FOR THE YEAR ENDED
30 JUNE 2023
SOLICITORS
Larri Legal
Suite 6, 152 High Street
Fremantle WA 6160
AUDITORS
BDO Audit (WA) Pty Ltd
Level 9, Mia Yellagonga Tower 2,
5 Spring Street
Perth WA 6000
SHARE REGISTRY
Automic Group
Level 5, 191 St George Terrace
Perth, WA 6000
Phone: 1300 288 664
Fax: +61 2 9698 5414
CORPORATE DIRECTORY
DIRECTORS
Peter Michael - Non-Executive Chairman
Pedro Kastellorizos – Managing Director/CEO
David Greenwood – Non-Executive Director
Conrad Karageorge - Non-Executive Director
COMPANY SECRETARY
Johnathon Busing
Eleven Corporate Pty Ltd
PRINCIPAL PLACE OF BUSINESS AND
REGISTERED OFFICE
Level 2, Havelock Street
West Perth WA 6005
Phone: +61 8 6555 2950
Fax: +61 8 6166 0261
E-mail: admin@argentminerals.com.au
Website: https://argentminerals.com.au
ASX EXCHANGE
ASX Limited Level 40, Central Park
152-158 St Georges Terrace
Perth WA 6000
ABN: 89 124 780 276
ASX CODES:
Australian Securities Exchange Limited
ARD (ordinary shares)
ARDO (listed options)
CORPORATE DIRECTORY
TABLE OF CONTENTS
OPERATIONS REVIEW
DIRECTORS’ REPORT
LEAD AUDITOR’S INDEPENDENCE DECLARATION
INDEPENDENT AUDITOR’S REPORT
DIRECTORS' DECLARATION
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ADDITIONAL STOCK EXCHANGE INFORMATION
SCHEDULE OF MINERAL TENEMENTS
MINERAL RESOURCES AND ORE RESERVES STATEMENT
Page
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FRONT COVER: Picture showing the strong deformation of the Discovery Siltstone within the Copperhead
Project situated in Western Australia
SECOND PAGE: Diamond Drilling over the Kempfield Deposit in NSW
CHAIRMANS LETTER
Dear Shareholders,
On behalf of the Board, I am pleased to present this report for the 2022-2023 financial year (FY2023) - an
exciting year of progress for Argent, with an impressive delivery of results across its asset base.
The year commenced with key announcements for the Company’s drilling programme over Kempfield
Polymetallic Project within the Lachlan Orogen a major mineral field of New South Wales.
Argent’s flagship Kempfield Project delivered impressive results during the year. The Company’s
investment in further RC and Diamond drilling has provided newly discovered high-grade silver-lead-zinc
mineralisation previously unknown at depth. In our view, these combined results have opened a new
development scenario for Kempfield as a large-scale zinc-silver-lead-gold play in an NSW mining growth
neighbourhood, and the magnitude of the project will increase in the future. This is a key asset of the
Company and will continue to grow.
Argent’s acquisition of the Copperhead Project situated in the underexplored, highly prospective
Gascoyne region in Western Australia, has to date, undertaken several reconnaissance geochemical
exploration programs, delineating strong copper mineralisation with associated anomalous zinc and silver
values over various known prospective areas. We have identified potential electro-magnetic targets
potentially hosting sulphide mineralisation at various depths. These areas will be further assessed in the
upcoming months providing potential drill targets.
As part of our on-going gold assessment over our NSW Projects, the Mt Dudley Gold Project near
Kempfield highlighted gold mineralisation over 630m in length by 30m in width and extending down 95
vertical metres with the mineralisation remaining open to the north and at depth.
Further work was also conducted over our Ringville Polymetallic Project in Tasmania with emphasis given
to the Salmon Vein Deposit. The historical data review outlined exceptional high-grade mineralisation
along strike and depth.
Our special thanks go to the Argent employees and contractors, whose tireless efforts have made this all
happen.
I wish to thank our shareholders for their ongoing support of the Argent Board and to the newly formed
management team.
I look forward to the 2023/24 financial year, as we continue to pursue the development of Argents assets
to their full potential as we continue to build a successful mineral resources company.
Yours Sincerely,
Peter Michael
Chairman
2023 HIGHLIGHTS
Operations Review
NEW HIGH-GRADE MINERALISED EXTENSION DELIENATED OVER KEMPFIELD DEPOSIT
▪ New outstanding new high-grade Ag-Pb-Zn results received from the Reverse Circulation (RC) Program
across Lens 1 and 2, have confirmed the potential to expand the historical Mineral Resource over the
Kempfield Deposit.
▪
The zinc lodes are increasing with grade and consistency at depth with significant silver and lead, as displayed
in AKRC226 and AKRC228 sections.
▪ Significant drill assays include:
Drillhole AKRC226: 31m @ 48.68 g/t Ag, 1.04% Pb & 4.06% Zn from 114m
Drillhole AKRC227: 3m @ 88.63 g/t Ag & 2.37% Zn from 32m
28m @ 30.58 g/t Ag & 0.72% Zn from 109m
29m @ 63.48 g/t Ag & 0.53% Zn from 173m
Drillhole AKRC228: 129m @ 55.44 g/t Ag from 7m
COPPERHEAD ACQUISITION
▪ Argent entered into an Agreement to acquire 100% Copperhead Project (1,038km2) proximal to significant
known rare earth and copper prospects in the underexplored highly prospective Gascoyne Region in WA.
▪ Argent first reconnaissance rock chip survey over the Mt Palgrave Prospect yielded high-grade copper assays
include 2.42%, 4.14%, 5.92%, 8.8%, 14.96% and 21.1% Cu with strongly anomalous zinc mineralisation up
to 0.11% from 12 rock chip samples.
▪ Anomaly A Cu-Zn Prospect – yielded 12.43% Cu and strongly anomalous zinc values of 0.38% Zn from rock
chip sampling.
▪
Illirie Creek Cu Prospect - yielded very high-grade copper results varying from 6.21% Cu up to 20.44% Cu in
the form of malachite and azurite from rock chips.
▪ Anomaly A and lllirie Creek Copper Prospects - hosted within the same synclinal structure with the
mineralisation hosted within the Discovery Formation Siltstone. Each limb of the syncline hosts at least 10km
of untested strike length.
▪ Anomalies C (a) and C (b) Prospects - hosted within the same trending Discovery Formation Siltstone yielding
high grade copper mineralisation up to 11.55% Cu with strongly anomalous zinc up to 0.41% Zn. Prospect C
(b) also yielded strong silver assays varying from 5 g/t Ag to 24 g/t Ag – all assays results were determined
from rock chips.
▪
▪
Interpretation of the airborne Tempest Electromagnetic survey by Core Geophysics has defined trends and
structures which appear to control the base-metal mineralisation within the Copperhead Project.
Thirteen (13) target areas have been selected within the Copperhead Project based on the electro-magnetic
responses. They have been classified as prospective for copper mineralisation based on known mineralised
trends and favourable lithologies.
▪ Core Geophysics Pty Ltd has also conducted first pass re-processing of all the airborne radiometric and
ASTER ferric oxide hyperspectral imagery. Fifty targets (50) areas have been highlighted for ground
verification and geochemical sampling.
Mt DUDLEY 2012 JORC RESOURCE ESTIMATION
▪
Independent Maiden JORC 2012 Inferred Mineral Resource for the Mt Dudley Deposit has yielded
882,636t @ 1.03 g/t Au containing 29,238 oz Gold.
▪ Mt Dudley Gold Deposit current mineralised model has a strike length over 630m by 30m in width and
extending down 95 vertical metres with mineralisation remaining open to the north and at depth.
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
4
▪ Multiple 5-6m thick gold lodes form a package of up to 30m thickness which dips at 65o towards the west. The
Operations Review
mineralization is not closed off at depth.
RINGVILLE DATA REVIEW
▪
▪
▪
The Ringville Project is strategically located in areas well served with roads and railway lines for transporting
mined material to processing facilities and to port for shipping to smelters. The Ringville tenement is also
located adjacent to two world class operations with processing facilities at the Renison Bell Mine and the
polymetallic Rosebery Mine. The Ringville tenement hosts a variety of mineralisation styles based on
exploration by previous explorers.
The data review over the Ringville Project yielded outstanding historical drilling results from the Salmon Vein
Deposit. The exceptional high-grade Cu-Pb-Zn-Ag mineralisation within the Salmon Vein Deposit is closely
associated with Crimson Creek sedimentary rocks. Broad, high-grade zones of silver-copper-lead-zinc
mineralisation varying from 3m to 23.6m from shallow to moderate depths from diamond drilling. Significant
mineralised portions of drillholes have not been assayed.
The vein system defined by historical surface mapping and drilling has a strike length of approximately 1.2 km
and has been intersected down to 305 metres below surface. The mineralisation is open both along strike and
a depth.
▪ Some significant diamond hole drill assays include:
o Drillhole RCE51: 5.8m @ 229.5 g/t Ag, 9.31% Pb & 12.34% Zn from 57.8m.
including 1.4m @ 790 g/t Ag, 31.34% Pb & 4.16% Zn from 57.8m.
o Drillhole RBE10A: 6.9m @ 302.1 g/t Ag, 10.51% Pb & 3.75% Zn from 220m.
including 2.3m @ 872.8 g/t Ag, 30.30% Pb & 6.67% Zn from 222m.
o Drillhole RBE14A: 9.05m @ 190.1 g/t Ag, 1.19% Cu, 1.01% Pb & 1.16% Zn from 253.75m.
including 3.55m @ 456.2 g/t Ag, 2.2% Cu, 2.5% Pb & 2.8% Zn from 253.75m.
o Drillhole RBE05: 11.25m @ 470.3 g/t Ag, 13.61% Pb & 2.73% Zn from 158.75m.
and 5.85m @ 862.9 g/t Ag, 24.43 % Pb & 4.25% Zn from 222m.
o Drillhole RBE07: 3m @ 172 g/t Ag, 12.48% Pb & 3.91% Zn from 82m.
▪ Excellent potential for new discoveries over Salmons Vein of parallel vein sheets and mineralised dilatational
structures. Mineralised sheet veins are continuous and extensive – good potential to complete JORC
Resource with further drilling.
NEW HIGH-GRADE MINERALISED EXTENSION DELIENATED OVER KEMPFIELD DEPOSIT
In early 2023, Argent Minerals Limited announced significant new results from the Kempfield RC drilling campaign. The
outstanding new high-grade Ag-Pb-Zn results received from the Reverse Circulation (RC) Program across Lens 1 and
2, have confirmed the potential to expand the historical Mineral Resource over the Kempfield Deposit. The zinc lodes
are increasing with grade and consistency at depth with significant silver and lead, as displayed in AKRC226 and
AKRC228 sections. Most historical drill holes at Kempfield have been drilled to less than 130 metres depth with many
drill holes ended in mineralisation.
Significant drill assays include:
Drillhole AKRC226: 31m @ 48.68 g/t Ag, 1.04% Pb & 4.06% Zn from 114m
including 3m @ 212 g/t Ag, 3.33% Pb & 13.45% Zn from 133m
3m @ 1.02% Pb & 4.47% Zn from 154m
Drillhole AKRC227: 3m @ 88.63 g/t Ag & 2.37% Zn from 32m
28m @ 30.58 g/t Ag & 0.72% Zn from 109m
29m @ 63.48 g/t Ag & 0.53% Zn from 173m
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
5
Operations Review
including 16m @ 97.81 g/t Ag from 174m
including 8m @ 18.93 g/t Ag & 1.22% Zn from 194m – Hole Ended in Mineralisation
Drillhole AKRC228: 129m @ 55.44 g/t Ag from 7m
including 15m @ 120.77 g/t Ag from 33m
including 12m @ 94.34 g/t Ag from 71m
including 10m @ 37.24 g/t Ag, 1.01% Pb & 1.12% Zn from 98m
17m @ 40 g/t Ag & 1.61% Zn from 155m
including 8m @ 44.4 g/t Ag & 2.73% Zn from 164m – Hole Ended in Mineralisation
Figure 1 – Kempfield Project highlight Significant New RC Drill Results
6
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
Operations Review
Figure 2 – Cross Section looking GDA 6258279N, highlighting AKRC226 new drill intercept in yellow boxes
Figure 3 - Cross Section looking GDA 6258088N, highlighting AKRC227 new drill intercept in yellow boxes
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
7
Operations Review
Figure 4 - Cross Section looking GDA 6257994N, highlighting AKRC228 new drill intercept in yellow boxes
COPPERHEAD ACQUISITION INTO ARGENT MINERALS LTD
Argent Minerals Ltd acquired 100% of Copperhead Resources Pty Ltd which has a 100% interest in 8 granted Exploration
Licences (“EL’s”) and 1 Exploration Licence Application (“ELA’s), comprising the Copperhead Project (Figure 5).
The Project is situated within the highly prospective and underexplored Gascoyne Province, with the tenements located
very close to significant mineral occurrences:
•
The Yangibana REE Project (owned by Hastings Technology Metals Ltd) is located 7.5km to the east of
the current Copperhead E90/2622. Hastings is currently developing the mine (Figure 5).
• Also, other major companies such as Dreadnought Resources Ltd and Rio Tinto are operating in close
proximity to the Copperhead Project area (Figure 5).
Exploration Summary
From 1966 to 1967, Westfield Minerals (WA) NL conducted regional exploration in the area surrounding Mt Palgrave down to
lllirie Creek Prospect area which incorporated rock chip sampling, trenching, and drilling. At Mount Palgrave Prospect, rock
chip sampling included copper assays including 1.12% Cu, 4.6% Cu, 6.8% Cu and 14.2% Cu. Trench 1 intersected
13m@3.35% Cu along with first pass RAB drilling intersecting copper mineralisation at a shallow depth. Drillhole PDH19, 8.7m
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
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Operations Review
@ 2.44% Cu from 10.4m, Drillhole PDH17A, 8.7m @ 0.76% Cu from 10.4m and Drillhole P17 @ 0.74% Cu from 1.7m (Refer
to Figure 6). This was never followed up through further ground exploration.
Anomaly A Prospect yielded high-grade copper mineralisation from 3 trenches varying from 2.7% Cu to 5.6% Cu. The location
of these areas is hosted within a north-western trending syncline proximal to the fold hinge hosted within the Discovery
Formation Siltstone/Chert. Anomaly C (b) Prospect trenching has also yielded high grade copper mineralisation varying from
0.3% Cu to 11.3% Cu hosted within the Discovery Formation Siltstone/Chert. Approximately 1km NNW from Anomaly C (b)
Prospect, Anomaly C (a) trenching has also yielded high grade copper mineralisation from the surface varying from 1.35% to
12.6% Cu with RAB drillhole C (a) 5 intersecting 10.97m @ 2.47% Cu from 3.66m (Refer to Figure 6). IIirie Creek Prospect
is also hosted within the Discovery Formation Siltstone with 3 trenches intersecting stratabound secondary copper
mineralisation varying from 0.77% Cu to 6.27% Cu (Refer to Figure 7).
Figure 5 – Regional Geology Map highlighting the various Mineral Occurrence and nearby near-term Operation
Mines
All the mineralization delineated in these copper prospect areas have been classified as sedimentary stratiform zinc-copper
mineralization occurs in black carbonaceous, pyritic shale of the Discovery Siltstone and Chert, located in a syncline of
Jillawarra Formation. Gossans contain chrysocolla, malachite and goslarite. In drill cuttings, sphalerite and covellite are the
main sulfides of interest in the generally pyritic shale/siltstone.
The exposed mineralized horizons vary from malachite-bearing gossans to well-developed ironstone gossans, all with strong
evaluated base-metal values. Drill intersections below the gossans in fresh bedrock revealed the presence of pyritic and
9
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
Operations Review
carbonaceous shale, siltstone, or chert with minor sphalerite–galena–chalcopyrite. Copper values in the surface gossans are
up to 10–12%.
Figure 6 - Mt Palgrave Prospect showing the historical exploration results and newly defined target areas
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
10
Operations Review
Figure 7 - lllirie Prospect showing the historical exploration results and newly defined target areas
Argent Minerals Work Conducted
Argent commenced the first pass exploration program over Mt Palgrave and the surrounding copper prospect areas in
November 2022. As part of the reconnaissance program, Argent also assessed the logistics of the upcoming extensive ground
exploration-based programs. Extensive copper mineralisation has been confirmed by our maiden rock chip reconnaissance
survey over the Mt Palgrave Prospect area as per the below assay results:
• High-grade copper assays include 2.42%, 4.14%, 5.92%, 8.8%, 14.96% and 21.1% Cu with strongly anomalous
zinc mineralisation up to 0.11% from 12 rock chip samples. Field observations have determined:
11
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
Operations Review
• Copper mineralisation is hosted within the Discovery Formation Siltstone which mainly comprised malachite running
parallel within bedding planes, malachite hosted hematite-goethite fractures and malachite-azurite disseminated
within the matrix of the bleached siltstone.
• Copper Mineralisation is hosted within extensive regional synclines – mainly on the east limbs and within the fold
hinges.
• Potential structural stratiform Cu-Zn mineralisation hosted within the Discovery Formation has been
estimated to be over 84km in length within the Project areas.
• On a regional scale, western, eastern and the synclinal hinge zones remain untested with extensive zones
varying from 2.5 to 3.3km in strike length.
Figure 8 – Mt Palgrave showing the locations of the Argent rock chip sample locations and High-Grade Copper Results
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
12
Operations Review
Figure 9 – Mt Palgrave Copper Prospect highlighting the extensive untested structural and
lithological areas
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
13
Illirie Creek Copper Prospect
Operations Review
Illirie Creek Copper Occurrence is located 26kms south-southeast of the Mount Palgrave Copper Prospect. The main area of
interest is centred on three large costeans which were excavated by BHP in 1971-73. The copper mineralisation located within
the Illirie Creek Prospect occurs within the Discovery Formation Siltstone Formation. Outcrop of this Formation may be traced
continuously from the Mt Palgrave Copper Prospect to the lllirie Creek Prospect over 30kms of complex northwest southeast
structural deformation. The rock Chip assays results have confirmed extensive copper mineralisation over all the Copper
Prospects. High-grade copper assays include:
o Anomaly A Cu-Zn Prospect - 12.43% Cu and strongly anomalous zinc values of 0.38% Zn (Figure 10).
o
Illirie Creek Cu Prospect - yielded very high-grade copper results varying from 6.21% Cu up to 20.44% Cu
in the form of malachite and azurite (Figure 10).
o Anomaly A and lllirie Creek Copper Prospects - hosted within the same synclinal structure with the
mineralisation hosted within the Discovery Formation Siltstone. Each limb of the syncline hosts at least 10km
of untested strike length (Figure 10).
o Anomalies C (a) and C (b) Prospects - hosted within the same trending Discovery Formation Siltstone
yielding high grade copper mineralisation up to 11.55% Cu with strongly anomalous zinc up to 0.41% Zn.
Prospect C (b) also yielded strong silver assays varying from 5 g/t Ag to 24 g/t Ag.
Figure 10 – lllirie Creek, Anomaly A,
Anomaly (a) & Anomaly (b) Prospects
showing the rock chip assay results and
extensive untested structural and
lithological areas.
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
14
Operations Review
As part of the ongoing exploration work, Argent through Core geophysics Pty Ltd completed the first pass airborne Tempest
electromagnetic survey. Thirteen (13) target areas have been selected within the Copperhead Project based on the electro-
magnetic responses (Table 1 and Figure 11). They have been classified as prospective for copper mineralisation based on
known mineralised trends and favourable lithologies. Electromagnetic surveys can detect conductive material such as copper
sulphides and are thus an excellent tool for directly detecting certain styles of copper mineralisation.
Analysis of the EM profiles indicate that many of the target anomalies most likely represent near surface conductors (can be
tested by geochemistry and shallow drilling) as they are apparent from early to late-times anomalies. The deeper conductors
are potentially bedrock sources of sulphide mineralisation. The plate modelling indicated that the responses were suitably
defined by relatively flat to shallow dipping variably conductive sources, located from 40m to 225m depth. Each target anomaly
is discussed below individually within Table 1 and shown in Figure 11.
Figure 11 – Highlighting the EM Target Anomalies and various Copper Prospects
Table 1 – Priority Targets Requiring Ground Reconnaissance
Target ID
Easting
Northing
Model
Conductance
Dimensions
Depth to
Model Centre
Rank
CH-02
378988
7409966
100S
1,060m x
1,200m
190m
CH-03
379944
7407993
60 - 90S
Between 60m-
110m
CH-06
390137
7410032
70S
890m x
2,220m
90m
2
3
3
Geological Features
Hosted within Discovery
Formation - located 370m
west of syncline
Located 610m from Discovery
Formation
Located over Mt Palgrave SW
Prospect, 440m south of Rock
chip CH09 (2.68% Cu) within
Discovery Formation
Geophysics Comment
Mid to late time anomaly - Deeper
model. Topographic low
Three mid to late time anomalies -
Coincident with interpreted drainage
feature
Early to late time anomaly -
Topographic low and interpreted
drainage feature
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
15
Operations Review
Depth to
Model Centre
Rank
Target ID
Easting
Northing
Model
Conductance
CH-07
391916
7409980
65S
CH-08
392992
7410009
50S
CH-09
394112
7409980
70S
CH-10
389995
7407789
150S
CH-11
389999
7406578
75S
CH-12
390019
7401337
55-105S
CH-14
390055
7394141
60S
CH-15
394948
7397163
125S
CH-21
429885
7380926
60-80S
Dimensions
940m x
1,290m
1,850m x
1,920m
1,050m x
1,810m
330m x
1,320m
540m x
1,620m
1,660m x
2,580m
420m x
1,670m
110m
70m
170m
90m
40m
Between 40m-
70m
100m
65m
Between
160m-220m
CH-25
434961
7370304
75S
1,000m x
1000m
225m
Geological Features
Located 650m west of
synclinal Structure
Hosted within the Discovery
Formation - mixed chert and
mudstone/siltstone
Hosted within the Discovery
Formation - mixed chert and
mudstone/siltstone
Located in between syncline
and anticline structure and
240m west of Discovery
Formation
Located 200m east of syncline
structure
Hosted within Discovery
Formation - located 370m
west of syncline
Located 200m east of syncline
structure
Located 430m WNW of
Anomaly A Prospect which
hosted spot high of 5.23% Cu
in rock chip CH019
Hosted with the
Dolerite/Gabbro Sill Formation
Located 550m NE of Discover
Formation in between
synclinal and anticlinal
structures
Geophysics Comment
Early to late time anomaly
Mid to late time anomaly
Mid to late time anomaly. Deeper
model. Coincident with interpreted
drainage feature.
Early to late time anomaly. Higher
model conductance
Early to late time anomaly. Coincident
with interpreted drainage feature.
Two mid to late time anomaly.
Adjacent to interpreted drainage
features.
Mid to late time anomaly.
Early to late time anomaly. Higher
model conductance.
Three mid to late time anomalies.
Coincident with interpreted drainage
feature
Early to late time anomaly that
migrates south- Deeper model -
Coincident with interpreted drainage
feature
3
3
2
1
3
2
2
1
2
2
MAIDEN JORC RESOURCE OVER MT DUDLEY GOLD PROJECT
The Mt Dudley Exploration Licence (EL) 5748 is located approximately 5 km northwest of the township of Trunkey, near Blayney
in New South Wales. The Exploration Licence 5748 is 100% owned and operated by Argent Pty Ltd a wholly owned subsidiary
of Argent Minerals Limited. Access can be gained along the sealed Bathurst-Abercrombie Road, thence along the gravelled
Colo Road. The project area covers three main historic workings which includes the Mt Dudley Mine, Scabben Flat workings,
Golden Wattle workings and also a number of unnamed small pits.
The Mount Dudley mine was discovered in 1913 by McKellar and party, sold to Kirkman and party in approximately 1916 and
thence to the Mount Dudley Mining Co (1917) who worked the mine until 1922. Recorded production was 2,268 ounces Au
(70.54 kilograms) from 2,800 tons (2,845 tonnes) at average grade 24.8 g/t. Selective mining appears to have been practised
as approximately 1,300 tonnes of vein material was raised but not treated and approximately 9,000 tonnes of vein/wallrock in
the dump has not been treated.
The mine was "put in order" for inspection during 1941 but no production is recorded at that time. The Scabben Flat workings
were discovered prior to Department of Mineral Resources records (pre-1873) but were worked between 1893 and 1894 and
from 1916-1917 for recorded production of 42 ounces Au (12.91 kilograms) from 388 tons (394 tonnes)
In September 2022, the Independent Maiden JORC 2012 Inferred Mineral Resource for the Mt Dudley Deposit has yielded
882,636t @ 1.03 g/t Au containing 29,238 oz Gold. The Resource was independently estimated by Odessa Resources Pty
Ltd (Perth). The estimate has been produced by using Leapfrog Edge software to produce wireframes of the various
mineralised lode systems and block grade estimation using an ordinary kriging interpolation (Figure 12).
The gold mineralisation is developed over a north oriented strike length of 630m. Multiple 5-6m thick lodes form a package of
up to 30m thickness that dips at 65o towards the west (Figure 13). The resource is modelled to depth of 95m from surface.
However, the mineralization is not closed off at depth with the gold mineralised vein dipping 40o west at surface. Historical
references indicate that the vein steepens to dip 55o west at depth. Collapsed stopes indicate that the vein was mined over a
strike length of 75m with most of the production coming from the upper most 15m of the mine.
Follow-up extensional resource drilling is required in the north and south portion of the main gold mineralisation zone to
increase the current resource tonnage and grade.
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
16
Operations Review
Figure 12 - Oblique view showing drillhole locations intersecting the gold mineralisation
Figure 13 - Mt Dudley typical cross section
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
17
Operations Review
Figure 14 - Drill Plan highlighting all Historic and Current Drillholes with significant Gold Intercept
18
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
DATA REVIEW OVER THE RINGVILLE PROJECT
Operations Review
The tenement is strategically located in areas well served with roads and railway lines for transporting mined material to
processing facilities and to port for shipping to smelters. The Ringville tenement is also located adjacent to two world class
operations with processing facilities at the Renison Bell Mine and the polymetallic Rosebery Mine.
Figure 15 – Various Mines and Minerals Occurrences within Ringville Project area
The Ringville tenement hosts a variety of mineralisation styles based on exploration by previous explorers, they include:
• Cu-Pb-Zn-Ag veins in altered gabbros in the western mafic/ultramafic sequence (Salmon Vein Deposit).
• Quartz-cassiterite veining at Pieman and Exe River prospects.
•
• Pervasive (sometimes massive) pyrrhotite mineralisation in altered gabbros and altered sediments around the
Large Cu-As (-W) skarns on Colebrook Hill.
western mafic/ultramafic complex.
• Scheelite mineralisation in metasomatised sediments on Colebrook Hill and in altered gabbros near Salmon
Vein Deposit.
The data review over the Ringville Project yielded outstanding historical drilling results from the Salmon Vein Deposit. The
exceptional high-grade Cu-Pb-Zn-Ag mineralisation within the Salmon Vein Deposit is closely associated with Crimson
Creek sedimentary rocks. Broad, high-grade zones of silver-copper-lead-zinc mineralisation varying from 3m to 23.6m
from shallow to moderate depths from diamond drilling. Significant mineralised portions of drillholes have not been
assayed.
The vein system defined by historical surface mapping and drilling has a strike length of approximately 1.2 km and has
been intersected down to 305 metres below surface. The mineralisation is open both along strike and a depth. Some
significant diamond hole drill assays include:
o Drillhole RCE51: 5.8m @ 229.5 g/t Ag, 9.31% Pb & 12.34% Zn from 57.8m.
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
19
including 1.4m @ 790 g/t Ag, 31.34% Pb & 4.16% Zn from 57.8m.
Operations Review
o Drillhole RBE10A: 6.9m @ 302.1 g/t Ag, 10.51% Pb & 3.75% Zn from 220m.
including 2.3m @ 872.8 g/t Ag, 30.30% Pb & 6.67% Zn from 222m.
o Drillhole RBE14A: 9.05m @ 190.1 g/t Ag, 1.19% Cu, 1.01% Pb & 1.16% Zn from 253.75m.
including 3.55m @ 456.2 g/t Ag, 2.2% Cu, 2.5% Pb & 2.8% Zn from 253.75m.
o Drillhole RBE05: 11.25m @ 470.3 g/t Ag, 13.61% Pb & 2.73% Zn from 158.75m.
and 5.85m @ 862.9 g/t Ag, 24.43 % Pb & 4.25% Zn from 222m.
o Drillhole RBE07: 3m @ 172 g/t Ag, 12.48% Pb & 3.91% Zn from 82m.
Excellent potential lies for new discoveries over Salmons Vein of parallel vein sheets and mineralised dilatational structures.
Mineralised sheet veins are continuous and extensive – good potential to complete JORC Resource with further drilling.
Previous Disclosure – 2023 JORC Code
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 Annual Report can be found in the following announcements lodged on the
ASX:
• Maiden JORC Resource Over Mt Dudley Prospect
• Argent Minerals Ltd Acquires 100% of Copperhead Project WA
• High-grade copper confirmed at Gascoyne Copper Project
• More High-Grade Copper Delineated at Copperhead Project
• Extensive New High-Grade Silver-Lead-Zinc at Kempfield
• Further Extensive High-Grade Mineralisation over Kempfield
• New EM Targets Enhances Exploration at Copperhead Project
• Data Review Highlights Bonanza Grades at Ringville Project
• Extensive High Priority REE Targets Identified at Copperhead
14 September 2022
31 October 2022
01 February 2023
08 February 2023
01 March 2023
14 April 2023
20 April 2023
25 May 2023
20 June 2023
Copies of reports are available to view on the Company’s website www.argentminerals.com.au. These reports
were issued in accordance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves. The Company confirms that it is not aware of any new information
or data that materially affects the information included in the original market announcements.
Competent Persons Statement:
The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by
Pedro Kastellorizos. Mr. Kastellorizos is Managing Director of Argent Minerals Limited and a Member of the AusIMM of whom
have sufficient experience relevant to the styles of mineralisation under consideration and to the activity being reported to
qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Targets,
Exploration Results and Mineral Resources. Mr. Kastellorizos have verified the data disclosed in this release and consent to
the inclusion in this release of the matters based on the information in the form and context in which it appears.
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
20
Board and Management Changes
Operations Review
On 09 December 2022, the Company appointed Mr Johnathon Busing as Company Secretary, replacing Mr Kavi
Bekarma. Mr Busing specialises in advising ASX listed companies on compliance, mergers and acquisitions,
consulting and statutory accounting requirements. Mr Busing is currently company secretary for several ASX listed
entities. He is a member of Chartered Accountants Australia and New Zealand and holds a public practice
certificate.
On 19 December 2022, Mr Conrad Karageorge was appointed as Non-Executive Director of the Company and Mr
George Karageorge resigned as Non-Executive Director.
Conrad Karageorge is a corporate adviser and resources executive with experience in precious and base metals in
Australia and Africa. Mr Karageorge is Chief Executive of Amani Gold Limited (ASX:ANL) and non-executive director
of NSW gold explorer Orange Minerals NL (ASX:OMX) and has degrees in law and commerce.
Corporate Governance Statement
Argent Minerals Limited and the board support and adhere to the principles of corporate governance and are
committed to achieving and demonstrating the highest standards of corporate governance. Argent has reviewed
its corporate governance practices against the Corporate Governance Principles and Recommendations (4th
edition) published by the ASX Corporate Governance Council. The 2023 Corporate Governance Statement is dated
29 September 2023 and reflects the corporate governance practices in place throughout the 2023 financial year.
The 2023 Corporate Governance Statement was approved by the board on 29 September 2023. A description of
the Group’s current corporate governance practices is set out in the Group’s Corporate Governance Statement
which can be viewed at www.argentminerals.com.au/about/corporate-governance.
Corporate
Acquisition of Copperhead Resources Pty Ltd
In November 2022, the Company entered into an agreement to acquire Copperhead Resources Pty Ltd which was
completed on 30 November 2022.
The consideration for this acquisition was as follows:
•
issue of 87,000,000 fully paid ordinary shares in the capital of the Company valued at $1,305,000
(Consideration Shares) per Consideration Share equal to $0.015 each;
• 43.5 million Options in the same class as those issued under the Capital Raising (Consideration Options),
valued at $198,509 (Refer note 7 for terms and valuation);
•
•
the granting of a 1.5% net smelter royalty to the Copper Vendors (and/or their nominees); and
the granting of a 2% net profits royalty to Front Row Resources Pty Ltd (ACN 601 596 187) (or its nominee).
Capital Raising
In connection with the Acquisition, the Company raised $3,000,000 (before costs) through the issue of
200,000,000 fully paid ordinary shares (Placement Shares). The Placement Shares were issued together with free-
attaching options (exercisable at $0.04 and expiring 2 years from the date of issue) (Placement Options) on the
21
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
Operations Review
basis of one Placement Option for every two Placement Shares issued. The Placement Shares (and Options) were
issued to sophisticated or professional investors, which will be applied towards exploration on the Company’s
existing projects, exploration at the Copperhead Project, rent and rates at the Copperhead Project, expenses of
the Acquisition and working capital (as set out below) (Capital Raising).
The Company engaged the services of Merchant Capital Partners Pty Ltd to manage the Capital Raising (Lead
Manager). The Lead Manager has received a capital raising fee of 6% (plus GST) of the amount raised under the
Capital Raising and (subject to Shareholder approval at a separate general meeting) 8,000,000 unlisted Options
(exercisable at $0.04 and expiring 2 years from the date of issue).
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
22
Director’s 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.
Operational and business risks
The Group’s activities have inherent risk and the Board is unable to provide certainty of the expected results
of these activities, or that any or all of these likely activities will be achieved. The material business risks faced
by the Group that could influence the Group’s future prospects, and how the Board manages these risks, are
outlined below.
Access to and dependence on Capital Raisings
The development of the Group’s current of future projects may require additional funding.
There can be no assurance that additional capital financing will be available, if needed for exploration and
operations, or that, if available, the terms of such financing will be favourable to the Group.
Risk of failure in exploration
Payment of compensation is ordinarily necessary to acquire interest or participating interests in tenements.
Also, surveying and exploratory drilling expenses (exploration expenses) become necessary at the time of
exploration activities for the purpose of discovering resources.
There is, however, no guarantee of discovering resources on a scale that makes development and production
feasible. The probability of such discoveries is considerably low despite various technological advances in
recent years, and even when resources are discovered the scale of the reserves does not necessarily make
commercial production feasible. For this reason, the Group conservatively recognises expenses related to
exploration expenditure in its consolidated financial statements. In addition, if there are impossibilities of
recovery of investment in an area of interest, the corresponding amount of investment is recognised as an
impairment while considering the recovery possibility of each project.
Although exploration (including the acquisition of interests) are necessary to secure the area of interest or
economically recoverable reserves essential to the Group’s future sustainable business development, each
type of investment involves technological and economic risks, and failed exploration could have an adverse
effect on the results of the Group’s operations.
Board of Directors
Peter Michael
Non-Executive Chairman
Appointed: 16 September 2015 (appointed to Non-Executive Chairman on 5 March 2021)
Mr Michael 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.
Mr Michael is currently the Managing Director of a private aged care business, a private property
development business and privately-owned Real Estate Agency. He is also the Managing Director of a private
investment firm, based in Subiaco, specialising in developing resource exploration companies. He is also a
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
23
director of a not-for-profit group that specialises in delivering exercise programs for people with diabetes in
WA and Vanuatu.
Director’s Report
During the past three years, Mr Michael has served on the board of the following listed companies:
Company
Western Yilgarn NL
Appointed
September 2021
Date of Resignation
Not Applicable
Pedro Kastellorizos BSc. Geology, MAusIMM
Managing Director/Chief Executive Officer: Appointed CEO on 16 March 2022 and Managing Director on 1
June 2022.
Mr Kastellorizos is a professional geologist with over 25 years’ experience in the exploration, mining and the
corporate sectors. He has worked within senior technical and executive board positions within Australia and
London, with vast experience in commodities such as precious metals, battery metals, base metals, uranium,
molybdenum, tungsten and industrial minerals. In 2009, Mr Kastellorizos founded Genesis Resources Ltd
(ASX: GES) and held other board positions including at Eclipse Metals Ltd (ASX: EPM), Batavia Mining Ltd (ASX:
BTV), Regency Mines plc and groups Exploration Manager for Tennant Creek Gold Ltd and Thor Mining plc.
Mr Kastellorizos has a Bachelor of Science degree and is a Member of the Australasian Institute of Mining
and Metallurgy (MAusIMM).
During the past three years, he served on the board of the following listed companies:
Company
MinRex Resources Limited
Appointed
December 2020
Date of Resignation
February 2023
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 the Managing Director at Orange Minerals NL (ASX: OMX). 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.
During the past three years, he served on the board of the following listed companies:
Company
Orange Minerals NL
Askari Metals Ltd
Mantle Minerals Limited
Appointed
August 2021
July 2021
December 2022
Date of Resignation
Not Applicable
Sept 2022
Not Applicable
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
24
Director’s Report
Conrad Karageorge
Non-Executive Director
Appointed: 19 December 2022
Conrad Karageorge is a corporate adviser and resources executive with experience in precious and base
metals in Australia and Africa. Conrad is the Chief Executive Officer of Amani Gold Limited (ASX:ANL) and
non-executive director of NSW gold explorer Orange Minerals NL (ASX:OMX) and has degrees in law and
commerce. Previous board roles include Bassari Resources as a former Non-Executive Officer.
During the past three years, he served on the board of the following listed companies:
Company
Orange Minerals NL
Amani Gold Limited
Appointed
May 2021
May 2021
Date of Resignation
Not Applicable
Not Applicable
George Karageorge BAppSc. Geology, MAusIMM
Non-Executive Director: from 16 March 2022.
Managing Director/Chief Executive Officer: Appointed 21 October 2019, reverted to Non-Executive
Director from 16 March 2022.
Resigned: 14 December 2022
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.
During the past three years, Mr Karageorge served on the board of the following listed companies:
Company
MinRex Resources Limited
Appointed
December 2020
Date of Resignation
15 August 2023
Company Secretary
Johnathan Busing
Appointed: 06 December 2022
Mr Busing is a chartered accountant with 11 years’ experience including financial reporting of ASX-listed
companies, corporate compliance, corporate restructuring and taxation. Mr Busing specialises in advising
ASX-listed companies on compliance, mergers and acquisitions, consulting and statutory accounting
requirements. Mr Busing is currently the company secretary for several ASX-listed entities. He is a member
of Chartered Accountants Australia and New Zealand and holds a public practice certificate.
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
25
Director’s Report
Kavi Bekarma BSc (Hons), MPA, CA
Appointed: 20 May 2022
Resigned: 06 December 2022
Mr Bekarma is the Managing Director of TripleEight Corporate, a corporate accounting firm offering
various services for listed and non-listed companies in the mining, oil and gas, technology and bio-
technology sectors. Mr Bekarma is a Chartered Accountant of Australia and New Zealand, holds a Master’s
of Professional Accounting and a Bachelor’s Degree in Management with Information Systems.
DIRECTORS INTERESTS
At the date of this report, the Directors held the following interests in Argent Minerals Limited:
Name
Shares
Options/Performance Rights
3,000,000 Options
P. Kastellorizos
2,500,000
4,000,000 Class A, 5,000,000 Class
E and 5,000,000 Class F
Performance Rights
1,000,000 Options
Option/Performance Rights Terms
(Exercise Price and Term)
$0.05 at any time up to 13 Dec 2024
See table below for Performance
Rights’ milestones
$0.05 at any time up to 13 Dec 2024
P. Michael
D. Greenwood
-
-
C. Karageorge
666,666
2,500,000 Class A and 1,500,000
Class B Performance Rights
1,000,000 Options
See table below for Performance
Rights’ milestones
$0.05 at any time up to 13 Dec 2024
2,000,000 Class A and 1,500,000
Class B Performance Rights
-
See table below for Performance
Rights’ milestones
-
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
26
Director’s Report
Performance Rights’ Milestones
UNISSUED SHARES UNDER OPTION
At the date of this report, unissued ordinary shares of the Company under option are:
Number
Exercise Price
Expiry Date
6,000,000
3,000,000
143,500,000
$0.05
$0.06
$0.04
30 November 2024
30 November 2025
30 November 2024
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 Corporate body.
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 Group for the financial year ended 30 June 2023 is a loss after income tax of $3,858,002
(2022: $1,309,982).
A review of operations of the Group during the year ended 30 June 2023 is provided in the ‘Operations
Review’.
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
27
LIKELY DEVELOPMENTS AND EXPECTED RESULT OF OPERATIONS
Director’s Report
The Group’s focus over the next financial year will be on its key projects, Kempfield, Copperhead and
Ringville. 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.
MEETING OF DIRECTORS
During the financial year, 9 meetings of directors were held. Attendances by each director during the
year were as follows:
Director
George Karageorge (resigned 14 Dec 2022)
Peter Michael
David Greenwood
Pedro Kastellorizos
Conrad Karageorge (appointed 19 Dec 2022)
CHANGES IN THE STATE OF AFFAIRS
Directors’ Meetings
No. of Eligible
Meetings to Attend
2
9
9
9
6
No. of Meetings
Attended
2
9
9
9
6
There was no significant change in the state of affairs of the Group during the financial year.
ROUNDING OFF OF AMOUNTS
The Company is of a kind referred to in ASIC Corporations (Rounding in Financials/Directors’ Reports)
Instrument 2016/191 and consequently the amounts in the directors’ report and the financial statements
are rounded to the nearest dollar.
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
28
Remuneration Report – Audited
Director’s Report
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 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.
The Board has not formally engaged the services of a remuneration consultant to provide
recommendations when setting the specific remuneration received by directors or other key
management personnel during the financial year ended 30 June 2023.
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
29
DETAILS OF DIRECTORS AND EXECUTIVES
Director’s Report
The following table provides details of the members of key management personnel of the entity as at 30
June 2023.
Directors
Pedro Kastellorizos
Peter Michael
George Karageorge
David Greenwood
Conrad Karageorge
Position held during or since the end of the financial year ended 30 June 2023
Managing Director/Chief Executive Officer (Appointed CEO on 16 March 2022 and
Managing Director on 1 June 2022)
Non-Executive Chairman (Appointed 05 Mar 2021)
Non-Executive Director (Resigned 14 Dec 2022)
Non-Executive Director (Appointed 23 August 2021)
Non-Executive Director (Appointed 19 Dec 2022)
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.
Details of remuneration for the year ended 30 June 2023
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
Super
-annuation
Other
Benefits/Ter-
mination
Benefits
Other Long
Term
Total
Equity-settled
Share Based
Payments –
Options,
Performance
shares and
shares
%
of
Remune
ration as
Share
Payment
s
$
$
$
$
$
$
Directors
P. Kastellorizos
2023 (ii)
2022
P. Michael
2023
2022
G. Karageorge
2023 (i)
2022
292,000
130,528
30,000
-
-
-
40,000
40,000
-
-
4,200
4,000
43,556
45,716
28,890
31,780
24,500
200,725
-
30,000
-
-
43,746
345,190
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
-
-
-
-
-
-
365,556
176,244
73,090
75,780
68,246
575,915
12%
26%
40%
42%
64%
60%
30
Director’s Report
D. Greenwood
2023 (iii)
2022
C. Karageorge
2023 (iv)
2022
S. Till
2023 (v)
2022
2023 TOTAL
2022 TOTAL
42,000
36,131
21,000
-
-
7,300
419,500
414,684
-
-
-
-
-
-
-
-
-
-
30,000
30,000
-
-
4,200
4,200
28,153
31,780
-
-
-
-
144,345
454,466
-
-
-
-
-
-
-
-
70,153
67,911
40%
47%
21,000
-
-
7,300
598,045
903,150
-
-
-
-
24%
50%
(i) Reverted to Non-Executive Director from 16 March 2022. Prior to that, Mr Karageorge was Managing
Director/Chief Executive Officer. Amount in ‘Other Benefits’ represents bonus paid in FY2022. Resigned 14
December 2022
(ii) Appointed CEO on 16 March 2022 and Managing Director on 1 June 2022. Amount in ‘Other Benefits’ represents
Car/Travel allowance paid in FY2023.
(iii) Appointed on 23 August 2021.
(iv) Appointed on 19 December 2022.
(v) Resigned 23 August 2021
Options Granted as Compensation
There were 3,000,000 options granted to Mr Pedro Kastellorizos as compensation during the year.
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 Pedro Kastellorizos whereby Mr
Kastellorizos receives remuneration of $292,000 per annum (exclusive of GST) with a car allowance of
$2,500 per month (exclusive of GST). The agreement may be terminated subject to a 3-month notice
period.
Effective 16 March 2022, the varied consultancy agreement with Mr George Karageorge stipulates a
remuneration of $42,000 per annum (exclusive of GST). Prior to 16 March 2022, pursuant to the
consultancy agreement, Mr Karageorge was entitled to a remuneration of $242,000 per annum (exclusive
of GST) with a car allowance of $2,500 per month (exclusive of GST).
The terms of appointment of Mr Peter Michael, Mr David Greenwood and Mr. Conrad Karageorge are
detailed in letter of appointments. Mr Michael is entitled to a fee of $40,000 per annum (plus
superannuation), Mr Greenwood is entitled to a fee of $42,000 per annum (exclusive of GST). Their
appointments may be terminated by written notice by each party.
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
31
Ordinary shareholdings of key management personnel
Director’s Report
KMP
Net other change
Balance at
1 July 2022
-
3,297,195
10,535,109
-
-
2,500,000
P. Kastellorizos (i)
(3,297,195)
P. Michael
(10,535,109)
G. Karageorge (ii)
-
D. Greenwood (iii)
C. Karageorge (iv)
666,666
(i) Appointed CEO on 16 March 2022 and Managing Director on 1 June 2022.
(ii) Resigned 14 December 2022.
(iii) Appointed on 23 August 2021.
(iv) Appointed on 19 December 2022.
Balance at
30 June 2023
2,500,000
-
-
-
666,666
Option holdings of key management personnel
KMP
P. Kastellorizos (i)
P. Michael
G. Karageorge(ii)
D. Greenwood (iii)
C. Karageorge (iv)
Balance at
1 July 2022
-
5,000,000
3,000,000
1,000,000
-
Issued
Expired
3,000,000
-
-
-
-
-
(4,000,000)
(3,000,000)
-
-
Balance at
30 June 2023
(vested and exercisable)
3,000,000
1,000,000
-
1,000,000
-
(i) Appointed CEO on 16 March 2022 and Managing Director on 1 June 2022.
(ii) Resigned 14 December 2022.
(iii) Appointed on 23 August 2021.
(iv) Appointed on 19 December 2022.
Unless the Board determines otherwise, an Option may only be exercised if, at the time of exercise,
the holder remains employed or engaged by the Company.
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
32
Performance Rights holdings of key management personnel
Director’s Report
KMP
Balance at
1 July 2022
Issued
Lapsed/Balance on
Resignation
Balance at
30 June 2023
P. Kastellorizos
(i)
-
1,500,000 Class A
1,500,000 Class B
5,000,000 Class A
5,000,000 Class B
2,000,000 Class C
500,000 Class D
1,500,000 Class A
1,500,000 Class B
P. Michael
G. Karageorge
(ii)
D. Greenwood
(iii)
C. Karageorge
(iv)
4,000,000 Class A
2,500,000 Class C
5,000,000 Class E
5,000,000 Class F
(2,500,000 Class C)
1,000,000 Class A
-
(6,750,000) Class A
(5,000,000) Class B
(2,000,000) Class C
(500,000) Class D
1,750,000 Class A
500,000 Class A
4,000,000 Class A
5,000,000 Class E
5,000,000 Class F
2,500,000 Class A
1,500,000 Class B
-
-
-
2,000,000 Class A
1,500,000 Class B
-
-
-
(i) Appointed CEO on 16 March 2022 and Managing Director on 1 June 2022.
(ii) Resigned 14 December 2022.
(iii) Appointed on 23 August 2021.
(iv) Appointed on 19 December 2022.
On 03 March 2023, 2,000,000 Class C Performance Rights had vested and issued to George
Karageorge and on 26 March 2023, 2,500,000 Class C Performance Rights had vested and issued to
Pedro Kastellorizos.
Incentive share-based payments arrangements
The company issued 3,000,000 unlisted options to directors and management exercisable at $0.06
with 30 November 2025 expiry date.
The company issued 19,750,000 performance rights to directors in four different classes, each with
its own specific vesting milestone. The performance rights vest on the date that the performance
milestone relating to the performance right has been satisfied.
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
33
Director’s Report
The following inputs were used for the valuation of the above-mentioned options and performance
rights:
INCENTIVE OPTIONS
PERFORMANCE RIGHTS
ITEM
ARDOPT6
ARD0PT7
(i)
CLASS A
CLASS C
CLASS E
CLASS F
Fair value per
option/Rights
Number of
options/Rights
Exercise price
/Target Share
price
Expected
volatility
Implied
option/rights
life
Expected
dividend yield
$.0042
$.0046
$0.0127
$0.016
$0.012
$0.0116
3,000,000
43,500,000
7,250,000
2,500,000
5,000,000
5,000,000
$0.06
$0.04
$0.050
$Nil
$0.060
$0.080
85%
100%
100%
85%
100%
100%
3 years
2 years
5 years
0.5 years
5 years
5 years
Nil
Nil
Nil
Nil
Nil
Nil
Risk free rate
3.44%
3.11%
3.28%
3.585%
3.28%
3.28%
Underlying
share price at
grant date
$0.016
$0.015
$0.015
$0.016
$0.015
$0.016
Grant Date
30/11/2022 30/11/2022 30/11/2022 30/11/2022 30/11/2022 30/11/2022
Vesting
Period
3 years
2 years
5 years
Vested
5 years
5 years
The Performance Rights vesting conditions are as follows (as at 30 June 2023, none of the
performance milestones have been met):
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
34
Consequences of performance on shareholder wealth
Director’s Report
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.
2023
2022
2021
2020
2019
Net loss attributable to equity
holders of the Company
Share price as at 30 June
Change in share price (cents)
$3,884,874
0.010
(3.6)
$1,309,982
0.013
(1.5)
$2,110,006
0.040
1.9
$2,185,012
0.021
(1.4)
$3,539,654
0.012
(0.9)
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.
Relative proportion of fixed vs variable remuneration expense
Name
Key Management
Personnel
Pedro Kastellorizos
Peter Michael
George Karageorge
David Greenwood
Conrad Karageorge
Fixed
Remuneration
2023
Variable
Remuneration
2023
88%
60%
36%
60%
100%
12%
40%
64%
40%
-
Bonuses
No bonuses were paid to key management personnel during the financial year (2022: $30,000).
Option exercised
No share options were exercised by key management personnel during the year.
Loan and Other transactions with KMP
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 0.08% of votes against, and no specific feedback on, its Remuneration Report at
its Annual General Meeting held on 30 November 2022. The Resolution passed by a poll.
This is the end of the remuneration report
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
35
INDEMNIFICATION OF DIRECTORS AND OFFICERS
Director’s Report
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.
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
In July 2023, the Company announced the commencement and completion of a regional rock chip
sampling program over the potential rare earth (REE) and potential lithium (Li) targets defined over the
100% owned Copperhead Project.
In July 2023, the Company announced that it received the final drill assay results from the seven (7)
diamond drillholes completed over the Kempfield Polymetallic Deposit in NSW. Following highly
successful RC drilling on January 2023, Agent has completed the follow-up diamond drilling program over
the Main Zone of the Kempfield Deposit along with 2 diamond holes over the Colossal Reef Zone and the
eastern section of the Henry Zone area. The goal of the seven (7) Diamond Drillholes (1,101.5m total) was
to extend the new Ag-Pb-Zn zones at depth from the 2023 RC drilling campaign.
In August 2023, the Company issued 8,000,000 of Unlisted options for the Lead Manager with an exercise
price of $0.04 as approved at the General Meeting with 96.20% approval rate.
In September 2023, the Company announced an upgraded Mineral Resource Estimate (“MRE”) for the
Kempfield Silver Deposit located within its 100%-owned Kempfield Ag-AU-Pb-Zn Project in New South
Wales. The Kempfield Silver Deposit Mineral Resource now stands at 38.9Mt @ 102g/t silver equivalent
(‘Ag Eq’) for 127.5 million ounces of silver, a 28% increase of from the previous Mineral Resource
Estimation. In September 2023, the Company announced the completion of the second helicopter-borne
rock chip reconnaissance survey over the Copperhead Project within the Gascoyne Region of Western
Australia.
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 Group, the results of those
operations, or the state of the affairs of the Group in future financial years.
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
36
PROCEEDINGS ON BEHALF OF THE COMPANY
Director’s Report
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.
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 – BDO (WA)
Other services
Taxation Compliance – BDO WA
2023
$
58,626
58,626
14,155
14,155
2022
$
59,022
59,022
13,207
13,207
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
37
Director’s Report
Lead Auditor’s Independence Declaration
The Lead Auditor’s Independence is included on page 39 of this annual report.
This directors’ report has been signed in accordance with a resolution of the directors made pursuant to
s.298(2) of the Corporations Act 2001.
On behalf of the directors,
Mr Pedro Kastellorizos
Managing Director/Chief Executive Officer
Perth, 29 September 2023
ARGENT MINERALS LIMITED
Level 2, 7 Havelock Street, West Perth WA 6005, PO Box 308, West Perth WA 6872
T: +61 8 6311 2818 | E: info@argentminerals.com.au
ABN: 89 124 780 276
38
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
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 2023, 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 2023
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.
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
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 2023, 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 2023 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.
Material uncertainty related to going concern
We draw attention to Note 2 in the financial report which describes the events and/or conditions which
give rise to the existence of a material uncertainty that may cast significant doubt about the group’s
ability to continue as a going concern and therefore the group may be unable to realise its assets and
discharge its liabilities in the normal course of business. Our opinion is not modified in respect of this
matter.
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.
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. In addition to the matter described in the Material uncertainty
related to going concern section, we have determined the matters described below to be the key audit
matters to be communicated in our report.
Acquisition of the Copperhead Project
Key audit matter
How the matter was addressed in our audit
In November 2022 the Company entered into an
Our procedures included but were not limited to:
agreement to acquire Copperhead Resources Pty Ltd
which was completed on 30 November 2022.
• Reviewing the relevant agreements to obtain an
understanding of the contractual nature and terms
In accordance with the accounting standards,
and conditions of the acquisition transaction;
management are required to assess whether the
acquisition constitutes a business combination.
• Reviewing management's application of AASB 3 in
determining the correct accounting treatment for the
Management concluded that the acquisition did not
acquisition;
meet the definition of a business. The basis for this is
that Copperhead Resources Pty Ltd did not qualify as a
business as it did not have an integrated set of activities
and assets which were capable of being, or managed, to
provide a return.
• Reviewing management’s determination of the fair
value of the assets acquired for appropriateness. It
was noted that as the tenements acquired are early
stage exploration assets their fair value was unable to
be accurately determined by management and as such
Accounting for the acquisition of the Copperhead
the fair value of the assets was calculated by
Project is a key audit matter as it can be complex and
reference to the fair value of equity instruments
requires judgment and the use of assumptions regarding
issued;
their recognition and measurement.
• Recalculating the fair value of equity instruments
issued; and
• Considered the adequacy of disclosures in Note 3(a)
and 7, including estimates and judgements applied
within the financial report.
2
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 2023, 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.
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 at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
3
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 28 to 34 of the directors’ report for the
year ended 30 June 2023.
In our opinion, the Remuneration Report of Argent Minerals Limited, for the year ended 30 June 2023,
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 2023
4
DIRECTORS' DECLARATION
1.
In the opinion of the directors of Argent Minerals Limited (the Company):
(a)
the consolidated financial statements and notes thereto and the Remuneration Report in the
Directors Report 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 2023 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 (Equivalent) for the financial year
ended 30 June 2023.
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.
On behalf of the directors,
Mr Pedro Kastellorizos
Managing Director/Chief Executive Officer
Perth, 29 September 2023
44
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2023
Other Income
Administration and Consultant's expenses
Depreciation expenses
Employee and director expenses
Exploration and evaluation expenses
Legal expenses
Share-based payment
Other expenses
Operating loss before financing income
Interest income
Interest expense
Net finance income
Loss before tax
Income tax expense
Loss for the year
Other comprehensive income/(loss)
Total comprehensive (loss) for the period
Note
6
7,14
7
23
6
10
5
30-Jun-23
$
30-Jun-22
$
4,757
(476,611)
(55,554)
(545,369)
(2,702,318)
(70,513)
(140,160)
(7,659)
(3,993,428)
590,185
(177,846)
(145,256)
(506,263)
(565,204)
(38,646)
(418,490)
(5,836)
(1,267,356)
185,669
(50,243)
135,426
17
(42,643)
(42,626)
(3,858,002)
(1,309,982)
-
-
(3,858,002)
(510,000)
(4,368,002)
(1,309,982)
410,000
(899,982)
Basic and diluted loss per share (cents)
(3.6)
(1.5)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in
conjunction with the accompanying notes.
45
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
Note
30-Jun-23
$
30-Jun-22
$
Current assets
Cash and cash equivalents
Trade and other receivables
Other assets
Financial assets (FVTOCI)
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
Short-term Lease liability
R&D claims repayable
Total current liabilities
Non-current liabilities
Long-term lease liability
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
9
11
12
13
24
14
15
17
16
22
16
19
19
1,976,283
146,987
-
420,000
2,543,270
1,785,225
76,953
11,448
930,000
2,803,626
183,648
240,228
60,221
484,097
3,027,367
141,648
260,096
101,602
503,346
3,306,972
174,100
35,534
-
209,634
59,882
31,974
497,166
589,022
32,156
32,156
241,790
70,622
70,622
659,644
2,785,577
2,647,328
42,575,173
595,092
(40,384,688)
2,785,577
38,297,590
876,424
(36,526,686)
2,647,328
The above Consolidated Statement of Financial Position should be read in conjunction with the
accompanying notes.
46
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
Balance at 1 July 2021
Loss for the year
Other comprehensive income
Total comprehensive loss for the period
Shares issued during the period
Share-based payments
Share issue costs
Balance at 30 June 2022
Share Capital
$
Financial Asset
Reserve
$
-
38,093,320
-
-
- 410,000
- 410,000
-
204,270
-
-
-
38,297,590
410,000
-
Share Based
Payments
Reserve
$
249,220
-
-
-
217,204
-
-
Accumulated
losses
$
(35,216,704)
(1,309,982)
Total Equity
$
3,125,836
(1,309,982)
- 410,000
(899,982)
- 421,474
-
-
-
(1,309,982)
-
2,647,328
466,424
(36,526,686)
Balance at 1 July 2022
Loss for the year
Other comprehensive income/(loss)
Total comprehensive loss for the year
Issue of shares as consideration for asset acquisition
Shares issued during the period
Share-based payments
Share issue costs
Balance at 30 June 2023
38,297,590
-
-
-
1,305,000
3,192,200
-
(219,617)
42,575,173
410,000
-
(510,000)
(100,000)
-
-
-
-
(100,000)
466,424
-
-
-
-
-
228,668
-
(36,526,686)
(3,858,002)
-
(3,858,002)
-
-
-
-
695,092
(40,384,688)
2,647,328
(3,858,002)
(510,000)
(4,368,002)
1,305,000
3,192,200
228,668
(219,617)
2,785,577
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
47
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
Cash flows from operating activities
Expenditure on mining interests
Payments to suppliers and employees
R&D Repayment
Interest received
Net cash (used in) operating activities
Cash flows from investing activities
Proceeds from disposal of motor vehicle
Payments for plant and equipment
Payments for security deposits
Loan to third party
Net cash provided by investing activities
Cash flows from financing activities
Issue of Shares
Lease Payments
Capital raising costs
Net cash provided by/ (used in) financing activities
Note
30-Jun-23
$
30-Jun-22
$
(792,912)
(1,480,424)
(497,166)
185,669
(2,584,833)
(751,967)
(1,157,667)
-
17
(1,909,617)
20
58,300
(1,633)
(42,000)
24,717
39,384
53,000
(9,995)
(10,000)
-
33,005
2,992,824
(31,250)
(225,067)
2,736,507
2,985
(88,175)
-
(85,190)
Net increase/(decrease) in cash and cash equivalents
191,058
(1,961,802)
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
9
1,785,225
1,976,283
3,747,027
1,785,225
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying
notes.
48
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
1 REPORTING ENTITY
Argent Minerals Limited (the 'Company') is a company domiciled in Australia. The principal place of business
and registered office address of the Company is Level 2, 7 Havelock Street, West Perth, WA 6005. The
consolidated financial statements of the Company as at and for the year ended 30 June 2023 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 Company is of a kind referred to in ASIC Corporations (Rounding in
Financial/Directors’ Reports) Instrument 2016/191 and consequently amounts in the directors’ report and
the financial report have been rounded off to the nearest dollar.
The consolidated financial statements were authorised for issue by the directors on 29 September 2023.
(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)
Note 3(a)
10
Note
23
Note
- Going concern
- Acquisition accounting
- Unrecognised deferred tax asset
-
Share-based payments
49
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
2 BASIS OF PREPARATION (cont’d)
(e) Going concern
The financial statements have been prepared on a going concern basis, which contemplates the continuity
of normal business activity and the realisation of assets and settlement of liabilities in the normal course of
business. The company incurred a net loss of $3,884,874 for the year ended 30 June 2023 and had a net
cash outflow from operations including exploration and evaluation activities of $2,584,833 for the financial
year. Notwithstanding this, the financial report has been prepared on going concern basis which the
Directors consider to be appropriate based upon the available unrestricted cash assets of $1,976,283 as at
reporting date.
The ability of the group to continue as a going concern is dependent on the Company being able to raise
additional funds as required to meet ongoing and budgeted exploration commitments and for working
capital. These conditions indicate a material uncertainty that may cast significant doubt about the
Company’s ability to continue as a going concern and, therefore, it may be unable to realise its assets and
discharge its liabilities in the normal course of business. The Directors believe that they will be able to raise
additional capital as required and are in the process of evaluating the Company’s cash requirements. The
Directors believe that the Company will continue as a going concern. As a result, the financial report has
been prepared on a going concern basis. However, should the Company be unsuccessful in undertaking
additional raisings, the Company may not be able to continue as a going concern. No adjustments have
been made relating to the recoverability and classification of liabilities that might be necessary should the
Company not continue as a going concern.
Should the going concern basis not be appropriate, the entity may have to realise its assets and extinguish
its liabilities other than in the ordinary course of business and at amounts different from those stated in
the financial report. No allowance for such circumstances has been made in the financial report.
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) Acquisition Accounting
In determining when an acquisition is determined to be an asset acquisition and not a business, significant
judgement is required to access whether the assets acquired constitute a business In accordance with AASB
3 Business Combinations. Under AASB 3 a business is an integrated set of activities and assets that is capable
of being conducted or managed for the purpose of providing a return, and consists of inputs and processed,
which when applied to those has the ability to create outputs.
When an asset acquisition does not constitute a business combination, the assets and liabilities are assigned
a carrying amount based on their relative fair values in an asset purchase transaction and no deferred tax
will arise in relation to the acquired assets and assumed liabilities as the initial recognition exemption for
deferred tax under AASB 112 applies. No goodwill will arise on the acquisition and transaction costs of the
acquisition will be included in the cost of the acquisition. Where the value of the assets acquired is unable
to be reliably measured, the cost of the acquisition will be measured at the fair value of consideration
transferred.
50
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
3 SIGNIFICANT ACCOUNTING POLICIES (cont’d)
(b) 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.
(c) 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.
(d) 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
51
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
3 SIGNIFICANT ACCOUNTING POLICIES (cont’d)
(e) 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.
(f) 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.
52
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
3 SIGNIFICANT ACCOUNTING POLICIES (cont’d)
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.
53
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
3 SIGNIFICANT ACCOUNTING POLICIES (cont’d)
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
54
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
3 SIGNIFICANT ACCOUNTING POLICIES (cont’d)
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.
(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.
55
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
3 SIGNIFICANT ACCOUNTING POLICIES (cont’d)
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.
(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
56
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
3 SIGNIFICANT ACCOUNTING POLICIES (cont’d)
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.
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 Group 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 Group 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 Group'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.
57
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
3 SIGNIFICANT ACCOUNTING POLICIES (cont’d)
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 Argent Minerals
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.
(p) Current and Non-Current Classification
Assets and liabilities are presented in the consolidated statement of financial position based on current and
noncurrent classification.
An asset is classified as current when:
•
it is either expected to be realised or intended to be sold or consumed in the Group’s normal operating
cycle;
it is held primarily for the purpose of trading;
it is expected to be realised within 12 months after the reporting period; or
the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability
for at least 12 months after the reporting period.
•
•
•
All other assets are classified as non-current.
A liability is classified as current when:
•
•
•
•
it is either expected to be settled in the Group’s normal operating cycle;
it is being held primarily for the purpose of trading;
it is due to be settled within 12 months after the reporting period; or
there is no unconditional right to defer the settlement of the liability for at least 12 months after the
reporting period.
All other liabilities are classified as non-current.
58
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
4 NEW OR AMENDED ACCOUNTING STANDARDS AND INTERPERATIONS ADOPTED
The Group 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.
New and revised Standards and amendments thereof and Interpretations effective for the current reporting
period that are relevant to the Group include:
AASB 2020-8 Amendments to Australian Accounting Standards – Interest Rate Benchmark Reform –
Phase 2
Amends AASB 4 Insurance Contracts, AASB 9 Financial Instruments: Recognition and Measurement, AASB 7
Financial Instruments: Disclosures and AASB 16 Leases to address issues that may affect financial reporting
during interest rate benchmark reform, including the effect of changes to contractual cash flows or hedging
relationships resulting from the replacement of an interest rate benchmark with an alternative benchmark
rate.
The adoption of this Amendment has had no significant impact on the disclosures or the amounts
recognised in the Group’s consolidated 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.
Fair value through other comprehensive income
The Group has investments in listed entities which are not accounted for as subsidiaries, associates or
jointly controlled entities. For those investments, the Group has made an irrevocable election to classify
the investments at fair value through other comprehensive income rather than through profit or loss as the
Group considers this measurement to be the most representative of the business model for these assets.
They are carried at fair value with changes in fair value recognised in other comprehensive income and
accumulated in the fair value through other comprehensive income reserve. Upon disposal, any balance
within fair value through other comprehensive income reserve is reclassified directly to retained earnings
and is not reclassified to profit or loss.
Fair value measurement
Fair value hierarchy
The following table details the Group’s assets and liabilities, measured or disclosed at fair value, using a
three-level hierarchy, based on the lowest level of input that is significant to the entire fair value
measurement, being:
-
-
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group
can access at the measurement date.
Level 2: Inputs other than quoted price included within Level 1 that are observable for the asset or
liability, either directly or indirectly.
59
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
5 DETERMINATION OF FAIR VALUES (cont’d)
-
Level 3: Unobservable inputs for the asset or liability.
Consolidated - 2023
Assets
Ordinary shares at fair value through profit or loss
Ordinary shares at fair value through other
comprehensive loss
Total assets
Level 1
$
Level 2
$
Level 3
$
Total
$
-
(510,000)
(510,000)
-
-
-
-
-
-
-
(510,000)
(510,000)
Assets and liabilities held for sale are measured at fair value on a non-recurring basis.
There were no transfers between levels during the financial year.
The carrying amount of trade and other receivables and trade and other payables are assumed to
approximate their fair values due to their short-term nature.
The fair value of financial liabilities is estimated by discounting the remaining contractual maturities at the
current market interest rate that is available for similar financial liabilities.
Share-based payment transactions
The fair value of the employee share options is measured using the Black-Scholes formula. Market based
performance rights have been valued using a Barrier Up-and-In Trinomial Pricing Model. 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 & INTEREST INCOME
Rental Income
MinRex Resources Limited shares received (refer note 13)
Gain on sale of Motor vehicles
Miscellaneous income
OTHER INCOME
Interest income from term deposits
R & D claim - interest adjustment
INTEREST INCOME
2023
$
4,091
-
-
666
4,757
24,417
161,253
185,669
2022
$
-
520,000
8,984
61,201
590,185
17
-
17
60
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
EXPENSES
7
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
Depreciation
- Land and Building
- Motor Vehicle
- Plant and equipment
- Right of Use Asset
Exploration and evaluation expenditure expensed as incurred
EXPLORATION AND EVALUATION EXPENSES
Exploration expenditures
Acquisition of Copperhead Resources Pty Ltd (i)
Total exploration and evaluation expenses
2023
$
2022
$
58,626
59,022
12,155
-
9,347
34,052
2,702,318
2023
$
1,087,274
1,615,044
2,702,318
24,308
12,197
13,643
95,108
565,204
2022
$
565,204
-
565,205
(i)
In November 2022 the Company entered into an agreement to acquire Copperhead Resources Pty Ltd which was
completed on 30 November 2022. Total consideration for the acquisition constituted of 87,000,000 shares and
43,500,000 options with the terms as outlined in Note 7. The acquisition did not constitute a business combination given
Copperhead Resources Pty Ltd did not constitute a business in accordance with AASB 3 Business Combinations. The
acquisition has been valued using the fair value of equity transferred as consideration on the date of acquisition rather
than the fair value of the asset acquired as it was deemed that the fair value of the exploration assets could not be reliably
measured. The total value of shares issued was $1,305,000, the total value of options issued was $198,509 and additional
costs of $111,535 were incurred relating to the acquisition.
8
LOSS PER SHARE
The calculation of basic and diluted loss per share at 30 June 2023 was based on the loss attributable to
ordinary shareholders of $3,884,874 (2022: $1,309,982) and a weighted average number of ordinary shares
outstanding during the financial year ended 30 June 2023 of 1,065,330,587 (2022: 880,240,990).
Net loss for the year
Weighted average number of ordinary shares
2023
$
2022
$
3,884,874
1,309,982
2023
Number
1,065,330,587
2022
Number
880,240,990
As the Company is loss making, none of the potentially dilutive securities are currently dilutive.
61
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
2023
$
2022
$
9 CASH AND CASH EQUIVALENTS
Cash at bank
1,976,283
1,785,225
Cash and cash equivalents in the statement of cash flows
1,976,283
1,785,225
Refer to the risk management section at note 24, which contains exposure analysis for cash and cash
equivalents.
INCOME TAX EXPENSE
10
Current tax expense
Deferred tax expense
Numerical reconciliation between tax expense and pre-tax
net profit
Loss before tax - continuing operations
Prima facie income tax benefit at 30% (2022: 30%)
Increase in income tax expense due to:
- Adjustments not resulting in temporary differences
- Effect of tax losses not recognised
- Unrecognised temporary differences
2023
$
2022
$
-
-
-
-
-
-
(3,858,002)
(1,309,982)
(1,157,401)
(392,995)
61,419
591,903
504,079
126,405
316,228
(49,638)
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
759,359
10,576,378
11,335,737
102,864
10,235,458
10,338,322
The deductible temporary differences and tax losses do not expire under the current tax legislation.
The future recovery of these losses is subject to the Company satisfying the requirements imposed by
the regulatory taxation authorities and passing the required continuity of ownership and same business
test rules at the time the losses are expected to be utilised. 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.
62
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
11 TRADE AND OTHER RECEIVABLES
Prepayments
Other receivables
2023
$
13,756
133,231
146,987
2022
$
329
76,623
76,953
The above aging of debtors are all current and nil expected credit losses has been raised.
12 OTHER ASSETS
Current prepayments - Insurance
13 FINANCIAL ASSETS (FVTOCI)
Balance at beginning of reporting period
Shares received from ASX listed company(i)
Revaluation movement during the period
Balance at end of reporting period
-
11,448
2023
$
930,000
-
(510,000)
420,000
2022
$
-
520,000
410,000
930,000
(i) On 21 July 2021, the Company received 5,000,000 MinRex Resources Limited shares as part consideration for Sunny Corner
Farm-In. On 17 September 2021, the Company received 25,000,000 MinRex Resources Limited shares as additional payment
for the Sunny Corner Farm-In takeover. As at 30 June 2023, these shares were revalued at a closing rate of $0.0140 per share.
The directors of the Company have designated these investments as Fair Value Through Other Comprehensive Income or
(FVTOCI).
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
Plant and equipment - at cost
Accumulated depreciation
2023
$
2022
$
502,763
(277,586)
225,177
182,067
(167,016)
15,051
19,621
(19,621)
-
502,763
(265,431)
237,332
180,433
(157,669)
22,764
19,621
(19,621)
-
Total plant and equipment - net book value
240,228
260,096
63
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
14 PROPERTY, PLANT AND EQUIPMENT (cont’d)
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 30 June
Plant and equipment
Balance at 1 July
Additions
Disposals
Depreciation
Carrying amount at 30 June
Motor Vehicle
Balance at 1 July
Additions
Disposals
Depreciation
Carrying amount at 30 June
2023
$
237,332
-
(12,155)
225,177
22,764
1,634
-
(9,347)
15,051
-
-
-
-
-
2022
$
261,640
-
(24,308)
237,332
26,412
9,995
-
(13,643)
22,764
56,212
-
(44,015)
(12,197)
-
Total carrying amount at 30 June
240,228
260,096
15 RIGHT OF USE ASSET
Office Lease
Balance at 1 July
Additions (i)
Disposal
Adjustments (ii)
Depreciation
2023
$
101,602
-
-
(7,329)
(34,052)
60,221
2022
$
225,218
106,872
(135,380)
-
(95,108)
101,602
(i) On 7 May 2022, Argent Minerals Limited entered into an office lease arrangement with a 36-month term with an option to
extend for an additional 12 months. Annual Rent is $30,000 with a fixed increase of 5% from exercising of the option. The right
of use asset has been assessed at an incremental borrowing rate of 5%. Total cash outflow to date was $5,000 and interest
charged for the year was $724 for the year. The old lease arrangement entered into in the previous year was terminated during
the year.
(ii) On 31 December 2022, Argent Minerals adjusted the lease liability and right-of-use asset of the office lease agreement
entered last 7 May 2022 to correct the amount to $99,545 instead of 106,872.
64
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
16 LEASE LIABILITIES
Office lease
Lease liabilities - current
Lease liabilities - non-current
Office Lease Reconciliation
Balance at 1 July
Disposal
Additions
Interest
Lease Payment
Adjustments (i)
Closing Balance
2023
$
35,534
32,156
67,690
102,596
-
-
3,673
(31,250)
(7,329)
67,690
2022
$
31,974
70,622
102,596
233,832
(145,657)
106,872
7,549
(100,000)
-
102,596
(i) On 31 December 2022, Argent Minerals adjusted the lease liability and right-of-use asset of the office lease agreement
entered last 7 May 2022 to correct the amount to $99,545 instead of 106,872.
Refer to the risk management section at note 24, which contains exposure analysis for lease liabilities.
17 TRADE AND OTHER PAYABLES
Current
Trade creditors
Accruals – exploration, admin and director fees
2023
$
132,527
41,573
174,100
2022
$
38,319
21,567
59,886
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
There was 1 employee in the current reporting period (2022: 0).
2023
$
5,769
5,769
2022
$
-
-
65
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
19 CAPITAL AND RESERVES
30 June 2023
30 June 2022
$
$
At the beginning of the reporting period
38,297,590
38,093,320
Issue of 2,528,089 shares as part payment of a fee, per the "Box Hill" Park
agreement.
Issue of fully paid ordinary shares at $0.015 each on 09 November pursuant
to a placement to sophisticated investors of the Company
Issue of fully paid ordinary shares at $0.015 each pursuant to the acquisition
of 100% of Copperhead Resources Pty Ltd.
Issue of shares to Consultant on the conversion of invoices totalling $37,200
on a 20day VWAP
Issue of fully paid ordinary shares on vesting of 2,000,000 Class C
Performance Rights
Issue of fully paid ordinary shares on vesting of 2,500,000 Class C
Performance Rights
Conversion of Options on 29 October 2021 @ $0.05
Issue of 5,000,000 shares as part of AGM Approval 30 November 2021
Issue of 821,428 shares for part payment of a fee @ $0.32
Share issue costs
Balance at end of reporting period
(a) Movement in ordinary shares
At the beginning of the reporting period
Shares issued during the reporting period
45,000
3,000,000
1,305,000
37,200
70,000
40,000
-
-
-
(219,617)
-
-
-
-
-
-
2,985
175,000
26,285
-
42,575,173
38,297,590
30 June 2023
30 June 2022
Number
882,730,253
Number
876,849,124
296,250,970
5,881,129
Balance at the end of the financial year
1,178,981,223
882,730,253
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.
66
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
19 CAPITAL AND RESERVES (cont’d)
Option Premium Reserves
At the beginning of the year
Share-based payment
Balance at the end of the year
Financial Asset Reserve
At the beginning of the year
Revaluation during the year
Balance at the end of the year
2023
$
466,424
228,668
695,092
2023
$
410,000
(510,000)
(100,000)
2022
$
249,220
217,204
466,424
2022
$
-
410,000
410,000
Unlisted options to take up ordinary shares in the capital of the Company have been granted as follows:
Exercise Period
On or before 27
October 2022
On or before 30
November 2024
On or before 30
November 2024
On or before 30
November 2025
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
On or before 30
November 2024
Exercise
Price
Opening
Balance
1 July 2022
Options Issued
(i)
Options (Expired)
Closing Balance
30 June 2023
$0.03
15,000,000
-
(15,000,000)
-
$0.05
6,000,000
-
$0.04
-
143,500,000
$0.06
-
3,000,000
-
-
-
6,000,000
143,500,000
3,000,000
Exercise
Price
Opening
Balance
1 July 2021
$0.03
4,000,000
$0.06
3,000,000
$0.10
3,500,000
$0.031
15,000,000
Options Issued (ii)
Options (Expired)
Closing Balance
30 June 2022
-
-
-
(4,000,000)
(3,000,000)
(3,500,000)
-
-
-
-
-
15,000,000
6,000,000
$0.05
-
6,000,000
(i)
On 5 December 2022, the Company issues, 143,500,000 (43,500,000 part of consideration on the
acquisition of Copperhead Resources Pty Ltd and 100,000,000 as free attaching options on the
issuance of 200,000,000 fully paid ordinary shares) @$0.04 & 3,000,000 @$0.06 unlisted options to
its employees under the Employee Share Scheme. These options expire on 30 November 2024 & 30
November 2025, respectively. Refer to note 23 for further details.
(ii) On 30 November 2021, the Company issued 6,000,000 @$0.05 unlisted options to its employees
under the Employee Share Scheme. These options expire on 30 November 2024. Refer to note 23 for
further details.
67
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
(iii) On 1 November 2021, the Company issued 59,701 shares for the exercise of 59,701 @$0.05 listed
options.
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
Impairment of lease asset
Non-cash exploration
Other income
Changes in assets and liabilities
Decrease in R&D claims payable
(Increase)/decrease in receivables and prepayments
(Decrease)/increase in payables and provisions
2023
$
2022
$
(3,858,002)
(1,309,982)
55,554
140,160
-
1,547,797
(4,091)
(497,166)
(58,586)
89,500
145,256
418,490
42,643
(135,380)
-
(540,000)
-
(56,446)
(474,198)
Net cash used in operating activities
(2,584,834)
(1,909,617)
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.
21 RELATED PARTIES
Key management personnel and director transactions
The following key management personnel hold 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:
• Mr Karageorge and Mr Kastellorizos are directors of MinRex Resources Limited (ASX: MRR). As at 30
June 2023, Argent Minerals Limited owned 30,000,000 shares in MRR.
Key management personnel compensation
During the year ended 30 June 2023, compensation of key management personnel totalled $598,045 (2022:
$903,150), which comprised primarily of salary, fees and other benefits of $449,500 (2022: $444,683),
superannuation of $4,200 (2022: $4000) and share-based payments of $138,783 (2022: $454,466).
The Directors included in the above amounts are George Karageorge (resigned 14 December 2022), David
Greenwood, Peter Michael, Pedro Kastellorizos and Conrad Karageorge (appointed on 19 December 2022).
68
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
22 R&D CLAIMS REPAYABLE
R&D Claim repayable
2023
$
-
2022
$
497,166
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 22 May 2020, Argent entered into
a negotiated arrangement with the ATO around the settlement of the amounts, with a payment plan to be
agreed. Currently, the Company is still under the arrangement to make $10,000 monthly payment.
At 30 June 2022, a provision for $497,166 (2021: $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.
The Company accrued an overall General Interest Charge (GIC) of $118,082 (2022: $34,006).
During the period, the Company repaid the R&D claim of $497,166. There are no further liabilities
associated with the R&D claim repayable as at 30 June 2023.
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.
During the financial year, the Company incurred share-based payment expense of $140,160 (2022:
$418,490), being the fair value expensed over management’s best estimate of the vesting periods, through
the issue of options and performance rights:
69
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
23 SHARE-BASED PAYMENTS (cont’d)
Issue of options to directors and management (i)
Issue of performance rights to directors (ii)
Issue of performance rights to directors
Issue of shares to directors
Share based payments expense in the profit and loss
30-Jun-23
$
(16,216)
93,424
62,952
-
140,160
30-Jun-22
$
57,742
-
159,462
201,286
418,490
(i)
(ii)
Issue of 3,000,000 unlisted options to directors and management exercisable at $0.06 with 30
November 2025 expiry date. The value of the options was recorded in the 2022 financial year
for a provisional amount. During the 2023 financials year, an adjustment of ($16,216) was
recognised.
Issue of 19,750,000 performance rights to directors in four different classes, each with its own
specific vesting milestone. The performance rights vest on the date that the performance
milestone relating to the performance right has been satisfied.
The valuation of share-based payment transactions is measured by reference to fair value of the equity
instruments at the date at which they are granted. The Incentive Options fair value is determined using the
Black-Scholes model, taking into account the terms and conditions upon which the options were granted.
The fair value of the performance rights is determined using the Barrier Up-and-In Trinomial Pricing Model,
taking into account the terms and conditions upon which the rights were granted.
70
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
23 SHARE-BASED PAYMENTS (cont’d)
The following input were used for the valuation:
ITEM
INCENTIVE OPTIONS
ARDOPT6
ARD0PT7
(i)
PERFORMANCE RIGHTS
CLASS A
CLASS A
CLASS B
CLASS C
CLASS C
CLASS D
CLASS E
CLASS F
Fair value per
option/Rights
Number of
options/Rights
$.0042
$.0046
$0.034
$0.0127
$0.033
$0.035
$0.016
$0.034
$0.012
$0.0116
3,000,000
43,500,000
9,500,000
7,250,000
9,500,000
2,000,000
2,500,000
500,000
5,000,000
5,000,000
Exercise price
$0.06
$0.04
$Nil
$Nil
$Nil
$Nil
$Nil
$Nil
$Nil
$Nil
Target Share
price
Expected
volatility
Implied
option/rights
life
Expected
dividend yield
n/a
n/a
$0.050
$0.050
$0.055
n/a
n/a
$0.045
$0.060
$0.080
85%
100%
110%
100%
110%
110%
85%
110%
100%
100%
3 years
2 years
5 years
5 years
5 years
0.5 years
0.5 years
5 years
5 years
5 years
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Risk free rate
3.44%
3.11%
1.31%
3.28%
3.31%
1.31%
3.585%
1.31%
3.28%
3.28%
Underlying
share price at
grant date
$0.016
$0.015
$0.035
$0.015
$0.035
$0.015
$0.016
$0.035
$0.015
$0.016
Grant Date
30/11/2022 30/11/2022 30/11/2021 30/11/2022 30/11/2021 30/11/2021 30/11/2022 30/11/2021 30/11/2022 30/11/2022
Vesting
Period
3 years
2 years
5 years
5 years
5 years
Vested
Vested
5 years
5 years
5 years
(i)
Issue of 43,500,000 unlisted options exercisable at $0.04 on or before 30 November 2024 as part of
the consideration on the acquisition of Copperhead Resources Pty Ltd, valued at $198,509.
71
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
23 SHARE-BASED PAYMENTS (cont’d)
Options Vesting Conditions:
Unless the Board determines otherwise, an Option may only be exercised if, at the time of exercise, the
holder remains employed or engaged by the Company.
Performance rights vesting conditions:
Name
Performance Milestones
Class A Incentive
Performance Rights
Class B Incentive
Performance Rights
Class C Incentive
Performance Rights
Class D Incentive
Performance Rights
Class E Incentive
Performance Rights
Class F Incentive
Performance Rights
The volume weighted average price of the Company’s shares on ASX
over 20 consecutive trading days (on which the Shares have been
traded) being at least $0.050.
The volume weighted average price of the Company’s shares on ASX
over 20 consecutive trading days (on which the Shares have been
traded) being at least $0.055.
Vest six months after the date of grant.
Vest six months after the date of grant and the volume weighted
average price of the Company’s shares on ASX over 20 consecutive
trading days (on which the Shares have been traded) being at least
$0.045.
The volume weighted average price of the Company’s shares on ASX
over 20 consecutive trading days (on which the Shares have been
traded) being at least $0.060.
The volume weighted average price of the Company’s shares on ASX
over 20 consecutive trading days (on which the Shares have been
traded) being at least $0.080.
There is a service condition attached over the life of the performance rights.
On 03 March 2023, 2,000,000 fully paid ordinary shares were issued to George Karageorge on vesting of
2,000,000 Class C Performance Rights.
On 26 March 2023, 2,500,000 fully paid ordinary shares were issued to Pedro Kastellorizos on vesting of
2,500,000 Class C Performance Rights.
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.
72
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
23 SHARE-BASED PAYMENTS (cont’d)
A summary of the movements of all the Company’s options issued as share based payments is as follows:
2023
2022
Number
of options
Number
of options
Weighted
average
exercise
price
21,000,000
146,500,000
(15,000,000)
152,500,000
152,500,000
$0.036
$0.041
-
$0.041
$0.041
25,500,000
6,000,000
(10,500,000)
21,000,000
21,000,000
Weighted
average
exercise
price
$0.036
$0.036
-
$0.036
$0.036
Outstanding at the beginning
Granted
Expired
Options outstanding at year end
Exercisable at year end
The weighted average remaining contractual life of share options outstanding at the end of 30 June 2023
was 1.44 years (2022: 0.9 years), and the weighted average exercise price was $0.041 (2022: $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.
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:
73
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
24 FINANCIAL INSTRUMENTS (cont’d)
Cash and cash equivalents
Trade and other receivables
Security deposits
Note
Carrying amount
9
11
2023
$
1,976,283
146,987
183,648
2,306,918
2022
$
1,785,225
76,953
141,648
2,003,826
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 $183,648 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 $1,976,283 for its immediate
use.
74
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
24 FINANCIAL INSTRUMENTS (cont’d)
The following are the contractual maturities of financial liabilities, including estimated interest payments:
Carrying
amount
Contractual
cash flows
Less than
one year
$
$
$
Between
one and
five years
$
Interest
$
174,100
67,690
-
59,882
102,596
497,166
174,100
174,100
-
-
67,690
35,534
32,156
2,932
-
-
-
-
59,882
102,596
59,882
31,974
-
-
63,295
7,327
497,166
497,166
-
-
30 June 2023
Trade and other payables
Lease liabilities
R&D Claims repayable
30 June 2022
Trade and other payables
Lease liabilities
R&D Claims repayable
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. There were no
interest-bearing security deposits as at 30 June 2023.
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
2023
$
1,976,283
183,648
2,159,931
2022
$
1,785,225
141,648
1,926,873
75
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
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 4.4%.
24 FINANCIAL INSTRUMENTS (cont’d)
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.
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.
2023
$
19,763
2022
$
24,963
Currency risk
The Group is not exposed to any foreign currency risk as at 30 June 2023 (2022: 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 Group is organised into one main operating segment, which involves the
exploration of minerals in Australia. All of the Group’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 Group as one segment.
The financial results from this segment are equivalent to the financial statements of the Group as a whole.
76
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
The accounting policies applied for internal reporting purposes are consistent with those applied in the
preparation of these financial statements.
77
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
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 and Mt Read Pty Ltd. Argent Minerals Limited is required to make all the financial
and operating policy decisions for these subsidiaries.
Subsidiaries
Argent (Kempfield) Pty Ltd
Loch Lilly Pty Ltd
Copperhead Resources Pty Ltd
West Wyalong Pty Ltd
Mt Read Pty Ltd
27 PARENT COMPANY DISCLOSURE
(a) Financial Position as at 30 June 2023
Country of
incorporation
Australia
Australia
Australia
Australia
Australia
Ownership percentage
2022
2023
100%
100%
100%
100%
-
100%
100%
100%
100%
100%
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
2023
$
2,492,177
532,223
3,024,400
171,134
67,689
238,823
2022
$
2,799,813
503,345
3,303,158
657,504
-
657,504
2,785,577
2,645,654
42,575,173
621,966
(40,411,562)
2,785,577
38,297,589
876,424
(36,528,359)
2,645,654
There are no contingencies, commitments and guarantees by the Parent other than disclosed in Note 28.
(b) Financial Performance for the year ended 30 June 2023
Loss for the year
Other comprehensive income/(loss)
Total comprehensive loss
(5,429,394)
(510,000)
(5,939,394)
(1,311,655)
410,000
(901,655)
78
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
28 CONTINGENT LIABILITIES AND COMMITMENTS
Tenement expenditure commitments
In order to retain the rights of tenure to its granted tenements, the Company is required to meet the
minimum statutory expenditure requirements but may reduce these at any time by reducing the size of the
tenements.
Due to the nature and scale of the Group’s activities the Group is unable to estimate its likely tenement
holdings and therefore minimum expenditure requirements more than 1 year ahead.
Within one year
Between one and five years
Due later than five years
2023
$
436,500
-
-
436,500
2022
$
-
-
-
-
Other than the above, the Directors of the Company consider that there are no other material
commitments outstanding as at 30 June 2023.
Contingent liabilities
Pursuant to a Binding Term Sheet for an Option to Purchase “Box Hill” Farm (“Agreement”) and subject to
the Company meeting the Option terms and exercising the Option, the Company will be required to pay
$3m to the Sellers for the Land and Farm Assets after which the Company would also have to bear the costs
to arrange and manage the construction of a new house and out-buildings at the Sellers property.
Upon acquiring Copperhead Resources Pty Ltd, Argent Minerals Limited is liable to provide to the following
vendors (or their respective nominee), a 1.5% net smelter royalty, in respect of each of the tenements
E09/2532, E09/2517, E08/3369, E09/2625, E08/3460 E09/2622, E08/3463, E09/2683 and E08/3001. Such
royalty is to be divided as follows:
(i)
(ii)
(iii)
(iv)
a one-third part if the NSR to Monarch Royalties Pty Ltd;
a one-sixth part of the NSR to Glen William Goulds;
a one-sixth part of the NSR to Phillip Hall as Trustee for Hall Trust; and
a one-third part of the NSR to Creekwood Nominees Pty Ltd
Upon acquiring Copperhead Resources Pty Ltd, Argent Minerals Limited is liable to provide to Front Row
Resources (or its nominee) a 2% net smelter royalty, in respect of tenement EL 08/3001.
At the date of this report, the net smelter royalty agreements have not yet been finalised.
There were no other contingent liabilities as at 30 June 2023 (2022: nil).
79
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
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 2023, the joint venture partner decided to not contribute their share of exploration
expenditure amounting to $nil (2022: $nil). Following this election, the Company now owns 82.49% (2022:
$82.49%) of the West Wyalong Project. There was $nil receivable outstanding as at 30 June 2023 (2022:
$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
In July 2023, the Company announced the commencement and completion of a regional rock chip sampling
program over the potential rare earth (REE) and potential lithium (Li) targets defined over the 100% owned
Copperhead Project.
In July 2023, the Company announced that it received the final drill assay results from the seven (7) diamond
drillholes completed over the Kempfield Polymetallic Deposit in NSW. Following highly successful RC drilling
on January 2023, Agernt has completed the follow-up diamond drilling program over the Main Zone of the
Kempfield Deposit along with 2 diamond holes over the Colossal Reef Zone and the eastern section of the
80
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
30 SUBSEQUENT EVENTS (cont’d)
Henry Zone area. The goal of the seven (7) Diamond Drillholes (1,101.5m total) was to extend the new Ag-
Pb-Zn zones at depth from the 2023 RC drilling campaign.
In August 2023, the Company issued 8,000,000 of Unlisted options for the Lead Manager with an exercise
price of $0.04 as approved at the General Meeting with 96.20% approval rate.
On September 2023, the Company announced an upgraded Mineral Resource Estimate (“MRE”) for the
Kempfield Silver Deposit located within its 100%-owned Kempfield Ag-AU-Pb-Zn Project in New South
Wales. The Kempfield Silver Deposit Mineral Resource now stands at 38.9Mt @ 102g/t silver equivalent
(‘Ag Eq’) for 127.5 million ounces of silver, a 28% increase of from the previous Mineral Resource
Estimation.
In September 2023, the Company announced the completion of the second helicopter-borne rock chip
reconnaissance survey over the Copperhead Project within the Gascoyne Region of Western Australia.
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 Group, the results of those
operations, or the state of the affairs of the Group in future financial years.
81
SHAREHOLDER INFORMATION
ASX ADDITIONAL INFORMATION AS AT 21 SEPTEMBER 2023
Ordinary share capital
1,178,981,223 fully paid ordinary shares are held by 2,708 shareholders.
Distribution of Equity Security holders
Category (size of holding)
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
Number of
Ordinary shares
14,087
528,694
1,675,372
57,436,220
1,119,326,850
1,178,981,223
Number of
holders
160
158
194
1,277
919
2,708
% holding
0.000
0.040
0.140
4.870
94.940
100.000
Each ordinary share is entitled to vote when a poll is called, otherwise each member present at a
meeting or by proxy has one vote on a show of hands.
143,500,000 listed $0.04 options expiring 30 November 2024 are held by 121 option holders.
Distribution of holdings listed options
Category (size of holding)
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
Number of
listed options
-
-
-
8
113
121
Number of
holders
-
-
-
606,665
142,893,335
143,500,000
% holding
0.000
0.000
0.000
0.420
99.58
100.00
As required under listing rule under ASX listing rule 4.10.16, no shareholder holds over 20% of this class
of options.
Unmarketable parcels
There are 1,259 shareholdings held in less than the marketable parcels.
Substantial shareholders
1. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
138,503,936
11.75
Number of shares
% holding
Restricted securities
The Company has no restricted securities on issue.
82
SHAREHOLDER INFORMATION
On-Market buy-back
There is no current on-market buy-back.
Information required under listing rule 4.10.16
Twenty (20) Largest Quoted Shareholders – Fully Paid Ordinary Shares
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
ST BARNABAS INVESTMENTS PTY LTD
CITICORP NOMINEES PTY LIMITED
SHIPBARK PTY LIMITED
CREEKWOOD NOMINEES PTY LTD
MR AVIJEET CHAUHAN & MS ANJANA RAO
BNP PARIBAS NOMINEES PTY LTD
MR GLEN GOULDS
ELPHINSTONE HOLDINGS PTY LTD
MR DAVID IAN RAYMOND HALL & MRS DENISE ALLISON HALL
JRMA GROUP PTY LTD
BNP PARIBAS NOMS PTY LTD
MR PHILLIP ANDREW HALL
DIXTRU PTY LIMITED
CORD INVESTMENTS PTY LTD
MRS VIENNA FELICIA ADINATA
MR JOHN ANTHONY COOPER & MRS ROBYN LIDDELL COOPER
CAVES ROAD INVESTMENTS PTY LTD
DIXTRU PTY LIMITED
Total
Total issued capital - selected security class(es)
Holding
138,503,936
41,835,499
% IC
11.75%
3.55%
41,191,740
3.49%
40,707,605
3.45%
38,000,001
28,971,000
22,583,528
18,125,660
15,029,000
14,285,714
11,390,130
10,600,000
3.22%
2.46%
1.92%
1.54%
1.27%
1.21%
0.97%
0.90%
10,570,360
0.90%
10,000,000
0.85%
8,800,000
7,750,000
7,730,100
7,253,718
0.75%
0.66%
0.66%
0.62%
6,915,000
6,666,669
486,909,660
1,178,981,223
0.59%
0.57%
41.30%
100.00%
Twenty (20) Largest Holders – Listed Options (exercisable at $0.04, expiring 30 Nov 2024)
Position Holder Name
1
1
2
3
3
4
5
6
ST BARNABAS INVESTMENTS PTY LTD
CREEKWOOD NOMINEES PTY LTD
SHIPBARK PTY LIMITED
GLEN WILLIAM GOULDS
MR PHILLIP ANDREW HALL
MR TIM ANGUS STEWART
DISTINCT RACING AND BREEDING PTY LTD
DIXTRU PTY LIMITED
Holding
% IC
14,485,500
10.09%
14,485,500
10.09%
10,000,001
6.97%
7,264,500
5.06%
7,264,500
7,143,650
5,000,000
3,333,335
5.06%
4.98%
3.48%
2.32%
83
7
8
9
10
11
12
12
12
13
13
14
14
14
15
16
17
18
19
19
19
19
19
20
20
20
SHAREHOLDER INFORMATION
REDLAND PLAINS PTY LTD
NATIONAL ENERGY PTY LTD
AURALANDIA PTY LTD
LAMERTON PTY LTD
CERTANE CT PTY LTD
PCAS (AUSTRALIA) PTY LTD
AYMON PACIFIC PTY LTD
VIVIEN ENTERPRISES PTE LTD
ALLCAP PTY LTD
MR NICHOLAS KARAGEORGE
MRS RENA VIVEKANAND PARIKH
BVB CUSTODIAN PTY LTD
MR THOMAS EDWARD LANGLEY
MR JAMES HAROLD INGER
ICHIBAN INVESTMENT PTY LTD
MR BARRY FRANCIS CRONIN & MRS KERRY ANNE CRONIN
MR DAVID IAN RAYMOND HALL & MRS DENISE ALLISON HALL
SH BERDOUKAS PTY LTD
CRESSING PTY LTD
KYRIAZIS HOLDINGS PTY LTD
BATO HOLDINGS PTY LTD
MR PAUL DAVID CRONIN
SR & DJ BAKER PTY LTD
ADMAJO PTY LTD
GOLDVALE INVESTMENTS PTY LTD
Total
Total issued capital - selected security class(es)
There are no current on-market buy-backs.
3,166,666
3,000,000
2,500,000
2,150,000
1,757,163
2.21%
2.09%
1.74%
1.50%
1.22%
1,750,000
1.22%
1,750,000
1,750,000
1,666,667
1,666,667
1,500,000
1,500,000
1,500,000
1,300,000
1,166,667
1,083,000
1.22%
1.22%
1.16%
1.16%
1.05%
1.05%
1.05%
0.91%
0.81%
0.75%
1,050,000
0.73%
1,000,000
0.70%
1,000,000
0.70%
1,000,000
1,000,000
1,000,000
925,000
0.70%
0.70%
0.70%
0.64%
925,000
0.64%
925,000
0.64%
107,009,149
143,500,000
74.57%
100.00%
84
SCHEDULE OF MINERAL TENEMENTS HELD AT BALANCE SHEET DATE
Tenement Identifier Location
Current Equity Interest
Barratts Reef
EL8951
Billabong Bore
NSW
100.00%
E08/3001
WA
100.00%5
Hardley
E08/3369
E08/3460
E09/2532
E09/2622
E09/2625
E09/2683
Kempfield
AL36
EL5645
EL7785
EL7134
EL9251
Loch Lilly
EL8199
EL8200
EL8515
EL8516
Lyndon
E08/3463
Mount Farrell
EL12/2019
Mt Dudley
EL5748
Pine Ridge
EL8213
Ringville
EL12/2017
Wanna
E09/2517
WA
WA
WA
WA
WA
WA
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
100.00%5
100.00%5
100.00%5
100.00%5
100.00%5
100.00%5
100.00%2
100.00%2
100.00%2
100.00%2
100.00%2
51.00%4
51.00%4
100.00%4
100.00%4
WA
100.00%5
TAS
100.00%
NSW
100.00%
NSW
100.00%
TAS
100.00%
WA
100.00%5
West Wyalong JV
EL8430
NSW
79.46%3
85
SCHEDULE OF MINERAL TENEMENTS HELD AT BALANCE SHEET DATE
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.
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 plus ongoing increments. 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 wholly-owned subsidiary of Argent Minerals Limited. Under the Loch Lilly Fermin 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 the first 51% interest earned by completing the drill test for the Eaglehawk and Netley targets. For further
details on earn in terms and conditions see ASX announcement 20 February 2017 – Argent secures strategic stake in Mt.
Read equivalent belt.
5. The tenement holder is Copperhead Resources Pty Ltd, a wholly-owned subsidiary of Argent Minerals Limited.
86
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 Grade
(g/t)
Tonnes
(Mt)
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
12
Primary**
Total***
20
26
35
40
23
33
0.13
81
0.60
0.12
100
0.46
120
120
1.3
1.0
250
250
2.3
2.0
450
520
140
120
91
100
* 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 Grade
Tonnes
(Mt)
(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
Upper
50
40
13
64
Exploration Target Notes:
0.1
64
0.3
60
0.7
140
1.3
300
80
58
0.2
320
0.5
250
1.0
500
2.1
1,000
130
190
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.
82
MINERAL RESOURCES AND ORE RESERVES STATEMENT
RESOURCE DETAILS
Table 2 - Kempfield Mineral Resource - Primary material tonnes and grades by mineralisation zone and locality
Zone
Locality*
BJ Zone
Southern Conglomerate Zone
Zone 1 Total
Quarries Zone
McCarron Zone
Zone 2 Total
West McCarron
Zone 3 Total
1
2
3
Total
Zone 1 + Zone 2 + Zone 3
Contained Metal Grades
Resource
Tonnes
(Mt)
Silver
(Ag)
(g/t)
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
Gold
(Au)
(g/t)
0.05
0.29
0.06
0.05
0.17
0.14
0.27
0.27
0.13
Zinc
(Zn)
(%)
1.2
0.62
1.2
1.4
1.2
1.3
1.6
1.6
1.3
Lead
(Pb)
(%)
0.37
0.53
0.38
0.66
0.78
0.75
0.58
0.58
0.60
In-situ Contained Metal
Equivalent Grades2
Zinc Equivalent
(Zn Eq)
(%)
Silver Equivalent
(Ag Eq)
(g/t)
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 ► Kempfield North = C Horizon and D Horizon
Southern Conglomerate Zone ► Kempfield South = C Horizon and D Horizon
Quarries Zone ► Henry Zone = C Horizon & D Horizon
McCarron Zone ► Kempfield South = A Horizon and B Horizon
West McCarron Zone ► Kempfield West = FW1 Horizon
Table 3 - Kempfield Mineral Resource by category
(g/t)
Grade (%)
Resource
Tonnes
(Mt)
Silver
(Ag)
Gold (Au)
Lead
(Pb)
Zinc
(Zn)
In-situ Grade Grade
(Contained Zn Eq and Ag
Eq)b
Zinc
Equivalent
(Zn Eq %)
Silver
Equivalent
(Ag Eq g/t)
2.7
2.7
0.6
6.0
4.7
10
4.9
20
26
68
47
39
55
49
34
25
35
40
0.11
0.11
0.08
0.11
0.12
0.13
0.12
0.13
0.12
-
-
-
-
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
Category
Oxide/Transitional
Measured
Indicated
Inferred
Total Oxide/Transitional
Primary Measured
Indicated
Inferred
Total Primary
Total Resource
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ARGENT MINERALS LIMITED
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
As % of Total Resource
2.7
2.7
5.4
90%
4.7
10
15
76%
7.4
13
21
79%
-
-
-
-
31
60
90
5.8
4.1
9.9
9.3
9.9
19
93%
93%
7.5
11
19
83%
13
15
29
19
44
63
78%
76%
28
54
82
31
60
90
86%
81%
76%
-
-
-
-
60
130
190
74%
59
130
190
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
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.
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ARGENT MINERALS LIMITED
(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.
PINE RIDGE (NSW, AUSTRALIA - 100% ARGENT)
On 20 April 2022, Argent announced a small maiden Resource for Pine Ridge Prospect, located approximately
65 kilometres south of the township of Bathurst and 10 km south-west of Trunkey.
The following table sets out the Pine Ridge Mineral Resource statement as at 20 April 2022. This information was
prepared and first disclosed under the JORC Code 2012.
At a cut-off grade of 0.3 g/t Au:
Table 6 – Pine Ridge Mineral Resource Estimate
Category
Inferred
Resource Tonnes
419,887
Au (g/t) Contained Au Metal (oz)
1.65
22,122
85
ARGENT MINERALS LIMITED
JORC 2004 MINERAL RESOURCES AND ORE RESERVES STATEMENT - COMPETENT PERSON STATEMENT
The information in the Mineral Resources and Ore Reserves Statement for the Pine Ridge deposit is based on
information compiled and reviewed by Mr. Alfred Gillman, Director of independent consulting firm, Odessa
Resource Pty Ltd. Mr. Gillman, a Fellow and Chartered Professional of the Australasian Institute of Mining and
Metallurgy (the AusIMM) and has sufficient experience relevant to the styles of mineralisation under consideration
and to the activity being reported to qualify as a Competent Person as defined in the 2012 Edition of the
Australasian Code for Reporting of Exploration Results, Exploration Targets and Mineral Resources. Mr Gillman
is a full-time employee of Odessa Resource Pty Ltd, who specialises in mineral resource estimation, evaluation,
and exploration. Mr. Gillman 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 Geoscientist and the Mineral Council of Australia. The Mineral Resources and Ore Reserves
Statement for the Pine Ridge as a whole is approved by Mr. Gillman in the form and context in which it appears.
MT. DUDLEY (NSW, AUSTRALIA - 100% ARGENT)
On 14 September 2022, Argent announced a small maiden Resource for Mt Dudley Prospect, located
approximately 5 km northwest of the township of Trunkey, near Blayney in New South Wales
The following table sets out the Pine Ridge Mineral Resource statement as at 14 September 2022. This information
was prepared and first disclosed under the JORC Code 2012.
At a cut-off grade of 0.5 g/t Au:
Table 6 - Mt Dudley Mineral Resource Estimate
Category
Inferred
Resource Tonnes
330,070
Au (g/t) Contained Au Metal (oz)
1.03
29,238
JORC 2004 MINERAL RESOURCES AND ORE RESERVES STATEMENT - COMPETENT PERSON STATEMENT
The information in the Mineral Resources and Ore Reserves Statement for the Pine Ridge deposit is based on
information compiled and reviewed by Mr. Alfred Gillman, Director of independent consulting firm, Odessa
Resource Pty Ltd. Mr. Gillman, a Fellow and Chartered Professional of the Australasian Institute of Mining and
Metallurgy (the AusIMM) and has sufficient experience relevant to the styles of mineralisation under consideration
and to the activity being reported to qualify as a Competent Person as defined in the 2012 Edition of the
Australasian Code for Reporting of Exploration Results, Exploration Targets and Mineral Resources. Mr Gillman
is a full-time employee of Odessa Resource Pty Ltd, who specialises in mineral resource estimation, evaluation,
and exploration. Mr. Gillman 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 Geoscientist and the Mineral Council of Australia. The Mineral Resources and Ore Reserves
Statement for the Pine Ridge as a whole is approved by Mr. Gillman in the form and context in which it appears.
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.
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ARGENT MINERALS LIMITED
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:
■ 55,000 tonnes of zinc;
■ 32,000 tonnes of lead;
■ 5,800 tonnes of copper; and
■ 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.
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.
87
ARGENT MINERALS LIMITED
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
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, and was 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.
88
ARGENT MINERALS LIMITED
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 uncertain therein.
89