Argent Minerals Advances Kempfield Silver Resource with Significant Drilling Upside

Kempfield’s Resource Upgrade Bolsters Production Prospects

Argent Minerals (ASX:ARD) has announced a substantial upgrade to its Kempfield Project’s silver resource, now standing at 142.8 million ounces silver equivalent (Ag Eq), including 65.8 million ounces of silver, 125,000 ounces of gold, and significant lead and zinc tonnages. This expansion, based on a July 2024 JORC Mineral Resource Estimate, underscores Kempfield as Australia’s second largest undeveloped silver deposit and a polymetallic system with considerable exploration upside.

The resource upgrade is supported by ongoing diamond drilling in 2026, which has intersected impressive high-grade silver intervals and visible gold, enhancing the deposit’s value proposition. Notably, drillhole AKRC312 returned 31 metres at 103.5 g/t silver from surface in the newly discovered shallow NW Zone, while AKDD212 intercepted 133.1 metres at 72.4 g/t silver equivalent, including visible gold assays exceeding 140 g/t Au. These results confirm continuity and depth extensions beyond previous resource boundaries, with mineralisation remaining open along strike and at depth.

Strategic Location and Polymetallic Upside

Kempfield’s location near Orange, New South Wales, benefits from established mining infrastructure, a skilled workforce, and proximity to major operations such as Newmont’s Cadia Mine, one of Australia’s largest gold producers. The polymetallic nature of Kempfield; combining silver, gold, lead, and zinc; offers operational flexibility and potential cost advantages compared to single-commodity projects.

The project’s scale is reflected in its extensive strike length of over 2.3 kilometres and vertical mineralisation extending more than 370 metres. Multiple lodes, including Lode 100, 200, and 300, present robust grades and widths, with recent drilling confirming resource expansion potential in previously untested zones. The company is advancing a scoping study to assess development options, aiming to establish a scalable, multi-deposit mine with a clear path to early production.

Silver Market Dynamics Support Project Economics

Argent Minerals highlights a favourable silver market backdrop, with prices currently exceeding US$50 per ounce after peaking above US$100 earlier in 2026. The Silver Institute forecasts a sixth consecutive annual deficit in 2026, driven by demand from industrial applications, investment, and emerging technologies such as AI data centres, which consume substantial silver volumes for cooling systems.

With only 28% of global silver supply sourced from primary silver mines, the market remains structurally undersupplied, placing projects like Kempfield in a strategic position. The inclusion of silver on the United States’ 2025 Critical Minerals List further elevates its importance for economic security and industrial supply chains, reinforcing the strategic rationale for advancing domestic silver projects.

Advancing Trunkey Creek Gold Project and Broader Portfolio

Complementing Kempfield, Argent is progressing its Trunkey Creek Gold Project located 9 kilometres away, with maiden reverse circulation drilling planned for 2026. Recent rock chip assays up to 73.3 g/t gold suggest substantial gold mineralisation beyond historical workings, indicating potential as a supplementary mine feed source.

Beyond Kempfield and Trunkey, the company’s portfolio includes the West Wyalong Project, prospective for gold and copper, and the Copperhead Project, targeting copper, silver, and zinc. These assets offer further exploration upside, positioning Argent Minerals to leverage multiple growth avenues in the polymetallic and precious metals space.

Leadership and Technical Expertise Driving Progress

The company recently appointed Mike McKevitt as CEO, bringing over 35 years of global mining and finance experience to lead Kempfield’s development and resource expansion. The technical team, including Exploration Manager Steven Wood and independent consultants like Alfred Gillman of Odessa Resource Pty Ltd, ensures robust resource estimation and exploration practices aligned with JORC standards.

With a market capitalisation around A$37 million and cash reserves of A$3.75 million as of March 2026, Argent Minerals is actively drilling and advancing studies to de-risk the project and define development pathways. The company’s strategy focuses on expanding the existing resource, testing district-scale potential, and commercialising its polymetallic assets.