, British Columbia, June 22, 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 the receipt of the clearance decision from the Comisión Federal de Competencia Económica (“COFECE”) with respect to the pending merger between Argonaut Gold and Alio Gold. COFECE approval was the final government agency approval required before completing the merger, which is anticipated to occur between June 29, 2020 and July 3, 2020.