Argo's Year-End 2024 Oil Reserves Report

(MENAFN- Newsfile Corp) Toronto, Ontario--(Newsfile Corp. - May 8, 2025) - Argo Gold Inc's. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company ") Year-End 2024 Reserves Report ("Reserves Report"), with an effective date of December 31, 2024, is summarized below. The Reserves Report was completed by Petrotech and Associates, an independent qualified reserves evaluator based in Calgary, Alberta, and was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). The evaluation was conducted using the Sproule December 31, 2024, Price Forecast for Heavy Crude Oil (12^°API) at , adjusted for each property.

The Reserves Report includes Argo's interest in the five current producing oil wells in the Lloydminster and Lindbergh areas in Alberta; and five undeveloped development well locations at current sites. The following table summarizes the information contained in the Reserves Report, with an effective date of December 31, 2024:

Year-End 2024 Heavy Crude Oil Reserves	100% Heavy Crude Oil Mbbl	Company Gross (1) Heavy Crude Oil Mbbl	Company Net (2) Heavy Crude Oil Mbbl	0% NPV MM$	10% NPV MM$	15% NPV MM$
Proved Developed Producing	827.4	200.3	173.4	10.6	7.9	7.0
Proved Undeveloped	907.2	170.1	148.0	8.0	5.4	4.6
Total Proved	1,734.5	370.3	321.4	18.6	13.3	11.6
Probable	435.8	96.0	79.4	5.4	2.8	2.2
Total Proved plus Probable	2,170.3	466.3	400.8	24.0	16.2	13.8

Table Notes:

(1) "Gross Reserves" are the Company's working interest reserves before the deduction of royalties.
(2) "Net Reserves" are the Company's working interest reserves after deductions of royalty obligations, plus the Company's royalty interests.
(3) Mbbl are thousand barrels
(4) MM$ are millions of dollars
(5) The numbers in the table may not add due to rounding.

The disclosures contained in this report represent information related to the Company's reserves, future net revenue, and discounted value of future net cash flows as of December 31, 2024.

The Company has filed its Form 51-101 F1 Statement of Reserves Data and Other Oil and Gas Information ("Form F1"), Form 51-101 F2 Report on Reserves Data by Independent Qualified Reserves Evaluator ("Form F2"), and Form 51-101 F3 Report of Management and Directors on Oil and Gas Disclosure ("Form F3") for the year ending December 31, 2024. These documents are also posted on the Company's website at and SEDAR+ at .

About Argo Gold

Argo Gold is a Canadian mineral exploration and development company, and an oil producer. Argo Gold is listed on the Canadian Securities Exchange ( ) CSE: ARQ as well as OTC: ARBTF and XFRA, XSTU, XBER: A2ASDS.

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