Argonaut Resources NL

Published : October 21st, 2015

Annual Report - including Shareholder Information

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Annual Report - including Shareholder Information

4640ab9e40b16fdf4aa55d.pdf


ABN 97 008 084 848


ANNUAL REPORT

2015

Corporate directory


Directors P J D Elliott L J Owler

A W Bursill

M R Richmond


Company Secretary

A W Bursill


Registered office

Suite 4 Level 9

341 George Street

Sydney NSW 2000


Share register

Link Market Services Limited Level 12

680 George Street

Sydney NSW 2000


Auditor

Ernst & Young 680 George Street

Sydney NSW 2000


Solicitors Addisons Lawyers Level 12

60 Carrington Street

Sydney NSW 2000


Bankers

National Australia Bank Level 36

100 Miller Street

North Sydney 2060


Stock exchange listing

Argonaut Resources NL shares are listed on the Australian Securities Exchange (ASX code: ARE)

Website

www.argonautresources.com


Sections of information contained in this report that relate to Exploration Results were compiled or supervised by

Mr Lindsay Owler BSc, MAusIMM who is a Member of the Australasian Institute of Mining and Metallurgy and is a full time employee of Argonaut Resources NL. Mr Owler holds shares and options in Argonaut Resources NL, as described on page 14 of the Company's 2015 Annual Report. Mr Owler has sufficient experience which is relevant to the style of mineral deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves'. Mr Owler consents

to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information regarding previous drilling at Netherleigh Park is extracted from reports entitled 'Significant copper- silver intersections from drilling programme at EL3037, Alford, South Australia' and 'Drilling results for Alford reveal board copper zones' created on 2 May 2003 and 15 March 2011 respectively, and is available to view on www.asx.com.au.

The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Review of operations


ZAMBIA


Lumwana West

(Argonaut 90%)


Highlights

  • A 36 hole Diamond core drilling program for a total of 8,129m was completed in the period over nine prioritised copper targets plus the Nyungu deposit.

  • Over 12,000 soil samples were collected and analysed.

  • The program substantially completed the first phase of an option agreement with Antofagasta.

    Argonaut, via its 90% held subsidiary, Mwombezhi Resources Ltd, has been successful in generating broad copper intercepts at the Nyungu deposit within the Lumwana West project and has defined several large, prospective

    Project setting

    The Lumwana West project is located on the western lobe of the Mwombezhi Dome in the Central African Copperbelt. The

    Mwombezhi Dome is one of several domes in an area of the Copperbelt known as the Domes Region.

    The Domes Region is host to the new generation of Copperbelt mines, with copper production

    in the area set to reach 870,000 tonnes per annum. Nearby mines include Barrick Gold Corporation's Lumwana Mine on the eastern lobe of the Mwombezhi Dome, First Quantum Minerals Ltd's Kansanshi mine and the recently commissioned Sentinel Mine,

    also owned and operated by First Quantum.

    Overlying agreement

    In April 2014, Argonaut announced the execution of the Overlying Agreement with Antofagasta for the exploration and development of the Lumwana West project in Zambia.

    The Overlying Agreement covers all phases of the project's development from regional exploration to the completion of a feasibility study and, in the event the project is feasible and Argonaut elects not

    to fund its pro-rata share of the project, Argonaut will either be carried into production or bought- out at the value of its interest.

    regional targets.


    During the period, phase one of an option agreement (the Overlying

    350,000 mE 400,000 mE


    DEMOCRATIC REPUBLIC OF CONGO

    Location


    ZAMBIA

    Agreement) with a subsidiary of Antofagasta plc (Antofagasta) was substantially completed. Under the terms of the Overlying Agreement, a US$3.9M exploration spend in the first period earns Antofagasta a 25% interest in the project.


    8,650,000 mN


    First Quantum SENTINEL 1.2Bt at 0.50% Cu

    300,000tpa copper from 2015

    Argonaut

    LUMWANA WEST

    Nyungu Deposit and target areas


    16121-HQ-LPL


    Barrick

    LUMWANA


    First Quantum KANSANSHI 1.1Bt at 0.81% Cu

    Under expansion to 400,000tpa copper


    ZAMBIA


    0 25

    kilometres


    Road

    Nyungu Deposit and targets

    1.1Bt at 0.50% Cu

    170,000tpa copper - nameplate

    Tenement boundary

    Mineral deposit projected to surface

    Target areas


    Lumwana11


    Figure 1 The Domes region is host to the new generation of Copperbelt mines


    Principal commercial terms

    The Overlying Agreement between Antofagasta and Argonaut Resources NL is in five phases. The principal commercial terms are described below.

    Phase I involves the input by Antofagasta of US$5M within the first period in exchange for a 25% interest in the project. The funding is in two parts: US$3.9M for exploration works nearing completion plus a US$1.1M placement in Argonaut completed by the companies in May 2014. Placement funds were used by Argonaut to secure an additional 39% interest in the project via the underlying Lumwana West Joint Venture. This increased Argonaut's interest in the project to 90%.

    Phase II involves expenditure of US$15M by Antofagasta within four years of the completion of Phase I at a minimum expenditure rate of US$2.5M per year. Antofagasta can earn an effective 51% interest in the project by completing Phase II.

    Phase III involves the completion of a feasibility study to international standards. Antofagasta may conduct additional work necessary to commence the feasibility study, such as a preliminary feasibility study, prior to electing to commence the definitive study. Antofagasta will have up to two years to complete additional work and four years to complete


    the feasibility study. Antofagasta can earn an effective 70% interest in the project by completing the feasibility study.

    Phase IV is the period following the delivery of the feasibility study, but prior to a development decision. Argonaut may elect not to contribute during this period provided it reimburses Antofagasta from future dividends.

    Phase V is the period after a development decision when, if Argonaut decides not to fund its pro-rata share of the project, Antofagasta may elect to either carry Argonaut into production, with Argonaut's development costs being funded by 60% of future dividends, or buy-out Argonaut's interest for its pro-rata share of the project's net present value1.

    Antofagasta may elect to stop contributing at certain stages in which case various provisions including standard dilution and drag-along/tag-along rights will apply.

    Argonaut will be the operator under the Agreement during Phase I and part of Phase II. Antofagasta may elect to become operator at any stage during Phase II.


    1 Using a discount rate of 12%.



    The underlying agreement

    The Lumwana West Joint Venture, executed in July 2011 (the Underlying Agreement) involves large scale prospecting licence 16121-HQ-LPL. Under the terms of the Underlying Agreement, Argonaut's 100% held subsidiary, Lumwana West Resources Ltd, earned a 90% shareholding in Mwombezhi Resources Ltd, the

    Zambian registered company which holds 16121-HQ-LPL.


    Exploration

    The exploration program executed during the period was jointly planned by Argonaut and Antofagasta. It aimed to

    considerably increase the extent of known copper mineralisation at Lumwana West. The program focused on testing major target areas with surface geochemical anomalism and favourable structural geology settings.

    The first phase exploration program was completed in July 2015 and included 36 drill holes, for a total of 8,129m of Diamond


    core, plus the collection and analysis of approximately 12,947 soil samples.

    Of the total drill meterage, 6,123m were drilled during the 2014 field season (May to November 2014) with holes targeting the following areas: West Mwombezhi, Kavipopo, ZNS, LMW, Mufuka, and Kabikupa prospects plus the Nyungu deposit.

    An additional 2,006m were drilled between May and July 2015 targeting geochemical anomalies and structural targets at Kabikupa, Kamafamba, Mufuka, Sharamba and Luamvunda prospects.


    Kabikupa prospect

    The Kabikupa prospect was defined in 2014 by soil sampling and drilling. The soil geochemistry anomaly strikes south-east and measures approximately 1,000m by 500m. The peak soil sample is 0.13% copper, which is the highest copper-in-soil value returned within the licence area to date.

    Four holes for 903m were completed at the Kabikupa prospect. Significant intercepts from drilling include:

    • KBDD001: 17.4m at 1.18%

    copper from 102.6m within a broader intercept of 39m at 0.61% copper from 81m2.

  • KBDD002: 17m at 0.22% copper from 230m and 10m at 0.27% copper from 266m.

  • KBDD003: 25m at 0.22% copper from 12m and 10.7m at 0.29% copper from 52m.

    • KBDD004: 20.4m at 0.67%

    copper from 151m including 7m at 0.92% copper from 154m.

    Drilling completed at Kabikupa prospect between May and July 2015 sought to extend the

    mineralised strike extent to 1,800m. Significant copper mineralisation was not intercepted by this drilling outside of the main surface anomaly, meaning subsurface copper mineralisation is likely confined to a strike length of approximately 1,000m.


    Kamafamba prospect

    The Kamafamba target sits near the southern margin of a large granite body. The prospect is defined

    340,000 mE 350,000 mE 360,000 mE


    8,650,000 mN

    Kavipopo Prospect

    by a 1,100m soil geochemistry anomaly. Structural interpretation indicates the geochemical anomaly is coincident with a thrust system

    related to the granite margin. This

    West Mwombezhi Prospect


    wo M


    Nyu

    ngu Deposit

    ZNS

    Prospect


    Sharamba Prospect

    m b e z h i

    Kabikupa Prospect


    Kamafamba Prospect

    LMW

    D o m e

    Prospect


    ospe

    Lua

    Pr

    mvunda ct


    kezhi spect

    Pro

    Shi



    Pr

    Mufuka ospect


    8,640,000 mN


    8,630,000 mN

    geological relationship enhances the prospectivity of the target.

    Three drill holes for 409m were drilled at the Kamafamba prospect. Highlights from this drilling included:

    • KMDD001: 15.85m at 0.30%

    copper from 41m


    • KMDD003: 17.6m at 0.40%

    copper from 134.5m, including 5.6m at 0.67% copper from 146.5m


    2 By weighted average. Cut-off grade not applied.


    16121-HQ-LPL


    LumwanaW_13


    0 5

    kilometres



    ZAMBIA

    Location


    ZAMBIA


    ZAMBIA

    Licence boundary Drainage path (Dambo)

    Road


    Track


    Prospect (+40ppm Cu soil sampling)


    Figure 2 Lumwana West large-scale prospecting licence and prospect locations.


    AUSTRALIA


    Alford, South Australia

    (Argonaut 100%)


    The Alford Project on South Australia's Yorke Peninsula lies 20km north-east of Wallaroo within the geological province known

    as the Olympic Domain. The tenement is prospective for iron oxide copper-gold mineralisation as found at Prominent Hill, Olympic Dam and Hillside.

    Mineralisation at the Netherleigh Park prospect is interpreted to be comparable to skarn-style

    mineralisation but is noted to contain IOCG mineral assemblages.


    Exploration program

    During the period, Argonaut's partner, Sandfire Resources NL, completed a two-hole, 750m Diamond drilling program at the Netherleigh Park area on the Alford licence.

    Sandfire geophysically modelled the magnetic and gravity from the Netherleigh Park area and sited the drill holes on the basis of these models and existing drill data. Drill hole ALDDH027

    targeted a down-dip extension of

    mineralisation intercepted by Argonaut in drill hole ALDDH04.

    Assays of samples for the drilling completed in April 2015 reported the intercepts shown in Table 1.

    Sampling was hampered by significant core loss in

    mineralised zones. Core loss occurs when drilling through zones of incompetent rock. The drilling pulverises weak rock leaving gaps in the core sample. It is not clear whether lost core contained elevated or depleted levels of copper and silver mineralisation.


    Previous exploration results Argonaut previously reported the following drill intercepts from Netherleigh Park:

    • ALDDH01: 76m at 0.95%

    copper from 138m;


    • ALDDH04: 20m at 0.75%

    copper from 131m;


    • ALDDH09: 122m at 0.63%

    copper from 95m including 14m at 2.26% from 111m; and

    • ALDDH10: 98m at 0.64%

    copper from 138m.

    These previous drill intercepts relate to both copper oxide and copper sulphide mineralisation and were reported under the JORC Code 2004.


    Alford Farm-in Joint Venture

    On 9 November 2012, Argonaut announced it had signed a farm- in joint venture letter agreement with Sandfire Resources NL (ASX: SFR) for the exploration of the Company's 100% owned

    exploration licence 5212 (previously EL 3969), Alford, on the Yorke Peninsula in South Australia.

    Under the terms of the letter agreement, Sandfire may earn a 49% interest in the Alford tenement by sole funding $4,000,000 of exploration within three years (the First Earn-in).

    In the event conditions of the First Earn-in are satisfied, Sandfire

    has the right to either form a joint venture with Argonaut's subsidiary, Kelaray Pty Ltd, to jointly explore the tenement or to proceed to earn an additional 26% interest in the project by spending a further $4,000,000 on exploration within an additional three years (the Second Earn-in).


    Table 1 Alford significant drill intercepts.


    Hole

    Width downhole (m)

    Depth from

    Cu


    (%)

    Ag


    (ppm)

    Core recovery (%)

    Comment

    ALDDH026

    5.0

    131

    0.11

    -

    99

    ALDDH027

    10.04

    180

    0.32

    6.69

    93

    Core loss of 0.7 m between 187 and 189m


    ALDDH027


    10.37


    216.9


    0.28


    66.64


    70

    Core loss of 0.4m between 216.9 and 217.6m and 2.3m between 222.3 and 225.7m

    ALDDH027

    12.3

    258.3

    0.09

    6.67

    93

    Core loss of 1m between 259.5 and 261.6m

    ALDDH027

    3.9

    287.3

    1.19

    6.7

    87

    Core loss of 0.6m between 287.3 and 289.2m


    Torrens, South Australia

    (Argonaut 30%)


    The Torrens Joint Venture

    The Torrens Joint Venture is between Argonaut Resources NL and Straits Resources Limited (ASX: SRQ) and relates to

    the Torrens Project, EL 5614 (previously EL 4296).

    The Torrens Joint Venture is exploring for iron oxide-copper-gold systems in the highly prospective Stuart Shelf region of South Australia. The Torrens Project is located near the eastern margin of South Australia's Gawler Craton (Stuart Shelf), within 50 kilometres of Oz Minerals' Carrapateena copper- gold deposit and 75 kilometres from BHP Billiton's Olympic Dam mine.

    On 27 August 2014, the parties to the Torrens Joint Venture resolved to appoint Argonaut's wholly owned subsidiary, Kelaray Pty Ltd, as manager of the Torrens Joint Venture. In its role as manager,

    Kelaray is working to secure access to the tenement for the purpose of a planned seven-hole drilling program targeting areas which have been geophysically modelled as having the physical properties of large iron oxide-copper-gold deposits.

    Litigation

    The Company previously announced that the Full Court of the Supreme Court of South Australia had set aside the decision of 14 January 2011 by the Environment, Resource and Development Court of South Australia (the ERD Court) that Mining Operations (exploration)

    may not be conducted on EL 5614.


    A date for the ERD Court retrial has not been set. It is important to note that in overturning the original decision, the Full Court provided considerable guidance for the purpose of an ERD Court retrial including disallowing the original ERD Court Judge from re-hearing the matter.

    In the meantime, the Federal Court of Australia commenced an overlap proceeding over the area of Lake Torrens, including the area of EL 5614. This proceeding aims firstly to determine which of three Aboriginal groups with claimed interests over the lake may seek rights to the area and secondly, determine at trial which claimed rights, if any, can be granted.

    During the period, the Torrens Joint Venture was an active participant in the overlap proceeding and

    engaged an expert anthropologist to

    provide opinion on anthropological matters that relate to Lake Torrens and tests under the Commonwealth Native Title Act.

    The Torrens Joint Venture partners remain open to a negotiated settlement with regard to land access for the purposes of proposed drilling activities on Andamooka Island and Lake Torrens.

    Kroombit

    (Argonaut 100%)


    In the period, applications were lodged to secure a Mineral Development Licence over the area of the Kroombit deposit. Argonaut amended the Environmental Authority for ML 5631 to include the area of the Mineral Development Licence application. The work program submitted as part of

    the application for the Mineral Development Licence has also been approved.

    No field based work was undertaken.

    Aroona

    (Argonaut 100%)


    EL 4358 and EL 5336, Aroona, are subject to a joint venture agreement with Perilya Limited. No field based work was undertaken at Aroona during the period.


    Outlook

    • Funding is in place for all of Argonaut's major projects.


    • A comprehensive program of works was recently completed at the Company's flagship Lumwana West project in Zambia.

    • Current low asset valuations is providing a unique opportunity to secure additional high quality exploration projects.

    Directors' report


    The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'group') consisting of Argonaut Resources NL (referred to hereafter as the 'company' or 'parent entity') and the entities it

    controlled at the end of, or during, the year ended 30 June 2015.

    Directors

    The following persons were directors of Argonaut Resources NL during the whole of the financial year and up to the date of this report, unless otherwise stated:

    P J D Elliott L J Owler

    A W Bursill


    M R Richmond


    Principal activities

    Argonaut Resources NL is a mineral exploration and development company with operations in Zambia, Australia and Laos. The consolidated entity's prime commodity focus is copper, and to a lesser extent gold. In addition, the consolidated entity holds a 100% interest in a zinc-copper Resource in Queensland, Australia.

    During the year, the principal activities of the consolidated entity were expanding on and defining the extent of copper-cobalt mineralisation at the Nyungu Deposit on the Group's Lumwana West project in Zambia.

    Dividends

    There were no dividends paid, recommended or declared during the current or previous financial year.

    Review of operations

    The loss for the group after providing for income tax and non-controlling interest amounted to $6,750,798 (30 June 2014: $2,194,508).

    A review of operations report is presented on pages 3-7.

    Significant changes in the state of affairs

    There were no significant changes in the state of affairs of the group during the financial year.

    Matters subsequent to the end of the financial year No matter or circumstance has arisen since 30 June 2015 that has significantly affected, or may significantly affect the group's operations, the results of those operations, or the group's state of affairs in future financial years.


    Likely developments and expected results of operations

    Likely developments in the operations of the consolidated entity to the extent they would not result in unreasonable prejudice to the consolidated entity are included in the review of operations report.

    Environmental regulation

    The group is not subject to any significant environmental regulation under Australian Commonwealth or State law.


    Information on directors


    P J D Elliott

    NON-EXECUTIVE DIRECTOR AND CHAIRMAN


    B.Com, MBA


    Experience and expertise

    Mr Elliott has been an Independent non-executive chairman of Argonaut Resources NL for over 10 years. Mr Elliott is an investment banker who has over 40 years experience in financial management and resource investment and development.


    Other current directorships

    Cap-XX Limited, Global Geoscience Limited and Variscan Mines Limited


    Former directorships (last 3 years)

    Cuesta Coal Limited


    Special responsibilities

    Member of remuneration committee


    Interests in shares

    192,001


    Interests in options

    1,510,666


    L J Owler

    EXPLORATION DIRECTOR


    B.Sc, MAusIMM


    Experience and expertise

    Exploration Director of Argonaut Resources NL since 27 March 2005. Mr Owler is a geologist and

    geophysicist with over 20 years' experience in mineral exploration and development. Mr Owler holds a Bachelor of Science and is Member of the Australasian Institute of Mining and Metallurgy.

    Other current directorships

    None


    Former directorships (last 3 years)

    None


    Special responsibilities

    None


    Interests in shares

    1,200,000


    Interests in options

    2,566,666


    A W Bursill

    DIRECTOR, COMPANY SECRETARY AND CFO


    B.Agr. Ec, CA


    Experience and expertise

    Mr Bursill is a chartered accountant with more than 15 years' experience as a director and company secretary of numerous publicly listed entities. In addition to his appointment at Argonaut, Mr Bursill is currently the company secretary of Aguia Resources Limited, Austral Gold Limited, MOKO Social Limited, Eagle Nickel Limited, Elk Petroleum Limited, and several other unlisted public and private companies.


    Other current directorships

    None


    Former directorships (last 3 years)

    Reproductive Health Science Limited (formerly AO Energy Limited / Australia Oriental Minerals NL)


    Special responsibilities

    Member of remuneration committee


    Interests in shares

    3,049,438


    Interests in options

    1,636,080


    M R Richmond

    NON-EXECUTIVE DIRECTOR


    B.Sc Hons (Metallurgy) and B.Comm. Merit (Econs) New South Wales


    Experience and expertise

    Professor Richmond is a qualified metallurgist and economist with extensive senior executive and board experience in the resource and technology industries. He is a fellow of the Australian Academy of Technological Sciences & Engineering and the

    Australian Institute of Mining and Metallurgy. Professor Richmond spent 30 years with the Rio Tinto and CRA Groups including the position of managing director of research and development and vice president strategy and acquisitions. Immediately prior to his retirement he held the position of managing director of development at Hamersley Iron Pty Limited. Professor Richmond served as a visiting professor at the University of Western Australia until January 2012, teaching in the MBA programme.


    Other current directorships

    Strike Resources Ltd


    Former directorships (last 3 years)

    Water Resources Group Ltd, Cuervo Resources Inc (listed on CSE) and Advanced Braking Technology Ltd


    Special responsibilities

    Member of remuneration committee


    Interests in shares

    None


    Interests in options

    1,500,000


    'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships in all other types of entities, unless otherwise stated.

    'Former directorships (in the last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes directorships in all other types of entities, unless otherwise stated.

    Company secretary

    A W Bursill


    Meetings of directors

    The number of meetings of the company's Board of Directors ('the Board') held during the year ended

    30 June 2015, and the number of meetings attended by each director were:


    Full Board

    Attended

    Held

    P J D Elliott

    6

    6

    L J Owler

    6

    6

    A W Bursill

    6

    6

    M R Richmond

    5

    6


    Held: represents the number of meetings held during the time the director held office.

    There were no meetings of the remuneration committee during the year although the members of the remuneration committee do have discussions on remuneration matters. Any matters are resolved by way of circular resolution.


    Remuneration report (audited)


    The remuneration report, which has been audited, outlines the director and executive remuneration arrangements for the consolidated entity and the company, in accordance with the requirements of the Corporations Act 2001 and its Regulations.

    Key management personnel are those persons having authority and responsibility for planning, directing

    and controlling the activities of the entity, directly or indirectly, including all directors.

    The remuneration report is set out under the following main headings:

  • Principles used to determine the nature and amount of remuneration

  • Details of remuneration


  • Service agreements


  • Share-based compensation


  • Additional information


  • Additional disclosures relating to key management personnel


    Principles used to determine the nature and amount of remuneration

    The objective of the consolidated entity's and company's executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders, and conforms with the market best practice for delivery of reward. The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward governance practices:

  • competitiveness and reasonableness


  • acceptability to shareholders


  • transparency


    The Remuneration Committee, consisting of the non- executive directors, advises the board on remuneration policies and practices generally, and makes specific

    recommendations on remuneration packages and other terms of employment for executive directors and other senior executives.

    In accordance with best practice corporate governance, the structure of non-executive directors and executive remunerations are separate.


    Non-executive directors remuneration

    Fees and payments to non-executive directors reflect the demands which are made on, and the responsibilities of, the directors. The chairman's fees are determined independently to the fees of other non-executive directors based on comparative roles

    in the external market. The chairman is not present at any discussions relating to determination of his own remuneration.

    The current non-executive directors' fees are determined within an aggregate directors' fee limit. The maximum current aggregate non-executive directors' fee limit stands at $350,000.


    Executive remuneration

    The consolidated entity and company aims to reward executives with a level and mix of remuneration based on their position and responsibility, which is both fixed and variable.

    The executive remuneration and reward framework has three components:

  • base pay and non-monetary benefits


  • share-based payments


  • other remuneration such as superannuation and long service leave

    The combination of these comprises the executive's total remuneration.

    Executives can receive their fixed remuneration in the form of cash or other fringe benefits (for example accommodation, car allowance and health insurance

    benefits) where it does not create any additional costs to the consolidated entity and adds additional value to the executive.


    Consolidated entity performance and link to remuneration

    Remuneration can be directly linked to performance of the consolidated entity. Options are issued to directors to incentivise their future performance. Refer to the remuneration report for details of the last five years earnings and total shareholders return. Refer to section on additional information below.


    Voting and comments made at the company's 30 June 2014 Annual General Meeting ('AGM')

    The company received in excess of 75% of 'for' votes in relation to its remuneration report for the year ended 30 June 2014. The company did not receive any specific feedback at the AGM regarding its remuneration practices.

    Details of remuneration

    Amounts of remuneration

    Details of the remuneration of key management personnel of the group are set out in the following tables. The key management personnel of the group consisted of the following directors of Argonaut Resources NL:

  • P J D Elliott


  • L J Owler


  • A W Bursill


  • M R Richmond


2015

Short-term benefits

Post-employment payments

Long-term benefits

Share-based payments

Name

Cash salary and fees

Bonus

Non- monetary

Superannuation

Long service leave

Equity- settled

Total

$

$

$

$

$

$

$

Non-Executive Directors:


P J D Elliott

80,000

- - -

- - 80,000

A W Bursill

40,000

- - -

- - 40,000

M R Richmond

80,000

- - -

- - 80,000

Executive Directors:

L J Owler

243,750

- - 22,922

- - 266,672

460,000

- - 10,109

- - 466,672


As part of the company's cost cutting initiatives undertaken during the year, the Board agreed to reduce non- executive director fees of P Elliott and M Richmond from $85,000 p.a. to $65,000 p.a and L Owler agreed to a 10% salary reduction.

A Bursill is also the company secretary of the Company and a principal of Franks & Associates Pty Ltd who provides accounting and company secretary services to the Company. The contract between the Company and Franks and Associates Pty Ltd is based on normal commercial terms and fees were also reviewed during the year ended 30 June 2015. Franks and Associates Pty Ltd were paid a total of $155,148 (2014: $184,681).

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Gold and Silver Prices for these countries : Australia | Laos | Zambia | All

Argonaut Resources NL

DEVELOPMENT STAGE
CODE : ARE.AX
ISIN : AU000000ARE9
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Argonaut is a gold and copper exploration company based in Australia.

Argonaut develops gold, copper and zinc in Australia, and holds various exploration projects in Australia and in Laos.

Its main asset in development is MT.KROOMBIT in Australia and its main exploration properties are CENTURY AREA and XEKONG in Laos and TORRENS PROJECT, LAKE TORRENS and MT PARRY in Australia.

Argonaut is listed in Australia. Its market capitalisation is AU$ 1.6 millions as of today (US$ 1.2 millions, € 1.0 millions).

Its stock quote reached its highest recent level on January 14, 2011 at AU$ 0.19, and its lowest recent point on September 23, 2022 at AU$ 0.00.

Argonaut has 813 849 984 shares outstanding.

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Corporate Presentations of Argonaut Resources NL
9/27/2007NEW REPORT SHOWS DOMESTIC GASES PRICES SET TO QUADRUPLE
Nominations of Argonaut Resources NL
4/16/2010Appointment of new director
Project news of Argonaut Resources NL
9/5/2016TORRENS PROJECT - EXPLORATION ACCESS UPDATE
2/24/2009(Century Area)launches drilling at promising Laos gold project
2/10/2009(Century Area) High grade gold results for Argonaut in Laos
11/24/2008(Mt.kroombit)announces further drill intersections from Kroombit
9/16/2008(Mt.kroombit)More strong drill results for Argonaut copper-zinc project
9/1/2008(Mt.kroombit)Copper boost for Qld project
7/9/2008(Xekong)Laos - Argonaut announces further high grade gold assays
5/13/2008(Mt.kroombit) DRILLING AT KROOMBIT TO START IN JUNE
12/14/2007Argonaut 'daughter drill hole' announcement released to the ...
10/5/2007Zinc assay results from first drill hole
Corporate news of Argonaut Resources NL
7/29/2016Quarterly Report & Appendix 5B
7/11/2016Crescent Lake Drilling Intercepts Thick Spodumene Pegmatites
6/13/2016Cleansing Notice
6/7/2016Argonaut Extends Crescent Lake Lithium Holding
6/6/2016Drilling to Commence at Crescent Lake Lithium Project
5/31/2016Results of General Meeting
4/28/2016Quarterly Report & Appendix 5B
4/19/2016Allotment of Shares Under Non-Renounceable Rights Issue
4/4/2016Dispatch of Offer Document and Acceptance Form
4/3/2016Lake Blanche Lithium Brine Target
3/23/2016Offer Document - Non-Renounceable Rights Issue
3/23/2016Non-Renounceable Rights Issue Offer
3/23/2016Cleansing Notice - Rights Issue
1/29/2016Quarterly Report and Appendix 5B
11/2/2015Lumwana West JV Update
10/30/2015Quarterly Report and Appendix 5B - including Tenement list
10/30/2015Quarterly Report and Appendix 5B
10/21/2015Notice of Annual General Meeting
10/21/2015Notice of Annual General Meeting & Proxy Form
10/21/2015Annual Report - including Shareholder Information
9/29/2015Date of Annual General Meeting
9/18/2015Corporate Governance Statement - Appendix 4G
8/20/2015Extension of Option Period - Lumwana West, Zambia
7/31/2015Quarterly Report and Appendix 5B
6/25/2015Exploration Update - Alford, South Australia
3/12/2015Half Year Accounts
1/30/2015Quarterly Report and Appendix 5B
2/26/2014Joint Venture Negotiations, Lumwana West, Zambia
9/13/2013Alta Vista Assigns Term of Exclusivity for Orofino to Argona...
3/2/2010Sydney firm wins exploration extensions in Laos
8/6/2009looks to expand Queensland zinc-copper project
7/31/2009debt free and cashed up for Qld, SA and Laos projects
7/17/2009sells Hillgrove shares
6/11/2009Maiden resource for Queensland zinc-copper project
2/13/2009NOT ASSOCIATED WITH TERRAIN MINERALS LIMITED ASSETS SALE ANN...
12/17/2008Dry Season gold exploration program underway in Laos
10/1/2008Delay in issuing audited results
7/23/2008New Laos nickel results for Argonaut
7/10/2008More Laos gold for Argonaut
4/9/2008 Bonanza grade gold hits at Argonaut's Xekong tenement in La...
11/29/2007 Final zinc-copper assays from Argonaut’s Kroombit deposit, ...
11/1/2007Drilling campaign under way at Torrens project
10/26/2007 strikes more zinc-copper at Qld project
10/17/2007New Argonaut drill results announced for Qld project
10/16/2007$12 million capital raising for Argonaut Resources (ASX: 'AR...
9/12/2007Visible zinc and copper sulphide mineralisation in Central Q...
8/9/2007Drilling starts today on zinc-copper deposit
7/30/2007Kroombit Zinc Copper Deposit
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AUSTRALIA (ARE.AX)
0.002+0.00%
AUSTRALIA
AU$ 0.002
09/23 11:00 -
0%
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24hGold TrendPower© : 34
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Develops Copper - Zinc
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