Argo Gold : PowerPoint Presentation, Jan 2023

ARGO GOLD - The Clearwater

• A Generational Opportunity

C o r p o r a t e P r e s e n t a t i o n J a n u a r y 2 0 2 3 CSE: ARQ | OTCQB: ARBTF | XFRA / XSTU / XBER: A2ASDS

Forward-Looking Information

Certain information contained in this investor presentation of Argo Gold Inc. (the "Company") may constitute forward-looking statements and information (collectively, "forward-lookingstatements") within the meaning of applicable securities legislation that involve known and unknown risks, assumptions, uncertainties and other factors. Forward- looking statements may be identified by words like "anticipates", "estimates", "expects", "indicates", "intends", "may", "could" "should", "would", "plans", "target", "scheduled", "projects", "outlook", "proposed", "potential", "will" and similar expressions. More particularly, this investor presentation contains forward-looking statements concerning: the success of the Company's oil and gas exploration and the Company's anticipated ability to develop oil and gas assets. Forward-looking statements in this investor presentation include statements relating to the Company's business strategy, plans, objectives, priorities and desired investment profile characteristics; financial and operating forecasts with respect to the target assets; anticipated production growth; the Company's ability to successfully transition into the oil and gas industry; the Company's working interest in the Mikwan and North Fenn regions; the Company's drilling operations in the Nisku Formation; the Company's working interest in the Lindbergh region; the Company's drilling operations in the Sparky Formation; the Company's ability to successfully acquire land in the Clearwater play in the Nipisi region; the anticipated closing date of the Clearwater transaction; estimates of future drilling, production and sales of oil and gas; projections with respect to operating expenditures, capital expenditures and field cash flow; mining yields; anticipated mining growth and drilling targets; anticipated exploration and resource recovery opportunities. Such statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause results to differ materially from those expressed in the forward-looking statements.

Statements relating to reserves are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future.

Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of the Company's businesses include, among other things: risks and assumptions associated with operations, such as the Company's ability to successfully implement its strategic initiatives and achieve expected benefits; assumptions regarding the assets; assumptions concerning operational reliability; risks inherent in the Company's future operations; the Company's ability to generate sufficient cash flow from operations to meet its future obligations; increases in maintenance, operating or financing costs; the realization of the anticipated benefits of future acquisitions, if any; the availability and price of labour, equipment and materials; competitive factors, including competition from third parties in the areas in which the Company intends to operate, pricing pressures and supply and demand in the oil and gas industry; fluctuations in currency and interest rates; inflation; risks of war, hostilities, civil insurrection, pandemics (including COVID-19), instability and political and economic conditions in or affecting countries in which the Company intends to operate (including the ongoing Russian-Ukrainian conflict); severe weather conditions and risks related to climate change; terrorist threats; risks associated with technology; changes in laws and regulations, including environmental, regulatory and taxation laws, and the interpretation of such changes to the management team's future business; availability of adequate levels of insurance; difficulty in obtaining necessary regulatory approvals and the maintenance of such approvals; general economic and business conditions and markets; and such other similar risks and uncertainties. The impact of any one assumption, risk, uncertainty or other factor on a forward-looking statement cannot be determined with certainty, as these are interdependent and the Company's future course of action depends on the assessment of all information available at the relevant time. In addition, with respect to the company's mining assets subject to the advisories about the actual results may vary materially due to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties with respect to mining, changes in laws or regulations in , risks of obtaining necessary licenses and permits for mining. Readers are cautioned that Mineral Resources are not Mineral Reserves and do not have economic viability. The potential development of Mineral Resource Estimates disclosed in the company's releases may be materially affected by legal, political, environment or other risks.

With respect to forward-looking statements contained in this presentation, the Company has made assumptions regarding, among other things: that the Company will be able to successfully complete the projects; assumptions regarding future strip pricing; commodity prices; the COVID-19 pandemic and the duration and impact thereof; future exchange and interest rates; supply of and demand for commodities; inflation; the availability of capital on satisfactory terms; the availability and price of labor and materials; the impact of increasing competition; conditions in general economic and financial markets; access to capital; the receipt and timing of regulatory and other required approvals; the ability of the Company to implement its business strategies and complete future acquisitions; the continuance of existing and proposed tax regimes; and effects of regulation by governmental agencies.

The forward-looking statements contained in this investor presentation are made as of the date hereof and the parties do not undertake any obligation to update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

CSE: ARQ | OTCQB: ARBTF | XFRA / XSTU / XBER: A2ASDS

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Oil and Gas

• Argo has sourced economically attractive oil projects
• • The Clearwater is a Generational Opportunity
  • • • Expert Calgary based Oil & Gas Team
      • • Argo is an Alberta Energy Licensee
    • Argo will be an Oil Producer imminently with the Sparky Participation Oil Well
    • • • Nisku Light Oil FarmIn
        • • Calgary Office
      • Alberta Corporation imminently

• Clearwater
• • Generational Opportunity
• Sparky Participation Oil Well
• • Oil Production is imminent
• Nisku Light Oil Farmin

Clearwater Oil Project

• Argo has an agreement to acquire 7600 hectares (18,800 acres) of Clearwater in the Nipisi area of Alberta for $725,000
• Conservative estimate of 50 Oil Well locations accessing the Upper Clearwater (15-20 metres) and Lower Clearwater (20-25 metres)
• Blue Sky Resource Potential is significantly larger
• Peters & Co. Limited - September 2022 Clearwater Report

Nipisi Area Well Capital ~ $1.5 M

Production ~ 180 bbl/day

Payback 6-7 months

NPV per well ~ $6 M

Estimated Ultimate Resource ~ 245,000 bbls per well

CSE: ARQ | OTCQB: ARBTF | XFRA / XSTU / XBER: A2ASDS

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