Ms. Judy Baker reports

ARGO'S YEAR-END 2024 OIL RESERVES REPORT

Argo Gold Inc.'s year-end 2024 reserves report, with an effective date of Dec. 31, 2024, is summarized in this news release. The reserves report was completed by Petrotech and Associates, an independent qualified reserves evaluator based in Calgary, Alta., and was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook (COGE), and National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities. The evaluation was conducted using the Sproule Dec. 31, 2024, price forecast for heavy crude oil (12 degrees API), adjusted for each property.

The reserves report includes Argo's interest in the five current producing oil wells in the Lloydminster and Lindbergh areas in Alberta, and five undeveloped development well locations at current sites. The attached table summarizes the information contained in the reserves report, with an effective date of Dec. 31, 2024.

The disclosures contained in this report represent information related to the company's reserves, future net revenue and discounted value of future net cash flows as of Dec. 31, 2024.

The company has filed its Form 51-101 F1, Statement of Reserves Data and Other Oil and Gas Information, Form 51-101 F2, Report on Reserves Data by Independent Qualified Reserves Evaluator, and Form 51-101 F3, Report of Management and Directors on Oil and Gas Disclosure, for the year ending Dec. 31, 2024. These documents are also posted on the company's website and on SEDAR+.

About Argo Gold Inc.

Argo Gold is a Canadian mineral exploration and development company, and an oil producer.

We seek Safe Harbor.