ARGENT MINERALS LIMITED
A.B.N. 89 124 780 276
ANNUAL REPORT
FOR THE YEAR ENDED
30 JUNE 2021
TABLE OF CONTENTS
OPERATIONS REVIEW ............................................................................................................. 1
CORPORATE GOVERNANCE STATEMENT ............................................................................ 7
DIRECTORS’ REPORT .............................................................................................................. 8
LEAD AUDITOR’S INDEPENDENCE DECLARATION ............................................................. 19
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME ................................................................................................................................... 20
CONSOLIDATED STATEMENT OF FINANCIAL POSITION .................................................... 21
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .................................................... 22
CONSOLIDATED STATEMENT OF CASH FLOWS ................................................................. 23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .............................................. 24
DIRECTORS' DECLARATION ................................................................................................. 52
INDEPENDENT AUDITOR’S REPORT .................................................................................... 53
ADDITIONAL STOCK EXCHANGE INFORMATION ................................................................ 56
SCHEDULE OF MINERAL TENEMENTS................................................................................. 59
MINERAL RESOURCES AND ORE RESERVES STATEMENT .............................................. 61
CORPORATE DIRECTORY ..................................................................................................... 69
ARGENT MINERALS LIMITED
Operation Review
Argent Minerals Limited (‘Argent’ or the Company) completed drilling 5,947m of RC and diamond drilling at
Kempfield, Pine Ridge and West Wyalong for the June 2020- June 2021 period.
Highlights of this year include:
EXPLORATION
Kempfield
Extension and Infill project drilling program
■
■
■
■
2,624m RC drilling programme completed on the Kempfield Project (Stage 2 RC drilling) covering four
strategic zones
Drill hole AKRC 219 had intersections of 36m @ 96.05g/t Ag from 64m and 25m @ 2.59% Zn from 73m
Geochemistry and geophysical survey compilation reports reveal the potential for four extensions to
mineralised zones immediately outside the project area
Consultant Odessa engaged for resource upgrade
Pine Ridge Gold Mine
Extension and resource drilling program continuation
■
■
■
1,917m RC drilling program completed with high grade gold intersections including 6m @ 10.52g/t Au from
62m result in August 2021)
A further 700m of drilling remains to be completed when the program recommences in September 2021
Additional drill targets review pending a geophysical survey report which is due in October 2021
West Wyalong
RC and diamond drilling stage 1 completed
■
■
■
■
RC pre-collars and first diamond hole completed using a portion of the $205,000 of NSW drilling grants
funding
5 pre-collars for 1,103m of RC drilling
Diamond drill hole AWN002 hole completed to 503m intersecting sulphides and quartz veining from 338.7m
to 387.5m
The diamond hole program is planned to continue in February 2022 once the summer harvesting is
completed.
1
ARGENT MINERALS LIMITED
Operation Review
Exploration
KEMPFIELD PROJECT
RESOURCE UPGRADE
The Company completed the RC drilling program in October 2020 over the Kempfield project area with infill
drilling in between the known proposed pit shell design. The objective was to add resource tonnage to the
current resource.
The Company has budgeted for a further 5,000m-7,500m RC extension drilling programme to add to the
September 2020 program extending drilling into the identified targets with drilling to the zones immediately
west, north- west, east and south of known lode structures. Mineralization remains open along strike and
depth immediately outside the current resource and project areas.
The Company engaged Internode Seismic in June 2020, conducting a detailed 9-month review of all
existing geophysical data, and reinterpreting data over the Kempfield fault, where rock chip sampling were
taken in June 2020 (highest results 5.6% Cu, 0.96g/t Au, 156g/t Ag and 1% Pb). A review of existing
geochemical surveys has identified further anomalies that have not been tested with drilling.
Core Geophysical were engaged in May 2021 to refine the extension zone targeting and use
recommendations from the Internode Seismic Review.
The Core Geophysical review will identify all possible extension zones for target drilling in 2022, and identify
new targets based on re modelling the geological setting with Baryte as the host for Ag-Pb-Zn extension
lode targeting.
A structural geological review was also completed in April 2021 investigating the Kempfield fault and gold-
copper footwall occurrence on the footwall side of the project area.
The Company has engaged Odessa Geological Resource consultants who will table a completed Kempfield
geological 3D model and resource upgrade to be tabled in Q3 2022.
PINE RIDGE
RECONAIASSANCE AND RESOURCE TARGET DRILLING
The Company completed 1,917m of the total planned 2,650m RC drilling program in June 2021. The
program remains incomplete due to a COVID-19 regional lockdown and poor weather conditions. The
drilling contractor will be mobilizing in September 2021 with drilling due to start soon after.
Drilling has previously intersected consistent thick zones of quartz veining in hosted altered basalt. Visible
free gold was intersected on RC drill hole APRC035 from 17m depth.
In December 2019, the Company received the data from an airborne magnetic and radiometric geophysical
survey over the entire tenement area and the historic Pine Ridge Gold Mine (EL8213).
The Company completed a geophysical review of all available data in January 2021 by internode Seismic.
In May 2021, the Company engaged Core Geophysical to prepare a geophysical 3D inversion model for all
available geophysical data including the 2019 heliborne survey. It is anticipated that the assay results from
the June 2021 RC drilling program timed with the Core Geophysical report will produce stand up drill targets
adding extension drill targets to the known gold mineralization.
2
ARGENT MINERALS LIMITED
Operation Review
The Pine Ridge area consists of numerous historical gold mines which operated from the 1820’s until the
1940’s and produced grades in excess of 250g/t Au (NSW Government reports). The recent RC 2021 and
2019 diamond drilling conducted by Argent has confirmed the position and tenor of gold mineralisation that
was reported in historic drill intersections including 19m @ 3.2g/t Au from 98.4m and 1m @ 40.7 g/t Au
from 106m in APDD031.
The Company looks forward to receiving further gold assay results.
WEST WYALONG PROJECT
DRILLING GRANTS - PORPHYRY GOLD COPPER MOLYBDENUM UPDATE
RC and diamond drilling stage 1 completed
In May 2020, the Company applied to receive up to $205,000 funding from the NSW Government in drilling
grants.
The Company applied the funding received during the year of $140,000 and completed 5 deep RC drilling
pre collars totalling 1,105m for the first 5 drill holes in March 2021, and a single 503m diamond drillhole
AWN002 completed in early April 2021.
Diamond drill hole AWN002 intersected massive and disseminated sulphides including massive blebs of
pyrite and chalcopyrite and quartz veining from 338.7m to 387.5m.
Assay results from Nagrom Laboratories and check assay results from SGS Laboratories will be announced
in the coming quarter for the 43-multi-element report for both RC and diamond drill samples.
The remaining $65,000 of drilling grant funds that can be applied for, will be used for the second diamond
hole to the north of AWN002 which will be drilled in February 2022 once the summer harvesting is
completed.
JOINT VENTURE HEADS OF AGREEMENT WITH SUNSHINE RECLAMATION PTY LTD
Argent entered into a Joint-Venture Heads of Agreement with Sunshine Reclamation Pty Ltd (SRP) and its
wholly owned subsidiary Sunny Silver Pty Ltd in relation to the Lachlan Fold Belt exploration licence over
Sunny Corner EL5964.
Argent Minerals sold the Sunny Corner Exploration Licence to Sunshine Reclamation in September 2019
under the Sunny Corner Sale Agreement on the basis that a part of the area required significant
environmental rehabilitation.
SRP has completed an assessment and isolated the parts of the tenement which are the primary focus of
its planned reclamation and rehabilitation work.
EL5964 AGREEMENT WITH MINREX RESOURCES LIMITED
Subsequent to Argent entering into a Joint-Venture Heads of Agreement with Sunshine Reclamation Pty
Ltd (SRP) and its wholly owned subsidiary Sunny Silver Pty Ltd, Argent entered into an Option Agreement
with MinRex Resources Limited (ASX: MRR) in relation to its Joint Venture interest in Lachlan Fold Belt
exploration licence EL5964 (Sunny Corner). The option was exercised by MinRex Resources Limited.
Argent has received:
1. Reimbursement of $100,000 (paid in MRR shares) to SRP under the Sunny Corner Joint Venture
Binding Heads of Agreement.
2. 80 million fully paid ordinary shares in MRR payable, subject to MinRex shareholder approval, upon
completion of the following milestones:
3
ARGENT MINERALS LIMITED
Operation Review
a. 25 million shares on execution of the Joint Venture Agreement on terms acceptable to
MRR (issued on 22 September 2021);
b. 25 million shares upon access being granted to the Tenement for drilling including the
receipt of all approvals, consents and authorisations from the Regulator and any
associated landowners; and
c. 30 million shares upon MRR (or its nominee) acquiring legal title to the Tenement and a
90% beneficial interest in the Tenement.
CORPORATE
■
■
■
$2.35M before costs raised through placements.
$2.3M raised through the conversion of options.
Cash position $3.75M
PLACEMENTS RAISE $2.35 MILLION
During the year Argent completed one private placement which raised approximately $2.2M before costs
and directors participated in placements totalling $0.15M.
• On 19 August 2020, Argent completed a private placement offer to sophisticated investors that
raised $2,200,000 before costs through the issue of 40,000,000 new fully paid ordinary shares were
issued at $0.055 cents per share, 20,000,000 attaching listed options (ASX: ARDOA) on a 1:2
basis.
• On 31 July 2020, Argent completed a placement offer to directors, after receiving shareholder
approval, that raised $138,000 before costs through the issue of 11,500,001 fully paid ordinary
shares at $0.012 per share.
• On 21 December 2020, Argent completed a placement offer to directors, after receiving
shareholder approval, that raised $12,000 before costs through the issue of 1,000,000 fully paid
ordinary shares at $0.012 per share.
BOARD CHANGES
On 3 March 2021, Mr Peter Wall and Mr Emmanuel Correia resigned from the Board of the Company.
Subsequent to the end of the year, Mr Stuart Till resigned from the Board and Mr David Greenwood was
appointed to the Board as a Non-Executive Director on 23rd August 2021.
CONVERSION OF ARDOB OPTIONS
Argents ARDOB $0.025 listed options expired on 29 October 2020. Argent received conversion notices
from option holders totalling 90,531,474 ARDOB options, resulting in approximately $2.2M being received
by the Company during the year.
CHANGE OF AUDITOR
The Company changed its auditor to BDO Audit (WA) Pty Ltd during the year.
CASH POSITION
Argent’s cash position as at 30 June 2021 was $3.75M.
4
ARGENT MINERALS LIMITED
Operation Review
PREVIOUSLY RELEASED INFORMATION
This Annual Report contains information extracted from ASX market announcements reported in
accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves” (2012 JORC Code). Further details (including 2012 JORC Code reporting
tables where applicable) of exploration results referred to in this Report can be found in the following
announcements lodged on the ASX:
23/08/2021
19/08/2021
30/07/2021
28/07/2021
27/07/2021
19/07/2021
19/07/2021
15/06/2021
15/06/2021
17/05/2021
29/04/2021
25/03/2021
15/03/2021
10/03/2021
5/03/2021
5/03/2021
9/02/2021
2/02/2021
29/01/2021
27/01/2021
14/01/2021
21/12/2020
21/12/2020
18/12/2020
18/12/2020
2/12/2020
2/12/2020
30/11/2020
30/11/2020
11/11/2020
3/11/2020
30/10/2020
30/10/2020
29/10/2020
28/10/2020
22/10/2020
21/10/2020
14/10/2020
14/10/2020
Board Change
MORE HIGH-GRADE GOLD INTERSECTIONS AT PINE RIDGE
Quarterly Activities/Appendix 5B Cash Flow Report
Proposed issue of securities - ARD
SIGNIFICANT NEW DRILL RESULTS PINE RIDGE HISTORICAL GOLDMINE
MINREX TAKES OVER ARGENTS SUNNY CORNER FARM-IN RIGHTS
MinRex Exercises Sunny Corner Option opens
Cleansing Statement opens
Application for quotation of securities - ARD
RC DRILLING COMMENCES AT PINE RIDGE GOLD MINE
Quarterly Activities and Cashflow Report
WEST WYALONG DRILLING INTERSECTS POTENTIAL MINERALISATION
Half Yearly Report and Accounts
Appendix 2A
Final Director's Interest Notice - PW - EC
Board Change
Cleansing Statement and Appendix 2A
Appendix 2A
Quarterly Activities and Cashflow Report
DRILL RIG ARRIVES AT WEST WYALONG COPPER-GOLD PROJECT
Details of Company Address
Change of Director's Interest Notice - PM - EC
Cleansing Statement and Appendix 2A
MRR: Strategic Co-Op with Argent, Drill Rig Secured& Appoint
Strategic Co-Op Agreement with MinRex and Exploration Update
Change of Auditor opens
Ceasing to be a substantial holder
Constitution
Results of Meeting
Drilling Advances Kempfield for Development Opportunity
Appendix 2A opens
Letter to Shareholders - Annual General Meeting
Notice of Annual General Meeting/Proxy Form
Quarterly Activities and Cashflow Report
Appendix 2A
Sunny Corner JV Option with MinRex
Appendix 2A
Appendix 2A
Argent Secures Sunny Corner Joint-Venture Rights
5
ARGENT MINERALS LIMITED
Operation Review
Appendix 2A
Notification of Expiry of Options - ARDOB
Date of AGM and Closing Date for Director Nominations
Appendix 4G and Corporate Governance Statement
Annual Report to shareholders opens
Appendix 2A
EXPLORATION AND DRILLING UPDATE
Appendix 2A
Appendix 2A
Appendix 2A
Appendix 2A
Appendix 2A
Cleansing Statement
Appendix 2A
Appendix 2A
Proposed issue of Securities - ARD
HEAVILY OVERSUBSCRIBED PLACEMENT TO FAST TRACK DRILLING
Trading Halt
Change of Director's Interest Notice - GK PW EC PM
Cleansing Statement
Appendix 2A
Appendix 2A
Appendix 2A
June 2020 Quarterly Activities and Cash Flow Reports
Results of General Meeting
Exploration and Drilling Program Update
Amendment - Appendix 2A
6/10/2020
1/10/2020
30/09/2020
30/09/2020
30/09/2020
29/09/2020
24/09/2020
22/09/2020
6/09/2020
7/09/2020
1/09/2020
26/08/2020
19/08/2020
19/08/2020
19/08/2020
12/08/2020
12/08/2020
10/08/2020
31/07/2020
31/07/2020
31/07/2020
31/07/2020
31/07/2020
29/07/2020
24/07/2020
22/07/2020
17/07/2020
Competent Person:
1. Stuart Leslie Till
The Company confirms it is not aware of any new information or data that materially affects the information
included in the original market announcements and, in the case of estimates of Mineral Resources or Ore
Reserves, Exploration Targets, and historical Pre-JORC Code mineralisation estimates (‘Historical
Estimates’), that all material assumptions and technical parameters underpinning the estimates in the
relevant market announcements continue to apply and have not materially changed. The Company
confirms that the form and context in which the Competent Person’s findings are presented have not been
materially modified from the original market announcement.
6
ARGENT MINERALS LIMITED
Operation Review
CORPORATE GOVERNANCE STATEMENT
The Board is committed to maintaining the highest standards of Corporate Governance. Corporate
Governance is about having a set of core values and behaviours that underpin the Company's activities
and ensure transparency, fair dealing and protection of the interests of stakeholders. The Company has
reviewed its corporate governance practices against the Corporate Governance Principles and
Recommendations (4th edition) published by the ASX Corporate Governance Council.
The 2021 corporate governance statement is dated as at 29 September 2021 and reflects the corporate
governance practices throughout the 2021 financial year. The 2021 corporate governance was approved
by the Board on 29 September 2021. A description of the Company’s current corporate governance
practices is set out in the Company’s corporate governance statement which can be viewed at
https://argentminerals.com.au/about/corporate-governance.
7
ARGENT MINERALS LIMITED
DIRECTORS’ REPORT
DIRECTORS’ REPORT
The names and particulars of the directors of the Group during the financial year and as at the date of this
report are as follows. Directors were in office for the entire period unless otherwise stated.
PETER WALL LLB BComm MAppFin FFin
Non-Executive Chairman
Appointed: 23 April 2018
Resigned: 5 March 2021
Mr Wall is a corporate lawyer and has been a Partner at Steinepreis Paganin (Perth based corporate law
firm) since July 2005. Mr Wall graduated from the University of Western Australia in 1998 with a Bachelor
of Laws and Bachelor of Commerce (Finance). He has also completed a Master of Applied Finance and
Investment with FINSIA.
Mr Wall has a wide range of experience in all forms of commercial and corporate law, with a particular focus
on resources (hard rock and oil/gas), technology companies, equity capital markets and mergers and
acquisitions. He also has significant experience in dealing in cross border transactions.
During the past three years he has also served on the board of the following listed companies:
Company
Minbos Resources Limited
MMJ PhytoTech Limited
MyFiziq Ltd
Transcendence,Technologies
Limited
Pursuit Minerals Limited
Sky & Space Global Ltd
Bronson Group Limited
Activistic Ltd
Zyber Holdings Limited
Ookami Limited
Date of Appointment
February 2014
August 2014
May 2015
Date of Resignation
Not Applicable
Not Applicable
Not Applicable
October 2015
January 2016
October 2015
June 2017
June 2015
January 2015
October 2015
Not Applicable
Not Applicable
4 December 2018
5 August 2019
February 2018
January 2018
January 2018
GEORGE KARAGEORGE BAppSc. Geology, MAusIMM
Managing Director and Chief Executive Officer
Appointed: 21 October 2019
Mr Karageorge is a geologist and is a rare, base and precious metal exploration expert with over 25 years’
experience in the mining sector. He has worked in senior technical and executive management roles for
exploration and mining companies across the globe, including Western Mining Corporation, ASARCO,
Anglo Gold Ashanti, Barrick Mines, Pilbara Minerals and Bluebird Battery Metals.
Mr Karageorge has had multiple management and technical roles as Project Geologist, Project Manager,
and most recently President and Chief Executive Officer of TSX listed company Bluebird Battery Metals.
He has extensive expertise in taking projects from exploration through to development and production
stages.
Mr. Karageorge is best known for his role as the founding geologist and registered mine manager of lithium
producer, Pilbara Minerals Limited (ASX: PLS). He was instrumental in the discovery of the Pilbara Minerals
multi-Billion Dollar Pilgangoora Lithium and Tantalum Deposit. His role was paramount in developing the
project from the first drill hole through to the first Lithium Concentrate, taking the company into production
and growing it into a A$1.5B market cap mining company in less than 4 years.
In addition to his technical and corporate leadership roles, Mr. Karageorge has occupied the position of
company director for a number of private, public listed and unlisted public companies over the last 30 years.
8
ARGENT MINERALS LIMITED
DIRECTORS’ REPORT
He holds a Bachelor Degree, BAppSc. (Geology) and is a senior member of the Australasian Institute of
Mining and Metallurgy (AUSIMM).
During the past three years he served on the board of the following listed companies:
Company
MinRex Resources Limited
Date of Appointment
December 2020
Date of Resignation
Not Applicable
EMMANUEL CORREIA BBus, CA
Non-Executive Director and Joint Company Secretary
Appointed: 6 December 2017
Resigned: 5 March 2021
Mr Emmanuel Correia has over 25 years’ public company and corporate finance experience in Australia,
North America and the United Kingdom and is a founding director of Peloton Capital and Peloton Advisory.
Mr Correia is an experienced public company director/officer and, prior to establishing Peloton Capital in
2011, he was a founder and major shareholder of Cardrona Capital which specialised in providing advisory
services to the small/mid cap market in Australia. Cardrona was acquired by a UK backed private advisory
firm seeking advisory capabilities in Australia.
Mr Correia has also held various senior positions with Deloitte and other boutique corporate finance houses.
Mr Correia’s key areas of expertise include IPOs, secondary capital raisings, corporate strategy, structuring,
mergers and acquisitions and corporate governance.
Mr Correia is currently a non-executive director of Canyon Resources Limited. Mr Correia is also the
Company Secretary of Bluglass Limited.
During the past three years he served on the board of the following listed companies:
Company
Canyon Resources Limited
Orminex Limited
Date of Appointment
July 2016
April 2018
Date of Resignation
Not Applicable
August 2019
PETER MICHAEL
Non-Executive Chairman
Appointed: 16 September 2015 (appointed to Non-executive Chairman on 5 March 2021)
Peter has over 20 years’ experience in the property sector encompassing the arrangement and execution
of commercial and residential property transactions, land development, construction and joint venture
operations utilising an extensive network of contacts throughout Australia.
Peter is currently the Managing Director of a private aged care business, a private property development
business and privately-owned Real Estate Agency. Peter is also the Managing Director of a private
investment firm, based in Subiaco, specialising in developing resource exploration companies. He is also
a director of a not for profit group that specialises in delivering exercise programs for people with diabetes
in WA and Vanuatu.
During the past three years he has not served on the board on any listed ASX companies.
9
ARGENT MINERALS LIMITED
DIRECTORS’ REPORT
STUART TILL BApp Sc. Geology, MAusIMM
Non-Executive Director
Appointed: 6 March 2020
Resigned: 23 August 2021
Mr Till has more than 35 years’ experience as a successful geologist in mineral exploration and mining for
numerous commodities including, but not limited to, precious metals, base metals and industrial minerals.
For the last 12 years Mr Till has been a consultant and director to numerous companies. He has held roles
as an Exploration Manager with Thor Mining PLC & Consultant Chief Geologist with Tennant Creek Gold,
Davenport Resources, Orion Minerals, Bardoc Gold, and more recently Chief Geologist for Pilbara Minerals
during the DFS resource definition of the world class Pilgangoora Lithium deposit.
During the past three years he has not served on the board on any listed ASX companies.
DAVID GREENWOOD
Non-Executive Director
Appointed: 23 August 2021
Mr David Greenwood has an in-depth knowledge and more than 30 years’ broad-based experience in the
resources industry across a range of commodities including precious metals, base metals, industrial
minerals, mineral sands, and bulk commodities. Mr Greenwood was educated in the UK and has worked
internationally in the resources industry in exploration, production, marketing, business development and
investment analysis. Mr Greenwood was recently CEO at Godolphin Resources Listed (ASX: GRL) and
previously was Executive General Manager for Straits Resources Ltd (ASX: SRQ), where he was
responsible for exploration, marketing, corporate affairs, investor relations and investments. Mr Greenwood
has held board positions with a number of junior resource companies, including President (CEO) of
Goldminco Corporation, a previously listed Canadian exploration company with assets in the Lachlan Fold
Belt, NSW. Mr Greenwood is currently a Non-Executive Director of Askari Metals Limited. Mr Greenwood
has specific expertise in resources evaluation and financing, from exploration through to mine development,
in addition to business development, minerals marketing and investor relations.
James Bahen B.Comm, GIA
Company Secretary
Appointed: 16 April 2020
Mr Bahen is a Chartered Secretary with over 5 years company secretary and public company experience.
Mr Bahen has experience in assisting company boards with navigating ASX listing rule requirements in
matters such as acquisitions/disposals and capital raisings. Mr Bahen is a member of the Governance
Institute of Australia and holds a Graduate Diploma of Applied Finance and a Bachelor of Commerce degree
majoring in Accounting and Finance.
DIRECTORS INTERESTS
At the date of this report, the Directors held the following interests in Argent Minerals.
Name
Fully Paid Ordinary
Shares
Peter Michael
3,297,195
George
Karageorge
5,535,109
David Greenwood
-
Option Terms
(Exercise Price and Term)
$0.05 at any time up to 29 October
2021
$0.031 at any time up to 27 October
2022
-
-
Options
333,333
4,000,000
-
-
10
ARGENT MINERALS LIMITED
DIRECTORS’ REPORT
UNISSUED SHARES UNDER OPTION
At the date of this report, unissued ordinary shares of the Company under option are:
Number of Shares
Exercise Price
Expiry Date
6,000,000
5,000,000
6,500,000
97,215,893
16,000,000
$0.03
$0.06
$0.10
$0.05
$0.031
30 September 2021
30 September 2021
30 September 2021
29 October 2021
27 October 2022
In the event that the employment of the option holder is terminated, any options which have not reached
their exercise period will lapse and any options which have reached their exercise period may be exercised
within two months of the date of termination of employment. Any options not exercised within this two month
period will lapse. The persons entitled to exercise the options do not have, by virtue of the options, the right
to participate in a share issue of the Company or any other body corporate.
PRINCIPAL ACTIVITIES
The principal activity of the Group is mineral exploration of silver, lead, zinc, copper and gold in Australia.
RESULTS AND REVIEW OF OPERATIONS
The results of the consolidated entity for the financial year ended 30 June 2021 is a comprehensive loss
after income tax of $2,110,006 (2020: loss of $2,185,012).
A review of operations of the consolidated entity during the year ended 30 June 2021 is provided in
the ‘Operations Review’.
LIKELY DEVELOPMENTS AND EXPECTED RESULT OF OPERATIONS
The Group’s focus over the next financial year will be on its key projects, Kempfield, West Wyalong
and Pine Ridge. Further commentary on planned activities in these projects over the forthcoming
year is provided in the ‘Operations Review’. The Company will also assess new opportunities,
especially where these have synergies with existing projects.
ENVIRONMENTAL REGULATIONS
The Group is aware of its environmental obligations with regards to its exploration activities and
ensures that it complies with all regulations when carrying out exploration work.
DIVIDENDS PAID OR RECOMMENDED
The directors do not recommend the payment of a dividend and no amount has been paid or
declared by way of a dividend to the date of this report.
11
ARGENT MINERALS LIMITED
DIRECTORS’ REPORT
MEETING OF DIRECTORS
During the financial year, 7 meetings of directors were held. Attendances by each director during the
year were as follows:
Directors’ Meetings
No. of Eligible Meetings to
Attend
No. of Meetings
Attended
5
5
7
7
7
5
5
7
7
5
Director
Peter Wall
Emmanuel Correia
Peter Michael
Stuart Till
George Karageorge
REMUNERATION REPORT - AUDITED
Remuneration Policy
The remuneration policy of Argent Minerals Limited has been designed to align directors’ objectives with
shareholder and business objectives by providing a fixed remuneration component, which is assessed on
an annual basis in line with market rates and equity related payments. The Board believes the remuneration
policy to be appropriate and effective in its ability to attract and retain the best directors to run and manage
the Group.
The Board’s policy for determining the nature and amount of remuneration for Board members is as follows:
▪ The remuneration policy and setting the terms and conditions for the executive directors and other senior
staff members is developed and approved by the Board based on local and international trends among
comparative companies and industry generally. It examines terms and conditions for employee incentive
schemes, benefit plans and share plans. Independent advice is obtained when considered necessary
to confirm that executive remuneration is in line with market practice and is reasonable within Australian
executive reward practices.
▪ Executives receive a base salary (which is based on factors such as length of service and experience)
and superannuation.
▪ The entity is an exploration entity, and therefore speculative in terms of performance. Consistent with
attracting and retaining talented executives, directors and senior executives are paid market rates
associated with individuals in similar positions within the same industry. Options and performance
incentives may be issued particularly as the entity moves from an exploration to a producing entity, and
key performance indicators such as profit and production and reserves growth can be used as
measurements for assessing executive performance.
The Board policy is to remunerate non-executive directors at market rates for comparable companies
for time, commitment and responsibilities. The Executive Directors, in consultation with independent
advisors, determine payments to the non-executives and review their remuneration annually, based on
market practice, duties and accountability. The maximum aggregate amount of fees that can be paid to
non-executive directors is subject to approval by shareholders at the Annual General Meeting and is
currently $250,000 per annum. Fees for non-executive directors are not linked to the performance of the
Company. However, to align directors’ interests with shareholder interests, the directors are encouraged
to hold shares in the Company.
12
ARGENT MINERALS LIMITED
DIRECTORS’ REPORT
Remuneration Report - Audited (continued)
DETAILS OF DIRECTORS AND EXECUTIVES
The following table provides details of the members of key management personnel of the entity as at 30
June 2021.
Directors/Executives
Peter Wall
Emmanuel Correia
Peter Michael
Stuart Till
George Karageorge
Position Held as at 30 June 2021
Non-Executive Chairman - Resigned 5 March 2021
Non-Executive Director/ Joint Company Secretary - Resigned 5
March 2021
Non-Executive Chairman
Non-Executive Director
Managing Director, CEO
Executive Officer’s remuneration and other terms of employment are reviewed annually by the Non-
Executive Directors having regard to performance against goals set at the start of the year, relative to
comparable information and independent expert advice.
Except as detailed in the Remuneration Report, no director has received or become entitled to receive,
during the financial year or since the financial year end, a benefit because of a contract made by the
Company or a related body corporate with a director, a firm of which a director is a member or an entity in
which a director has a substantial financial interest. This statement excludes a benefit included in the
aggregate amount of emoluments received or due and receivable by directors and shown in the
Remuneration Report, prepared in accordance with the Corporations Regulations, or the fixed salary of a
full time employee of the Company.
13
ARGENT MINERALS LIMITED
DIRECTORS’ REPORT
Remuneration Report - Audited (continued)
Details of remuneration for the year ended 30 June 2021 – Audited
Details of director and senior executive remuneration and the nature and amount of each major element of
the remuneration of each director of the Company, and other key management personnel of the Company
are set out below:
Salary
and Fees
Other
Benefits/Ter-
mination
Benefits
Super
-annuation
Share
Based
Payment
s –
Options
Other Long
Term
Total
%
of
Remuneration
as Share
Payments
$
$
$
$
$
Directors
Peter Wall
2021
2020
Emmanuel
Correia
2021
2020
Peter Michael
2021
2020
Tim Hronsky
2021
2020
Stuart Till
2021
2020
George
Karageorge
2021
2020
CEO
David Busch
2021
2020
$
-
-
-
-
-
-
-
-
-
-
29,789
43,800
29,789
45,730
45,000
40,000
-
29,606
119,150
89,600
273,037
184,169
18,000
-
-
-
-
-
4,275
3,800
-
-
-
-
-
-
-
133,250
-
36,923
-
16,166
-
40,045
-
40,045
-
40,045
-
40,045
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,789
83,845
29,789
85,775
49,275
83,845
-
69,651
119,150
89,600
291,037
184,169
-
186,339
-
48%
-
47%
-
48%
-
-
-
-
-
-
-
-
14
ARGENT MINERALS LIMITED
DIRECTORS’ REPORT
Remuneration Report - Audited (continued)
Options Granted as Compensation – Audited
There were no options granted as compensation during the year.
Other transactions and balances with Key Management Personnel
• During the year ended 30 June 2021, Peter Wall had a beneficial interest in an entity, Steinepreis
Paganin Lawyers & Consultants, which provided legal consulting services. Fees paid to Steinepreis
Paganin Lawyers & Consultants amounted to $18,902 (2020 - $45,209).
• During the year the company issued 2,040,021 shares with a fair value of $102,001. This was to settle
$58,322 worth of outstanding director fees from the prior year, the remaining amount of $48,450 is the
finance cost component.
EMPLOYMENT CONTRACTS OF DIRECTORS AND EXECUTIVES
In accordance with best practice corporate governance, the Company provided each Director with a letter
detailing the terms of appointment, including their remuneration.
The Company has entered into a consultancy agreement with Mr George Karageorge whereby Mr
Karageorge receives remuneration of $242,000 per annum (exclusive of GST) with a car allowance of
$1,500 per month (exclusive of GST). The agreement may be terminated subject to a 3-month notice period.
The Company has entered into a consultancy agreement with Mr Stuart Till whereby Mr Till receives
remuneration of $43,800 per annum (exclusive of GST). In addition, Mr Till can receive an additional service
fee of A$1,000 per day for a maximum 150 days per annum. Any additional days over 150 days per annum
requires approval from the board. The agreement may be terminated subject to a 3-month notice period.
Ordinary shareholdings of key management personnel
Directors and other key
management personnel
Peter Wall¹
Emmanuel Correia²
Peter Michael
Stuart Till
George Karageorge
Balance at 1 July
2020
(i)
1,333,333
666,667
1,420,001
-
-
Net other change
(ii)
5,230,526
1,897,193
1,877,194
-
5,535,109
Balance at 30 June
2021
(iii)
6,563,859
2,563,860
3,297,195
-
5,535,109
¹ Peter Wall had resigned on 5 March 2021.
² Emmanuel Correia had resigned on 5 March 2021.
Shares issued in lieu of fees were issued for 30 June 2021 in relations to 30 June 2020 outstanding balance (refer to
note 23). No options were exercised during the financial years ended 30 June 2021 and 30 June 2020.
15
ARGENT MINERALS LIMITED
DIRECTORS’ REPORT
Remuneration Report - Audited (continued)
Option holdings of key management personnel
Directors and
other key
management
personnel
Peter Wall¹
Emmanuel
Correia²
Peter Michael
Stuart Till
George
Karageorge
Balance at
1 July 2020
Issued during
the period
Expired
during the
period
Balance at
30 June 2021
(vested and exercisable)
(i)
4,666,666
4,333,333
4,333,333
-
-
-
-
-
-
-
-
-
-
-
-
(ii)
4,666,666
4,333,333
4,333,333
-
-
¹ Peter Wall had resigned on 5 March 2021.
² Emmanuel Correia had resigned on 5 March 2021.
Consequences of performance on shareholder wealth
In considering the Group’s performance and benefits for shareholders’ wealth, the Board has regard to the
following indices in respect of the current financial year and the previous four financial years.
Net loss attributable to equity
holders of the Company
Dividends paid
$2,110,006
-
$2,185,012
-
$3,539,654
-
$1,712,330
-
2,120,074
-
2021
2020
2019
2018
2017
Change in share price
1.9 cents
(1.4) cents
(0.9) cents
(1.1) cents
0.2 cents
The overall level of key management personnel’s compensation is assessed on the basis of market
conditions, status of the Company’s projects, and financial performance of the Company.
There was no reliance on external remuneration consultants during the year.
There were no other loans to key management personnel and other transactions noted during the year.
VOTING AND COMMENTS MADE AT THE COMPANY’S LAST ANNUAL GENERAL MEETING
The Company received 2.27% of votes against, and no specific feedback on, its Remuneration Report at
its Annual General Meeting held on 30 November 2020. The Resolution passed by a show of hands.
End of Audited Remuneration Report.
INDEMNIFICATION OF DIRECTORS AND OFFICERS
In accordance with the constitution, except as may be prohibited by the Corporations Act 2001, every officer
or agent of the Company shall be indemnified out of the property of the entity against any liability incurred
by him or her in their capacity as officer or agent of the Company or any related corporation in respect of
any act or omission whatsoever and howsoever occurring or in defending any proceedings, whether civil or
criminal.
16
ARGENT MINERALS LIMITED
DIRECTORS’ REPORT
INDEMINITY AND INSURANCE OF AUDITOR
The company has not, during or since the end of the financial year, indemnified or agreed to indemnify the
auditor of the company or any related entity against a liability incurred by the auditor.
During the financial year, the company has not paid a premium in respect of a contract to insure the auditor
of the company or any related entity.
EVENTS SUBSEQUENT TO REPORTING DATE
Subsequent to year end, Minrex Resources Limited announced that it exercised its option with Argent
Minerals Limited to acquire farm-in rights to earn up to a 90% interest in the exploration area of EL5864.
MinRex is required to pay an option exercise fee of $100,000 to Argent on exercise of the option. MinRex
and Argent have agreed to settle this payment via the issue of 5,000,000 MinRex shares at a deemed issue
price of $0.02.
Subsequent to year end, Stuart Till resigned on the 23rd of August 2021 as Non-Executive Director. David
Greenwood was appointed as Non-Executive Director on the 23rd of August 2021.
Except for the above, no other matters or circumstances have arisen since the end of the financial year
which significantly affected or could significantly affect the operations of the consolidated entity, the results
of those operations, or the state of the affairs of the consolidated entity in future financial years.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the
Company for all or any part of those proceedings.
The Company was not a party to any such proceedings during the year.
NON-AUDIT SERVICE
During the year ended BDO, the Company's auditor, performed other services in addition to their statutory
duties.
The Board has considered the non-audit services provided during the year by the auditor and, is satisfied
that the provision of those non-audit services during the year is compatible with, and did not compromise,
the auditor independence requirements of the Corporations Act 2001 for the following reasons:
• all non-audit services were subject to the corporate governance procedures adopted by the
•
Company to ensure they do not impact upon the impartiality and objectivity of the auditor
the non-audit services do not undermine the general principles relating to auditor independence as
set out in APES 110 Code of Ethics for Professional Accountants, as they did not involve reviewing
or auditing the auditor’s own work, acting in a management or decision-making capacity for the
Company, acting as an advocate for the Company or jointly sharing risks and rewards
A copy of the auditors’ independence declaration as required under Section 307C of the Corporations Act
2001 is included in the Directors’ Report.
17
ARGENT MINERALS LIMITED
DIRECTORS’ REPORT
Details of the amounts paid and accrued to the auditor of the Company, BDO, and its related practices for
audit and non-audit services provided during the year are set out below.
Statutory audit
Audit and review of financial reports - KPMG
Audit and review of financial reports – BDO (WA)
Other services
Taxation Compliance – BDO WA
2021
$
-
40,000
40,000
75,487
75,487
2020
$
57,000
-
57,000
3,090
3,090
Lead Auditor’s Independence Declaration
The Lead Auditor’s Independence Declaration is set out on page 19 and forms part of the Directors’ Report
for the year ended 30 June 2021.
This report has been signed in accordance with a resolution of the directors and is dated 29 September
2021.
George Karageorge
Managing Director
18
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
DECLARATION OF INDEPENDENCE BY JARRAD PRUE TO THE DIRECTORS OF ARGENT MINERALS
LIMITED
As lead auditor of Argent Minerals Limited for the year ended 30 June 2021, I declare that, to the best
of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Argent Minerals Limited and the entities it controlled during the
period.
Jarrad Prue
Director
BDO Audit (WA) Pty Ltd
Perth, 29 September 2021
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
ARGENT MINERALS LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
Continuing operations
Other Income
Notes
2021
$
2020
$
6
623,871
11,245
Administration and consultants' expenses
Depreciation
14,15
Employee and director expenses
Exploration and evaluation expenses
Operating loss before financing
income/(expense)
Interest income
Interest expense
Net financing income /(expense)
Loss before tax
Income tax expense
Loss for the year
Other comprehensive income
(393,396)
(95,147)
(387,361)
7
(1,828,234)
(812,115)
(50,078)
(546,741)
(794,216)
(2,080,267)
(2,191,905)
192
(29,931)
(29,739)
7,806
(913)
6,893
(2,110,006)
(2,185,012)
10
-
-
(2,110,006)
(2,185,012)
-
-
Total comprehensive loss for the year
(2,110,006)
(2,185,012)
Basic and diluted loss per share (cents)
8
(0.25) cents
(0.36) cents
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in
conjunction with the accompanying notes.
20
ARGENT MINERALS LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
Notes
2021
$
2020
$
Current assets
Cash and cash equivalents
Trade and other receivables
Other assets
Current assets
Asset licence held for sale
Total current assets
Non-current assets
Other financial asset – security deposits
Plant and equipment
Right of use asset
Total non-current assets
Total assets
Current liabilities
Trade and other payables
Employee entitlements
Lease liabilities
R&D claims repayable
Total current liabilities
Non-current liabilities
Lease liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
9
11
12
13
14
15
17
18
16
22
16
19
19
3,747,027
1,956,724
12,162
11,641
8,751
10,090
3,770,830
1,975,565
-
39,000
3,770,830
2,014,565
129,750
344,264
225,218
699,232
96,000
318,477
40,216
454,693
4,470,062
2,469,258
446,890
17,618
95,000
645,886
1,205,394
483,227
6,884
14,124
1,428,050
1,932,285
138,832
138,832
26,353
26,353
1,344,226
1,958,638
3,125,836
510,620
38,093,320
33,368,098
249,220
249,220
(35,216,704)
(33,106,698)
3,125,836
510,620
The above Consolidated Statement of Financial Position should be read in conjunction with the
accompanying notes.
21
ARGENT MINERALS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
Attributable to equity holders of
the Company
Notes
Issued
Capital
Reserves
Accumulated
Losses
Total
$
$
$
$
33,368,098
249,220
(33,106,698)
510,620
Ordinary shares/options issued
19
4,855,699
Placement Costs
(130,477)
Balance at 30 June 2021
38,093,320
249,220
(35,216,704)
3,125,836
Balance at 1 July 2020
Total comprehensive income
for the year
Loss for the year
Other comprehensive income
Total comprehensive loss for the
year
Transactions with owners,
recorded directly in equity
Contribution by and
distribution to owners
Balance at 1 July 2019
Total comprehensive income
for the year
Loss for the year
Other comprehensive income
Total comprehensive loss for the
year
Transactions with owners,
recorded directly in equity
Contribution by and
distribution to owners
Cost of shares issued
Share based payments
Expiry of options
-
-
-
-
-
-
-
-
-
-
-
(2,110,006)
(2,110,006)
-
-
(2,110,006)
(2,110,006)
-
-
4,855,699
(130,477)
30,462,609
211,515
(31,051,482)
(377,358)
-
-
-
-
-
(2,185,012)
(2,185,012)
-
-
(2,185,012)
(2,185,012)
-
-
-
3,051,350
(185,861)
207,501
(185,861)
40,000
167,501
-
(129,796)
129,796
-
Ordinary shares/options issued
19
3,051,350
Balance at 30 June 2020
33,368,098
249,220
(33,106,698)
510,620
The above Consolidated Statement of Changes in Equity should be read in conjunction with the
accompanying notes.
22
ARGENT MINERALS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
Notes
2021
$
2020
$
Cash flows used in operating activities
Government Subsidy
-
11,245
Exploration and evaluation expenditure
(2,044,342)
(616,054)
Cash payments to suppliers and employees
(532,985)
(1,119,295)
Interest received
192
7,806
Net cash used in operating activities
20
(2,577,135)
(1,716,298)
Cash flows used in investing activities
Acquisition of Sunny Corner Asset License
Proceeds from Sunny Corner Divestment
Payments for plant and equipment
Payments for security deposits
Net cash (used)/ from in investing
activities
Cash flows from financing activities
-
-
(76,631)
(33,750)
(110,381)
(39,000)
130,000
-
(2,900)
88,100
Proceeds from issue of shares and options
4,648,592
3,051,350
Lease payments
Cost of issue of shares and options
Net cash from financing activities
Net increase in cash held
Cash and cash equivalents at the beginning
of the financial year
Cash and cash equivalents at the end of the
financial year
(40,296)
(130,477)
4,477,819
(6,500)
(185,861)
2,858,989
1,790,303
1,230,791
1,956,724
725,933
9
3,747,027
1,956,724
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying
notes.
23
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1
REPORTING ENTITY
Argent Minerals Limited (the 'Company') is a company domiciled in Australia. The address of the Company's
registered office is at 25 Colin Street, West Perth, WA 6005. The consolidated financial statements of the
Company as at and for the year ended 30 June 2021 comprise the Company and its subsidiaries (together
referred to as the 'Group'). The Group is a for-profit entity and is primarily engaged in the acquisition,
exploration and development of mineral deposits in Australia.
2
BASIS OF PREPARATION
(a) Statement of compliance
The consolidated financial statements are general purpose financial statements which have been prepared
in accordance with Australian Accounting Standards ('AASBs') adopted by the Australian Accounting
Standards Board ('AASB') and the Corporations Act 2001. The consolidated financial statements comply with
the International Financial Reporting Standards ('IFRSs') adopted by the International Accounting Standards
Board ('IASB').
The consolidated financial statements were authorised for issue by the directors on 29 September 2021.
(b) Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis.
(c) Functional and presentation currency
These consolidated financial statements are presented in Australian dollars, which is the Group’s functional
currency.
(d) Use of estimates and judgements
The preparation of the consolidated financial statements requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying
accounting policies that have the most significant effect on the amounts recognised in the financial
statements are described in the following notes:
•
•
•
•
Note 2(e)
10
Note
23
Note
22
Note
- Going concern
- Unrecognised deferred tax asset
- Share based payments
- R&D claims payable
The Group has incorporated judgements, estimates and assumptions specific to the impact of the COVID-
19 pandemic in determining the amounts recognised in the financial statements based on conditions existing
at reporting date, recognising uncertainty still exists in relation to the duration of the COVID-19 pandemic-
related restrictions, the anticipated government stimulus and regulatory actions.
24
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2
BASIS OF PREPARATION (Cont.)
(e) Going concern
The financial statements have been prepared on a going concern basis which contemplates the realisation
of assets and settlement of liabilities in the ordinary course of business.
The Group recorded a loss attributable to equity holders of the Company of $2,110,006 for the year ended
30 June 2021 and has accumulated losses of $35,216,704 at 30 June 2021. The Group has cash and cash
equivalents of $3,747,027 at 30 June 2021 and used $2,577,135 of cash in operations, including payments
for exploration and evaluation, for the year ended 30 June 2021.
The directors have prepared a cash flow forecast, which indicates that the Company will have sufficient cash
flows to meet all commitments and working capital requirements for the 12 months period from the date of
signing this financial report.
Based on the cash flow forecasts and other factors referred to above, the directors are satisfied that the
going concern basis of preparation is appropriate.
Should the Company be unable to continue as a going concern it may be required to realise its assets and
extinguish its liabilities other than in the normal course of business and at amounts different to those stated
in the financial statements. The financial statements do not include any adjustments relating to the
recoverability and classification of asset carrying amounts or to the amount and classification of liabilities that
might result should the Company be unable to continue as a going concern and meet its debts as and when
they fall due.
3 SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently to all periods presented in these
consolidated financial statements, and have been applied consistently by all entities in the Group.
(a) Finance income and finance costs
Finance income comprises interest income on funds invested, dividend income and gains on the disposal of
financial assets. Interest income is recognised as it accrues in profit or loss, using the effective interest
method.
Finance costs comprise interest expense on borrowings, losses on disposal of financial assets and
impairment losses recognised on financial assets. Borrowing costs that are not directly attributable to the
acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective
interest method.
25
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
3 SIGNIFICANT ACCOUNTING POLICIES (Cont.)
(b) Exploration, evaluation and development expenditure
Expenditure on exploration and evaluation is accounted for in accordance with the ‘area of interest’ method
and with AASB 6 Exploration for and Evaluation of Mineral Resources.
For each area of interest, exploration and evaluation expenditure is expensed in the period in which the
expenditure is incurred. Expenditure incurred in the acquisition of tenements and rights to explore may be
capitalised and recognised as an exploration and evaluation asset. Exploration and evaluation assets are
initially measured at cost at recognition. Exploration and evaluation expenditure incurred by the Group
subsequent to acquisition of the rights to explore is expensed as incurred.
Capitalised acquisition costs are assessed for impairment when facts and circumstances suggest that the
carrying amount of an exploration and evaluation asset may exceed its recoverable amount. The recoverable
amount of the exploration and evaluation asset to which it has been allocated, being no larger than the
relevant area of interest is estimated to determine the extent of the impairment loss (if any). Where an
impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate
of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the
carrying amount that would have been determined had no impairment loss been recognised for the asset in
previous years.
Where a decision is made to proceed with development in respect of a particular area of interest, the relevant
exploration and evaluation asset is tested for impairment and the balance is then reclassified to development
costs.
(c) Property, plant and equipment
Items of property, plant and equipment are measured on the cost basis less depreciation and impairment
losses.
Depreciation
The depreciable amount of all property, plant and equipment is depreciated over the assets' estimated useful
lives to the Group commencing from the time the asset is ready for use.
The depreciation rates and basis used for each class of depreciable assets are:
Class of fixed asset
Depreciation rates
Depreciation basis
Buildings
7.50%
Straight-Line
Plant and equipment
5% to 37.5%
Straight-Line
Motor Vehicle
20%
Straight-Line
(d) Government grants
Where a rebate is received relating to research and development costs or other costs that have been
expensed, the rebate is recognised as other income when the rebate becomes receivable and the Group
complies with all attached conditions. If the research and development costs have been capitalised, the
rebate is deducted from the carrying value of the underlying asset when the grant becomes receivable and
the Group complies with all attached conditions.
26
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
3 SIGNIFICANT ACCOUNTING POLICIES (Cont.)
(e) Financial instruments
Non-derivative financial assets
Recognition and initial measurement
The Company initially recognises trade receivables on the date that they are originated. All other financial
assets are recognised initially on the trade date at which the Company becomes a party to the contractual
provisions of the instrument.
The Company derecognises a financial asset when the contractual rights to the cash flows from the asset
expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in
which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest
in such transferred financial assets that is created or retained by the Company is recognised as a separate
asset or liability.
Financial assets and liabilities are offset and the net amount presented in the statement of financial position
when, and only when, the Company has a legal right to offset the amounts and intends either to settle them
on a net basis or to realise the asset and settle the liability simultaneously.
Classification and subsequent measurement
On initial recognition, a financial asset is classified as measured at:
- Amortised cost;
- Fair value through other comprehensive income (FVOCI) – equity investment; or
- Fair value through profit or loss (FVTPL).
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its
business model for managing financial assets, in which case all affected financial assets are reclassified on
the first day of the first reporting period following the change in the business model.
A financial asset is measured at amortised cost if it meets both the following conditions and is not designated
as fair value through profit or loss:
-
-
It is held within a business model whose objective is to hold assets to collect contractual cash flows;
and
Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
27
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
3 Significant accounting policies (Cont.)
(e) Financial instruments
Non-derivative financial assets (Cont.)
Subsequent measurement and gains and losses
Financial assets at
amortised cost
These assets are subsequently measured at amortised cost using the effective
interest method. The amortised cost is reduced by impairment losses. Interest
income, foreign exchange gains and losses and impairment are recognised in
profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
Non-derivative financial liabilities
Financial liabilities are measured at amortised cost.
Financial liabilities are recognised initially on the trade date, which is the date that the Company becomes a
party to the contractual provisions of the instrument.
The Company derecognises a financial liability when its contractual obligations are discharged, cancelled or
expire.
Other financial liabilities comprise loans and borrowings and trade and other payables.
(f)
Share capital
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares
are recognised as a deduction from equity, net of any tax effects.
(g) Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through
its power over the entity. The financial statements of subsidiaries are included in the consolidated financial
statements from the date on which control commences until the date on which control ceases. The
accounting policies of the subsidiaries have been changed when necessary to align them with the policies
adopted by the Group.
Non-controlling interests represent the portion of profit or loss and net assets in subsidiaries not held by the
Group and are presented separately in the Statement of Profit or Loss and Other Comprehensive Income
and within equity in the Consolidated Statement of Financial Position. Losses are attributed to the non-
controlling interests even if that results in a deficit balance.
The Group treats transactions with non-controlling interests that do not result in a loss of control as
transactions with equity owners of the Group. A change in ownership interest results in an adjustment
between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests
in the subsidiary.
28
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
3 SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Loss of control
On the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling
interests and other components of equity related to the subsidiary. Any surplus or deficit arising on the loss
of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such
interest is measured at fair value at the date that control is lost. Subsequently that retained interest is
accounted for as an equity accounted investee or as a financial asset depending on the level of influence
retained.
Investments in associates and jointly controlled entities are accounted for under the equity method and are
initially recognised at cost. The cost of the investment includes transaction costs.
Transactions eliminated on consolidation
Intragroup balances, and any unrealised gains and losses or income and expenses arising from intragroup
transactions, are eliminated in preparing the consolidated financial statements.
(h) Tax
Current tax and deferred tax is recognised in profit or loss except to the extent that it relates to a business
combination, or items recognised directly in equity or in other comprehensive income.
Current tax
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax
rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of
previous years.
Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amount of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not
recognised for:
•
•
•
temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business
combination and that affects neither accounting nor taxable profit or loss;
temporary differences related to investments in subsidiaries to the extent that the Group is able to control
the timing of the reversal of the temporary differences and it is probable that they will not reverse in the
foreseeable future; or
taxable temporary differences arising on the initial recognition of goodwill.
The measurement of deferred tax reflects the tax consequences that would follow the manner in which the
Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and
liabilities.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they
reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and
liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they
relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but
they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be
realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences,
to the extent that it is probable that future taxable profits will be available against which they can be utilised.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer
probable that the related tax benefit will be realised.
29
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
3 SIGNIFICANT ACCOUNTING POLICIES (Cont.)
(i) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three
months or less.
(j)
Impairment
Financial instruments
The Company recognises expected credit losses (‘ECLs’), where material, on:
- Financial assets measured at amortised cost;
The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which
are measured at 12-month ECLs:
- Other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the
expected life of the financial instrument) has not increased significantly since initial recognition.
Loss allowances for trade receivables and contract assets are always measured at an amount equal to
lifetime ECLs. At each reporting date, the Group assesses whether financial assets carried at amortised cost
and debt securities at fair value through other comprehensive income are credit-impaired.
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations
of recovering a financial asset in its entirety or a portion thereof.
Financial assets measured at amortised cost
Individually significant financial assets are tested for impairment on an individual basis. The remaining
financial assets are assessed collectively in groups that share similar credit risk characteristics.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference
between its carrying amount, and the present value of the estimated future cash flows discounted at the
original effective interest rate. Losses are recognised within profit or loss. When an event occurring after the
impairment was recognised causes the amount of impairment loss to decrease, the decrease in impairment
loss is reversed through profit or loss.
Non-financial assets
The carrying amounts of the Group's non-financial assets, other than deferred tax assets, are reviewed at
each reporting date to determine whether there is any indication of impairment. If any such indication exists,
the asset's recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or
that are not yet available for use, the recoverable amount is estimated each year at the same time.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit (CGU)
exceeds its recoverable amount. The recoverable amount of an asset or CGU is the greater of their fair value
less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the asset or CGU. For impairment testing, assets are grouped together
into the smallest group of assets that generates cash inflows from continuing use that are largely independent
of the cash inflows of other assets or CGUs. Impairment losses are recognised in profit or loss.
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss
had been recognised.
30
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
3
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
(k) Segment reporting
Determination and presentation of operating segments
The Group determines and presents operating segments based on the information that is provided internally
to the CEO, who is the Group’s chief operating decision maker.
An operating segment is a component of the Group that engages in business activities from which it may
earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of
the Group’s other components. All operating segments’ operating results are regularly reviewed by the
Group’s CEO to make decisions about resources to be allocated to the segment and assess its performance.
Segment results that are reported to the CEO include items directly attributable to a segment as well as those
that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily
the Company’s headquarters), head office expenses, and income tax assets and liabilities.
(l) Employee benefits
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the
related service is provided.
Share-based payment transactions
The grant date fair value of share-based payment awards granted to employees is recognised as an
employee expense, with a corresponding increase in equity, over the period that the employees become
unconditionally entitled to the awards. The amount recognised as an expense is adjusted to reflect the
number of awards for which the related service and non-market vesting conditions are expected to be met,
such that the amount ultimately recognised as an expense is based on the number of awards that meet the
related service and non-market performance conditions at the vesting date. For share-based payment
awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to
reflect such conditions and there is no true-up for differences between expected and actual outcomes.
(m) Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation. Provisions are determined by discounting the expected future cash flows at
a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific
to the liability. The unwinding of the discount is recognised as a finance cost.
Site restoration
In accordance with the Group’s environmental policy and applicable legal requirements, a provision for site
restoration in respect of contaminated land, and the related expense, is recognised when the land is
contaminated.
(n) Leases
Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured
at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease
payments made at or before the commencement date net of any lease incentives received, any initial direct
costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be
incurred for dismantling and removing the underlying asset, and restoring the site or asset.
31
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
3
SIGNIFICANT ACCOUNTING POLICIES (Cont.)
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain
ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life.
Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.
The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability for
short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these
assets are expensed to profit or loss as incurred.
Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised
at the present value of the lease payments to be made over the term of the lease, discounted using the
interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity's
incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives
receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under
residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably
certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend
on an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts
are remeasured if there is a change in the following: future lease payments arising from a change in an index
or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties.
When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to
profit or loss if the carrying amount of the right-of-use asset is fully written down.
(o) Earnings per Share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Pinnacle Listed
Comprehensive Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted
average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in
ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take
into account the after income tax effect of interest and other financing costs associated with dilutive potential
ordinary shares and the weighted average number of shares assumed to have been issued for no
consideration in relation to dilutive potential ordinary shares.
4 NEW OR AMENDED ACCOUNTING STANDARDS AND INTERPERATIONS ADOPTED
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations
issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting
period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been
early adopted.
The following Accounting Standards and Interpretations are most relevant to the consolidated entity:
In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements
for classifying liabilities as current or non-current. The amendments clarify:
-
-
-
-
terms of a liability not impact its classification
What is meant by a right to defer settlement
That a right to defer must exist at the end of the reporting period
That classification is unaffected by the likelihood that an entity will exercise its deferral right
That only if an embedded derivative in a convertible liability is itself an equity instrument would the
The amendments are effective for annual reporting period beginning on or after 1 January 2023 and must be
applied retrospectively. The Group is currently assessing the impact the amendments will have on its
32
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
liabilities.
Conceptual Framework for Financial Reporting (Conceptual Framework)
The consolidated entity has adopted the revised Conceptual Framework from 1 July 2020. The Conceptual
Framework contains new definition and recognition criteria as well as new guidance on measurement that
affects several Accounting Standards, but it has not had a material impact on the consolidated entity's
financial statements.
5 DETERMINATION OF FAIR VALUES
A number of the Group’s accounting policies and disclosures require the determination of fair value, for both
financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or
disclosure purposes based on the following methods. When applicable, further information about the
assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.
Share-based payment transactions
The fair value of the employee share options is measured using the Black-Scholes formula. Measurement
inputs include share price on the measurement date, exercise price of the instrument, expected volatility
(based on an evaluation of the historic volatility of the Company’s share price, particularly over the historical
period commensurate with the expected term), expected term of the instruments (based on historical
experience and general option holder behaviour), expected dividends, and the risk-free interest rate (based
on government bonds). Service and non-market performance conditions are not taken into account in
determining fair value.
6 OTHER INCOME
Research and development claim (refer note 22)
Government subsidy
7 EXPENSES
Loss from ordinary activities have been arrived after charging
the following items:
Auditors' remuneration accrued and paid during the year
- Audit and review of financial reports – KPMG/BDO
Depreciation
- Land and Building
- Motor Vehicle
- Plant and equipment
- Right of Use Asset
2021
$
623,871
-
623,871
2021
$
2020
$
-
11,245
11,245
2020
$
40,000
57,000
24,307
7,424
19,112
44,304
24,307
-
19,923
5,848
Exploration and evaluation expenditure
expensed as incurred
1,828,234
794,216
33
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
8
LOSS PER SHARE
The calculation of basic and diluted loss per share at 30 June 2021 was based on the loss attributable
to ordinary shareholders of $2,110,006 (2020 - $2,185,012) and a weighted average number of ordinary
shares outstanding during the financial year ended 30 June 2021 of 843,481,468 (2020 – 607,862,928).
Net loss for the year
2021
$
2020
$
2,110,006
2,185,012
2021
Number
2020
Number
Weighted average number of ordinary shares (basic and
diluted)
Weighted average number of ordinary shares
843,481,468
607,862,928
As the Company is loss making, none of the potentially dilutive securities are currently dilutive.
2021
$
2020
$
9 CASH AND CASH EQUIVALENTS
Cash at bank
3,747,027
1,956,724
Cash and cash equivalents in the statement of cash flows
3,747,027
1,956,724
Refer to the risk management section at note 24, which contains exposure analysis for cash and cash
equivalents.
34
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
10
INCOME TAX EXPENSE
Income Tax Expense
Current tax expense
Deferred tax expense
2021
$
2020
$
-
-
-
-
-
-
Numerical reconciliation between tax expense and pre-tax
net profit
Loss before tax - continuing operations
(2,110,006)
(2,185,012)
Prima facie income tax benefit at the Australian tax rate of 30%
(2020: 27.5%)
Increase in income tax expense due to:
- Adjustments not resulting in temporary differences
- Effect of tax losses not recognised
- Unrecognised temporary differences
(633,002)
(600,878)
(114,609)
776,079
(28,468)
88,107
586,475
(73,704)
Income tax expense current and deferred
-
-
Deferred tax assets have not been recognised in respect
of the following items
Deductible temporary differences (net)
Tax losses
Net
74,049
9,962,041
101,330
8,439,964
10,036,090
8,541,293
The deductible temporary differences and tax losses do not expire under the current tax legislation.
Deferred tax assets have not been recognised in respect of these items because it is not probable that
future taxable profit will be available against which the Company can utilise the benefits of the deferred
tax asset.
35
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
11 TRADE AND OTHER RECEIVABLES
Current
Other receivables
2021
$
2020
$
12,162
8,751
The above aging of debtors are all current and nil expected credit losses has been raised.
12 OTHER ASSETS
Current prepayments - Insurance
13 SUNNY CORNER DIVESTMENT
11,641
10,090
During the previous year, Argent announced the sale of the historic Sunny Corner Silver Mine on
Exploration Licence 5964 to Sunshine Reclamation Pty Ltd (SRP).
The Company and SRP have entered into a binding agreement where SRP would pay Argent $540,000
in instalments by 17 October 2020 as below;
a. A non-refundable payment of $30,000 (Initial deposit) on execution of the binding term sheet (which
was received on 19 September 2019). Argent transferred the Initial Deposit to Golden Cross
Operations (GCO) to dissolve the original JV between Argent and GCO and to get GCO to transfer its
30% legal and beneficial interest in Exploration Licence 5964 into Sunny Silver Pty Ltd, a wholly owned
subsidiary of Argent. As at 30 June 2020 costs of $39,000 had been capitalised to acquire GCO’s
interest in the licence.
b. A non-refundable payment of $110,000 (Commitment Payment) (which the parties acknowledge
includes $10,000 (received 16 December 2019) as reimbursement of cash security with the regulator),
the payment shall be the means by which SRP shall communicate its election to complete this
transaction and;
c. A subsequent and non-refundable payment $400,000 to Argent’s nominated bank account (Final
Payment) as a remaining obligation of SRP falling due and payable by 17 October 2020. This was not
required to be paid come year end.
Per consolidated statement of cash flows:
Proceeds from Sunny Corner
Divestment
Acquisition of Sunny Corner
Asset License
a.
b.
c.
Total
$30,000
$100,000
-
$130,000
$30,000
$9,000
-
$39,000
On 14 October 2020 Argent Minerals Limited announced it has entered into a Joint-Venture Heads of
Agreement with Sunshine Reclamation Pty Ltd (SRP) and its wholly owned subsidiary Sunny Silver
Pty Ltd in relation to the Lachlan Fold Belt exploration licence over Sunny Corner EL5964. The key
terms of the agreement are outlined below:
Argent is granted the exclusive right to acquire a farm-in interest of 90% in EL5964 for undertaking
$1.5M worth of exploration expenditure over a period of three years, SRP is to retain a 10% free carried
interest in the tenement, SRP is to receive an option fee of $110,000 (which has been paid by Argent
during the year) together with the cancellation of a sum of $400,000 owed under the Sunny Corner
Sale Agreement, SRP will be undertaking reclamation work in the area of reclamation (SRP
Reclamation Area), Argent is able to undertake exploration activities in the SRP Rehabilitation Area
upon payment of an access fee $25,000, SRP is to receive a 40% free carry on exploration undertaken
in the SRP Reclamation Area, acting reasonably and SRP will have the right to place a tailings storage
facility or processing plant on EL5964 in support of its reclamation activities.
36
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
13 SUNNY CORNER DIVESTMENT (Cont).
On 22 October 2020, Argent entered into an option agreement with MinRex Resources Limited
(“MinRex”). Under the agreement, MinRex has the option to review the tenement with the right to
acquire Argent’s farm-in rights under the Sunny Corner Joint Venture agreement noted above. If
MRR exercises its option rights, Argent will receive:
l. Reimbursement of SRP Agreement cash payments of $100,000.
2. 80 million fully paid ordinary shares in MinRex payable, subject to MinRex shareholder approval,
upon completion of the following milestones:
a. 25 million shares on execution of the Joint Venture Agreement on terms acceptable to MRR; and
b. 25 million shares upon access being granted to the Tenement for drilling including the receipt of
all approvals, consents and authorisations from the Regulator and any associated landowners; and
c. 30 million shares upon MRR (or its nominee) acquiring legal title to the Tenement and a 90%
beneficial interest in the Tenement.
Subsequent to year end, Minrex Resources Limited announced that it exercised its option with
Argent Minerals Limited to acquire farm-in rights to earn up to a 90% interest in the exploration area
of EL5864. MinRex is required to pay an option exercise fee of $100,000 to Argent on exercise of
the option. MinRex and Argent have agreed to settle this payment via the issue of 5,000,000 MinRex
shares at a deemed issue price of $0.02.
14 PROPERTY PLANT AND EQUIPMENT
Land and Buildings
Land and Building - at cost
Accumulated depreciation
Plant and Equipment
Plant and equipment - at cost
Accumulated depreciation
Motor Vehicle
Motor Vehicle - at cost
Accumulated depreciation
2021
$
502,763
(241,123)
261,640
170,438
(144,026)
26,412
63,636
(7,424)
56,212
2020
$
502,763
(216,816)
285,947
157,443
(124,913)
32,530
-
-
-
Total property, plant and equipment - net book value
344,264
318,477
Reconciliations
Reconciliations of the carrying amounts for each class of assets are set out below:
Land and Buildings
Balance at 1 July
Additions
Depreciation
Carrying amount at the end of the financial year
37
2021
$
285,947
-
(24,307)
261,640
2020
$
310,254
-
(24,307)
285,947
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
14 PROPERTY PLANT AND EQUIPMENT (Cont).
Plant and equipment
Balance at 1 July
Additions
Disposals
Depreciation
Carrying amount at the end of the financial year
Motor Vehicle
Balance at 1 July
Additions
Depreciation
Carrying amount at the end of the financial year
Total carrying amount at the end of the financial year
15 RIGHT OF USE ASSET
Office Lease
Balance at 1 July
Disposal
Additions¹
Depreciation
2021
$
32,530
12,993
-
(19,112)
26,412
2020
$
52,453
-
-
(19,923)
32,530
-
63,636
(7,424)
56,212
344,264
40,216
(32,530)
269,522
(51,990)
225,218
-
-
-
-
318,477
-
-
46,064
(5,848)
40,216
¹On 1st of January 2021 Argent minerals entered into an office lease with a 36 month term with an option to extend for an additional 24
months. Annual Rent is $95,000 with a fix increase of 5% from exercising of the option. The right of use asset has been assessed at
an incremental borrowing rate of 3.7%. Total cash outflow to date was $40,296 and interest charged for the year was $4,606 for the
year. The old lease entered the previous year was terminated during the year.
16 LEASE LIABILITIES
Office lease
Lease Liabilities- Current
Lease Liabilities- Non- Current
Office Lease Reconciliation
Balance at 1 July
Disposal
Additions
Interest
Lease Payment
Closing Balance
2021
$
95,000
138,832
233,832
40,477
(32,677)
269,522
4,606
(48,096)
233,832
2020
$
14,124
26,353
40,477
-
-
46,064
913
(6,500)
40,477
Refer to the risk management section at note 24, which contains exposure analysis for lease liabilities.
38
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
17 TRADE AND OTHER PAYABLES
Current
Creditors
Accruals – Exploration, Admin and Director fees
2021
$
142,747
304,143
446,890
2020
$
239,242
243,985
483,227
Refer to the risk management section at note 24, which contains exposure analysis for trade and
other payables.
18 EMPLOYEE ENTITLEMENTS
Current
Employee annual leave provision
Numbers of employees at the end of the financial year: 3 (2020:3)
19 CAPITAL AND RESERVES
(a)
Issued and paid-up capital
At the beginning of the reporting period
Shares issued for cash on 9 October 2019 @ $0.012
Shares and attaching options issued for cash on 25 October 2019
Issue of Shares to Directors in Lieu of Director Fees 25 October 2019
Shares and attaching options issued for cash on 28 November 2019
@ $0.015
Director placement on 17 July 2020
Issue of Shares to Directors in Lieu of Director Fees and box hill option
agreement approved by shareholders
Conversion of Options on 31 July 2020 @ $0.025
Conversion of Options on 19 August 2020 @ $0.025
Share placement on 19 August 2020 @ 0.055
Conversion of Options on 26 August 2020 @ $0.025
Conversion of Options on 1 September 2020 @ $0.025
Conversion of Options on 7 September 2020 @ $0.025
Conversion of Options on 7 September 2020 @ $0.050
Conversion of Options on 16 September 2020 @ $0.025
Conversion of Options on 22 September 2020 @ $0.025
Conversion of Options on 29 September 2020 @ $0.025
Conversion of Options on 6 October 2020 @ $0.025
Conversion of Options on 14 October 2020 @ $0.025
Conversion of Options on 21 October 2020 @ $0.025
Conversion of Options on 28 October 2020 @ $0.025
Conversion of Options on 3 November 2020 @ $0.025
Conversion of Options on 2 February 2021@ $0.05
39
17,618
17,618
6,884
6,884
30 June 2021
30 June 2020
$
33,368,098
-
-
-
-
150,000
182,002
75,000
76,589
2,200,000
40,093
56,677
113,140
540
104,888
54,875
118,750
99,712
206,393
435,552
692,520
189,099
3,128
$
30,462,609
1,238,089
663,261
40,000
1,150,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
19 CAPITAL AND RESERVES (Cont).
30 June 2021
30 June 2020
Conversion of Options on 9 February 2021 @ $0.031
Conversion of Options on 10 March 2021 @ $0.05
Issue of shares for part payment of a fee @ $0.04
Share issue costs
Balance at end of reporting period
(b) Movement in ordinary shares
At the beginning of the reporting period
Shares issued during the reporting period
$
31,000
636
25,105
$
-
-
-
(130,477)
(185,861)
38,093,320
33,368,098
30 June 2021
30 June 2020
Number
728,463,885
Number
539,561,347
148,385,239
188,902,538
Balance at the end of the financial year
876,849,124
728,463,885
Terms and conditions - Shares
Holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share
at shareholders' meetings. In the event of winding up of the Company, ordinary shareholders rank after
creditors and are fully entitled to any proceeds of liquidation.
Option Reserves
At the beginning of the year
Options lapsed during the reporting period
Share Based Payments - Options
Balance at the end of the year
2021
$
2020
$
249,220
-
-
211,515
(129,796)
167,501
249,220
249,220
Listed options to take up ordinary shares in the capital of the Company have been granted as follows:
Exercise Period
Exercise
Price
Opening
Balance
1 July 2020
Number
Options Issued
Options
Expired/Exercised
Number
(viii)
Number
(ix) (vii)
Closing
Balance
30 June 2021
Number
On or before 29
October 2021
On or before 29
October 2020
$0.05
77,302,004
20,000,000
(86,111)
97,215,893
$0.025
90,540,475
-
(90,540,475)
-
40
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
19
CAPITAL AND RESERVES (Cont.)
Exercise Period
Exercise
Price
Opening
Balance
1 July 2019
Number
Options Issued
Number
(v)
Options
Expired/Exercised
Number
Closing
Balance
30 June 2020
Number
On or before 29
October 2021
On or before 29
October 2020
$0.10
54,666,885
22,635,119
$0.025
-
90,540,475
-
-
77,302,004
90,540,475
Unlisted options to take up ordinary shares in the capital of the Company have been granted as follows:
Exercise Period
Exercise
Price
Opening
Balance 1
July 2020
Number
Options
Issued/(Expired)/(Exercised)
Number
Closing
Balance
30 June 2021
Number
(vi)
On or before 30
September 2021
On or before 30
September 2021
On or before 30
September 2021
On or before 27
October 2022
Exercise Period
On or before 30
September 2021
On or before 30
September 2021
On or before 30
September 2021
On or before 27
October 2022
$0.03
4,000,000
$0.06
3,000,000
$0.10
3,500,000
-
-
-
4,000,000
3,000,000
3,500,000
$0.031 16,000,000
(1,000,000)
15,000,000
Exercise
Price
Opening Balance
1 July 2019
Number
Options Issued/
(Expired)/(Exercised)
Number
(i)(ii)(iii)(iv)
Closing Balance
30 June 2020
Number
$0.03
6,000,000
(2,000,000)
4,000,000
$0.06
5,000,000
(2,000,000)
3,000,000
$0.10
6,500,000
(3,000,000)
3,500,000
$0.031
-
16,000,000
16,000,000
41
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
CAPITAL AND RESERVES (Cont.)
On 9 October 2018, the Company issued 2,000,000 3 cents unlisted options to its employees under
the Employee Share Scheme. These options expired on 18 February 2020, two months after
termination of the employee. Remaining balance of options at the end of year was 4,000,000.
19
(i)
(ii) On 9 October 2018, the Company issued 2,000,000 6 cents unlisted options to its employees under
the Employee Share Scheme. These options expired on 18 February 2020, two months after
termination of the employee. Remaining balance of options at the end of year was 3,000,000.
(iii) On 9 October 2018, the Company issued 3,000,000 10 cents unlisted options to its employees under
the Employee Share Scheme. These options expired on 18 February 2020, two months after
termination of the employee. Remaining balance of options at the end of year was 3,500,000.
(iv) On 22 October 2019, the Company issued 16,000,000 3.1 cents unlisted options issued under the
Employee Option Plan pursuant to Resolutions 11,12,13 and 14 carried at the Company’s 2019 Annual
General Meeting held on 22 October 2019.
(v) On 22 October 2019, the Company issued 22,635,119 5 cents listed options and 90,540,475 2.5 cent
listed options offer with respect to a private placement conducted in October 2019
(vi) On 2 February 2021, 1,000,000 unlisted options at 3.1 cents were converted to shares.
(vii) During the year 90,531,474 listed options at 0.025 cents were exercised with the remaining amount
expired.
(viii) On 12 August 2020, the Company issued 20,000,000 5 cents listed options to sophisticated investors
with respect to August 2020 capital raising.
(ix) During the year 86,111 listed options at 0.05 cents were exercised.
20 STATEMENT OF CASH FLOWS
Reconciliation of cash flows used in operating activities
Loss for the year
Adjustments for:
Depreciation of plant and equipment
Share based payments
Interest Expense
Changes in assets and liabilities
Decrease in R&D claims payable
Decrease in receivables and prepayments
(Decrease)/Increase in payables and provisions
2021
$
2020
$
(2,110,006)
(2,185,012)
95,147
-
29,931
10,734
34,038
(636,979)
50,078
207,501
913
32,776
23,624
153,822
Net cash used in operating activities
(2,577,135)
(1,716,298)
Non-Cash Investing and Financing Activities
Refer to note 23 for share based payments, and notes 15 and 16 for leases in respects to non-cash
financing activities.
42
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
21 RELATED PARTIES
Key management personnel and director transactions
The following key management personnel holds a position in another entity that results in them having control
or joint control over the financial or operating policies of that entity, and this entity transacted with the
Company during the year as follows:
• During the year ended 30 June 2021, Peter Wall had a beneficial interest in an entity, Steinepreis
Paganin Lawyers & Consultants, which provided legal consulting services. Fees paid to Steinepreis
Paganin Lawyers & Consultants amounted to $18,902 (2020 - $45,209).
• During the year the company issued 2,040,021 shares with a fair value of $102,001. This was to settle
$58,322 worth of outstanding director fees from the prior year, the remaining amount of $48,450 is the
finance cost component.
Key management personnel compensation
During the year ended 30 June 2021 compensation of key management personnel totalled $519,040 (2020
- $783,224), which comprised primary salary, fees and other benefits of $514,765 (2020 - $566,155),
superannuation of $4,275 (2020 - $19,966), share based payments of $Nil (2020 - $160,180) and long
service leave of $Nil (2020 – $Nil). During the 2021 year termination benefits amounted to $Nil (2020 -
$36,923).
The Directors included in the above amounts are Peter Wall, Emmanuel Correia, Peter Michael, Stuart Till
and George Karageorge.
22 R&D CLAIMS REPAYABLE
R&D Claim repayable
2021
$
2020
$
645,886
1,428,050
On 23 December 2019, Argent announced that the AusIndustry Independent Internal Review issued negative
findings on the R&D Claims made by the Company for the 2015/16 and 2016/17 financial years (R&D
Claims). The law provides the Company with full rights to a multi-stage review and dispute resolution process,
with the rights of appeal to both the Administrative Appeals Tribunal (AAT) and thereafter the Federal Court.
On 24 January 2020, the Commissioner agreed to the proposal submitted by Argent whereby the Company
continues to make nominal $5,000 monthly payments. As announced on the 22nd May 2020, Argent entered
into a negotiated arrangement with the ATO around the settlement of the amounts, with a payment plan to
be agreed. The Company will need to consider how payment can be made within the shortest possible
timeframe whilst taking into account its financial position. Currently, the Company is still under the
arrangement to make $5,000 monthly payment.
The Company has submitted amended returns and returns up to 30 June 2020, which has resulted in a
reduction of $623,871 in the R&D payable during the current year. The Company accrued an overall General
Interest Charge (GIC) from 1 July 2020 to 30 June 2021 of $25,325.
At 30 June 2021, a provision for $645,886 has been recognised equal to the amount repayable (including
general interest charges) in relation to the R&D claim for the 2016 and 2017 financial years.
43
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
23 SHARE BASED PAYMENTS
The Company has an Incentive Option Plan to provide eligible persons, being employees or directors, or
individuals whom the Plan Committee determine to be employees for the purposes of the Plan, with the
opportunity to acquire options over unissued ordinary shares in the Company. The number of options granted
or offered under the Plan will not exceed 10% of the Company's issued share capital and the exercise price
of options will be the greater of the market value of the Company's shares as at the date of grant of the option
or such amount as the Plan Committee determines. Options have no voting or dividend rights. The vesting
conditions of options issued under the plan are based on minimum service periods being achieved. There
are no other vesting conditions attached to options issued under the plan.
In the event that the employment or office of the option holder is terminated, any options which have not
reached their exercise period will lapse and any options which have reached their vesting date may be
exercised within two months of the date of termination of employment. Any options not exercised within this
two month period will lapse.
The following options were on issue at 30 June 2021. No options were granted during the year.
Grant Date
Expiry Date
Vesting Date
Fair
Value of
Options
Granted
Exercise
Price
Expired
During the
Period
Number
Balance at
the end of
the period
Number
24 October 2016 30 September 2021 24 October 2016
24 October 2016 30 September 2021 31 December 2017
24 October 2016 30 September 2021 31 December 2018
25 October 2018 30 September 2021 31 December 2018
25 October 2018 30 September 2021 30 June 2019
25 October 2018 30 September 2021 30 June 2020
25 October 2018 30 September 2021 30 June 2019
25 October 2018 30 September 2021 30 June 2020
25 October 2018 30 September 2021 30 June 2020
28 October 2019 27 October 2022
28 October 2019
$0.03
$0.06
$0.10
$0.03
$0.03
$0.03
$0.06
$0.06
$0.10
$0.031
$30,154
$26,826
$24,052
$5,600
$5,600
$5,600
$3,200
$3,200
$3,800
$160,180
$268,212
1,000,000
-
-
1,000,000
-
1,500,000
-
1,000,000
-
1,000,000
-
1,000,000
-
1,000,000
-
1,000,000
-
2,000,000
- 16,000,000
- 26,500,000
44
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
23
SHARE BASED PAYMENT RESERVE (Cont.)
The following options were on issue at 30 June 2020. On 29 October 2019 options were granted, with their
fair value highlighted below:
Grant Date
Expiry Date
Vesting Date
Fair
Value of
Options
Granted
Exercise
Price
24 October 2016 30 September 2021 24 October 2016
24 October 2016 30 September 2021 31 December 2017
24 October 2016 30 September 2021 31 December 2018
2 November 2016 30 September 2021 2 November 2016
2 November 2016 30 September 2021 31 December 2017
2 November 2016 30 September 2021 31 December 2018
25 October 2018 30 September 2021 31 December 2018
25 October 2018 30 September 2021 30 June 2019
25 October 2018 30 September 2021 30 June 2020
25 October 2018 30 September 2021 30 June 2019
25 October 2018 30 September 2021 30 June 2020
25 October 2018 30 September 2021 30 June 2020
28 October 2019 27 October 2022
28 October 2019
$0.03
$0.06
$0.10
$0.03
$0.06
$0.10
$0.03
$0.03
$0.03
$0.06
$0.06
$0.10
$0.031
$30,154
$26,826
$24,052
$41,982
$37,417
$50,397
$5,600
$5,600
$5,600
$3,200
$3,200
$3,800
$160,180
$398,008
Expired
During the
Period
Number
Balance at
the end of
the period
Number
1,000,000
-
-
1,000,000
-
1,500,000
(2,000,000)
-
(2,000,000)
-
(3,000,000)
-
-
1,000,000
-
1,000,000
-
1,000,000
-
1,000,000
-
1,000,000
-
2,000,000
- 16,000,000
(7,000,000) 26,500,000
Fair value of options
The fair value of options granted is measured at grant date and recognised as an expense over the period
during which the key management and the employees become unconditionally entitled to the options. The
fair value of the options granted is measured using an option valuation methodology, taking into account the
terms and conditions upon which the options were granted. The amount recognised as an expense is
adjusted to reflect the actual number of options that vest.
On 28 October 2019, the Company issued 4,000,000 3.1 cent unlisted options to Peter Wall under the
Executive Option Plan. The options vested immediately and expire on 27 October 2022.
On 28 October 2019, the Company issued 4,000,000 3.1 cent unlisted options to Emmanuel Correia under
the Executive Option Plan. The options vested immediately and expire on 27 October 2022.
On 28 October 2019, the Company issued 4,000,000 3.1 cent unlisted options to Peter Michael under the
Executive Option Plan. The options vested immediately and expire on 27 October 2022.
On 28 October 2019, the Company issued 4,000,000 3.1 cent unlisted options to Tim Hronsky under the
Executive Option Plan. The options vested immediately and expire on 27 October 2022.
On 6 December 2019, the Company issued 2,528,728 ordinary shares for nil consideration to Mr. Clifton
McGilvray as part of his employment contract. The transaction was recorded at a fair value of $40,000 at an
issue price of 1.5 cent per share, based on the one-month volume weighted average price immediately prior
to his 2018 employment anniversary date being 14 September 2018.
The fair value of options granted on 28 October 2019 was $160,180. The Black-Scholes formula model inputs
were the Company's share price of $0.019 at the grant date, the volatility factor of 101% based on historic
share price performance, a risk free interest rate of 0.74% based on government bonds, and a dividend yield
of 0%.
45
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
23 SHARE BASED PAYMENTS (Cont.)
During the year ended 30 June 2021, the company incurred share based payment of $182,002 (2020 -
$207,501). This includes $102,001 share-based payment in relation to $58,322 director fees which were
outstanding from the prior year, the remaining amount of $48,450 is the finance cost component. $80,001
related to the first portion of the box Hill option agreement.
Also, during the year the Company issued $25,105 of shares related to another portion of the Box Hill option
agreement.
No ordinary shares have been issued as a result of the exercise of any option granted pursuant to the
Incentive Option Plan during the current and prior financial year.
During the year ended 30 June 2021, (2020- Nil ) Nil share options vested and Nil options were yet to be
vested at reporting date. During the year, Nil options lapsed following the resignation of an employee (2020
– 7,000,000).
A summary of the movements of all the Company’s options issued as share based payments is as follows:
2021
2020
Number
of options
Weighted
average
exercise
price
Number
of options
Weighted
average
exercise
price
Outstanding at the beginning
Granted
Expired
Options outstanding at year end
Exercisable at year end
26,500,000
-
-
26,500,000
26,500,000
$0.036
-
-
$0.036
$0.036
17,500,000
16,000,000
(7,000,000)
26,500,000
26,500,000
$0.054
$0.031
$0.069
$0.036
$0.036
The weighted average remaining contractual life of share options outstanding at the end of 30 June 2021
was 0.9 years (2020 – 1.9 years), and the weighted average exercise price was $0.036 (2020 - $0.036).
24 FINANCIAL INSTRUMENTS
Financial risk management objectives and policies
The Group’s financial instruments comprise deposits with banks, receivables, other deposits, trade and other
payables, and R&D claims repayable and from time to time short term loans from related parties. The Group
does not trade in derivatives or in foreign currency.
The Group manages its risk exposure of its financial instruments in accordance with the guidance of the audit
and the risk management committee and the Board of Directors. The main risks arising from the Group’s
financial instruments are market risk, credit risk and liquidity risks. This note presents information about the
Group’s exposure to each of these risks, its objectives, policies and processes for measuring and managing
risk, and the Group’s management of capital.
Risk management framework
The Board has overall responsibility for the establishment and oversight of the risk management framework.
Informal risk management policies are established to identify and analyse the risks faced by the Group. The
primary responsibility to monitor the financial risks lies with the CEO and the Company Secretary under the
authority of the Board.
46
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
24 FINANCIAL INSTRUMENTS (Cont.)
Credit risk
Credit risk arises mainly from the risk of counterparties defaulting on the terms of their agreements.
The carrying amounts of the following assets represent the Group’s maximum exposure to credit risk in
relation to financial assets:
Cash and cash equivalents
Trade and other receivables
Security deposits
Note
Carrying amount
2021
$
2020
$
9
11
3,747,027
12,162
129,750
3,888,939
1,956,724
8,751
96,000
2,061,475
Management have determined Expected credit loss to be immaterial at reporting date and accordingly no
allowance for expected credit loss has been recognised.
Cash and cash equivalents
The Group mitigates credit risk on cash and cash equivalents by dealing with regulated banks in Australia.
Credit rating of banks are AA- per the Standard & Poor’s.
Trade and other receivables
Expected credit losses were assessed to be immaterial. Credit risk of trade and other receivables is very low
as it consists predominantly of amounts recoverable from Golden Cross Resources Limited for their share of
exploration expenditure in the West Wyalong project. In the event that such amounts are not recoverable,
their share in the project will be diluted in accordance with the Farm in and Joint Venture Agreements.
Security deposits of $129,750 held as deposits with government departments and regulated banks within
Australia are the only non-current financial assets held by the Group. All other financial assets are current
and are not past due or impaired and the Group does not have any material credit risk exposure to any single
debtor or group of debtors under financial instruments entered into by the Group.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The
Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the Group’s reputation.
Ultimate responsibility for liquidity management rests with the Board. The Group monitors rolling forecasts
of liquidity on the basis of expected fund raisings, trade payables and other obligations for the ongoing
operation of the Group. At reporting date, the Group has available funds of $3,747,027 for its immediate use.
The following are the contractual maturities of financial liabilities, including estimated interest payments:
47
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
24 FINANCIAL INSTRUMENTS (Cont.)
Carrying
amount
Contractual
cash flows
Less than
one year
$
$
$
Between
one and
five years
$
Interest
$
30 June 2021
Trade and other payables
Lease Liabilities
446,890
233,832
446,890
446,890
-
-
238,438
95,000
138,832
4,606
R&D Claims repayable
645,886
645,886
645,886
-
-
30 June 2020
Trade and other payables
483,227
483,227
483,227
-
-
Lease Liabilities
40,477
43,361
15,830
27,531
2,884
R&D Claims repayable
1,428,050
1,428,050
1,428,050
-
-
It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at
significantly different amounts.
Market Risks
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity
prices will affect the Group’s income or the value of its holdings of financial instruments. The objective of
market risk management is to manage and control market risk exposures within acceptable parameters,
while optimising the return.
Interest rate risk
The Group’s income statement is affected by changes in interest rates due to the impact of such changes on
interest income from cash and cash equivalents and interest bearing security deposits. The average interest
rate on funds held during the year was 0.42% (2020 - 0.45%).
At reporting date, the Group had the following mix of financial assets exposed to variable interest rate risk
that are not designated as cash flow hedges:
Financial assets
Cash and cash equivalents
Security deposits
Net exposure
Note
9
2021
$
2020
$
3,747,027
129,750
1,956,724
96,000
3,876,777
2,052,724
The Group did not have any interest-bearing financial liabilities in the current or prior year other than the R&D
claim payable and lease liability. The interest rate for the R&D was variable with a current rate of 6.4% and
the lease liability had an interest charge of 3.7%.
The Group does not have interest rate swap contracts. The Group always analyses its interest rate exposure
when considering renewals of existing positions including alternative financing.
48
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
24
FINANCIAL INSTRUMENTS (Cont.)
Sensitivity Analysis
The following sensitivity analysis is based on the interest rate risk exposures at reporting date.
An increase of 100 basis points in interest rates throughout the reporting period would have decreased the
loss for the period by the amounts shown below, whilst a decrease would have increased the loss by the
same amount. The Company’s equity consists of fully paid ordinary shares. There is no effect on fully paid
ordinary shares by an increase or decrease in interest rates during the period.
2021
$
2020
$
36,269
31,705
Currency risk
The Consolidated entity is not exposed to any foreign currency risk as at 30 June 2021 (2020 - $nil).
Capital management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future development of the business.
The Board ensures costs are not incurred in excess of available funds and will seek to raise additional funding
through issues of shares for the continuation of the Group’s operations. There were no changes in the
Group’s approach to capital management during the year.
The Group is not subject to externally imposed capital requirements.
Estimation of fair values
The carrying amounts of financial assets and liabilities approximate their net fair values, given the short time
frames to maturity and or variable interest rates.
25 SEGMENT REPORTING
For management purposes, the consolidated entity is organised into one main operating segment, which
involves the exploration of minerals in Australia. All of the consolidated entity’s activities are interrelated, and
discrete financial information is reported to the Board as a single segment. Accordingly, all significant
operating decisions are based upon analysis of the consolidated entity as one segment.
The financial results from this segment are equivalent to the financial statements of the consolidated entity
as a whole.
The accounting policies applied for internal reporting purposes are consistent with those applied in the
preparation of these financial statements.
49
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
26 SUBSIDIARIES
The parent entity, Argent Minerals Limited, has a 100% interest in Argent (Kempfield) Pty Ltd, Loch Lilly Pty
Ltd, West Wyalong Pty Ltd, Sunny Silver Pty Ltd and Mt Read Pty Ltd. Argent Minerals Limited is required
to make all the financial and operating policy decisions for these subsidiaries.
Subsidiaries of Argent Minerals
Limited
Country of
incorporation
Ownership percentage
2020
2021
Argent (Kempfield) Pty Ltd
Loch Lilly Pty Ltd
West Wyalong Pty Ltd
Sunny Silver Pty Ltd
Mt Read Pty Ltd
Australia
Australia
Australia
Australia
Australia
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
27 PARENT COMPANY DISCLOSURE
(a) Financial Position as at 30 June 2021
Assets
Current assets
Non-current assets
Total assets
Liabilities
Current liabilities
Non- current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
2021
$
2020
$
3,764,789
770,438
4,535,227
1,950,253
82,788
2,033,041
1,409,391
-
1,409,391
1,898,166
26,353
1,924,519
3,125,836
108,522
38,093,320
249,220
(35,216,704)
3,125,836
33,368,098
249,220
(33,508,796) ¹
108,522
There are no contingencies, commitments and guarantees by the Parent other than disclosed in Note 28.
¹ The movement in the accumulated losses included a $129k movement in relation to lapsed options.
(b) Financial Performance for the year ended 30 June 2021
Loss for the year
Other comprehensive income
Total comprehensive loss
1,707,879
-
1,707,879
2,256,441
-
2,256,411
50
ARGENT MINERALS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
28 CONTINGENT LIABILITIES AND COMMITMENTS
The company has no contingent liabilities as at 30 June 2021. (30 June 2020: nil).
The Company has exploration commitments of $170,000 within 1 year and $170,000 between 1 to 5 years
(2020: $245,000 within 1 year and $345,00 between 1 to 5 years).
29 JOINT OPERATIONS
West Wyalong
The Group has entered into the Farm in and Joint Venture Agreements with Golden Cross Operations Pty
Ltd, a wholly owned subsidiary of Golden Cross Resources Limited (ASX:GCR).
Under the terms of the Farm in and Joint Venture Agreement, Argent had previously earned a 70% interest
in the West Wyalong Project by spending a total of $1,350,000 by 31 March 2017.
Following the Company increasing its ownership of the West Wyalong project to 70%, under the West
Wyalong Farm in and Joint Venture Agreement, the Group’s 30% partner will either contribute their share of
exploration expenditure or be diluted.
As at 30 June 2021, the joint venture partner decided to not contribute their share of exploration expenditure
amounting to $Nil (2020 - $16,900). Following this election, the Company now owns 82.49% (2020 – 79.71%)
of the West Wyalong Project. There was $Nil receivable outstanding as at 30 June 2021 (2020 – $Nil).
Loch Lilly
On 12 February 2017, the Group entered into joint venture agreement to earn a 51% interest, then 70% and
90% in the Loch Lilly Project, with exploration licences and applications covering a significant area of the
Loch Lilly – Kars Belt of over 1,400km2. The joint venture continues until the Company earns 90% or
withdraws from the joint venture.
The Company earned a 51% interest in the joint venture completing a drill program to test two geophysical
targets during the year. A 70% interest will be earned by the Company investing a further $200,000 in
exploration expenditure of the project area, plus a payment of $50,000. There is no time limit by which the
expenditure is to be completed other than that implied by the regulatory expenditure requirements. A 90%
interest will be earned by the Company investing a further $250,000 in exploration expenditure of the project
area, plus a payment of $50,000. There is no time limit by which the expenditure is to be completed other
than that implied by the regulatory expenditure requirements.
The Company continues as sole contributor to project expenditure until a decision to mine.
Either party may withdraw from the joint venture on provision of a 30-day notice of withdrawal. In the event
that the Company withdraws after it has earned a 51% interest but no further interest, its interest will revert
to 49%. In any case if the Company withdraws more than three months into the relevant tenement regulatory
annual licence period, it must fund the other party's minimum regulatory expenditure for the reminder of that
annual period.
30 SUBSEQUENT EVENTS
Subsequent to year end, Minrex Resources Limited announced that it exercised its option with Argent
Minerals Limited to acquire farm-in rights to earn up to a 90% interest in the exploration area of EL5864.
MinRex is required to pay an option exercise fee of $100,000 to Argent on exercise of the option. MinRex
and Argent have agreed to settle this payment via the issue of 5,000,000 MinRex shares at a deemed issue
price of $0.02.
Subsequent to year end, Stuart Till resigned on the 23rd of August 2021 as Non-Executive Director. David
Greenwood was appointed as Non-Executive Director on the 23rd of August 2021.
Except for the above, no other matters or circumstances have arisen since the end of the financial year which
significantly affected or could significantly affect the operations of the consolidated entity, the results of those
operations, or the state of the affairs of the consolidated entity in future financial years.
51
ARGENT MINERALS LIMITED
DIRECTORS' DECLARATION
1. In the opinion of the directors of Argent Minerals Limited (the Company):
(a)
the consolidated financial statements and notes thereto, set out on pages 19 to 51, and
the Remuneration Report in the Directors Report, as set out on pages 12 to 16 are in
accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Group’s financial position as at 30 June 2021 and
of its performance for the financial year ended on that date; and
(ii) complying with Australian Accounting Standard, the Corporations Regulations 2001
and other mandatory professional reporting requirements;
(b)
there are reasonable grounds to believe that the Company will be able to pay its debts as
and when they become due and payable.
2. The directors have been given the declarations required by Section 295A of the Corporations
Act 2001 from the chief executive officer and chief financial officer for the financial year ended
30 June 2021.
3. The directors draw attention to note 2(a) of the consolidated financial statements, which
includes a statement of compliance with International Financial Reporting Standards.
Signed at Perth this 29th day of September 2021 in accordance
with a resolution of the Board of Directors.
George Karageorge
Managing Director
52
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Argent Minerals Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Argent Minerals Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2021, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including a summary of significant accounting policies and the directors’
declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
Accounting for Research and Development Claims
Key audit matter
How the matter was addressed in our audit
The Group has recognised material other income during
Our procedures included, but were not limited to the
the year in relation to the amendment of Research and
following:
Development claims payable as disclosed in Note 6 to
the consolidated financial statements. In addition, the
Group has recognised material Research and
Development claims payables as at 30 June 2021 as
disclosed in Note 22.
Given the financial significance of the balances
recognised, and judgement required in determining the
balances to be recognised, this is considered a key
audit matter.
Holding discussions with management to
understand the nature of Research and
Development balances recognised;
Obtaining and reviewing correspondence
from tax authorities to verify the amounts
recognised;
Assessing the reasonableness of the
accounting treatment of balances recognised
is in accordance with applicable accounting
standards; and
Assessing the adequacy and completeness of
the related disclosures in Note 6 and Note 22
to the financial report.
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2021, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Other matter
The financial report of Argent Minerals Limited, for the year ended 30 June 2020 was audited by
another auditor who expressed an unmodified opinion on that report on 30 September 2020.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 12 to 16 of the directors’ report for the
year ended 30 June 2021.
In our opinion, the Remuneration Report of Argent Minerals Limited, for the year ended 30 June 2021,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit (WA) Pty Ltd
Jarrad Prue
Director
Perth, 29 September 2021
ARGENT MINERALS LIMITED
SHAREHOLDER INFORMATION
ADDITIONAL STOCK EXCHANGE INFORMATION
Home Exchange
The Company is listed on the ASX Limited. The home exchange is Perth.
Use of Cash and Assets
Since the Company's listing on the ASX, the Company has used its cash and assets in a way
consistent with its stated business objectives.
Class of Shares and Voting Rights
There is only one class of shares in the Company, fully paid ordinary shares.
The rights attaching to shares in the Company are set out in the Company's Constitution. The
following is a summary of the principal rights of the holders of shares in the Company.
Every holder of shares present in person or by proxy, attorney or representative at a meeting of
shareholders has one vote on a vote taken by a show of hands, and, on a poll every holder of
shares who is present in person or by proxy, attorney or representative has one vote for every
fully paid share registered in the shareholder's name on the Company's share register.
Distribution of Equity Security holders
As at 25 September 2021, the distribution of each class of equity was as follows:
Quoted Securities – Fully Paid Ordinary Shares
Holding Ranges
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including
100,000
above 100,000
Totals
Holders
162
167
244
1,392
805
2,770
Total Units
18,398
566,590
2,131,905
59,599,204
814,533,027
876,849,124
% Issued Share Capital
0.00%
0.06%
0.24%
6.80%
92.89%
100.00%
Quoted Securities – ARDOA Options
Holding Ranges
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including
100,000
above 100,000
Totals
Total Units
5,721
117,981
61,126
3,674,150
93,356,915
97,215,893
% Issued Share Capital
0.01%
0.12%
0.06%
3.78%
96.03%
100.00%
Holders
17
42
8
84
113
264
56
ARGENT MINERALS LIMITED
SHAREHOLDER INFORMATION
At 25 September 2021, 766 shareholders held less than a marketable parcel of shares and 86
listed option holders held less than a marketable parcel of options.
Twenty Largest Quoted Shareholders
At 25 September 2021 the twenty largest fully paid ordinary shareholders held 44.50% of fully
paid ordinary as follows:
Position Holder Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
OCEANIC CAPITAL PTY LTD
CITICORP NOMINEES PTY LIMITED
BNP PARIBAS NOMINEES PTY LTD
SHIPBARK PTY LIMITED
ELPHINSTONE HOLDINGS PTY LTD
JRMA GROUP PTY LTD
ST BARNABAS INVESTMENTS PTY LTD
MR DANNY MURPHY &
MRS SUSAN MURPHY
REDLAND PLAINS PTY LTD
MR DAVID IAN RAYMOND HALL &
MRS DENISE ALLISON HALL
DIXTRU PTY LIMITED
MR DANIEL HIDAJAT
CAVES ROAD INVESTMENTS PTY LTD
MR OWEN BARRY MERRETT &
MRS JOANNE ROSS MERRETT
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
MR DEAN MICHAEL MATHEWS
METUGO PTY LTD
PAYZONE PTY LTD
SH BERDOUKAS PTY LTD
Total
Total issued capital - selected security class(es)
There are no current on-market buy-backs.
Substantial Shareholders
Holding
155,826,063
42,835,499
26,667,803
19,290,356
% IC
17.77%
4.89%
3.04%
2.20%
18,457,180
2.10%
14,285,714
12,988,422
1.63%
1.48%
12,016,021
1.37%
10,882,631
1.24%
9,317,890
1.06%
9,290,130
1.06%
8,800,000
7,158,888
6,315,000
6,250,000
6,245,063
6,233,317
6,000,000
1.00%
0.82%
0.72%
0.71%
0.71%
0.71%
0.68%
5,773,213
0.66%
5,606,973
0.64%
390,240,163
876,849,124
44.50%
100.00%
The names of the substantial shareholders who have notified the Company in Accordance with Section
671B of the Corporations Act 2001 are:
57
ARGENT MINERALS LIMITED
SHAREHOLDER INFORMATION
Shareholder
HSBC CUSTODY NOMINEES
(AUSTRALIA) LIMITED
Ordinary shares held
Percentage interest %
155,826,063
17.77%
Twenty Largest Quoted Option Holders
At 25 September 2021 the twenty largest option holders held 53.56% of listed options as follows:
Position
1
2
3
Holder Name
OCEANIC CAPITAL PTY LTD
MR ANDREW DAVID LEIGHTON
4
5
6
7
8
9
10
11
12
13
14
15
15
16
17
18
19
20
BNP PARIBAS NOMINEES PTY LTD SIX SIS LTD
MR JOSHUA PHILIP PURTON
CITICORP NOMINEES PTY LIMITED
MR DEAN MICHAEL MATHEWS
DIXTRU PTY LIMITED
MR DAVID IAN RAYMOND HALL &
MRS DENISE ALLISON HALL
REDLAND PLAINS PTY LTD
ST BARNABAS INVESTMENTS PTY LTD
CAVES ROAD INVESTMENTS PTY LTD
MR MOBEEN IQBAL
ELPHINSTONE HOLDINGS PTY LTD
MR ALAN KENNETH MORCOMBE
MR JOHN EDMUND SAINSBURY
MRS ANNE LINDA ROPER
MR DANNY MURPHY &
MRS SUSAN MURPHY
MR IAN JAMES BAYLISS &
BCOT (2008) LIMITED
MR THOMAS ANDREW CALVERT MURRELL
MR STEVEN JOHN LARKINS &
MRS ANN KATHLEEN LARKINS
PAYZONE PTY LTD
Total
Total issued capital - selected security class
Holding
5,755,207
5,183,232
4,076,796
3,226,171
3,115,791
3,115,018
3,105,055
2,651,500
% IC
5.92%
5.33%
4.19%
3.32%
3.21%
3.20%
3.19%
2.73%
2,582,098
2.66%
2,517,548
2.59%
1,815,000
1,800,000
1,785,714
1,740,000
1,500,000
1,500,000
1,383,441
1.87%
1.85%
1.84%
1.79%
1.54%
1.54%
1.42%
1,322,882
1.36%
1,315,000
1,300,000
1.35%
1.34%
1,279,273
1.32%
52,069,726
53.56%
97,215,893
100.00%
58
ARGENT MINERALS LIMITED
MINERAL RESOURCES AND ORE RESERVES STATEMENT
SCHEDULE OF MINERAL TENEMENTS
New South Wales - Australia
Tenement Identifier
Kempfield
EL5645 (1992)
EL5748 (1992)
EL7134 (1992)
EL7785 (1992)
EL7968 (1992)
EL8213 (1992)
PLL517 (1924)
PLL519 (1924)
PLL727 (1924)
PLL728 (1924)
West Wyalong
EL8430 (1992)
Loch Lilly
EL8199
EL8200
EL8515
EL8516
Queensbury
EL9/2016
Ringville
EL12/2017
Sunny Corner
EL5964 (1992)
Location
Current
Equity
Interest
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
100%2
100%2
100%2
100%2
-6
100%2
100%2
100%2
100%2
100%2
NSW
82.49%3
NSW
NSW
NSW
NSW
51%4
51%4
51%4
51%4
TAS
100%
TAS
100%
NSW
70%5
Notes
1.
The definition of “Mining Tenement” in ASX Listing Rule 19.12 is “Any right to explore or extract
minerals in a given place”.
2.
For all Kempfield tenements the tenement holder is Argent (Kempfield) Pty Ltd, a wholly owned
subsidiary of Argent Minerals Limited.
3. Under the West Wyalong Joint Venture and Farm in Agreement dated 8 June 2007 between Golden
Cross Operations Pty Ltd and Argent as tenement holder (WWJVA), Argent has earned a 70% interest.
The ongoing interests of the parties includes WWJVA expenditure contribution and dilution provisions
commencing on a 70/30 basis.
4.
The tenement holder for EL8199 and EL8200 is San Antonio Exploration Pty Ltd (SAE), and for
EL8515 and EL8516 it is Loch Lilly Pty Ltd (LLP), a 100% owned subsidiary of Argent Minerals Limited.
Under the Loch Lilly Farm in and Joint Venture Agreement (JVA) dated 12 February 2017 (effective
date 17 February 2017), the respective ownership of all the tenements by the JVA Parties (SAE and
LLP) is according to their respective JVA Interests. LLP has the right to earn up to a 90% interest, with
59
ARGENT MINERALS LIMITED
MINERAL RESOURCES AND ORE RESERVES STATEMENT
the first 51% interest to be earned by completing the drill test for the Eaglehawk and Netley targets.
For further details on Farm in terms and conditions see ASX announcement 20 February 2017 – Argent
secures strategic stake in Mt. Read equivalent belt.
5. The tenement holder is Golden Cross Operations Pty Ltd.
6. EL 7968 is in the process of being replaced by ELA5864 due to an inadvertent administration
oversight by an external tenement agent, that caused EL7964 to lapse. Argent is the sole application
for ELA5864.
60
MINERAL RESOURCES AND ORE RESERVES STATEMENT
KEMPFIELD (NSW, AUSTRALIA - 100% ARGENT)
RESOURCE SUMMARY
The updated Kempfield JORC 2012 Mineral Resource estimate as announced on 30 May 2018 is summarised in
the following table at cut-off grades of 25 g/t Ag for Oxide/Transitional and 80 g/t Ag equivalent1 for Primary:
Table 1 - Kempfield Mineral Resource summary
Silver
(Ag)
Gold
(Au)
Lead
(Pb)
Zinc
(Zn)
In-situ Contained Metal
Equivalents2
Zn Eq
Ag Eq
Resource
Tonnes
(Mt)
Grade
(g/t)
Contained
Metal
(Moz)
Grade
(g/t)
Contained
Metal
(000 oz)
Grade
(%)
Contained
Metal
(000 t)
Grade
(%)
Contained
Metal
(000 t)
Grade
(Zn Eq
%)
Contained
Zn Eq
(000 t)
Grade
(Ag Eq
g/t)
Contained
Ag Eq
(Moz)
Oxide/
Transitional* 6.0
55
11
0.11
21
N/Ri
N/Ri
N/Ri
N/Ri
1.0
62
64
Primary**
Total***
20
26
35
40
23
0.13
81
0.60
120
33
0.12
100
0.46
120
1.3
1.0
250
2.3
450
140
250
2.0
520
120
100
12
91
* 90% ** 76% *** 79%: % of material class tonnes in Measured or Indicated Category (see Table 4 for details). 1. See Note 1
for details. 2. See Note 2 for details. i : Not recoverable.
EXPLORATION TARGET ESTIMATE
An Exploration Target for potential mineralisation, additional to the existing resource, was estimated by H&S
Consultants Pty Ltd (H&SC) and announced on 6 June 2018, and is restated as follows as at 30 June 2020:
Silver
(Ag)
Gold
(Au)
Lead
(Pb)
Zinc
(Zn)
In-situ Contained Metal
Equivalentsb
Zn Eq
Ag Eq
Approx.
Range
Resource
Tonnes
(Mt)
Grade
(g/t)
Contained
Metal
(Moz)
Grade
(g/t)
Contained
Metal
(000 oz)
Grade
(%)
Contained
Metal
(000 t)
Grade
(%)
Contained
Metal
(000 t)
Grade
(Zn Eq
%)
Contained
Zn Eq
(000 t)
Grade
(Ag Eq
g/t)
Contained
Ag Eq
(Moz)
Lower
20
20
13
0.1
64
0.3
60
0.7
140
1.3
300
80
58
Upper
50
40
64
0.2
320
0.5
250
1.0
500
2.1
1,000
130
190
Exploration Target Notes:
a) An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological
setting where the statement or estimate, quoted as a range of tonnes and a range of grade, relates to mineralisation for
which there has been insufficient exploration to estimate a Mineral Resource. The potential quantity and grade of the
Exploration Target is conceptual in nature, there has been insufficient exploration to estimate an additional Mineral
Resource and it is uncertain if further exploration will result in the estimation of an additional Mineral Resource.
b) Same as for the Mineral Resource, Ag Eq is based on US$16.77/oz Ag, US$1,295/oz Au, US$2,402/t Pb, and US$3,219/t Zn, recoverable
at 86% of head grade for Ag, 90% for Au, 92% for Zn, and 53% for Pb. For calculation details see Note 2.
c) The upper and lower grades of the Exploration Target estimate do not necessarily correspond to the upper and lower tonnages, nor do the
upper and lower grades for each element necessarily correspond.
d) The Exploration Target estimate is based on a cutoff grade 80 g/t Ag Eq.
e) The Exploration Target has been estimated on the basis of a combination of Exploration Results and the proposed exploration programmes
set out under the heading ‘About the resource infill drilling programme’ in the 8 November 2017 announcement – Kempfield Exploration Target.
A detailed technical description of the Exploration Target estimation methodology employed by H&SC (which remains unchanged) is provided in
Appendix B of that announcement.
f) The Exploration Target is based on 515 holes/49,229 metres, with drill hole spacing generally greater than 100 metres, and sample spacing
(downhole) predominantly 1.0 metres.
ARGENT MINERALS LIMITED ANNUAL REPORT 2018
61
MINERAL RESOURCES AND ORE RESERVES STATEMENT
RESOURCE DETAILS
Table 2 - Kempfield Mineral Resource - Primary material tonnes and grades by mineralisation zone and locality
Contained Metal Grades
In-situ Contained Metal
Equivalent Grades2
Zone
Locality*
Resource
Tonnes
(Mt)
Silver
(Ag)
(g/t)
Gold
(Au)
(g/t)
Zinc
(Zn)
(%)
Lead
(Pb)
(%)
Zinc Equivalent
(Zn Eq)
(%)
Silver Equivalent
(Ag Eq)
(g/t)
1
2
3
BJ Zone
Southern Conglomerate Zone
Zone 1 Total
Quarries Zone
McCarron Zone
Zone 2 Total
West McCarron
Zone 3 Total
Total
Zone 1 + Zone 2 + Zone 3
6.9
0.20
7.1
2.8
7.9
11.1
2.2
2.2
20
47
31
46
27
31
30
22
22
35
0.05
1.2
0.37
0.29
0.62
0.53
0.06
0.05
0.17
0.14
0.27
0.27
0.13
1.2
1.4
1.2
1.3
1.6
1.6
1.3
0.38
0.66
0.78
0.75
0.58
0.58
0.60
2.1
1.7
2.1
2.2
2.3
2.3
2.6
2.6
2.3
130
110
130
140
140
140
160
160
140
* Mineral Resource Model constructed prior to re-characterisation of mineralisation into Zones and Horizons:
BJ Zone 4 Kempfield North = C Horizon and D Horizon
Southern Conglomerate Zone 4 Kempfield South = C Horizon and D Horizon
Quarries Zone 4 Henry Zone = C Horizon & D Horizon
McCarron Zone 4 Kempfield South = A Horizon and B Horizon
West McCarron Zone 4 Kempfield West = FW1 Horizon
Table 3 - Kempfield Mineral Resource by category
Grade (g/t)
Grade (%)
Category
Resource
Tonnes
(Mt)
Silver
(Ag)
Gold
(Au)
Lead
(Pb)
Zinc
(Zn)
In-situ Grade
(Contained Zn Eq and Ag
Eq)b
Zinc
Equivalent
(Zn Eq %)
Silver
Equivalent
(Ag Eq g/t)
Oxide/Transitional
Measured
Indicated
Inferred
Total Oxide/Transitional
Primary
Measured
Indicated
Inferred
Total Primary
Total Resource
2.7
2.7
0.6
6.0
4.7
10
4.9
20
26
68
47
39
55
49
34
25
35
40
-
-
-
-
0.65
0.57
0.60
0.60
0.46
-
-
-
-
1.3
1.2
1.4
1.3
1.0
1.2
0.9
0.7
1.0
2.5
2.2
2.2
2.3
2.0
76
56
45
64
150
140
140
140
120
0.11
0.11
0.08
0.11
0.12
0.13
0.12
0.13
0.12
62
ARGENT MINERALS LIMITED ANNUAL REPORT 2018
MINERAL RESOURCES AND ORE RESERVES STATEMENT
Table 4 - Kempfield Mineral Resource tonnes and contained metal in Measured and Indicated categories
Contained Metal
Resource
Tonnes
(Mt)
Moz
Silver
(Ag)
‘000 oz
Gold
(Au)
‘000 t
Lead
(Pb)
‘000 t
Zinc
(Zn)
‘000 t
In-situ Zinc
Equivalent
(Zn Eq)
Moz
In-situ Silver
Equivalent
(Ag Eq)
Oxide/Transitional
Measured
Indicated
Measured + Indicated
As % of Total
Oxide/Transitional
Primary
Measured
Indicated
Measured + Indicated
As % of Total Primary
Oxide/Transitional + Primary
Measured
Indicated
Total Measured + Indicated
2.7
2.7
5.4
5.8
4.1
9.9
9.3
9.9
19
90%
93%
93%
4.7
10
15
7.5
11
19
19
44
63
-
-
-
-
31
60
90
-
-
-
-
60
130
190
76%
83%
78%
76%
74%
7.4
13
21
13
15
29
28
54
82
31
60
90
59
130
190
As % of Total Resource
79%
86%
81%
76%
74%
33
25
57
6.6
4.9
11
93%
93%
120
230
350
76%
150
250
400
78%
24
46
69
76%
30
51
81
78%
Note 1 - 80 g/t Silver Equivalent Cut-off Grade for Primary
This Resource is only reported in Resource tonnes and contained metal (ounces of silver and gold, and tonnes for lead and
zinc). The Resource estimation for the Primary material is based on a silver equivalent (Ag Eq) cut-off grade of 80 g/t.
A silver equivalent was not employed for the oxide/transitional material estimation and is based on a 25 g/t silver only cut-off
grade.
The contained metal equivalence formula is based on the following assumptions:
Silver price:
Gold price:
Zinc price:
Lead price:
Silver recoverable:
Gold recoverable:
Zinc recoverable:
Lead recoverable:
$US 16.77/oz
$US 1,295/oz
$US 3,129/tonne
$US 2,402/tonne
86% of head grade
90% of head grade
92% of head grade
53% of head grade
The metals pricing is based on the one year historical average daily market close on which the 30 May 2018 Significant
Kempfield Resource Update report was based.
The metallurgical recovery assumptions are based on metallurgical testing to date, including the results announced on 12 April
2018. It is the Company’s opinion that all the elements in the metals equivalents calculation have a reasonable potential to be
recovered and sold.
Note 2 – In-situ contained metal equivalent (‘Zn Eq’ and ‘Ag Eq’) calculation details
(i) The zinc equivalent (Zn Eq) continues to be reported for the Kempfield deposit on the basis that zinc is estimated to be a
material contributor to potential revenues, comparable to silver, with the relative order of zinc and silver contributions highly
sensitive to volatile market prices.
(ii) The formula for calculating the zinc equivalent grade (% Zn Eq) is:
% Zn Eq = % Zn + % Pb x 0.4422 + g/t Ag x 0.0161 + g/t Au x 1.3017
(iii) The silver equivalent (Ag Eq) continues to be reported on the basis that a) the estimated silver contribution to potential
ARGENT MINERALS LIMITED ANNUAL REPORT 2018
63
MINERAL RESOURCES AND ORE RESERVES STATEMENT
revenues is also material, comparable to zinc, with the relative order of zinc and silver contributions highly sensitive to
volatile market prices; and b) since the Company has historically published a silver equivalent, the Company’s opinion is that
continuing to do so is in the interest of transparency for investors.
(iv) The formula for calculating the silver equivalent grade (g/t Ag Eq) is:
g/t Eq Ag = g/t Ag + g/t Au x 80.81 + % Pb x 27.46 + % Zn x 62.08
(v) The above Ag Eq and Zn Eq formulae apply to both the Oxide/Transitional and Primary. For Oxide/Transitional the grade
value for Pb and Zn is entered into each formula as zero.
Note 3 – Rounding and Significant Figures
Figures in the tables in this Mineral Resources and Ore Reserves Statement may not sum precisely due to rounding; the
number of significant figures does not imply an added level of precision.
Note 4 - Comparison with Previous Mineral Resource Estimate
The underlying Mineral Resource estimate that was initially reported on 26 April 2012, subsequently updated to JORC 2012
reporting standard on 6 May 2014, and further updated on 16 October 2014 with the addition of the metal zonation detail in
Table 2 of the Mineral Resource statement.
On 30 May 2018 the Company announced substantial revisions to the contained metal equivalence formula to reflect the
significant impact of the metallurgical recoveries announced on 12 April 2018 for the primary material, and updated market
pricing for zinc, silver, lead and gold. This resulted in significant increases to contained metal equivalents (approximately
doubling the Ag Eq ounces), and the addition of a zinc equivalent for the first time.
Whilst the underlying mineral resource estimation methodology and individual metal grade estimates remain unchanged, the
cut-off grade for reporting of the primary material resource, which is based on the contained metal equivalence formula set out
in Note 1 and Note 2, has been increased to 80 g/t Ag Eq (from 50 g/t Ag Eq previously).
The cut-off grade for the oxide/transitional material, which does not depend on the equivalence formula, remains unchanged at
25 g/t Ag.
There have been no further changes in the Mineral Resource estimate from 30 May 2018 to 30 June 2020.
Accordingly no comparison is provided for Mineral Resource estimate statement as at 30 June 2020 versus 30 June 2019.
JORC 2012 MINERAL RESOURCES AND ORE RESERVES STATEMENT - COMPETENT PERSON
STATEMENT
The information in the Mineral Resources and Ore Reserves Statement for the Kempfield deposit is based on
information compiled by Mr. Arnold van der Heyden, geologist and a Director of H&S Consultants Pty Ltd (H&SC).
The information in the Mineral Resources and Ore Reserves Statement, including the Exploration Target, is based
on, and fairly represents, information and supporting documentation prepared by Mr. Arnold van der Heyden. Mr.
Arnold van der Heyden is a Member and Chartered Professional (Geology) of the Australasian Institute of Mining
and Metallurgy. Mr. Arnold van der Heyden has sufficient experience which is relevant to the style of mineralisation
and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves prepared by the Joint Ore Resources Committee, the Australasian Institute of Mining and Metallurgy,
Australian Institute of Geoscientists and the Mineral Council of Australia’. The Mineral Resources and Ore Reserves
Statement for the Kempfield deposit as a whole, and the Exploration Target in the Operations Review section of
this 2019 Annual Report, are approved by Mr. Arnold van der Heyden in the form and context in which they
appear.
ARGENT MINERALS LIMITED ANNUAL REPORT 2018
64
MINERAL RESOURCES AND ORE RESERVES STATEMENT
MT. DUDLEY (NSW, AUSTRALIA - 100% ARGENT)
On 1 March 2013 Argent announced a small maiden Resource for Mt. Dudley, a potential feedstock source
located approximately 4 kilometres to the east of the Kempfield deposit. This Mineral Resource was restated in the
Company’s Annual Report to the shareholders for the year ended 30 June 2017.
The following table sets out the Mt. Dudley Mineral Resource statement as at 30 June 2020. This information was
prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC
Code 2012 on the basis that the information has not materially changed since it was last reported.
At a cut-off grade of 0.5 g/t Au:
Table 6 - Mt Dudley Mineral Resource Estimate
Note 1 - Comparison with Previous Mineral Resource Estimate
There has been no change in this Mineral Resource estimate in relation to the Mineral Resource estimate that was previously
stated as at 30 June 2019. Accordingly, no comparison is provided.
JORC 2004 MINERAL RESOURCES AND ORE RESERVES STATEMENT - COMPETENT PERSON
STATEMENT
The information in the Mineral Resources and Ore Reserves Statement for the Mt Dudley deposit is based on
information compiled by Mr. Arnold van der Heyden, geologist and a Director of H&S Consultants Pty Ltd (H&SC).
The information in the Mineral Resources and Ore Reserves Statement is based on, and fairly represents,
information and supporting documentation prepared by Mr. Arnold van der Heyden. Mr. Arnold van der Heyden is
a Member and Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy. Mr. Arnold
van der Heyden has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2004 Edition
of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by
the Joint Ore Resources Committee, the Australasian Institute of Mining and Metallurgy, Australian Institute of
Geoscientists and the Mineral Council of Australia’. The Mineral Resources and Ore Reserves Statement for the Mt
Dudley Deposit as a whole is approved by Mr. Arnold van der Heyden in the form and context in which it appears.
ARGENT MINERALS LIMITED ANNUAL REPORT 2018
65
MINERAL RESOURCES AND ORE RESERVES STATEMENT
SUNNY CORNER (NSW, AUSTRALIA - 70% ARGENT)
Background
In the 12 August 2008 announcement, the Company reported that “The GCO campaign comprised a total of 49
RC holes for a total of 4,090 metres drilled beneath and adjacent to the historical Sunny Corner mine which is
reported to have produced 210,000 tons @ 13.8 ounces of silver per ton for 2.9 million ounces of silver between
1881 and 1893”.
On 12 August 2008 Argent announced a maiden Mineral Resource at Sunny Corner. The resource estimates were
completed by H&S Consultants Pty Ltd (H&SC) and were reported using a cut-off grade of 2.5% combined base
metals (copper, lead & zinc) based on data derived from Golden Cross Operations Pty Ltd’s (GCO) 2004 drilling
campaign, and excludes results from the Company’s three hole RC drilling campaign in June 2007 for a total of
340 metres (Three RC Holes). The Exploration Results were compiled by Dr Vladimir David.
In April 2009 Argent announced its completion of a 5 hole HQ diamond hole drilling campaign at Sunny Corner.
The vertical holes were drilled for metallurgical testwork purposes, over a 100 metre north-south strike length for a
total of 279.75 metres (Metallurgical Holes).
In September 2013, H&SC was engaged by Argent to review the potential impact of the Metallurgical Holes on the
Sunny Corner resource statement announced in August 2008, for reporting as at 30 June 2013. The review
concluded that the data from the Metallurgical Holes were unlikely to have a material impact on the existing
resource estimate.
Sunny Corner Mineral Resource Statement
The following table sets out the Sunny Corner Mineral Resource statement as at 30 June 2020. This information
was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the
JORC Code 2012 on the basis that the information has not materially changed since it was last reported.
At a combined base metals (cbm) cut-off grade of 2.5%:
Table 7 - Sunny Corner Mineral Resource Estimate
Resource
Tonnes
(Mt)
Density
cbm
(%)
Au
(g/t)
Pb
(%)
Zn
(%)
Cu
(%)
Ag
(g/t)
Inferred
1.5
2.8
6.2
0.17
2.13
3.70
0.39
24
for contained metal as:
n 55,000 tonnes of zinc;
n 32,000 tonnes of lead;
n 5,800 tonnes of copper; and
n 1.2 million ounces of silver.
Note 1 - Qualification
No account has been made for any historical production or mine development; and
The data from the Three RC Holes from within the resource and the Metallurgical Holes, have not been included in any resource
estimate. However, H&SC believes that they would have a minor impact on the resource estimate figures and spatial location of
grades.
Note 2 - Comparison with Previous Mineral Resource Estimate
There has been no change in this Mineral Resource estimate in relation to the Mineral Resource estimate that was previously
stated as at 30 June 2019. Accordingly, no comparison is provided.
ARGENT MINERALS LIMITED ANNUAL REPORT 2018
66
MINERAL RESOURCES AND ORE RESERVES STATEMENT
JORC 2004 MINERAL RESOURCES AND ORE RESERVES STATEMENT - COMPETENT PERSON
STATEMENT
The information in this report that relates to Exploration Results for the Sunny Corner Deposit is based on
information compiled by Dr. Vladimir David, who is a member of the Australian Institute of Geoscientists, a
consultant to Argent, and who has sufficient experience relevant to the style of mineralisation and type of deposit
under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004
Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr.
David consents to the inclusion in the report of the matters based on his information in the form and context in
which it appears.
The data in this report that relates to Mineral Resources for the Sunny Corner Deposit is based on information
evaluated by Mr Simon Tear who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM)
and who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the
Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”).
Mr Tear is a Director of H&S Consultants Pty Ltd and he consents to the inclusion of the estimates in the report of
the Mineral Resource in the form and context in which they appear.
RINGVILLE AND QUEENSBERRY (TAS, AUSTRALIA - 100% ARGENT)
Background
On 29 January 2018 Argent announced pre-JORC Code historical mineralisation estimates for the Company’s
newly acquired Ringville and Queensberry tenements in Tasmania (Historical Estimates). The following summaries
are provided in accordance with ASX Listing Rule 5.14 in relation to progress made by Argent in evaluating the
Historical Estimates, and the status of further evaluation and/or exploration work required to verify the Historical
Estimates and report as Mineral Resources in accordance with the JORC Code 2012 Edition.
Salmons and Pieman Lodes – Ringville tenement
The Salmons and Pieman Historical Estimates (being separate veins of the same deposit) were based on the
drilling results for 50 drillholes totalling 18,308.4 metres; assays were attained using atomic absorption
spectroscopy (AAS) for Cu, Pb, Zn, Ag, As, Hg and Mn, fire assay with AAS finish for Au, and X-ray fluorescence
(XRF) for Sn; 265 samples were used for specific gravity determination.
Work conducted during the year included selective sampling of the main mineralised lode in representative
drillholes and assay of samples using the 4-acid ICPMS assay method. Assay results were comparable to historic
reported assays. It is intended to confirm the location of the mineralised lodes through geological mapping and
physical drilling as a next step to advance the historical estimates to JORC 2012 status. These activities will
continue into the 2019/20 financial year.
Godkin deposit – Ringville Tenement
Historical information on which the Godkin Historical Estimate is based comprises 4 drillholes totalling 978.4 metres
with full assay results not reported, only highlighted intersections for Sn, Cu, and As. Little further work has been
conducted during the 2019/20 year.
Queensberry Mine deposit
Hyperspectral studies were conducted by Mineral Resources Tasmania (MRT) on drillholes
ARGENT MINERALS LIMITED ANNUAL REPORT 2018
67
MINERAL RESOURCES AND ORE RESERVES STATEMENT
LCD01 and LCD04 in the previous year and results were assessed during the 2018/19 year. Further work will
include regional and local mapping to locate all outcrops of mineralisation followed by a series of stream sediment
and soil sampling programs to identify any further potential mineralisation in the area.
PRE-JORC CODE HISTORICAL MINERALISATION ESTIMATES - COMPETENT PERSON
STATEMENT
The information in this report that relates to Exploration Results and the reporting of pre-JORC Code historical
mineralisation estimates is based on information compiled by Mr. Stuart Leslie Till who is a member of the
Australasian Institute of Mining and Metallurgy, a director of Argent Minerals, and who has sufficient experience
relevant to the style of mineralisation and type of deposit under consideration and to the activities being
undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code).
Mr. Till consents to the inclusion in this report of the matters based on the information in the form and context in
which it appears, and confirms that the information provided in this announcement under ASX Listing Rule 5.14 is
an accurate representation of the progress made by Argent in evaluating the Historical Estimates, and the status of
further evaluation and/or exploration work required to verify the Historical Estimates and report as Mineral
Resources in accordance with the JORC Code 2012 Edition.
GOVERNANCE ARRANGEMENTS
Argent’s management and Board of Directors include individuals with many years’ work experience in the mineral
exploration and mining industry who monitor all exploration programmes and oversee the preparation of reports on
behalf of the Company by independent consultants. The exploration data is produced by or under the direct
supervision of qualified geoscientists. In the case of drill hole data half core samples are preserved for future studies
and quality assurance and quality control. The Company uses only accredited laboratories for analysis of samples
and records the information in electronic databases that are automatically backed up for storage and retrieval.
DISCLAIMER
Certain statements contained in this report, including information as to the future financial or operating
performance of Argent and its projects, are forward-looking statements that:
May include, among other things, statements regarding targets, estimates and assumptions in respect of mineral
reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs
and results, capital expenditures, and are or may be based on assumptions and estimates related to future
technical, economic, market, political, social and other conditions;
Are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Argent,
are inherently subject to significant technical, business, economic, competitive, political and social uncertainties
and contingencies; and,
Involve known and unknown risks and uncertainties that could cause actual events or results to differ materially
from estimated or anticipated events or results reflected in such forward-looking statements.
Argent disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of
new information, future events or results or otherwise. The words ‘believe’, ‘expect’, ‘anticipate’, ‘indicate’,
‘contemplate’, ‘target’, ‘plan’, ‘intends’, ‘continue’, ‘budget’, ‘estimate’, ‘may’, ‘will’, ‘schedule’ and similar
expressions identify forward-looking statements.
All forward-looking statements made in this report are qualified by the foregoing cautionary statements. Investors
are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors
are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
ARGENT MINERALS LIMITED ANNUAL REPORT 2018
68
ARGENT MINERALS LIMITED
CORPORATE DIRECTORY
CORPORATE DIRECTORY
Directors:
Peter Michael – Non-Executive Chairman
David Greenwood – Non-Executive Director
George Karageorge – Managing Director/CEO
Company Secretary:
James Bahen
Registered Office and Principal Place of Business:
25 Colin Street,
West Perth WA 6005
Phone: +61 8 6555 2950
+61 8 6166 0261
Fax:
E-mail: admin@argentminerals.com.au
Website: https://argentminerals.com.au
Share Registrar:
Automic
Level 5, 126 Phillip Street
SYDNEY NSW 2000
GPO BOX 5193
SYDNEY NSW 2001
Phone: 1300 288 664 (within Australia)
Phone: +61 2 9698 5414 (outside Australia)
Auditors:
BDO Audit (WA) Pty Ltd
38 Station Street
Subiaco, WA 6008
Home Exchange:
ASX Limited Level 40, Central Park
38 Station St, Subiaco WA 6008
Solicitors:
Larri Legal
Argent Minerals Limited, incorporated and domiciled in Australia, is a publicly listed company limited by
shares.
69