Argonaut Gold Announces First Quarter Production of 55,516 Gold Equivalent Ounces, Cash Flow(1) of $25 Million and Provides Magino Construction Project Update

TORONTO, May 11, 2022 /CNW/ – 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, 2022.  For the first quarter 2022, the Company reports production of 55,516 gold equivalent ounces2 (“GEO” or “GEOs”), revenue of $105.8 million, cash flow from operating activities before changes in non-cash operating working capital and other items of $25.1 million, net income of $5.6 million or earnings per basic share of $0.02, and adjusted net income3 of $8.2 million or adjusted earning per basic share3 of $0.03.  All dollar amounts are expressed in United States dollars, unless otherwise specified (C$ refers to Canadian dollars).

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