ARGENT MINERALS LIMITED

ASX:ARD

Purpose of the capital raising

Todd McGilvray Exploration Manager

BSc (Hons), Economic Geology, MAusIMM MSEG, MGSA, GradCertAppFin

Kempfield:

• Follow up drilling guided by results and interpretation of the recently completed drilling program, targeting high-grade silver/lead zinc and follow up of 1,065 g/t Au intersection by hole AKDD181

• Drilling program to test for high grade gold potential at the historic high grade gold mining Trunkey district within the Kempfield tenement.

• Geochemical sampling to follow up Govt records of historic metallogenic occurrences within the Company's historic Pine Ridge gold mine tenement located approximately 7 km south of Kempfield.

West Wyalong: Drilling program to test the Theia and Narragudgil targets for copper-gold/gold, and progressing the Company's ownership towards a 70% interest

Working capital purposes

1. As at COM 28 June 2016. 2. As at 31 March 2016 3. Options are unlisted, $0.25 strike price and 29 August 2016 expiry. 4. As at 3 September 2015 (2015 Annual Report). 5. Subject to

   shareholder approval and ASX requirements (see ASX announcement dated 28 June 2016) 2

    COMPANY CASHED UP TO EXPEDITE NEXT PHASES OF DRILLING

    NEWS FLOW TO FOLLOW

   - Remaining 2nd half of assays and interpretation for recent Kempfield 12 hole / 3,167m drilling program

   New South Wales

   LACHLAN OROGEN

   COWALCADIA

   • Kempfield follow-up drilling:

     • VMS footwall location confirmed, potential feeder zone to be tested

       1m @ 1,065 g/t Au

     • Significant gold and copper intersections to date include:

       WEST WYALONG

       KEMPFIELD

       Trunkey Pine Ridge

       Australia

       136m (AKDD181); and

       from 97 m, 1.8m @ 0.07% Pb/Zn, 1.2% Cu; 50 g/t Ag & 2.99 g/t Au from

     • Significant volcanic-hosted massive sulphide (VHMS) base and precious metal intersections:

   AKDD159

   18 m @ 9.8% Pb/Zn, 113 g/t Ag & 0.26 g/t Au from 85 m including:

   5 m @ 17.9% Pb/Zn, 259 g/t Ag & 0.34 g/t Au from 88 m

   AKDD187

   4.2 m @ 7.9% Pb/Zn, 26 g/t Ag & 0.4 g/t Au from 175.2 m including:

   2 m @ 11.7% Pb/Zn, 39 g/t Ag & 0.3 g/t Au from 176.4 m

   • Kempfield/Trunkey historic gold district to be drill-tested for high grade Au potential

   • Kempfield/Pine Ridge historic gold mine - shallow geochemistry survey to assess high grade gold reports by NSW Dept Mineral Resources on public DIGS database

   • West Wyalong Theia and Narragudgil copper-gold targets to be drill-tested

   3

    THREE PROJECTS IN HIGHLY PRODUCTIVE TERRANE

2. Kempfield Polymetallic Project (Argent 100%)

   • Predominantly silver resource estimate based on shallow historical drilling (~120 metres depth)

     New South Wales

     LACHLAN OROGEN

     COWALCADIA

     • 21.8 Mt @ 47 g/t Ag for 33 Moz Ag,

       & 300,000 tonnes Pb/Zn (JORC 2012)1

     • Resource estimate to be revised following detailed analysis

     WEST WYALONG

     KEMPFIELD

     Trunkey Pine Ridge

     Australia

     » Potential strike and significant depth extensions resulting from the recent drilling

     » Resource does not yet include several high grade holes

     eg. AKDD159 (5 m @ 17.9% Pb/Zn, 259 g/t Ag & 0.34 g/t Au from 88 m)

     - Mineralisation open below recent deep intersections, to the west and to the north

   • Project has evolved significantly as a result of the recent deeper drilling:

     Semi-massive sulphides intersected, and VHMS footwall location confirmed High grade precious and base metals potential identified -> exploration focus

     Emerging additional gold potential identified in deposit, plus Trunkey and Pine Ridge

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   • Peer reviewed by the NSW State Government

- Awarded Top 5 funding based on project merit

1. See Mineral Resources and Ore Reserves Statement in the 30 June 2015 Annual Report. 4