ARGENT MINERALS LIMITED - Proxy Solicitation & Information Statement 2017

21 November 2017

The Manager, Companies ASX Limited

Level 40, Central Park 152-158 St Georges Terrace PERTH WA 6000

7 pages by email

Dear Shareholder,

RESPONSE TO 249F MEETING

Your Company’s Board (with the exception of Peter Michael) recommends that you vote AGAINST the resolutions proposed in Oceanic Capital Pty Ltd’s Notice of General Meeting dated 6 November 2017 (“Oceanic NOM”).

The proposed resolutions are for the removal of Directors Stephen Gemell and Peter Nightingale and their replacement by three directors nominated by Oceanic Capital Pty Ltd (“Oceanic Capital”).

In response to specific statements in the Oceanic NOM:

■ Your Company’s share price

Under the current Board, Argent’s share price has risen 85% from 16 September 2015 (the date of appointment of Peter Nightingale and Peter Michael) until 9 November 2017 (the date immediately preceding publication of the Oceanic NOM). On the day of publication of the Oceanic NOM, the share price fell 10.8%.

■ Overhead Expenses

Company administration costs in financial year 2015 were 32.26% of total costs before NSW government grants and R&D rebates. In financial year 2017, the administration costs were, on a comparable basis, 29.16%.

■ Investment opportunities

David Michael is a director of Oceanic Capital. The Oceanic NOM materials mention specifically two opportunities for investment.

1. Black Dragon Gold Corp

David Michael approached Argent to invest in a share placement offer by Black Dragon Gold Corp (“Black Dragon”). The Company was advised on 24 May 2017 that it was to be given 24 hours on receipt of a term sheet to decide on a 19.9% investment in Black Dragon, with a 7 day settlement. It was further advised on 24 May 2017 that any shareholding in Black Dragon would be escrowed. Since Argent’s available cash had been raised on the basis of specific project commitments, shareholder approval would have been required to issue further shares to fund the proposed passive investment in a third party corporation over which it would have no managerial or technical influence.

Level 2, 66 Hunter Street, Sydney, NSW 2000 Phone +612 9300 3390 Facsimile +612 9221 6333 www.argentminerals.com.au ABN 89 124 780 276

Argent Minerals Limited – Response to 249F meeting

Red River Resources

Argent has no record of an offer to invest in Red River Resources Limited.

Your management team

The current Board believes that it has established a competent management and technical team aligned to realising value from the Company’s assets, and identifying and acquiring additional worthwhile, synergistic assets.

The facts above in response to specific statements in the Oceanic NOM have been unanimously agreed to, and approved by, your Company’s Board.

Dated 24 March 2017, Oceanic Capital issued the Company with a notice of intention to move a resolution at a general meeting of the Company to remove David Busch, the then Company’s Managing Director, as a Director of the Company.

Profiles of the current Directors subject of the Oceanic NOM

Stephen Gemell

Steve Gemell is an experienced company director, mining company executive and mining engineer. As an executive director, he led teams that designed, funded and established mines varying from smallscale (Tallawang Magnetite, established 1987 and only recently closed) to 2.2 million tonnes per year (Ngezi/Hartley PGM, currently operating). During his tenure, several of these companies (e.g. UCL Resources Limited, Zimplats Limited) underwent transactions to the considerable advantage of shareholders. He was a long-term strategic and/or operational consultant to significant mine owners Anvil Mining, Aurion Gold (Delta Gold), Billiton, Malaysia Mining, Mt Gibson Iron and Union Oil.

Peter Nightingale

Peter Nightingale has, for 30 years, been centrally involved with the development, public listing, capital and debt funding of mining companies in Australia, USA and Europe, including significant mining project developments (including Pauper’s Dream gold mine, Nagambie gold mine, Ballarat East gold mine, Rustler’s Roost Gold mine, Quartzite gold mine, Baralaba coal mine, Hengjaya nickel mine) and corporate takeovers (including Pangea Resources Limited, Perseverance Corporation Limited, Valdora Minerals NL, Bolnisi Gold NL) that have resulted in the generation of substantial shareholder wealth.

Since Peter Nightingale’s appointment as a director in September 2015, the Company has attracted substantial new investment, increasing the Company’s market capitalisation by approximately 170%.

The Company has established a well-run, cohesive and cost-effective operation with critical functions co-located together with management and two key directors in Sydney – within the same state as the Company’s key assets.

Voting

For Shareholders who wish their Company to remain focused on its existing projects and any additional worthwhile synergistic assets, your Board (except Peter Michael) recommends that you VOTE NO to all resolutions proposed in the Oceanic NOM.

For the convenience of Shareholders, two proxy forms have been included with this letter, a red proxy form and a blue proxy form.

The red proxy form has been completed in line with the recommendation of the Board (except Peter Michael). If you sign and return the red proxy form, you do not need to complete the blue proxy form.

If you have already submitted a proxy form and wish to reconsider your vote, please sign and return the

Level 2, 66 Hunter Street, Sydney, NSW 2000 Phone +612 9300 3390 Facsimile +612 9221 6333 www.argentminerals.com.au ABN 89 124 780 276

Argent Minerals Limited – Response to 249F meeting

red proxy form as a later proxy form will revoke an earlier proxy form. The blue proxy form has been left blank and allows for you to vote according to your preferences.

Yours faithfully Stephen Gemell Chairman

Level 2, 66 Hunter Street, Sydney, NSW 2000 Phone +612 9300 3390 Facsimile +612 9221 6333 www.argentminerals.com.au ABN 89 124 780 276

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ARGENT MINERALS LIMITED — Proxy Solicitation & Information Statement 2017

64417_rns_2017-11-20_0ce44ea5-d551-4e9b-b9cf-a4cebdd8c9dd.pdf

21 November 2017

7 pages by email

RESPONSE TO 249F MEETING

■ Your Company’s share price

■ Overhead Expenses

■ Investment opportunities

David Michael is a director of Oceanic Capital. The Oceanic NOM materials mention specifically two opportunities for investment.

1. Black Dragon Gold Corp

Your management team

Profiles of the current Directors subject of the Oceanic NOM

Stephen Gemell

Peter Nightingale

Voting

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