Argent Minerals Limited
ABN 89 124 780 276
Level 2, 7 Havelock Street
West Perth WA 6005
E: info@argentminerals.com.au
T: +61 8 6311 2818
www.argentminerals.com.au
ASX: ARD
CORPORATE DIRECTORY
DIRECTORS
Peter Michael - Non-Executive Chairman
Pedro Kastellorizos – Managing Director/CEO
Phil Hall - Non-Executive Director
Warrick Hazeldine – 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)
ARDOC (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
35
REMUNERATION REPORT
42
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
47
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
48
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
49
CONSOLIDATED STATEMENT OF CASH FLOWS
50
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
51
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
78
DIRECTORS' DECLARATION
79
LEAD AUDITOR’S INDEPENDENCE DECLARATION
80
INDEPENDENT AUDITOR’S REPORT
81
SCHEDULE OF MINERAL TENEMENTS
85
ADDITIONAL STOCK EXCHANGE INFORMATION
86
MINERAL RESOURCES AND ORE RESERVES STATEMENT
92
OPERATIONS REVIEW
1 | P a g e
2024/2025 HIGHLIGHTS
NEW MINERAL RESOURCE ESTIMATION OVER KEMPFIELD DEPOSIT
• The updated Mineral Resource Estimate (MRE) positions Kempfield Silver Deposit as the second largest
undeveloped silver deposit in Australia.
• The Kempfield Silver Deposit Mineral Resource Estimate for all categories has been upgraded to:
63.7Mt @ 69.75 g/t silver equivalent (‘Ag Eq’) for 142.8 million ounces Ag Eq
(32.15 /t Ag, 0.66% Zn, 0.33% Pb, 0.06 g/t Au at a >15 g/t Ag & >Zn 0.9% cut-off)
•
The Kempfield Deposit contains 65.8 Moz Silver, 125,192 Koz Gold, 207,402t Lead and 420,373t Zinc.
• Overall silver ounces have increased by 54% from 42.8M oz silver to 65.8M oz silver – an increase of 23
Mozs of Silver Metal Content.
• 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.
HIGH-GRADE DRILLING RESULTS OVER KEMPFIELD NW ZONE
•
Seven (7) Reverse Circulation (RC) drill holes outside from the current Resource area was completed over
the Kempfield Deposit. Seven (7) Reverse Circulation (RC) drill holes completed over the Kempfield NW
Zone have intersected shallow, broad thick high-grade zones of silver-gold-copper-lead-zinc
mineralisation up to 47m thick from surface. Significant results from the RC drilling include: -
•
Drillhole AKRC242: 30m @ 6.15 g/t Ag & 0.25% Cu+Pb+Zn from 3m
inc 7m @ 15.09 g/t Ag & 0.26% Cu+Pb+Zn from 3m
•
Drillhole AKRC243: 28m @ 13.39 g/t Ag & 0.69% Cu+Pb+Zn from 0m
inc 1m @ 1.06 g/t Au & 0.34% Cu+Pb+Zn from 3m
inc 17m @ 20.01 g/t Ag & 0.83% Cu+Pb+Zn from 8m
inc 7m @ 32.24 g/t Ag & 0.81% Cu+Pb+Zn from 11m
•
Drillhole AKRC244: 47m @ 10.18 g/t Ag & 0.30% Cu+Pb+Zn from 1m
inc 2m @ 26.90 g/t Ag & 0.61% Cu+Pb+Zn from 14m
& inc 12m @ 27.04 g/t Ag & 0.32% Cu+Pb+Zn from 21m
inc 4m @ 57.45 g/t Ag & 0.41% Cu+Pb+Zn from 22m
inc 1m @ 45.1 g/t Ag & 0.22% Cu+Pb+Zn from 52m
•
Drillhole AKRC245: 18m @ 0.61% Cu+Pb+Zn from 0m
inc 4m @ 3.40 g/t Au & 0.63% Cu+Pb+Zn from 2m
EXTENSIVE DRILLING RESULTS OVER SUAGRLOAF HILL ZONE
•
Thirty-three (33) reverse circulation (‘RC’) drillhole completed which intersected shallow, broad thick
zones of silver-gold-copper-lead-zinc mineralisation up to 101m thick Volcanogenic Massive Sulphide
(VMS) style mineralisation zone from surface. Significant results from the RC drilling include: -
•
Drillhole AKRC255: 3m @ 12.60 g/t Ag & 0.43% Cu+Pb+Zn from 3m
•
Drillhole AKRC261: 11m @ 23.82 g/t Ag & 0.38% Cu+Pb+Zn from 4m
•
Drillhole AKRC287: 34m @ 13.60 g/t Ag & 0.91% Cu+Pb+Zn from 22m
•
Drillhole AKRC297: 83m @ 10.1 g/t Ag & 0.20% Cu+Pb+Zn from 16m
•
Drillhole AKRC298: 101m @ 0.34% Cu+Pb+Zn from surface
EXTENSIVE DRILLING RESULTS OVER HENRY’S ZONE
•
Six (6) reverse circulation (‘RC’) drillhole completed which intersected shallow high-grade VMS gold-silver-
lead-zinc mineralisation zone. Significant results from the RC drilling include: -
•
Drillhole AKRC270: 1m @ 23.60 g/t Ag & 1.61% Cu+Pb+Zn from 15m
•
Drillhole AKRC271: 24m @ 11.84 g/t Ag & 1.44% Cu+Pb+Zn from 25m
inc 7m @ 37.83 g/t Ag & 4.13% Cu+Pb+Zn from 13m
•
Drillhole AKRC274: 12m @ 10.22 g/t Ag, 0.1 g/t Au & 1.26% Cu+Pb+Zn from 40m
OPERATIONS REVIEW
2 | P a g e
WOOD GULLY GOSSAN HIGH-GRADE SURFACE MINERALISATION
•
Strong gold, silver, copper, indium, lead and zinc mineralisation was confirmed by Argent’s first rock chip
reconnaissance program over the Wood Gully Gossan Prospect area within the Kempfield Project in NSW,
situated approximately 19km SSE of the Kempfield Polymetallic Project.
•
Rock chip sampling program has delineated gold assays up to 3.82 g/t gold, 112 g/t silver, 1.76% copper,
1.68% lead, 0.72% zinc and 31.1 ppm Indium, including highlights of:
TRUNKEY CREEK HIGH-GRADE GOLD MINERALISATION
•
Gold mineralisation was confirmed by Argent’s first rock chip reconnaissance program over the Trunkey
Creek Project Gold Project in NSW, situated approximately 9km SE of the Kempfield Project.
•
Rock chip sampling program has delineated gold assays including 1,930 g/t Au, 82.7 g/t Au, 82.1 g/t Au &
67.6 g/t Au
Kempfield Mineral Resource Upgrade
The Kempfield Silver Deposit Mineral Resource estimate for all categories has been upgraded to 63.7Mt @ 69.75 g/t
silver equivalent (‘Ag Eq’) for 142.8 million ounces Ag Eq. Overall, the silver ounces have increased by 54% from
42.8M oz silver to 65.8M oz silver – increased by 23 million ounces of Silver Metal Content.
The Kempfield Deposit now contains 65.8 Moz silver, 125,192 thousand oz Gold, 207,402t Lead and 420,373t Zinc,
confirming the Kempfield Deposit is the second largest undeveloped Silver Deposit in Australia.
The reporting is compliant with the 2012 JORC Code and Guidelines. Table 1 highlights the new July 2024 Resource
Estimation tonnes/grade by Indication and Inferred categories. Table 2 is a summary of the updated Kempfield
mineral resource as of July 2024 based on the weathering zones and Table 3 summaries the Mineral Resource by
Lodes.
Table 1 – Kempfield Silver Deposit Mineral Resource Estimate by Classification as at July 2024
(at a >15 g/t Ag cut-off & >0.9% Zn)
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
23.7
8,051,549
79.61
40.04
0.08
0.36
0.67
30.5
60.6
Inferred
40.0
13,589,739
63.92
27.49
0.05
0.31
0.64
35.4
82.3
Total
63.7
21,641,287
69.75
32.15
0.06
0.33
0.66
65.8
142.8
Table 2 – Kempfield Silver Deposit Mineral Resource Estimate by Weathering Zone as at July 2024
(>15 g/t Ag cut-off, Zn 0.9% Zn cut-off)
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
Zinc
Thousand
tonnes
Lead
Million
Ounces
Silver Eq.
Oxide
8.3
45.14
38.48
0.08
10.3
20.9
12.1
Transitional
8.8
60.27
38.87
0.09
0.38
0.37
11.0
24.6
32.5
33.6
17.1
Fresh
46.6
75.93
29.75
0.05
0.37
0.83
44.5
79.7
387.9
173.8
113.7
Total
63.7
69.75
32.15
0.06
0.33
0.66
65.8
125.2
420.4
207.4
142.8
OPERATIONS REVIEW
3 | P a g e
Table 3 – Kempfield Silver Deposit Mineral Resource Estimate by Lode as at July 2024
(>15 g/t Ag cut-off, >Zn 0.9% cut-off)
Lode
Million
Tonnes
(Mt)
Silver
Eq. (g/t)
Silver
(g/t)
Gold
(g/t)
Lead (%)
Zinc (%)
Million
Ounces
Silver
Million
Ounces
Silver
Eq.
100
23.9
81.13
31.19
0.12
0.49
0.79
23.9
62.3
200
28.0
66.42
36.03
0.03
0.21
0.57
32.4
59.7
300
11.8
54.62
24.93
0.01
0.26
0.61
9.50
20.8
Total
63.7
69.75
32.15
0.06
0.33
0.66
65.8
142.8
Notes:
1.
The silver equivalent formulas were determined using the following metal prices based on a five-year monthly average: US$22.02/oz silver,
US$1,776.93/oz gold, US$2,774.16/t zinc, US$2,066.73/t lead.
2.
The silver equivalent formulas were determined using different metallurgical recoveries for each weathering zone from test work
commissioned by Argent Minerals Limited. For oxide zone metallurgical recoveries of 86% silver and 90% gold. For transitional zone
metallurgical recoveries of 86% silver, 67% zinc and 21% lead, 90% gold. For primary zone metallurgical recoveries of 86% silver, 92% zinc
and 53% lead, 90% gold.
3.
The silver equivalent formulas were determined using the metal prices and recoveries listed in Notes 1 & 2 for each weathering zone:
Oxide Zone silver equivalent: Ag Eq (g/t) = g/t Ag + g/t Au x 85.4
Transitional Zone silver equivalent: Ag Eq (g/t) = g/t Ag + g/t Au x 85.4 + % Zn x 30.53 + % Pb x 7.13
Primary Zone silver equivalent: Ag Eq (g/t) = g/t Ag + g/t Au x 85.4 + % Zn x 41.92 + % Pb x 17.99
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.
Figure 1 – Kempfield Project Location Map highlighting New 2012 JORC MRE Zones
OPERATIONS REVIEW
4 | P a g e
Figure 2 – Oblique 3D Image looking NW of Kempfield outlining the Dimensions & Grade of Mineralised Block Model
The Project has exceptional growth potential with drill targets already defined (refer to Figures 1 and 3):
•
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 3). All these areas have been classified as high priority resource drill targets
and will be systematically tested.
•
Figure 3 – Long Section highlighting the Resource is open at depth with untested zones between Lodes 100 and 300 looking NW Direction
OPERATIONS REVIEW
5 | P a g e
Kempfield NW RC Drilling Program
During September 2024, a total of 7 RC drillholes totalling 428m were completed at Kempfield NW Prospect Zone.
The 7 RC drillholes, were aimed at drill testing the high-grade gossanous barite lithologies along strike and depth
from the Lode 300 mineralised block. All completed RC drillholes with assay results locations are illustrated in Figure
2. Cross sections are shown in Figures 4 & 6, along with the significant drilled intersections shown in Table 4.
Table 4: Significant RC Drilling Intersections
(Intercepts using 10g/t Ag and/or 0.1% Cu+Pb+Zn% cut-off)
Hold Id
From
(m)
To (m)
Interval
(m)
Estimated True
Width (m)
Au (g/t)
Ag
(g/t)
Cu %
Pb %
Zn %
Cu+Pb+Zn
%
AKRC242
3
33
30
25
6.15
0.01
0.04
0.20
0.25
incl.
3
10
7
7
15.09
0.01
0.08
0.17
0.26
AKRC243
0
28
28
23
13.39
0.27
0.08
0.34
0.69
incl.
3
4
1
0.8
1.06
0.5
0.19
0.08
0.11
0.34
incl.
8
25
17
14
20.01
0.30
0.10
0.43
0.83
incl.
11
18
7
5.5
32.24
0.22
0.15
0.44
0.81
AKRC244
1
48
47
39
10.18
0.01
0.05
0.24
0.30
incl.
14
16
2
1.5
26.90
0.02
0.12
0.48
0.61
& incl.
21
33
12
10
27.04
0.01
0.08
0.23
0.32
incl.
22
26
4
3
57.45
0.01
0.07
0.33
0.41
and
52
53
1
0.8
45.1
0.01
0.11
0.10
0.22
AKRC245
0
18
18
15
4.49
0.20
0.01
0.39
0.61
incl.
2
6
4
3
3.4
2.93
0.31
0.01
0.31
0.63
incl.
2
3
1
0.8
11.15
3.50
0.24
0.01
0.51
0.76
AKRC247
40
41
1
0.6
26.7
0.02
0.01
0.08
0.12
AKRC248
29
32
3
1.8
15.03
0.13
0.11
0.11
0.35
and
32
52
20
12
2.50
0.03
0.16
0.13
0.32
and
57
59
2
1.2
41.05
0.02
0.10
0.13
0.25
Reverse Circulation (RC) Drillholes AKRC242 to AKRC248 were designed to drill test the central gossans outcrops
hosted within the Kempfield NW Zone. From the 7 drillhole completed to date, Drillhole AKRC244 intersected the
largest mineralised zone containing 47m of silver- base metal mineralisation averaging 10.18 g/t silver with 0.30%
lead-zinc from 1m down hole, including 12m @ 27.04 g/t silver with 0.32% lead-zinc from 21m, confirming that the
strong mineralisation dipping to the west. Drillhole AKRC 245 intersected gold from 2m averaging 3.4 g/t Au within
a 18m copper-lead-zinc mineralised zone (Figure 4). This system is open at depth and along strike. Rock chip
sampling returned maximum silver grades up to 43.5 g/t Ag, 6.53 g/t Ag and 4.23 g/t Ag along this section.
OPERATIONS REVIEW
6 | P a g e
Figure 4 – Cross Section 6260800N the mineralised intervals in section and surface sampling rock chip results
Figure 5 – Cross Section 6260750N the mineralised intervals in section
OPERATIONS REVIEW
7 | P a g e
AKRC242 and AKRC243 RC holes were designed to drill test the continuous mineralisation encountered in central-
southern gossanous zones located 750m SW from the central zone within Kempfield NW Zone. This area lies
northwest from Lode 300 with no previous drilling within the area. Drillholes AKRC242 and AKRC243 intersected
surface silver-copper-lead-zinc mineralisation varying from 28m to 30m depth. AKRC242 intersected extensive silver
mineralisation including 7m @ 15.09 g/t silver with 0.26% lead-zinc within a 30m zinc mineralised zone (Figure 5).
AKRC243 intersected 28m of silver-copper-zinc mineralisation zone averaging 13.39 g/t Ag, 0.27% Cu and 0.34% Zn
from surface. Within this zone high grade silver-base metal intersected included 17m @ 20.01 g/t silver from 8m
with 0.83% copper-lead-zinc. AKRC248 intersected 20m of lead-zinc-silver mineralisation from 32m down hole
including a 2m @ 41.05 g/t silver with 0.25% lead-zinc starting from 57m. All mineralisation to date has been
delineated within the iron-manganese gossan lithology, similar to the Kempfield Deposit.
Figure 6 – Kempfield NW Prospect Location Map highlighting all significant Mineralised Intersections
During March 2025, Core Geophysics Pty Ltd was commissioned to review the historical VTEM data to determine if any
characteristic signatures could be defined that may directly detect the VMS mineralisation or provide vectors to target
north of the main Kempfield Deposit.
OPERATIONS REVIEW
8 | P a g e
Three (3) distinct extensive VTEM signatures have been delineated as potential controlling structure/location of the
Au-Ag-Cu-Pb-Zn mineralisation over the eastern and western flank of the Kempfield Deposit. Conclusion delineated
from the interpretation includes the below:
1. Western IP Trend is approximately 2.2km striking in north-south direction – remains completely
untested.
2. Central IP Trend is approximately 4.1km striking in NE-SW direction – only partially tested by Argent
recent RC drilling delineating shallow mineralisation – requires drilling along strike and depth to confirm
potential source of sulphide mineralisation.3
3. Eastern IP Trend is approximately 2.2km striking in NE-SW direction – remains completely untested.
4. Preliminary VTEM plate modelling suggests that the source of the mineralisation may be deeper based
on recent drilling over Kempfield NW Zone. Section 6260850N has partially tested IP zone within drillhole
AKRC287 intersecting 34m @ 13.60 g/t Ag & 0.91% Cu+Pb+Zn from 22m, including 13m @ 27.02 g/t Ag &
1.37% Cu+Pb+Zn from 43m and 18m @ 22.30 g/t Ag & 0.60% Cu+Pb+Zn from 62m.
Figure 7 – VTEM Interpreted Map highlighting potential shallow mineralised zones
OPERATIONS REVIEW
9 | P a g e
Figure 8 – VTEM Interpreted Map highlighting potential deeper mineralised zones over Kempfield NW Zone
The geophysical review focused on the historical AEM survey flown by Argent in 2008. Using the VTEM system the
survey was flown on 200m line spacings oriented east- west with some infill lines to 100m over the Kempfield
deposit. Re-processing and examination of the channel imagery has further refined responses that can be related to
OPERATIONS REVIEW
10 | P a g e
recent drilling, geochemical and ground mapping at Kempfield NW. Figure 7 displays an early time channel response
which reflects conductivity variations in the near surface (potential sulphide mineralisation). Elevated responses
appear associated along well-defined linear trends of which the central trend, Kempfield NW, closely follows a
gossanous outcrop and drilling which intersected silver-copper-lead-zinc mineralisation.
At later times, deeper depth, the near surface conductive response becomes a well-defined low, Figure 8. This is
considered to represent an IP effect where near surface material is polarizable generally from a high clay or sulphide
content and the IP response dominates the EM response at later times. At the Kempfield NW zone this “low” closely
bounds the known mineralisation within the gossan and pyritic shale. The elevated EM response on the western
margin may represent a deeper footwall to the mineralised structure.
Several untested zones along strike of the gossan and recent drilling represent additional targets for mineralisation.
The other conductive/IP trends are mostly poorly explored and further investigation along these features is
proposed.
Kempfield NW RC Drilling Program
Also, during September 2024, a total of 33 scout reconnaissance RC drillholes totalling 2,037m were completed at
the Kempfield NW Prospect. This marked the first drilling activity conducted in the area which had previously been
untested. The drillholes targeted high-grade surface geochemical anomalies identified during Q2/Q3 2024.
Table 5: Significant RC Drilling Intersections from Kempfield NW Zone
(Intercepts using 10 g/t Ag and/or 0.1% Cu+Pb+Zn% cut-off)
Hold Id
From
(m)
To (m)
Interval
(m)
Ag
(g/t)
Cu %
Pb %
Zn %
Cu+Pb+Zn
%
AKRC255
3
26
23
12.60
0.04
0.04
0.34
0.42
incl.
3
10
7
18.73
0.08
0.05
0.38
0.51
and
32
34
2
13.05
0.01
0.05
0.13
0.19
AKRC261
4
15
11
23.82
0.02
0.11
0.25
0.38
incl.
6
11
5
42.52
0.03
0.18
0.34
0.55
AKRC262
5
20
15
15.31
0.16
0.08
0.61
0.85
incl.
15
19
4
26.50
0.17
0.01
0.90
1.08
AKRC263
19
34
15
5.1
0.27
0.18
0.50
0.96
and
37
47
10
4.4
0.06
0.03
0.23
0.32
AKRC287
9
16
7
0.9
0.00
0.00
0.25
0.26
and
22
56
34
13.60
0.01
0.17
0.73
0.91
incl.
43
56
13
27.02
0.02
0.40
0.94
1.37
and
62
80
18
22.30
0.02
0.21
0.37
0.60
incl.
62
76
14
27.17
0.02
0.24
0.44
0.69
AKRC288
0
13
13
3.4
0.02
0.01
0.28
0.31
and
55
67
12
7.1
0.00
0.02
0.16
0.18
incl.
56
58
2
24.75
0.01
0.06
0.12
0.19
AKRC292
7
64
57
4.9
0.02
0.01
0.44
0.47
incl.
10
12
2
37.5
0.10
0.09
1.06
1.26
& incl.
39
43
4
2.7
0.07
0.01
0.83
0.91
& incl.
51
63
12
8.7
0.03
0.03
0.80
0.85
AKRC293
7
24
17
6.2
0.09
0.02
0.18
0.29
AKRC294
13
43
30
5.7
0.03
0.04
0.31
0.38
AKRC295
26
37
11
12.9
0.08
0.08
0.27
0.42
incl.
31
34
3
30.5
0.11
0.13
0.31
0.55
AKRC296
48
53
5
40.5
0.02
0.48
0.07
0.58
Hold Id
From
(m)
To (m)
Interval
(m)
Ag
(g/t)
Cu %
Pb %
Zn %
Cu+Pb+Zn
%
OPERATIONS REVIEW
11 | P a g e
incl.
52
53
1
146.0
0.08
0.50
0.04
0.62
&
62
64
2
5.4
0.04
0.33
0.20
0.57
AKRC297
16
99
83
10.1
0.00
0.04
0.15
0.20
incl.
37
41
4
20.2
0.01
0.17
0.66
0.83
& incl.
60
66
6
33.6
0.00
0.02
0.07
0.09
& incl.
63
64
1
91.6
0.00
0.03
0.09
0.10
& incl.
71
75
4
22.7
0.00
0.02
0.08
0.10
& incl.
82
87
5
20.1
0.00
0.03
0.11
0.14
AKRC298
0
101
101
2.0
0.00
0.06
0.28
0.34
incl.
60
73
13
1.7
0.01
0.13
0.52
0.66
& incl.
95
101
6
13.9
0.01
0.13
0.60
0.74
&
100
113
13
17.7
0.00
0.03
0.12
0.16
incl.
111
113
2
38.1
0.00
0.01
0.03
0.05
AKRC299
20
32
12
2.7
0.00
0.03
0.20
0.24
&
44
68
24
16.0
0.00
0.06
0.34
0.40
incl.
55
68
13
24.9
0.00
0.06
0.36
0.43
AKRC300
0
37
37
4.0
0.01
0.10
0.34
0.44
incl.
21
27
6
8.9
0.01
0.14
0.70
0.85
&
129
142
13
1.6
0.01
0.06
0.19
0.26
AKRC301
13
19
6
25.2
0.02
0.03
0.09
0.14
incl.
14
15
1
79.7
0.04
0.10
0.14
0.29
and
24
28
4
2.1
0.01
0.01
0.02
0.03
RC drillholes AKRC287 to AKRC288 were designed to test the central mineralised gossan 50m to the north of RC
drillholes AKRC244 and AKRC245. Drillhole AKRC244 intersected the largest mineralised zone containing 47m of
silver-base metal mineralisation averaging 10.18 g/t silver with 0.30% lead-zinc from 1m down hole, including 12m
@ 27.04 g/t silver with 0.32% lead-zinc from 21m, confirming that the strong mineralisation dipping to the west.
Drillhole AKRC245 intersected gold from 2m averaging 3.40 g/t Au within a 18m copper-lead-zinc mineralised zone
(ASX Announcement 14 October 2024: Exceptional Drilling Results from Kempfield NW Zone).
Drillholes AKRC287 and AKRC288 along section 6260850N have intersected 3 separate mineralised gossan/pyritic
shale zones. Drillhole AKRC287 intersected 34m @ 13.60 g/t Ag & 0.91% Cu+Pb+Zn from 22m within mineralised
pyritic shales including 13m @ 27.02 g/t Ag & 1.37% Cu+Pb+Zn from 43m and 18m @ 22.30 g/t Ag & 0.60%
Cu+Pb+Zn from 62m. To the east of AKRC288, a major east dipping limestone fault zone separates the mineralised
lodes as per Figure 2. Drillhole AKRC288 intersected 12m @ 7.1 g/t Ag, 0.18% Cu+Pb+Zn from 55m including 2m @
24.75 g/t Ag, 0.19% Cu+Pb+Zn from 56m.
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12 | P a g e
Figure 9 – Kempfield Prospect Location Map highlighting all significant Mineralised Intersections at Kempfield NW Zone
OPERATIONS REVIEW
13 | P a g e
Figure 10 – Kempfield NW Cross Section 6260850N highlighting mineralised intervals
AKRC255, AKRC261 and AKRC262, located 300m northeast from AKRC287 and AKRC288, were designed to drill test
the northern portion of the outcropping mineralised gossan. Shallow mineralised silver-base metal lodes dipping
sub-vertically to the west were intersected along sections 6261125N and 6261145N.
Drillhole AKRC255 intersected 23m @ 12.60 g/t Ag & 0.42% Cu+Pb+Zn from 3m within mineralised gossan including
7m @ 18.73 g/t Ag & 0.51% Cu+Pb+Zn from 3m and 2m @ 13.05.30 g/t Ag & 0.19% Cu+Pb+Zn from 32m (Figure 3).
Drillhole AKRC261 intersected 11m @ 23.82 g/t Ag & 0.38% Cu+Pb+Zn from 4m within mineralised gossan including
5m @ 42.52 g/t Ag & 0.55% Cu+Pb+Zn from 6m. Drillhole AKRC262 intersected 15m @ 15.31 g/t Ag & 0.85%
Cu+Pb+Zn from 5m within mineralised gossan including 4m @ 26.5 g/t Ag & 1.08% Cu+Pb+Zn from 15m. Notably,
drillhole AKRC289 along section 6259830N intersected a board base-metal zone spanning over 101 drill metres thick
with extensive silver mineralisation. The hold returned 101m @ 0.34% Cu+Pb+Zn from surface within interbedded
siltstone and sandstone. Silver mineralisation included6m @ 13.9 g/t Ag & 0.74% Cu+Pb+Zn from 95m and 13m @
17.7 g/t Ag & 0.12% Cu+Pb+Zn from 100m (Refer to Figure 11). The drillhole ended in mineralisation due to drilling
complications with 2m @ 38.1 g/t Ag at the bottom of the hole.
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14 | P a g e
Figure 11 – Kempfield NW Cross Section 6259830N highlighting mineralised intervals
Drillhole AKRC297 along section 6259880N intersected a board base-metal zone spanning over 83 drill metres thick
with extensive silver mineralisation. The hole returned 83m @ 0.2% Cu+Pb+Zn from 16m within interbedded
siltstone and sandstone. Silver mineralisation included 4m @ 20.2 g/t Ag & 0.83% Cu+Pb+Zn from 37m, including
4m @ 22.7 g/t Ag from 71m, 5m @ 20.1 g/t Ag from 82m @ 33.6 g/t Ag from 95m (Refer to Figure 12). The drillhole
ended in mineralisation due to drilling complications.
AKRC299 and AKRC301 along section 6259930N intersected gold-silver-base-metal mineralisation. The hole returned
24m @ 16 g/t Ag & 0.4% Cu+Pb+Zn from 44m including 13m @ 24.9 g/t Ag & 0.43% Cu+Pb+Zn from 55m. Drillhole
AKRC301 intersected 6m @ 25.18 g/t Ag & 0.14% Cu+Pb+Zn from 13m within interbedded siltstone and sandstone
which including 1m @ 79.9 g/t Ag & 0.29% Cu+Pb+Zn from 14m and 4m @ 4.44 g/t from 24m Overall, 10 metres of
silver and gold mineralisation was intersected within Drillhole AKRC301.
Figure 12 – Kempfield NW Cross Section 6259880N highlighting mineralised intervals
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15 | P a g e
Henry’s and Sugarloaf Hill RC Drilling Program
At the Henry’s Prospect, a new VMS system has been discovered only 2km east of Kempfield. The overall surface
geochemical anomaly extends approximately 1.2km in length and up to 300m wide, with extensive shallow surface
historical workings. Best results across all previous rock chips included 14 g/t Au, 85 g/t Ag, 0.5% Cu, 0.6% Pb and
0.3% Zn.
The maiden drilling here targeted a small portion of the anomaly, with only six holes drilled over two lines 150m
apart and successfully intersected mineralisation with base metals and silver. Drillhole AKRC271 intersected 24m @
11.80 g/t Ag, 1.44% Cu+Pb+Zn from 1 metre including 7m @ 37.80 g/t Ag, 4.13% Cu+Pb+Zn from 13
metres. Drillhole AKRC274 also intersected 21m @ 7.30 g/t Ag, 0.85% Cu+Pb+Zn from 31 metres including 12m @
10.20 g/t Ag, 1.26% Cu+Pb+Zn from 31 metres.
During September 2024, a total of 11 scout reconnaissance RC drillholes totalling 724m were completed at Henry’s
and Sugarloaf Hill Prospects. This marked the first drilling activity conduction in the area which had previously
remained untested. The drillholes targeted high-grade surface geochemical anomalies identified during the second
and third quarters of 2024. All completed RC drillholes with assay results locations are illustrated in Figure 8. Cross
sections are shown in Figures 13 to 15, along with the significant drilled intersections shown in Tables 6.
Table 6: Significant RC Drilling Intersections from Sugarloaf Hill
(Intercepts using 10 g/t Ag, 0.10 g/t Au and/or 0.1% Cu+Pb+Zn% cut-off)
Prospect
Hold Id
From
(m)
To (m)
Interval
(m)
Ag
(g/t)
Cu %
Pb %
Zn %
Au
(g/t)
Cu+Pb+Zn
%
Henry’s
AKRC270
15
16
1
23.60
0.00
1.52
0.09
0.01
1.61
Henry’s
AKRC271
1
25
24
11.84`
0.01
1.11
0.32
0.03
1.44
incl.
13
20
7
37.83
0.03
3.23
0.86
0.05
4.13
Henry’s
AKRC272
62
64
2
0.425
0.01
0.00
0.06
1.72
0.08
Henry’s
AKRC274
2
3
1
0.05
0.00
0.00
0.00
1.48
0.03
and
31
52
21
7.3
0.01
0.55
0.29
0.07
0.85
incl.
40
52
12
10.22
0.02
0.82
0.42
0.10
1.26
incl.
40
43
3
15.10
0.02
1.06
1.37
0.20
2.46
Sugarloaf Hill
AKRC275
8
21
13
2.9
0.00
0.01
0.15
0.16
and
45
55
10
11.70
0.00
0.01
0.06
0.07
incl.
50
54
4
18.10
0.00
0.01
0.07
0.08
and
85
103
39
6.7
0.00
0.07
0.11
0.19
incl.
94
103
9
3.0
0.00
0.09
0.31
0.40
incl.
85
86
1
80.20
0.00
0.06
0.08
0.14
Sugarloaf Hill
AKRC276
35
49
14
12.10
0.00
0.08
0.01
0.09
incl.
35
38
3
26.70
0.00
0.06
0.01
0.07
and
52
79
27
3.3
0.00
0.14
0.07
0.21
incl.
58
59
1
23.40
0.00
0.14
0.03
0.17
Sugarloaf Hill
AKRC278
2
33
31
2.0
0.00
0.01
0.31
0.32
Sugarloaf Hill
AKRC279
0
46
46
2.3
0.00
0.01
0.31
0.32
and
22
45
23
2.5
0.00
0.01
0.47
0.48
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16 | P a g e
Figure 13 – Kempfield Prospect Location Map highlighting Mineralised Intersections at Sugarloaf Hill and Henry’s Zones
Figure 14 – Henry’s Cross Section 6259000N highlighting mineralised intervals
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17 | P a g e
The mineralisation intersected remains open to the north, south and at depth, while surface geochemical anomalies
to the west of the current drilling area remains untested. The best mineralisation is hosted in a heavily bleached and
altered rock, predominately greywacke with siltstone. The current mineralisation extending from the surrounding
sediments into the schist is based on structural deformation. Minor gold mineralisation was also intersected in sub-
parallel structures with 2m @ 1.72 g/t Au from 62m in AKRC272 and 1m @ 1.40 g/t Au from 2m in AKRC274.
Figure 15 – Henry’s Cross Section 6258850N highlighting mineralised intervals
Sugarloaf Hill Prospect
RC drillholes AKRC275 to AKRC279 were designed to test the geochemical silver-base metal anomalies delineated by
the rock chip sampling programs over the Sugarloaf Hill Prospect. All completed drillholes, to date, have intersected
highly oxidised interbedded siltstone and sandstones (almost clay). Diamond drilling is required to intersect the
transitional and fresh rock to delineate sulphides at depth. All drillholes were terminated within the oxide zone
based on poor drilling conditions.
Drillhole AKRC279 intersected the largest mineralised zone containing anomalous base metal averaging 0.32% zinc
from surface, including 23m @ 0.47% lead from 22m, confirming steep mineralisation dipping to the west. Drillhole
AKRC278 intersected 31m of 0.32% lead-zinc (Figure 18).
AKRC275 located 520m southwest from AKRC278 & AKRC279, intersected 10m of 11.70 g/t Ag from 45m, including
4m @ 18.10 g/t Ag from 50m and 1m @ 80.2 g/t Ag from 85m. AKRC276 intersected 14m @ 12.1 g/t Ag from 35m,
including 3m @ 26.70 g/t Ag from 35m and 27m @ 0.21% Pb-Zn from 52m. (Figure 13). This system remains open
along strike and at depth. Further drilling will be continued to penetrate bedrock lithologies in order to locate the
source of the mineralisation delineated to date.
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18 | P a g e
Figure 16 – Sugarloaf Hill Cross Section 6258850N highlighting mineralised intervals
Figure 17 – Sugarloaf Hill Cross Section 6257900N highlighting mineralised intervals
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Figure 18 – Sugarloaf Hill Cross Section 6257600N highlighting mineralised intervals
AKRC275 located 520m southwest from AKRC278 & AKRC279, intersected 3 mineralised silver-base metal lodes
dipping sub-vertically to the west. These mineralised zones comprise of 10m of 11.70 g/t Ag from 45m, including
4m @ 18.10 g/t Ag from 50m and 39m @ 0.19% Cu+Pb+Zn from 64m & 1m @ 80.2 g/t Ag from 85m. (Figures 1 &
6). The hole ended in mineralisation at 103m.
This system is still open along strike and at depth. Further drilling will be continued to penetrate bedrock lithologies
in order to locate the source of the mineralisation delineated to date.
Sugarloaf Hill and Golden Wattle RC Drilling Program
During September 2024, a total of 7 RC drillholes totalling 476m were completed at Sugarloaf Hill and Golden Wattle
Prospect Zone. The drillholes were aimed at drill testing the high-grade surface geochemical anomaly along strike
and depth from the Lode 200 mineralised block and the surface Au-Ag and base metal mineralisation delineated at
Golden Wattle though rock chip sampling. All completed RC drillholes with assay results locations are illustrated in
Figure 19. Significant drilled intersections shown in Table 7.
Table 7: Significant RC Drilling Intersections from Sugarloaf Hill & Golden Wattle
(Intercepts using 10g/t Ag and/or 0.1% Cu+Pb+Zn% cut-off)
Prospect
Hold Id
From
(m)
To (m)
Interval
(m)
Ag
(g/t)
Cu %
Pb %
Zn %
Cu+Pb+Zn
%
Sugarloaf
AKRC265
1
32
31
2.4
0.00
0.22
0.07
0.29
incl.
19
20
1
31.2
0.02
0.25
0.06
0.33
incl.
61
65
4
9.1
0.00
0.14
0.08
0.23
Sugarloaf
AKRC266
1
45
44
2.2
0.01
0.23
0.08
0.31
Sugarloaf
AKRC267
24
80
56
4.8
0.01
0.13
0.08
0.22
incl.
39
40
1
34.5
0.01
0.24
0.1
0.35
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20 | P a g e
Prospect
Hold Id
From
(m)
To (m)
Interval
(m)
Ag
(g/t)
Cu %
Pb %
Zn %
Cu+Pb+Zn
%
Sugarloaf
AKRC268
4
28
24
2.5
0.00
0.12
0.08
0.21
Golden Wattle
AKRC280
12
13
1
1.6
0.00
0.16
0.01
0.16
AKRC280
34
53
19
3.5
0.00
0.28
0.56
0.84
incl.
34
41
7
3.6
0.00
0.34
1.11
1.45
& incl
51
53
2
19.4
0.01
1.38
0.5
1.88
Golden Wattle
AKRC281
66
67
1
1
0.01
0.02
1.77
1.79
Reverse Circulation (RC) Drillholes AKRC265 to AKRC268 were designed to drill test the geochemical silver-base metal
anomalies delineated by the rock chip sampling programs over the Sugarloaf Hill Prospect. All drillholes completed
to date have intersected highly oxidised interbedded siltstone and sandstones (almost clay). All drillholes were
terminated within the oxide zone based on poor drilling conditions.
Drillhole AKRC267 intersected the largest mineralised zone containing 56m of anomalous silver averaging 4.8 g/t
with 0.22% lead-zinc from 24m down hole, including 1m @ 34.5 g/t silver with 0.24% lead from 39m, confirming
mineralisation dipping to the west. Drillhole AKRC 266 intersected 44m of 0.31% lead-zinc (Figures 1 & 2). AKRC265
located 100m north from AKRC266, intersected 31m of 0.29% lead-zinc from 1m, including 1m @ 31.2 g/t Ag from
19m. This system is still open along strike and at depth.
Figure 19 – Kempfield Prospect Location Map highlighting all significant Mineralised Intersections at Sugarloaf Hill and Golden
Wattle
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21 | P a g e
Reverse Circulation (RC) Drillholes AKRC280 to AKRC282 were designed to drill test the geochemical silver-base metal
anomalies delineated by the rock chip sampling programs over the Golden Wattle Prospect. All drillholes completed
to date have intersected interbedded siltstone and sandstones with the high-grade mineralisation hosted in mostly
quartz veining. Drillhole AKRC280 intersected the largest mineralised zone containing 19m of anomalous silver
averaging 3.5 g/t with 0.84% lead-zinc from 34m down hole, including 2m @ 19.4 g/t silver with 0.1.88% lead-zinc
from 51m, confirming that the strong mineralisation dipping to the west. Drillhole AKRC 266 intersected 44m of
0.31% lead-zinc (Figure 19). This system is open at depth and along strike. Drillhole AKRC281 was terminated at
67m due to the hole collapsing – the last drill metre intersected high-grade lead-zinc averaging 1.79%.
Geochemical Reconnaissance Program over Kempfield NW/NE Zones
During the fieldwork programme, 26 rock chip samples were collected from previously untested baritic volcanic units
approximately 200m northwest from Lode 300 mineralised block. These types of rock are the key mineralised target
lithologies which host the Kempfield Deposit. New mineralised zone striking over 200m by 40m in width has been
delineated which now extends the Kempfield NW zone over 1.97km by an average width of 100m. This new
extension zone yielded 117 g/t Ag within sample 3001009, 73.4 g/t Ag in sample 3000996, 66.9 g/t Ag with 0.19%
Cu-Pb-Zn within sample 3001003 and 53.5 g/t Ag with 0.19% Cu-Pb-Zn within sample 3001008.
During the reconnaissance program 162 rock chips samples were collected in between the Kempfield NW and NE
zones and approximately 700m northeast of the Lode 300 mineralised block, testing the northeast extension of the
previously delineated extensive gossanous outcrop. High-grade gold-silver mineralisation in the central portion of
the zone included 126 g/t Ag from sample 3000937, 63.5 g/t Ag from sample 3000935 and 2.45 g/t Au & 13.5 g/t
Ag from sample 3000940 within barite volcanic/meta-sediment units.
Newly discovered gossanous areas were also delineated approximately 70m northwest of Lode 300. The high-grade
rock chip samples were largely associated with outcropping gossans within a barite zone (>500 ppm). These include
71.9 g/t Ag from sample 3000850, 46.9 g/t Ag from sample 3001030 and 38.9 g/t Ag from sample 3001027. The
sample location and summary of high-grade results are illustrated in Figure 22.
Figure 20 – Silver mineralisation within ferruginous
barite outcrop yielding 117 g/t Ag, & 0.26% Ba from
sample 3001009
Figure 21 – Silver mineralisation within ferruginous
sandstone yielding 73.4 g/t Ag, & >1% Ba from
sample 3000996
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22 | P a g e
Figure 22 - Kempfield NW and NE Zones highlighting the recent high-grade rock chip results (red colour dots)
Geochemical Reconnaissance Program over Trunkey Creek
The Trunkey Creek Project is located over the township of Trunkey approximately 38km southwest of Bathurst and
approximately 9km south-east of the Kempfield Project in NSW. T The areas were first discovered in 1851 and
worked from 1852 to 1880, and then again from 1887 to 1908 producing 2,900 oz gold. By 1873 there were 2,500
people at Trunkey Creek and nearby Tuena with many rich veins being mined for gold.
The mineral field extends for about 5.5km and in general is approximately 250m in width and in other areas where
the zone is up to 500m wide. Almost all hard rock workings strike north and are hosted in bedding and/or cleavage
parallel structures. The sub-parallel main quartz reefs are spaced 30m to 50m apart over a strike length of 2 km. The
distribution of shafts along the reef indicates two main centres of mineralisation.
During the late 2024 fieldwork programme, 114 rock chip samples were collected within various lithological units,
quartz veins and mined out mullock dumps. The high-grade gold-silver mineralisation in the central portion of
Trunkey Creek includes 24 g/t Au from sample 3001038, 15.10 g/t Au from sample 3001037, 10.35 g/t Au from
OPERATIONS REVIEW
23 | P a g e
sample 3001074 and 10.45 g/t Au from sample within ferruginous rusty quartz. Notable high-grade gold
mineralisation in the central portion of Trunkey Creek includes 63.1g/t Au in sample 3001227, 55.8 g/t Au in sample
3001131, 35.7 g/t Au in sample 3001273, 20.4 g/t Au in sample 3001269 and 16.35 g/t Au in sample 3001242.
During the fieldwork programme, 160 rock chip samples were collected within various lithological units, quartz veins
and mined out mullock dumps. Notable high-grade gold mineralisation in the central portion of Trunkey Creek
includes 63.1g/t Au in sample 3001227, 55.8 g/t Au in sample 3001131, 35.7 g/t Au in sample 3001273, 20.4 g/t Au
in sample 3001269 and 16.35 g/t Au in sample 3001242.
The gold mineralisation occurs with pyrite in the quartz and patchy trace arsenopyrite and galena. Most of the
workings are less than 30m deep and in general, were not worked below the water table. The stamper battery was
seen suggesting free-milling gold, but its use may have been limited to the oxidised zone only. The worked veins
appear to be limonitic stained and fractured vein quartz. In many cases solution cavities and box work textures
indicate that the mineralised veins were quartz-carbonate-sulphide veins. Almost all hard rock workings strike just
east of north and are hosted in bedding parallel structures. Workings are often continuous along strike for up to
500m.
Figure 23 – Trunkey Creek highlighting the recent high-grade gold rock chip results within untested IP Anomalies
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24 | P a g e
Figure 24 – Trunkey Creek highlighting the December 2024 high-grade gold rock chip results within untested IP
Anomalies
During the March 2025 fieldwork programme, 177 rock chip samples were collected within various lithological units,
quartz veins and mined out mullock dumps. Out of the 177 samples collected, 57 rock chips returned >1 g/t Au.
Notable high-grade gold mineralisation in the north, east and south of Trunkey Creek includes 82.1 g/t Au in sample
3001464, 82.1 g/t Au in sample 3001379, 67.6 g/t Au in sample 3001377, 48.8 g/t Au in sample 3001431, 41.8 g/t
Au in sample 3001449, 37.3 g/t Au in sample 3001438, 33.3 g/t Au in sample 3001440 and 31.9 g/t Au in sample
3001329.
The sample location and summary of high-grade results are illustrated in Figure 20. Table 4 highlights some of the
high-grade gold results with Figure 26 containing the location and assay data for some samples collected.
Gold mineralisation occurs with pyrite in the quartz and patchy trace arsenopyrite and galena. The historical
working is generally shallow, extending less than 30m deep and typically not worked below the water table. The
stamper battery was seen suggesting free-milling gold, but its use may have been limited to the oxidised zone only.
The worked veins appear to be limonitic stained and fractured vein quartz.
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25 | P a g e
In many cases solution cavities and box work textures indicate that the mineralised veins were quartz-carbonate-
sulphide veins. Almost all hard rock workings strike just east of north and are hosted in bedding parallel structures.
Workings are often continuous along strike for up to 500m.
Table 8: Trunkey Creek Project High-Grade Gold Results
Sample ID
Easting
(GDA 94)
Northing
(GDA 94)
Au
(g/t)
Sample ID
Easting
(GDA 94)
Northing
(GDA 94)
Au
(g/t)
3001429
715303
6257912
1,930
3001454
715523
6255535
11.65
3001464
715585
6255700
82.7
3001477
715775
6256520
11.45
3001379
715828
6256549
82.1
3001392
715528
6255457
10.9
3001377
715813
6256551
67.6
3001481
715745
6256502
10.7
3001431
715294
6257911
48.8
3001352
715664
6256539
10.15
3001449
715302
6257895
41.8
3001456
715572
6255639
10.15
3001438
715302
6257935
37.3
3001427
715740
6257222
9.47
3001440
715353
6257997
33.3
3001359
715856
6256717
9.46
3001329
715531
6256407
31.9
3001426
715739
6257204
9.32
3001451
715311
6257947
31.1
3001470
715745
6256450
9.28
3001469
715745
6256445
26.3
3001319
715540
6256406
8.53
3001479
715781
6256561
24.1
3001475
715762
6256496
7.84
3001466
715538
6255695
21.8
3001360
715860
6256721
7.47
3001450
715316
6257917
17.55
3001418
715695
6256859
7.22
3001345
715610
6256368
16.55
3001448
715722
6257143
5.85
3001433
715295
6257909
14.85
3001335
715537
6256456
5.6
3001439
715343
6257983
13.5
3001315
715541
6256413
5.5
3001355
715744
6256662
12.05
3001486
715730
6256474
5.48
Figure 25 – Coarse Visible Gold within
sulphide-quartz vein yielding 1,930 g/t Au
(62 oz Au) from sample 3001429
Gold
Gold
OPERATIONS REVIEW
26 | P a g e
Figure 26 – Trunkey Creek highlighting the February 2025 high-grade gold rock chip results within untested IP Anomalies
During May and June 2025, a total of 333 rock-chip samples were collected across the southern area of the Trunkey
Creek township. The program was designed to follow up and extend gold mineralisation identified during the 2024
surface geochemical sampling campaign to the north of Trunkey Creek.
OPERATIONS REVIEW
27 | P a g e
Assay results have returned grades of up to 216 g/t Au from samples containing iron-rich quartz veining closely
associated with historical gold workings, confirming the high tenor of gold mineralisation in the area.
The recent sampling has defined a new gold corridor extending approximately 1.8km south of the previously known
workings. Based on all exploration completed by Argent to date, the total strike length of the mineralised trend at
Trunkey Creek now stands at 4.7km.
Table 9: Trunkey Creek Project July 2005 High-Grade Gold Results
Sample ID
Easting
(GDA 94)
Northing
(GDA 94)
Au
(g/t)
Sample ID
Easting
(GDA 94)
Northing
(GDA 94)
Au
(g/t)
3001522
715302
6254972
216
3001809
714854
6253492
16.15
3001533
715338
6255048
51.4
3001820
714966
6253545
15.95
3001691
714945
6253787
50.9
3001723
714801
6253626
15.35
3001686
714976
6253865
37.6
3001841
714926
6253434
14.55
3001649
714908
6254175
25.2
3001679
714981
6253782
14.4
3001644
714922
6254129
25.1
3001831
714920
6253568
13.85
3001556
715326
6254951
24.5
3001568
715154
6254677
12.55
3001548
715300
6254992
22.6
3001669
714909
6254067
11.95
3001708
714868
6253733
19.05
3001647
714903
6254163
11.05
3001832
714916
6253578
16.2
3001824
714957
6253511
10.05
Figure 27 – Gold mineralisation within iron rich
quartz yielding 216 g/t Au from sample 3001522
Figure 28 – Gold mineralisation within ferruginous
quartz vein yielding 51.4 g/t Au from sample
3001533
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28 | P a g e
Figure 29 – Trunkey Creek highlighting the 2024 in black & 2025 in yellow high-grade gold rock chip results within untested IP
Anomalies
OPERATIONS REVIEW
29 | P a g e
Figure 30 – Trunkey Creek highlighting the July 2025 high-grade gold rock chip results within untested IP Anomalies
OPERATIONS REVIEW
30 | P a g e
Newly identified gold-mineralised extensions and historical workings have been delineated along a 1.8km trend,
increasing the total mineralised strike length at the Trunkey Creek Gold Project to over 4.7km.
The mineralised corridor varies in width, averaging approximately 250 metres and locally expanding to over 500
metres. Importantly, the system remains open along strike to both the north and south.
The hard rock workings predominantly follow a northeast trend and are hosted within structures that are bedding -
and/or cleavage-parallel to faulted zones. Gold mineralisation is associated with quartz veining, and the distribution
of historical shafts along the reef highlights the principal centres of past gold mining activity.
During the July 2025 fieldwork programme, 333 rock chip samples were collected within various lithological units,
quartz veins and mined out mullock dumps. The sample location and summary of high-grade results are illustrated
in Figure 6. Table 2 highlights some of the high-grade gold results. From the 333 samples collected, 62 rock chips
returned >1 g/t Au, 23 rock chip returned >5 g/t Au & 20 rock chips returned >10 g/t Au.
Gold mineralisation occurs with pyrite in the quartz and patchy trace arsenopyrite and galena. The historical working
is generally shallow, extending less than 30m deep and typically not worked below the water table. The worked
veins appear to be limonitic stained and fractured vein quartz. In many cases solution cavities and box work textures
indicate that the mineralised veins were quartz-carbonate-sulphide veins. Almost all hard rock workings strike just
east of north and are hosted in bedding parallel structures. Workings are often continuous along strike for up to
500m.
Figure 31 – Trunkey Creek South Historical Shallow & Deep Gold Workings
Wood Gully Gossan Prospect Geochemical Sampling
The Woody Gully gossanous ironstone outcrop is located on the eastern flank within EL8213 and was originally
discovered by Jododex Australia Pty Ltd in 1977. Work carried out included detailed soil geochemical surveys, initially
analysing for copper, lead and zinc, and later for mercury. Anomalous metal values were only obtained over the
ironstone outcrop.
Historical analysis of this ironstone returned values of anomalous copper, lead, tin, zinc and silver. The surface
expression of this ironstone is a few scattered, but essentially in-situ boulders in soil. The boulders occur over an
area which is 100 metres north-south along strike and several metres in width wide. The ironstone has a banded
texture and boxworks are developed within it. The ironstone is hosted by slaty rock, but nearby basic pillow lava and
basic sills crop out.
OPERATIONS REVIEW
31 | P a g e
Immediately to the west of this thin ironstone band, the slate locally contains large, disseminated blebs of limonite.
Some of these are pseudomorphs of pyrite. Some of these blebs are concentrated into distinct beds. A few metres
from the ironstone, large veins of quartz outcrop and some of the slaty rocks are strongly sheared. Detailed mapping
revealed that this area is within the axial, zone of the Pine Ridge anticline which hosts the Pine Ridge Gold Deposit.
During the reconnaissance program, work mainly concentrated on the actual location of the gossanous ironstone
outcrops. During the fieldwork program, 17 rock chip samples were collected within various lithological units.
High-grade mineralisation delineated includes 3.82 g/t Au, 90.4 g/t Ag, 1.36% Cu, 14.05 ppm In, 0.63% Pb & 0.72%
Zn in sample 3001290; 2.8 g/t Au, 94.1 g/t Ag, 0.67% Cu, 11.2 ppm In, 1.68% Pb & 0.15% Zn in sample 3001293; 1.1
g/t Au, 31.6 g/t Ag, 1.76% Cu, 0.14% Pb & 0.16% Zn in sample 3001296 and 1.67 g/t Au, 63.4 g/t Ag, 0.45% Cu, 1.44%
Pb & 0.69% Zn in sample 3001288. All the high-grade sample were hosted within the ironstone gossanous rock.
Table 10: Wood Gully Gossan rock chip locations and results
Sample ID
MGA55_E
MGA55_N
Au
(g/t)
Ag
(g/t)
Cu
(ppm)
Cu
%
In
(ppm)
Pb
(ppm)
Pb
%
Zn
(ppm)
3001284
715431
6255647
0.02
0.17
15.9
0.019
56
55
3001285
712098
6241949
0.02
11.55
141
0.118
417
107
3001286
712098
6241949
0.95
57.8
7780
12.95
8740
3780
3001287
712098
6241949
0.74
60.4
4930
10.30
>10,000
1.09%
3330
3001288
712098
6241949
1.67
63.4
4580
3.39
>10,000
1.44%
6980
3001289
712098
6241949
0.57
112
1285
1.17
4010
959
3001290
712099
6241951
3.82
90.4
>10,000
1.36%
14.05
6320
7200
3001291
712099
6241951
0.64
51.8
>10,000
1.23%
31.1
4000
2760
3001292
712099
6241951
0.02
1.51
1000
0.782
1510
624
3001293
712103
6241959
2.80
94.1
6760
11.2
>10,000
1.68%
1540
3001294
712106
6241964
0.91
49.8
3860
9.33
3690
3080
3001295
712106
6241966
0.51
34.2
2710
4.12
3270
1495
3001296
712106
6241969
1.10
31.6
>10,000
1.76%
3.05
1495
1650
3001297
712104
6241965
0.14
9.28
1360
2.26
1425
563
3001298
712103
6241958
2.43
60.1
5960
3.67
7470
1305
3001299
712122
6242022
0.77
32.7
>10,000
1.37%
3.19
4330
3140
3001300
712126
6242040
0.01
0.12
22.7
0.019
13.2
64
OPERATIONS REVIEW
32 | P a g e
Figure 32 – Pine Ridge/Wood Gully Gossan area highlighting high-grade polymetallic rock chip results – the Wood Gully Gossan
is located 700m south of Pine Ridge Gold Deposit
OPERATIONS REVIEW
33 | P a g e
Previous Released Information
This Annual Report contains information extracted from ASX market announcements reported in accordance with
the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves” (2012 JORC Code). Further details (including 2012 JORC Code reporting tables where applicable) of
exploration results referred to in this Annual Report can be found in the following announcements lodged on the
ASX:
•
Gold Mineralisation Confirmed over 4.7km at Trunkey Creek
9 June 2025
•
Extensive Untested EM trends Located at Kempfield
10 June 2025
•
Trunkey Creek Rock Chip Results
31 March 2025
•
Expansion of Mineralisation Kempfield NW Zone
6 March 2025
•
Drill Assays confirm Silver Mineralisation at Kempfield NW
5 February 2025
•
High-grade mineralisation confirmed at Wood Gully Prospect
29 January 2025
•
Drilling Confirm Mineralisation at Henrys & Sugarloaf Hill
20 January 2025
•
Further Gold Mineralisation Located at Trunkey Creek Project
14 January 2025
•
New Mineralisation Discovered at Kempfield Project
27 November 2024
•
Exceptional Drilling Results from Kempfield NW Zone
14 October 2024
•
Rock Chip Assays Return 24 g/t Gold at Trunkey Creel Project
2 October 2024
•
Kempfield NW/NE Zones Delivers More High-grade Assay Results
18 August 2024
•
Significant Silver Resource Upgrade over Kempfield Deposit
25 July 2024
Copies of reports are available to view on the Company’s website www.argentminerals.com.au. These reports
were issued in accordance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves. The Company confirms that it is not aware of any new information
or data that materially affects the information included in the original market announcements.
Competent Persons Statement:
The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by
Pedro Kastellorizos. Mr. Kastellorizos is Managing Director of Argent Minerals Limited and a Member of the AusIMM of whom
have sufficient experience relevant to the styles of mineralisation under consideration and to the activity being reported to
qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Targets,
Exploration Results and Mineral Resources. Mr. Kastellorizos have verified the data disclosed in this release and consent to
the inclusion in this release of the matters based on the information in the form and context in which it appears.
Board and Management Changes
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 January 2025, the Company announcement the resignation of Mr David Greenwood as a Non-Executive Director
to focus on other business interests.
In July 2025, the Company announced the appointment of Mr Warrick Hazeldine as a Non-Executive Director. Mr
Hazeldine has more than 20 years of capital markets experience from working with a range of ASX-listed
companies on investor relations activities, predominately in the natural resources sector.
OPERATIONS REVIEW
34 | P a g e
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 2025 Corporate Governance Statement is dated
25 September 2025 and reflects the corporate governance practices in place throughout the 2025 financial year.
The 2025 Corporate Governance Statement was approved by the board on 25 September 2025. 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
The Company’s pro-rata, non-renounceable Entitlement Offer and Priority Option Offer, which closed on December
10, 2024, raised $288,065.
Under the Entitlement Offer, eligible shareholders received one New Option, exercisable at $0.042 and expiring on
December 10, 2027, for every ten fully paid ordinary shares held as of the record date, at an issue price of $0.001
per New Option.
In addition, the Company conducted a Priority Option Offer, which allowed eligible holders of listed ARDO options
to receive one New Option for every ARDO option held as of the record date, also at an issue price of $0.001 per
New Option.
The Company accepted applications from eligible shareholders for 38,669,712 New Options under the Entitlement
Offer and 85,974,300 New Options under the Priority Option Offer. Following the Shortfall Offer, the Company
issued an additional 105,894,336 New Options under the Entitlement Offer and 57,525,700 New Options under the
Priority Option Offer.
In total, the Company issued 288,064,048 New Options across the Entitlement Offer, Priority Option Offer, and
Shortfall Offer
DIRECTOR’S REPORT
35 | P a g e
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
The names and particulars of the directors of the Group during the financial year and as at the date of this report
are as follows. Directors were in office for the entire period unless otherwise stated.
Peter 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
36 | 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
Mount Ridley Mines Limited
April 2025
Not applicable
Western Yilgarn NL
October 2024
Not applicable
Javelin Minerals Limited
February 2024
June 2025
MinRex Resources Limited
June 2021
February 2023
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.
Warrick Hazeldine
Non-Executive Director
Appointed: 24 July 2025
Mr Hazeldine has over 20 years’ experience in capital markets and investor relations, primarily in the natural
resources sector. He is a Non-Executive Director of Evion Group Ltd (ASX:EVG) and has held Chair and Board
roles with several resources companies. He also serves on advisory boards and not-for-profit organisations.
Mr Warrick Hazeldine is a founding director of investor relations and communications firm Purple. He is a
graduate of the AICD and holds a Bachelor of Commerce from Curtin University. He was a recipient of Business
News’ 40 Under 40 award.
During the past three years, he served on the board of the following listed companies:
Company
Appointed
Date of Resignation
Evion Group NL
May 2024
Not Applicable
ChemX Materials Ltd
January 2022
May 2025
Global Lithium Resources Limited
February 2021
August 2023
DIRECTOR’S REPORT
37 | P a g e
David Greenwood
Non-Executive Director
Appointed: 23 August 2021
Resigned: 31 January 2025
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.
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
8,166,666
3,000,000 Unlisted Options
555,555 Unlisted Options
816,667 Listed Options
4,000,000 Class A, 5,000,000 Class E,
5,000,000 Class F, 4,000,000 Class I,
2,000,000 Class J
$0.06 at any time up to 30 Nov 2025
$0.02 at any time up to 09 Apr 2027
$0.042 at any time up to 10 Dec
2027
See table below for Performance
Rights’ milestones
P. Michael
2,555,555
185,185 Unlisted Options
255,555 Listed Options
2,500,000 Class A, 1,500,000 Class B,
2,000,000 Class I, 1,000,000 Class J
$0.02 at any time up to 09 Apr 2027
$0.042 at any time up to 10 Dec
2027
See table below for Performance
Rights’ milestones
P. Hall
6,806,898
7,945,189 Listed Options
2,000,000 Class I, 1,000,000 Class J
$0.042 at any time up to 10 Dec
2027
See table below for Performance
Rights’ milestones
W. Hazeldine
-
-
-
DIRECTOR’S REPORT
38 | 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
3,000,000
$0.060
30 November 2025
47,914,798
$0.020
9 April 2027
10,000,000
$0.036
04 October 2027
288,064,048
$0.042
10 December 2027
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 2025 is a comprehensive loss after income tax of
$2,714,072 (2024: $1,981,213).
A review of operations of the Group during the year ended 30 June 2025 is provided in the ‘Operations Review’.
Likely developments and expected result of operations
The Group’s focus over the next financial year will be on its key projects, Kempfield, Copperhead and West
Wyalong. 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.
Performance rights
Expiry
Class A - Market based
milestones
30-Nov-21
30-Nov-26
Class A - Market based
milestones
30-Nov-22
30-Nov-27
Class B - Market based
milestones
30-Nov-21
30-Nov-26
Class E - Market based
milestones
30-Nov-22
30-Nov-27
Class F - Market based
milestones
30-Nov-22
30-Nov-27
Class I - Non-Market based
milestones
9-Apr-24
30-Apr-29
Class I - Non-Market based
milestones
9-Apr-24
14-Feb-29
Class J - Market based
milestones
9-Apr-24
30-Apr-29
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.
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.
The volume weighted average price of the Company's shares on ASX over 20
consecutive trading days (on which the Shares have been traded) being at least
$0.060.
The volume weighted average price of the Company's shares on ASX over 20
consecutive trading days (on which the Shares have been traded) being at least
$0.080.
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.
Performance Milestones
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.
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.
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.
DIRECTOR’S REPORT
39 | P a g e
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, 5 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
5
5
Pedro Kastellorizos
5
5
Phillip Hall
5
5
David Greenwood (Resigned 31 January 2025)
3
3
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.
Events subsequent to reporting date
In July 2025, the Company announced the high-grade gold assay results from its July 2025 rock chip sampling
program at the 100%-owned Trunkey Creek Gold Project in New South Wales. The latest results further validate
the presence of surface gold mineralisation extending south of the areas targeted during the Company’s 2024
ground exploration campaigns.
DIRECTOR’S REPORT
40 | P a g e
In July 2025, the Company announced its plan to accelerate development at its flagship Kempfield Polymetallic
Project in New South Wales, initiating a key phase of diamond drilling and metallurgical testwork aimed at a
Project Scoping Study.
In July 2025, the Company announced the appointment of Mr Warrick Hazeldine as a Non-Executive Director.
Mr Hall has more than 20 years of capital markets experience from working with a range of ASX-listed
companies on investor relations activities, predominately in the natural resources sector.
In July 2025, the Company announced the cessation of 6,500,000 Performance Rights for Mr David Greenwood,
a former director, because the conditions have not been, or have become incapable of being, satisfied.
In August 2025, the Company announced an exploration update over the 100%-owned Kempfield Polymetallic
Project in NSW. The company has completed the first two diamond drill holes at its flagship Kempfield Project
in New South Wales as it seeks to confirm the depth and grades of its polymetallic deposit ahead of a planned
Scoping Study.
In August 2025, the Company announced the expiry of 8,000,000 unlisted options.
In September 2025, the Company issued 230,952,381 fully paid ordinary shares at an issue price of $0.021 per
share raising a total of $4.85 million (before costs) through a placement to sophisticated and professional
investors. The funds will be applied to accelerate drilling and exploration across Argent’s flagship Kempfield
Silver-Polymetallic Project and the surrounding district in New South Wales, as well as advance copper-gold
exploration at the West Wyalong Project.
In September 2025, the Company announced the completion of two diamond drillholes over Lodes 100 and
200 over the 100%-owned Kempfield Polymetallic 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.
2025
2024
$
$
Statutory audit
Audit and review of financial reports – Criterion Audit Pty Ltd
30,000
30,000
30,000
30,000
DIRECTOR’S REPORT
41 | P a g e
Lead Auditor’s Independence Declaration
The Lead Auditor’s Independence is included on page 80 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, 25 September 2025
42 | 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 2025.
Details of Directors and Executives
The following table provides details of the members of key management personnel of the entity as at 30
June 2025.
Directors
Position held during or since the end of the financial year ended 30 June 2025
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)
Phillip Hall
Non-Executive Director (Appointed 01 July 2024)
David Greenwood
Non-Executive Director (Appointed 23 August 2021; Resigned 31 January 2025)
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.
43 | 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 2025
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/Te
r-mination
Benefits
Superannua
tion
Equity-settled
Share Based
Payments –
Options,
Performance
shares and shares
Other
Long Term
Total
% of
Remuner
ation as
Share
Payments
$
$
$
$
$
$
%
Directors
P. Kastellorizos
2025
307,000
30,000
-
122,810
-
459,810
27%
2024
292,000
55,000
-
49,852
-
396,852
13%
P. Michael
2025
67,235
-
7,765
67,015
-
142,015
47%
2024
54,054
-
5,946
30,536
-
90,536
34%
P. Hall
2025
47,514
-
5,486
7,736
-
60,736
13%
2024
-
-
-
-
-
-
-
D. Greenwood (i)
2025
24,500
-
-
65,745
-
90,245
73%
2024
42,000
-
-
29,266
-
71,266
41%
C. Karageorge (ii)
2025
-
-
-
-
-
-
-
2024
10,500
-
-
-
-
10,500
-
Total 2025
446,249
30,000
13,251
263,306
-
752,806
Total 2024
398,554
55,000
5,946
109,654
-
569,153
(i) Resigned 31 January 2025.
(ii) Resigned on 01 November 2023.
Options Granted as Compensation
There were no options granted as compensation during the year.
44 | 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 under which he receives
remuneration of $292,000 per annum (exclusive of GST) and a car allowance of $2,500 per month (exclusive
of GST). The agreement may be terminated with three months’ notice. From January 2025, his remuneration
increased to $322,000 per annum (exclusive of GST), with the car allowance remaining unchanged.
The appointments of Mr Peter Michael, Mr Phillip Hall and Mr David Greenwood are governed by letters of
appointment. Mr Michael received fees of $60,000 per annum (inclusive of superannuation), increasing to
$90,000 per annum from January 2025. Mr Greenwood is entitled to fees of $42,000 per annum (exclusive
of GST). Mr Hall received fees of $48,000 per annum (inclusive of superannuation), increasing to $58,000 per
annum from January 2025. Each appointment may be terminated by either party on written notice.
Ordinary shareholdings of key management personnel
KMP
Balance at
Share acquired (ii)
Net other change
Balance at
1-Jul-24
30-Jun-25
P. Kastellorizos
4,166,666
4,000,000
-
8,166,666
P. Michael
555,555
2,000,000
-
2,555,555
P. Hall
6,806,898
-
-
6,806,898
D. Greenwood (i)
555,555
2,000,000
(2,555,555)
-
(i) Resigned 31 January 2025.
(ii) Acquired through exercise of performance rights.
Option holdings of key management personnel
KMP
Balance at
Options
acquired (ii)
Options expired
Net other
change
Balance at
1-Jul-24
30-Jun-25
P. Kastellorizos
3,555,555
816,667
-
-
4,372,222
P. Michael
1,185,185
255,555
(1,000,000)
-
440,740
P. Hall
7,264,500
7,945,189
(7,264,500)
-
7,945,189
D. Greenwood
1,185,185
255,555
(1,000,000)
(440,740)
-
(i) Resigned 31 January 2025.
(ii) Acquired with cash through participation in the entitlement offer. The options are expiring 10 December 2027
and exercisable at $0.042.
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.
45 | P a g e
Performance Rights holdings of key management personnel
KMP
Balance at
Rights granted as
remuneration
Rights exercised
Balance at
resignation
Balance at
1-Jul-24
30-Jun-25
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 H
-
4,000,000 Class A
5,000,000 Class E
5,000,000 Class F
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
-
2,000,000 Class H
-
2,500,000 Class A
1,500,000 Class B
2,000,000 Class I
1,000,000 Class J
P. Hall
-
2,000,000 Class I
1,000,000 Class J
-
-
2,000,000 Class I
1,000,000 Class J
D.
Greenwood
(i)
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 H
2,000,000 Class A
1,500,000 Class B
2,000,000 Class I
1,000,000 Class J
-
(i) Resigned 31 January 2025.
The Performance Rights vesting conditions are as follows (as at 30 June 2025, none of the performance
milestones have been met):
Consequences of performance on shareholder wealth
Performance rights
Expiry
Class A - Market based
milestones
30-Nov-21
30-Nov-26
Class A - Market based
milestones
30-Nov-22
30-Nov-27
Class B - Market based
milestones
30-Nov-21
30-Nov-26
Class E - Market based
milestones
30-Nov-22
30-Nov-27
Class F - Market based
milestones
30-Nov-22
30-Nov-27
Class I - Non-Market based
milestones
9-Apr-24
30-Apr-29
Class I - Non-Market based
milestones
9-Apr-24
14-Feb-29
Class J - Market based
milestones
9-Apr-24
30-Apr-29
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.
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.
The volume weighted average price of the Company's shares on ASX over 20
consecutive trading days (on which the Shares have been traded) being at least
$0.060.
The volume weighted average price of the Company's shares on ASX over 20
consecutive trading days (on which the Shares have been traded) being at least
$0.080.
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.
Performance Milestones
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.
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.
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.
46 | P a g e
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.
2025
2024
2023
2022
2021
Net loss attributable to equity
holders of the Company
(2,714,072)
(1,981,213)
(3,858,002)
1,309,982
2,110,006
Basic loss per share (cents)
(1.9)
(1.6)
(3.6)
(1.5)
1.9
The overall level of key management personnel’s compensation is assessed on the basis of market conditions,
status of the Company’s projects, and financial performance of the Company.
There was no reliance on external remuneration consultants during the year.
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 2.38% of votes against, and no specific feedback on, its Remuneration Report at its
Annual General Meeting held on 01 November 2024. The Resolution passed by a poll.
This is the end of the remuneration report.
47 | P a g e
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
30-Jun-25
30-Jun-24
Note
$
$
Continuing Operations
Other income
6
66,896
29,581
Administration and consultant's expenses
(633,551)
(561,600)
Depreciation expenses
7, 13
(56,708)
(84,682)
Employee and director expenses
(705,286)
(684,312)
Exploration and evaluation expenses
7
(1,125,936)
(847,927)
Legal expenses
(17,496)
(14,595)
Share based payment
20
(321,847)
145,284
Other expenses
-
-
Operating loss before financing income
(2,793,928)
(2,018,251)
Interest income
6
81,250
39,358
Interest expense
(1,394)
(2,320)
Net finance income
79,856
37,038
Loss before tax
(2,714,072)
(1,981,213)
Income tax expense
10
-
-
Loss for the period
(2,714,072)
(1,981,213)
Other comprehensive income/(loss), net of income tax
12
15,000
(180,000)
Total comprehensive income/(loss) for the period
(2,699,072)
(2,161,213)
Loss per share
Basic loss and diluted loss per share (cents per share)
8
(1.9)
(1.6)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in
conjunction with the accompanying notes.
48 | P a g e
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
30-Jun-25
30-Jun-24
Note
$
$
Current assets
Cash and cash equivalents
9
1,106,167 3,151,059
Trade and other receivables
11
113,216 133,673
Financial assets (FVTOCI)
12
262,500 240,000
Total current assets
1,481,883 3,524,732
Non-current assets
Other financial asset - security deposits
115,500 114,500
Plant and equipment
13
231,255 246,548
Right of use asset
14
250,383 28,185
Total non-current assets
597,138 389,233
Total assets
2,079,021 3,913,965
Current liabilities
Trade and other payables
16
144,251 116,622
Employee annual leave provision
13,789
13,269
Short-term Lease liability
15
82,021 32,156
Total current liabilities
240,061 162,047
Non-current liabilities
Long-term lease liability
15
168,850
-
Total non-current liabilities
168,850
-
Total liabilities
408,911 162,047
Net assets
1,670,110 3,751,918
Equity
Issued capital
17
45,893,295 45,749,914
Reserves
17
526,094 367,905
Accumulated losses
(44,749,279)
(42,365,901)
Total equity
1,670,110
3,751,918
The above Consolidated Statement of Financial Position should be read in conjunction with the
accompanying notes.
49 | P a g e
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Share Capital
Financial Asset
Reserve
Share Based
Payments
Reserve
Accumulated
losses
Total Equity
$
$
$
$
$
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 period
-
(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
Balance at 1 July 2024
45,749,914
(280,000)
647,905
(42,365,901)
3,751,918
Loss for the year
-
-
-
(2,714,072)
(2,714,072)
Other comprehensive income/(loss)
-
15,000
-
-
15,000
Total comprehensive loss for the year
-
15,000
-
(2,714,072)
(2,699,072)
Shares issued during the period
34,296
-
-
-
34,296
Share based payments
-
-
321,847
-
321,847
Share issue/options issue costs
(54,915)
-
(26,944)
-
(81,859)
Share options issued
-
-
342,980
-
342,980
Share options expired
-
-
(330,694)
330,694
-
Performance rights exercised
164,000
-
(164,000)
-
-
Balance at 30 June 2025
45,893,295
(265,000)
791,094
(44,749,279)
1,670,110
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
50 | P a g e
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
30-Jun-25
30-Jun-24
Note
$
$
Cash flows from operating activities
Cash receipts from other operating activities
58,248
3,375
Expenditure on mining interests
(1,246,596)
(983,227)
Payments to suppliers and employees
(1,170,459)
(1,048,023)
Interest received
81,250
39,358
Net cash (used in) operating activities
18
(2,277,557)
(1,988,517)
Cash flows from investing activities
Payment for plant and equipment
- (64,863)
Payment for investment
(7,500)
-
Proceeds/(Payments) from security deposits
-
23,398
Net cash provided by/(used in) investing activities
(7,500)
(41,465)
Cash flows from financing activities
Issue of shares/options
295,417
3,540,000
Lease payments
(44,050)
(59,579)
Capital raising costs
(11,202)
(275,663)
Net cash provided by financing activities
240,165
3,204,758
Net increase/(decrease) in cash and cash equivalents
(2,044,892)
1,174,776
Cash and cash equivalents at the beginning of the year
3,151,059
1,976,283
Cash and cash equivalents at the end of the year
9
1,106,167
3,151,059
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 2025
51 | 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 2025 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 25 September 2025.
(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
20
-
Share-based payments
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
52 | P a g e
2 BASIS OF PREPARATION (cont’d)
(e) Going concern
The financial statements have been prepared on a going concern basis, which contemplates the continuity
of normal business activity and the realisation of assets and settlement of liabilities in the normal course of
business. The company incurred a net loss of $2,714,072 for the year ended 30 June 2025 (30 June 2024:
loss of $1,981,213) and had a net cash outflow from operations including exploration and evaluation
activities of $2,277,557 (30 June 2024: $1,988,517) for the financial year. Notwithstanding this, the financial
report has been prepared on a going concern basis, which the Directors consider to be appropriate based
upon the available unrestricted cash assets of $1,106,167 as at the reporting date and the $4,850,000
(before costs) raised through a share placement issued on 11 September 2025.
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
53 | P a g e
3 MATERIAL ACCOUNTING POLICIES (cont’d)
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
(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 2025
54 | 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 2025
55 | 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 2025
56 | 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 2025
57 | 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 2025
58 | 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 2025
59 | 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 2025
60 | 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 - 2025
$
$
$
$
Assets
Ordinary shares at fair value through profit or loss
-
-
-
-
Ordinary shares at fair value through other comprehensive loss
262,500
-
-
262,500
Total assets
262,500
-
-
262,500
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.
2025
2024
6 OTHER INCOME & INTEREST INCOME
$
$
Rental income
19,943
(521)
Income from tenement surrendered
40,000
30,102
Miscellaneous income
6,953
-
Total Other income
66,896
29,581
Interest income from bank
81,250
39,358
Total Interest Income
81,250
39,358
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
61 | P a g e
2025
2024
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
32,594
29,554
Depreciation
- Land and Building
1,875
42,859
- Plant and equipment
13,418
9,788
- Right of Use Asset
41,415
32,036
Total Depreciation
56,708
84,682
Exploration and evaluation expenditure expensed as incurred
1,125,936
847,927
2025
2024
EXPLORATION AND EVALUATION EXPENSES
$
$
Exploration expenditures
1,125,936
847,927
Total Exploration and evaluation expenses
1,125,936
847,927
2025
2024
8 LOSS PER SHARE
$
$
Net loss for the year
(2,714,072)
(1,981,213)
2025
2024
Number
Number
Weighted average number of ordinary shares
1,443,929,511
1,245,848,803
Loss per share (cents per share)
(1.9)
(1.6)
As the Company is loss making, none of the potentially dilutive securities are currently dilutive.
2025
2024
9 CASH AND CASH EQUIVALENTS
$
$
Cash and cash equivalents in the Balance Sheet
1,106,167
3,151,059
Cash and cash equivalents in the Statement of Cash Flows
1,106,167
3,151,059
Refer to the risk management section at note 21 which contains exposure analysis for cash and cash
equivalents.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
62 | P a g e
2025
2024
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
(2,714,072)
(1,981,213)
Prima facie income tax benefit at 30% (2024: 30%)
(814,222)
(594,364)
Increase in income tax expense due to
- Adjustments not resulting in temporary differences
98,017
(40,001)
- Effect of tax losses not recognized
614,643
524,452
- Unrecognized temporary differences
101,562
109,913
Income tax expense current and deferred
-
-
Deferred tax assets have not been recognised in respect of the
following items
Deductible temporary differences (net)
146,799
205,233
Tax losses
11,948,827
11,142,868
Net
12,095,626
11,348,101
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.
2025
2024
11 TRADE AND OTHER RECEIVABLES
$
$
Prepayments
73,181
73,575
Other receivables
40,035
60,098
Total trade and other receivables
113,216
133,673
The above other receivables are all current and nil expected credit losses has been raised.
2025
2024
12 FINANCIAL ASSETS (FVTOCI)
$
$
Balance at beginning of reporting period
240,000
420,000
Financial Asset (FVTOCI) acquired during the year
7,500
-
Revaluation movement during the period
15,000
(180,000)
Balance at end of reporting period
262,500
240,000
On 20 January 2025, MinRex announced a non-renounceable pro-rata entitlement issue of 1 new option
for every 4 shares held by shareholders, at an issue price of $0.001 per option. Accordingly, the Company
applied for 7,500,000 options at a total cost of $7,500 on 3 February 2025.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
63 | P a g e
12 FINANCIAL ASSETS (FVTOCI) (cont’d)
As at 30 June 2025, 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).
2025
2024
13 PROPERTY, PLANT AND EQUIPMENT
$
$
Land and Buildings
Land and Buildings at cost
502,763
502,763
Accumulated depreciation
(322,319)
(320,444)
Land and Buildings, net
180,444
182,319
Plant and Equipment
Plant and Equipment at cost
240,078
240,078
Accumulated depreciation
(189,267)
(175,849)
Plant and Equipment, net
50,811
64,229
Total Property, Plant and Equipment - net book value
231,255
246,548
2025
2024
Reconciliations of the carrying amounts for each class of asset are
set out below:
$
$
Land and Buildings
Balance at 1 July
182,319
225,177
Depreciation
(1,875)
(42,859)
Carrying amount at 30 June
180,444
182,318
Plant and Equipment
Balance at 1 July
64,229
15,051
Additions
-
58,966
Depreciation
(13,418)
(9,788)
Carrying amount at 30 June
50,811
64,229
Total carrying amount at 30 June
231,255
246,548
2025
2024
14 RIGHT OF USE ASSET
$
$
Balance at 1 July
28,185
60,221
Additions (i)
263,613
-
Depreciation
(41,415)
(32,036)
Carrying amount at 30 June
250,383
28,185
(i) On 7 May 2025, the Company entered into a new office lease agreement. The lease term is three years, and the corresponding
Right of Use Asset and Lease Liability were recognised in accordance with AASB 16.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
64 | P a g e
2025
2024
15 LEASE LIABILITIES
$
$
Office lease
Lease liabilities - current
82,021
32,156
Lease liabilities - non-current
168,850
-
250,871
32,156
Office lease reconciliation
Balance at 1 July
32,156
67,690
Interest
1,394
2,278
Lease Payment
(46,293)
(37,812)
Additions (i)
263,613
-
Closing Balance
250,870
32,156
(i) On 7 May 2025, the Company entered into a new office lease agreement. The lease term is three years, and the corresponding
Right of Use Asset and Lease Liability were recognised in accordance with AASB 16.
Refer to the risk management section at note 21, which contains exposure analysis for lease liabilities.
2025
2024
16 TRADE AND OTHER PAYABLES
$
$
Current
Trade creditors
60,709
67,147
Accruals - exploration, admin and director fees
83,542
49,475
144,251
116,622
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 2025
65 | P a g e
2025
2024
17 CAPITAL AND RESERVES
$
$
At the beginning of the reporting period
45,749,914
42,575,173
- Issue of shares for the conversion of Class H Performance Rights
to Shares on 07 August 2024
159,000
-
- Issue of shares for the conversion of Options ARDAF (ARDOPT9)
on 07 November 2024 @ $0.02
13,333
-
- Issue of shares for the conversion of Options ARDAF (ARDOPT9)
on 19 November 2024 @ $0.02
20,963
-
- Issue of shares for the conversion of Class G Performance Rights
to Shares on 11 June 2025
5,000
-
- 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
Share issue costs
(54,915)
(365,259)
Balance at end of reporting period
45,893,295
45,749,914
2025
2024
(a) Movement in ordinary shares
Number
Number
At the beginning of the reporting period
1,433,425,666
1,178,981,223
Shares issued during the reporting period
12,714,814
254,444,443
Balance at the end of the financial year
1,446,140,480
1,433,425,666
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 2025
66 | P a g e
17 CAPITAL AND RESERVES (cont’d)
Note
2025
2024
Option / Performance Rights Premium Reserve
$
$
At the beginning of the year
647,905
695,092
Share options issued (i) (ii)
342,980
-
Performance rights exercised (iii)
(164,000)
-
Share options expired (iv)
(330,694)
-
Share options issue cost
(26,944)
-
Share based payment expense
20
321,847
(47,187)
Balance at end of the year
791,094
647,905
(i) In October 2024, 10,000,000 Unlisted Options valued at $54,915 were issued to Broker as approved at the General Meeting held
on 10 September 2024.
(ii) In December 2024, 288,064,048 Listed Options issued at $0.001 per option were issued to shareholders as a result of Entitlement
and Priority Option Offer.
(iii) In August 2024, 10,500,000 Class H performance rights valued at $159,000 were exercised. On June 2025, 500,000 Class G
performance rights valued at $5,000 were exercised.
(iv) In November 2024, 43,500,000 ARDO and 6,000,000 ARDOPT5 options, with fair values of $198,509 and $132,185 respectively,
expired.
2025
2024
Asset Revaluation Reserve
$
$
At the beginning of the year
(280,000)
(100,000)
Revaluation during the period
15,000
(180,000)
Balance at end of the year
(265,000)
(280,000)
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 2024
Options
Issued
Options
Exercised
Options
Expired
Closing Balance
30 Jun 2025
On or before 30
November 2024
Listed
Options
ARDO
$0.040
143,500,000
-
-
143,500,000
-
On or before 10
December 2027
Listed
Options
ARDOC
$0.042
-
288,064,048
-
288,064,048
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
Unlisted
Options
ARDOPT8
$0.040
8,000,000
-
-
-
8,000,000
On or before 9
April 2027
Unlisted
Options
ARDOPT9
$0.020
49,629,612
-
1,714,814
-
47,914,798
On or before 04
October 2027
Unlisted
Options
ARDOPT10
$0.036
-
10,000,000
-
-
10,000,000
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
67 | P a g e
2025
2024
18 STATEMENT OF CASH FLOWS
$
$
Reconciliation of cash flows used in operating activities
Loss for the year
(2,714,072)
(1,981,213)
Adjustments for:
Depreciation
56,708
84,682
Share based payments
321,847
(145,284)
Write-off of security deposit
-
23,750
Non-cash exploration
-
60,443
Changes in assets and liabilities
(Increase)/decrease in receivables and prepayments
20,457
13,314
(Decrease)/increase in payables and provisions
37,503
(44,209)
Net cash used in operating activities
(2,277,557)
(1,988,517)
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 2025, compensation of key management personnel totalled $752,807 (2024:
$569,153), which comprised primarily of salary, fees and other benefits of $476,249 (2024: $453,554),
superannuation of $13,251 (2024: $5,946) and share-based payments of $263,307 (2024: $109,654).
The Directors included in the above amounts are Peter Michael, Pedro Kastellorizos, Phillip Hall, David
Greenwood (resigned 31 January 2025).
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 2025
68 | P a g e
20 SHARE-BASED PAYMENTS (cont’d)
During the financial year, the Company incurred share-based payment expense of $321,847 (2024:
($145,284)), being the fair value expensed over management’s best estimate of the vesting periods,
through the issue of options and performance rights:
2025
2024
$
$
Class A
34,370
(38,947)
Class B
19,800
(48,125)
Class D
-
(5,383)
Class E
12,300
12,300
Class F
11,600
11,600
Class G (i)
3,071
1,929
Class H (ii)
140,213
18,787
Class I
84,977
18,787
Class J
15,516
3,105
Adjustment to Options (iii)
-
(254,119)
Adjustment to Performance rights (iii)
-
134,782
Share based payments expense in the profit and loss
321,847
(145,284)
(i) Class G performance rights were exercised on 11 June 2025.
(ii) Class H performance rights were exercised on 07 August 2024.
(iii) 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.
The following input were used for the valuation:
ITEM
INCENTIVE OPTIONS
ARDOPT6
ARDOPT8
ARDOPT9
ARDOPT10
Fair value per option/Rights
$0.004
$0.002
$0.008
$0.006
Number of options/Rights
3,000,000
8,000,000
11,111,111
10,000,000
Exercise price /Target Share price
$0.060
$0.040
Nil
$0.036
Expected volatility
85%
80%
80%
85%
Implied option/rights life
3 years
2 years
3 years
3 years
Expected dividend yield
Nil
Nil
Nil
Nil
Risk free rate
3.44%
3.82%
3.66%
3.45%
Underlying share price at grant date
$0.016
$0.011
$0.016
$0.015
Grant Date
30/11/2022
17/08/2023
9/04/2024
10/09/2024
Vesting Period
3 years
2 years
3 years
3 years
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
69 | P a g e
20 SHARE-BASED PAYMENTS (cont’d)
ITEM
PERFORMANCE RIGHTS
CLASS A
CLASS A
CLASS B
CLASS E
CLASS F
Fair value per option/Rights
$0.034
$0.013
$0.033
$0.012
$0.012
Number of options/Rights
3,000,000
5,500,000
3,000,000
5,000,000
5,000,000
Exercise price /Target Share price
Nil
Nil
Nil
Nil
Nil
Expected volatility
110%
100%
110%
100%
100%
Implied option/rights life
5 years
5 years
5 years
5 years
5 years
Expected dividend yield
Nil
Nil
Nil
Nil
Nil
Risk free rate
1.31%
3.28%
3.31%
3.28%
3.28%
Underlying share price at grant
date
$0.035
$0.015
$0.035
$0.015
$0.016
Grant Date
30/11/2021
30/11/2022
30/11/2021
30/11/2022
30/11/2022
Vesting Period
5 years
5 years
5 years
5 years
5 years
ITEM
PERFORMANCE RIGHTS
CLASS I
CLASS J
Employee
Directors
CoSec
Director
Employee
Directors
CoSec
Director
Fair value per option/Rights
$0.01
$0.016
$0.016
$0.015
$0.01
$0.016
$0.016
$0.012
Number of options/Rights
1,500,000
8,000,000
1,000,000
2,000,000
750,000
4,000,000
500,000
1,000,000
Exercise price /Target Share
price
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Expected volatility
80%
80%
80%
85%
80%
80%
80%
85%
Implied option/rights life
2 years
2 years
2 years
4.43 years
5 years
5 years
5 years
4.43 years
Expected dividend yield
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Risk free rate
3.75%
3.72%
4.06%
3.50%
3.74%
3.73%
4.09%
3.50%
Underlying share price at grant
date
$0.016
$0.016
$0.016
$0.015
$0.01
$0.016
$0.016
$0.015
Grant Date
12/02/2024
9/04/2024
1/05/2024
10/09/2024
12/02/2024
9/04/2024
1/05/2024
10/09/2024
Vesting Period
2 years
2 years
2 years
4.43 years
5 years
5 years
5 years
4.43 years
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
70 | P a g e
20 SHARE-BASED PAYMENTS (cont’d)
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 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:
2025
2024
Number
Weighted
average
exercise price
Number
Weighted
average
exercise price
of options
of options
Outstanding at the beginning
210,129,612
$0.036
152,500,000
$0.041
Granted
298,064,048
$0.042
57,629,612
$0.023
Exercised
(1,714,814)
$0.036
-
-
Expired
(149,500,000)
$0.040
-
-
Options outstanding at year end
356,978,846
$0.039
210,129,612
$0.036
Exercisable at year end
356,978,846
$0.039
210,129,612
$0.036
The weighted average remaining contractual life of share options outstanding at the end of 30 June 2025
was 2.33 years (2024: 1.10 years), and the weighted average exercise price was $0.039 (2024: $0.036).
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
71 | P a g e
21 FINANCIAL INSTRUMENTS (cont’d)
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
2025
2024
$
$
Cash and cash equivalents
9
1,106,167
3,151,059
Other receivables
11
40,035
60,098
Security deposits
115,500
114,500
1,261,702
3,325,657
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.
Security Deposits
Security deposits of $115,500 (2024: $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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
72 | P a g e
21 FINANCIAL INSTRUMENTS (cont’d)
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 $1,106,167 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 2025
Trade and other payables
144,251
144,251
144,251
-
-
Lease liabilities
82,021
82,021
82,021
-
654
226,272
226,272
226,272
-
654
30 June 2024
Trade and other payables
116,622
116,622
116,622
-
-
Lease liabilities
32,156
32,156
32,156
-
654
148,778
148,778
148,778
-
654
It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or
at significantly different amounts.
Market Risks
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and
equity prices will affect the Group’s income or the value of its holdings of financial instruments. The
objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimising the return.
Interest rate risk
The Group’s income statement is affected by changes in interest rates due to the impact of such changes
on interest income from cash and cash equivalents and interest-bearing security deposits. There were no
interest-bearing security deposits as at 30 June 2025.
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
2025
2024
$
$
Cash and cash equivalents
9
1,106,167
3,151,059
Security deposits
115,500
114,500
Net exposure
1,221,667
3,265,559
The Group did not have any interest-bearing financial liabilities in the current or prior year other than the
lease liability. The average interest rate for the lease liability had an interest charge of 3.9% (2024: 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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
73 | P a g e
21 FINANCIAL INSTRUMENTS (cont’d)
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.
2025
2024
$
$
11,062
31,511
Currency risk
The Group is not exposed to any foreign currency risk as at 30 June 2025 (2024: nil).
Capital management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future development of the business.
The Board ensures costs are not incurred in excess of available funds and will seek to raise additional
funding through issues of shares for the continuation of the Group’s operations. There were no changes in
the Group’s approach to capital management during the year.
The Group is not subject to externally imposed capital requirements.
Estimation of fair values
The carrying amounts of financial assets and liabilities approximate their net fair values, given the short
time frames to maturity and or variable interest rates.
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
74 | P a g e
23 SUBSIDIARIES
Subsidiaries
Country of
incorporation
Ownership percentage
2025
2024
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%
24 PARENT COMPANY DISCLOSURE
(a) Financial Position as at 30 June 2025
2025
2024
$
$
Assets
Current assets
1,379,095
3,405,288
Non-current assets
281,067
115,665
Total Assets
1,660,162
3,520,953
Liabilities
Current liabilities
144,351
124,157
Non-current liabilities
250,871
-
Total liabilities
395,222
124,157
Net Assets
1,264,940
3,396,796
Equity
Issued capital
45,893,294
45,749,914
Reserves
526,093
367,904
Accumulated Losses
(45,154,447)
(42,721,022)
Total Equity
1,264,940
3,396,796
There are no contingencies, commitments and guarantees by the Parent other than disclosed in Note 25.
(b) Financial Performance for the year ended 30 June 2025
2025
2024
$
$
Loss for the year
(1,617,095)
(1,284,968)
Other comprehensive income/(loss)
15,000
(180,000)
Total comprehensive loss
(1,602,095)
(1,464,968)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
75 | 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.
2025
2024
$
$
Not longer than one (1) year
293,000
366,500
One (1) to five (5) years
714,462
914,821
1,007,462
1,281,321
Other than the above, the Directors of the Company consider that there are no other material
commitments outstanding as at 30 June 2025.
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 2025 (2024: nil).
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.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
76 | P a g e
26 JOINT OPERATIONS (cont’d)
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 2025, the joint venture partner decided to not contribute their share of exploration
expenditure amounting to $nil (2024: $nil). Following this election, the Company now owns 82.49% (2024:
82.49%) of the West Wyalong Project. There was $nil receivable outstanding as at 30 June 2025 (2024: $nil).
Loch Lilly
On 12 February 2017, the Group entered into joint venture agreement with San Antonio Exploration Pty
Ltd, initially holding 51% interest with rights to earn up to 90% through additional expenditure.
On 31 December 2024, the parties executed a Deed of Transfer and Cancellation, terminating the joint
venture. Under the deed, San Antonio acquired 100% of EL8199 and EL8200, while the Group (through Loch
Lilly Pty Ltd) acquired 100% of EL8515 and EL8516 and received a $25,000 reimbursement for past costs.
From that date, the Group no longer has a joint venture interest and now holds EL8515 and EL8516 in its
own right.
27 SUBSEQUENT EVENTS
In July 2025, the Company announced the high-grade gold assay results from its July 2025 rock chip
sampling program at the 100%-owned Trunkey Creek Gold Project in New South Wales. The latest results
further validate the presence of surface gold mineralisation extending south of the areas targeted during
the Company’s 2024 ground exploration campaigns.
In July 2025, the Company announced its plan to accelerate development at its flagship Kempfield
Polymetallic Project in New South Wales, initiating a key phase of diamond drilling and metallurgical
testwork aimed at a Project Scoping Study.
In July 2025, the Company announced the appointment of Mr Warrick Hazeldine as a Non-Executive
Director. Mr Hall has more than 20 years of capital markets experience from working with a range of ASX-
listed companies on investor relations activities, predominately in the natural resources sector.
In July 2025, the Company announced the cessation of 6,500,000 Performance Rights for Mr David
Greenwood, a former director because the conditions have not been, or have become incapable of being,
satisfied.
In August 2025, the Company announced an exploration update over the 100%-owned Kempfield
Polymetallic Project in NSW. The company has completed the first two diamond drill holes at its flagship
Kempfield Project in New South Wales as it seeks to confirm the depth and grades of its polymetallic deposit
ahead of a planned Scoping Study.
In August 2025, the Company announced the expiry of 8,000,000 unlisted options.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
77 | P a g e
27 SUBSEQUENT EVENTS (cont’d)
In September 2025, the Company issued 230,952,381 fully paid ordinary shares at an issue price of $0.021
per share raising a total of $4.85 million (before costs) through a placement to sophisticated and
professional investors. The funds will be applied to accelerate drilling and exploration across Argent’s
flagship Kempfield Silver-Polymetallic Project and the surrounding district in New South Wales, as well as
advance copper-gold exploration at the West Wyalong Project.
In September 2025, the Company announced the completion of two diamond drillholes over Lodes 100 and
200 over the 100%-owned Kempfield Polymetallic 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
78 | 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
79 | 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 47 to 78, 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 2025 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, 25 September 2025
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 2025, 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 25th day of September 2025
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 2025, 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 2025 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 2025, 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 2025.
In our opinion, the Remuneration Report of Argent Minerals Limited, for the year ended 30 June 2025, 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 25th day of September 2025
SCHEDULE OF MINERAL TENEMENTS HELD AT BALANCE SHEET DATE
85 | P a g e
Tenement Identifier
Location
Current Equity Interest
Barratts Reef
EL8951
NSW
100.00%
Billabong Bore
E08/3001
WA
100.00%4
Hardley
E08/3369
WA
100.00%4
E08/3460
WA
100.00%4
E09/2532
WA
100.00%4
Kempfield
AL36
NSW
100.00%2
EL5645
NSW
100.00%2
EL7785
NSW
100.00%2
EL7134
NSW
100.00%2
Loch Lilly
EL8515
NSW
100.00%
EL8516
NSW
100.00%
Mt Dudley
EL5748
NSW
100.00%
Pine Ridge
EL8213
NSW
100.00%
Wanna
E09/2517
WA
100.00%4
West Wyalong JV
EL8430
NSW
82.49%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.
4.
The tenement holder is Copperhead Resources Pty Ltd, a wholly owned subsidiary of Argent Minerals Limited.
SHAREHOLDER INFORMATION
86 | P a g e
ASX ADDITIONAL INFORMATION AS AT 25 SEPTEMBER 2025
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 2025 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
1,677,092,861 fully paid ordinary shares are held by 3,475 shareholders.
Distribution of Equity Security holders
Category (size of holding)
Number of
holders
Number of
ordinary
shares
% holding
1 - 1,000
166
15,497
0.00
1,001 - 5,000
139
459,724
0.03
5,001 - 10,000
169
1,471,118
0.09
10,001 - 100,000
1,617
75,938,830
4.53
100,001 and over
1,384
1,599,208,192
95.36
3,475
1,677,092,861
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.
288,064,048 listed $0.042 options expiring 10 December 2027 are held by 324 option holders.
Distribution of holdings listed options
Category (size of holding)
Number of
holders
Number of
listed options
% holding
1 - 1,000
20
1,966
0.00
1,001 - 5,000
47
153,357
0.05
5,001 - 10,000
22
177,265
0.06
10,001 - 100,000
85
3,779,212
1.31
100,001 and over
150
283,952,248
98.57
324
288,064,048
100.00
SHAREHOLDER INFORMATION
87 | P a g e
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
47,914,798 unlisted $0.02 options expiring 9 April 2027 are held by 50 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
0.21
100,001 and over
49
47,814,798
99.79
50
47,914,798
100.00
10,000,000 unlisted $0.036 options expiring 4 October 2027 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
-
0.00
100,001 and over
7
10,000,000
100.00
7
10,000,000
100.00
6,500,000 Class A performance rights are held by 3 shareholders.
SHAREHOLDER INFORMATION
88 | P a g e
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
3
6,500,000
100.00
3
6,500,000
100.00
1,500,000 Class B performance rights are held by 1 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
1
1,500,000
100.00
1
1,500,000
100.00
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
SHAREHOLDER INFORMATION
89 | P a g e
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
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 642 shareholdings held in less than the marketable parcels.
SHAREHOLDER INFORMATION
90 | P a g e
Substantial shareholders
Number of shares
% holding
1. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
111,856,758
6.67
Restricted securities
The Company has no restricted securities on issue.
On-Market buy-back
There is no current on-market buy-back.
Information required under listing rule 4.10.16
Twenty (20) Largest Quoted Shareholders – Fully Paid Ordinary Shares
Position
Holder Name
Holding
% IC
1
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
111,856,758
6.67%
2
BNP PARIBAS NOMINEES PTY LTD
83,254,055
4.96%
3
CITICORP NOMINEES PTY LIMITED
64,696,176
3.86%
4
OCEANIC CAPITAL PTY LTD
41,735,499
2.49%
5
CREEKWOOD NOMINEES PTY LTD
28,971,000
1.73%
6
BNP PARIBAS NOMS PTY LTD
27,534,352
1.64%
7
ST BARNABAS INVESTMENTS PTY LTD
22,991,740
1.37%
8
MR AVIJEET CHAUHAN & MS ANJANA RAO
19,583,528
1.17%
9
COMSEC NOMINEES PTY LIMITED
18,515,027
1.10%
10
SHIPBARK PTY LIMITED
15,000,000
0.89%
11
YUCAJA PTY LTD
14,450,000
0.86%
12
SHIPBARK PTY LIMITED
14,444,444
0.86%
13
TRINITY DIRECT PTY LTD
14,285,715
0.85%
14
ELPHINSTONE HOLDINGS PTY LTD
14,285,714
0.85%
15
NETWEALTH INVESTMENTS LIMITED
13,376,611
0.80%
16
JRMA GROUP PTY LTD
10,600,000
0.63%
17
FINCLEAR SERVICES NOMINEES PTY LIMITED
10,367,190
0.62%
18
SCINTILLA STRATEGIC INVESTMENTS LIMITED
9,523,810
0.57%
19
CAVES ROAD INVESTMENTS PTY LTD
9,365,000
0.56%
20
MRS VIENNA FELICIA ADINATA
8,930,100
0.53%
Total
553,766,719
33.02%
Total issued capital - selected security class(es)
1,677,092,861
100.00%
SHAREHOLDER INFORMATION
91 | P a g e
Twenty (20) Largest Holders – Listed Options (exercisable at $0.042, expiring 10 December 2027)
Position
Holder Name
Holding
% IC
1
ST BARNABAS INVESTMENTS PTY LTD
49,461,466
17.17%
2
OCEANIC CAPITAL PTY LTD
19,999,999
6.94%
3
PAYZONE PTY LTD
15,611,454
5.42%
4
DIXTRU PTY LIMITED
13,766,668
4.78%
5
MR BYRON LEGRAND
12,500,000
4.34%
6
MRS ADEL ALBERTA MICHAEL
9,999,996
3.47%
7
MR JOHN CAMPBELL SMYTH & DR ANN NOVELLO HOGARTH
8,400,000
2.92%
8
MR KIERAN DEAN WITT
8,134,000
2.82%
9
GROUND RISK PTY LTD
7,945,189
2.76%
10
MR IAN BENJAMIN SHORT
7,926,355
2.75%
11
SHIPBARK PTY LIMITED
6,751,930
2.34%
12
ALLERTON HOLDINGS PTY LTD
6,000,000
2.08%
13
POOKY CORPORATION PTY LTD
5,956,666
2.07%
14
MISS LAURA CLAIRE WISEMAN
5,800,000
2.01%
15
POOKY CORPORATION PTY LTD
5,450,000
1.89%
16
ZANE RAE INVESTMENTS PTY LTD
5,000,000
1.74%
17
FINOLI CAPITAL PTY LTD
3,750,000
1.30%
17
MR JOHN CHARLES KING
3,750,000
1.30%
18
LOT 99 PTY LTD
3,000,000
1.04%
18
DR JAN PAWEL WIECZOREK & MRS ANNA WIECZOREK
3,000,000
1.04%
19
MR EARNEST KIM & MS KYUNG JIN LEE
2,881,358
1.00%
20
SCARMEADOWS PTY LTD
2,500,000
0.87%
Total
207,585,081
72.06%
Total issued capital - selected security class(es)
288,064,048
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 2025, 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
92 | P a g e
KEMPFIELD (NSW, AUSTRALIA - 100% ARGENT)
RESOURCE SUMMARY
The Kempfield Silver Deposit Mineral Resource estimate for all categories was upgraded to 63.7Mt @ 69.75 g/t silver
equivalent for 142.8 million ounces Ag Eq, containing 65.8Moz silver, 125,192 oz gold, 207,402t lead & 420,373t
zinc (ASX Announcement 25 July 2024: Significant Silver Resource Upgrade over Kempfield Deposit). Table 2 shows
the July 2024 Resource Estimation tonnes/grade by Indicated and Inferred categories.
Table 2 – Kempfield Silver Deposit Mineral Resource Estimate by Classification as at July 2024
(at a >15 g/t Ag cut-off & >0.9% Zn)
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
23.7
8,051,549
79.61
40.04
0.08
0.36
0.67
30.5
60.6
Inferred
40.0
13,589,739
63.92
27.49
0.05
0.31
0.64
35.4
82.3
Total
63.7
21,641,287
69.75
32.15
0.06
0.33
0.66
65.8
142.8
Table 3 is a summary of the updated Kempfield mineral resource as of July 2024 based on the weathering
zones, and Table 4 summarises the Mineral Resource by Lodes.
Table 3 – Kempfield Silver Deposit Mineral Resource Estimate by Weathering Zone as at July 2024
(>15 g/t Ag cut-off, >0.9% Zn cut-off)
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
Zinc
Thousand
tonnes
Lead
Million
Ounces
Silver Eq.
Oxide
8.3
45.14
38.48
0.08
10.3
20.9
12.1
Transitional
8.8
60.27
38.87
0.09
0.38
0.37
11.0
24.6
32.5
33.6
17.1
Fresh
46.6
75.93
29.75
0.05
0.37
0.83
44.5
79.7
387.9
173.8
113.7
Total
63.7
69.75
32.15
0.06
0.33
0.66
65.8
125.2
420.4
207.4
142.8
Table 4 – Kempfield Silver Deposit Mineral Resource Estimate by Lode as at July 2024
(>15 g/t Ag cut-off, > 0.9% Zn cut-off)
Lode
Million
Tonnes
(Mt)
Silver Eq.
(g/t)
Silver
(g/t)
Gold (g/t)
Lead (%)
Zinc (%)
Million
Ounces
Silver
Million
Ounces
Silver Eq
100
23.9
81.13
31.19
0.12
0.49
0.79
23.9
62.3
200
28.0
66.42
36.03
0.03
0.21
0.57
32.4
59.7
300
11.8
54.62
24.93
0.01
0.26
0.61
9.50
20.8
Total
63.7
69.75
32.15
0.06
0.33
0.66
65.8
142.8
Notes:
1.
The silver equivalent formulas were determined using the following metal prices based on a five-year monthly average: US$22.02/oz silver,
US$1,776.93/oz gold, US$2,774.16/t zinc, US$2,066.73/t lead.
2.
The silver equivalent formulas were determined using different metallurgical recoveries for each weathering zone from test work
commissioned by Argent Minerals Limited. For oxide zone metallurgical recoveries of 86% silver and 90% gold. For transitional zone
metallurgical recoveries of 86% silver, 67% zinc and 21% lead, 90% gold. For primary zone metallurgical recoveries of 86% silver, 92% zinc
and 53% lead, 90% gold.
3.
The silver equivalent formulas were determined using the metal prices and recoveries listed in Notes 1 & 2 for each weathering zone:
Oxide Zone silver equivalent: Ag Eq (g/t) = g/t Ag + g/t Au x 85.4
Transitional Zone silver equivalent: Ag Eq (g/t) = g/t Ag + g/t Au x 85.4 + % Zn x 30.53 + % Pb x 7.13
Primary Zone silver equivalent: Ag Eq (g/t) = g/t Ag + g/t Au x 85.4 + % Zn x 41.92 + % Pb x 17.99
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.
MINERAL RESOURCES AND ORE RESERVES STATEMENT
93 | P a g e
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%
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
Forward Plan and Next Steps
The Company plans to generate representative material for metallurgical testwork with two deep diamond drill
holes, totalling approximately 700 metres, to be completed over Lode 100 and Lode 200. Drilling is expected to
commence within the next two weeks, following receipt of NSW regulatory approvals.
The testwork will evaluate multiple processing pathways, including Heap Leach and Carbon-In-Leach (CIL)/Flotation
options. BHM Process Consultants Pty Ltd has recently completed a detailed metallurgical review and due diligence
on the historical data, providing a preliminary economic assessment of various processing routes based on revenue
potential, operating costs, and indicative project profitability.
The metallurgical samples will now be processed by Auralia Metallurgy Pty Ltd in Western Australia, with the
program expected to deliver a comprehensive set of technical outputs, including:
•
Development of Process Flow Diagrams (PFDs)
•
Establishment of Process Design Criteria (PDC)
•
Mass Balance Reports
•
Capital and Operating Cost Models (±35% accuracy)
•
A Process Development Report (PDR) to guide future engineering decisions
MINERAL RESOURCES AND ORE RESERVES STATEMENT
94 | P a g e
`
Figure 1 –Kempfield Project Long Section showing the position of the Proposed Diamond Drill Holes
The findings of the metallurgical testing will form the basis for a Scoping Study, which will assess the potential for
early-stage production and to define the development pathway for Kempfield. The study will also support the long-
term case for a CIL plant to process the project’s 46.6Mt of primary ore.
Importantly, while advancing this near-term development strategy, Argent will continue to progress exploration
activities across its broader Kempfield and regional portfolio. The Company remains committed to expanding its
resource base and creating long-term value for shareholders by establishing Kempfield as a scalable, multi-deposit
development hub in one of New South Wales most prospective mining regions.
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.
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 / ASX release 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 / ASX
release 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. Mr Gillman has completed all the Mineral Resource Estimations for Kempfield, Mt Dudley and Pine Ridge.
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 2025 Annual Report, are approved by Mr. Alf Gillman in the form
and context in which they appear.
Proposed Diamond
Hole Positions
MINERAL RESOURCES AND ORE RESERVES STATEMENT
95 | P a g e
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. This information was
prepared and first disclosed under the JORC Code 2012.
At a cut-off grade of 0.3 g/t Au:
Table 6 – Pine Ridge Mineral Resource Estimate
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 / ASX release 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 / ASX
release 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. Mr Gillman has completed all the Mineral Resource Estimations for Kempfield, Mt Dudley and Pine Ridge.
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 2025 Annual Report, are approved by Mr. Alf Gillman in the form
and context in which they appear.
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. This information
was prepared and first disclosed under the JORC Code 2012.
At a cut-off grade of 0.5 g/t Au:
Table 7 - Mt Dudley Mineral Resource Estimate
Category
Resource Tonnes
Au (g/t)
Contained Au Metal (oz)
Inferred
419,887
1.65
22,122
Category
Resource Tonnes
Au (g/t)
Contained Au Metal (oz)
Inferred
330,070
1.03
29,238
MINERAL RESOURCES AND ORE RESERVES STATEMENT
96 | 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 / ASX release 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 / ASX
release 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. Mr Gillman has completed all the Mineral Resource Estimations for Kempfield, Mt Dudley and Pine Ridge.
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 2025 Annual Report, are approved by Mr. Alf Gillman in the form
and context in which they appear.