When the British Expeditionary Force landed in France in September 1939, they and the French reinforced and extended the Maginot line to the sea in a flurry of construction from 1939 to 1940, accompanied by general improvements all along the line. The final line was strongest around the industrial regions of Metz, Lauter and Alsace, while other areas were, in comparison, only weakly guarded. In contrast, the propaganda about the line made it appear far greater a construction than it was; illustrations showed multiple storeys of interwoven passages and even underground rail yards and cinemas. This reassured allied civilians. Observation posts were located on hills that provided a good view of the surrounding area. Their purpose was to locate the enemy, direct and correct the indirect fire of artillery, and report on the progress and position of critical enemy units. These are large reinforced buried concrete bunkers, equipped with armoured turrets containing high-precision optics, connected with the other fortifications by field telephone and wireless transmitters (known in French by the acronym T.S.F., Télégraphie Sans Fil). Ausenco Engineering Canada (Ausenco) signed a contract in January 2021 to provide engineering, procurement, construction and commissioning services for the Magino processing facility and other parts of the Magino construction project. Envisaged is a 115 700 oz/y gold operation with a 17-year mine life. Average gold production of 150 000 oz/y is expected over the first five years.

Total drilling, both surface and underground, within the Magino resource area is approximately 371,450 metres in 2,414 holes. The Qualified Person responsible for this section was unable to verify drilling completed before 2006 and excluded that data from being used to estimate Mineral Resources. This resulted in the removal of about 114,000 metres of data associated with 1,273 holes, most of which were short, small diameter underground core holes. Workforce buildup of the permanent operating team is nearing completion but sourcing the remaining labour remains a challenge in the current economic environment, however, vacant roles are being temporarily filled by contract personnel. Magino is a long life, low cost mine in an outstanding mining jurisdiction. This debt financing arrangement, alongside the proposed equity financing, will put Argonaut Gold in a strong financial position to complete the Magino project and move it forward into production by the end of Q1 2023,” said president and CEO Larry Radford.Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here! The Company will host conference call and webcast at 10:00 am EST today, Tuesday, December 14, 2021 to discuss the current Magino EAC. Argonaut Gold Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023 This press release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the business, operations and financial performance and condition of Argonaut Gold Inc. ("Argonaut" or "Argonaut Gold"). Forward-looking statements and forward-looking information include, but are not limited to statements with respect to the Magino EAC, the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; estimated production and mine life of the various mineral projects of Argonaut; timing of approval for modifications to existing permits; permitting and legal processes in relation to mining permitting and approval; the benefits of the development potential of the properties of Argonaut; the future price of gold, copper, and silver; the estimation of mineral reserves and resources; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to Argonaut, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct.

Cash cost figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is considered the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. In January 1923, after Weimar Germany defaulted on reparations, the French Premier Raymond Poincaré responded by sending French troops to occupy Germany's Ruhr region. During the ensuing Ruhrkampf ("Ruhr struggle") between the Germans and the French that lasted until September 1923, Britain condemned the French occupation of the Ruhr. A period of sustained Francophobia broke out in Britain, with Poincaré being vilified in Britain as a cruel bully punishing Germany with unreasonable reparations demands. The British—who openly championed the German position on reparations—applied intense economic pressure on France to change its policies towards Germany. At a conference in London in 1924 to settle the Franco-German crisis caused by the Ruhrkampf, the British Prime Minister Ramsay MacDonald successfully pressed the French Premier Édouard Herriot to make concessions to Germany. The British diplomat Sir Eric Phipps, who attended the conference, commented afterwards that: At Florida Canyon, Argonaut will also start a drill programme as part of a proof-of-concept programme on the sulphide material.Flood zones were natural basins or rivers that could be flooded on demand and thus constitute an additional obstacle in the event of an enemy offensive.

This press release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the business, operations and financial performance and condition of Argonaut Gold. Forward-looking statements and forward-looking information include, but are not limited to statements with respect to: the availability and change in terms of financing, the Magino construction capital estimate; the ability to finance additional construction costs on terms acceptable to Argonaut; risks related to meeting the Magino construction project schedule; the realization of mineral reserve estimates; the timing and amount of estimated future production; the impact of inflation on costs of exploration, development and production; estimated production and mine life of the various mineral projects of Argonaut; risk of employee and/or contractor strike actions; timing of approval for modifications to existing permits; permitting and legal processes in relation to mining permitting and approval; the benefits of the development potential of the properties of Argonaut; the future price of gold, copper, and silver; the estimation of mineral reserves and resources; success of exploration activities;; and currency exchange rate fluctuations. Except for statements of historical fact relating to Argonaut, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and while Argonaut believes that the assumptions reflected in those forward-looking statements are reasonable, there is no assurance they will prove to be correct. Argonaut cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Argonaut believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. A special committee, consisting of unconflicted members of the board, has considered the proposed terms of the offering, including the number of securities issuable, the number of offered shares issuable to insiders and the offering price being at a discount to the market price. The committee has recommended that the company approve the terms of the offering, Argonaut stated. Opinion – The difficult truths behind 'Dunkirk' ". The Washington Post . Retrieved 25 October 2017. Our depth of experience on similar projects, as well as across the region, was fundamental in our securing this assignment – delivering the schedule and cost certainty Argonaut needed with an EPC contract. Our teams from Perth, Vancouver, Burlington, Toronto and Halifax were able to coordinate their expertise seamlessly to improve the efficiency of the flowsheet, and provide our client with capital cost reductions that would help them secure the financing needed to move the project forward.The granadiorite contains between 5% and 10% veins of carbonate, quartz, tourmaline and pyrite in various orientations. The mineralised veins are between 2m and 4.5m wide, with a strike length ranging from 25m and 70m. Magino gold project reserves Although Argonaut has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this document. The project is being developed in five mining phases, in addition to the borrow pit north of the main pit. Phase one involves extracting relatively high-grade, low waste ratio material in the middle of the deposit. Argonaut Gold (TSX:AR) is expecting to produce between 210,000 and 250,000 gold equivalent ounces in 2021. The company is shifting to longer-lived assets with greater production and lower costs. The company hopes to hit 300,000 to 500,000 ounces of production mid-decade.

COO Marc Leduc said the ramp-up period through September was slower than anticipated due to some mechanical issues in the ball and SAG mills. Contractors assisted the mining team in making some repairs and adjustments. Donnell, Clayton (2017). Maginot Line Gun Turrets: And French Gun Turret Development 1880–1940. New Vanguard. Oxford: Osprey Publishing. ISBN 978-1-4728-2029-7. This updated resource statement underpins our belief that the combination of Magino and a redevelopment of Florida Canyon can provide the foundation for Argonaut's transition into a low-cost mid-tier gold producer in North America," stated Richard Young, President and Chief Executive Officer. The filtered electrowinning sludge is then smelted in a furnace to produce the final gold doré product. Infrastructure details of the Magino gold projectThese factors are discussed in greater detail in the Argonaut's most recent Annual Information Form dated March 31, 2023, and in the most recent Management's Discussion and Analysis for the three and nine months ended September 30, 2023, both filed under the Company's issuer profile on SEDAR+. Argonaut cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. A 10 000 t/d processing facility has been selected for the feasibility study, compared with the 30 000 t/d plant presented in the January 2016 prefeasibility study.