Corporate

Argo Gold – January 2025 Update

Argo finished calendar 2024 with an ownership interest in 5 operating oil wells in the Lloydminster area of Alberta, Canada.

During 2023, Argo invested capital of CAD $1.8 million to participate in the development drilling of 3 new horizontal oil wells into the Sparky formation; two at Lindbergh and one at Lloyd.

All 3 oil wells were successfully drilled, completed, equipped, and brought on production.

Argo’s total oil production for 2023 was 17,533 barrels oil generating 2023 oil revenue of $1.17 million (before royalty payments) and a net operating cash flow total of $0.78 million (before non-cash oil depreciation and accretion).

During 2024, Argo invested capital of CAD $0.5 million to participate in the development drilling of 2 new horizontal oil wells; one at Lloyd and one at Lindbergh.

Although both oil wells were successfully drilled, completed, equipped, and initially brought on production, Lloyd 2 appears to have collapsed in the horizontal well-bore after 6 weeks of production; producing approximately 5,000 barrels of oil (Argo’s share 1,500 barrels).  Well repair attempts in November and December have not been successful but the oil well continues to produce at very low levels.

For YTD 2024 (January – November 2024), Argo’s oil production is 36,418 barrels oil generating oil revenue of $2.66 million (before royalty payments) and a net operating cash flow total of $1.68 million (before non-cash oil depreciation and accretion).

 Argo’s Year-End 2023 Oil Reserves were 574,300 barrels which includes the current operating oil wells and three future planned oil wells at Lindbergh.  The net asset value of the reserves is CDN$30 M at a 0% discount rate, CAD$19 M at a 10% discount rate, and CAD$16 M at a 15% discount rate.  The year-end reserve number does not include the second oil well to be drilled at Lloyd in summer 2024.

• Argo has a Growth Agenda with plans to continue to participate in development drilling of oil wells in 2025 at both Lindbergh and Lloyd.

• Argo Gold is also the 100% owner of two gold projects in northwestern Ontario, the Uchi Gold Project and the Talbot Lake Gold Project.
• In August 2024, Argo acquired a 100% ownership position of over 210 square kilometres in the emerging and underexplored Rottenstone Metallogenic Belt.
• Argo Gold recently acquired a 100% ownership position of over 160 square kilometres of uranium mineral claims in the Athabasca Basin in Saskatchewan.
• Argo Gold currently has 73 M shares outstanding.  Institutions and insiders own 50% of the shares outstanding.  The current CAD $6 million market capitalization is a compelling opportunity.

CSE: ARQ, OTC: ARBTF and XFRA, XSTU, XBER: A2ASDS

www.argogold.com

Judy Baker
CEO, Argo
(416) 786-7860
jbaker@argogold.ca

Forward-looking Information Cautionary Statement

Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law.   Forward-looking information is 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” or “will” occur.   Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE.   There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control.   The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law.   The reader is cautioned not to place undue reliance on forward-looking statements.   Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available.