Mineral Resource
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