Congratulations to Board of Directors on unanimously agreeing on...

Congratulations to Board of Directors on unanimously agreeing on this.
This puts Argent in a very good place going forward...

CHANGE TO DIRECTORS’ RENUMERATION
The Directors of the Company have unanimously taken a 50% reduction in cash fees and salaries
from the 1st April to the 30th of June 2020 due to implementing cost cutting initiatives in reaction to
difficult market conditions associated with the COVID-19 virus. The saving is significant and has
essentially halved the monthly expenses with cuts across all cost centres saving over $55,000 per
calendar month.
The change in Director renumeration will be reviewed in late June. If required, the Board will vote to
extend the cuts to fees and salaries.
The reduced amount of the cash fees and salaries payable to Directors is intended to be paid to the
Directors through the issue of shares, subject to the receipt of shareholder approval in general
meeting, with the issue price based on VWAP at the time of issue.
The Company has negotiated interim cost cutting measures due to the COVID-19 virus with office
rent relief, applied for NSW Government Regulatory tenement payment suspension for 3-6 months,
suspension of non-essential consultants including limiting travel and out of pocket expense.
The cash savings will be directly applied to fund the Kempfield RC drilling program due to commence
in early May.
COST SAVINGS YEAR TO DATE
The Company has implemented cost cutting measures to meet the operational strategy launched
over the past 6 months with the appointment of the new CEO.
Managing Director and CEO, Mr George Karageorge, said “Argent has reduced costs by more than
$200,000 in the past 6 months and will spend these savings to fund drilling at Kempfield in May 2020.
Subsequent planned drilling programs at the Loch Lilly and West Wyalong copper- gold projects will
take advantage of the $255,000 drilling grants from the NSW Government recently awarded to
Argent.”
Mr Karageorge added, “Argent has planned a new strategic exploration program with Stuart Till for
the next 12-18 months with drilling campaigns that will be funded from the NSW Government grants,
use of existing cash and where necessary capital raising to complete up to 12,000 metres of drilling
over the coming year.”