NSW Kempfield Project
Located 41 kilometres to the south of Newcrest’s Cadia is Kempfield, the Company’s flagship project, a registered New South Wales State Significant Development owned 100% by Argent Minerals.
The Kempfield Polymetallic Project has a substantial Mineral Resource of 63.7 million tonnes and 142.8 million ounces of silver equivalent contained metal that was upgraded to JORC 2012 standard in September 2023. This upgrade reflects both the quality of the Mineral Resource itself, and the high standard of Argent Minerals’ work on the project and provides the Company with a strong foundation to aggressively pursue the significant upside potential that it has identified at Kempfield.
Kempfield Deposit contains 65.8 Moz Silver, 125.2 thousand oz Gold, 207,402t Lead and 420,373t Zinc, confirming the Kempfield Deposit is the second largest undeveloped silver deposit in Australia.
Metallurgical test work shows excellent recoveries (86% and 90%) for silver and gold within the Primary Zone via Cyanide Leach Process.

Notes:
- The silver equivalent formulas were determined using the following metal prices based on a five-year monthly average: US$22.02/oz silver, US$1,776.93/oz gold, US$2,774.16/t zinc, US$2,066.73/t
- The silver equivalent formulas were determined using different metallurgical recoveries for each weathering zone from test work commissioned by Argent Minerals Limited. For oxide zone metallurgical recoveries of 86% silver and 90% gold. For transitional zone metallurgical recoveries of 86% silver, 67% zinc and 21% lead, 90% gold. For primary zone metallurgical recoveries of 86% silver, 92% zinc and 53% lead, 90% gold.
- The silver equivalent formulas were determined using the metal prices and recoveries listed in Notes 1 & 2 for each weathering zone:
Oxide Zone silver equivalent: Ag Eq (g/t) = g/t Ag + g/t Au x 85.4
Transitional Zone silver equivalent: Ag Eq (g/t) = g/t Ag + g/t Au x 85.4 + % Zn x 30.53 + % Pb x 7.13
Primary Zone silver equivalent: Ag Eq (g/t) = g/t Ag + g/t Au x 85.4 + % Zn x 41.92 + % Pb x 17.99
- In the Company’s opinion, the silver, gold, lead and zinc included in the metal equivalent calculations have a reasonable potential to be recovered and sold.
- Variability of summation may occur due to rounding and refer to Appendices for full


Oblique 3D Image looking NW of Kempfield outlining the Dimensions & Grade of Mineralised Block Model
Infill RC and diamond drilling is planned over the untested drill zone (area lies between the 100 and 300 ore zones), as there is over 600m strike length between both orebodies with strong soil and RAB drilling results along with historical drillhole AKRC169 intersecting 34m @ 36.7 g/t Ag, 0.6% Pb and 1.3% Zn from 48m – which remains poorly drill tested and warrants immediate follow-up work.
Deeper extensional drilling below Lodes 100 to 300 will target the broad high-grade down plunging silver mineralisation.
Currently, Lode 100 Mineralised Block has a 250m length down plunge target zone below 370m from the surface. Lode 200 Mineralised Block has a 650m length down plunge target zone below 330m from surface. Lode 300 Mineralised Block has a down plunge target zone extending 400m in length from surface (refer to Figure 4). All these areas have been classified as high priority resource drill targets and will be systematically tested.
Based on an extensive review of all the existing historical drillholes within the current Resource area, 81 historical drillholes were terminated in mineralisation. These untested mineralised zones have the potential to increase the tonnage and grade at depth once drilled tested.
In addition, the existing 2012 JORC compliant resource is not closed off and requires further drilling to the north, west and east which remains poorly explored by reconnaissance drilling.

Long Section highlighting the Resource is open at depth with untested zones between Lodes 100 and 300 looking NW direction
Strong foundation for further resource growth through planned:
- Extensional drilling between Lode 200 to Lode 300
- Down plunge high grade extensions within Lodes 100, 200, and 300 remain untested.
- Drilling outside the Resource area to the west, east and north directions.
- New prospects including Kempfield NW Prospect, Sugarloaf Hill, Henry’s, and Golden Wattle zones.
Sugarloaf Hill Prospect- Kempfield Project
Sugarloaf Hill mineralisation extension has now been defined over 2.1km in length by an average 300m in width. The extensive silver rich zone is located approx. 450m east from Lode 200 Block within the Kempfield Project.
The high-grade silver mineralisation is hosted within a metasedimentary baritic lithology with outcropping gossans located within the NE and SW portion of the mineralised zone. The zone still open to the north-east and east.
Two main distinct Ag-Pb-Zn mineralised zones have been delineated within the extensive barite 2.1km zone with the largest silver-base metal zone striking approximately 1.1km in length.
High-grade assay results received from the Sugarloaf Hill Zone with silver assays up to 318 g/t Ag, 0.58% Pb and 0.54% Zn received, including highlights of:
- 318 g/t Ag (10.22 oz Ag/t) in sample 3000298
- 180 g/t Ag (5.79 oz Ag/t) &33% Pb in sample 3000551
- 181 g/t Ag (5.82 oz Ag/t) &19% Pb in sample 3000299
- 154 g/t Ag (4.95 oz Ag/t) in sample 3000295
- 92 g/t Ag (3.11 oz Ag/t) &58% Pb in sample 3000285
- 80 g/t Ag (2.57 oz Ag/t), 0.1% Cu, 0.4% Pb & 0.12% Zn in sample 3000287
During the fieldwork programme, rock chip samples were collected from untested gossanous outcrops, quartz-sericite, baritic veins and volcanic/barite units east from Lode 200 mineralised block. These types of rock are the key mineralised target lithologies which host the Kempfield Deposit. The high-grade assay results demonstrate the potential of a parallel mineralised system east from the Lode 200 Mineralised Block (refer to Figure 1). The newly extended Sugarloaf Hill Zone is hosted in between localised faults and the Copperhannia Thrust Fault.

Sugarloaf Hill Prospect Location Map highlighting high-grade rock chip results
Kempfield NW – NE Prospects – Kempfield Project
Two (2) major mineralisation extensions from the Kempfield Deposit have been discovered through surface sampling along strike from Lode 300 Mineralised Block
Mineralised extension known as Kempfield NW Mineralised Zone is approximately 1.72km along strike with an average width of 100m. The mineralisation is hosted within a gossanous barite lithology with the zone still open to the west and north-east. These types of rock are the key mineralised target lithologies which host the Kempfield Deposit.
Three distinct Ag-Pb-Zn mineralised zones have been delineated within the extensive baritic 1.72km zone which remain untested by drilling.
- High-grade assay results received from the Kempfield NW Zone with silver assays up to 177 g/t Ag, 1.89% Pb and 1.21% Zn received, including highlights of:
- 177 g/t Ag (5.7 oz Ag/t), 1.89% Pb & 0.16% Zn in sample 3000356
- 115 g/t Ag (3.7 oz Ag/t) & 0.33% Pb in sample 3000361
- 104 g/t Ag (3.44 oz Ag/t) in sample 3000328
- 88 g/t Ag & 1.21% Zn in sample 3000387
Mineralised extension known as Kempfield NE Mineralised Zone is approximately 1 km along strike with an average width of 170m. The mineralisation is hosted within a gossanous barite volcanic/meta-sediment unit with the zone still open to the North-East and East.
Three distinct Ag-Zn mineralised zones have been delineated within the extensive baritic 1km zone.
- High-grade assay results received from the Kempfield NE Zone with silver assays up to 41 g/t Ag, 36 g/t Ag and 0.25% Zn, including highlights of:
- 41 g/t Ag & 0.22% Zn in sample 3000452
- 36 g/t Ag & 0.25% Zn in sample 3000453
- 85 g/t Ag in sample 3000477
The high-grade assay results demonstrate the potential of mineralised extensions along strike from Lode 300 Block. The Kempfield NW Zone is hosted proximal to an extensive fault zone with assay results from sample 3000356 which returned a silver grade of 177 g/t Ag (5.7 oz Ag/t) with 2.11% Cu-Pb-Zn along with sample 3000361 returned a silver grade of 115 g/t Ag (3.7 oz Ag/t). The newly defined NW zone has been divided into 3 separate areas within an extensive barite zone assaying greater than 500 ppm. All silver and base metal mineralisation is hosted within the extensive barite zones. The largest gossans (mainly composed of manganese-iron) are located within the central zone area with a strike length of over 300m averaging a true width of 15m and 20m from surface
Kempfield NE Zone returned silver assays over 30 ppm (1 oz Ag) from samples 3000452, 3000453 and 3000470 with strongly anomalous base metals associated within an extensive barite horizon. The high-grade rock chip samples were largely associated with outcropping gossans within a barite zone
(>500 ppm). The central and northern areas have strong base-metal anomalism greater than 1,000 ppm associated with the silver.

Kempfield NW/NE Prospect Location Map highlighting high-grade rock chip results