Argonaut as Lead Manager has been successful in raising of A$2.03 million for Marindi Metals Pty Ltd. in 2016 to existing shareholders and new sophisticated and professional investors through the way of a $2.032 million Placement. . The proceeds raised by Argonaut were used to expand and accelerate exploration at its flagship project in the Newman Base Metals Project in WA. The rest of the funds were allocated to continue work at both the company’s Caranbirini Lead-Zinc Project in the NT and the Forrestania Lithium Project in WA.

Marindi Metals Pty Ltd., now Firefly Resources Ltd. (ASX: FFR), is an exploration company focused on exploring and developing high-grade gold projects in Australia. Firefly Resources Ltd. is also engaged in the Paterson Copper-Gold Project in north-western Western Australia. Firefly Resources Ltd. distinguishes itself from previous explorations at Forrestania by focusing on favourable structural pathways and trap-sites for high-grade gold in three positions: the Gemcutter Gold, the Crossroads Gold, and the Kit Kat Gold mine sites.