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Argo Gold – May 2024 Update [EN]

Argo finished calendar 2023 with an ownership interest in 3 operating oil wells in the Lloydminster area of Alberta, Canada.

During 2023, Argo invested capital of CDN $1.8 million to participate in the development drilling of 3 new horizontal oil wells into the Sparky formation.

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).

Full Year 2023 Argo’s oil production Argo’s 2023 Oil Revenue Argo’s 2023 net operating cash flow
Lindbergh 1, Lindbergh 2, Lloyd 1 17,533 barrels $1.17 million $0.78 million

For Q1 2024, Argo’s oil production was 10,072 barrels oil generating oil revenue of $669,473 (before royalty payments) and a net operating cash flow total of $396,787 (before non-cash oil depreciation and accretion).

Q1 2024 Argo’s oil production Argo’s Q1 2024 Oil Revenue Argo’s 2023 net operating cash flow
Lindbergh 1, Lindbergh 2, Lloyd 1 10,072 barrels $669,473 $396,787

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 and CDN$19 M at a 10% discount rate.  The year-end reserve number does not include the second oil well to be drilled at Lloyd in summer 2024.

Year-End 2023 Oil Reserves Argo Gross Oil Argo Oil net of Royalties 0% NPV 10% NPV
Total Proved plus Probable 574,300 bbl 476,000 bbl $30.3 million $19.6 million

Argo has a Growth Agenda with plans to continue to participate in development drilling of oil wells in the second half of 2024.

Argo Gold is also the 100% owner of two gold projects in northwestern Ontario, the Uchi Gold Project and the Talbot Lake Gold Project.

Argo Gold currently has 72 M shares outstanding.  Institutions and insiders own 50% of the shares outstanding.  The current $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

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