Argo Gold Inc. Uchi Gold Corridor

Breaking New Ground for High-Grade Discover y

CSE: ARQ | OTCQB: ARBTF | FSE: P3U

December 2020

Forward Looking Statement

This presentation may contain forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook for the Company’s business and operational results. By nature, these risks and uncertainties could cause actual results to differ materially from what has been indicated.

Risk factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to variations in the nature, quality and quantity of any mineral deposits that may be

located, being unsuccessful in establishing mineral resources and reserves, inability to produce minerals from its properties successfully or profitably, capital and operating costs varying significantly from estimates, delays or failure in obtaining governmental, environmental or other project approvals and being unable to raise the necessary capital or to be fully able to implement its business strategies.

Forward looking

statements are made based on management's beliefs, estimates, assumptions and opinions on the date the statements are made. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct and the Company undertakes no obligation to update publicly or otherwise revise any forward-looking information as a result of new information, future results or other such factors that affect this information, except as required by law.

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Focused in NW Ontario

Argo Gold’s gold exploration projects are in the prolific NW Ontario Uchi Gold Belt and have known high-grade gold mineralization with multi ounces per tonne intercepts and known high-grade gold resources

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NW and Central Ontario Gold Mines Continue to Produce Gold Producers Northwest Ontario Gold Reserves

Company

Property

Production Life

2018 Pdn.*

2017 Pdn.

Newmont Goldcorp

Red Lake Mines

> 100 Years

235,000

209,000

324,000

2,100,000

Musselwhite

> 20 Years

265,000

236,000

261,000

2,300,000

Newmont Goldcorp

2016 Pdn.

Small High Grade Gold Mines Continue To Produce In Central Ontario 2017 Pdn.

Company

Property

Production Life

Wesdome

Eagle

> 20 Years

67,315

58,980

47,737

416,000

Mishi O/P

> 5 Years

4,310

7,985

7,485

102,000

Island Gold

> 10 Years

105,800

98,600

83,323

887,000

Alamos

2018 Pdn.

2016 Pdn.

Gold Reserves

* Production Estimates

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New Gold Production and Gold Mine Discoveries in NW Ontario

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New northwestern Ontario gold production at New Gold’s Rainy River and Pure Gold’s Madsen Mine. Battle North’s Bateman Gold Mine poised for production

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Great Bear’s world-class Dixie Discovery and many new explorers

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Both Argo Gold’s Uchi Gold Project and Great Bear’s Dixie Project are in the same volcanic stratigraphy – the Confederation Volcanics and proximal to a major structural boundary

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Argo Gold’s Uchi Gold Project is adjacent to 4 past-producing underground gold mines

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Close to infrastructure including the South Bay Mine Road and a power line crosses the project

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Argo Gold has identified pervasive high-grade gold mineralization at Woco, Northgate and Raingold and confirms multiple mineralized trends

Uchi Geological Subprovince of greenstone belts is the second most endowed gold belt in the Canadian Shield and hosts many multi-million ounce deposits

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Red Lake and Birch Uchi Greenstone Belts Both Dixie and Uchi are in the Confederation Volcanics proximal to the same major crustal structure

GREAT BEAR DIXIE PROJECT

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ARGOGOLD UCHI GOLD PROJECT

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Uchi Lake Deformation Zone Argo Gold’s Uchi Gold Project and Great Bear’s Dixie Red Lake

Uchi Gold Project

Criteria

Great Bear Resources: Dixie

Argo Gold: Uchi

Geology

Confederation Sequence

Confederation Sequence

Structure

Proximal to major structure

Proximal to major structure

Mineralization

Quartz Vein System

Quartz Vein System

Overburden

Approx. 2 metres

Approx. 3 metres

Outcrop

Little to none

Little to none

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Argo Gold’s 2020 exploration results

•

Pervasive gold mineralization

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Woco

•

Multiple mineralized trends

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Woco – Northgate

Northgate Raingold

Uchi Break

Uchi Fault HST Zone

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2020 Exploration Results

Uchi Gold Project Woco Zone - 1.1 metres of 10.4 g/t Au - 0.55 metres of 58.2 g/t Au

Per vasive Gold Mineralization - Woco Zone mineralized strike length extended to 280 metres contains high-grade Woco Vein - Northgate Zone mineralized strike length is 225 metres with two 15 metre sections of high-grade gold - Raingold Zone has high-grade gold over 15 metres of the 20 metre strike length tested CSE: ARQ | OTC: ARBTF | FSE: P3U

Northgate Zone - 4.9 m metres of 7.1 g/t Au 5.35 metres of 4.1 g/t Au - 1.65 metres of 43.5 g/t Au - 1.65 metres of 40.1 g/t Au - 1.6 metres of 37.7 g/t Au - 0.65 metres of 77.5g/t Au Raingold Zone - 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 5.5g/t Au - 1 metre of 21.2 g/t Au -9-

Woco Zone • • •

Woco Zone mineralized strike length extended to 280 metres Diamond saw channel samples include; 1.1 metres of 10.4 g/t Au and 0.55 metres of 58.2 g/t Au Winter 2019 drill program included 1.80 metres of 132.3 g/t Au at a relatively shallow depth

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Nor thgate Zone • • •

Northgate Zone mineralized strike length is 225 metres with two 15 metre sections of very high-grade gold and a low-grade alteration halo 4.9 m metres of 7.1 g/t Au, 5.35 metres of 4.1 g/t Au, 1.65 metres of 43.5 g/t Au, 1.65 metres of 40.1 g/t Au, 1.6 metres of 37.7 g/t Au, 0.65 metres of 77.5g/t Au Winter 2019 drill program included 34.4 g/t Au over 0.5 metres at a relatively shallow depth

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Raingold Zone • • •

Raingold Zone has high-grade gold over 15 metres of the 20 metre strike length tested 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 5.5g/t Au and 1 metre of 21.2 g/t Au 600 metres of strike length with anomalous gold + No previous drilling

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Ta l b o t L a k e G o l d P r o j e c t Talbot Lake is located 70 km east of Pickle Lake in the prolific Uchi Geologic Subprovince The Talbot Lake Gold Project has known high-grade gold mineralization of approximately 50,000 ounces @ 14 gpt gold Volcanics with prolific banded iron formations that also have known gold mineralization and are targets for another Musselwhite

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Investment Highlights E x p e r i e n c e d Te a m Judy Baker, B.Sc., MBA, – CEO Pedro Villigran Garcia , B.Sc., MBA, – Vice President Bill Kerr, B.Sc, P.Geo – Team

Dr. Jay Hodgson, B.Sc, M.Sc, PhD – Team Delio Tortosa, M.Sc, P.Eng – Team Josh Pellitier, B.Sc., M.Sc., P,Geo - Team

Kenneth Williamson, M.Sc, P.Geo - Team Bryan Sinkunas, M.Sc.– Team John Walmsley, B.Sc. – Team 200 YEARS OF COMBINED E X P L O R AT I O N A N D D I S C OVE RY E X P E RIE NC E

Jonathan Armes, B.Sc. – Director George Langdon, B.Sc, M.Sc., PhD – Director Reinhard Schu – LL.B. - Director Chris Wardrop - LL.B.. – Director

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Investment Highlights Capital Structure Shares Outstanding:

52,847,349

Warrants ($0.12, Feb ‘23):

11,200,000

Options ($0.15 - $0.27):

5,000,000

52-Week High/Low:

$0.35 / $0.04

CSE: ARQ | OTC: ARBTF | FSE: P3U

20% - Eric Sprott 10% - Accilent Capital & Northfield Capital)

10% - Team

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Why Argo Gold ?

ARGO GOLD’S GOLD PROJECT ARE WORLD CLASS

› › ›

Prolific Subprovince and Greenstone Belts

Known High-Grade gold mineralization Team and research identified unknown gems

EXPERIENCED TEAM

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Over 200 years of combined exploration and discovery experience

COMMITED OWNERSHIP

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Eric Sprott – 20%.

Northfield Capital and Accilent Capital ~ 10%.

Team – 10%

SERIOUS DISCOVERY POTENTIAL

› › CSE: ARQ | OTC: ARBTF | FSE: P3U

2019 Drill results include 132 g/t Au over 1.8 metres 2020 exploration results show pervasive gold mineralization on multiple mineralized trends.

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Questions and Discussion

Contact Judy Baker CEO ( 41 6 ) 7 8 6 - 7 8 6 0 j b a ke r @ a r g o g o l d . c a

www.argogold.ca

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Appendix – Argo Gold Histor y MAY 2015 › Argo Gold commences trading on the CSE, under the name Arbitrage Exploration holding the 100% owned Hurdman Silver/Zinc Property in Timmins.

JUNE 2016 › Staked McVicar Lake in northwestern Ontario.

NOVEMBER 2016 › Acquired 3 Gold properties in the Wawa gold camp: Rockstar, Macassa Creek and Abbie Lake.

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Acquired the Woco Gold Property near Red Lake Ontario from Dollard Mines.

MARCH 2017 › Staked additional ground at Hurdman Silver/Zinc Acquired the Mishi Lake Gold Project in Wawa.

MAY 2017 TO OCTOBER 2017 › Exploration work at Woco, all Wawa projects, McVicar Lake and the newly acquired Northgate Gold project adjacent to Woco.

AUGUST 2017 › Acquired Northgate Property, adjacent to Woco.

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OCTOBER 2017 › Staked additional claims at McVicar Lake.

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Exploration results for Woco and South Wawa.

NOVEMBER 2017 › Exploration results for Macassa Creek and Northgate.

FEBRUARY 2018 › Acquired the adjacent Geisler Patents at Woco.

APRIL 2018 › Staked Percy Lake Zn-Cu-Cd Property in the Batchewana Greenstone Belt.

MAY 2018 › Staked Angela Lake Gold Property in Northwestern Ontario and the Southwest Extension at the flagship Woco Gold Project.

JUNE 2018 › Staked Keelow Lake Cobalt Project near SSM. FEBRUARY AND JUNE 2019 › Staked additional claims to the Uchi Gold Property and McVicar Lake Property.

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Appendix – Exploration Por tfolio Gold, Cobalt and Zinc -Silver Projects GOLD EXPLORATION - Uchi Gold - Talbot Lake - Angela Lake

COBALT EXPLORATION - - Keelow Lake

ZINC-SILVER EXPLORATION - Hurdman

CANADA

United States of America

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Angela Lake Gold Project

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Located in North end of Birch – Uchi Greenstone Belt and 50 kilometres east of Red Lake.

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Drilling in 1980s encountered gold mineralization containing 3.7 grams per tonne over 0.3 metres.

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Boulders with visible gold up to 0.5 cm in quartz veinlets in metasedimentary host rocks had been discovered in the area.

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Follow-up field work planned to better define the structure, geology and mineralization.

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Exploration Por tfolio (Zinc) Hurdman Zinc - Silver

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Hurdman is a Zinc-Silver rich, semi-massive to massive Sulphide Zone along strike for 450 metres, north dipping 15 to 25 degrees and within 150 metres from surface.

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Drill widths of 1 to 38 metres and the mineralization remains open in all directions.

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Significant drill results include 3% Zinc and 12 g/t Silver over a true width of 23.6 metres.

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Shallow dip of the deposit is amenable to open pit.

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Gold credit.

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Exploration Por tfolio (Zinc) Hurdman Zinc - Silver

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The Hurdman Project is 120 kilometres North of Timmins, ON.

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Core claims of 2688 hectares and recently staked Strategic claims covering 4240 hectares.

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Stratabound Zinc-Silver deposit occurs at the juncture of the Quetico Metasedimentary Belt and the Kapuskasing Structural Zone.

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In addition to the Hurdman Sulphide Zone there are a significant number of surrounding drill targets.

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