Corporate

Argo Gold – May 2025 Update

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

During 2023 and 2024, Argo invested capital of CAD $2.6 million to participate in the development drilling of 5 new horizontal oil wells – 3 oil wells at Lindbergh into the Sparky formation and 2 oil wells at Lloyd, 1 oil well in the Sparky formation and 1 oil well in the General Petroleum.

All 5 oil wells were successfully drilled, completed, equipped, and brought on production, except for Lloyd 2.  After 6 weeks of oil production at Lloyd 2 (mid September – end of October), of approximately 5,000 barrels of oil (Argo’s share 1,500 barrels), the oil well collapsed, and production has been minimal.

For Full Year 2024, Argo’s oil production was 39,739 barrels; generating oil revenue of $2.9 million (before royalty payments) and a net operating cash flow total of $1.7 million (before non-cash oil depreciation and accretion).

For Q1 2025, Argo’s oil production was 9,765 barrels; generating oil revenue of $0.705 million (before royalty payments) and a net operating cash flow total of $0.422 million (before non-cash oil depreciation and accretion).

Argo’s Year-End 2024 Oil Reserves summarized below includes the five current operating oil wells and five future planned oil wells at Lindbergh and Lloyd.

Argo’s Plan for 2025

• Argo has a Growth Agenda with plans to continue to participate in development drilling of oil wells in 2025 at both Lloyd and Lindbergh; as well as a partial re-drill of Lloyd 2.
• 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 and January 2025, Argo acquired a 100% ownership position of over 200 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.