Ms. Judy Baker reports

ARGO ACQUIRES ADDITIONAL SASKATCHEWAN URANIUM CLAIM

Argo Gold Inc. has entered into an agreement to acquire an additional mineral claim in Saskatchewan, pursuant to which Argo Gold can acquire a 100-per-cent interest in the Thunderclap mineral claim located in the Athabasca basin, which covers an area of 97 hectares, for $1,000 in cash payable to the vendor. Argo now has 16,059 hectares of prospective uranium mineral claims in the Athabasca basin.

The Thunderclap mineral claim is located 16 kilometres south-southwest of the McLean Lake uranium mine and mill, 18 kilometres southwest of the Rabbit Lake mine and mill, 30 kilometres northeast of Cameco's Cigar Lake high-grade uranium mine, 12 kilometres south of the Points North Landing camp and airstrip, and 17 kilometres south of Denison Mine's Midwest Lake ISR (in situ recovery) uranium deposit. Thunderclap is surrounded by Cameco Corp., with Uranium Energy Corp. (UEC) to the immediate east.

To the east of the Thunderclap mineral claim, drilling by Asamera in 1982 returned 0.13 per cent eU3O8 (triuranium octoxide equivalent) over four metres in sheared, reduced yellow brown to olive green chlorite schist. The unconformity lies at a depth of 182 metres with bleaching, hematite and chlorite alteration in basement rocks (reference: SMDI (Saskatchewan Mineral Deposit Index) 1969 located 600 metres east of Thunderclap). A second drill hole intersected the unconformity at 212.6 metres returning 0.17 per cent U3O8 over 1.0 metre from graphitic gouge in carbonate veining and chloritic alteration in graphitic pelite in basement rocks (reference: SDMI 2552 is located 1,500 metres east of Thunderclap).

To the northwest of Thunderclap and 5.28 kilometres south of the Midwest Lake uranium deposit, historical drilling intersected 0.25 per cent eU3O8 over 4.0 metres in DDH Q85-24 from 166.3 m to 170.3 m in the lower sandstone and regolith in black pyritic sandstone, and 1.1 metres in the lower sandstone of 14.8 per cent nickel, 7.2 per cent cobalt, 1.44 per cent copper, 1.14 per cent arsenic and 0.16 per cent lead (reference: SMDI 2551). Historic drilling 3.5 kilometres to the southwest of Thunderclap returned 0.34 per cent U3O8 over 0.5 metre as well as anomalous nickel arsenide, cobalt, copper, lead and zinc (reference: SMDI 2751). The anomalous polymetallic mineralization is considered to be very significant, as the Cigar Lake high-grade uranium mine carries similar polymetallic mineralization along with the uranium and gold/silver. The Thunderclap property is considered highly prospective and has never been drill tested.

The Fraser Institute's annual survey of mining companies ranked Saskatchewan as third in the world for mineral exploration and mining investment attractiveness. Argo is well positioned to advance mineral exploration with high-quality assets in a mining-friendly jurisdiction.

National Instrument 43-101 disclosure

The technical information in this news release has been reviewed and approved by Bill Kerr, who is a qualified person as defined in National Instrument 43-101. Historical geochemical, drilling results and geological descriptions quoted in this news release were taken directly from news releases by other mineral explorers and from information provided by the government of Saskatchewan. Management cautions that results reported by other parties on adjacent properties have not been verified nor confirmed by its qualified person, but Argo believes they create a scientific foundation for the exploration in the district. Management further cautions that historical results or discoveries on adjacent or nearby mineral properties are not necessarily indicative of the results that may be achieved on Argo's mineral properties.

Note on U3O8 equivalence

Some of the reported U3O8 results represent equivalent uranium, or eU3O8, which is determined through downhole probing techniques. These methods estimate the uranium content in situ by measuring gamma radiation, which is then converted into an eU3O8 value based on standard calibration factors. It's important to note that this is an indirect measurement, and the actual uranium species may vary. The eU3O8 values provide an estimate of uranium concentrations in the mineralization, but further assaying and metallurgical testing would be needed to confirm the precise uranium species and chemical grade.

Closing of acquisition

Argo has also closed the acquisition of Thunderbolt and Zig Zag mineral claims previously disclosed in Argo's press release dated Dec. 3, 2024. In addition to the cash payment of $5,000, Argo has issued 500,000 common shares in the capital of the company pursuant to an acquisition agreement, whereby the company acquired Thunderbolt and Zig Zag claims located in the Athabasca basin. The common shares are issued at a deemed price of eight cents per common share for a total value of $40,000. The 500,000 common shares issued pursuant to the agreement are subject to a statutory hold period of four months and one day from the date of issuance.

About Argo Gold Inc.

Argo Gold is a Canadian mineral exploration and development company, and an oil producer. Argo Gold is listed on the Canadian Securities Exchange as well as quoted on OTC.

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