Ann: 2019 AGM - Chairman's Address, page-13

Thanks for the update Davisite - well presented.

Just a couple of thoughts on Lyndsay Owler (LO)

He is on a current salary of $350k cash + $76k non-cash + $33k super = $459k ... or nearly half a million dollars
Argonaut Resources Market Cap of $6.31m
Salary to Market Cap = 1 to 7.3

BHP's CEO Salary of $10m (average between $7m to $13m on performance)
Market Cap of $3B (say)
Salary to Market Cap =1 to 300

Either the BHP CEO should be on about $210m or LO should be on about $21k

A few things stand out:
1. LO is grossly overpaid
2. There are no performance-based criteria (seriously, he should be on negative territory after this year's performance)

I can understand his frustration at the incompetence of AIS in the Torrens drilling, but his "dummy spit" of July 2019 was both juvenile and unprofessional. As was his non-attendance at this year's AGM. And as has been his almost zero communication to shareholders since the Torrens fiasco.

I still have some hope ARE may be able to salvage something into the new year. From my perspective, LO is intelligent, passionate, clever and as a trained geologist has a very good technical background. But he needs to lift his game. Sure, AIS and the Torrens fiasco has cost ARE a lot of time/money/effort. However, I am confident professional investors will still support ARE to commence the drilling in the 100% owned Torrens tenements.

And a good starting point will be for LO to COMMUNICATE... and perhaps take a salary cut.