Toronto, Ontario – (December 14, 2021) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) announces that it has completed a review of the estimated construction capital at completion (“EAC”) of its 100%-owned Magino project in Ontario, Canada (“Magino” or the “Project”). The Company also announces a change in leadership. All dollar amounts are expressed in Canadian dollars, unless otherwise specified. “US$” refers to United States dollars.