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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
Apollo Consolidated Ltd	AOP	Argonaut acted as Joint Lead Manager and Bookrunners to the Placement that raised $6.0M in April 2019 and received fees commensurate with this service. Argonaut holds or controls 2.85M AOP Shares and 2 x 1M AOP Options exercisable at $0.25 and $0.30 on or before 30 June 2021.
Alice Queen Limited	AQX	Argonaut has acted as Financial Adviser to AQX in the previous 12 months. Argonaut participated in the Shortfall Placement that raised ~$1.7M in January 2019 and received fees commensurate with this service.
Atrum Coal NL	ATU	Argonaut acted as Sole Lead Manager and Bookrunner to the Placement that raised $20M in March 2019 and received fees commensurate with this service. Argonaut holds or controls 5,309,382 ATU Options.
Botanix Pharmaceuticals Ltd	BOT	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 8M BOT Options exercisable at $0.03 on or before 30 June 2019.
Core Exploration Limited	CXO	Argonaut acts as Financial Adviser to CXO and will receive fees commensurate with this service. Argonaut acted as Joint Lead Manager to the Placement that raised $3M in December 2018 and received fees commensurate with this service. Argonaut holds or controls 10M CXO Options exercisable at $0.08 on or before 5 September 2022.
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.
Gascoyne Resources Limited	GCY	Argonaut acted as Joint Lead Manager to the Placement that raised $19M in August 2018 and received fees commensurate with this service. Argonaut acted as Joint Lead Manager to the Share Purchase Plan that raised $5M in September 2018 and received fees commensurate with this service. Argonaut acted as Joint Lead Manager to the Placement and Entitlement Offer that raised $24.5M in March 2019 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 acted as Lead Manager in respect of the Placement that raised $8.0M in April 2019 and received fees commensurate with this service. Argonaut has acted as Financial Adviser to GRB in the previous 12 months and received 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 December 2018 and received fees commensurate with this service. Argonaut holds or controls 2,343,751 GMD shares, and 10M Options exercisable at $0.048 on or before 31 July 2020.
Matrix Composites & Engineering Limited	MCE	Argonaut acted as Lead Manager to the Placement that raised $3M in December 2018 and received fees commensurate with this service.
PT Merdeka Copper Gold TBK	IDX:MDKA	Argonaut acted as Corporate Adviser to Eastern Field Developments Limited which is a subsidiary of PT Merdeka Copper Gold TBK and received fees commensurate with this service.
Metro Mining Limited	MMI	Argonaut has acted as Financial Adviser to MMI in the previous 12 months 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.
Millennium Minerals Limited	MOY	Argonaut participated in the Rights Issue Placement that raised $15M in February 2019 and received fees commensurate with this service.
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 and continues to act 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 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
Orthocell Limited	OCC	Argonaut currently owns and/or controls 600K OCC options exercisable at $0.55 on or before 13 December 2019.
Otto Energy Limited	OEL	Argonaut participated in the Placement that raised approximately $31M in March 2019 and received fees commensurate with this service.
Paringa Resources Limited	PNL	Argonaut acted as Financial Adviser to PNL in relation to the $56M Debt Financing in March 2019 and will receive fees commensurate with this service. Argonaut acted as Lead Manager and Underwriter to the Placement to raise $30.2M in May 2018 and received fees commensurate with this service. Argonaut currently owns and/or controls 4,321,636 PNL shares and 6M PNL Options exercisable at $0.33 on or before 30 June 2021
Salt Lake Potash Limited	SO4	Argonaut acted as Joint Lead Manager to the Placement that raised $13M in November 2018 and received fees commensurate with this service. 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 participated in the Placement that raised $5M in January 2019 and received fees commensurate with this service. Argonaut holds or controls 353,040 SVM shares.
Stealth Global Holdings Limited	SGI	Argonaut acted as Joint Lead Manager and Bookrunners to the Initial Public Offering of SGI in August 2018 and received fees commensurate with this service. 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 ~$2.5M in June 2018 and received fees commensurate with this service.
SRG Global Limited	SRG	Argonaut has acted as Financial Adviser to GCS in the previous 12 months and received fees commensurate with this service.
Triangle Energy (Global) Ltd	TEG	Argonaut acted as Sole Lead Manager to the Placement that raised $1.3M in November 2018 and Underwriter for the Entitlement Offer and received fees commensurate with this service. Argonaut has acted as Financial Adviser to TEG in the previous 12 months 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.

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