Information Disclosure, General Disclosure and Disclaimer

Information Disclosure

Each research analyst of this material certifies that the views expressed in this research material accurately reflect the analyst's personal views about the subject securities and listed corporations. None of the listed corporations reviewed or any third party has provided or agreed to provide any compensation or other benefits in connection with this material to any of the analyst(s).

Company Code Disclosure
Apollo Consolidated Ltd AOP Argonaut holds or controls 3M AOP Options exercisable at $0.135c on or before 31 December 2020.
Alice Queen Limited AQX
Argonaut acts as Financial Adviser to AQX and will receive fees commensurate with this service. Argonaut was engaged by AQX in connection with the Underwriting of an Issue of Shares upon the exercise of AQX Options in August 2017 and received fees commensurate with this service. Argonaut participated in the Placement that raised $2M in March 2018 and received fees commensurate with this service.
Ausdrill Limited ASL Argonaut acted as Joint Lead Manager and Bookrunner to the Placement that raised $100M in August 2017 and received fees commensurate with this service.
Botanix Pharmaceuticals Ltd BOT
Argonaut acted as Joint Lead Manager to the Placement that raised $15.0M in February 2018 and received fees commensurate with this service. Argonaut acted as Joint Lead Manager to the Placement that raised $8.0M in June 2018 and received fees commensurate with this service. Argonaut holds or controls 12.1M BOT Options exercisable at $0.03 on or before 30 June 2019.
CTI Logistics Limited CLX Argonaut acted as the Lead Manager to the Capital Raising of approximately $1.1M in November 2017 and received fees commensurate with this service.  Argonaut participated in the Placement that raised $1.18M in April 2018 and received fees commensurate with this service.
Dacian Gold Limited DCN Argonaut acted as Joint Lead Manager to the Placement to raise up to $40M in July 2018 and received fees commensurate with this service.
Echo Resources Limited EAR
Argonaut has acted as Financial Adviser to EAR in the previous 12 months. Argonaut acted as Lead Manager to the Placement to raise up to $5.0M in July 2017 and received fees commensurate with this service. Argonaut holds or controls 7M EAR Options exercisable at $0.275 on or before 22 March 2021.
Explaurum Limited EXU Argonaut participated in the Placement that raised $8.0M in February 2018 and received fees commensurate with this service.
Global Construction Services Limited GCS Argonaut has acted as Financial Adviser to GCS and received fees commensurate with this service.
Gascoyne Resources Limited GCY Argonaut acted as Joint lead Manager to the Placement that raised $21.5M in November 2017 and received fees commensurate with this service.
Gage Roads Brewing Co Limited GRB
Argonaut acted as Lead Manager & Sole Bookrunner in respect of the Placement that raised $10M in June 2018 and received fees commensurate with this service.  Argonaut acts as Financial Adviser to GRB and will receive fees commensurate with this service.  Argonaut holds or controls 15M GRB Options exercisable at $0.07 on or before 14 Oct. 2019.
Genesis Minerals Limited GMD Argonaut acted as Lead Manager to the Placement to raise up to $5.0M in April 2018 and received fees commensurate with this service. Argonaut holds or controls 2,343,751 GMD shares.
Metro Mining Limited MMI
Argonaut acts as Financial Adviser to MMI and will receive fees commensurate with this service. Argonaut acted as Sole Lead Manager to the Placement that raised $38M in July 2017 and received fees commensurate with this service.  Argonaut acted as Sole Lead Manager to the Placement that raised $17.5M in June 2018 and received fees commensurate with this service. Argonaut currently holds or controls 100,000 MMI shares, 4M MMI Options exercisable at $0.08 on or before 23 Dec. 2019 and 10M MMI Options exercisable at $0.15 on or before 27 Aug. 2019.
MOD Resources Limited MOD Argonaut participated in the Placement that raised $12M in March 2018 and received fees commensurate with this service.
Millennium Minerals Limited MOY Argonaut has acted as Financial Adviser to MOY in the previous 12 months.
Myanmar Metals Limited MYL
Argonaut acted as Lead Manager to the Placement that raised $35M in June 2018 and received fees commensurate with this service. Argonaut acted as exclusive Financial Adviser to  MYL in relation to the Perilya financing. Argonaut acts as Financial Adviser to MYL and will receive fees commensurate with this service. Argonaut holds or controls 1M MYL shares and 35M MYL Options exercisable at $0.078 on or before 15 June 2020.
NTM Gold Ltd NTM
Argonaut acted as Lead Manager to the Placement that raised $1.0M in September 2017 and received fees commensurate with this service. Argonaut acted as Lead Manager to the Placement that raised $1.5M in January 2018 and received fees commensurate with this service. Argonaut holds or controls 3M NTM shares, 3M NTM Options exercisable at $0.06 on or before 10 December 2020, and 3M NTM Options exercisable at $0.065 on or before 22 January 2021
Northern Minerals Ltd NTU
Argonaut holds or controls 1,492,308 NTU shares and 3M NTU Options exercisable at $0.15 on or before 24 May 2021.
Orthocell Limited OCC
Argonaut currently owns and/or controls 600K OCC options exercisable at $0.55 on or before 13 December 2019.
Paringa Resources Limited PNL

Argonaut acted as Lead Manager and Underwriter to the Placement to raise $30.2M in May 2018 and will receive fees commensurate with this service.  Argonaut currently owns and/or controls 6,321,636 PNL shares and 6M PNL Options exercisable at $0.33 on or before 30 June 2021.

Salt Lake Potash Limited SO4
Argonaut currently owns and/or controls 904,418 SO4 shares.
Sovereign Metals Limited SVM
Argonaut has acted as Financial Adviser to SVM in the previous 12 months. Argonaut holds or controls 250K SVM shares.
St George Mining Ltd SGQ
Argonaut has acted as Financial Adviser to SGQ in the previous 12 months. Argonaut acted as Lead Manager to the Placement that raised $4M in March 2018 and received fees commensurate with this service. Argonaut acted as Lead Manager to the Placement that raised ~$2.5M in June 2018 and received fees commensurate with this service.
Triton Minerals Limited TON
Argonaut participated in the Placement that raised approximately $5.2M in March 2018 and received fees commensurate with this service.  Argonaut acts as Financial Adviser to TON and will receive fees commensurate with this service.
Threat Protect Australia Limited TPS
Argonaut currently owns and/or controls 2,857,143 TPS options exercisable at $0.175 on or before 4 September 2018.
Vital Metals Limited VML
Argonaut acted as Joint Lead Manager to the Placement to raise $1.98M in September 2017 and received fees commensurate with this service. Argonaut acted as Joint Lead Manager to the Placement to raise $3.8M in March 2018 and received fees commensurate with this service. Argonaut has acted as Financial Adviser to VML in the previous 12 months. Argonaut holds or controls 31,550,001 VML shares; 25M VML Options exercisable at $0.02 on or before 30 April 2021; and 12.5M VML Options exercisable at $0.02 on or before 30 April 2021.

General Disclosure and Disclaimer

This research has been prepared by Argonaut Securities Pty Limited (ABN 72 108 330 650) (“ASPL”) or by Argonaut Securities (Asia) Limited (“ASAL”) for the use of the clients of ASPL, ASAL and other related bodies corporate (the “Argonaut Group”) and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient you must not use or disclose the information in this report in any way. ASPL is a holder of an Australian Financial Services License No. 274099 and is a Market Participant of the Australian Stock Exchange Limited. ASAL has a licence (AXO 052) to Deal and Advise in Securities and Advise on Corporate Finance in Hong Kong with its activities regulated by the Securities and Futures Ordinance (“SFO”) administered by the Securities and Futures Commission (“SFC”) of Hong Kong.

Nothing in this report should be construed as personal financial product advice for the purposes of Section 766B of the Corporations Act 2001 (Cth). This report does not consider any of your objectives, financial situation or needs. The report may contain general financial product advice and you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

This research is based on information obtained from sources believed to be reliable and ASPL and ASAL have made every effort to ensure the information in this report is accurate, but we do not make any representation or warranty that it is accurate, reliable, complete or up to date. The Argonaut Group accepts no obligation to correct or update the information or the opinions in it. Opinions expressed are subject to change without notice and accurately reflect the analyst(s)’ personal views at the time of writing. No member of the Argonaut Group or its respective employees, agents or consultants accepts any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this research and/or further communication in relation to this research.

Nothing in this research shall be construed as a solicitation to buy or sell any financial product, or to engage in or refrain from engaging in any transaction. The Argonaut Group and/or its associates, including ASPL, ASAL, officers or employees may have interests in the financial products or a relationship with the issuer of the financial products referred to in this report by acting in various roles including as investment banker, underwriter or dealer, holder of principal positions, broker, director or adviser. Further, they may buy or sell those securities as principal or agent, and as such may effect transactions which are not consistent with the recommendations (if any) in this research. The Argonaut Group and/or its associates, including ASPL and ASAL, may receive fees, brokerage or commissions for acting in those capacities and the reader should assume that this is the case.

There are risks involved in securities trading. The price of securities can and does fluctuate, and an individual security may even become valueless. International investors are reminded of the additional risks inherent in international investments, such as currency fluctuations and international stock market or economic conditions, which may adversely affect the value of the investment.

The analyst(s) principally responsible for the preparation of this research may receive compensation based on ASPL’s and / or ASAL’s overall revenues.

Hong Kong Distribution Disclosure

This material is being distributed in Hong Kong by Argonaut Securities (Asia) Limited which is licensed (AXO 052) and regulated by the Hong Kong Securities and Futures Commission. Further information on any of the securities mentioned in this material may be obtained on request, and for this purpose, persons in the Hong Kong office should be contacted at Argonaut Securities (Asia) Limited of Unit 701, 7/F, Henley Building, 5 Queen’s Road Central, Hong Kong, telephone (+852) 3557 4800.

For U.S. Persons Only

This research report is a product of Argonaut Securities Pty Limited, which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing the research report is/are resident outside the United States (U.S.) and are not associated persons of any U.S. regulated broker-dealer and therefore the analyst(s) is/are not subject to supervision by a U.S. broker-dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account.

This report is intended for distribution by Argonaut Securities Pty Limited only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) and interpretations thereof by U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient of this report is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated and/or transmitted onward to any U.S. person, which is not the Major Institutional Investor.

In reliance on the exemption from registration provided by Rule 15a-6 of the Exchange Act and interpretations thereof by the SEC in order to conduct certain business with Major Institutional Investors, Argonaut Securities Pty Limited has entered into an agreement with a U.S. registered broker-dealer, Marco Polo Securities Inc. ("Marco Polo"). Transactions in securities discussed in this research report should be effected through Marco Polo or another U.S. registered broker dealer.

Copyright

© 2017. All rights reserved. No part of this document may be reproduced or distributed in any manner without the written permission of Argonaut Securities Pty Limited and / or Argonaut Securities (Asia) Limited. Argonaut Securities Pty Limited and Argonaut Securities (Asia) Limited specifically prohibits the re-distribution of this document, via the internet or otherwise, and accepts no liability whatsoever for the actions of third parties in this respect.