Toronto, Ontario – (December 5, 2022) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce that it has entered into a binding purchase agreement dated December 5, 2022 (the “Purchase Agreement”) with Heliostar Metals Limited (“Heliostar”) for the sale of all of the issued and outstanding shares of Aurea Mining Inc. (“Aurea
Mining”), a wholly owned subsidiary of Argonaut, which through Aurea Mining’s wholly owned subsidiary Minera Aurea S.A. de C.V. (“Minera Aurea”), holds a 100% indirect interest in and to the Ana Paula Gold Project (“Ana Paula”). Heliostar has also entered into an option agreement (the “Option Agreement”) with Argonaut and its wholly owned subsidiary, Compañía Minera
Pitalla S.A. de CV (“Compañía Minera Pitalla”), pursuant to which Heliostar has been granted an option (the “Option”) to acquire a 100% interest in the San Antonio Gold Project. Both projects are located in Mexico.