Argonaut Gold Provides El Castillo Mine Update

Press Release

TORONTO, Oct. 29, 2019 – Argonaut Gold Inc.(TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) announces that the El Castillo mine is subject to an illegal blockade. At this time, leaching and gold absorption operations are continuing and metal production has not been impacted.

The Company has a legal and binding agreement in place with Atotonilco ejido that was signed and recognized by both the Atotonilco ejido and the Mexican government in 2012 and runs through 2022. The Company understands that certain members of the Atotonilco ejido are seeking to amend the binding agreement in a manner inconsistent with the existing agreement and the law.

The Company is attempting to work with the Atotonilco ejido and the government to resolve this issue in a mutually satisfactory manner. Argonaut reaffirms its commitment to treat all local ejidos fairly and work with its local communities in an open and transparent manner for the benefit of all stakeholders.

About Argonaut Gold

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo Complex in Durango, Mexico and the La Colorada mine in Sonora, Mexico. Advanced exploration projects include the San Antonio project in Baja California Sur, Mexico, the Cerro del Gallo project in Guanajuato, Mexico and the Magino project in Ontario, Canada. The Company also has several exploration stage projects, all of which are located in North America.

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