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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 2,500,000 A1M shares.
Alicanto Minerals	AQI	Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner to the Institutional Placement of $28M announced in December 2025 and received fees commensurate with these services.
Altair Minerals Limited	ALR	Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner to the Institutional Placement to raise $13M announced in November 2025 and received fees commensurate with this service.
Ballard Mining Ltd	BM1	Argonaut Securities Pty Limited acted as Sole Lead Manager and Bookrunner to the $61M Placement announced January 2026 and received fees commensurate with these services. Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner to the Placement to raise $20.6M announced in October 2025 and received fees commensurate with these services. Argonaut Securities Pty Limited acted 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) announced July 2025 and received fees commensurate with these services. Argonaut Securities Pty Limited acted as Sale Agent for ineligible Delta shareholders and received 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 311,449 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 acted as Broker for the on-market buyback of 105,659,886 BCN shares announced 21 July 2025 and received fees commensurate with this service. Argonaut holds or controls 306,682 BCN shares.
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.
BMC Minerals	BMC	Argonaut Securities Pty Limited acted as Joint Lead Manager and Bookrunner in relation to the Initial Public Offer of CHESS Depository Interests (CDIs) over fully paid common shares in BMC to raise $100M announced in November 2025 and received fees commensurate with this service.
Brazilian Critical Minerals	BCM	Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner to the Institutional Placement of $6M announced in October 2025 and received fees commensurate with these services. Argonaut holds or controls 25M BCM options exercisable at $0.040 on or before 1 October 2028.
Brightstar Resources Limited	BTR	Argonaut Securities Pty Limited acted as Co-Manager to the Placement to raise $180M announced in January 2026 and received fees commensurate with this service. 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 owns or controls 84,439 BTR options exercisable at $0.575 on or before 30 June 2026.
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 received fees commensurate with these services. Argonaut holds or controls 537,344 CTM options exercisable at $0.50 on or before 30 November 2027.
Chalice Gold Mines	CHN	Argonaut holds or controls 50,000 CHN shares.
Core Lithium Ltd	CXO	Argonaut Securities Pty Limited acted as Joint Lead Manager and Joint Bookrunner to the Institutional Placement to raise $120M announced in March 2026 and received fees commensurate with these services. 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 1,447,373 CXO shares.
Delta Lithium	DLI	Argonaut Securities Pty Limited acted 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) announced in July 2025 and received fees commensurate with these services. Argonaut Securities Pty Limited acted as Sale Agent for ineligible Delta shareholders and received 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.
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 holds or controls 200,000 DVP shares.
Encounter Resources Limited	ENR	Argonaut Securities Pty Limited as Joint Lead Manager and Joint Bookrunner to the Institutional Placement to raise $25M announced in October 2025 and received fees commensurate with these services. Argonaut holds or controls 333,334 ENR shares.
Firefly Metals Ltd	FFM	Argonaut Securities Pty Ltd acted as Co-Manager in respect of the Institutional Placement to raise $85M announced in December 2025 and received fees commensurate with this service. Argonaut Securities Pty Ltd acted as Co-Manager in respect of the Institutional Placement to raise up to $29.9M announced in June 2025 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 Corporate Finance acted as Kaiser Reef’s Financial Advisor in connection with the acquisition of the Henty Gold Mine from Catalyst Metals Limited (CYL) in May 2025 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 acted as Joint Lead Manager and Joint Bookrunner and Argonaut Corporate Finance acted as several Underwriter to the Institutional Placement to raise $266M announced in August 2025 and received 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.
Lotus Resources	LOT	Argonaut Securities Pty Limited acted as Co-Manager to the Placement of $76M announced February 2026 and received fees commensurate with this service. Argonaut Securities Pty Limited acted as Co-Manager to the Placement of $65M announced on 4 September 2025 and received fees commensurate with this service.
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 $35M announced in August 2025 and received fees commensurate with these services. 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 holds or controls 2,057,174 MI6 shares.
Mineral Resources	MIN	Argonaut acted as Financial Advisor to Mineral Resources Limited on the strategic sale of its Yilgarn Hub iron ore operations to Yilgarn Iron Investments Pty Ltd in June 2025 and received fees commensurate with this service.
New Murchison Gold Limited	NMG	Argonaut Securities Pty Limited acted as Co-Manager to the Placement of $15M announced in June 2025 and received fees commensurate with this service.
NexGen Energy Ltd	NXG	Argonaut Securities Pty Limited acted as Co-Manager to the Institutional Placement of $600M through the issue of CHESS Depository Interests (CDIs) announced October 2025 and received fees commensurate with this service.
Northern Minerals Limited	NTU	Argonaut Securities Pty Limited acted as Joint Lead Manager and Bookrunner to the Institutional Placement to raise $60.5M announced in October 2025 and received fees commensurate with this service.
Ordell Minerals Limited	ORD	Argonaut Securities Pty Limited acted as Lead Manager and Bookrunner to the Placement to raise $3.85M announced in July 2025 and received fees commensurate with these services. Argonaut holds or controls 500,000 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. Argonaut also holds 666,667 ORD shares which are escrowed until 19 July 2026.
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 $75M announced in July 2025 and received fees commensurate with this service.
PMET Resources	PMT	Argonaut Securities Pty Limited acted as Co-Manager to the equity raising of C$130M announced in February 2026 and received fees commensurate with this service.
Prospect Resources Limited	PSC	Argonaut Securities Pty Limited acted as Joint Lead Manager, Joint Bookrunner and Settlement Agent to the Institutional Placement to raise up to $45M announced in February 2026 and received fees commensurate with these services.
San Lorenzo Gold	SLG.TSXV	Argonaut Securities Pty Limited acted as a Participating Broker in the Institutional Placement to raise C$15M announced in February 2026 and will receive fees commensurate with this service. Argonaut Corporate Finance Limited acted in an advisory role to the Private Placement of C$6M announced in December 2025 and received fees commensurate with this service. Argonaut and Argonaut Funds Management participated as Cornerstone Investors to the Placement for a total of C$2M. Argonaut Corporate Finance Limited has entered into an advisory engagement agreement with San Lorenzo Gold Corp. Argonaut will receive fees commensurate with this service and will be granted 1M warrants (“Advisory Warrants”) with each Advisory Warrant entitling Argonaut to acquire a SLG Common Share at a price of $0.80 for a period of two years. Argonaut holds or controls 1,199,464 SLG.TSXV shares, 1M SLG.TSXV options exercisable at $0.830 on or before 11 December 2027, 72,500 SLG.TSXV warrants exercisable at $2.75 on or before 4 March 2027, 228,765 SLG.TSXV warrants exercisable at $2.61 on or before 4 March 2027, 403,226 SLG.TSXV warrants exercisable at $0.830 on or before 19 December 2027 and 21,506 SLG.TSXV warrants exercisable at $3.64 on or before 5 March 2027, and Argonaut Funds Management holds or controls 2,375,902 SLG.TSXV shares and 806,451 SLG.TSXV warrants.
St Barbara Limited	SBM	Argonaut Securities Pty Limited acted as Lead Manager and Bookrunner to the Institutional Placement to raise $58M announced October 2025 and received fees commensurate with these services.
Tolu Minerals Limited	TOK	Argonaut Securities Pty Limited acted as Lead Manager and Bookrunner to the Institutional Placement to raise $60.5M announced in October 2025 and received fees commensurate with these services. 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 holds or controls 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 holds or controls 3M TCG Options exercisable at $0.225 on or before 31 December 2026.
Valiant Gold	VAL	Argonaut Securities Pty Limited acted as Lead Manager and Bookrunner to the IPO Offer to raise $75M (before costs) and received fees commensurate with this service. Argonaut holds or controls 1,400,000 VAL shares; 500,000 VAL options exercisable at A$0.50 on or before 11 March 2029; 500,000 VAL options exercisable at A$0.75 on or before 11 March 2029; 1,000,000 VAL options exercisable at A$1.00 on or before 11 March 2029; and 5,357,776 VAL warrants exercisable at A$0.52 on or before 30 March 2027. Argonaut Corporate Finance Limited acted as exclusive Financial Advisor to Westgold Resources Limited (ASX:WGX) in connection with the demerger of the Reedy and Comet gold projects into VAL and received fees commensurate with this service.
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 Westgold Resources Limited (WGX) in relation to the $600M Unsecured Syndicated Facilitites announced in March 2026 and received fees commensurate with this service. Argonaut acted as Financial Adviser to Westgold Resources Limited (WGX) in relation to its proposed demerger of assets into a newly incorporated, wholly-owned subsidiary of Westgold called Valiant Gold Limited (Valiant) and the Initial Public Offering of Valiant (IPO) on the Australian Stock Exchange as announced on 15 December 2025 and received fees commensurate with these services. Argonaut Securities Pty Limited was appointed Lead Manager to the IPO to raise $75 million (before costs) and received fees commensurate with this service. Argonaut acted as Financial Adviser to Westgold Resources Limited (WGX) in relation to the sale of its Mt Henry Gold Project announced in December 2025 and received fees commensurate with 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 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.

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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.

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