Argo Gold : Year-End December 31, 2022 MD&A

ARGO GOLD INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

FOR THE YEAR ENDED DECEMBER 31, 2022

General

The following management's discussion and analysis ("MD&A") of the financial condition and results of the operations of Argo Gold Inc. ("Argo Gold", or the "Company") constitutes management's review of the factors that affected the Company's financial and operating performance for the years ended December 31, 2021 and 2022. This MD&A was written to comply with the requirements of National Instrument 51-102 - Continuous Disclosure Obligations. This discussion should be read in conjunction with the audited annual financial statements of the Company for the years ended December 31, 2022 and 2021, together with the notes thereto ("the financial statements"). Results are reported in Canadian dollars, unless otherwise noted.

The financial statements and the financial information contained in this MD&A were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). Please refer to Note 3 of the annual audited financial statements as at and for the years ended December 31, 2022 and 2021 for disclosure of the Company's significant accounting policies.

The audit committee of the Company has reviewed this MD&A and the financial statements for the years ended December 31, 2022 and 2021 and the Company's Board of Directors approved these documents prior to their release.

This MD&A is dated May 1, 2023 and is current to that date.

Additional information relating to the Company is available free of charge on the System for Electronic Document Analysis and Retrieval ("SEDAR") website at www.sedar.com,on the Canadian Securities Exchange ("CSE") website at www.thecse.com or on Argo Gold's website at www.argogold.com.

Caution Regarding Forward Looking Information

This MD&A includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical fact, that address future exploration activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward- looking statements.

Qualified Person

Technical information contained in this MD&A has been prepared by or under the supervision of Bill Kerr, P. Geo., consulting geologist for Argo Gold, who is a "Qualified Person" for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). He has verified the data comprising such technical information, including sampling, analytical and test data underlying the information or opinions contained herein.

Overview

Argo Gold is an exploration and development stage company incorporated under the laws of Ontario on December 9, 1995. The Company is listed on the Canadian Securities Exchange ("CSE") under the symbol ARQ, the OTCQB under ARBTF, and on the XFRA, XSTU and XBER under A2ASDS. The address of the Company's corporate office and principal place of business is 350 Bay Street, Suite 700 Toronto, Ontario, MSH 256.

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Going Concern

The audited financial statements of the Company have been prepared on the basis that the Company will continue as a going concern, which presumes that it will be able to realize its assets and discharge its liabilities in the normal course of business. Due to continuing operating losses and current working capital levels, the application of the going concern basis is dependent upon the Company achieving profitable operations to generate sufficient cash flows to fund continuing operations or in the absence of adequate cash flows from operations, obtaining additional financing to support operations for the foreseeable future. It is not possible to predict whether financing efforts will be successful or if the Company will attain profitable levels of operations. These factors may cast significant doubt on the entity's ability to continue as a going concern.

The audited financial statements do not give effect to adjustments that would be necessary should the Company be unable to continue as a going concern. If management is unsuccessful in securing capital, the Company's assets may not be realized, or its liabilities discharged at their carrying amounts and these differences could be material. Changes in future conditions could require material write-downs of the carrying amounts of mineral properties.

Description of the Business

Argo Gold Inc. (the "Company" or "Argo Gold") was incorporated under the laws of Ontario on December 9, 1995. The Company is listed on the Canadian Stock Exchange ("CSE"), having the symbol ARQ and on the OTCQB under the symbol ARBTF. The Company is currently engaged in the acquisition, exploration, and development of mineral properties, and has entered into letters of intent to pursue the exploration and development of oil and gas opportunities. Effective September 19, 2016, the Company changed its name to Argo Gold Inc. from Arbitrage Exploration Inc. The address of the Company's corporate office and principal place of business is 350 Bay Street, Suite 700 Toronto, Ontario, M5H 2S6, Canada.

Developments during 2022 and up to May 1, 2023

Oil and Gas Exploration and Development

May 1, 2023

Argo issued 3,500,000 shares at $0.10 per share for gross proceeds of $350,000. This financing was done privately with low expected share issuing costs expenses that are yet to be determined. The total number of outstanding shares after the new share issuance is 69,485.581.

March 30, 2023 - Argo announced that the Lindbergh Area Sparky oil well was drilled in mid-March 2023 and is on production at anticipated rates. Argo participated for 37.5% of the Lindbergh well and Argo's share of production is expected to yield 55 to 70 barrels oil/day.

February 1, 2023 - Argo announced that the company has entered into a second participation agreement with Croverro Energy to participate in a second horizontal Sparky oil well proximal to Lloydminster, Alberta. Argo will pay the operator 25 per cent of the cost to drill, complete, and fully equip or abandon the well to earn an 18.75 percent working interest in the well. The second Sparky oil well is planned to be drilled post spring break-up and upon successful completion, Argo's portion of oil production is estimated to be 30 to 40 bbls oil/day.

December 20, 2022. The Alberta Energy Regulator (AER) approved Argo Gold for General Eligibility for Energy under AER Directive 067 to hold and acquire energy licenses in the province of Alberta.

Croverro Energy had some delays and the Sparky oil well that Argo is participating in will be initiated in the first quarter of 2023. Also, Croverro Energy now estimates that Argo's 50% of capital costs has

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been decreased to an estimated $800,000. Argo's 50% capital cost contribution entitles Argo to 37.5% of the oil well production estimated to be 90 bbl/day oil to Argo.

On November 7, 2022 - Argo announced it entered a non-binding letter of intent to acquire interest in the Clearwater Play in Alberta. Under the terms of the agreement, Argo would pay $725,000 to a private junior energy producer to acquire interest on land in the Clearwater Play around the Nipisi area of Alberta. This agreement was subsequently cancelled.

On November 3, 2022 - Argo announced it entered into a farmout agreement to participate in the Sparky Oil Well in the Lindbergh area, proximal to Lloydminster, Alberta.The agreement is a one-well farmout with Croverro Energy Ltd. of Calgary, Alberta whereby Argo Gold (the Farmee) will pay the operator 50 per cent of the cost to drill, complete, and fully equip or abandon the well to earn a 37.5% interest.

August 25, 2022 - Argo announced that it had entered into strategic alliance with Jasper Mining Corporation ("Jasper" TSXV:JSP) whereby the companies agreed to share technical knowledge and expertise, employing the particular technical strengths of each management team in their respective resource industry. Each of Jasper and Argo have a similar asset mix, including lands which contain significant quantities of precious and base metals within Canada; yet both aspire to expand their operations to include a significant, or dominant, component in the oil and gas sector.

The joint-use of technical expertise and resources is expected to have a near-term impact of reducing specific consulting costs, where currently each company must retain professionals to fill gaps in its team's technical ability to effectively evaluate acquisitions and conduct operations, without incurring costs to the respective corporation. The initial term of the alliance shall be for 12 months; but can be terminated at any time by either company giving written notice to the other.

On June 21, 2022, Argo Gold entered into two letters of intent (LOIs) to farm into two separate Devonian oil and gas mineral lands in southern Alberta. Argo Gold will earn a 100% working interest in the two prospect lands, subject to a gross overriding royalty (GOR) to the holder of the mineral lands, in exchange for drilling one well per prospect. The oil prospects are seismically defined and are located within in a well-known producing trend with proven oil zones and surrounding infrastructure. Four additional well locations have been identified on the two Devonian prospects. Estimated yield on the two initial test wells is estimated to be 100 bbl/day to 150 bbl/day in range and the estimated ultimate recovery (EUR) of the two initial wells is expected to be 275,000 bbl oil and 300,000 bbl oil respectively.

Argo Gold also confirms that it had entered into a fourth Letter of Intent and Area of Mutual Interest Agreement to earn into oil and gas lands in southern Alberta with exploration and development potential in Cretaceous clastic reservoirs. However, the parties mutually agreed to cancel the agreement but have also agreed to continue discussions. These two letters or intent were subsequently cancelled.

Uchi Gold Project

Argo Gold announced that a gold mineralized extension has been identified at the Raingold and HST Zone at the Uchi Gold Project. Raingold is located along the HST Zone (Hill-Sloan-Tivy) which also hosts the past-producing Grassett Mine to the north. The HST Zone is a parallel mineralized trend located one km west of the main Uchi - Northgate gold mineralized trend.

in 2020, 71 samples were taken over a strike length of 50 metres of diamond saw channels in the footwall, the hanging wall, and the mineralized zone at Raingold. Visible gold was identified in only one sample and 37 samples returned grades greater than 1.0 g/t Au. The best intersections at Raingold were 2.3 metres of 31.2 g/t Au, 1.9 metres of 29.8 g/t Au, 1.9 metres of 10.3 g/t Au, 2.65 metres of 5.4 g/t Au, 2.6 metres of 5.Sg/t and 1.0 metres of 21.2 g/t Au. The mineralized zone is mainly hosted by silica-rich iron formation with siderite-ankerite alteration, disseminated pyrite- pyrrhotite and quartz-ankerite veining.

In Spring 2021, Argo Gold drilled a total of 399 metres at the Raingold and the HST Zone. Only anomalous gold was intersected at depth. A step-out drill hole located 100 metres to the north identified anomalous gold across two structures where the second mineralized structure is

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identified as a new mineralized trend 100 metres to the east of the HST Zone. In Spring 2021, Argo Gold also confirmed high-grade gold in channel sampling 32.84 g/t Au over 2.5 metres at Raingold.

In late 2021, Argo Gold also completed overburden stripping and washing for 280 metres south of the high-grade Raingold area along the near vertical HST Zone following quartz veining and sulphide mineralization along the sheared break. Sixty-two channel samples across 35 channels perpendicular to strike were taken along the south extension of the Raingold - HST Zone with an average spacing of 7.7 metres. Gold mineralization is associated with abundant quartz veins and veinlets, iron formation, pyrite or ankerite alteration. The Fall 2021 channel samples are shown on the Raingold map where the best intercept is 15.4 g/t Au over 0.9 metres. It is significant that this highest sample was the farthest sample to the south and the trench geologic structure remains open in that direction.

Talbot Lake Gold Project

April 18, 2023, Argo announced that Argo's 100% owned Talbot Lake Gold Project located 100 kilometres northeast of Pickle Lake, Ontario is permitted for exploration and drilling.

In June 2020, Argo Gold acquired the Talbot Lake Gold Project located 100 kilometres north east of Pickle Lake in the prolific Uchi Geologic Subprovince (see Argo Gold news release June 11, 2020). The property hosts a historical non-NI43-101 compliant mineral resource estimate of approximately 50,000 ounces at 14.0 g/t Au in a quartz vein system, starting at surface. There is also known gold mineralization in the associated banded iron formations ("BIFs") stretching over 23 line kilometres, which holds the potential for Musselwhite Mine type mineralization (over 20 years of 200,000 ounces of annual production). Gold mineralization in BIFs can be very pervasive.

The Company believes the current historical non-NI43-101 compliant estimated mineral resource has the potential to be expanded. Prior to the acquisition of Talbot Lake from Denison Mines Inc., the property had been sitting unexplored within a uranium company.

Hurdman Silver-Zinc Project

The Hurdman Silver-Zinc Project is a metamorphosed sedimentary exhalative VMS deposit that is very similar to that of Australia's Broken Hill deposit. The Main Zone at surface has an NI 43- 101 compliant mineral resource estimate of 3.4 M tonnes grading 1.2% Zn, 18.1g/t Ag and 0.34 g/t Au for approximately 2 million in-situsilver ounces. The nature of the known mineralization indicates exploration potential for additional mineralization and higher-grade mineralization as a result of metamorphism. Located 120 km north of Timmins, there are 70 km2 of mineral claims surrounding the Main Zone that cover all of the area geophysical targets that have not been drill tested.

Marshall Lake Area Copper Property

On January 9, 2022, the Company staked 243 copper focused mineral claims, comprising four separate claim blocks in the Marshall Lake Area of the Thunder Bay Mining District, in Ontario.

The four claim blocks cover 50 square kilometres that is prospective for copper mineralization indicated by known sulphide mineralization present in the area Marshall assemblage.

The SW Claim Block is on the NE -SW trend line of local faults and is possibly down dip of the east dipping D2 fold. The North Claim Block is underlain by the Marshall assemblage, multiple faults, the D1 fold and the gabbroic intrusion associated with known mineralization in the camp. The East Claim Block covers the D2 fold extension associated with the trend of notable VTEM anomalies. The SE Claim Block has historic drill holes intersecting the lithology similar to Marshall Lake including sulphides with 12 historic assessment reports assaying for nickel and copper.

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Financings

May 1, 2023

Argo issued 3,650,000 shares at $0.10 per share for gross proceeds of $365,000. The total number of outstanding shares after the new share issuance is 69,653.581. Argo did not complete any financing in 2022.

Sale of Investments

March 3, 2023, Argo Sold 218,000 shares of Manitou Gold Inc. for net proceeds of $9,640. Argo no longer has an investment in Manitou Gold Inc.

January 12, 2023, Argo sold 2,500.000 shares of Cross River Ventures Corp. for net proceeds of $49,417. Argo no longer has an investment in Cross River Ventures Corp.

December 21, 2022, Argo sold 32,000 shares of Manitou Gold Inc. for net proceeds of $450.

Overview of Financial Results

Three months and Year Ended December 31, 2022, vs December 31, 2021

	Three months Ended	Year Ended
	December 31,	December 31,
(Expressed in Canadian Dollars)	2022	2021	2022	2021
Expenses	$30,942		$128,697
Exploration and evaluation	$109,674	$1,278,322
Management fees	45,975	36,000	138,625	160,000
Consulting fees	40,049	7,500	186,963	43,700
Professional fees	119,160	17,450	205,659	52,078
Business development	88,733	20,862	233,552	116,973
Investor relations	18,928	13,000	101,006	121,291
General and administrative	79,512	15,552	155,597	84,920
Listing filing and regulatory fees	36,679	13,144	84,538	40,725
Depreciation	878	406	3,360	2,141
Total Expenses	460,855	233,588	1,237,997	1,900,150
Loss before the undernoted	(460,855)	(233,588)	(1,237,997)	(1,900,150)
Bank charges	(607)	(238)	(1,483)	(1,770)
Part X11.6 taxes	(2,400)	0	(2,400)	(395)
Interest Income (expense)	(260)	2	(307)	5
Realized (loss) gain on sale of investments	(3,870)	35,230	(3,870)	35,230
Change in unrealied (loss) on value of investments	(17,410)	(52,500)	(244,910)	(533,750)
Flow-through share premium recovery	149,798	0	43,750	224,650
Net loss and comprehensive loss for the period	(335,605)	(251,094)	(1,447,217)	(2,176,180)
Basic and diluted loss per share	(0.01)	(0.00)	(0.02)	(0.03)
Weighted average number of shares outstanding - basic and dilute	65,985,581	63,068,881	65,985,581	63,068,881

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