Company Structure

Australia

Argonaut Resources NL holds its Australian interests via its 100% owned, Australian registered subsidiary, Kelaray Pty Ltd. Argonaut purchased Kelaray and its portfolio of assets in August 2002.

Kelaray holds Exploration Licences in South Australia plus Mineral Exploration Permits, a Mining Lease and freehold land in Queensland. Kelaray also holds a 33.3% interest in Coombedown Resources Ltd.

International

Argonaut Resources NL owns 100% of the British Virgin Islands registered, Hong Kong domiciled subsidiary, Argonaut Resources Overseas Investments Ltd. This holding company holds all of Argonaut’s non-Australian interests.

Zambia

Argonaut Resources NL holds an 80% shareholding in the Hong Kong registered company Arctic Scene Ltd. Arctic Scene Ltd holds a 100% interest in the Zambian registered company Lumwana West Resources Ltd. Lumwana West Resources Ltd has the right to earn up to 85% of Mwombezhi Resources Ltd, a Zambian registered company which holds the large-scale prospecting licence 1612-HQ-LPL in North-Western Province, Zambia.