Ann: Quarterly Report & Appendix 5B-ARE.AX, page-2

1. 1. Torrens, South Australia

• Federal Court native title decision due July/August 2016.
Business Development

1. • The Company is in discussions with parties in Chile, Argentina and Canada in relation to additional lithium projects.
   • Discussions are underway on the acquisition of a significant gold project.
   • Argonaut plans to add additional assets to its portfolio in the September quarter

Good quartely. Great to see Lindsay being active this last year.

The additional Lit project acquisitions don't excite me so much. The gold project does however.

But if Torrens gets the green light I will not be able to contain my excitement, so much so that if Lindsay said we are giving all our other projects to charity to concentrate on Torrens it would not phase me one bit.

If you do not know about Torrens or are a newer holder I ask that you do a bit of research.

Torrens = The next Olympic Dam