Argent Minerals : June 2022 Quarterly Activity Report & Appendix 5B

ASX Code: ARD

28 July 2022

ASX Release

For personal use only

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30 June 2022 Quarterly Activity Report

HIGHLIGHTS

Independent Maiden JORC 2012 Inferred Mineral Resource for the Pine Ridge Deposit has yielded 419,887t @ 1.65 g/t Au containing 22,122 oz Gold.

Pine Ridge Gold Deposit current mineralised model has a strike length of over 200m by 85m in width and extending down 145 vertical metres with mineralisation remaining open to the north and at depth.

Mineralisation envelopes of gold vary from 1m up to 17m true thickness with the gold mineralisation striking in NNE/SSW direction.

Significant gold intersections include:

Drillhole APRC048: 6m @ 10.52 g/t Au from 60m

Drillhole APRC044: 6m @ 3.67 g/t Au from 64m

Drillhole APRC035: 34m @ 2.03 g/t Au from 99m

Drillhole APRC039: 13m @ 3.20 g/t Au from 56m

Drillhole APRC040: 9m @ 2.12 g/t Au from 11m

Strong extensive anticlinal faulted structural zone striking over 1.5km is associated with the high-grade gold mineralisation over Pine Ridge and Wood Gully Gossan Prospect area. This zone has been identified along strike and at depth of the main gold mineralisation and will be systematically tested through further RC drilling.

The Trunkey Creek gold Project lies within the Trunkey Creek Mineral Field which extends for 5.5 km by 500 m wide with over 2,900 oz of gold extracted from small scale mining.

Argent completes re-interpretation of historical Induced Polarisation (IP) traverse over Trunkey Creek Project resulting in significant chargeable (detects sulphides) and resistive (detects quartz/silica zones) IP anomalies.

Grades have been estimated to be between 12g/t and 20 g/t Au based on historical mining records. Some grades at depth yield close to 3 oz Au/t from ore quartz and mullock ran 3.3 g/t Au.

Very limited RC drilling has yielded shallow high-grade mineralisation along the Mervyn Henrys Mine, delineating gold results of 2m @ 33.05 g/t Au from 6m.

Limited rock chip sampling from CRA across numerous quartz vein lodes have yielded high grade gold assays varying from 2.68 g/t Au to 123 g/t Au.

The ground IP survey has delineated High Resistivity Zones within a 3.8 km length by 500m wide area with IP anomalies coinciding with historical gold workings.

All High Resistivity Zones remain untested by drilling and are considered to have excellent potential to host significant shallow high grade gold mineralisation.

ARGENT MINERALS LIMITED

Level 2, 7 Havelock Street, West Perth WA 6005

PO Box 308, West Perth WA 6872

1. [phone]| E: [e-mail]: 89 124 780 276

ASX Code: ARD

Argent Minerals Limited (ASX: ARD) ("Argent" or "the Company") is pleased provide the following report on its activities during the quarter ended 30 June 2022. Argent Minerals Limited completed its first maiden JORC Resource estimation over Pine Ridge Gold Prospect along with the Trunkey Creek Gold Project re-interpretation ground IP survey.

onlyAbout the Pine Ridge Prospect Area

The Pine Ridge Exploration Licence (EL) 8213, is located in an undulating region of the Central Tablelands in New South Wales (NSW), approximately 65 kilometres south of the township of Bathurst and 10 km south-west of Trunkey. EL 8213 is 100% owned a d operated by Argent Kempfield Pty Ltd a wholly-owned subsidiary of Argent Minerals Limited.

The actual Pine Ridge Gold Mine commenced mining in 1877 and continued sporadically until 1948, producing a total of 6,864t ore with variable gold grades. Mining was originally conducted by open cut workings and then subsequently by underground workings which consisted of 2 shafts up to 20m deep, small open cut pits, an adit and underground drives in a zone that extended

useover 300m.

The mineralisation has been described as a series of mineralised zones (sub-parallel) of highly weathered porphyrite separated by phyllite up to 75m wide that contained gold bearing quartz veins. Gold mineralisation is associated with strongly sheared volcaniclastics and strong quartz-carbonate-sericite-pyrite alteration. The gold mineralisation trends roughly north-south over a strike distance of 200m by 85m in width and dips steeply at 80o to the west. To date, all holes encountered quartz veining hosted within a volcanic unit (basalt).

Mineral Resource Estimate

personalThe Resource has been independently estimated by Odessa Resources Pty Ltd (Perth). The estimate has been produced by using Leapfrog Edge software to produce wireframes of the various mineralised lode systems and block grade estimation using an

ordinary kriging interpolation. Top cuts were applied to individual lodes as necessary to limit the effect of high-grade outliers.

The Resource has been classified as a global Inferred based on historical drill results. The future infill drilling will support a further increase in the resource classification.

The database includes both historic and recent drilling completed in 1993 by Gold Rim Exploration Pty Ltd and from 2019-21 by Argent respectively totalling 5,412.5m in 54 holes:

• 6 NQ diameter diamond holes for 812.5m
• 48 reverse circulation holes for 4,600m
• 5,227 drill assay results

Geological models of the footwall and hanging wall Box Ridge Volcanics were created to aid the interpretation of the mineralised domains.

Resource constraints were interpreted using a nominal 0.30 g/t Au lower cut off. Two separate stacked south-west dipping
For
envelopes were created (Refer to Global Mineral Resource Estimates - Table 1 and 3D Image highlighting mineralised Lodes Figure
1). The Pine Ridge estimate is reported above a cut off 0.30 g/t Au as a global resource that is not constrained by an optimised
pit shell.
		Table 1: Pine Ridge Global Mineral Resource Estimate *
		Classification	Tonnage	Average Grade	Contained Metal
				g/t Au	oz Au
	Total	Inferred	419,887	1.65	22,122

• numbers may not sum due to rounding

For personal use only

ASX Code: ARD

Figure 1: 3D Model highlighting the Mineralised Lodes within Pine Ridge Deposit looking NE Direction

Figure 2: Pine Ridge - typical longitudinal section looking east (purple/red colours show high grade gold zones)

ASX Code: ARD

For personal use only

Figure 3: Drill Plan highlighting all Historic and Current Drillholes with significant Gold Intercepts

T9

710860

6241980

T7

T8

708740

711180

6240940

6244760

Loss of magnetism at a complex structural intersection A strong loss of magnetism aligns with faulting Unusual deformation pattern at the core of syncline

T6

708780

6240100

T4

T5

710950

709080

6241200

6243220

Loss of magnetism along magnetic unit at the margin of intrusive Hill with a strong potassium response - possible intrusive

Loss of magnetism closely aligned with NE fault set

T3

711000

6241390

T1

T2

710950

710930

6240600

6241800

The interpreted core of a porphyry intrusive

Thorium high with potassium halo - possible intrusive

Thorium high - possible intrusive

Target Id

East

North

Comment

GDA94

GDA94

Table 2 - Priority Targets Requiring Ground Reconnaissance

Ironstone Body: Qtz Vein 1:

Qtz Vein 2:

Qtz Vein 3:

Qtz Vein 4:

Qtz Vein 5:

Qtz Vein 6:

Qtz Vein 7:

Qtz Vein 8:

710027E, 6248570N - potential to host gold/base-metalmineralisation 709838E, 6247146N - potential to host gold mineralisation 709732E, 6247017N - potential to host gold mineralisation 709637E, 6246952N - potential to host gold mineralisation 708763E, 6246069N - potential to host gold mineralisation 711910E, 6244671N - potential to host gold mineralisation 711958E, 6244537N - potential to host gold mineralisation 710474E, 6246338N - potential to host gold mineralisation 708683E, 6244327N - potential to host gold mineralisation

o Possible undiscovered porphyry intrusive system.

o Thorium anomaly surrounded by a potassium halo presented as a possible intrusive.

o An uncharacteristically shaped unit in the centre of the syncline appears to be strongly deformed with potential for brittle deformation (potential site of hydrothermal fluid deposition).

o A prominent hill with an elevated potassium response presented as a possible porphyry intrusive core.

o Several zones of magnetic depletion align with faults indicating potential weathering, hydrothermal alteration or magnetite replacement.

On 28 March 2022, Argent released the newly identified 9 untested Cu-Auporphyry targets from the re-interpretationof high- onlyresolution geophysics. These nine (9) targets areas were selected within the Pine Ridge Project based on the magnetic and

radiometric responses. Exploration targets include:

useAlthough the area has a long history of exploration and mining the area is relatively underexplored at depth. The only work thus conducted has always concentrated around the Pine Ridge Gold Mine area and a small portion of strike to the south (completed by Argent Minerals Ltd). Other areas also selected includes the following

personalThe interpretation of airborne geophysical data has identified several potential Cu-Auporphyry targets. Other target styles are al o presented and are summarised in Table 1 and from Figures 2 to 7.

For

Exploration Potential over EL8213 Pine Ridge

ASX Code: ARD