LCG previously filed a report under NI 62-103 in respect of Argex Mining Inc. (the “issuer”) dated November 10, 2011 disclosing security holdings of 10,181,637 common shares owned by accounts and funds managed by LCG (the “Luxor Funds”), representing 11.05% of the issued and outstanding common shares of the issuer. The net decrease in security holdings since the last report is 454,000 common shares, and the net decrease in security holding percentage is 1.61 %. LCG exercises control or direction over an aggregate of 9,727,637 common shares representing approximately 9.44% of the issued and outstanding common shares.