Argonaut is pleased to announce record Revenue and Profit after Income Tax of $64.7 million and $15.5 million respectively for the financial year ended 30 June 2025 (FY25).

The exceptional financial and operational results were achieved across the full-service Argonaut platform.

Equity Capital Markets (ECM) activity remained robust, with $1.7 billion raised for clients, alongside several milestone M&A transactions. Brokerage revenues lifted significantly (up 60% year-on-year) and the corporate finance division achieved a 41% increase in attributable fees. Argonaut’s Funds Management division delivered strong outperformance relative to respective benchmarks with the Global Gold Fund up 51.2% and the Natural Resources Fund returning +14.7% net of fees. Finally, the firm’s ongoing commitment to market leading, institutional research resulted in the coverage universe increasing to a combined market capitalisation of $175 billion by year end.

These record results reflect the strength of Argonaut’s differentiated business model, talent-led growth strategy and the continued successful outcomes achieved alongside clients amid supportive market conditions.

A summary of the 2025 financial results are as follows:

Commenting on the FY25 results, Executive Chairman, Head of ECM & Principal Investments Eddie Rigg said:

“FY25 was a breakout year for Argonaut. While many firms are focused on wealth management, we are dedicated to wealth creation through the execution of high-quality transactions. We are proud of our lean, high-performing team that consistently delivers outcomes benefiting both our corporate and investing clients. Our repeat business is a testament to the trust we’ve built and the success we continue to share with our clients.”

Chief Executive Officer and Head of Corporate Finance Greg Southee added:

“FY25 showcased what’s possible with a focused strategy and an exceptional team. Our people are the engine of Argonaut’s success and this year’s results reflect their ability to consistently deliver value to our clients across all divisions of our business. Our key hires, refreshed branding and new office premises highlight the continuing strategy of firm-wide investment to further strengthen our operating platform for clients and staff alike.”

In FY25, Argonaut made strategic investments in talent including the senior appointment of Digby Gilmour as Managing Director, Head of Institutional Sales and Anthony Bayne as Managing Director M&A, Corporate Finance.

The firm unveiled a refreshed brand and website in September 2025, marking a new chapter in its growth journey. Argonaut also recently relocated to its new Greenstar 6-certified headquarters at Level 16, 9 The Esplanade, Elizabeth Quay, a state-of-the-art facility designed to support future expansion.

Argonaut’s strategic 27% investment in Salubris Australia Limited, treated as an associate under IFRS, continues to progress. Salubris acquired its second carbon regeneration project during FY25 and is actively advancing additional opportunities, including biodiversity initiatives in FY26. Salubris is seeking to be the largest independent generator of Australian Carbon Credit Units (ACCUs) in Western Australia.

Argonaut continues to support the communities in which it operates, with multi-year commitments to Miners’ Promise and the CoRE Foundation, reflecting its values and long-term vision.

“As our business has grown, so has our capacity to give back meaningfully to the regional and mining areas that we serve,” added Rigg. “I am proud that our contributions have had a tangible positive impact to local communities through our Social Impact program and staff charitable giving which has seen more than 40 individual organisations supported this year.”

YEAR-TO-DATE PERFORMANCE & OUTLOOK

Argonaut’s financial performance in Q1 FY26 has been very strong and is ahead of both budget and the group financial performance at the same period last year. Revenue for Q1 is estimated at $22 million.

Corporate Finance activity continues to drive group financial performance with approximately $730 million raised for clients year to date and a strong and growing transaction pipeline. In addition, agency brokerage and Argonaut’s Fund Management portfolio performance are operating at record levels.

Argonaut’s outlook for FY26 remains strongly positive based on the transaction pipeline and market activity and conditions.

Last week we were honoured to attend the launch of The Gift, a powerful health, safety and wellbeing theatre experience created by Miners’ Promise and Acting Consulting Training Australia and New Zealand (ACT).

The performance was an incredible way to showcase what Miners’ Promise is truly about, providing compassion, care and connection for families in times of crisis, while also supporting the workplace communities impacted by sudden loss.

Congratulations to the Miners’ Promise and ACT teams on bringing such an innovative and moving event to life.

As a proud Principal Partner of Miners’ Promise, Argonaut is privileged to support a charity making such a tangible difference across Australia. We encourage our industry peers to learn more, donate, or consider becoming a partner at www.minerspromise.org.au

Argonaut was on the ground at two key events on the global mining calendar earlier this month: Precious Metals Summit in Beaver Creek and Denver Gold Group‘s Mining Forum Americas in Colorado Springs, where Argonaut is a proud partner.

Our team, Hayden Bairstow, Chris Wippl, and Damian Rooney joined industry leaders, global institutions, and more than 50 ASX-listed gold companies to discuss the sector’s outlook and opportunities. With over 100 institutions and hedge funds represented, both conferences provided valuable platforms to engage with investors and corporates alike.

At Mining Forum Americas, Argonaut’s role extended beyond attendance. As partners of the event, Hayden and Chris moderated 14 ASX gold company presentations, while Hayden also led a main stage fireside chat with Stuart Tonkin, CEO of Northern Star Resources. Chris also addressed delegates at the Argonaut welcome drinks, where he reflected on our long-standing involvement in the conference since 2016, and incredible opportunities US investment can bring.

The discussions highlighted a strong backdrop for the gold sector, including renewed investor inflows, increased M&A activity, and reinforced Australia’s position as a safe and attractive investment destination. Importantly, they also showcased the strength of Argonaut’s research capability, which continues to be recognised as the leading coverage of ASX gold companies.

These conferences continue to be highly valuable forums for Argonaut by providing not only meaningful market insights but also the opportunity to demonstrate the value we deliver through trusted advice, deep sector knowledge, and enduring client and investor relationships.

We are proud to unveil a new era for Argonaut with the launch of our refreshed logo and brand identity. This milestone reflects more than two decades of growth as a business and is a testament to the trust our clients place in us to deliver results.

We are still the Argonaut you know, but with a sharper look designed for the future. Watch our new brand come to life in the video below.

Over the coming weeks, you’ll notice our updated branding across our communications, documents, and online platforms. While our look has evolved, our commitment to exceptional outcomes, integrity, and long-term relationships remains unchanged.

A special thank you to the teams at The Imageniers and Lenox Hill for their creativity and partnership in shaping our new identity, a brand that honours our 23-year heritage while capturing the ambition and expertise that define Argonaut today.

Now in its 12th year, BUPs is a key reference for investors in the resources sector, showcasing projects our Research team believes have strong potential to create value.

Argonaut’s Head of Research Hayden Bairstow, with Analysts Jon Scholtz, George Ross, and Patrick Streater, offered their perspectives on the most compelling projects and the drivers of their selection. We were also joined by executives from several of the companies featured, giving clients the chance to hear directly from management teams and continue the conversations into the evening.

A big thank you to everyone who joined us to mark the occasion. We look forward to seeing how these projects evolve over the year ahead. For a copy, visit our Research Portal or contact your Argonaut representative.

Last week, our Chairman Eddie Rigg represented Argonaut at the 5th annual Topdrill Resources Industry Charity Sundowner in Kalgoorlie, an event we’ve proudly supported since its early days.

Hosted on the eve of Diggers & Dealers, the Sundowner brought together the resources industry to raise vital funds for the Royal Flying Doctor Service WA and Full Circle Therapies. This year’s event saw more than 400 guests in attendance, raising an incredible $478,391 for these two essential organisations.

On this important event, Eddie commented:
“The RFDS and Full Circle really matter to everyone in the Goldfields. It’s great to see the industry show up, dig deep, and make a real difference for the people doing incredible work in WA’s regional communities.”

Since 2020, more than $1.45 million has been raised, proof of what’s possible when the resources industry rallies together for a good cause.

Congratulations to Tim Topham, Angela Topham, and all involved from Topdrill on another outstanding event. We’re honoured to be part of an initiative that delivers such meaningful outcomes for the community.

Argonaut, the specialist natural resources investment banking firm, is pleased to announce the appointment of Anthony Bayne as Executive Director, Corporate Finance.

Mr Bayne is an experienced and trusted M&A and strategic advisor. Over his near 25-year career, he has worked alongside and opposite many of the leading global mining and power & energy groups. His transaction experience covers EMEA and APAC. Until recently, Mr Bayne was a Managing Director and member of the senior leadership team at Rothschild & Co in South Africa. After relocating to Perth, he consulted to Alcoa Corporation.

With his global M&A experience, Mr Bayne is another key appointment in Argonaut’s “talent- led strategic growth initiative”. His appointment follows successful moves by Argonaut to secure ex-Canaccord Genuity Australia Executive Director Digby Gilmour as Co-Head of Institutional Sales as well as Hayden Bairstow (ex-Macquarie) and Benjamin Clifford (ex- Goldman Sachs), reinforcing the view that Argonaut is becoming the employer of choice for senior bankers in the natural resources space.

My Bayne will join Argonaut on 1 July 2025 as a senior member of the firm’s experienced Corporate Finance team. He will play a key role in continuing to drive Argonaut’s growth strategy and, working closely with the other senior executives, will focus on larger M&A transactions.

Commenting on Mr Bayne’s appointment, Argonaut’s Executive Chairman, Eddie Rigg, said:

“Argonaut is delighted to welcome Anthony as a senior member of our team as we continue to execute our talent-led strategic growth initiative. Argonaut is a firm that prides itself on its technical merits and sector leadership. We are pleased to have a highly respected M&A practitioner of Anthony’s calibre join our firm.

“Anthony’s appointment reaffirms Argonaut’s disciplined and strategic approach to growth, our focus on retaining and recruiting the best people and our firm’s position as a sought-after financial advisory, stockbroking & research and funds management business specialising in the natural resources sector.”

Argonaut Group Managing Director & Head of Corporate Finance, Greg Southee, said:

“It is an ideal time to super-charge our M&A capability as we enter the last quarter of what will be a record financial year for Argonaut. It has been a break-out year for Argonaut in M&A, including delivering the $2.5 billion cross-border Westgold-Karora merger.

“Anthony’s appointment will further strengthen Argonaut’s ability to deliver value to clients across the resources sector. The focus on larger M&A deals will complement our industry leading Research and ECM capabilities.”

Anthony Bayne added:

“Argonaut’s business model, deep sector knowledge and quality of people made the decision to join an easy one. It is a dynamic team where I can contribute to the growth of an institution that shares my ambition and values. I am excited about the opportunity and look forward to working closely with the team to support our clients through their most important decisions.”

Mr Bayne has provided M&A, capital raising, and strategic advisory services to clients for more than two decades, predominantly with Rothschild & Co and Merrill Lynch / Bank of America and based in Johannesburg and Sydney. He joins Argonaut following a distinguished career at Rothschild & Co, where he was Managing Director and played a key role in the firm’s South African business being the market leader in independent M&A and strategic advice. Recent clients advised include Anglo American, Engie, Mitsubishi, PETRONAS, Rio Tinto, TotalEnergies and Weir Group.

Argonaut is pleased to announce its role in two landmark transactions underpinning the future development of one of Australia’s largest undeveloped gold projects.

Argonaut acted as Financial Advisor to Norton Gold Fields Pty Ltd, a subsidiary of Zijin Mining Group, on the A$167 million sale of the Bullabulling Gold Project to Minerals 260 Limited (ASX: MI6). The deal comprises A$157 million in cash and A$10 million in Minerals 260 shares, with proceeds supporting Norton’s continued growth and operational enhancement in the Kalgoorlie Gold Belt. Argonaut provided strategic advice throughout this complex transaction, reinforcing its capability in executing significant M&A in the resources sector.

In the associated capital raising, Argonaut also acted as Joint Lead Manager to Minerals 260 on its successful A$220 million Public Offer to fund the acquisition. The capital raising will support not only the acquisition but also an extensive program of drilling, feasibility studies, and development to unlock the full potential of the Bullabulling Gold Project, located in Western Australia’s world-class gold district.

These transactions mark a pivotal step for Minerals 260 in its journey toward becoming a leading mid-tier ASX-listed gold company, while also delivering strong value outcomes for Norton Gold Fields. The strong investor support reflects continued confidence in high-quality Australian gold assets amid a favourable market environment.

Congratulations to Vincent Lai and the Norton Gold Fields team, and to Tim Goyder, Luke McFadyen, and the team at Minerals 260. Argonaut’s advisory team for Norton Gold Fields was led by Edward Rigg and Nick McDonough, while the deal team for the Minerals 260 raising included Edward Rigg, Rob Telford, Max Carter-Mazak, and Thomas Brosnan, with ECM syndication directed by Chris Wippl and Digby Gilmour.

Watch the CNBC Interview with Hayden Bairstow here.

Argonaut, the specialist natural resources investment banking firm, is pleased to announce that it has achieved record revenue from continuing operations for the year ended 30 June 2024 (FY24) of $38.2 million compared to $25.1 million in the prior year.

ECM raisings were a particular highlight with $1.3 billion raised for clients in FY24 (FY23: $0.4 billion). Operating profit1 grew strongly from $2.2 million to $5.7 million.

During the year, fully franked dividends of $8.8 million were paid (FY23: $3.2 million) on the back of the significant growth in operating profit and strong cash generation.

Several of Argonaut’s investments achieved significant milestones in FY24.

Salubris Australia Limited (Salubris), 27% owned and founded by Argonaut, established itself as a leading developer, owner and operator of environmental projects. Salubris continues to build a platform of high margin Australian Carbon Credit Units (ACCUs) and is actively securing a portfolio of bio- diversity projects.

During FY24, as part of Argonaut’s talent-led growth strategy, Hayden Bairstow was appointed as Head of Research. Since his appointment, Hayden and his team have expanded Argonaut’s research coverage from 30 to 70 companies which now cover $100 billion in market capitalisation. In addition, Argonaut recently announced the appointment of Digby Gilmour as Co-Head of Institutional Sales commencing in January 2025.

Argonaut expanded its geographical reach by opening an office on O’Connell Street in Sydney under Benjamin Clifford. A focus for FY25 is the build out of an East Coast Team. A lease was also signed for Argonaut’s new Perth headquarters at 9 The Esplanade, a brand-new state-of-the-art building in the Elizabeth Quay district, with the capacity for future growth.

Commenting on the FY24 results, Argonaut Group Managing Director & Head of Corporate Finance Greg Southee said:

“Argonaut has performed exceptionally well in FY24, exceeding budget and achieving a record year for group-wide client revenue.”

“The strong operating results are particularly pleasing given the significant ongoing strategic investment being made across the group’s diversified operating platform.”

Year-To-Date Performance & Outlook

Argonaut’s financial performance in FY25 has been very strong and is ahead of both budget and the group financial performance at the same period last year.

Corporate Finance activity continues to drive group performance with a significant number of Corporate Finance M&A and ECM mandates executed in FY25 with a strong transaction pipeline in hand. Agency brokerage is up meaningfully on FY24 levels. Performance of the Argonaut Natural Resources Fund and the Argonaut Global Gold Fund is pleasing. Substantial FUM growth is expected in FY25.

The Principal Investing division continues to perform well with significant positive movements in the investment portfolio in FY25 year to date. The Company’s cornerstone investment, Salubris, continues to achieve material milestones in the ethical production of carbon credits in partnership with Traditional Owners. With Argonaut’s achievements in sustainability and indigenous engagement, it will be looking to expand its capabilities in these areas.

Executive Chairman, Eddie Rigg commented:

“FY24 was a pleasing year but I remain more excited about FY25 and beyond. The structural tailwinds for the resources sector, especially those exposed to decarbonisation are powerful. The ever-growing US debt and the trend to deglobalisation is constructive for a sustained high gold price. These factors support Argonaut’s focus on the natural resources industry. We look forward to broadening our capability in sustainability, environment services and indigenous engagement”

“Some of the achievements of our clients during the year were truly remarkable. It was a pleasure to be involved with those parties and we look forward to their continued success.”