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ARGONAUT GOLD Argonaut Gold Announces Quarterly Production of 58,777 Gold Equivalent Ounces , $ 39.6 Million of Cash Flow¹ and Provides Third Quarter 2021 Operating and Financial Results Toronto , Ontario - ( November 15 , 2021 ) Argonaut Gold Inc. ( TSX : AR ) ( the " Company " , " Argonaut Gold " or " Argonaut " ) is pleased to announce its operating and financial results for the third quarter ended September 30 , 2021. The Company reports quarterly production of 58,777 gold equivalent ounces² ( “ GEO " or “ GEOs " ) , cash flow from operating activities before changes in non cash operating working capital and other items of $ 39.6 million , net income of $ 15.0 million or earnings per basic share of $ 0.05 and adjusted net income³ of $ 17.4 million or adjusted earnings per basic share² of $ 0.06 . All dollar amounts are expressed in United States dollars , unless otherwise specified ( C $ refers to Canadian dollars ) . Pete Dougherty , President and CEO stated : " We generated nearly $ 40 million in cash flow during the third quarter in spite of the usual productivity challenges we typically experience due to the rainy season in Mexico . With $ 107 million of cash flow¹ generated through the first nine months of the year , we have already surpassed our target of generating $ 100 million in cash flow in 2021 and have three more months to add to that total . This generation of cash flow is key for the Company , as we continue to re - invest into the growth and diversification of the business through the construction of the Magino project in Ontario , Canada . I'm very pleased with the entire team effort in achieving this feat - particularly when you consider the third quarter 2021 saw a 7 % lower realized gold price compared to the third quarter 2020 , yet generated 37 % more cash flow when comparing the two periods . Overall , it was a tremendous financial quarter with a 12 % increase in net income and an 43 % increase in adjusted net income year - over - year . " ¹ " Cash Flow " refers to " Cash flow from operating activities before changes in non - cash operating working capital and other items " . 2 GEOs are based on a conversation ratio of 85 : 1 for silver to gold for 2021 and 80 : 1 for 2020. The silver to gold conversation ratio is based on the three - year trailing average silver to gold ratios . These are the referenced ratios for each year throughout the press release . 3 Please refer to the section entitled " Non - IFRS Measures " for a discussion of these Non - IFRS Measures . 1