Forward Looking Statement Forward Looking Information All monetary amounts in U.S. dollars unless otherwise stated This document contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws concerning the proposed transaction and the business, operations and financial performance and condition of <strong>Argonaut</strong> <strong>Gold</strong> <strong>Inc</strong>.( “<strong>Argonaut</strong>”). Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and mine life of the various mineral projects of <strong>Argonaut</strong>; synergies and financial impact of completed acquisitions; the benefits of the development potential of the properties of <strong>Argonaut</strong>; the future price of gold, copper, silver; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to <strong>Argonaut</strong>, certain information contained herein constitutes forward-looking statements. Forward-looking statements are 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 or the negative connotation thereof. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of <strong>Argonaut</strong> and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, variations in ore grade or recovery rates, risks relating to international operations, fluctuating metal prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated. Although <strong>Argonaut</strong> has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. <strong>Argonaut</strong> undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this <strong>presentation</strong>. <strong>Argonaut</strong> does not undertake to update any forward looking statements that are included in this document, except in accordance with applicable securities laws. NATIONAL INSTRUMENT 43-101 – STANDARDS OF DISCLOSURE FOR MINERAL PROJECTS (“NI 43-101”) Thomas Burkhart, <strong>Argonaut</strong> <strong>Gold</strong>’s Vice-President of Exploration and a Qualified Person under NI 43-101, has read and approved the scientific and technical information in this <strong>presentation</strong> as it relates to <strong>Argonaut</strong>. This <strong>presentation</strong> contains information regarding mineral resources that are not mineral reserves and do not have demonstrated economic viability. The potential quantities and grades disclosed herein in connection with the drilling results at San Antonio and La Colorada are conceptual in nature and there has been insufficient exploration to define an updated mineral resource with these results and it is uncertain if further exploration will result in these targets being delineated as a mineral resource. For further information on <strong>Argonaut</strong>’s El Castillo mine, please see the “NI 43-101 Technical Report on Resources and Reserves. <strong>Argonaut</strong> <strong>Gold</strong> <strong>Inc</strong>. El Castillo Mine, Durango State, Mexico” dated Nov. 6, 2010 and available on <strong>Argonaut</strong>’s profile at www. sedar.com. For further information on <strong>Argonaut</strong>’s La Fortuna property please see the “La Fortuna, Durango, Mexico, Technical Report” dated October 21, 2008 and available on <strong>Argonaut</strong>’s profile at www. sedar.com. For further information on <strong>Argonaut</strong>’s San Antonio Project, please see the “Technical Report and Mineral Resource Estimate on the San Antonio <strong>Gold</strong> Project, Baja California Sur, Mexico” dated June 22,2011and <strong>Argonaut</strong>’s press release dated May 9, 2011, available on <strong>Argonaut</strong>’s profile at www.sedar.com. For further information on <strong>Argonaut</strong>’s La Colorada Property please see the “Geological Report on the La Colorada Property with a Resource Estimate on La Colorada and El Creston Mineralized Zones – Sonora, Mexico” dated <strong>November</strong> 30, 2009 and available on <strong>Argonaut</strong>’s profile at www.sedar.com. CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES This <strong>presentation</strong> uses the terms “Measured”, “Indicated” and “Inferred” Resources as defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. United States readers are advised that while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission does not recognize them. Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. United States readers are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into reserves. In addition, “Inferred Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. United States readers are also cautioned not to assume that all or any part of an Inferred Resource exists, or is economically or legally mineable. NON-IFRS MEASURES The Company included the non-IFRS measure “Cash cost per gold ounce sold” in this press release to supplement its financial statements which are presented in accordance with International Financial Reporting Standards (“IFRS”). Cash cost per gold ounce sold is equal to cost of sales less silver sales divided by gold ounces sold. The Company believes that this measure provides investors with an improved ability to evaluate the performance of the Company. Non-IFRS measures do not have any standardised meaning prescribed under IFRS. Therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please see the MD&A for full disclosure on non-IFRS measures. 2 TSX:AR TSX:AR.WT <strong>Argonaut</strong><strong>Gold</strong>.com <strong>November</strong> <strong>2012</strong> 2
Creating Value Beyond <strong>Gold</strong> Generating Cash Near Term Potential Exploration Potential Q3 Year to date ~ 76,000 ozs. Produced 2011 Full Year ~ 72,000 ozs. Produced San Antonio advanced exploration stage project • 1.7 mm ozs gold in M&I (↑43%) Magino (following year end acquisition) • 6.3 mm ozs gold in M&I La Fortuna • 300,000 gold ozs in M&I Hercules (Prodigy project) • 300,000 gold ozs 11 projects in the Sonora Mojave Megashear 3 TSX:AR TSX:AR.WT <strong>Argonaut</strong><strong>Gold</strong>.com <strong>November</strong> <strong>2012</strong> 3
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