FOR THE YEAR ENDED
30 JUNE 2024
CORPORATE DIRECTORY
DIRECTORS
Peter Michael - Non-Executive Chairman
Pedro Kastellorizos – Managing Director/CEO
David Greenwood – Non-Executive Director
Phil Hall - Non-Executive Director
COMPANY SECRETARY
Johnathon Busing
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)
SOLICITORS
Larri Legal
Suite 6, 152 High Street
Fremantle WA 6160
AUDITORS
Criterion Audit Pty Ltd
Suite 2, 642 Newcastle Street
Leederville, Western Australia 6007
SHARE REGISTRY
Automic Group
Level 5, 191 St George Terrace
Perth, WA 6000
Phone: 1300 288 664
Fax: +61 2 9698 5414
TABLE OF CONTENTS
Page
OPERATIONS REVIEW
1
DIRECTORS’ REPORT
28
REMUNERATION REPORT
35
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
40
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
41
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
42
CONSOLIDATED STATEMENT OF CASH FLOWS
43
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
44
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
72
DIRECTORS' DECLARATION
73
LEAD AUDITOR’S INDEPENDENCE DECLARATION
74
INDEPENDENT AUDITOR’S REPORT
75
SCHEDULE OF MINERAL TENEMENTS
79
ADDITIONAL STOCK EXCHANGE INFORMATION
81
MINERAL RESOURCES AND ORE RESERVES STATEMENT
88
OPERATIONS REVIEW
1 | P a g e
2023/2024 HIGHLIGHTS
NEW HIGH-GRADE MINERALISED EXTENSION DELIENATED OVER KEMPFIELD DEPOSIT
In 2023, outstanding new high-grade silver-zinc 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.
Significant drill assays include:
Drillhole AKDD201: 8.4m @ 23.05 g/t Ag, 1.55% Pb & 1.93% Zn from 223.9m
Drillhole AKDD202: 20.6m @ 19 g/t Ag, 1.20% Pb & 1.36% Zn from 172.4m
including 4.4m @ 47.86 g/t Ag & 1.33% Zn from 172.4m
including 11.8m @ 18.05 g/t Ag, 2.19% Pb & 2.02% Zn from 181.2m
Drillhole AKDD204: 21.2m @ 20.3 g/t Ag & 2.43% Zn from 58.8m
In total AKRC227 and AKDD201 have intersected 4 mineralised zones within the same drillhole for a total
of 74.4m of mineralisation. Drillhole AKRC228/AKDD202 intersected 3 zones of mineralisation for a total
of 149.6m of mineralisation within the drillhole.
Kempfield Silver Deposit Mineral Resource Estimate for all categories was upgraded to 38.9Mt @ 102 g/t
silver equivalent for 127.5 million ounces Ag Eq (34.26 g/t Ag, 1.10% Zn, 0.47% Pb, 0.12 g/t Au at a 60
g/t Ag Eq cut-off)
The new Resource Estimation has a silver equivalent estimation of 127.5 million ounces Ag Eq at 102
g/t Ag Eq, approximately 28% increase when compared with/to the previous 2018 Mineral Resource
Estimation.
Kempfield Deposit contains 42.8 Moz Silver, 149.2 thousand oz Gold, 181,016t Lead and 426,900t Zinc,
confirming the Kempfield Deposit is one of the largest Silver Deposits in NSW.
In 2024, twelve (12) Reverse Circulation (RC) drill holes outside from the current Resource area were
completed over the Kempfield Deposit. Mineralised extensions have intersected shallow, broad thick
high-grade zones of silver-lead-zinc mineralisation up to 88m thick from near surface in the western
zone of the 200 Lode area and 29m thick high-grade silver-base metal mineralisation located northeast
of the Lode 200 Resource Area.
Significant results from the RC drilling of the Lode 200 Northeastern Extension include:
Drillhole AKRC230: 23m @ 34.41 g/t Ag from 22m
Drillhole AKRC233: 29m @ 34.09 g/t Ag, 0.14% Pb & 0.41% Zn (0.55% Pb+Zn) from 50m
inc 10m @ 0.31% Pb & 0.81% Zn (1.1% Pb+Zn) from 64m
Drillhole AKRC234: 13m @ 20.70 g/t Ag from 19m
inc 5m @ 29.50 g/t Ag from 27m
Drillhole AKRC239: 29m @ 8.04 g/t Ag, 0.24% Pb & 0.56% Zn (0.80% Pb+Zn) from 81m
inc 3m @ 36.47 g/t Ag & 0.42% Zn from 110m
Significant results from the RC drilling of the Lode 200 Western Zone include: -
Drillhole AKRC237: 89m @ 0.19% Pb & 0.17% Zn (0.36% Pb+Zn) from surface
6m @ 21.97 g/t Ag, 0.64% Pb & 0.68% Zn (1.32% Pb+Zn) from 81m
Drillhole AKRC238: 88m @ 25.23 g/t Ag, 0.10% Pb & 0.08% Zn from 2m
inc 52m @ 39.94 g/t Ag & 0.11% Pb from 32m
inc 37m @ 46.02 g/t Ag & 0.13% Pb from 32m
inc 9m @ 76.47 g/t Ag, 0.19% Pb & 0.11% Zn (0.3% Pb+Zn) from 44m
OPERATIONS REVIEW
2 | P a g e
NEW HIGH-GRADE DELIENATED OVER THE COPPERHEAD IN WA
A detailed 50m line spaced aeromagnetic survey was commissioned over adjacent tenements E08/3369 and
E08/3001 to improve the resolution of magnetic and radiometric data over the area and to assist in defining
copper targets within the project.
E08/3001 “Illirie North Prospect” yielded high grade copper and silver mineralisation from surface. They
included 25.6% Cu and 52.7 g/t Ag in CH250, 13.3% Cu and 291 g/t Ag in CH255, 13.0% Cu and 54.9 g/t Ag in
CH249 and 12.3% Cu and 2.7 g/t Ag in CH248.
E08/3460 “Henry East Prospect” yielded high-grade copper, zinc, cobalt and silver mineralisation from surface.
Rock chip assays included 21.7% Cu, 8.86 g/t Ag, 0.24% Zn and 0.1% Co.
E08/3369 “Barlee South Prospect” yielded high-grade copper, zinc, cobalt and nickel mineralisation from
surface up to 6.27% Cu and 2.34% Zn. The area is located on a regional synclinal structure with 5.5km of known
mineralisation, which remains open. The high-grade Cu-Zn-Ag-Ni-Co mineralisation zone is located on the
synclinal fold hinge
NEW HIGH-GRADE MINERALISED EXTENSION DELIENATED OVER KEMPFIELD DEPOSIT
During 2023, diamond drilling over Kempfield focused on increasing geological confidence in the distribution of the silver-
lead-zinc at depth and along strike from previous historical drilling campaigns. These diamond holes have delineated new
thick high grade zinc lenses on the mineralised eastern and western lodes at depth. The zinc lodes are increasing in grade
and consistency at depth with significant silver and lead, as displayed in AKRC226 and AKRC228 sections (Refer to Figures 1
to 2). Most historical drill holes at Kempfield have been drilled to less than 130 metres depth with many drill holes ending
in mineralisation. The mineralisation remains open at depth and along strike south within the Kempfield Deposit, and
importantly it shows increasing zinc grades with depth. Overall, the zinc lens has a strike length of over 500m and is open
at depth and along strike. Historical drilling mainly focused on silver mineralisation, however there is excellent potential to
delineate significant zinc mineralisation at depth. Significant diamond intersections are shown in Table 1 with cross sections
shown in Figure 1 and 2. In total AKRC227 and AKDD201 have intersected 74.4m of mineralisation over 4 discrete west
dipping mineralised zones within the same drillhole as per below Figure 1.
Table 1: Significant Diamond Drilling Intersections
(Intercepts using 18g/t Ag and/or 1% Pb or Zn% cut-off)
Hole ID
Coring Depth
From
To
Interval
(m)
Ag (g/t)
Pb%
Zn%
Pb% + Zn%
AKDD201
258.8
223.9
232.3
8.4
23.05
1.55
1.93
3.48
253
256.3
2
44.25
0.36
0.46
0.82
AKDD202
208.9
172.4
193
20.6
19
1.20
1.36
2.56
inc
172.4
176.8
4.4
47.86
0.27
1.33
1.60
& inc
181.2
190
8.8
18.1
2.19
2.02
4.21
AKDD203
171.3
173.5
2.2
16.50
1.22
3.16
4.38
296
298.8
2.8
35.50
0.04
0.22
0.26
AKDD204
19
22
3
35.21
1.16
2.91
4.08
58.8
80
21.2
20.30
0.61
2.43
3.04
inc
58.8
65.4
6.6
15.44
0.33
3.62
3.95
& inc
65.4
70.6
5.2
29.79
0.97
1.75
2.71
& inc
77
80
3
34.07
0.97
3.32
4.29
241.1
245.7
4.6
5.47
0.04
1.49
1.53
AKDD205
196
202
204.1
2.1
24.25
0.65
0.24
0.89
226
230.5
4.5
22.23
0.29
0.38
0.67
246
257.4
11.4
33.85
0.08
0.30
0.38
OPERATIONS REVIEW
3 | P a g e
Figure 1 – Cross Section looking GDA 6258279N, highlighting AKRC227 & AKDD201 new drill intercept.
In total the AKRC228 and AKDD202 drillhole have intersected 2 vertical west dipping mineralised zones totalling
149.6m of mineralisation within the same drillhole as per Figure 2. The mineralisation included mostly filled pyrite-
galena-sphalerite within barite and altered metasediments. Drillholes AKRC226 and AKDD205 intersected 55m of
mineralisation over 5 different west dipping mineralised zones within the same drillhole. Diamond Drillholes
AKDD206 and AKDD207 did not intersect any significant mineralisation.
Figure 2 – Cross Section looking GDA 6257994N, highlighting AKRC228, AKDD202 & AKDD204 new drill intercept.
OPERATIONS REVIEW
4 | P a g e
Kempfield Mineral Resource Upgrade
The Kempfield Silver Deposit Mineral Resource estimate for all categories has been upgraded to 38.9Mt @ 102.4 g/t silver
equivalent (‘Ag Eq’) for 127.5 million ounces Ag Eq, an increase of approximately 28% from the previous 2018 Resources
Estimate. In total the Kempfield Deposit contains 42.8Moz silver, 149,200oz gold, 181,016t lead and 426,900t zinc,
confirming the Kempfield Deposit is one of the largest Silver Deposits in NSW.
The Kempfield Mineral Resource has been 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. Top cuts were applied to individual lodes as necessary to limit the
effect of high-grade outliers. The reporting is compliant with the 2012 JORC Code and Guidelines. Please refer to Tables 2,
3 and 4.
Table 2 is a summary of the updated Kempfield mineral resource as of September 2023 based on the weathering zones,
Table 3 shows the Resource tonnes and grades by indicated and inferred categories, and Table 4 summarised the Mineral
Resource by lodes. The cut-off grades used where 25 g/t Ag for Oxide with Transitional and Primary for 60 g/t Ag
equivalent silver cut-off 1.
Table 2 – Kempfield Silver Deposit Mineral Resource Estimate by Weathering Zone as at September 2023
(at a 25 g/t Ag cut-off for oxide and 60 g/t Ag Eq cut-off for Transitional/Primary)
Weathering
Zone
Million
Tonnes
(Mt)
Grade
Contained Metal
Silver
Eq. (g/t)
Silver
(g/t)
Gold
(g/t)
Lead
(%)
Zinc
(%)
Million
Ounces
Silver
Thousand
Ounces
Gold
Thousand
tonnes
Lead
Thousand
tonnes
Zinc
Million
Ounces
Silver Eq.
3 Oxide
3.4
69
56.93
0.13
6.3
14.6
7.6
2 Transitional
3.4
98
54.99
0.16
0.60
0.74
6.0
17.3
20.4
25.1
10.6
1 Primary
32.1
106
29.65
0.11
0.50
1.25
30.6
117.3
160.6
401.8
109.3
Total
38.9
102
34.26
0.12
0.47
1.10
42.8
149.2
181.0
426.3
127.5
Notes:
1.
Primary Zone: Kempfield silver equivalent: Ag Eq (g/t) = g/t Ag + g/t Au x 87.8494 + % Zn x 45.6366 + % Pb x 18.3243 calculated from prices
of US$21.80/oz silver, US$1,830/oz gold, US$2,2990/t zinc, US$2,084/t lead with metallurgical recoveries of 86% silver, 92% zinc and 53%
lead, 90% gold estimated from test work commissioned by Argent Minerals Limited.
2.
Transitional Zone: Kempfield silver equivalent: Ag Eq (g/t) = g/t Ag + g/t Au x 87.8494 + % Zn x 33.2353 + % Pb x 7.2606 calculated from
prices of US$21.80/oz silver, US$1,830/oz gold, US$2,2990/t zinc, US$2,084/t lead with metallurgical recoveries of 86% silver, 67% zinc and
21% lead, 90% gold estimated from test work commissioned by Argent Minerals Limited.
3.
Oxide Zone: used cut-off of 25 g/t silver and calculated from prices of US$21.80/oz silver, US$1,830/oz gold with metallurgical recoveries
of 86% silver and 90% gold estimated from test work commissioned by Argent Minerals Limited.
4.
In the Company’s opinion, the silver, gold, lead and zinc included in the metal equivalent calculations have a reasonable potential to be
recovered and sold.
5.
Variability of summation may occur due to rounding and refer to Appendices for full details.
Table 3 – Kempfield Silver Deposit Mineral Resource Estimate by Classification as at September 2023
(at a 25 g/t Ag cut-off for oxide and 60 g/t Ag Eq cut-off for Transitional/Primary)
Category
Million
Tonnes
(Mt)
Volume
(m3)
Silver Eq.
(g/t)
Silver
(g/t)
Gold
(g/t)
Lead
(%)
Zinc
(%)
Million
Ounces
Silver
Million
Ounces
Silver Eq.
Indicated
22.5
7,707,281
109
42.58
0.14
0.51
1.05
30.3
78.8
Inferred
16.4
5,562,125
92
23.74
0.09
0.40
1.17
12.5
48.7
Total
38.9
13,269,406
102
34.26
0.12
0.47
1.10
42.8
127.5
OPERATIONS REVIEW
5 | P a g e
Figure 3 – Oblique 3D Image of Kempfield outlining the Dimensions & Grade of Mineralised Block Models
Table 4 – Kempfield Silver Deposit Mineral Resource Estimate by Lode as at September 2023
(at a 25 g/t Ag cut-off for oxide and 60 g/t Ag Eq cut-off for Transitional/Primary)
Lode
Million
Tonnes
(Mt)
Silver Eq.
(g/t)
Silver
(g/t)
Gold (g/t)
Lead (%)
Zinc (%)
Million
Ounces
Silver
Million
Ounces
Silver Eq.
100
20.5
95
28.07
0.16
0.49
1.00
18.5
48.9
200
13.4
113
44.48
0.08
0.39
1.21
19.2
117.2
300
5.0
102
32.21
0.06
0.57
1.20
5.1
65.1
Total
38.9
102
34.26
0.12
0.47
1.10
42.8
127.5
Reverse Circulation (RC) Drilling Program
During the March 2024, a total of 12 RC drillholes were completed outside the current resource area at Kempfield. Nine
(9) RC holes were designed to test the mineralised extensions from the Lode 200 Block targeting untested north-east
trending baritic zones that historically were poorly explored along strike and depth. In conjunction, three (3) RC holes
were drilled to test open sections between the Lodes 100 and 200 mineralised blocks.
The primary sulphide zone within the Kempfield Deposit is composed of mineral assemblages including pyrite, sphalerite
and galena hosted within chlorite altered volcanic metasediments and baritic rich lithologies. All completed RC drillholes
locations are illustrated in Figure 4. Cross sections are shown in Figures 5 to 7, along with the significant drilled
intersections shown in Table 5.
OPERATIONS REVIEW
6 | P a g e
Figure 4 – Kempfield Project Location Map highlighting all significant Mineralised Intersections
Table 5: Significant RC Drilling Intersections
OPERATIONS REVIEW
7 | P a g e
(Intercepts using 19g/t Ag and/or 0.1% Pb or Zn% cut-off)
Hole ID
From
To
Interval
(m)
Estimated
Ag
Pb
Zn
Pb+Zn
(m)
(m)
True Width (m)
(g/t)
%
%
%
AKRC230
22
45
23
22
34.41
0.04
0.05
0.09
AKRC231
0
4
4
3
21.8
0.01
0.06
0.07
and
35
37
2
1.5
47.1
0.08
0.07
0.16
AKRC232
57
62
5
4.9
30.58
0.02
0.04
0.05
Hole ID
From
To
Interval
(m)
Estimated
Ag
Pb
Zn
Pb+Zn
(m)
(m)
True Width (m)
(g/t)
%
%
%
AKRC233
50
79
29
27
34.1
0.14
0.41
0.55
and
85
87
2
1.9
35.2
0.01
0.05
0.05
AKRC234
19
32
13
10.5
20.7
0.08
0.04
0.12
inc
19
24
5
4
21.02
0.13
0.07
0.2
inc
27
33
5
4
29.5
0.05
0.01
0.06
and
47
60
13
10.5
7.01
0.07
0.2
0.27
AKRC235
46
52
6
5.5
49.02
0.12
0.33
0.44
inc
46
47
1
0.9
102
0.48
1.67
2.15
and
54
66
12
11
2.72
0.01
0.18
0.2
AKRC236
13
27
14
10
2.29
0
0.15
0.15
AKRC237
0
89
89
71
3.9
0.19
0.17
0.36
inc
81
87
6
4
21.97
0.64
0.68
1.32
AKRC238
2
90
88
70
25.23
0.1
0.08
0.18
inc
32
84
52
41
39.94
0.11
0.08
0.19
inc
35
40
5
4
65.86
0.2
0.04
0.24
inc
37
38
1
0.8
206
0.18
0.01
0.18
inc
32
69
37
29
46.02
0.13
0.09
0.22
inc
44
53
9
7
76.47
0.19
0.11
0.3
inc
79
84
5
4
57.3
0.05
0.08
0.13
AKRC239
81
110
29
24
8.04
0.24
0.56
0.8
and
110
113
3
2.5
36.47
0.08
0.42
0.5
AKRC240
70
90
20
19
19.47
0.03
0.08
0.11
inc
79
85
6
5.8
30.73
0.06
0.12
0.18
AKRC241
11
36
25
18.5
31.09
0.06
0.25
0.3
inc
18
40
22
15
27.14
0.05
0.29
0.34
The AKRC238 RC hole was designed to drill test the central western zone of the Lode 200 Mineralised Block. The drillhole
intersected 88m of silver- base metal mineralisation averaging 24.7 g/t silver with 0.18% lead-zinc from the 2m down
OPERATIONS REVIEW
8 | P a g e
hole, including 52m @ 39.94 g/t silver with 0.19% lead-zinc from 32m, confirming that the strong mineralisation does
extend to the west and down plunge.
This mineralisation is interpreted to be the up-dip position of the wide interval of mineralisation. This system is open
at depth and along strike.
Figure 5 – Oblique Section 6258222N (Lode 200 Western Zone) highlighting the mineralised intervals in section
Looking North (refer to section line on Figure 4)
The AKRC230 RC hole was designed to drill test the continuous mineralisation encountered in historical drillhole GKF-
083, down plunge of the high-grade discovery of 20m @ 38.80 g/t Ag from 12m. This area lies 350m northeast from
Lode 200. AKRC230 intersected 23m of silver mineralisation averaging 34.41 g/t Ag from 22m downhole including a
21m downhole zone of lead-zinc mineralisation starting from 32m.
This confirms that the strong mineralisation extends down plunge in a westerly direction. This mineralisation is
interpreted to be the down dip position of the wide interval of mineralisation intersected in RC drillhole GKF-083, located
31m to the southeast (refer Figure 4). This new system is open at depth and along strike. In total, AKRC230 has
intersected 44m of mineralisation over one extensive, thick, discrete and westerly dipping mineralised zone as per
Figure 6.
AKRC233 AND AKRC241 drillholes were designed to drill test the continuous mineralisation encountered in the AKRC239
and AKRC240 mineralised lodes.
AKRC239 intersected 29m @ 0.80% lead-zinc from 81m and
AKRC240 intersected 20m @ 19.47 g/t silver.
AKRC233 intersected 29m of silver-base metal mineralisation from 50m down hole
AKRC241 delineating 25m of silver-zinc mineralisation from 11m, confirming that the strong mineralisation does
extend down plunge. This mineralisation is interpreted to be the down dip position of the wide interval of
mineralisation intersected in RC drillholes AKRC239 and AKRC240, located 70m to the northwest and southeast
(refer Figure 5). This new system is open at depth and along strike.
OPERATIONS REVIEW
9 | P a g e
Figure 6 – Oblique Section 6258834N (Lode 200 Northeastern Extension Area) highlighting the mineralised
intervals in section Looking North (refer to section line on Figure 4)
Figure 7 – Oblique Section 6258660N (Lode 200 Northeastern Extension Area) highlighting the mineralised
intervals in section Looking North (refer to section line on Figure 4)
OPERATIONS REVIEW
10 | P a g e
Geochemical Reconnaissance Program
During the quarter, the Company announced results from the detailed geochemical reconnaissance program completed
in the April 2024 quarter at the Kempfield Polymetallic Deposit. The program collected a total of 47 rock chip samples
across the Kempfield NE trends (see Figure 10). These types of rock are the key mineralised target lithologies that host
the Kempfield Deposit.
From the results, two major mineralisation extensions to the Kempfield Deposit have been identified along strike from
the Lode 300 Mineralised Block.
A mineralised extension known as the Kempfield NW Mineralised Zone is approximately 1.72km in length with an
average surface width expression of 100m. The mineralisation is hosted within a gossanous barite lithology with the
zone still open to the west and north-east.
The largest gossans (mainly composed of manganese-iron with weathered sulphide clasts) are located within the central
zone area with a strike length of over 470m averaging a true width of between 15m and 20m from surface. The area
yielded 36.8 g/t Ag with 0.3% Pb-Zn within sample 3000766, 43.5 g/t Ag in sample 3000746, 9.55 g/t Ag with 0.87% Cu-
Pb-Zn within sample 3000744 and 24.1 g/t Ag with 0.41% Cu-Pb-Zn within sample 3000739.
The southern area of the Kempfield NW Zone is closely associated with siltstone-barite lithologies. The area yielded 87.8
g/t Ag with 1.5% Cu-Pb-Zn within sample 3000728, 6.85 g/t Ag with 0.25% Cu-Pb-Zn in sample 3000729 and 8.35 g/t Ag
with 0.13% Cu-Pb-Zn within sample 3000730A. The mineralised extension known as the Kempfield NE Mineralised Zone
is approximately 1 km along strike with an average width of 170m. The mineralisation is hosted within a gossanous
barite volcanic/meta-sediment unit with the zone still open to the North-East and East.
Figure 8 – Silver-Base metal mineralisation
within ferruginous gossan yielding 87.8 g/t Ag,
1.5% Cu-Pb-Zn & >1% Ba from sample 3000728
Figure 9 – Silver-Base metal mineralisation within
gossan yielding 36.8 g/t Ag, 0.3% Cu-Pb-Zn & 0.2%
Ba from sample 3000766
OPERATIONS REVIEW
11 | P a g e
.
Figure 10 – Kempfield Project Location Map highlighting the recent high-grade rock chip results (blue colour dots)
OPERATIONS REVIEW
12 | P a g e
Geochemical Reconnaissance Program
During the quarter, the Company announced results from the detailed geochemical reconnaissance program completed
in the December 2023 quarter at the Kempfield Polymetallic Deposit. The program collected a total of 223 rock chip
samples across the Kempfield NE trends, Sugarloaf Hill Prospect, Henry’s and Golden Wattle Trends (see Figure 11).
These areas lie in between both the Kempfield and the Mt Dudley Deposits where little to no modern-day exploration
has previously been undertaken.
Sugarloaf Hill Prospect
Sugarloaf Hill mineralisation extension is located approx. 450m east of the Lode 200 Block and has now been defined
over 2.1km in length by an average width of 300m. The high-grade silver mineralisation is hosted within a
metasedimentary baritic lithology with outcropping gossans located within the NE and SW portion of the mineralised
zone. The zone is still open to the north-east and east. Two main distinct Ag-Pb-Zn mineralised zones have been
delineated within the extensive barite 2.1km zone with the largest silver-base metal zone striking approximately 1.1km
in length.
Figure 11 – Sugarloaf Hill Prospect Location Map outlining 2.1km strike zone
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Figure 12 – Kempfield Project Location Map highlighting some of the high-grade rock chip results
over the Sugarloaf Hill Zone
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During the fieldwork programme, rock chip samples were collected from untested gossanous outcrops, quartz-sericite,
baritic veins and volcanic/barite units east from Lode 200 mineralised block. These types of rock are the key mineralised
target lithologies that host the Kempfield Deposit. The high-grade assay results demonstrate the potential of a parallel
mineralised system east from the Lode 200 Mineralised Block (refer to Figure 11 and 12). The newly extended Sugarloaf
Hill Zone is hosted in between localised faults and the Copperhannia Thrust Fault.
The Sugarloaf Hill zone has been divided into 2 separate mineralised areas within an extensive barite zone assaying
greater than >500 ppm Ba. Numerous high-grade silver assay results include grades of 318 g/t Ag, 181 g/t Ag, 180 g/t
Ag, 96.7 g/t Ag, 92 g/t Ag, 80.9 g/t Ag, 80 g/t Ag, 79.9 g/t Ag, 65.7 g/t Ag, 57.5 g/t Ag and 40.5 g/t Ag (1.30 oz Ag to
10.22 oz Ag/t) from surface. The sample location and summary of high-grade results are illustrated in Figure 3.
Henry Prospect Area
The Henry Prospect, located 2km east from main Kempfield Deposit, has been defined as two separate mineralised
zones the largest zone striking approx. 1km x 160m zone – both mineralised zones remain open to the NE and SW.
During the quarter, the Company completed an initial geochemical reconnaissance program to test the Henry’s
mineralised trend as a possible parallel VMS deposit to the Kempfield resource, based on extensive mapped historical
shallow workings and the newly discovered barite composition within the various lithologies. The recent work
completed by Argent identified over 850m of continuous shallow diggings, shafts and numerous adits orientated within
a north-east direction (Figure 14), within a 1 km mineralised corridor (Figure 14).
The rock chip samples yielded high-grade polymetallic assays up to 14.05 g/t Au, 38.9 g/t Ag, 85.2 g/t Ag, 0.49% Cu and
0.41%. The results from a second geochemical reconnaissance program completed in March 2024, having collected 23
rock chip samples with the view of extending the prospectivity of the north-east trending untested silver-base metal
zone.
From the rock chip samples collected, gold assay results include grades of 23 g/t Au, 3.67 g/t Au and 2.31 g/t Au with
silver closely associated with the gold mineralisation. The silver results include 3.39 g/t Ag and 3.05 g/t Ag, from surface
Figure 13 – Silver mineralisation within
ferruginous sandstone yielding 318 g/t Ag,
0.37% Ba from sample 3000298
Figure 14 – Silver mineralisation within ferruginous
quartz yielding 183 g/t Ag, 970 ppm Ba from
sample 3000551
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(Table Figure 14). Lead is elevated up to 0.21% with silver grades consistent throughout the mineralised trend with spot
highs of 6.33 g/t Ag with high grade barite up to 4,320 ppm.
Figure 14 – Kempfield Project Location Map highlighting some of the high-grade rock chip results
over the Henry’s and Golden Wattle Zones
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Golden Wattle Prospect Area
The Golden Wattle Prospect is located 2.8km east from main Kempfield and 850m north-west of the Mt Dudley Gold
Resource. It contains 2 mineralised zones with the mineralised trend spanning over 500m strike length within 50m wide
zone the trend area remains open to the north and south. Over 38 historical workings orientated in a north-south
direction have been located during the reconnaissance program. During the quarter, the Company announced results
from the first rock chip reconnaissance programme, with highlights including assays yielding up to 73.5 g/t Au, 16.2 g/t
Ag and 1.84% Pb. During the second rock chip reconnaissance program, 19 rock chip samples were collected with gold
assay results up to 11.45 g/t Au, with silver closely associated with the gold up to 25 g/t Ag (Figure 14).
Second Rock Chip Program over Kempfield NW and NE Zones
During the fieldwork program 182 rock chip samples were collected from untested gossanous outcrops and baritic
volcanic units along strike from the Lode 300 mineralised block. These types of rock are the key mineralised target
lithologies that host the Kempfield Deposit.
From the results, two major mineralisation extensions to the Kempfield Deposit have been identified through surface
sampling along strike from the Lode 300 Mineralised Block.
A mineralised extension known as the Kempfield NW Mineralised Zone is approximately 1.72km along strike with an
average width of 100m. The mineralisation is hosted within a gossanous barite lithology, with the zone still open to the
west and north-east.
The Kempfield NW Zone is hosted proximal to an extensive fault zone with assay results from sample 3000356, which
returned a silver grade of 177 g/t Ag (5.7 oz Ag/t) with 2.11% Cu-Pb-Zn along with sample 3000361, which returned a
silver grade of 115 g/t Ag (3.7 oz Ag/t). The newly defined NW zone has been divided into 3 separate areas within an
extensive barite zone assaying greater than 500 ppm. All silver and base metal mineralisation is hosted within the
extensive barite zones. The largest gossans (mainly composed of manganese-iron) are located within the central zone
area with a strike length of over 300m averaging a true width of 15m and 20m from surface (refer to Figure 15).
A mineralised extension known as the Kempfield NE Mineralised Zone is approximately 1 km along strike with an
average width of 170m. The mineralisation is hosted within a gossanous barite volcanic/meta-sediment unit with the
zone still open to the North-East and East.
The Kempfield NE Zone returned silver assays over 30 ppm (1 oz Ag) from samples 3000452, 3000453 and 3000470 with
strongly anomalous base metals associated within an extensive barite horizon. The high-grade rock chip samples were
largely associated with outcropping gossans within a barite zone (>500 ppm). The central and northern areas have
strong base-metal anomalism greater than 1,000 ppm associated with the silver. The sample location and summary of
high-grade results are illustrated in Figure 15.
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.
Figure 15 – Kempfield Project Location Map highlighting high-grade rock chip results
Lode 300 Mineralised Block
650m in length x 150m in
width
X 280m depth
5Mt containing 5.1M oz Ag
@ 102 Ag Eq (g/t)
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COPPERHEAD PROJECT
Copperhead Airborne Magnetic and Radiometric Survey Results
Argent completed an airborne magnetic and radiometric survey completed over the Copperhead Project. A detailed
50m line spaced aeromagnetic survey was commissioned over adjacent tenements E08/3369 and E08/3001 to improve
the resolution of magnetic and radiometric data over the area and to assist in defining copper and REE targets within
the project.
Results included the below:
1 . The Discovery Formation generally provides a uranium rich response with some intermixing of potassium resulting
in blue to pinky/purple colours. Elevated potassium may reflect potassic alteration which can be an indicator of base
metal mineralisation or reflect a likely igneous source of the basin sediments.
2 . Several NE-SW striking faults are more clearly evident across the project and represent late-stage features. These
may also be preferential sites for dolerite and or intrusive gabbroic dykes similar to the Money Intrusion, which hosts Ni-
Cu-PGE occurrences to the southeast of the project and is being explored by Dreadnought Resources (Figure 16).
Figure 16 – Highlighting the various Sediment hosted Stratiform Copper, REE, potential Money Intrusive Dykes and
Electro-magnetic Targets zones
Examination of the magnetic, radiometric and wide spaced airborne electromagnetic (AEM) targets in comparison to
the historical copper occurrence and recent rock chip sampling has defined 14 anomalies of interest (refer to Table 6 and
Figure 16).
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The high rank targets are associated with the known copper occurrences that have returned high-grade copper in rock
chips along with anomalous Pb and Zn. The 2022 reconnaissance sampling at Mt Palgrave also returned 21.1% Cu in rock
chips sampling at Mt Palgrave. Mt Palgrave SW and Prospect 3A are considered the most prospective as they are also
associated with AEM responses.
In addition to the base metal targets, 8 anomalies considered prospective for REE have been defined. These are all
radiometric anomalies (uranium) associated with magnetic responses representing potential ironstone dykes or
ironstones (refer to Table 6 and Figure 16).
Table 6 – Copperhead Copper Target Anomalies
Target
Easting
Northing
Rank
Length of
Anomaly
Geology
Anomaly
Prospect Id
CH_Cu_1
396599
7397787
1
800m
Kiangi Creek/Discovery
Formation
Uranium, Magnetic
Anomaly
C (b)
CH_Cu_2
394298
7397604
1
1,000m
Kiangi Creek
Formation
Uranium, Magnetic
Anomaly A
CH_Cu_3
395457
7399026
1
400m
Kiangi Creek/Discovery
Formation
Uranium, Magnetic
Anomaly
C (a)
CH_Cu_4
398613
7394315
2
1,100m
Discovery
Formation
Uranium along strike
Anomaly C
NA
CH_Cu_5
395855
7394898
2
1,700m
Kiangi Creek/Discovery
Formation
1.6km Uranium
trend/Magnetic
CH104 on
NW
CH_Cu_6
387082
7398096
3
700m
Gooragoora Formation
Uranium fold nose
CH_Cu_7
386214
7407666
3
1,500m
Blue Billy Formation
Uranium along
magnetic unit
NA
CH_Cu_8
390050
7415053
2
850m
Discovery Formation
Uranium weak AMAG
alteration
Prospect 1
CH_Cu_9
394311
7415440
2
1,040m
Discovery Formation
Uranium/Magnetic
Mt Palgrave
CH_Cu_10
390017
7410273
1
400m
Kiangi Creek/Discovery
Formation
AEM, Uranium
Mt Palgrave
SW
CH_Cu_11
393858
7403475
2
1,400m
Discovery Formation
Uranium, Magnetic
NA
CH_Cu_12
390032
7409774
1
200m
Kiangi Creek/Discovery
Formation
AEM, Uranium
Prospect 3A
CH_Cu_13
390002
7400672
2
700m
Discovery Formation
Uranium, Magnetic
CH101
CH_Cu_14
389997
7406485
3
200m
Devil Creek Formation
AEM
NE of
CH093
Table 7– Copperhead REE Target Anomalies
Target
Easting
Northing
Comment
CH_REE_1
395298
7412000
Discrete uranium response close to ironstone and CH080
CH_REE_2
392348
7405872
Discrete uranium response along NE dyke/structure
CH_REE_3
390739
7401978
Discrete uranium response along NE dyke/structure, Air photo Colour Anomaly
CH_REE_4
392264
7400615
Discrete uranium response along NE dyke/structure
CH_REE_5
389222
7395262
Discrete uranium response along NE dyke/structure close to ironstone CH078
CH_REE_6
390294
7400205
Discrete uranium response along NE dyke/structure, down strike from CH101
CH_REE_7
390344
7397148
Discrete uranium response along NE dyke/structure,
Air photo Colour Anomaly
CH_REE_8
393104
7407305
Discrete uranium response along NE dyke/structure,
Air photo Colour Anomaly
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Figure 17 - TMI RTP 1VD image with Copper Targets, Uranium anomaly contours and Discovery Formation, regional
structures, and recent copper rock chip assays
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Figure 18 - TMI RTP 1VD image with Copper Targets, Uranium anomaly contours and Discovery Formation, regional
structures, and recent copper rock chip assays
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Copperhead Reconnaissance Rock Chip Sampling Exploration
Argent completed a geochemical reconnaissance program to confirm and sample the significant radiometric anomalies
defined by the Company’s airborne geophysics program completed in September 2023. The aeromagnetic survey had
greatly improved the magnetic and radiometric resolution within the project area. The helicopter supported reconnaissance
successfully delineated three newly discovered areas of outcropping mineralisation, initially called Illirie North Zone, Henry
East Zone and Barlee South Zone.
Exploration Licence E45/3001 “Illirie North Prospect Area”
The Illirie North Prospect (previously called Discover 3 Zone) is located on the western limb of a synclinal structure with
2.1km of known mineralisation, which remains open.
In this area, 11 samples (CH246-CH256) were collected, containing malachite and varying amounts of chrysocolla and
azurite. These samples were collected over 150m of strike length within a bleached siltstone striking 320° and dipping
between -75° and -80° east. In the central part of the area (samples CH248-CH250), the malachite is pervasive through the
rock, with stringers of chrysocolla over an interval 8 to 10m wide. The rock chip results indicated high-grade assays up to
25.6% Cu, 0.5% Zn and 54.9% Ag (refer to Table 9).
Figure 19 – Illirie North Prospect area highlighting the extensive copper-silver mineralisation spanning
over 2.1km
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TABLE 8 - Rock Chip Assay Results – Illirie North Prospect
Sample No
Prospect
Easting
Northing
Ag
Cu
Pb
Zn
Lithological Description
(GDA94)
(GDA94)
ppm
%
ppm
ppm
CH246
Illirie North
395740
7398591
8.4
0.1
10.8
5000
Ferruginous siltstone in bleached siltstone
CH247
Illirie North
395724
7398695
27.2
6.1
95.5
663
Malachite as stringers and in joints over 1-2m thick
strike 320 dip 75 east
CH248
Illirie North
395716
7398778
2.7
12.3
29.3
433
Malachite/chrysocolla rich area 8-10m thick strong
and pervasive, sample near top
CH249
Illirie North
395713
7398776
54.9
13
66
343
Middle malachite pervasive in stringers and joints
CH250
Illirie North
395712
7398772
52.7
25.6
31
684
Lower malachite pervasive in stringers and joints
CH251
Illirie North
395426
7399112
0.2
0.1
2.4
1215
Ironstone at uranium anomaly
CH252
Illirie North
395682
7398798
0.6
0.6
54.8
206
Lower visible edge pervasive malachite 140 strike
dip 80o east, overall 7m thick
CH253
Illirie North
395682
7398800
1.1
10.4
16.2
273
Middle zone malachite, overall 7m thick
CH254
Illirie North
395685
7398804
1.3
5.3
62.3
376
Upper edge malachite, overall 7m thick
CH255
Illirie North
395732
7398666
291
13.3
45.2
363
Malachite/azurite in small stringers and joints over
6m wide
CH256
Illirie North
396284
7398005
0.6
0.1
24.3
5000
Yellow brown ferruginous siltstone
Exploration Licence E08/3460 “Henry East Prospect Area”
The Henry East Prospect area is located on the western limb of a synclinal structure within a strongly mineralised 200m x
200m zone, where samples containing malachite were collected over. This area remains open. In this area, 11 samples
(CH166-CH168, CH211-CH217 & CH258) were collected, containing malachite and varying amounts of chrysocolla and
azurite.
The copper mineralisation thickness varies between 2m and a maximum thickness of 6m. The strike varies from 340° to
015° with the dip varying from -15° to -30° to the west. High-grade assays included 21.7% Cu, 0.24% Zn, 0.1% Co and 8.86
g/t Ag.
TABLE 9 - Rock Chip Assay Results – Henry East Prospect
Sample No
Prospect
Easting
Northing
Ag
Cu
Zn
Co
Lithological Description
(GDA94)
(GDA94)
g/t
%
ppm
ppm
CH166
Henry East
383898
7402241
0.87
2.49
139
15
Numerous malachite stringers overall over 6m thick
CH167
Henry East
383904
7402241
0.68
1.80
130
27
Ferruginous layer with malachite near middle
CH168
Henry East
383942
7402143
8.86
10.2
2430
1045
Ferruginous layer with malachite over 3m wide
CH211
Henry East
383966
7402103
0.42
7.99
272
15
Western edge malachite in stringers and joints, 160 o strike
CH212
Henry East
383973
7402104
0.33
3.35
1395
98
Middle malachite in stringers and joints
CH213
Henry East
383978
7402112
0.83
8.64
837
40
Eastern edge malachite as stringers and joints
CH214
Henry East
383914
7402237
1.49
6.36
218
91
Eastern edge at floor of creek
CH215
Henry East
383908
7402298
0.33
13.95
278
201
Malachite in creek 15o dip to west
CH216
Henry East
383937
7402308
0.29
18.6
418
660
Malachite as stringers and in joints on side of hill
CH217
Henry East
383964
7402224
0.54
21.7
696
202
Malachite as stringers and joints in creek
CH258
Henry East
384089
7402310
0.43
9.69
121
11
Malachite in veins and layers generally weak over 3m thick
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Figure 20 – Henry East Prospect area highlighting the extensive Cu-Ag-Zn mineralisation
Figure 21 – Rock Chip Sample CH213 - Malachite eastern edge of 8-10m copper zone, strike 160°
dip -30. Assay Results: 8.64% Cu
Malachite (copper
mineralisation)
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Exploration Licence E08/3369 “Barlee South Prospect Area”
The Barlee South Prospect area is located on a regional synclinal structure with 5.5km of known mineralisation, which
remains open. The high-grade Cu-Zn-Ag-Ni-Co mineralisation zone is located on the synclinal fold hinge. In this area, 9
samples (CH158-CH165 & CH178) were collected, containing malachite and varying amounts of chrysocolla and azurite. The
malachite generally occurs as small numerous stringers and as joint coatings. The Company has received results from 9
samples up to 6.27% Cu, 2.34% Zn, 0.2% Co, 0.75% Ni and 3.67 g/t Ag (refer to Table 10).
TABLE 10 - Rock Chip Assay Results – Barlee South Prospect
Sample No
Prospect
Easting
Northing
Ag
Cu
Zn
Co
Ni
Lithological Description
(GDA94)
(GDA94)
g/t
%
%
%
%
CH158
Barlee South
388729
7409275
0.31
1.79
0.58
0.1
0.21
Gossanous ironstone with malachite
CH159
Barlee South
388734
7409284
1.14
6.27
2.34
0.2
0.75
Malachite in bleached siltstone, 40o dip to 140o
CH160
Barlee South
388714
7409283
1.57
0.12
10cm small ferruginous quartz vein 30o dip to
150o
CH161
Barlee South
390101
7408036
3.67
0.14
0.1
Ferruginous layer in bleached siltstone, 144o
strike and dip 60o to west
CH162
Barlee South
390106
7408013
0.09
0.01
Small pink dyke/fault strike 110 dip 60o south
CH163
Barlee South
390138
7407861
1.51
0.07
Yellow brown ferruginous layer in bleached
siltstone
CH164
Barlee South
389491
7406257
2.0
0.12
0.14
Gossanous ironstone with goethite
CH165
Barlee South
388729
7409275
0.53
1.39
Numerous small stringers of malachite over 3m
wide 165 o strike dip -65o east
CH178
Barlee South
390087
7410181
1.73
0.05
0.22
Ferruginous siltstone in bleached siltstone
Figure 22 – Barlee South Prospect area highlighting the extensive Cu-Ag-Z-Ni-Co mineralisation
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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:
Strong Surface Mineralisation at Sugarloaf Hill Zone
1 July 2024
Further Silver-Base Metal Mineralisation Hits at Kempfield
13 June 2024
New Exceptional High-Grade Drill Results over Kempfield
30 April 2024
High-Grade Gold & Silver Mineralisation at East of Kempfield
17 April 2024
Massive Silver Mineralisation Delineated at Sugarloaf Hill
8 April 2024
Massive Silver-Base Metal Discovery NE of Kempfield Deposit
27 March 2024
Golden Wattle delivers Gold-Silver-Lead mineralisation
28 February 2024
Outstanding Gold-Silver Grades Uncovered at Henry Prospect
21 February 2024
Extensive Mineralisation Confirmed over Sugarloaf Prospect
12 February 2024
Outstanding Copper-Zinc-Silver Grade at Copperhead
30 January 2024
Outstanding Copper-Silver at Illirie North, Copperhead
23 November 2023
Updated Mineral Resource Estimate for Kempfield
6 September 2023
Kempfield Diamond Drilling Intersects Further Mineralisation
25 July 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 has verified the data disclosed in this release and consents to the
inclusion in this release of the matters based on the information in the form and context in which it appears.
Board and Management Changes
The Company held its General Meeting of Shareholders on 01 November 2023. During the annual general meeting,
resolution 2 did not pass on a poll, and as such, Mr Conrad Karageorge has not been re-elected as Non-Executive
Director.
In July 2024, the Company announced the appointment of Mr Phillip Hall as a Non-Executive Director. Mr Hall is
a qualified engineer with over 15 years of experience developing resource and infrastructure projects across
Australia and Asia. He brings diverse experience including project technical and commercial analysis, project
strategy, infrastructure and civil contracting, project management and development.
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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 2024 Corporate Governance Statement is dated
30 September 2024 and reflects the corporate governance practices in place throughout the 2024 financial year.
The 2024 Corporate Governance Statement was approved by the board on 30 September 2024. 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
Capital Raising
In December 2023 Argent Minerals Limited (ASX: ARD) (“Argent” or “the Company”) completed a capital raise
with commitments from sophisticated and professional investors and directors of the Company to raise $1.04m
(before costs) via a placement (“Placement”) of 115,555,556 ordinary shares at an issue price of $0.009 per share
(“Placement Shares”).
The Company also issued 38,518,519 attaching options (exercisable at $0.02 and expiring 3 years from the date
of issue) to participating investors on the basis of one option for every three Placement Shares successfully
subscribed for (“Placement Options”), with such issue being subject to shareholder approval. Funds raised from
the Placement will be used for ongoing exploration on the Kempfield (NSW) and Copperhead (WA) projects.
Merchant Capital Partners Pty Ltd acted as lead manager to the Placement received 6% of the total capital raised
as the fee for this service and, subject to shareholder approval, 11,111,111 options were issued on the same terms
as the Placement Options (“Merchant Options”). Allotment of the first tranche of the Placement Shares
(comprising 112,777,778 Placement Shares) occurred on 19 December 2023 using the Company’s placement
capacity under Listing Rule 7.1. The balance of the Placement (comprising 2,777,778 Placement Shares) was issued
to the directors of the Company who have committed to $25,000 of the Placement subject to shareholder
approval under Listing Rule 10.11 on 01 May 2024.
In June 2024, Argent undertook the Placement of new fully paid ordinary shares in the Company to eligible
sophisticated, institutional and professional investors to raise $2.5 million (before costs). In the order of
138,888,888 million Placement Shares are to be issued at $0.025 per share (Placement Shares).
The Placement, which was well supported by both existing shareholders and new investors, is being undertaken
within the Company’s placement capacity under ASX Listing Rule 7.1. Merchant Capital Partners Pty Ltd acted as
the Lead Manager to the Placement and will receive 6% of the total capital raised as a fee for this service and,
subject to shareholder approval, 10,000,000 unlisted options exercisable at $0.036 and expiring 36 months from
the date of issue.
DIRECTOR’S REPORT
28 | P a g e
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 & 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 that Group’s future prospects, and how the Board manages these risks, are outlined
below.
Access to and dependence on Capital Raising
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) is 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 director of a not-for-
profit group that specialises in delivering exercise programs for people with diabetes in WA and Vanuatu.
During the past three years, Mr Michael has served on the board of the following listed companies:
Company
Appointed
Date of Resignation
Western Yilgarn NL
September 2021
Not Applicable
DIRECTOR’S REPORT
29 | P a g e
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
Appointed
Date of Resignation
MinRex Resources Limited
June 2021
February 2023
Javelin Minerals Limited
February 2024
Not applicable
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
Appointed
Date of Resignation
Orange Minerals NL
August 2021
Not Applicable
Mantle Minerals Limited
December 2022
Not Applicable
Phillip Hall
Non-Executive Director
Appointed: 01 July 2024
Mr Hall is a qualified engineer with over 15 years’ experience developing resource and infrastructure projects
across Australia and Asia. He brings diverse experience including project technical and commercial analysis,
project strategy, infrastructure and civil contracting, project management and development. Specialising in
risk and opportunity identification and management, he brings strong commercial skill and business acumen.
During the past three years, he did not work as a board for any listed companies.
DIRECTOR’S REPORT
30 | P a g e
Conrad Karageorge
Non-Executive Director
Appointed: 19 December 2022
Resigned 01 November 2023
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.
Company Secretary
Johnathan Busing
Appointed: 06 December 2022
Mr Busing is a chartered accountant with 12 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.
Directors Interest
At the date of this report, the Directors held the following interests in Argent Minerals Limited:
Name
Shares
Options/Performance Rights
Option/Performance Rights Terms
(Exercise Price and Term)
P. Kastellorizos
4,166,666
3,000,000 Options
555,555 Options
4,000,000 Class A, 5,000,000 Class E,
5,000,000 Class F, 4,000,000 Class H,
4,000,000 Class I, and 4,000,000 Class J
Performance Rights
$0.05 at any time up to 13 Dec 2024
$0.02 at any time up to 09 Apr 2027
See table below for Performance
Rights’ milestones
P. Michael
555,555
1,000,000 Options
185,185 Options
2,500,000 Class A, 1,500,000 Class B,
2,000,000 Class H, 2,000,000 Class I, and
1,000,000 Class J Performance Rights
$0.05 at any time up to 13 Dec 2024
$0.02 at any time up to 09 Apr 2027
See table below for Performance
Rights’ milestones
D. Greenwood
555,555
1,000,000 Options
185,185 Options
2,000,000 Class A, 1,500,000 Class B
2,000,000 Class H, 2,000,000 Class I, and
1,000,000 Class J Performance Rights
Performance Rights
$0.05 at any time up to 13 Dec 2024
$0.02 at any time up to 09 Apr 2027
See table below for Performance
Rights’ milestones
DIRECTOR’S REPORT
31 | P a g e
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
$0.05
13 December 2024
3,000,000
$0.06
30 November 2025
8,000,000
$0.04
17 August 2025
49,629,612
$0.02
9 April 2027
143,500,000
$0.04
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 body corporate.
Principal Activities
The principal activity of the Group is mineral exploration of silver, lead, zinc, copper and gold in Australia.
Results and review of operations
The results of the Group for the financial year ended 30 June 2024 is a comprehensive loss after income tax of
$1,981,213 (2023: $3,858,002).
A review of operations of the Group during the year ended 30 June 2024 is provided in the ‘Operations Review’.
Performance rights
Expiry
Class A - Market based
milestones
30-Nov-21
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 within 5 years of grant.
30-Nov-26
Class A - Market based
milestones
30-Nov-22
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 within 5 years of grant.
30-Nov-27
Class B - Market based
milestones
30-Nov-21
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 $0.065 within 5 years of grant.
30-Nov-26
Class E - Market based
milestones
30-Nov-22
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.
30-Nov-27
Class F - Market based
milestones
30-Nov-22
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.
30-Nov-27
Class G - Non-Market
based milestones
14-Feb-24
Completion of twelve (12) months service after the date of grant.
14-Feb-25
Class H - Non- Market
based milestones
9-Apr-24
The Company announcing a 15M ounce increase at the Kempfield Project
within 24 months from the date of grant.
30-Apr-26
Class I - Non-Market
based milestones
9-Apr-24
The Company announcing completion of 1,500 metres of drilling at the
Copperhead Project by the Expiry Date within 24 months from date of
grant.
30-Apr-26
Class J - Market based
milestones
9-Apr-24
The Company’s share price has a volume weighted average price of at
least $0.04 for 20 consecutive days with 5 years from the date of grant.
30-Apr-29
Performance Milestones
DIRECTOR’S REPORT
32 | P a g e
Likely developments and expected result of operations
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, 8 meetings of directors were held. Attendances by each director during the year
were as follows:
Director
Directors’ Meetings
No. of Eligible
Meetings to Attend
No. of Meetings
Attended
Peter Michael
8
8
David Greenwood
8
8
Pedro Kastellorizos
8
8
Conrad Karageorge (resigned 1 November 2023)
2
0
Changes in the state of affairs
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.
Indemnification of directors and officers
In accordance with the constitution, except as may be prohibited by the Corporations Act 2001, every officer
or agent of the Company shall be indemnified out of the property of the entity against any liability incurred by
him or her in their capacity as officer or agent of the Company or any related corporation in respect of any act
or omission whatsoever and howsoever occurring or in defending any proceedings, whether civil or criminal.
Indemnity 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.
DIRECTOR’S REPORT
33 | P a g e
Events subsequent to reporting date
In July 2024, the Company announced the assay results from the third rock chip sampling programme which
provides further confirmation of outcropping silver-copper-lead-zinc mineralisation outside the defined
Resource at its 100%-owned Kempfield Polymetallic Au-Ag-Pb-Zn Project in NSW.
In July 2024, the Company announced the appointment of Mr Phillip Hall as a Non-Executive Director. Mr Hall
is a qualified engineer with over 15 years of experience developing resource and infrastructure projects across
Australia and Asia. He brings diverse experience including project technical and commercial analysis, project
strategy, infrastructure and civil contracting, project management and development.
In July 2024, the Company announced an upgraded Mineral Resource Estimate (“MRE”) for the Kempfield Silver
Deposit located within its 100%-owned Kempfield Au-Ag-Pb-Zn Project in New South Wales.
In August 2024, the Company issued 2,000,000 of Class I and 1,000,000 of Class J performance rights to new
non-executive director, Mr Phillip Hall, as incentive package during the General Meeting.
In August 2024, the Company issued 10,500,000 of Ordinary Shares as a result of Conversion of Class H
performance rights. The performance rights were converted as a result of announcing a 15M ounce increase
at the Kempfield Project within 24 months from the date of grant, 09 April 2024.
In August 2024, the Company announced the commencement of RC drilling over its 100%-owned Kempfield
Cu-Pb-Zn-Au-Ag Project in NSW.
In September 2024, the Company announced the results from the rock chip sampling programme which further
confirmed the outcropping gold-silver-lead-zinc mineralisation outside the defined Resource at its 100%-
owned Kempfield Polymetallic Au-Ag-Pb-Zn Project in NSW.
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.
Proceedings on behalf of the company
No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any
proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company
for all or any part of those proceedings.
The Company was not a party to any such proceedings during the year.
Non-audit service
During the year ended Criterion Audit Pty Ltd, the Company's auditor, did not performed other services in
addition to their statutory duties.
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, Criterion, and its related practices for
audit services provided during the year are set out below.
2024
2023
$
$
Statutory audit
Audit and review of financial reports – Criterion Audit Pty Ltd
30,000
-
30,000
-
DIRECTOR’S REPORT
34 | P a g e
Lead Auditor’s Independence Declaration
The Lead Auditor’s Independence is included on page 74 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, 20 September 2024
35 | P a g e
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 2024.
Details of Directors and Executives
The following table provides details of the members of key management personnel of the entity as at 30
June 2024.
Directors
Position held during or since the end of the financial year ended 30 June 2024
Pedro Kastellorizos
Managing Director/Chief Executive Officer (Appointed CEO on 16 March 2022 and
Managing Director on 1 June 2022)
Peter Michael
Non-Executive Chairman (Appointed 05 Mar 2021)
David Greenwood
Non-Executive Director (Appointed 23 August 2021)
Phillip Hall
Non-Executive Director (Appointed 01 July 2024)
Conrad Karageorge
Non-Executive Director (Appointed 19 Dec 2022. Resigned on 01 November 2023)
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.
36 | P a g e
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 2024
Details of director and senior executive remuneration and the nature and amount of each major element of
the remuneration of each director of the Company, and other key management personnel of the Company
are set out below:
Salary and Fees
Other
Benefits/Ter-
mination
Benefits
Superannu
ation
Equity-settled Share
Based Payments –
Options,
Performance shares
and shares
Other
Long
Term
Total
% of
Remuneration
as Share
Payments
$
$
$
$
$
$
%
Directors
P. Kastellorizos
2024
292,000
55,000
-
49,852
-
396,852
13%
2023 (i)
292,000
30,000
-
43,556
-
365,556
12%
P. Michael
2024
54,054
-
5,946
30,536
-
90,536
34%
2023
40,000
-
4,200
28,890
-
73,090
40%
D. Greenwood
2024
42,000
-
-
29,266
-
71,266
41%
2023
42,000
-
-
28,153
-
70,153
40%
C. Karageorge
2024 (ii)
10,500
-
-
-
-
10,500
-
2023
21,000
-
-
-
-
21,000
-
G. Karageorge
2024
-
-
-
-
-
-
-
2023 (iii)
24,500
-
-
43,746
-
68,246
64%
Total 2024
398,554
55,000
5,946
109,654
-
569,153
Total 2023
419,500
30,000
4,200
144,345
-
598,045
(i) Appointed CEO on 16 March 2022 and Managing Director on 1 June 2022.
(ii) Appointed on 19 December 2022 and resigned on 01 November 2023.
(iii) Resigned 14 December 2022
Options Granted as Compensation
There were no options granted as compensation during the year.
37 | P a g e
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.
The terms of appointment of Mr Peter Michael, Mr David Greenwood, Mr Phillip Hall and Mr. Conrad
Karageorge are detailed in letter of appointments. Mr Michael is entitled to a fee of $60,000 per annum
(inclusive of superannuation), Mr Greenwood and Mr. C. Karageorge are entitled to a fee of $42,000 per
annum (exclusive of GST), Mr Phillip Hall is entitled to a fee of $48,000 per annum (inclusive of
superannuation). Their appointments may be terminated by written notice by each party.
Ordinary shareholdings of key management personnel
KMP
Balance at
Net other change
Balance at
1-Jul-23
30-Jun-24
P. Kastellorizos
2,500,000 1,666,666
4,166,666
P. Michael
- 555,555
555,555
D. Greenwood
- 555,555
555,555
C. Karageorge (ii)
666,666 (666,666)
-
(i) Appointed 01 Jul 2024
(ii) Appointed on 19 December 2022 and Resigned on 01 November 2023.
Option holdings of key management personnel
KMP
Balance at
Net other change
Balance at
1-Jul-23
30-Jun-24
P. Kastellorizos
3,000,000
555,555
3,555,555
P. Michael
1,000,000
185,185
1,185,185
D. Greenwood
1,000,000
185,185
1,185,185
C. Karageorge (ii)
- -
-
(i) Appointed 01 Jul 2024
(ii) Appointed on 19 December 2022 and resigned on 01 November 2023.
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.
38 | P a g e
Performance Rights holdings of key management personnel
KMP
Balance at
Issued
Balance at
1-Jul-23
30-Jun-24
P. Kastellorizos
4,000,000 Class A
5,000,000 Class E
5,000,000 Class F
4,000,000 Class H
4,000,000 Class I
2,000,000 Class J
4,000,000 Class A
5,000,000 Class E
5,000,000 Class F
4,000,000 Class H
4,000,000 Class I
2,000,000 Class J
P. Michael
2,500,000 Class A
1,500,000 Class B
2,000,000 Class H
2,000,000 Class I
1,000,000 Class J
2,500,000 Class A
1,500,000 Class B
2,000,000 Class H
2,000,000 Class I
1,000,000 Class J
D. Greenwood
2,000,000 Class A
1,500,000 Class B
2,000,000 Class H
2,000,000 Class I
1,000,000 Class J
2,000,000 Class A
1,500,000 Class B
2,000,000 Class H
2,000,000 Class I
1,000,000 Class J
C. Karageorge (ii)
-
-
-
(i) Appointed 01 Jul 2024
(ii) Appointed on 19 December 2022 and resigned on 01 November 2023.
The Performance Rights vesting conditions are as follows (as at 30 June 2024, none of the performance
milestones have been met):
Performance rights
Expiry
Class A - Market based
milestones
30-Nov-21
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 within 5 years of grant.
30-Nov-26
Class A - Market based
milestones
30-Nov-22
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 within 5 years of grant.
30-Nov-27
Class B - Market based
milestones
30-Nov-21
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 $0.065 within 5 years of grant.
30-Nov-26
Class E - Market based
milestones
30-Nov-22
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.
30-Nov-27
Class F - Market based
milestones
30-Nov-22
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.
30-Nov-27
Class G - Non-Market
based milestones
14-Feb-24
Completion of twelve (12) months service after the date of grant.
14-Feb-25
Class H - Non- Market
based milestones
9-Apr-24
The Company announcing a 15M ounce increase at the Kempfield Project
within 24 months from the date of grant.
30-Apr-26
Class I - Non-Market
based milestones
9-Apr-24
The Company announcing completion of 1,500 metres of drilling at the
Copperhead Project by the Expiry Date within 24 months from date of
grant.
30-Apr-26
Class J - Market based
milestones
9-Apr-24
The Company’s share price has a volume weighted average price of at
least $0.04 for 20 consecutive days with 5 years from the date of grant.
30-Apr-29
Performance Milestones
39 | P a g e
Consequences of performance on shareholder wealth
In considering the Group’s performance and benefits for shareholders’ wealth, the Board has regard to the
following indices in respect of the current financial year and the previous four financial years.
2024
2023
2022
2021
2020
Net loss attributable to equity
holders of the Company
(1,981,213)
(3,858,002)
1,309,982
2,110,006
2,185,012
Basic loss per share (cents)
(1.6)
(3.6)
(1.5)
1.9
(1.4)
The overall level of key management personnel’s compensation is assessed on the basis of market conditions,
status of the Company’s projects, and financial performance of the Company.
There was no reliance on external remuneration consultants during the year.
There were no other loans to key management personnel and other transactions noted during the year.
Voting and comments made at the Company’s last annual grand meeting
The Company received 0.39% of votes against, and no specific feedback on, its Remuneration Report at its
Annual General Meeting held on 01 November 2023. The Resolution passed by a poll.
This is the end of the remuneration report.
40 | P a g e
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
30-Jun-24
30-Jun-23
Note
$
$
Continuing Operations
Other income
6
29,581
4,757
Administration and consultant's expenses
(561,600)
(476,611)
Depreciation expenses
7, 13
(84,682)
(55,554)
Employee and director expenses
(684,312)
(545,369)
Exploration and evaluation expenses
7
(847,927)
(2,702,318)
Legal expenses
(14,595)
(70,513)
Share based payment
20
145,284
(140,160)
Other expenses
-
(7,659)
Operating loss before financing income
(2,018,251)
(3,993,428)
Interest income
6
39,358
185,669
Interest expense
(2,320)
(50,243)
Net finance income
37,038
135,426
Loss before tax
(1,981,213)
(3,858,002)
Income tax expense
10
-
-
Loss for the period
(1,981,213)
(3,858,002)
Other comprehensive income/(loss), net of income tax
5
(180,000)
(510,000)
Total comprehensive income/(loss) for the period
(2,161,213)
(4,368,002)
Loss per share
Basic loss and diluted loss per share (cents per share)
8
(1.6)
(3.6)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in
conjunction with the accompanying notes.
41 | P a g e
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30-Jun-24
30-Jun-23
Note
$
$
Current assets
Cash and cash equivalents
9
3,151,059
1,976,283
Trade and other receivables
11
133,673
146,987
Financial assets (FVTOCI)
12
240,000
420,000
Total current assets
3,524,732
2,543,270
Non-current assets
Other financial asset - security deposits
114,500
183,648
Plant and equipment
13
246,548
240,228
Right of use asset
14
28,185
60,221
Total non-current assets
389,233
484,097
Total assets
3,913,965
3,027,367
Current liabilities
Trade and other payables
16
129,891
174,100
Short-term Lease liability
15
32,156
35,534
Total current liabilities
162,047
209,634
Non-current liabilities
Long-term lease liability
15
-
32,156
Total non-current liabilities
-
32,156
Total liabilities
162,047
241,790
Net assets
3,751,918
2,785,577
Equity
Issued capital
17
45,749,914
42,575,173
Reserves
17
367,905
595,092
Accumulated losses
(42,365,901)
(40,384,688)
Total equity
3,751,918
2,785,577
The above Consolidated Statement of Financial Position should be read in conjunction with the
accompanying notes.
42 | P a g e
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
Share Capital
Financial Asset
Reserve
Share Based
Payments
Reserve
Accumulated
losses
Total Equity
$
$
$
$
$
Balance at 1 July 2022
38,297,590
410,000
466,424
(36,526,686)
2,647,328
Loss for the year
-
-
-
(3,858,002)
(3,858,002)
Other comprehensive income
-
(510,000)
-
(510,000)
Total comprehensive loss for the period
-
(510,000)
-
(3,858,002)
(4,368,002)
Issue of shares as consideration for asset acquisition
1,305,000
-
-
-
1,305,000
Shares issued during the period
3,192,200
-
-
-
3,192,200
Share based payments
-
-
228,668
-
228,668
Share issue costs
(219,617)
-
-
-
(219,617)
Balance at 30 June 2023
42,575,173
(100,000)
695,092
(40,384,688)
2,785,577
Balance at 1 July 2023
42,575,173
(100,000)
695,092
(40,384,688)
2,785,577
Loss for the year
-
-
-
(1,981,213)
(1,981,213)
Other comprehensive income/(loss)
-
(180,000)
-
-
(180,000)
Total comprehensive loss for the year
-
(180,000)
-
(1,981,213)
(2,161,213)
Shares issued during the period
3,540,000
-
-
-
3,540,000
Share based payments
-
-
(47,187)
-
(47,187)
Share issue costs
(365,259)
-
-
-
(365,259)
Balance at 30 June 2024
45,749,914
(280,000)
647,905
(42,365,901)
3,751,918
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
43 | P a g e
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
30-Jun-24
30-Jun-23
Note
$
$
Cash flows from operating activities
Cash receipts from other operating activities
3,375
-
Expenditure on mining interests
(983,227)
(792,912)
Payments to suppliers and employees
(1,048,023)
(1,480,424)
R&D repayment
-
(497,166)
Interest received
39,358
185,669
Net cash (used in) operating activities
18
(1,988,517)
(2,584,833)
Cash flows from investing activities
Payment for plant and equipment
(64,863)
(1,633)
Proceeds/(Payments) from security deposits
23,398
(42,000)
Proceeds from disposal of motor vehicle
-
58,300
Loan to third party
-
24,717
Net cash provided by/(used in) investing activities
(41,465)
39,384
Cash flows from financing activities
Issue of shares
3,540,000
2,992,824
Lease payments
(59,579)
(31,250)
Capital raising costs
(275,663)
(225,067)
Net cash provided by financing activities
3,204,758
2,736,507
Net increase/(decrease) in cash and cash equivalents
1,174,776
191,058
Cash and cash equivalents at the beginning of the year
1,976,283
1,785,225
Cash and cash equivalents at the end of the year
9
3,151,059
1,976,283
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying
notes.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
44 | P a g e
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 2024 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 20 September 2024.
(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)
-
Going concern
Note
3(a)
-
Acquisition accounting
Note
10
-
Unrecognised deferred tax asset
Note
23
-
Share-based payments
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
45 | P a g e
3
MATERIAL 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.
(b) Exploration, evaluation and development expenditure
Expenditure on exploration and evaluation is accounted for in accordance with the ‘area of interest’ method
and with AASB 6 Exploration for and Evaluation of Mineral Resources.
For each area of interest, exploration and evaluation expenditure is expensed in the period in which the
expenditure is incurred. Expenditure incurred in the acquisition of tenements and rights to explore may be
capitalised and recognised as an exploration and evaluation asset.
(c) Property, plant and equipment
Items of property, plant and equipment are measured on the cost basis less depreciation and impairment
losses.
Depreciation
The depreciable amount of all property, plant and equipment is depreciated over the assets' estimated
useful lives to the Group commencing from the time the asset is ready for use.
The depreciation rates and basis used for each class of depreciable assets are:
Class of fixed asset
Depreciation rates
Depreciation basis
Buildings
7.50%
Diminishing value
Plant and equipment
5% to 37.5%
Diminishing value
Motor vehicle
20%
Diminishing value
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
46 | P a g e
3 MATERIAL ACCOUNTING POLICIES (cont’d)
(d) 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.
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
47 | P a g e
3 MATERIAL ACCOUNTING POLICIES (cont’d)
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.
(e) 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.
(f) 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.
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
48 | P a g e
3 MATERIAL ACCOUNTING POLICIES (cont’d)
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.
(g) Tax
Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to a business
combination, or items recognised directly in equity or in other comprehensive income.
Current tax
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax
rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect
of previous years.
Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amount of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not
recognised for:
temporary differences on the initial recognition of assets or liabilities in a transaction that is not a
business combination and that affects neither accounting nor taxable profit or loss;
temporary differences related to investments in subsidiaries to the extent that the Group is able to
control the timing of the reversal of the temporary differences and it is probable that they will not
reverse in the foreseeable future; or
taxable temporary differences arising on the initial recognition of goodwill.
The measurement of deferred tax reflects the tax consequences that would follow the manner in which the
Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and
liabilities.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when
they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets
and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and
they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities,
but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will
be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences,
to the extent that it is probable that future taxable profits will be available against which they can be
utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax benefit will be realised.
(h) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three
months or less.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
49 | P a g e
3 MATERIAL ACCOUNTING POLICIES (cont’d)
(i) Impairment
Financial instruments
The Company recognises expected credit losses (‘ECLs’), where material, on:
-
Financial assets measured at amortised cost;
The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which
are measured at 12-month ECLs:
-
Other debt securities and bank balances for which credit risk (i.e., the risk of default occurring over
the expected life of the financial instrument) has not increased significantly since initial recognition.
Loss allowances for trade receivables and contract assets are always measured at an amount equal to
lifetime ECLs. At each reporting date, the Group assesses whether financial assets carried at amortised cost
and debt securities at fair value through other comprehensive income are credit impaired.
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations
of recovering a financial asset in its entirety or a portion thereof.
Financial assets measured at amortised cost
Individually significant financial assets are tested for impairment on an individual basis. The remaining
financial assets are assessed collectively in groups that share similar credit risk characteristics.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference
between its carrying amount, and the present value of the estimated future cash flows discounted at the
original effective interest rate. Losses are recognised within profit or loss. When an event occurring after
the impairment was recognised causes the amount of impairment loss to decrease, the decrease in
impairment loss is reversed through profit or loss.
Non-financial assets
The carrying amounts of the Group's non-financial assets, other than deferred tax assets, are reviewed at
each reporting date to determine whether there is any indication of impairment. If any such indication
exists, the asset's recoverable amount is estimated. For goodwill and intangible assets that have indefinite
lives or that are not yet available for use, the recoverable amount is estimated each year at the same time.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit
(CGU) exceeds its recoverable amount. The recoverable amount of an asset or CGU is the greater of their
fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset or CGU. For impairment testing, assets are
grouped together into the smallest group of assets that generates cash inflows from continuing use that
are largely independent of the cash inflows of other assets or CGUs. Impairment losses are recognised in
profit or loss.
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation, if no impairment
loss had been recognised.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
50 | P a g e
3 MATERIAL ACCOUNTING POLICIES (cont’d)
(j) 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.
(k) Employee benefits
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the
related service is provided.
Share-based payment transactions
The grant date fair value of share-based payment awards granted to employees is recognised as an
employee expense, with a corresponding increase in equity, over the period that the employees become
unconditionally entitled to the awards. The amount recognised as an expense is adjusted to reflect the
number of awards for which the related service and non-market vesting conditions are expected to be met,
such that the amount ultimately recognised as an expense is based on the number of awards that meet the
related service and non-market performance conditions at the vesting date. For share-based payment
awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to
reflect such conditions and there is no true-up for differences between expected and actual outcomes.
(l) 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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
51 | P a g e
3 MATERIAL ACCOUNTING POLICIES (cont’d)
(m) 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.
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.
(n) 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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
52 | P a g e
3 MATERIAL ACCOUNTING POLICIES (cont’d)
(o) 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.
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.
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
53 | P a g e
5 DETERMINATION OF FAIR VALUES (cont’d)
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.
-
Level 3: Unobservable inputs for the asset or liability.
Level 1
Level 2 Level 3
Total
Consolidated - 2024
$
$
$
$
Assets
Ordinary shares at fair value through profit or loss
-
-
-
-
Ordinary shares at fair value through other comprehensive loss
240,000
-
-
240,000
Total assets
240,000
-
-
240,000
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.
2024
2023
6 OTHER INCOME & INTEREST INCOME
$
$
Rental income
(521)
4,091
Income from tenement surrendered
30,102
-
Miscellaneous income
-
666
Total Other income
29,581
4,757
Interest income from bank
39,358
24,417
R & D claim - interest adjustment
-
161,252
Total Interest Income
39,358
185,669
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
54 | P a g e
2024
2023
7 EXPENSES
$
$
Loss from ordinary activities have been arrived after charging the
following items:
Auditors' remuneration accrued and paid during the year
- Audit and review of financial reports
29,554
58,626
Depreciation
- Land and Building
42,859
12,155
- Plant and equipment
9,788
9,347
- Right of Use Asset
32,036
34,052
Total Depreciation
84,682
55,554
Exploration and evaluation expenditure expensed as incurred
847,927
2,702,318
2024
2023
EXPLORATION AND EVALUATION EXPENSES
$
$
Exploration expenditures
847,927
1,087,274
Acquisition of Copperhead Resources Pty Ltd (i)
-
1,615,044
Total Exploration and evaluation expenses
847,927
2,702,318
(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
2024
2023
$
$
Net loss for the year
(1,981,213)
(3,858,002)
2024
2023
Number
Number
Weighted average number of ordinary shares
1,245,848,803
1,065,330,587
Loss per share (cents per share)
(1.6)
(3.6)
As the Company is loss making, none of the potentially dilutive securities are currently dilutive.
2024
2023
9 CASH AND CASH EQUIVALENTS
$
$
Cash and cash equivalents in the Balance Sheet
3,151,059
1,976,283
Cash and cash equivalents in the Statement of Cash Flows
3,151,059
1,976,283
Refer to the risk management section at note 20 which contains exposure analysis for cash and cash
equivalents.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
55 | P a g e
2024
2023
10 INCOME TAX EXPENSE
$
$
Current tax expense
-
-
Deferred tax expense
-
-
Numerical reconciliation between tax expense and pre-tax net
profit
Loss before tax - continuing operations
(1,981,213)
(3,858,002)
Prima facie income tax benefit at 30% (2023: 30%)
(594,364)
(1,157,401)
Increase in income tax expense due to
- Adjustments not resulting in temporary differences
(40,001)
61,419
- Effect of tax losses not recognized
524,452
591,903
- Unrecognized temporary differences
(109,913)
504,079
Income tax expense current and deferred
-
-
Deferred tax assets have not been recognised in respect of the
following items
Deductible temporary differences (net)
205,233
759,359
Tax losses
11,142,868
10,576,378
Net
11,348,101
11,335,737
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.
2024
2023
11 TRADE AND OTHER RECEIVABLES
$
$
Prepayments
73,575
13,756
Other receivables
60,098
133,231
Total trade and other receivables
133,673
146,987
The above other receivables are all current and nil expected credit losses has been raised.
2024
2023
12 FINANCIAL ASSETS (FVTOCI)
$
$
Balance at beginning of reporting period
420,000
930,000
Revaluation movement during the period
(180,000)
(510,000)
Balance at end of reporting period
240,000
420,000
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 2024, these
shares were revalued at a closing rate at balance date. The directors of the Company have designated
these investments as Fair Value Through Other Comprehensive Income or (FVTOCI).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
56 | P a g e
2024
2023
13 PROPERTY, PLANT AND EQUIPMENT
$
$
Land and Buildings
Land and Buildings at cost
502,763
502,763
Accumulated depreciation
(320,444)
(277,586)
Land and Buildings, net
182,319
225,177
Plant and Equipment
Plant and Equipment at cost
240,078
182,067
Accumulated depreciation
(175,849)
(167,016)
Plant and Equipment, net
64,229
15,051
Motor Vehicle
Motor Vehicle at cost
-
19,621
Accumulated depreciation
-
(19,621)
Motor Vehicle, net
-
-
Total Property, Plant and Equipment - net book value
246,548
240,228
2024
2023
Reconciliations of the carrying amounts for each class of asset are
set out below:
$
$
Land and Buildings
Balance at 1 July
225,177
237,332
Depreciation
(42,859)
(12,155)
Carrying amount at 30 June
182,318
225,177
Plant and Equipment
Balance at 1 July
15,051
22,764
Additions
58,966
1,634
Depreciation
(9,788)
(9,347)
Carrying amount at 30 June
64,229
15,051
Total carrying amount at 30 June
246,548
240,228
2024
2023
14 RIGHT OF USE ASSET
$
$
Balance at 1 July
60,221
101,602
Adjustments (i)
-
(7,329)
Depreciation
(32,036)
(34,052)
Carrying amount at 30 June
28,185
60,221
(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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
57 | P a g e
2024
2023
15 LEASE LIABILITIES
$
$
Office lease
Lease liabilities - current
32,156
35,534
Lease liabilities - non-current
-
32,156
32,156
67,690
Office lease reconciliation
Balance at 1 July
67,690
102,596
Interest
2,278
3,673
Lease Payment
(37,812)
(31,250)
Adjustments (i)
-
(7,329)
Closing Balance
32,156
67,690
(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.
2024
2023
16 TRADE AND OTHER PAYABLES
$
$
Current
Trade creditors
67,147
132,527
Employee annual leave provision
13,269
5,769
Accruals - exploration, admin and director fees
49,474
35,804
129,891
174,100
Refer to the risk management section at note 21, which contains exposure analysis for trade and other
payables.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
58 | P a g e
2024
2023
17 CAPITAL AND RESERVES
$
$
At the beginning of the reporting period
42,575,173
38,297,590
- Issue of fully paid ordinary shares at $0.009 each on 19
December pursuant to a placement to sophisticated investors of
the Company
1,015,000
-
- Issue of fully paid ordinary shares at $0.009 each to Directors
following shareholder approval at the General Meeting on 09
April 2024
25,000
-
- Issue of fully paid ordinary shares at $0.018 each on 13 June
2024 pursuant to a placement to sophisticated investors of the
Company
2,500,000
-
- Issue of 2,528,089 shares for part payment of a $45,000 fee to
John & Robyn Cooper as part of the "Box Hill" Park agreement.
-
45,000
- Issue of fully paid ordinary shares at $0.015 each on 09
November pursuant to a placement to sophisticated investors of
the Company
-
3,000,000
- Issue of fully paid ordinary shares at $0.015 each pursuant to the
acquisition of 100% of Copperhead Resources Pty Ltd
-
1,305,000
- Issue of shares to Consultant on the conversion of invoices
totalling $37,200 on a 20day VWAP
-
37,200
- Issue of fully paid ordinary shares on vesting of 2,000,000 Class C
Performance Rights
-
70,000
- Issue of fully paid ordinary shares on vesting of 2,500,000 Class C
Performance Rights
-
40,000
Share issue costs
(365,259)
(219,617)
Balance at end of reporting period
45,749,914
42,575,173
2024
2023
(a) Movement in ordinary shares
Number
Number
At the beginning of the reporting period
1,178,981,223
882,730,253
Shares issued during the reporting period
254,444,443
296,250,970
Balance at the end of the financial year
1,433,425,666
1,178,981,223
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
59 | P a g e
17 CAPITAL AND RESERVES (cont’d)
2024
2023
Option / Performance Rights Premium Reserve
$
$
At the beginning of the year
695,092
466,422
Share based payment expense
(47,187)
228,670
Balance at end of the year
647,905
695,092
2024
2023
Asset Revaluation Reserve
$
$
At the beginning of the year
(100,000)
410,000
Revaluation during the period
(180,000)
(510,000)
Balance at end of the year
(280,000)
(100,000)
Listed and Unlisted options to take up ordinary shares in the capital of the Company have been granted as
follows:
Exercise Period
Details
Exercise
Price
Opening
Balance
01 Jul 2023
Options
Issued
Options
Expired
Closing Balance
30 Jun 2024
On or before 30
November 2024
Listed
Options
ARDO
$0.040
143,500,000
-
-
143,500,000
On or before 30
November 2024
Unlisted
Options
ARDOPT5
$0.050
6,000,000
-
-
6,000,000
On or before 30
November 2025
Unlisted
Options
ARDOPT6
$0.060
3,000,000
-
-
3,000,000
On or before 17
August 2025 (i)
Unlisted
Options
ARDOPT8
$0.040
-
8,000,000
-
8,000,000
On or before 17
August 2027 (ii)
Unlisted
Options
ARDOPT9
$0.020
-
49,629,612
-
49,629,612
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
60 | P a g e
2024
2023
18 STATEMENT OF CASH FLOWS
$
$
Reconciliation of cash flows used in operating activities
Loss for the year
(1,981,213)
(3,858,002)
Adjustments for:
Depreciation
84,682
55,554
Share based payments
(145,284)
140,160
Write-off of security deposit
23,750
-
Non-cash exploration
60,443
1,547,797
Other Income
-
(4,091)
Changes in assets and liabilities
Decrease in R&D claims payable
-
(497,166)
(Increase)/decrease in receivables and prepayments
13,314
(58,586)
(Decrease)/increase in payables and provisions
(44,209)
89,500
Net cash used in operating activities
(1,988,517)
(2,584,834)
19 RELATED PARTIES
Key management personnel and director transactions
There are no key management personnel and directors that hold a position in another entity that made a
transaction with the Company during the year.
Key management personnel compensation
During the year ended 30 June 2024, compensation of key management personnel totalled $569,153 (2023:
$598,045), which comprised primarily of salary, fees and other benefits of $453,554 (2023: $449,500),
superannuation of $5,946 (2023: $4,200) and share-based payments of $109,654 (2023: $138,783).
The Directors included in the above amounts are Conrad Karageorge (resigned 01 November 2023), David
Greenwood, Peter Michael and Pedro Kastellorizos.
20 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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
61 | P a g e
20 SHARE-BASED PAYMENTS (cont’d)
During the financial year, the Company incurred share-based payment expense of ($145,284) (2023:
$140,160), being the fair value expensed over management’s best estimate of the vesting periods, through
the issue of options and performance rights:
2024
2023
$
$
Issue of options to directors and management (i)
-
(16,216)
Issue of performance rights to directors (ii)
126,098
93,424
Issue of performance rights to directors and management (iii)
42,608
62,952
Reversal of performance rights due to lapsing (iv)
(194,653)
Adjustment to Options (v)
(254,119)
-
Adjustment to Performance rights (v)
134,782
-
Share based payments expense in the profit and loss
(145,284)
140,160
(i)
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.
(ii)
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.
(iii)
Issue of 26,750,000 performance rights to directors, employee and management 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.
(iv)
In April 2024, 15,750,000 performance rights issued to directors and management have ceased
due to lapse of conditional right to securities because the conditions have not been or have
become incapable of being satisfied.
(v)
Options and performance rights reserves were adjusted to reflect the correct valuation of
options and performance rights as of 30 June 2024.
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
62 | P a g e
20 SHARE-BASED PAYMENTS (cont’d)
The following input were used for the valuation:
ITEM
INCENTIVE OPTIONS
ARDOPT5
ARDOPT6
ARDOPT7
ARDOPT8
ARDOPT9
Fair value per option/Rights
Nil
$0.004
$0.005
$0.002
$0.008
Number of options/Rights
6,000,000
3,000,000
43,500,000
8,000,000
11,111,111
Exercise price /Target Share price
Nil
$0.0600
$0.0400
$0.0400
Nil
Expected volatility
110%
85%
100%
n/a
80%
Implied option/rights life
3 years
3 years
2 years
2 years
3 years
Expected dividend yield
Nil
Nil
Nil
Nil
Nil
Risk free rate
0.53%
3.44%
3.11%
3.82%
3.66%
Underlying share price at grant date
$0.035
$0.016
$0.015
$0.011
$0.016
Grant Date
30/11/2021
30/11/2022
30/11/2022
11/8/2023
9/04/2024
Vesting Period
3 years
3 years
2 years
2 years
3 years
ITEM
PERFORMANCE RIGHTS
CLASS A
CLASS A
CLASS B
CLASS E
CLASS F
CLASS G
Fair value per option/Rights
$0.034
$0.013
$0.033
$0.012
$0.012
$0.010
Number of options/Rights
3,000,000
5,500,000
3,000,000
5,000,000
5,000,000
500,000
Exercise price /Target Share price
Nil
Nil
Nil
Nil
Nil
Nil
Expected volatility
110%
100%
110%
100%
100%
80%
Implied option/rights life
5 years
5 years
5 years
5 years
5 years
1 year
Expected dividend yield
Nil
Nil
Nil
Nil
Nil
Nil
Risk free rate
1.31%
3.28%
3.31%
3.28%
3.28%
3.75%
Underlying share price at grant date
$0.035
$0.015
$0.035
$0.015
$0.016
$0.010
Grant Date
30/11/2021
30/11/2022
30/11/2021
30/11/2022
30/11/2022
12/02/2024
Vesting Period
5 years
5 years
5 years
5 years
5 years
1 year
ITEM
PERFORMANCE RIGHTS
CLASS H
CLASS I
CLASS J
Employee
Directors
CoSec
Employee
Directors
CoSec
Employee
Directors
CoSec
Fair value per
option/Rights
$0.010
$0.016
$0.016
$0.010
$0.016
$0.016
$0.010
$0.016
$0.016
Number of
options/Rights
1,500,000
8,000,000
1,000,000
1,500,000
8,000,000
1,000,000
750,000
4,000,000
500,000
Exercise price
/Target Share
price
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Expected
volatility
80%
80%
80%
80%
80%
80%
80%
80%
80%
Implied
option/rights life
2 years
2 years
2 years
2 years
2 years
2 years
5 years
5 years
5 years
Expected
dividend yield
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Risk free rate
3.75%
3.72%
4.06%
3.75%
3.72%
4.06%
3.74%
3.73%
4.09%
Underlying share
price at grant
date
$0.01
$0.016
$0.016
$0.01
$0.016
$0.016
$0.01
$0.016
$0.016
Grant Date
12/02/2024
9/04/2024
1/05/2024
12/02/2024
9/04/2024
1/05/2024
12/02/2024
9/04/2024
1/05/2024
Vesting Period
2 years
2 years
2 years
2 years
2 years
2 years
5 years
5 years
5 years
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
63 | P a g e
20 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
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.
Class B 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 $0.055.
Class E 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 $0.060.
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 $0.080.
Class G - Non-Market based milestones
Completion of twelve (12) months service after the date of grant.
Class H - Non- Market based milestones
The Company announcing a 15M ounce increase at the Kempfield Project within 24 months from
the date of grant.
Class I - Non-Market based milestones
The Company announcing completion of 1,500 metres of drilling at the Copperhead Project by the
Expiry Date within 24 months from date of grant.
Class J - Market based milestones
The Company’s share price has a volume weighted average price of at least $0.04 for 20
consecutive days with 5 years from the date of grant.
There is a service condition attached over the life of the performance rights.
No other 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.
A summary of the movements of all the Company’s options issued as share based payments is as follows:
2024
2023
Number
Weighted
average
exercise price
Number
Weighted
average
exercise price
of options
of options
Outstanding at the beginning
152,500,000
$0.041
21,000,000
$0.036
Granted
57,629,612
$0.023
146,500,000
$0.041
Expired
-
- (15,000,000)
-
Options outstanding at year end
210,129,612
$0.036
152,500,000
$0.041
Exercisable at year end
210,129,612
$0.036
152,500,000
$0.041
The weighted average remaining contractual life of share options outstanding at the end of 30 June 2024
was 1.10 years (2023: 1.44 years), and the weighted average exercise price was $0.036 (2023: $0.041).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
64 | P a g e
21 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 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:
Note
2024
2023
$
$
Cash and cash equivalents
9
3,151,059
1,976,283
Trade and other receivables
11
133,673
146,987
Security deposits
114,500
183,648
3,399,232
2,306,918
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 ATO for GST paid and prepayments of services
paid in advance to suppliers.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
65 | P a g e
21 FINANCIAL INSTRUMENTS (cont’d)
Security Deposits
Security deposits of $114,500 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 based on expected fund raisings, trade payables and other obligations for the ongoing operation
of the Group. At reporting date, the Group has available funds of $3,151,059 for its immediate use.
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 year
$
Interest
$
30 June 2024
Trade and other payables
129,891
129,891
129,891
-
-
Lease liabilities
32,156
32,156
32,156
-
654
162,047
162,047
162,047
-
654
30 June 2023
Trade and other payables
174,100
174,100
174,100
-
-
Lease liabilities
67,690
67,690
35,534
32,156
2,932
241,790
241,790
209,634
32,156
2,932
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
66 | P a g e
21 FINANCIAL INSTRUMENTS (cont’d)
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 2024.
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:
Note
2024
2023
$
$
Cash and cash equivalents
9
3,151,059
1,976,283
Security deposits
114,500
183,648
Net exposure
3,265,559
2,159,931
The Group did not have any interest-bearing financial liabilities in the current or prior year other than the
lease liability. The interest rate for the lease liability had an interest charge of 4.4%.
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.
2024
2023
$
$
31,511
19,763
Currency risk
The Group is not exposed to any foreign currency risk as at 30 June 2024 (2023: 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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
67 | P a g e
21 FINANCIAL INSTRUMENTS (cont’d)
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.
22 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.
The accounting policies applied for internal reporting purposes are consistent with those applied in the
preparation of these financial statements.
23 SUBSIDIARIES
Subsidiaries
Country of
incorporation
Ownership percentage
2024
2023
Argent (Kempfield) Pty Ltd
Australia
100%
100%
Loch Lilly Pty Ltd
Australia
100%
100%
Copperhead Resources Pty Ltd
Australia
100%
100%
West Wyalong Pty Ltd
Australia
100%
100%
Mt Read Pty Ltd
Australia
100%
100%
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
68 | P a g e
24 PARENT COMPANY DISCLOSURE
(a) Financial Position as at 30 June 2024
2024
2023
$
$
Assets
Current assets
3,405,288
2,492,177
Non-current assets
115,665
532,223
Total Assets
3,520,953
3,024,400
Liabilities
Current liabilities
124,157
171,134
Non-current liabilities
-
67,689
Total liabilities
124,157
238,823
Net Assets
3,396,796
2,785,577
Equity
Issued capital
45,749,914
42,575,173
Reserves
367,904
621,966
Accumulated Losses
(42,721,022)
(40,411,562)
Total Equity
3,396,796
2,785,577
There are no contingencies, commitments and guarantees by the Parent other than disclosed in Note 24.
(b) Financial Performance for the year ended 30 June 2024
2024
2023
$
$
Loss for the year
1,284,968
(5,429,394)
Other comprehensive income/(loss)
(180,000)
(510,000)
Total comprehensive loss
1,104,968
(5,939,394)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
69 | P a g e
25 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. The figures quoted below assume that no new tenements are granted and that only compulsory
statutory area reductions are made.
If the Group decides to relinquish certain leases and/or does not meet these obligations, assets recognized
in the consolidated statement of financial position may require review to determine the appropriateness
of carrying values. The sale, transfer or farm-out of exploration rights to third parties will reduce or
extinguish these obligations.
2024
2023
$
$
Not longer than one (1) year
366,500
436,500
One (1) to five (5) years
914,821
-
1,281,321
436,500
Other than the above, the Directors of the Company consider that there are no other material
commitments outstanding as at 30 June 2024.
Contingent liabilities
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)
a one-third part if the NSR to Monarch Royalties Pty Ltd;
(ii)
a one-sixth part of the NSR to Glen William Goulds;
(iii)
a one-sixth part of the NSR to Phillip Hall as Trustee for Hall Trust; and
(iv)
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 2024 (2023: nil).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
70 | P a g e
26 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 2024, the joint venture partner decided to not contribute their share of exploration
expenditure amounting to $nil (2023: $nil). Following this election, the Company now owns 82.49% (2023:
82.49%) of the West Wyalong Project. There was $nil receivable outstanding as at 30 June 2024 (2023: $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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
71 | P a g e
27 SUBSEQUENT EVENTS
In July 2024, the Company announced the assay results from the third rock chip sampling programme which
provides further confirmation of outcropping silver-copper-lead-zinc mineralisation outside the defined
Resource at its 100%-owned Kempfield Polymetallic Au-Ag-Pb-Zn Project in NSW.
In July 2024, the Company announced the appointment of Mr Phillip Hall as a Non-Executive Director. Mr
Hall is a qualified engineer with over 15 years of experience developing resource and infrastructure projects
across Australia and Asia. He brings diverse experience including project technical and commercial analysis,
project strategy, infrastructure and civil contracting, project management and development.
In July 2024, the Company announced an upgraded Mineral Resource Estimate (“MRE”) for the Kempfield
Silver Deposit located within its 100%-owned Kempfield Au-Ag-Pb-Zn Project in New South Wales.
In August 2024, the Company issued performance rights to new non-executive director, Mr Phillip Hall, as
incentive during the General Meeting.
In August 2024, the Company issued 2,000,000 of Class I and 1,000,000 of Class J performance rights to new
non-executive director, Mr Phillip Hall, as incentive package during the General Meeting.
In August 2024, the Company issued 10,500,000 of Ordinary Shares as a result of Conversion of Class H
performance rights. The performance rights were converted as a result of announcing a 15M ounce
increase at the Kempfield Project within 24 months from the date of grant, 09 April 2024.
In September 2024, the Company announced the results from the rock chip sampling programme which
further confirmed the outcropping gold-silver-lead-zinc mineralisation outside the defined Resource at its
100%-owned Kempfield Polymetallic Au-Ag-Pb-Zn Project in NSW.
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.
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
72 | P a g e
ARGENT MINERALS LIMITED ABN 89 124 780 276 AND CONTROLLED ENTITY
Name of entity
Type of
entity
Trustee,
partner or
participant
in joint
venture
% of
share
capital
held
Country of
Incorporation
Australian
resident or
foreign
resident (for)
tax purposes
Foreign tax
jurisdiction(s)
of foreign
residents
Argent
Minerals
Limited
Body
Corporate
N/A
N/A
Australia
Australian
N/A
Argent
(Kempfield)
Pty Ltd
Body
Corporate
N/A
100
Australia
Australian
N/A
Loch Lilly Pty
Ltd
Body
Corporate
N/A
100
Australia
Australian
N/A
Copperhead
Resources Pty
Ltd
Body
Corporate
N/A
100
Australia
Australian
N/A
West Wyalong
Pty Ltd
Body
Corporate
N/A
100
Australia
Australian
N/A
Mt Read Pty
Ltd
Body
Corporate
N/A
100
Australia
Australian
N/A
73 | P a g e
Argent Minerals Limited ABN 89 124 780 276 AND CONTROLLED ENTITIES DIRECTORS’ DECLARATION
In accordance with a resolution of the directors of Argent Minerals Limited, the directors of the Company
declare that:
1. the financial statements and notes, as set out on pages 40 to 71, are in accordance with the
Corporations Act 2001 and:
a.
comply with Australian Accounting Standards applicable to the Group, which, as stated in
accounting policy Note 1 to 4 of the financial statements, constitutes compliance with
International Financial Reporting Standards; and
b.
give a true and fair view of the financial position as at 30 June 2024 and of the
performance for the year ended on that date of the Consolidated Group.
2. the consolidated entity disclosure statement is true and correct
3. in the directors’ opinion there are reasonable grounds to believe that the Company will be able to
pay its debts as and when they become due and payable; and
4. the directors have been given the declarations required by s 295A of the Corporations Act 2001
from the Chairman and Chief Financial Officer.
On behalf of the directors,
Mr Pedro Kastellorizos
Managing Director/Chief Executive Officer
Perth, 20 September 2024
Liability limited by a scheme approved under Professional Standards Legislation
Criterion Audit Pty Ltd
ABN 85 165 181 822
PO Box 233 LEEDERVILLE WA 6902
Suite 2, 642 Newcastle Street
LEEDERVILLE WA 6007
Phone: 9466 9009
To The Board of Directors
Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001
As lead audit director for the audit of the financial statements of Argent Minerals Limited and its controlled entities for the
year ended 30 June 2024, I declare that to the best of my knowledge and belief, there have been no contraventions of:
•
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
•
any applicable code of professional conduct in relation to the audit.
Yours faithfully
CHRIS WATTS CA
Director
CRITERION AUDIT PTY LTD
DATED at PERTH this 20th day of September 2024
Liability limited by a scheme approved under Professional Standards Legislation
Criterion Audit Pty Ltd
ABN 85 165 181 822
PO Box 233 LEEDERVILLE WA 6902
Suite 2, 642 Newcastle Street
LEEDERVILLE WA 6007
Phone: 9466 9009
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 controlled entities (“the
Consolidated Entity”) which comprises the consolidated statement of financial position as at 30 June 2024, 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, notes to the financial statements, including
a summary of material accounting policies, and the directors’ declaration.
In our opinion:
a.
the accompanying financial report of Argent Minerals Limited is in accordance with the Corporations Act 2001,
including:
i.
giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 2024 and of its
financial performance for the year then ended; 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 Company in accordance with the auditor independence requirements of the Corporations Act 2001
and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for
Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the
directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial report of the current period. These matters were addressed in the context of our audit of the financial report as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter
How our audit addressed the key audit
matter
Share-based payments (Refer to Note 20)
Share-based payments is a key audit matter
due to:
•
The significance of the balance to the
Consolidated
Entity’s
financial
performance and position.
•
The level of judgement required in
evaluating management’s application of
the requirements of AASB 2 Share-based
Payment which requires the application of
significant judgements and estimates.
Our procedures included, amongst others:
•
Verifying the key terms of the share based
payments in respect of the granting of
option and performance rights over shares
for rendering of services by directors,
employees and contractors.
•
Assessing the fair value calculation of
options and performance rights granted by
checking the accuracy of the inputs to the
various pricing models adopted for that
purpose.
•
Testing the accuracy of the amortisation of
share-based payments over the vesting
period and the recording of an expense in
the statement of profit or loss and an
increment to the share based payment
reserve.
•
We assessed the appropriateness of the
related
disclosures
in
the
financial
statements.
Other Information
The directors are responsible for the other information. The other information comprises the information included in the
Consolidated Entity’s annual report for the year ended 30 June 2024, but does not include the financial report and our
auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly 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:
a.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in
accordance with Australian Accounting Standards and the Corporations Act 2001; and
b.
the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act
2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and
is free from material misstatement, whether due to fraud or error; and
ii.
the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Consolidated Entity 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 Consolidated Entity 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.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Consolidated Entity’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the directors.
•
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Consolidated Entity’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in
the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Consolidated Entity to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and
whether the financial report represents the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear
on our independence, and where applicable, related safeguards.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June 2024.
In our opinion, the Remuneration Report of Argent Minerals Limited, for the year ended 30 June 2024, 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 s 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.
CRITERION AUDIT PTY LTD
CHRIS WATTS CA
Director
DATED at PERTH this 20th day of September 2024
SCHEDULE OF MINERAL TENEMENTS HELD AT BALANCE SHEET DATE
79 | P a g e
Tenement Identifier
Location
Current Equity Interest
Barratts Reef
EL8951
NSW
100.00%
Billabong Bore
E08/3001
WA
100.00%5
Hardley
E08/3369
WA
100.00%5
E08/3460
WA
100.00%5
E09/2532
WA
100.00%5
E09/2622
WA
100.00%5
E09/2625
WA
100.00%5
E09/2683
WA
100.00%5
Kempfield
AL36
NSW
100.00%2
EL5645
NSW
100.00%2
EL7785
NSW
100.00%2
EL7134
NSW
100.00%2
EL9251
NSW
100.00%2
Loch Lilly
EL8199
NSW
51.00%4
EL8200
NSW
51.00%4
EL8515
NSW
100.00%4
EL8516
NSW
100.00%4
Lyndon
E08/3463
WA
100.00%5
Mt Dudley
EL5748
NSW
100.00%
Pine Ridge
EL8213
NSW
100.00%
Wanna
E09/2517
WA
100.00%5
West Wyalong JV
EL8430
NSW
79.46%3
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.
SCHEDULE OF MINERAL TENEMENTS HELD AT BALANCE SHEET DATE
80 | P a g e
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.
SHAREHOLDER INFORMATION
81 | P a g e
ASX ADDITIONAL INFORMATION AS AT 20 SEPTEMBER 2024
Listing Rules 4.10.6, 4.10.7 and 4.10.19 Disclosure
Argent Minerals Limited is pleased to provide the following information in accordance with ASX Listing
Rules 4.10.6, 4.10.7 and 4.10.19. The information should be read in conjunction with the 2024 Annual
report.
Voting rights for Options
The following information is provided in accordance with Listing Rule 4.10.6: No options have attaching
voting rights
Ordinary share capital
1,443,925,666 fully paid ordinary shares are held by 2,875 shareholders.
Distribution of Equity Security holders
Category (size of holding)
Number of
holders
Number of
ordinary
shares
% holding
1 - 1,000
158
13,631
0.00
1,001 - 5,000
148
486,933
0.03
5,001 - 10,000
185
1,598,478
0.11
10,001 - 100,000
1,296
59,998,401
4.16
100,001 and over
1,088
1,381,828,223
95.70
2,875
1,443,925,666
100.00
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 114 option holders.
Distribution of holdings listed options
Category (size of holding)
Number of
holders
Number of
listed options
% holding
1 - 1,000
-
-
0.00
1,001 - 5,000
1
2,230
0.00
5,001 - 10,000
-
-
0.00
10,001 - 100,000
10
806,665
0.56
100,001 and over
103
142,691,105
99.44
114
143,500,000
100.00
SHAREHOLDER INFORMATION
82 | P a g e
6,000,000 unlisted $0.05 options expiring 13 December 2024 are held by 4 option holders.
Distribution of holdings unlisted options
Category (size of holding)
Number of
holders
Number of
unlisted
options
% holding
1 - 1,000
-
-
0.00
1,001 - 5,000
-
-
0.00
5,001 - 10,000
-
-
0.00
10,001 - 100,000
-
-
0.00
100,001 and over
4
6,000,000
100.00
4
6,000,000
100.00
3,000,000 unlisted $0.06 options expiring 30 November 2025 are held by 1 option holder.
Distribution of holdings unlisted options
Category (size of holding)
Number of
holders
Number of
unlisted
options
% holding
1 - 1,000
-
-
0.00
1,001 - 5,000
-
-
0.00
5,001 - 10,000
-
-
0.00
10,001 - 100,000
-
-
0.00
100,001 and over
1
3,000,000
100.00
1
3,000,000
100.00
8,000,000 unlisted $0.04 options expiring 17 August 2025 are held by 7 option holders.
Distribution of holdings unlisted options
Category (size of holding)
Number of
holders
Number of
unlisted
options
% holding
1 - 1,000
-
-
0.00
1,001 - 5,000
-
-
0.00
5,001 - 10,000
-
-
0.00
10,001 - 100,000
2
157,000
1.96
100,001 and over
5
7,843,000
98.04
7
8,000,000
100.00
SHAREHOLDER INFORMATION
83 | P a g e
49,629,612 unlisted $0.02 options expiring 9 April 2027 are held by 51 option holders.
Distribution of holdings unlisted options
Category (size of holding)
Number of
holders
Number of
unlisted
options
% holding
1 - 1,000
-
-
0.00
1,001 - 5,000
-
-
0.00
5,001 - 10,000
-
-
0.00
10,001 - 100,000
1
100,000
0.20
100,001 and over
50
49,529,612
99.80
51
49,629,612
100.00
8,500,000 Class A performance rights are held by 4 shareholders.
Distribution of holdings performance rights
Category (size of holding)
Number of
holders
Number of
Performance
rights
% holding
1 - 1,000
-
-
0.00
1,001 - 5,000
-
-
0.00
5,001 - 10,000
-
-
0.00
10,001 - 100,000
-
-
0.00
100,001 and over
4
8,500,000
100.00
4
8,500,000
100.00
3,000,000 Class B performance rights are held by 2 shareholders.
Distribution of holdings performance rights
Category (size of holding)
Number of
holders
Number of
Performance
rights
% holding
1 - 1,000
-
-
0.00
1,001 - 5,000
-
-
0.00
5,001 - 10,000
-
-
0.00
10,001 - 100,000
-
-
0.00
100,001 and over
2
3,000,000
100.00
2
3,000,000
100.00
SHAREHOLDER INFORMATION
84 | P a g e
5,000,000 Class E performance rights are held by 1 shareholder.
Distribution of holdings performance rights
Category (size of holding)
Number of
holders
Number of
Performance
rights
% holding
1 - 1,000
-
-
0.00
1,001 - 5,000
-
-
0.00
5,001 - 10,000
-
-
0.00
10,001 - 100,000
-
-
0.00
100,001 and over
1
5,000,000
100.00
1
5,000,000
100.00
5,000,000 Class F performance rights are held by 1 shareholder.
Distribution of holdings performance rights
Category (size of holding)
Number of
holders
Number of
Performance
rights
% holding
1 - 1,000
-
-
0.00
1,001 - 5,000
-
-
0.00
5,001 - 10,000
-
-
0.00
10,001 - 100,000
-
-
0.00
100,001 and over
1
5,000,000
100.00
1
5,000,000
100.00
500,000 Class G performance rights are held by 1 shareholder.
Distribution of holdings performance rights
Category (size of holding)
Number of
holders
Number of
Performance
rights
% holding
1 - 1,000
-
-
0.00
1,001 - 5,000
-
-
0.00
5,001 - 10,000
-
-
0.00
10,001 - 100,000
-
-
0.00
100,001 and over
1
500,000
100.00
1
500,000
100.00
SHAREHOLDER INFORMATION
85 | P a g e
10,500,000 Class I performance rights are held by 6 shareholders.
Distribution of holdings performance rights
Category (size of holding)
Number of
holders
Number of
Performance
rights
% holding
1 - 1,000
-
-
0.00
1,001 - 5,000
-
-
0.00
5,001 - 10,000
-
-
0.00
10,001 - 100,000
-
-
0.00
100,001 and over
6
10,500,000
100.00
6
10,500,000
100.00
5,250,000 Class J performance rights are held by 6 shareholders.
Distribution of holdings performance rights
Category (size of holding)
Number of
holders
Number of
Performance
rights
% holding
1 - 1,000
-
-
0.00
1,001 - 5,000
-
-
0.00
5,001 - 10,000
-
-
0.00
10,001 - 100,000
-
-
0.00
100,001 and over
6
5,250,000
100.00
6
5,250,000
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 944 shareholdings held in less than the marketable parcels.
Substantial shareholders
Number of shares
% holding
1. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
142,482,536
9.87
Restricted securities
The Company has no restricted securities on issue.
On-Market buy-back
There is no current on-market buy-back.
SHAREHOLDER INFORMATION
86 | P a g e
Information required under listing rule 4.10.16
Twenty (20) Largest Quoted Shareholders – Fully Paid Ordinary Shares
Position
Holder Name
Holding
% IC
1
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
142,482,536
9.87%
2
CITICORP NOMINEES PTY LIMITED
47,880,302
3.32%
3
OCEANIC CAPITAL PTY LTD
41,835,499
2.90%
4
ST BARNABAS INVESTMENTS PTY LTD
41,191,740
2.85%
5
BNP PARIBAS NOMINEES PTY LTD
35,426,317
2.45%
6
CREEKWOOD NOMINEES PTY LTD
28,971,000
2.01%
7
SHIPBARK PTY LIMITED
25,500,000
1.77%
8
MR AVIJEET CHAUHAN & MS ANJANA RAO
22,583,528
1.56%
9
ELPHINSTONE HOLDINGS PTY LTD
14,285,714
0.99%
10
BNP PARIBAS NOMS PTY LTD
11,355,814
0.79%
11
JRMA GROUP PTY LTD
10,600,000
0.73%
12
MR ALEKSANDAR JOVANOVIC
10,000,000
0.69%
13
DIXTRU PTY LIMITED
9,333,331
0.65%
14
MRS VIENNA FELICIA ADINATA
8,930,100
0.62%
15
CAVES ROAD INVESTMENTS PTY LTD
8,915,000
0.62%
16
MR DANIEL HIDAJAT
8,458,888
0.59%
17
MR WARWICK MCARTHUR HARVEY
8,130,000
0.56%
18
MR GLEN GOULDS
8,000,000
0.55%
19
MR JOHN CAMPBELL SMYTH & DR ANN NOVELLO HOGARTH
7,500,000
0.52%
20
MR JOHN ANTHONY COOPER & MRS ROBYN LIDDELL COOPER
7,253,718
0.50%
Total
498,633,488
34.54%
Total issued capital - selected security class(es)
1,443,925,666
100.00%
SHAREHOLDER INFORMATION
87 | P a g e
Twenty (20) Largest Holders – Listed Options (exercisable at $0.04, expiring 30 Nov 2024)
Position
Holder Name
Holding
% IC
1
CREEKWOOD NOMINEES PTY LTD
14,485,500
10.09%
1
ST BARNABAS INVESTMENTS PTY LTD
14,485,500
10.09%
2
MR TIM ANGUS STEWART
8,111,250
5.65%
3
SHIPBARK PTY LIMITED
8,000,001
5.57%
4
MR GLEN GOULDS
7,514,500
5.24%
5
MR PHILLIP ANDREW HALL
7,264,500
5.06%
6
MR JAMES HAROLD INGER
4,500,000
3.14%
7
DIXTRU PTY LIMITED
3,333,335
2.32%
8
REDLAND PLAINS PTY LTD
3,166,666
2.21%
9
MR GREGORY CLARK GERMON
3,119,577
2.17%
10
NATIONAL ENERGY PTY LTD
3,000,000
2.09%
10
MR STEVEN CHARLES MITTER
3,000,000
2.09%
10
MISS KYUNG JIN LEE
3,000,000
2.09%
11
AURALANDIA PTY LTD
2,500,000
1.74%
12
LAMERTON PTY LTD
2,150,000
1.50%
13
MRS DUY MATHEWS
1,952,500
1.36%
14
VIVIEN ENTERPRISES PTE LTD
1,750,000
1.22%
15
MR NICHOLAS KARAGEORGE
1,666,667
1.16%
15
ALLCAP PTY LTD
1,666,667
1.16%
16
MRS RENA VIVEKANAND PARIKH
1,500,000
1.05%
17
MR LUKE WILLIAM DAVIS
1,246,263
0.87%
18
MR BARRY FRANCIS CRONIN & MRS KERRY ANNE CRONIN
1,083,333
0.75%
19
MR JOSHUA PHILIP PURTON
1,057,397
0.74%
20
MRD DAVID IAN RAYMOND HALL & MRS DENISE ALLISON HALL
1,050,000
0.73%
Total
100,603,656
70.09%
Total issued capital - selected security class(es)
143,500,000
100.00%
There are no current on-market buy-backs.
Statement regarding use of cash and assets
The following information is provided in accordance with Listing Rule 4.10.19: From the time of the
Company’s admission to the ASX on 3 April 2008 until 30 June 2024, the Company has used the cash and
assets in a form readily convertible to cash, that it had at the time of admission, in a way that is consistent
with its business objectives at that time.
MINERAL RESOURCES AND ORE RESERVES STATEMENT
88 | P a g e
KEMPFIELD (NSW, AUSTRALIA - 100% ARGENT)
RESOURCE SUMMARY
The updated Kempfield JORC 2012 Mineral Resource estimate as announced on 25 July 2024. Kempfield Silver
Deposit Mineral Resource estimate for all categories has been upgraded to 38.9Mt @ 102.4 g/t silver equivalent (‘Ag
Eq’) for 127.5 million ounces Ag Eq, an increase of approximately 28% from the previous 2018 Resources Estimate.
In total the Kempfield Deposit contains 42.8Moz silver, 149,200oz gold, 181,016t lead and 426,900t zinc, confirming
the Kempfield Deposit is one of the largest Silver Deposits in NSW.
The Kempfield Mineral Resource has been 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. Top cuts were applied to individual lodes
as necessary to limit the effect of high-grade outliers. The reporting is compliant with the 2012 JORC Code and
Guidelines. Please refer to Tables 1, 2 and 3.
Table 1 is a summary of the updated Kempfield mineral resource as of September 2023 based on the weathering
zones, Table 2 shows the Resource tonnes and grades by Indicated and Inferred categories and Table 3 summaries
the Mineral Resource by lodes. The cut-off grades used where 25 g/t Ag for Oxide with Transitional and Primary
for 60 g/t Ag equivalent silver cut-off 1.
Table 1 – Kempfield Silver Deposit Mineral Resource Estimate by Weathering Zone as at September 2023
(at a 25 g/t Ag cut-off for oxide and 60 g/t Ag Eq cut-off for Transitional/Primary)
Weathering
Zone
Million
Tonnes
(Mt)
Grade
Contained Metal
Silver
Eq. (g/t)
Silver
(g/t)
Gold
(g/t)
Lead
(%)
Zinc
(%)
Million
Ounces
Silver
Thousand
Ounces
Gold
Thousand
tonnes
Lead
Thousand
tonnes
Zinc
Million
Ounces
Silver Eq.
3 Oxide
3.4
69
56.93
0.13
6.3
14.6
7.6
2 Transitional
3.4
98
54.99
0.16
0.60
0.74
6.0
17.3
20.4
25.1
10.6
1 Primary
32.1
106
29.65
0.11
0.50
1.25
30.6
117.3
160.6
401.8
109.3
Total
38.9
102
34.26
0.12
0.47
1.10
42.8
149.2
181.0
426.3
127.5
Notes:
1.
Primary Zone: Kempfield silver equivalent: Ag Eq (g/t) = g/t Ag + g/t Au x 87.8494 + % Zn x 45.6366 + % Pb x 18.3243 calculated from prices
of US$21.80/oz silver, US$1,830/oz gold, US$2,2990/t zinc, US$2,084/t lead with metallurgical recoveries of 86% silver, 92% zinc and 53%
lead, 90% gold estimated from test work commissioned by Argent Minerals Limited.
2.
Transitional Zone: Kempfield silver equivalent: Ag Eq (g/t) = g/t Ag + g/t Au x 87.8494 + % Zn x 33.2353 + % Pb x 7.2606 calculated from
prices of US$21.80/oz silver, US$1,830/oz gold, US$2,2990/t zinc, US$2,084/t lead with metallurgical recoveries of 86% silver, 67% zinc and
21% lead, 90% gold estimated from test work commissioned by Argent Minerals Limited.
3.
Oxide Zone: used cut-off of 25 g/t silver and calculated from prices of US$21.80/oz silver, US$1,830/oz gold with metallurgical recoveries
of 86% silver and 90% gold estimated from test work commissioned by Argent Minerals Limited.
4.
In the Company’s opinion, the silver, gold, lead and zinc included in the metal equivalent calculations have a reasonable potential to be
recovered and sold.
5.
Variability of summation may occur due to rounding and refer to Appendices for full details.
Table 2 – Kempfield Silver Deposit Mineral Resource Estimate by Classification as at September 2023
(at a 25 g/t Ag cut-off for oxide and 60 g/t Ag Eq cut-off for Transitional/Primary)
Category
Million
Tonnes
(Mt)
Volume
(m3)
Silver Eq.
(g/t)
Silver
(g/t)
Gold
(g/t)
Lead
(%)
Zinc
(%)
Million
Ounces
Silver
Million
Ounces
Silver Eq.
Indicated
22.5
7,707,281
109
42.58
0.14
0.51
1.05
30.3
78.8
Inferred
16.4
5,562,125
92
23.74
0.09
0.40
1.17
12.5
48.7
Total
38.9
13,269,406
102
34.26
0.12
0.47
1.10
42.8
127.5
MINERAL RESOURCES AND ORE RESERVES STATEMENT
89 | P a g e
Table 3 – Kempfield Silver Deposit Mineral Resource Estimate by Lode as at September 2023
(at a 25 g/t Ag cut-off for oxide and 60 g/t Ag Eq cut-off for Transitional/Primary)
Lode
Million
Tonnes (Mt)
Silver Eq.
(g/t)
Silver (g/t)
Gold (g/t)
Lead (%)
Zinc (%)
Million
Ounces Silver
Million
Ounces Silver
Eq.
100
20.5
95
28.07
0.16
0.49
1.00
18.5
48.9
200
13.4
113
44.48
0.08
0.39
1.21
19.2
117.2
300
5.0
102
32.21
0.06
0.57
1.20
5.1
65.1
Total
38.9
102
34.26
0.12
0.47
1.10
42.8
127.5
Note 1 – > Metal Prices:
The metals pricing is based on the five-year historical average monthly market close as of June 2024
Table 4 – Summary of Metallurgical Recoveries from Primary Zone with five-year average Metal Prices.
Metal
Unit
Price (USD)
Silver (Ag)
Ounce (oz)
$22.02
Gold (Au)
Ounce (oz)
$1,796.93
Zinc (Zn)
Tons (t)
$2,774.16
Lead (Pb)
Tons (t)
$2,066.73
Note 2 - >Metallurgical recoveries.
The silver equivalency was determined using the following metallurgical recoveries. There is currently insufficient
metallurgical work for oxide lead and zinc, so zero recovery has been applied.
Table 5 – Summary of Metallurgical Recoveries from the Different Weathering Zones.
Weathering Zone
Ag
Recovery
Au
Recovery
Pb
Recovery
Zn
Recovery
Oxide
86%
90%
Transitional
86%
90%
21%
67%
Primary
86%
90%
53%
92%
Note 3 - >Silver equivalent formulas
The silver equivalent formulas were determined using the metal prices and recoveries listed in Notes 1 & 2 for each
weathering zone. The contained metal equivalence formulas:
The equivalent silver formula for oxide is:
AgEq formula = = g/t Ag + g/t Au x 85.40
The equivalent silver formula for transitional is: AgEq formula = g/t Ag + g/t Au x 85.40 + % Zn x 30.53 + % Pb x 7.13
The equivalent silver formula for primary is: AgEq formula = g/t Ag + g/t Au x 85.40 + % Zn x 41.92 + % Pb x 17.99
The equivalent silver formula for primary is: AgEq formula = g/t Ag + g/t Au x 85.40 + % Zn x 41.92 + % Pb x 17.99
MINERAL RESOURCES AND ORE RESERVES STATEMENT
90 | P a g e
Forward Plan and Next Steps
The Project has exceptional growth potential with drill targets already defined (refer to Figure 2 and 4). Infill RC
and diamond drilling is planned over the untested drill zone (area lies between the 100 and 300 ore zones), as there
is over 600m strike length between both orebodies with strong soil and RAB drilling results along with historical
drillhole AKRC169 intersecting 34m @ 36.7 g/t Ag, 0.6% Pb and 1.3% Zn from 48m – which remains poorly drill tested
and warrants immediate follow-up work.
Deeper extensional drilling below Lodes 100 to 300 will target the broad high-grade down plunging silver
mineralisation. Currently, Lode 100 Mineralised Block has a 250m length down plunge target zone below 370m from
the surface. Lode 200 Mineralised Block has a 650m length down plunge target zone below 330m from surface. Lode
300 Mineralised Block has a down plunge target zone extending 400m in length from surface (refer to Figure 1). All
these areas have been classified as high priority resource drill targets and will be systematically tested.
Figure 1 – Long Section highlighting the Resource is open at depth with untested zones between Lodes 100 and 300
looking NW direction
Based on an extensive review of all the existing historical drillholes within the current Resource area, 81 historical
drillholes were terminated in mineralisation. These untested mineralised zones have the potential to increase the
tonnage and grade at depth once drilled tested.
In addition, the existing 2012 JORC compliant resource is not closed off and requires further drilling to the north,
west and east which remains poorly explored by reconnaissance drilling.
MINERAL RESOURCES AND ORE RESERVES STATEMENT
91 | P a g e
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. Alf Gillman, geologist and a Director of Odessa Resources Pty Ltd (Perth).
The information in this report that relates to Mineral Resources Estimation 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. Neither Mr Gillam nor Odessa Resource
Pty Ltd holds any interest in Argent Minerals Ltd, its related parties, or in any of the mineral properties that are the
subject of this announcement. Mr Gillman consents to the inclusion in this report of the matters based on
information in the form and context in which it appears. Additionally, Mr Gillman confirms that the entity is not
aware of any new information or data that materially affects the information contained in the ASX releases referred
to in this report.
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 2024 Annual Report, are approved by Mr. Alf Gillman in the form and context
in which they appear.
Pine Ridge (NSW, Australia – 100% Argent)
RESOURCE SUMMARY
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 of 20 April 2022 (cut-off grade of 0.3 g/t Au).
This information was prepared and first disclosed under the JORC Code 2012.
Table 6 – Pine Ridge Mineral Resource Estimate
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. Alf Gillman, geologist and a Director of Odessa Resources Pty Ltd (Perth).
The information in this report that relates to Mineral Resources Estimation 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. Neither Mr Gillam nor Odessa Resource
Pty Ltd holds any interest in Argent Minerals Ltd, its related parties, or in any of the mineral properties that are the
subject of this announcement. Mr Gillman consents to the inclusion in this report of the matters based on
information in the form and context in which it appears. Additionally, Mr Gillman confirms that the entity is not
aware of any new information or data that materially affects the information contained in the ASX releases referred
to in this report.
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 2024 Annual Report, are approved by Mr. Alf Gillman in the form and context
in which they appear.
Category
Resource Tonnes
Au (g/t)
Contained Au Metal (oz)
Inferred
419,887
1.65
22,122
MINERAL RESOURCES AND ORE RESERVES STATEMENT
92 | P a g e
MT. DUDLEY (NSW, AUSTRALIA - 100% ARGENT)
RESOURCE SUMMARY
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 (cut-off grade of 0.5
g/t Au). This information was prepared and first disclosed under the JORC Code 2012.
Table 7 - Mt Dudley Mineral Resource Estimate
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. Alf Gillman, geologist and a Director of Odessa Resources Pty Ltd (Perth).
The information in this report that relates to Mineral Resources Estimation 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. Neither Mr Gillam nor Odessa Resource
Pty Ltd holds any interest in Argent Minerals Ltd, its related parties, or in any of the mineral properties that are the
subject of this announcement. Mr Gillman consents to the inclusion in this report of the matters based on
information in the form and context in which it appears. Additionally, Mr Gillman confirms that the entity is not
aware of any new information or data that materially affects the information contained in the ASX releases referred
to in this report.
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 2024 Annual Report, are approved by Mr. Alf Gillman in the form and context
in which they appear.
Category
Resource Tonnes
Au (g/t)
Contained Au Metal (oz)
Inferred
330,070
1.03
29,238