The Exchange Ratio was agreed upon based on the volume-weighted average prices of Argonaut and Alio common shares over the 20 trading days ended on March 27, 2020. Alio shares deposited in an online trading account will update automatically to reflect the conversion to Argonaut shares, generally within two weeks of closing. Alio shareholders who still hold physical share certificates or DRS Statements must submit a Letter of Transmittal to Argonaut's transfer agent, Computershare Investor Services Inc., to receive new Argonaut share certificates. Additional information regarding the process is available on Argonaut's website at www.argonautgold.com. About Argonaut Gold Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production.