Information Disclosure, General Disclosure and Disclaimer

Home 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
Agrimin Limited	AMN	Argonaut acted as Joint Lead Manager in respect of the Placement that raised $8.0M in September 2019 and received fees commensurate with this service. Argonaut acted as Lead Manager & Partial UnderWriter with respect to the Entitlement Offer to raise $3.0M in April 2020 and received fees commensurate with this service.
Apollo Consolidated Ltd	AOP	Argonaut acted as Joint Lead Manager and Bookrunners to the Placement that raised $10.0M in February 2020 and received fees commensurate with this service. Argonaut holds or controls 1,000,000 AOP Shares and 1M AOP Options exercisable at $0.25 & 1M options exercisable at $0.30 on or before 30 June 2021, and 1M AOP Options exercisable at $0.2625 & 1M options exercisable at $0.315 on or before 31 Dec. 2022.
Atrum Coal NL	ATU	Argonaut acted as Lead Manager, Bookrunner and Settlement Agent to the Placement that raised $22M in April 2020 and received fees commensurate with this service. Argonaut holds or controls 303,333 ATU Shares and 5,309,382 ATU Options.
Bellevue Gold Limited	BGL	Argonaut acted as Co-Manager to the Placement to raise up to $26.5M in March 2020 and received fees commensurate with this service.
Botanix Pharmaceuticals Ltd	BOT	Argonaut acted as Joint Lead Manager in respect of the Placement that raised $40M in July 2019 and received fees commensurate with this service. Argonaut holds or controls 5,000,000 BOT shares.
De Grey Mining Ltd	DEG	Argonaut acted as Joint Lead Manager in respect of the Placement that raised $31.2M in April 2020 and received fees commensurate with this service. Argonaut holds or controls 124,000 DEG Shares.
Dimerix Limited	DXB	Argonaut acted as Co-Manager in respect of the Placement that raised $5.8M in June 2020 and received fees commensurate with this service.
Gage Roads Brewing Co Limited	GRB	Argonaut acted as Joint Lead Manager in respect of the Placement that raised $5.2M in July 2020 and received fees commensurate with this service
Genesis Minerals Limited	GMD	Argonaut acted as Lead Manager in respect of the Placement that raised $10M and Underwriter to the 9.5$M Entitlement Offer in June 2020 and received fees commensurate with these services. Argonaut holds or controls 6,230,000 GMD shares.
GR Engineering Services Limited	GNG	Argonaut holds or controls 42,000 GNG Shares.
Hot Chili Limited	HCH	Argonaut participated in the Placement & Rights Issue to raise $8.9M in May 2020 and received fees commensurate with this service. Argonaut currently owns and/or controls 6,549,000 HCH Options exercisable at $0.025 on or before 20 May 2022.
PT Merdeka Copper Gold TBK	IDX:MDKA	Argonaut acted as Financial Adviser to Eastern Field Developments Limited (“EFD”) which is a subsidiary of PT Merdeka Copper Gold TBK (“MDKA”) in relation to EFD’s takeover of Finders Resources Limited and received fees commensurate with this service. Argonaut acted as a Placing Agent to raise approximately US$61.5 million (at an issue price of IDR3,980 per share) in July 2019 and received fees commensurate with this service. Argonaut continues to act as Financial Adviser to MDKA and will receive fees commensurate with this service.
Independence Group NL	IGO	Argonaut holds or controls 31,250 IGO Shares.
Myanmar Metals Limited	MYL	Argonaut continues to act as Financial Adviser to MYL and will receive fees commensurate with this service. Argonaut holds or controls 1,676,923 MYL shares.
OZ Minerals Limited	OZL	Argonaut holds or controls 7,000 OZL Shares.
Pantoro Limited	PNR	Argonaut acted as Sole Lead Manager in respect of the Placement that raised $55M in August 2020 and received fees commensurate with this service. Argonaut acts as Corporate Adviser to PNR and will receive ongoing advisory fees for the provision of services. Argonaut holds or controls 5M options exercisable at $0.15 and 5M options exercisable at $0.20 with both tranches set to expire on or before 31 March 2022.
Saracen Mineral Holdings Limited	SAR	Argonaut holds or controls 8,000 SAR Shares.
Salt Lake Potash Limited	SO4	Argonaut acted as Financial Advisor to the Placement of Convertible Notes that raised $15M in July 2020 and received fees commensurate with this service. Argonaut participated in the Placement that raised $20.M in April 2020 and received fees commensurate with this service. Argonaut acted as Co-Manager in respect of the Fully Underwritten $98.5M Institutional Placement and Entitlement Offer in August 2020 and received fees commensurate with this service. Argonaut acts as Financial Adviser to SO4 and will receive fees commensurate with this service. Argonaut currently owns and/or controls 604,418 SO4 shares and 1M SO4 Options exercisable at $0.78 on or before 19 December 2022.
Stealth Global Holdings Limited	SGI	Argonaut holds or controls 450,000 SGI Shares and 2,497,369 SGI Options exercisable at $0.25 on or before 27 Sept. 2022.
St George Mining Ltd	SGQ	Argonaut acted as Lead Manager to the Placement that raised $3.3M in July 2019 and received fees commensurate with this service. Argonaut acted as Joint Lead Manager to the Placement that raised $5.7M in October 2019 and received fees commensurate with this service. Argonaut acted as Joint Lead Manager to the Placement that raised $3.6M in May 2020 and received fees commensurate with this service. Argonaut holds or controls 1,149,651 SGQ shares and 2.5M Options exercisable at $0.15 on or before 31 July 2022.
Southern Cross Electrical Engineering Ltd	SXE	Argonaut currently owns and/or controls 73,000 SXE shares.
VRX Silica Limited	VRX	Argonaut holds or controls 3M VRX Options exercisable at $0.15 on or before 22 October 2023.
Xanadu Mines Limited	XAM	Argonaut acted as Joint Lead Manager in respect of the Placement that raised $12M in August 2020 and received fees commensurate with this service.

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.