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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

AIC Mines Limited

A1M

Argonaut Securities Pty Limited acted as Global Coordinator, Joint Lead Manager and Joint Bookrunner to the Placement to raise up to $55M announced in June 2025 and received fees commensurate with these services.

Argonaut holds or controls 3,151,035 A1M shares.

Ballard Mining Ltd

BM1

Argonaut Securities Pty Limited is acting as Joint Lead Manager and Joint Bookrunner on behalf of Ballard Mining Limited (Ballard) in relation to its proposed spin-out from Delta Lithium Limited (ASX:DLI) and initial public offer (Ballard transaction) and will receive fees commensurate with these services.

Argonaut Securities Pty Limited is acting as Sale Agent for ineligible Delta shareholders and will receive fees commensurate with this service.

Separately, Argonaut Corporate Finance is acting as Financial Advisor to Delta Lithium Limited and receives fees commensurate with this service.

Argonaut holds or controls 900,000 BM1 shares, 1M BM1 options exercisable at $0.375 on or before 14 July 2028 and 1M BM1 options exercisable at $0.50 on or before 14 July 2028.

Beacon Minerals Limited

BCN

Argonaut Securities Pty Ltd is acting as Broker for the on-market buyback of up to 9,391,920 BCN shares announced 21 July 2025 and will receive fees commensurate with this service.

Argonaut Securities Pty Ltd acted as Lead Manager and Argonaut Corporate Finance acted as Underwriter to the Non-Renounceable Entitlement Offer to raise $10.3M announced on 17 September 2024 and received fees commensurate with these services.

Argonaut holds or controls 1,250,000 BCN options exercisable at $1.20 on or before 5 November 2029.

Bellevue Gold Limited

BGL

Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner and Argonaut Corporate Finance acted as several Underwriter to the Institutional Placement to raise $156.5M announced in April 2025 and received fees commensurate with these services.

Blackstone Minerals Limited

BSX

Argonaut Securities Pty Limited acted as the Co-Manager in respect of the Placement to raise $15M announced in June 2025 and received fees commensurate with this service.

Brightstar Resources Limited

BTR

Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner to the Placement to raise $50M announced in July 2025 and received fees commensurate with these services.

Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner to the Placement to raise $30M in December 2024 and received fees commensurate with this service.

Argonaut owns or controls 84,439 BTR options exercisable at $0.575 on or before 30 June 2026 and 386,400 BTR options exercisable at $0.00 on or before 30 June 2026.

Capricorn Metals Ltd

CMM

Argonaut Securities Pty Limited acted as Global Coordinator, Joint Lead Manager and Joint Bookrunner in relation to the Placement to raise up to $200M on 30 October 2024 and received fees commensurate with these services.

Catalyst Metals Limited

CYL

Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner to the Institutional Placement to raise $150M announced May 2025 and received fees commensurate with these services.

Centaurus Metals Limited

CTM

Argonaut Securities Pty Limited acted as Global Coordinator, Joint Lead Manager and Joint Bookrunner to the Placement to raise $23M announced in August 2025 and will receive fees commensurate with these services.

Argonaut holds or controls 1,336,328 CTM shares.

Core Lithium Ltd

CXO

Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner to the Institutional Placement to raise $50M announced in August 2025 and received fees commensurate with these services.

Argonaut holds or controls 797,992 CXO shares.

De Grey Mining Ltd

DEG

Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner, and Argonaut PCF Limited acted as Joint Underwriter to the Placement to raise up to $600M announced on 8 May 2024 and received fees commensurate with these services.

Develop Global Limited

DVP

Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner to the Placement to raise $180M announced in June 2025 and received fees commensurate with these services.

Argonaut Securities Pty Limited acted as Sole Financial Advisor in relation to the Share Placement to raised up to $10M announced in September 2024 and received fees commensurate with these services.

Argonaut holds or controls 240,000 DVP shares.

Firefly Metals Ltd

FFM

Argonaut Securities Pty Ltd acted as Co-Manager in respect of the Institutional Placement to raise up to $100M announced in June 2025 and received fees commensurate with this service.

Argonaut Securities Pty Ltd acted as Co-Manager in respect of the Placement to raise $60M announced in September 2024 and received fees commensurate with this service.

Greatland Resources Limited

GGP

Argonaut Securities Pty Limited acted as Co-Manager in relation to its Initial Public Offer on the ASX in June 2025 and received fees commensurate with this service.

Kaiser Reef Limited

KAU

Argonaut Securities Pty Ltd acted as Joint Lead Manager and Joint Bookrunner to the Placement to raise $25M announced in March 2025 and received fees commensurate with these services.

Argonaut Corporate Finance acted as Kaiser Reef’s Financial Advisor in connection with the acquisition of the Henty Gold Mine from Catalyst Metals Limited (CYL) and received fees commensurate with this service.

Argonaut holds or controls 5,936,649 KAU options exercisable at $0.182 set to expire on or before 1 May 2028.

Liontown Resources

LTR

Argonaut Securities Pty Limited is acting as Joint Lead Manager and Joint Bookrunner and Argonaut Corporate Finance is acting as several Underwriter to the Institutional Placement to raise $266M announced in August 2025 and will receive fees commensurate with these services. The Independent Non-Executive Director of Liontown Resources Ltd (LTR), Ms Jennifer Morris, is also a Non-Executive Director of Argonaut Limited. Ms Morris may receive a fee in relation to this transaction.

Lunnon Metals Ltd

LM8

The Chair of Lunnon Metals Ltd (LM8), Mr. Liam Twigger, also holds roles with the Argonaut Group: Deputy Chair of Argonaut Limited and Executive Director, Corporate Finance. Mr Twigger is not involved in the creation of research material on LM8 in any way. The views expressed in LM8 research material accurately reflect the relevant analyst’s personal views about LM8.

Argonaut holds or controls 775,200 LM8 shares.

Magnetic Resources NL

MAU

Argonaut Securities Pty Limited acted as Global Coordinator, Joint Lead Manager and Joint Bookrunner to the Placement to raise $30M announced in August 2025 and will receive fees commensurate with these services.

Argonaut Securities Pty Ltd acted as Sole Lead Manager and Bookrunner to the Placement to raise up to $10M announced on 26 September 2024 and received fees commensurate with this service.

Argonaut Corporate Finance is acting as Debt Advisor to MAU in relation to its debt strategy for its 100% owned Lady Julie Gold Project and will receive fees commensurate with this service.

Minerals 260 Limited

MI6

Argonaut Securities Pty Limited acted as Joint Lead Manager to execute the equity raising to raise up to $220M, in respect of the Transaction to acquire the Bullabulling Gold Project announced on 14 January 2025 and received fees commensurate with this service.

Argonaut holds or controls 5,00,000 MI6 shares.

New Murchison Gold Limited

NMG

Argonaut Securities Pty Limited acted as Co-Manager to the Placement of $12M announced in June 2025 and received fees commensurate with this service.

Argonaut Securities Pty Limited acted as Joint Lead Manager to the Placement to raise up to $16.5M announced in March 2025 and received fees commensurate with this service.

Northern Minerals Limited

NTU

Argonaut Securities Pty Limited acted as Joint Lead Manager to the Institutional Placement to raise $40M announced on 12 September 2024 and received fees commensurate with this service.

Novo Resources Corp.

NVO

Argonaut holds or controls 641,025 warrants exercisable at $0.6667 on or before 18 May 2026.

Ordell Minerals Limited

ORD

Argonaut Securities Pty Limited acted as Lead Manager and Bookrunner to the Placement to raise $3M announced in July 2025 and received fees commensurate with these services.

Argonaut holds or controls 1,166,667 ORD shares, 2M ORD options exercisable at $0.25 on or before 15 July 2028 and 2M ORD options exercisable at $0.35 on or before 15 July 2028.

Orezone Gold Corporation

ORE

Argonaut Securities Pty Limited acted as Co-Manager to a proposed fully underwritten initial public offering of CHESS Depository Interests (“CDIs”) to raise up to $65M announced in July 2025 and received fees commensurate with this service.

Pacgold Limited

PGO

Argonaut participated in the Placement to raise up to $5M announced in May 2025 and received fees commensurate with this service.

Argonaut holds or controls 550,000 PGO shares, 2,575,658 PGO Options exercisable at $0.30 set to expire on or before 30 Sept 2026 and 750,000 PGO Options exercisable at $0.15 set to expire on or before 18 November 2027 and 798,750 PGO Options exercisable at $0.105 on or before 28 July 2028.

Tolu Minerals Limited

TOK

Argonaut Securities Pty Limited acted as Lead Manager and Bookrunner to the Placement to raise $27.25M in April 2025 and received fees commensurate with the services provided.

Argonaut Securities Pty Limited acted as Sole Lead Manager and Bookrunner to the Placement to raise up to $22M in October 2024 and received fees commensurate with the services provided.

Argonaut holds or controls 325,000 TOK shares and 4,101,056 TOK options exercisable at $0.80 on or before 24 June 2026.

Turaco Gold Limited

TCG

Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner to the Placement of $60M announced in June 2025 and received fees commensurate with these services.

Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner to the Placement of $35M in October 2024 and received fees commensurate with these services.

Argonaut holds or controls 3M TCG Options exercisable at $0.225 on or before 31 December 2026.

WA1 Resources

WA1

Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner to the Institutional Placement of $100M announced in August 2025 and received fees commensurate with this service.

Westgold Resources Limited

WGX

Argonaut Corporate Finance acted as Financial Adviser to WGX in relation to the upsized $300M Revolving Corporate Facility announced in October 2024 and received fees commensurate for this service.

WIA Gold Limited

WIA

Argonaut Securities Pty Limited acted as Lead Manager and Bookrunner to the Institutional Placement to raise $30M announced in August 2025 and received fees commensurate with these services.

Argonaut Securities Pty Ltd acted as Co-Manager in respect of the Placement to raise up to $30M announced in November 2024 and received fees commensurate with these services.

Argonaut owns or controls 4M WIA shares.

General Disclosure and Disclaimer

This research has been prepared by Argonaut Securities Pty Limited (ABN 72 108 330 650) (“ASPL”) for the use of the clients of ASPL 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.

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 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, 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, 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 overall revenues.

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.

Argonaut Email Disclaimer and Disclosure

This email and any attachments are intended solely for the addressee. Unauthorised use is strictly prohibited and may be unlawful. If you have received this by mistake, confidentiality and any legal privilege are not waived or lost and we ask that you contact the author and delete and destroy this and any other copies.

Argonaut Limited (“Argonaut”) is the parent company for the Argonaut Group of Companies, which amongst others include Argonaut Corporate Finance Limited (AFSL No. 221476, ACN 099 761 547), Argonaut Securities Pty Limited (AFSL No. 274099, ACN 108 330 650) and Argonaut Funds Management Pty Ltd (AFSL No. 224815, ACN 101 152 863) (“Argonaut Group”). No member of the Argonaut Group will be liable in connection with any data corruption, interruption, delay, computer virus or unauthorised access or amendment to the contents of this email. Any views expressed in this message are those of the individual sender and may not necessarily reflect those of the Argonaut Group.

Unless otherwise stated, this email contains factual information only and/or general advice and does not constitute personal financial product advice. The content of this email does not take into account your personal objectives, financial situation or needs and you must determine whether it is appropriate for your situation. We recommend you obtain appropriate independent advice, including financial, legal and taxation advice before making any investment decision. Past investment or trading performance is not a reliable indicator of future performance.

Argonaut advises that members of the Argonaut Group and persons associated with members of the Argonaut Group may earn brokerage, fees or other benefits or advantages as a result of a transaction arising from any recommendation mentioned in this email, and may have an interest in any related securities.

Privacy and Copyright

In relation to any legal use you may make of the contents of this email, you must ensure that you comply with the Privacy Act (Cth) 1988 and you should note that the contents may be subject to copyright and therefore may not be reproduced, communicated or adapted without the express consent of the owner of the copyright.

Argonaut Website Disclaimer and Disclosure

Argonaut Limited (“Argonaut”) is the parent company for the Argonaut Group of Companies, which amongst others include Argonaut Corporate Finance Limited (AFSL No. 221476, ACN 099 761 547), Argonaut Securities Pty Limited (AFSL No. 274099, ACN 108 330 650) and Argonaut Funds Management Pty Ltd (AFSL No. 224815, ACN 101 152 863) (“Argonaut Group”).

Argonaut Securities Pty Limited is a Market Participant of the Australian Securities Exchange (“ASX”). Argonaut directors, officers, representatives and agents believe the information contained in this website is correct and that any estimates, opinions or recommendations in this website are reasonably held at the time of compilation, but may change without notice. No guarantee or warranty is given, or representation made, as to accuracy or completeness.

Past investment or trading performance is not a reliable indicator of future performance. To the extent permitted by law, Argonaut disclaims all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything in or omitted from this website.

Argonaut receives brokerage or other benefits from dealing in financial products and its representatives or introducers of business may directly share in the brokerage or benefits. Argonaut, its representatives and their respective associates may have positions in the financial products mentioned, which may change at any time. Advice included in this website is general advice only and is based solely on consideration of the investment or trading merits of the securities alone, without taking into account the investment objectives, financial situation and particular needs (i.e. financial circumstances) of any particular person.

The recipient should consider carefully the appropriateness of the advice in light of his or her financial circumstances and speak to his or her advisor before making an investment or trading decision.

Copyright

© 2025. 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. Argonaut Securities Pty 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.