Atlas Pearls

A N N U A L  R E P O R T  2 0 2 4
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Growing high quality pearls 
requires pristine oceans with 
healthy, robust ecosystems. 
Protecting the environment 
is not a promotional strategy, 
it’s a business imperative.
A message from the Chairman page 2   |   Review of Operations page 5   |  Risk Management page 9  | 
About Atlas Pearls page 11  |  Celebrating 30 Years page 13  | Our approach to sustainability page 17  |  Financial Report page 21  | 
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A message from the
2   |   Atlas Pearls   |   Annual Report FY24
ear fellow Shareholders, on behalf of the Board 
of Directors of Atlas Pearls Ltd I am pleased to 
present to you the Company’s 2024 Annual 
Report.
FY24 was a year of significant achievements 
for the Company with sales in excess of $41M, 
earnings (normalised EBITDA) of $22.6M and payment of two special 
dividends: 0.35 cents per share in September 2023 and 1.5 cents per 
share in March 2024.
Pearl prices in H1 FY24 averaged a record high of AUD$103/pce, 
softening in H2 FY24, realising an average of $84/pce for the year. 
This annual average is still well above long-term levels. There are 
indications that the end-demand for pearls from China remains 
strong. The Company held back a proportion of the FY24 year’s 
production, along with harvests late in FY24, for sales in FY25.
The quality of pearls harvested through the year remained below 
historic norms. However, with growing sophistication in the 
Company’s selling and distribution arrangements, the Company has 
been successful in achieving better average prices for its products. 
Atlas Pearls placed an increasing emphasis on private sales to 
selected customers and, in a rising market, shifted the balance of 
auctions more towards physical sales events. Sales events, with 
goods offered simultaneously online and at physical auctions, 
will continue to have a role as an important check on strength of 
demand and market pricing.
In my FY23 Chairman’s Address, I highlighted a number of areas 
on which we would focus to advance our prospects for long-
term growth. Pleasingly, FY24 saw the Company make significant 
progress on a number of fronts including:
•	
Finalising the breeding matrix to identify the best matches 
between families while controlling in-breeding risks.
•	
Completing the appointment of new key personnel to fill some 
strategic gaps in the management team.
•	
Contracting to procure a new work vessel to improve 
productivity.
•	
Commencement of trials at Sumba for a new farm site.
•	
Documenting our extensive ESG program as a value 
proposition for potential investors and to better communicate 
to all stakeholders the considerable work we do within the 
communities where we operate.
It is also pleasing to report that the Company is in the best financial 
position for many years and has closed the financial year with cash 
of $17.6M, finished goods held for sale of $7.1M, and no debt.
The Board has again addressed capital management initiatives and 
has concluded that we are in the fortunate position of rewarding 
shareholders with franked dividends, which will provide a highly 
attractive yield against average share prices over the last 3-6 
months. For the time being, and until we can get a clearer picture 
on longterm demand in pearl markets, these will be deemed to be 
special dividends.
Finally, I want to make special mention of our incredible team of 
employees and our loyal shareholders who have stuck with us 
through some really tough times over the past few years. It’s been very 
heartening to us to be able to properly reward all of our stakeholders, 
and we look forward to continuing to do this through FY25.
Sincerely
 
Geoff Newman 
Chairman – 29 August 2024
Chairman
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inancially and operationally, it was a strong year 
with the number of pearls harvested exceeding 
598k, up from 548k in FY23. Improved profits, 
with EBITDA at $22.6M, up from $9.8M in FY23 
was a result of the strong market demand, where 
average pearl prices increased, especially in H1, to 
levels not seen for several years. 
Total revenue for FY24 was $41.7M vs FY23 $27.2M, and pearls 
sold in FY24 were 477k, down from 584k in FY23. We had a large 
number of pearls harvested in late May and June that could not 
be graded ready for sale in FY24. Due to the timing of these late 
harvests, Atlas Pearls will carry closing stock of 224k pearls into 
FY25 (FY23: 100k). Net profit after tax for the year was $31.5M, 
compared to $9.1M in FY23.
The quality of pearls produced in the year improved from the 
prevailing levels observed in FY23, though remains below historic 
norms. Most of the improvement in FY24 occurred in H1 FY24, 
with harvest results in H2 being similar or marginally below the 
improved levels seen in H1. Based on positive results for a small 
number of pearls recently harvested and graded from certain 
genetic groups, and for which large volumes remain to be 
harvested in the coming months, we anticipate an upward trend in 
overall pearl quality in FY25.  
As stated in last year’s report we saw pricing increasing over the 
year and for FY24 we had prices achieved in H1 that were the 
highest seen for a number of years, driving the profit and cash 
results for the Company. In H2 we saw prices decline, from those in 
H1, but were still at levels that we would consider very good based 
on our current operating model. 
With the strong profit result we concluded the year in a strong 
financial position, with cash in the bank of $17.6M. We still have an 
overdraft facility to $2.5M to provide us with working capital flexibility 
to better manage our sales cycles and to maximise opportunities, 
however we have not had to call on this overdraft in FY24.
In view of the EBITDA result and associated cash position for FY24, 
the Board has resolved to declare a special dividend of one cent 
per share (franked to 100%) and payable on 27 September 2024. 
Atlas Pearls’ performance over the year is attributable to the 
ongoing work and dedication of the entire team across all facets 
of the business. Their collective efforts were instrumental in 
executing the initiatives that we identified from an operational 
and sales perspective. We again held two impactful workshops in 
Sanur, convening senior leaders from operations, sales, and finance. 
These sessions were pivotal in engaging the leadership within 
the business and determining the strategic focal points essential 
for realising our operational budget goals. They also aligned with 
our longer-term growth strategy, which aims to amortise fixed 
overhead costs by increasing pearl production in the coming years.
SALES INITIATIVES
Atlas Pearls is committed to building and executing a strategy that 
positions us as a multi-channel distribution company that looks 
to maximise the value of every pearl that we grow and harvest. 
We have continued to sell pearls through our traditional channels 
of hybrid auctions in Kobe, Japan, loose pearls available online 
through our wholesale portal, and finished jewellery available 
online to wholesale and retail customers. 
We have spent the past 24 months reconnecting with our 
wholesale customers, primarily within Australia, but also into Asia 
and Europe. Now that these relationships have been reinvigorated, 
we are focusing our efforts on the products we offer within 
these markets, particularly strands and pairs, where we can add 
significant value outside of the traditional auction channels. We 
are focused on growing this sales channel by extending our reach, 
developing new customer relationships, and developing product 
offerings that appeal to the market.
In FY24, we continued to re-open our farm retail showrooms 
with North Bali, Pungu Island, and Alyui now completed. Plans 
are underway to upgrade the North Bali showroom to deliver a 
flagship retail and pearling experience that will tell the Atlas Pearls 
story and take people on the sustainable journey of pearling. We 
have launched a new retail-focused website and have established 
new manufacturing partnerships to support moving forward with 
new designs and collections.
Annual Report FY24   |   Atlas Pearls   |   5
review of operations
Ceo
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OPERATIONS INITIATIVES
Over the year, progress has been made in a series of pivotal 
refinements and strategic initiatives aimed at achieving 
improvement and consistency in pearl quality, and improving 
operational efficiency and productivity. They align with our long-
term growth strategy and include: 
HR AND SAFETY
During the year we reviewed our HR support services and 
completely revamped this area of the business by bringing in 
new leadership and additional support. The multi-year HR plan 
that has been developed is being executed. The plan elevates 
our responsiveness and support for the business, putting into 
place critical policies and procedures, and improving important 
areas such as succession planning, development and training, 
recruitment, and providing specialist support to our operational 
managers and staff across all sites.
We also conducted a safety review and accelerated our plans by 
hiring both external and internal candidates to ensure that safety 
receives the necessary day-to-day focus. We have greater capability 
in the business. Additional resources that were promoted from 
within the business, received first aid and specialised health and 
safety training (K3 modified course to get all new on-site safety 
officers to the same minimum level of knowledge and competency 
before we embark on a series of additional training courses 
and certifications), conducted further audits and ran additional 
simulations and training exercises, reviewed safety equipment, and 
upgraded and standardised our systems and processes. 
We did, unfortunately, have a fatality by drowning on one of 
our farms late last year. An investigation was conducted by the 
Labour Department and the Police, as is standard practice in these 
circumstances, and the incident was declared an accident. The 
Company was found not to have been at fault, as we had provided 
training to those involved and they had the necessary PPE with 
them.  We subsequently carried out a comprehensive review of 
the incident and, based on the findings, we have implemented 
targeted refresher training, and reinforced standard operating 
procedures related to water safety. We continue to support the 
affected family through scholarships and other forms of assistance, 
and are also providing ongoing support to staff at the location 
where the incident occurred.
We have also established an Emergency Response Team comprised 
of senior experienced managers. This team is on call and equipped 
with the guidelines and authority to respond to emergencies at 
any of our sites, whether they are natural (eg, earthquake, volcano, 
etc), environmental, or external threats.
GENETIC AUDIT
Commencing last year with the sampling and genetic sequencing 
of approximately 3,500 oysters, this initiative has now produced 
a breeding matrix to guide us in maximising the diversity of our 
broodstock by strategically optimising crosses on an individual 
basis. Since early in FY24, all production spawns will use the 
new breeding matrix to ensure our future shell populations 
retain sufficient genetic diversity, which has historically not been 
possible.  During FY25, we will commence phase two of this 
project by establishing a founder population of oysters from the 
breeding matrix with optimal levels of genetic diversity across 
our existing oyster family groups. This founder population will be 
used as a cohort for focused selective breeding and other genetic 
improvement measures, to produce oysters which are more 
robust to changing environmental conditions, suffer from lower 
mortalities, and produce higher quality pearls. This is very much a 
long-term strategic project, and benefits are expected to accrue 
over the medium to long term.
DATA CAPTURE AND IT SYSTEMS 
The data capture project to centralise, in a cloud-hosted database, 
almost 250 unique data fields over the four-year life cycle of each 
production cohort, has now been completed and we are starting to 
use this information to make informed decisions going forward. We 
are now capturing real-time data at each farm, allowing enhanced 
live monitoring of each remote location’s key production metrics.
During the year, we also completed the implementation of a new 
ERP system (Microsoft Dynamics 365 Business Central (BC)) which 
will integrate the finance systems for Australia and Indonesia onto 
one platform, enabling greater transparency and efficiency. It will 
also allow us to analyse sales data more effectively by having the 
retail stores use the system to record real-time information. This will 
allow us to incorporate sales data from BC, mine the information, 
and gain insights to make data driven decisions, thereby 
maximising our sales performance.
ESG/SUSTAINABILITY AND COMMUNITY ENGAGEMENT (CSR)
Atlas Pearls has a longstanding commitment to supporting 
the villages, local environment, and communities around our 
farms. Last year we embarked on the early stages of an ESG 
(Environmental, Social, and Governance)/sustainability initiative. In 
the current period, we had a project team performing significant 
work in this area, developing a Sustainability Roadmap and 
Framework for the business. The roadmap aligns all the company-
wide projects and programs that we do in this area to ensure 
that we get maximum benefit for our employees, stakeholders, 
villages, and the environment in which we work. Our Sustainability 
Framework has been designed to be an important tool to 
measure what we do with achieving our environmental, social and 
governance visions. 
We have aligned our framework with the Global Reporting 
Initiative Standard (GRI) to provide transparency and tangible 
measurable outcomes that adheres to the United Nations 
Sustainability Development Goals (SDG’s) to ensure that we, as 
a company, are also keeping in step with global endeavours, 
and with the Indonesian initiatives around sustainability and 
environmental stewardship. We have included a small summary 
of the Sustainability Roadmap in the annual report and the full 
document can be found on our website at: www.atlaspearls.com.
au/pages/sustainability.
We are very proud of our work in this area and the difference we 
are making, not only for our 1,200 employees in Indonesia, but also 
our stakeholders in the region.  
NEW OPERATIONS VESSEL
Following Board approval, and subject to permits and approvals 
from the Indonesian Ministry of Fisheries and Maritime Affairs, 
we will commence construction of a steel vessel in H1 FY25 
to replace one of our two major logistics and oyster transport 
vessels.  As mentioned last year, this new vessel is designed to 
replace existing vessels used for transporting seeded shell from our 
hatcheries and nurseries to designated grow-out sites. In addition 
to transportation, the new vessel will facilitate on-board oyster 
6   |   Atlas Pearls   |   Annual Report FY24
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harvesting and seeding activities within an enhanced operating 
environment. It will also provide accommodations for our technical 
team, who travel between sites to perform crucial harvest and 
seeding operations. This investment underscores our commitment 
to leveraging technology for increased efficiency, operational 
excellence, and an enhanced working environment. Furthermore, 
it will reduce the capital intensity at new sites, as the mobile 
infrastructure can service multiple locations due to our staggered 
harvesting schedules. The new vessel will also feature a materially 
larger transport capacity than the vessel it replaces, to meet the 
growing shipment demands of our expansion plan.
NEW SITE DISCUSSIONS AND GROWTH PLAN
This new initiative was raised in last year’s report, and we now 
have 25,000 oysters on lines in Sumba, with plans to increase to 
50,000 oysters soon and over 100,000 oysters by the end of FY25. 
We anticipate conducting our first trial harvests of pearls in FY26 
and, subject to results, we will continue to expand the site and the 
facilities over the next two years. Should the results from the trial 
in Sumba be unsatisfactory, the allotted expansion capital will be 
redirected to other existing sites with capacity for further growth.
Our medium-term growth plan includes expanding several of our 
existing sites. While the Sumba trial is an exciting opportunity, it is 
one component in a broader portfolio of growth initiatives and is 
not essential for us achieving our medium-term growth aspirations. 
Additionally, we have recently completed the construction of a 
trial hatchery at our West Lembata site. This new hatchery aims to 
enhance geographic diversification of our hatchery network and 
increase the supply of oysters required for our growth plan. The 
first spawns from the trial hatchery are planned for Q1 FY25. If the 
results are positive, the facility will receive further investment to 
convert it to a permanent facility. 
To mitigate risks and diversify production, we have also established 
a production sharing agreement with a trusted third party with 
unutilised productive capacity. This agreement is capital and 
operating expense-light and has the potential to boost our 
production at a lower cost. The initiative is currently in trial phase, 
with a decision to expand or wind it down expected to be made 
during FY25.
DIVERSIFICATION
To broaden the revenue base for the Company, and as announced 
to the market in June 2024 with the appointment of Ross Gordon 
as Chief Innovation Officer, the Company is exploring options for 
revenue diversification within our existing areas of expertise. As 
a leading pearl producer with a skilled aquaculture workforce, a 
comprehensive operational presence in Indonesia, and backed 
with strong government and community relationships, Atlas 
Pearls has several core competencies that could be applied to 
closely related aquaculture products. Throughout FY25, we will 
evaluate various diversification options, including both organic and 
inorganic opportunities. In assessing new opportunities, the Board 
will prioritise prudence, focus on near-term profitability and cash 
returns, and ensure that investment and growth plans for the core 
pearling business is not compromised.
30-YEAR ANNIVERSARY OF ATLAS PEARLS
Atlas Pearls’ Indonesian operations are 30 years old, having being 
incorporated in October 1994. To mark this milestone, we will 
celebrate our 30th anniversary with events scheduled at each 
of our locations, together with our local staff and stakeholders. 
In consultation with our villages and stakeholders, we have 
discussed potential capital works programs to commemorate 
this achievement.  Those programs will serve as a tangible 
symbol of our commitment to the communities we are part of, 
demonstrating our ongoing investment and integration into the 
fabric of the communities in which we operate. The projects will 
include a suite of school and medical clinic refurbishments, in 
addition to the installation of several wells to provide cleaner water 
access for local villages.
Ironically, the traditional 30th wedding anniversary gift is typically a 
pearl, symbolising the beauty and enduring value of the relationship. 
We acknowledge the hard work and dedication from our 
management team and employees who have demonstrated 
exceptional commitment in executing the strategy into tangible 
actions, and deftly navigating periods of change. It is important 
to emphasise that Atlas Pearls thrives on a culture of continuous 
improvement and evolution, not just in terms of the perspective of 
our standard operating procedures related to our oysters, but also 
in how we view and measure the key aspects of our business.
As stated last year, our focus remains on the production and 
distribution of the highest quality, ethically produced, and 
luxurious pearls in the world. This focus is underpinned by our 
Vision and Mission: 
OUR VISION 
To be the global leader in the production of the world’s finest 
South Sea pearls. 
OUR MISSION 
Producing the world’s best South Sea pearls in a way that is 
sustainable, respectful, and caring of our environment, people, 
communities and shareholders.
Michael Ricci 
CEO – 29 August 2024 
Annual Report FY24   |   Atlas Pearls   |   7
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Risk Management
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Atlas Pearls’ approach to managing risk is documented in a 
Corporate Risk Register reviewed and approved by the Board of 
Directors. The risk register seeks to ensure that risk management is 
embedded throughout the business and managed in a structured 
and systematic manner. It is reviewed regularly by the Board and is 
evaluated and updated as the Company’s business model evolves 
and underlying risks change.
The Board has overall responsibility for managing the organisation’s 
risks, and monitors management’s actions to ensure they are in 
line with Company policy. The following is a summary of the key 
continuing significant risks facing the business and the way in which 
Atlas Pearls manages these risks:
(I)	 CORPORATE
The Company manages a number of corporate risks such as safety, 
recruitment and retention of key employees, tax, foreign exchange, 
purchasing and procurement, potential lower than anticipated 
return on capital invested, and potential lower underlying earnings. 
All the aforementioned risks are managed through Atlas Pearls’ risk 
management framework, which includes review and monitoring by 
management, and the Board.
(II)	 MATERIAL CONTRACTS
Atlas Pearls may enter into contracts with suppliers that exceed 
$1M. Some of the key risks associated with these material 
contracts include cash flow management, contract management, 
performance and quality of the services being delivered, and 
reputation. Atlas Pearls manages these material contracts with 
steering committee reviews, operating reviews, and other strict 
project management practices.
External legal counsel may be involved. Atlas Pearls negotiates 
favourable payment terms and reviews financial risk to manage cash 
flow as effectively as possible.
(III)	 CONSUMER PREFERENCES AND PRICING RISK
Atlas Pearls has exposure to pricing risk in relation to the sale of 
pearls, specifically the weakening of customer demand resulting in 
the softening of pearl prices. This risk also encompasses the volatility 
from shifts in consumer preferences. To address these challenges, 
the Company has implemented a multi-channel sales approach 
that provides the ability to diversify market presence by creating 
alternative revenue streams. Additionally, the Company consistently 
monitors the market, staying attuned to shifts in customer 
preferences and price trends. By closely tracking these indicators, 
the Company can proactively adjust pricing strategy and sales and 
marketing efforts to align with evolving market conditions.
(IV)	COMPETITION
To address the risk associated with market competition, Atlas 
Pearls has developed strategies on multiple fronts. The Company 
continuously invests in research and development activities, to 
maintain its reputation as a producer of quality pearls, and to 
innovate and differentiate products from competitors. Atlas Pearls 
prioritises maintaining strong relationships with customers, built 
on trust, quality, and excellence. Atlas Pearls maintains a pricing 
structure that takes into account market dynamics and competitive 
positioning. The Company also reviews and assesses industry trends 
and emerging competitors, allowing Atlas Pearls to proactively 
adapt strategies to remain one of the world’s largest producers and 
distributor of South Sea pearls.
(V)	 OPERATIONAL RISK
Pearl quality is an ongoing risk to Atlas Pearls. The Company’s 
proactive approach involves measures like reviewing seeding 
procedures and grow-out times, diversifying hatchery broodstock, 
refining the hatchery spawning strategy, and genetic analysis 
of broodstock. These risks necessitate the Company applying 
continuous procedural control at every phase of spat and pearl 
production. Complementary initiatives encompass a genetics 
project, probiotics research, and broodstock conditioning. 
These strategies are closely monitored, with oyster growth and 
genetics reporting being actively tracked to ensure effective risk 
management aligned with the Company’s broader risk framework.
(VI)	 COST CONTROLS, INFLATION, AND SUPPLY CHAIN CONSTRAINTS
Rising input costs and supply chain constraints have the 
potential to reduce profit margins where those costs cannot be 
recovered from customers. Significant input costs include labour, 
components and materials, and fuel. Atlas Pearls has the ability 
to recover costs through the selling price of pearls. The Company 
sources components and equipment from multiple suppliers and 
vendors, to secure the most competitive pricing on various input 
components. The Company employs centralised logistics and 
purchasing personnel to co-ordinate the movement of components 
and materials across the Company’s pearl farms, and the pricing of 
those items. Senior management monitors the effectiveness of this 
process regularly.
(VII)	POLITICAL, REGULATORY AND COMPLIANCE
Atlas Pearls is a global company and operates in numerous countries 
around the world. The Company must comply with a range of 
governance requirements which are conditions of its ASX listing. 
New or evolving regulations and international standards are outside 
the Company’s control and can often be complex and difficult to 
predict. The potential development of international opportunities can 
be jeopardised by changes to fiscal or regulatory regimes, adverse 
changes to tax laws and the application thereof, or changes to existing 
political, judicial or administrative policies, and changing community 
expectations. Atlas Pearls seeks to manage and minimise this risk 
through its existing risk management framework including Board 
approved governance policies which are subject to regular review.
(VIII)	
ANTI-BRIBERY AND CORRUPTION
Atlas Pearls’ business activities and operations are located in 
jurisdictions with varying degrees of political, economic and judicial 
stability, including an inherently high risk of bribery and corruption. 
This exposes Atlas Pearls to the risk of unauthorised payments, or 
offers of payments, to or by employees or agents that could be 
in violation of applicable anti-corruption laws. Atlas Pearls has a 
clear Anti-Bribery and Corruption Policy and internal controls and 
procedures to protect against such risks. However, there can be no 
assurances that such controls, policies and procedures will absolutely 
protect Atlas Pearls from potentially improper or criminal acts.
(IX)	 ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG)
Atlas Pearls has a longstanding commitment to supporting the 
villages, stakeholders, and communities around the Company’s 
farms. Building on ongoing environmental initiatives, and in a 
conscious approach to building a sustainable business, the Board 
has begun the process of developing a reporting framework to 
manage and monitor the Company’s ESG impact. The Company has 
aligned its framework with the Global Reporting Initiative Standard 
(GRI) to provide transparency and tangible measurable outcomes 
that adheres to the United Nations Sustainability Development Goals 
(SDG’s) to ensure that we, as a company, are also keeping in step 
with global endeavours, and with the Indonesian initiatives around 
sustainability and environmental stewardship. The Sustainability 
Roadmap can be found on our website at: www.atlaspearls.com.au/
pages/sustainability.
Annual Report FY24   |   Atlas Pearls   |   9
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Operating across eight farming locations throughout the South 
Seas, the Company employs more than 1,200 people and in 2024 
harvested more than 598,000 pearls.
Atlas Pearls commenced farming in October 1994, with its first farm 
located in Kupang - East Nusa Tenggara and has since gone on to 
establish a total of eight farming sites. These locations stretch from the 
national parks of East Java and as far east as Alyui Bay, Raja Ampat.
Atlas Pearls operates on the fundamental principles of producing the 
most valued South Sea pearls through ethical, sustainable, and non-
extractive processes whereby each pearl is direct from the source.
Through rigorous breeding programs, the Company is able to 
maintain a supply of healthy, genetically managed oyster stocks, 
which can then be transported to different farm sites where they 
grow into healthy mature oysters ready for pearl production.
The movement of oysters between farm sites also enables stock to 
be positioned in the best possible conditions for their growth and 
diversifies the risk from environmental and biological events.
With oysters thriving in pristine waters, each farm site works tirelessly 
with staff and the local community to continuously improve and 
maintain the health of the oceans in which we operate. Through 
education and active participation in a range of environmental 
programs, benefits to both the pearls and local communities are 
observed. 
Working across such great distance relies heavily on the support of 
our experienced workforce of more than 1,200 people. Each farming 
operation requires a dedicated team who work directly with the 
oysters from seeding, cleaning, maintaining, and harvesting, alongside 
operational staff who perform the roles of security, maintenance, 
engineering, catering, and administration. For many, these remote 
farm sites provide invaluable employment and training.
South Sea pearl farming is a delicate balance of nature and nurture 
as the Company continues to strive to supply the best quality pearls 
to the market, whilst leaving a positive environmental footprint.  
Over the past 30 years, Atlas Pearls 
has become one of the world’s largest 
producers and distributor of the 
highly sought-after, white and silver 
South Sea pearls. 
Annual Report FY24   |   Atlas Pearls   |   11
About Atlas Pearls
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A serendipitous encounter between 
investors in a Jakarta office sparked a 
lifelong friendship and the idea to pursue 
pearl culturing in Indonesia. 
30 years
Celebrating
The Basecamp location in in Selpele village, Alyui Bay, 
West Waigeo, Regency Raja Ampat, West Papua.
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Annual Report FY24   |   Atlas Pearls   |   13
serendipitous encounter between investors in a 
Jakarta office sparked a lifelong friendship and 
the idea to pursue pearl culturing in Indonesia. 
The resulting joint venture led to a risky 
investment in challenging and isolated regions 
and the emergence of one of the world’s largest 
producers of South Sea pearls.
Indonesia; the land and waters of opportunity.
In 1970, Professor Alex Kerr, an Australian economist from Perth, was 
appointed as an expert in regional accounting in Indonesia. During 
his time working with various Indonesian regional universities and 
the Papua-New Guinea government, he was exposed to a whole 
new vista of under-development. He experienced dense jungle, 
rugged mountains and the colorful tribes of local villages.
As his appointments neared their end in the late 1980s, he decided 
to explore potential business opportunities and found himself 
becoming involved with water activities. Kerr partnered with three 
other Australians with various Indonesian connections—Ian Fisher, 
Adam Body, and Ian Murchison—to pursue maritime ventures, 
including a Bali marina and a prawn culture venture. 
Despite these ventures ultimately ending due to challenges beyond 
their control, the team remained determined to explore business 
opportunities in Indonesia, a country with significant development 
potential.
Just like every pearl, all great ideas start with a seed.
It was in 1989 in a law office in Jakarta that Prof Alex Kerr, Ian Fisher, 
and Adam Body met, quite by chance, a much respected and 
retired Indonesian Naval Officer, Admiral Raden Panji Poernomo, 
(or Pak Poer as he preferred to be called). At this meeting, Pak Poer 
suggested they try their hand at pearl culture, something that he 
happened to have some first-hand knowledge of and saw great 
potential for developing.
This was the turning point that sent the group in a completely  
new direction. 
The Indonesian archipelago held several sites favorable for 
producing pearls, but at the time no one was producing them to 
the high quality that Australian pearl producers could achieve. The 
group decided that if they could set up a completely independent 
pearl farm operation using the Pinctada maxima oysters, which 
could produce consistently high-quality South Sea pearls, they could 
compete as a major supplier in the international jewellery market. 
And that is exactly what they set out to do.
Pak Poer had an excellent working knowledge of marine ventures 
and was instrumental in helping establish the pearling operation. As 
a well-known and much-respected figure in the Indonesian marine 
industry, he was able to obtain oyster stock, government support, 
and industry advice that the Australian partners would have found 
difficult to access on their own.
With Pak Poer’s help and substantial research from a marine biologist 
specialising in pearl culture,  they found a suitable site to establish a 
pearl farm in Kupang, West Timor. 
The Australian directors sought to establish a joint-venture operation 
by combining two Australian Companies; Nusantaqua Pty Ltd (set 
up by Kerr and associates), and Tansim (a subsidiary of Atlas Pacific 
Gold) with the Indonesian Company PT Perintis Ardindo Nusa (of 
which Pak Poer was President Director) to form a new company,  
PT Cendana Pearls. The vision was that under the name Atlas Pacific 
Gold, it could be listed on the Australian ASX and US Nasdaq stock 
exchanges.
The First Farm, Kupang. 
Dr Peter Purchas, a New Zealand project manager and marine 
biologist, was appointed as project manager and along with his 
mentor Pak Job Rufus Salean, were charged with not just the 
production of oysters but also establishing the leases, infrastructure, 
and facilities required at the designated Kupang site from scratch.
Alex Kerr and unknown person, Alyui
For personal use only

There were language barriers, 
community and village relationships 
that had not yet been established, 
and bureaucratic red tape that had 
to be overcome before they could 
even start to work at the site.
They negotiated with local villagers to use their waters in return for 
work and training them in pearl farming. A lease location had been 
defined near to Kupang, West Timor in 1991 and Peter pursued the 
protocols to establish formal leases, commencing in 1992.
Peter recalls the challenges they met at the original Kupang site, not 
just the remote location in a foreign country, but a complete lack of 
buildings, facilities, equipment, or trained staff. The staff were local 
villagers trained from scratch on every detail, from how to grow 
oysters in sterile conditions, to creating long lines.
But against these challenges, Peter who had relocated his wife 
and young children to Kupang, persevered in establishing the first 
Australian-owned pearl oyster farm along with a successful hatchery 
in Indonesia, supported by a dedicated team of local staff. By 1993 
he had successfully achieved their first goal of producing juvenile 
pearl oysters from broodstock and by 1994, a trial harvest had shown 
that he had successfully grown silver pearls from yellow oyster stock, 
through an experimental process of only transferring silver mantle 
tissue during seeding.
These successes were instrumental in positioning the company in a 
favorable position to then seek additional funding through listing. 
14   |   Atlas Pearls   |   Annual Report FY24
Texst to go here for image above
Project Manager, Joseph James Uel Taylor and Director of Atlas Pacific Limited and  
Admiral (Ret) R P Poernomo at Alyui Bay, West Waigeo, Regency Raja Ampat, West Papua.
The General Manager, Lucian Frederik Petersen, Admiral (Ret) R P Poernomo and local staff were in West Kupang, East Nusa Tenggara (1994)
Professor Alex Kerr, Bapak R P Raditya, and Admiral (Ret) R P Poernomo
aboard the cargo vessel D’ENTRECASTEAU
For personal use only

Annual Report FY24   |   Atlas Pearls   |   15
Atlas Pacific, the first ASX-listed pearl company
Despite their successes, the project was running short of 
development money and a prospectus was drafted to raise much-
needed funds for expansion. 
The company changed its status to one of limited liability and its 
name to Atlas Pacific Limited, becoming the first ASX-listed company 
with the visionary objective of being an eco-pearling operation, 
providing the first-ever opportunity for the public to invest in a 
publicly owned pearl farm. 
The founding principles of the company were anchored in 
sustainability. Rather than farming oysters from the wild and 
decimating wild stock, they sought to employ hatchery technology 
and become a non-extractive farming operation. 
The first harvest
After several years of intensive research and experimentation, Atlas 
delivered its inaugural harvest of self-grown pearls in 1996, six years 
after its inception. The pearls produced were of outstanding quality in 
terms of shape, color, and skin characteristics, and bode well for the 
long-term future of the project.
Peter Purchas who had completed his initial contract with success, 
chose to move back to Perth with his young family. Joseph Taylor, who 
later completed a Ph.D. at the James Cook University in the study of the 
Pinctada maxima, was appointed as the new project manager in 1997. 
Prof Alex Kerr was appointed Chairman of the Board.
Rebels forced the farm to relocate
Around this time there was a movement for independence from 
Indonesia by a rebel group of East Timorese, and fighting had broken 
out against the Indonesian army forces. The rebels infiltrated West 
Timor and Atlas facilities were targeted; vehicles at the Kupang farm 
were damaged and staff threatened. 
A swift decision was made to get out fast, for the safety of staff and 
the farm’s longevity. Staff packed up the equipment and live shell 
in just a few days before transferring by boat to a more suitable site 
further north.
The boat left Kupang on August 24, 1997, with a crew and just 12 
staff on board. Loaded with basic food, supplies, and the essential 
equipment needed to establish a new farm, they set sail on an 
adventure to a new home, putting their trust in the hands of Farm 
Manager Joseph Taylor.
The crew suffered seasickness, and at one point the boat engines 
failed and the boat drifted for some time before repairs could be 
made. The journey took 12 days at sea but they finally arrived at Alyui 
Bay on 5 September 1997.
Arriving in paradise, Alyui Bay
Sugiwati Ndolu, was one of the staff on board the boat and recalls 
her amazement at how beautiful the bay was, “In front of me was 
a breathtaking place, so beautiful that I was moved. Among us, we 
looked at each other in amazement, asking, “Are we still on Earth?” We 
saw a vast expanse of rocky mountains (islands) covered in green trees.
It didn’t take long for the boat to be met by local villagers and engage 
in negotiations for acceptance at the area.
Staff set to work the day they arrived, creating lines, unpacking 
supplies, and hacking through the dense jungle to set up tents. It 
was an environment where everyone just did what they could to 
make things work and it proved successful. Soon more help and staff 
arrived to build the farm site, accommodation, and hatchery.
The Alyui Bay farm remains one of Atlas’ prime farm locations with 
a complete hatchery-to-harvest operation. A remote but beautiful 
location that welcomes visitors touring the region, educating them 
on the pearl farm operation and the connections with the local 
community and environment.
To this day, Ibu Sugi works at the Alyui Bay farm as a senior pearl 
technician, training staff.
Alek Kerr retired from the board in 2003. 
“As I bowed out of the pearl industry in 2003, sorry to say goodbye 
to my industry friends forged over the formative years, I did so with 
a strong sense of loss accompanied by pride at our achievement, 
having seen the company grow from an idea in our minds to a 
successful company producing pearls of recognised international 
quality.” - Extract from Professor Alexander McBride Kerr AM HonDEc 
(UWA) Memoirs.
Special Thanks . We would like thank the people who have 
contributed to this story including the family of Prof. Alex 
Kerr, Bapak Raden Panji Raditya (Director of PT Cendana 
Indopearls and son of Admiral Poermono), Dr T. Peter G. 
Purchas, and Ibu Sugiwati Ndolu for sharing their personal 
stories, memoirs and photos.  
While every attempt has been made to ensure the accuracy 
of the dates and details contained in these stories, we 
acknowledge there were many people involved in shaping 
Atlas Pearls who have not been individually mentioned 
herein, but have contributed to making the company what 
it is today.
The Project Manager and marine biologist, Dr T Peter Purchas with Admiral 
(Ret) R P Poernomo at Kupang, 1993 - 1996.
The moment that the Governor Mayjor General Army Herman Musakabe signed off the 
inscription stone and officially inaugurated a new joint venture company in Kupang.  
For personal use only

For personal use only

Atlas Pearls has a longstanding commitment 
through our sustainability programs to support 
local communities and maintain strong 
relationships with all of our stakeholders. Building 
on our existing sustainability efforts with the 
aim of improving transparency and monitoring 
our operational impacts on the environment 
and local communities, we have established formal sustainability 
management and reporting processes. 
To achieve this we undertook a process of engagement with internal 
and external stakeholders to understand the topics of importance 
and relevance to our business. Through this process, we identified 
several key Environmental, Social and Governance (ESG) topics of 
priority to our stakeholders. These topics helped form the foundation 
and structure of our sustainability program moving forward and will 
provide clear topics for data collection and reporting into the future. 
Our Sustainability framework has been designed as an important 
tool to align and structure our projects and programs with achieving 
our long-term environmental, social and governance visions. 
GRI reporting standards enable us to provide transparent 
and tangible data and a connection with the United Nations, 
Sustainability Development Goals (SDG’s) to ensure we as a 
company are aligned with a global endeavor for sustainability.
Annual Report FY24   |   Atlas Pearls   |   17
Our Sustainability Framework 
integrates our CSR goals, philosophies 
& values with the quantifiable 
approach of ESG reporting. 
Our approach to sustainability.
Over the past 10 years we 
have reduced the litres of 
fuel consumed per pearl 
harvested by over 40% 
from 5L/pearl to 2.5L/pearl 
harvested.
Environmental sustainability goals.
For personal use only

18   |   Atlas Pearls   |   Annual Report FY24
FOCUS
VISION
Protect and enhance the 
environments we work 
within for future generations.
Building, caring & respecting 
the people, communities 
& cultures we operate within.
Business operations & 
processes that are ethical, lawful,
transparent & fair.
GOALS
1.	
Protect, rehabilitate and 
conserve all aspects of the 
environments we operate 
within.
2.	
Implement innovative ideas 
and technology to continually 
improve the way we operate 
our business to reduce our 
environmental impact.
3.	
Create awareness, transperancy 
and education about the 
materials we consume across 
our value chain.
1.	
Enable access to meaningful 
education and training 
for employees and local 
communities.
2.	
Ensuring fair and equitable 
employment, diversity, working 
conditions, and human rights.
3.	
Prioritise the safety and health 
of our people, their families 
and the communities we work 
within. 
4.	
Support and preserve 
indigenous culture, language 
and way of life.
1.	
Abide by and respect the local 
laws, regulations and processes. 
2.	
Identify, manage  and minimise 
business risks to protect the 
people, environment and 
business.
3.	
Maximise the success of what 
we do through stakeholder 
engagement.
EXAMPLES OF IMPACT PROJECTS
•	
Beach cleans
•	
Bee colony rehabilitation
•	
Mangrove planting
•	
Iron wood planting
•	
Turtle protection
•	
Marine protection no fishing 
zones
•	
Bricks from recycled materials
•	
Pyrolysis machine
•	
Plastic to Planks project
•	
Mutiara Kids English program
•	
Atlas Pearls English Course
•	
Perfect Fit - period project
•	
Supporting local economy
•	
Community food donations
•	
Cultural preservation - weaving
•	
Cultural preservation - language
•	
Maternal health 
•	
Elderly health
•	
Educational scholarships
•	
Community infrastructure 
projects
•	
International tax agreement
•	
Anti Corruption & Bribery policy
•	
Corporate Governance
•	
Employment opportunities
•	
Employment standards
•	
Meeting legal and regulatory 
requirements
•	
Supporting local economy
GRI*  
REPORTING
UN SDG’S **
ENVIRONMENT
SOCIAL
GOVERNANCE
GRI 401
Employment
GRI 402
Labour 
Relations
GRI 403
Health & 
Safety
GRI 413
Local 
Communities
GRI 405
Diversity &
Equal 
opportunity
GRI 404
Training & 
Education
GRI 301
Materials
GRI 302
Energy
GRI 304
Biodiversity
GRI 305
Emissions
GRI 205
Anti- 
Corruption
GRI 306
Effluents & 
Waste
SUSTAINABILITY FRAMEWORK
* 	
As our material topics covered a variety of issues with a focus on the social and community context, the Global Reporting Initiative (GRI) Standard was deemed the most 	
	
	
appropriate sustainability framework to report against. 
** 	
United Nations, Sustainability Development Goals.
For personal use only

Environment. 
Our Environmental Vision: Striving to protect and 
enhance the environments we work in for future 
generations.
Part of our commitment to high environmental standards is to 
identify and report our impact on the environment. Through this 
process, we hope to identify areas where we can avoid or minimise 
any negative impacts by either changing our operational processes 
or implementing policies to better manage our impact on the 
environment.
The success of our operations depends on marine environments 
that are highly sensitive to climate change impacts, such as ocean 
acidification and increasing ocean temperatures, making us reliant 
on global efforts to reduce emissions.
Understanding the amount of energy we consume and the energy 
sources we use can help us identify areas where energy efficiency 
could be improved and potential pathways for reducing the 
organisation’s environmental footprint. Identifying key sources 
of energy can also help in assessing our dependence on certain 
fuels and identifying and addressing any supply risk issues and the 
impact they might have on the productivity and resilience of our 
operations.
We have identified the following four key environmental goals that 
we will strive to align our sustainability impact projects towards 
acheiving:
1.	
Protect, rehabilitate and conserve all aspects of the 
environments we operate 
within.
2.	
Implement innovative ideas and technology to continually 
improve the way we operate our business to reduce our 
environmental impact.
3.	
Create awareness, transperancy and education about the 
materials we consume across our value chain.
Social 
Our Vision for Social sustainability: Building, caring 
and respecting the people, communities and cultures we 
operate within.
As a business situated in some of Indonesia’s most remote regions, 
we deeply value our collaboration with the local communities. Our 
pearl farms wouldn’t thrive without their presence and support. 
It is our priority to establish genuine connections and maintain 
open lines of communication to incorporate the needs and values 
of these communities and individuals into our organisational 
ethos. Through nurturing authentic relationships, our aim is to 
cultivate a harmonious culture that embraces the rich diversity of 
perspectives within our community.
Atlas Pearls operates in remote regions where we often serve as 
the primary employer, deeply ingrained within the communities 
we operate. This integration is reflected in our employment 
and training practices, as well as our targeted community 
engagements. Each of our sites tailors its approach to community 
involvement to prioritise the specific needs of those communities. 
This includes various training and safety initiatives, provision of 
essential resources, access to medical services, financial support 
towards education, material and labour support for community 
infrastructure, repair and building of new facilities, as well as 
supporting local businesses and the economy.  
We have consolidated our social sustainability focus on the 
following key goals:
1.	
Enable access to meaningful education and training for 
employees and local communities.
2.	
Ensuring fair and equitable employment, diversity, working 
conditions, and human rights.
3.	
Prioritise the safety and health of our people, their families 
and the communities we work within. 
4.	
Support and preserve indigenous culture, language and 
way of life.
Governance.
Our Vision for sustainability through Governance: 
Delivering business operations and processes that are 
ethical, lawful, transparent, and fair.
Our policies, procedures, and approach to governance are guided 
by our Corporate Governance Plan and detailed in our annual 
Corporate Governance Statements. These statements outline our 
method for assessing environmental and social risks and ensuring 
they are effectively managed by the Board.
We have identified the following three key governance goals that 
we will strive to align our sustainability impact projects towards 
acheiving:
1.	
Abide by and respect the local laws, regulations and 
processes. 
2.	
Identify, manage and minimise business risks to protect the 
people, environment and business.
3.	
Maximise the success of what we do through stakeholder 
engagement.
Atlas Pearls implemented the 
world’s first Bilateral Advanced 
Pricing Arrangement (APA) 
between Indonesia & Australia, 
ensuring the fair and transparent 
tax treatment of international 
transactions.
Governance sustainability goals.
Annual Report FY24   |   Atlas Pearls   |   19
For personal use only

South Sea pearl farming offers a 
number of benefits distinguishing 
pearls from other gemstones 
as an authentic, sustainable, & 
environmentally beneficial product.
WATER QUALITY
HABITAT & BIODIVERSITY
CLIMATE CHANGE
WATER FILTERING
Oysters feed by filtering algae from their 
surrounding water, ultimately removing 
nutrients, which, in excess, can degrade 
the ocean environment. 
For example: A farm of 40,000 individual 
adults turns over more than 2 million 
L (nearly one Olympic sized swimming 
pool (every hour). (source: The Nature Conservancy)
REMOVING NITROGEN
Nitrogen is vital for many organisms 
but too much nitrogen can cause algae 
blooms which deplete the ocean of the 
oxygen needed by ocean animals and 
plants to survive. Oysters are efficient in 
removing excess nitrogen from water 
by incorporating it into their shells and 
tissue as they grow. 
For example: 1,000 kilos of oysters 
can remove 10kg of nitrogen, 0.5kg of 
phosphorous and 0.7kg of heavy metals 
from the environment. (source: The Nature 
Conservancy)
PROTECTED HABITATS
Pearl farms become in effect ocean 
sanctuaries, providing habitat for 
spawning and life for marine flora and 
fauna. Protected from detrimental 
activities and pollution, ocean life in 
these areas thrives, thus increasing 
animal populations where overfishing 
has depleted some species. 
BIO INDICATORS
Oysters serve as ‘bio indicators’ through 
the process of filtration reacting to 
changes in their environment such as 
water temperature, salinity, and oxygen 
levels. 
Oysters effectively monitor the health 
of their natural ecosystem and refelect 
positive and negative changes of their 
surroundings. 
GREENHOUSE GASES
Oyster farming is one of the few 
categories of farming which does not 
require the production of food supplies, 
use of antibiotics, and the animal itself 
does not produce methane through its 
digestive process.
Oyster farming is seen as a climate-
positive industry within sustainable 
aquaculture, requiring zero 
supplementary feeding and little to no 
waste. (source: OceanWatch Australia)
CARBON SEQUESTERING
Oysters extract carbon ions from 
seawater to build their shells and 
grow their pearls, in a process called 
calcification. A single oyster can filter and 
process up to 190 litres of water each 
day, effectively sequestering carbon 
within their shell structures. (source: World  
Wildlife Fund)
20   |   Atlas Pearls   |   Annual Report FY24
The benefits of pearl farming
For personal use only

Financial
Report
Annual Report FY24   |   Atlas Pearls   |   21
For personal use only

22   |   Atlas Pearls   |   Annual Report FY24
$45,000,000
$40,000,000
$35,000,000
$30,000,000
$25,000,000
$20,000,000
$15,000,000
$10,000,000
$5,000,000
0
2020
2024
2023
2022
2021
Revenue
EDBITDA
Annual Revenue and EBITDA
Gender Ratio 
FY24
Female
35%
Male
65%
FY24 Highlights
$41.7M
Total Revenue
$22.6M
EBITDA
The salary ratio between 
woman and men was 1.10, 
due to the proportion of 
women in higher paying, 
senior management and 
specialist roles across our 
Indonesian operations.
600,000
500,000
400,000
2020
2021
2022
2023
2024
Oysters Harvested FY24
598,324
41.7M
22.6M
27.2M
9.8M
4.3M
20.6M
5.6M
18.3M
16.2M
180K
Total Number of Oysters
2020
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2024
2023
2022
2021
Juvenile and mature oysters 
Nucleated oysters
0
1.3k
1.3k
1.3k
1.3k
1.3k
1.4k
1.6k
1.7k
1.5k
1.6k
300,000
600,000
500,000
400,000
300,000
200,000
100,000
Pearls Sold
PEARLS SOLD
REVENUE
For personal use only

Annual Report FY24   |   Atlas Pearls   |   23
30 JUNE 24 
$’000
30 JUNE 23 
$’000
Revenue from contracts with customers
41,706
27,200
Net profit after tax
31,469
9,088
Normalised EBITDA1
22,633
9,805
Normalised EBITDA margin
54%
36%
Basic EPS (cents)
7.37
2.14
Cash and cash equivalents
17,623
7,845
Assets
69,853
40,066
NTA
55,516
34,084
NTA per share (cents)
12.8
8.0
Shareholder funds
55,516
34,084
Number of shares on issue (million)
433.6
427.9
Share price at year end (cents)
9.1
4.2
Notes:
1.	
Atlas Pearls uses ‘normalised EBITDA’ to comment on its financial performance and is used internally to evaluate performance. Normalised EBITDA is a non-IFRS financial measure and is 
not audited. Refer to note 5.1 of the Director’s Report for a reconciliation to statutory earnings.
Summary of fiscal indicators
For personal use only

24   |   Atlas Pearls   |   Annual Report FY24
1. Directors
The following were Directors of Atlas Pearls for all of the financial 
year and up to the date of this report.
GEOFFREY (Geoff) NEWMAN 
CHAIRMAN  |  BEc (Hons), MBA, FCPA, FAICD
Geoff has more than 30 years’ experience in finance, marketing, 
and general management roles within the resources sector.
In 1995, after managing Bunnings Pulpwood operations, he joined 
Coogee Chemicals Pty Ltd as Commercial Manager and was 
appointed to the Board as Finance Director the following year.
Until August 2005, Geoff was Finance Director/Chief Financial 
Officer and Company Secretary of both Coogee Chemicals Pty Ltd 
and its oil and gas subsidiary, Coogee Resources Pty Ltd, before 
retiring from the Coogee Group in June 2006.
Appointments:	
 
  Chairman - 	
13/07/2022  
  Executive Chairman - 	
1/10/2019  
  Chairman - 	
16/02/2015 
  Director - 	
15/10/2010 
Special responsibilities:	
Chairman of the Board
Former directorships (last 3 years):	 None
Interests in shares:	
5,115,835 ordinary shares
Interests in options:	
None
Contractual rights to shares:	
None
CADELL BUSS 
INDEPENDENT NON-EXECUTIVE DIRECTOR  |  MBA, MPM, GAICD
Cadell is a multi-industry senior executive with over 20 years’ 
experience locally and internationally in marketing, project 
development, and equity capital markets.
Cadell was the CEO of Western Australia’s longest-serving 
stockbroking firm, DJ Carmichael, and has consulted to a number 
of ASX-listed companies with African-based assets. Cadell was 
previously Project and Finance Director with Luso Global Mining, 
an angel investor to African-based mining and exploration 
companies. Cadell is also the founder and Managing Director of 
Chilwa Minerals Limited (ASX: CHW).
Cadell has a Masters’s degree in Project Management and an MBA 
from Murdoch University, Perth, and is a graduate of the Australian 
Institute of Company Directors.
Appointments:	
Director - 01/02/2018
Special responsibilities:	
None
Former directorships (last 3 years):	 Managing Director of Chilwa 	
	
Minerals Limited (appointed 	
	
01/02/2022)
Interests in shares:	
1,427 385 ordinary shares
Interests in options:	
None
Contractual rights to shares:	
None
TIMOTHY (Tim) MARTIN 
NON-EXECUTIVE DIRECTOR  |  BA, MBA, GAICD
Tim has been an executive manager at Coogee Chemicals Pty Ltd 
since 2005. He held the position of Managing Director from 2012 - 
2015 and was appointed Executive Chairman in July 2015.
Prior to working at Coogee, Tim worked in management roles 
within the packaged food manufacturing sector, supplying 
to national supermarket chains, and has ongoing interests in 
commercial property development.
In 2013, Tim graduated from Harvard University, completing their 
OPM (Owner/President Management) Program.
Tim is a former Director of the Plastics and Chemicals Industries 
Association (PACIA) and a former Director of the Kwinana Industries 
Council.
Appointments:	
Director - 04/02/2013
Special responsibilities:	
None
Former directorships (last 3 years):	 None
Interests in shares:	
105,033,931 ordinary shares
Interests in options:	
None
Contractual rights to shares:	
None
JOSÉ MARTINS 
INDEPENDENT NON-EXECUTIVE DIRECTOR  |  BAcc, GAICD
José is a highly regarded finance executive with over 25 years’ 
experience in the management of public and private companies. 
He has previously held CFO roles with Macmahon Holdings 
Limited, Ausdrill Limited (now part of Perenti), and Alliance Mining 
Commodities Limited.
José qualified as a Chartered Accountant in South Africa and holds 
a Bachelor of Accountancy (with distinction) from the University of 
Witwatersrand, Johannesburg, and is a graduate of the Australian 
Institute of Company Directors.
Appointments:	
Director - 17/05/2023
Special responsibilities:	
None
Former directorships (last 3 years):	 Non-Executive Director of 	
	
GenusPlus Group Limited 	
	
(appointed 03/01/2018)
Interests in shares:	
500,000 ordinary shares
Interests in options:	
None
Contractual rights to shares:	
None
2.  Company Secretary
SUSAN PARK 
COMPANY SECRETARY  |  BCom, ACA, F Fin, FGIA, FCG, GAICD
Susan has over 25 years of experience in the corporate finance 
sector. She is the founder and Managing Director of the consulting 
firm Park Advisory, which specialises in the provision of corporate 
governance and company secretarial advice to ASX-listed 
companies and has held senior executive roles at Ernst & Young 
and PricewaterhouseCoopers in the Corporate Finance divisions 
Directors’ Report
The Directors present their report on the consolidated entity consisting of Atlas Pearls Ltd and the entities it controlled at the end of, or during, 
the year ended 30 June 2024. Referred to hereafter as, the Company, Atlas Pearls, or the Group.
For personal use only

Annual Report FY24   |   Atlas Pearls   |   25
and at Bankwest in the Strategy and Ventures division. Susan holds 
a Bachelor of Commerce from the University of Western Australia, 
majoring in Accounting and Finance, she is a Member of the 
Chartered Accountants Australia and New Zealand, a Fellow of the 
Financial Services Institute of Australasia and a graduate Member 
of the Australian Institute of Company Directors. She is also a 
Fellow of the Governance Institute of Australia and the Chartered 
Governance Institute.
Appointments:	
Company Secretary - 	 	
	
19/12/2012
Special responsibilities:	
None
Former directorships (last 3 years):	 None
Interests in shares:	
None
Interests in options:	
None
Contractual rights to shares:	
None
3.	
Principal activities
3.1	
PRINCIPAL ACTIVITIES
Atlas Pearls produces South Sea pearls, with pearling operations 
located throughout Indonesia (refer 3.2). Pearls produced are 
sold through a multi-faceted distribution network. No significant 
changes in the nature of Atlas Pearls principal activities occurred 
during the year ended 30 June 2024.
3.2	
ABOUT ATLAS PEARLS
Over the past 30 years Atlas Pearls has become one of the world’s 
largest producers of the highly sought after white and silver South 
Sea pearls. Operating across eight farming locations throughout the 
South Seas and employing more than 1,200 people, the Company 
harvested 598,324 pearls this year (30 June 2023: 547,755 pearls).
4.	
Directors’ meetings
The attendance at meetings of the Company’s Directors, including meetings of committees of Directors, is shown below:
Director
Period
Directors’ meetings
Meetings held 
whilst in office
Attended
Geoff Newman
1 July 23 - 30 June 24
5
5
Tim Martin
1 July 23 - 30 June 24
5
5
Cadell Buss
1 July 23 - 30 June 24
5
5
José Martins
1 July 23 - 30 June 24
5
5
For personal use only

26   |   Atlas Pearls   |   Annual Report FY24
5.	
Financial review
5.1	
SHAREHOLDER RETURNS
30 June
2024
$’000
30 June
2023
$’000
30 June
2022
$’000
Net profit after tax
31,469
9,088
4,592
Basic EPS (cents)
7.37
2.14
1.08
Dividends paid
8,002
Nil
Nil
Dividends paid per share (cents)
1.85
Nil
Nil
The adjustments from net profit after tax to arrive at the reported 
normalised EBITDA for these years are shown below: 
30 June
2024
$’000
30 June
2023
$’000
30 June
2022
$’000
Net profit after tax
31,469
9,088
4,592
Tax expense
8,343
626
836
Interest expense / (income) 
(262)
60
238
Depreciation / amortisation
322
291
312
Net foreign exchange loss
156
382
612
Agriculture standard revaluation (gain)
(17,395)
(641)
(2,336)
Other non-operating (income) / 
expenses
-
(1)
-
Normalised EBITDA
22,633
9,805
4,254
5.2	
FINANCIAL POSITION
30 June
2024
$’000
30 June
2023
$’000
30 June
2022
$’000
Total assets
69,853
40,066
31,516
Debt (current and non-current)
-
-
(1,125)
Total liabilities
(14,338)
(5,982)
(7,141)
Shareholder funds / net assets
55,515
34,084
24,375
Debt / shareholder funds
-
-
5%
Number of shares on issue (million)
433.6
427.9
427.9
Net tangible assets per share (cents)
12.8
8.0
5.7
Share price at reporting date (cents)
9.1
4.2
3.6
There has been an increase in the net assets of the Group of $21.4M 
in the year ended 30 June 2024 (30 June 2023: $9.7M increase).
5.2.1	
OPERATING RESULTS
The Company is pleased to announce a net profit after tax of $31.5M 
(30 June 2023: $9.1M) and a reported inflow of cash from operating 
activities for the year ended 30 June 2024 of $20.7M (30 June 2023: 
$8.4M).
Atlas Pearls continued evolving its sales distribution plan, learning 
from each sales event and enhancing the current strategy to meet 
its customer’s needs, ensuring each pearl is reaching its potential.
At an operational level, the farms continue to work assiduously to 
ensure oyster health is optimised. The passion and dedication shown 
by all employees translate to beautiful, coveted South Sea pearls.
The operating revenue for the year ended 30 June 2024 was $41.7M 
(30 June 2023: $27.2M), an increase of $14.5M. Administration, 
finance, and marketing expenses were $9.2M (30 June 2023: $6.5M), 
an increase of $2.7M. 
5.2.2	
REVIEW OF OPERATIONS	
5.2.2.1	
PEARLING
The Company harvested 598,324 pearls during the year ended 30 
June 2024 (30 June 2023: 547,755).
The quality of pearls produced in the year improved from the 
prevailing levels seen in FY23, however it remains below recent 
highs of FY22. Most of the improvement in FY24 occurred in H1 
FY24, with harvest results in H2 being similar or marginally below 
the improved levels seen in H1. Based on positive results for a 
small number of pearls recently harvested and graded from certain 
genetic groups, and for which large volumes remain to be harvested 
in the coming months, we anticipate an upward trend in overall 
pearl quality in FY25.  
5.2.2.2	
PEARLING VALUE ADDED
Atlas Pearls continues to review and refine its sales strategy with the 
core objective of ensuring each pearl achieves maximum return. This 
strategy involves directing pearls through different sales channels 
whilst also being available online to reach customers globally. This 
hybrid approach achieves not only reach but competitive tension 
across the different markets. The Company will continually review 
and refine to adapt to changing markets.
For a detailed review of operations please refer to the CEO’s review 
of operations on page 5.
5.2.3	
AUDIT OPINION
The financial report has been audited independently and received 
an unmodified opinion. Refer to page 35 for the Independent 
Auditors Report and page 64 onwards for the Auditors Opinion.
5.2.4	
PERSONNEL
Staff numbers at the end of the year were as follows:
6.	
Dividends
In view of the positive earnings reported for the year ended 30 June 
2024, the Board has resolved to declare a special dividend of 1.0 cent 
per share (franked to 100%). Dividends of $8.0M (totalling 1.85 cents 
per share) were paid during the year ended 30 June 2024. 
The Board has not formulated a dividend policy due to the inherent 
uncertainties of aquaculture, the need to fund future operating costs 
between sales events, and the cyclical swings typical in the luxury 
goods market. The Board will continue to evaluate a dividend policy, 
however the payment of special dividends will be the preferred 
policy, as and when favourable market circumstances allow.
For personal use only

Annual Report FY24   |   Atlas Pearls   |   27
Key dates:
•	
Record date for determining entitlement to special dividend: 
13 September 2024
•	
Date the special dividend is payable: 27 September 2024
7.	
Events since the end of the 
	
financial year
On 29 August 2024, the Company declared a final fully franked 
special dividend of 1.0 cent per share. The total value of the 
payment is $4.4M. The record date is 13 September 2024 with a 
payment date of 27 September 2024.
Other than the matters disclosed above, there have been no other 
significant events after balance date which require disclosure.
8.	
Likely developments and expected 	
	
results of operations
The Company endeavours to host oysters in optimal growing 
locations whilst creating diversification for risk mitigation.
The Company remains committed to the multi-faceted approach 
to the distribution of the pearls, with the plan to continue 
increasing customer reach.
9.	
Directors’ interests
The relevant interest of each current Director in the share capital 
of the Company, as notified by the Directors to the Australian 
Securities Exchange in accordance with S205G (1) of the 
Corporations Act 2001, at the date of this report, are detailed in 
Section 1 of this report.
10.	
Options
During the year ended 30 June 2024, 4,000,000 unquoted options 
were issued (30 June 2023: nil) pursuant to the Atlas Pearls Ltd 
Employee Share and Incentive Plan.
Refer to note 22.2 for further information.
11. 	
Indemnification and insurance of 
	
Directors and officers
11.1	
INDEMNIFICATION
The Company has agreed to indemnify all current and former 
Directors and officers of the Company against all liabilities to another 
person (other than the Company or a related body corporate) 
that may arise from their position as Directors and officers of the 
Company, except where the liability arises out of conduct which 
involves negligence, default, breach of duty, or a lack of good faith. 
The agreement stipulates that the Company will meet the full 
amount of any such liabilities, including costs and expenses.
11.2	
INSURANCE PREMIUMS
During the financial year the Company has paid insurance 
premiums of $34,906 (30 June 2023: $33,244) in respect of 
Directors’ and officers’ liability and legal expenses insurance for 
current and former Directors and officers.
12.	
Audit and non-audit services
The Company may decide to employ the auditor on assignments 
additional to their statutory audit duties where the auditor’s 
expertise and experience with the Company and/or the Group are 
important.
Details of the amounts paid or payable to the auditor (BDO) for 
audit and non-audit services provided during the period are set 
out below.
The Board of Directors is satisfied that the provision of non-audit 
services during the period is compatible with general standards of 
independence for auditors imposed by the Corporations Act 2001. 
The Directors are satisfied that the services disclosed below did 
not compromise the external auditor independence requirements 
of the Corporations Act 2001. The nature of the service or services 
provided do not compromise the general principles relating to 
auditor independence because they relate to tax advice in relation 
to compliance issues and review of the tax provisions prepared 
by the Company. None of the services undermine the general 
principles relating to auditor independence as set out in (APES 110 
Code of Ethics for Professional Accountants).
The following fees were paid or payable for services provided by 
the auditor of the Company, its related practices and non-related 
audit firms during the year ended 30 June:
30 June 
2024 
$
30 June 
2023 
$
BDO Australian Firm
          Audit and review of financial reports
134,370
119,710
          ESG consulting services
-
16,995
BDO Indonesian Firm
          Audit and review of financial reports
47,577
49,377
Total remuneration for audit services
181,947
169,087
Total remuneration for other services
-
16,995
13.	
Proceedings on behalf of the company
No person has applied under section 237 of the Corporations 
Act 2001 for leave of court to bring proceedings on behalf of 
the Company or to 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 part of those proceedings. The 
Company has not been a party to any proceedings during the year.
For personal use only

28   |   Atlas Pearls   |   Annual Report FY24
14.	
Remuneration report (audited)
The Directors are pleased to present your Company’s 2024 
remuneration report, which sets out remuneration information for 
Atlas Pearls’ Directors and other Key Management Personnel, as listed 
in the table below. The information provided in this Remuneration 
Report has been audited as required by section 300(a) of the 
Corporations Act 2001.
Name
Position
Directors
Geoff Newman
Non-Executive Chairman
Tim Martin
Non-Executive Director
Cadell Buss
Independent Non-Executive Director
José Martins
Independent Non-Executive Director
Other Key Management Personnel
Michael Ricci
Chief Executive Officer
Gemma Cann
Chief Financial Officer, appointed 17 July 
2023, resigned 7 February 2024 
Jean-Marie Rudd
Chief Financial Officer, appointed 4 May 2024 
14.1	
REMUNERATION GOVERNANCE
14.1.1	
ROLE OF THE BOARD IN REMUNERATION  
	
GOVERNANCE
Remuneration governance is the responsibility of the full Board. 
Primary responsibilities include recommendations for;
•	
Non-Executive Director fees,
•	
Remuneration levels of Executive Directors and other Key 
Management Personnel,
•	
The overarching Executive remuneration framework and the 
operation of incentive plans, and
•	
Key performance indicators (‘KPIs’) and performance hurdles for 
the Executive team.
The objective is to ensure that remuneration policies and structures 
are fair and competitive and are aligned with the long-term interests 
of the Company.
Assessing performance and claw-back remuneration
KPIs are set annually, with a certain level of consultation with Key 
Management Personnel. The measures are specifically tailored to 
the area everyone is involved in and has a level of control over. The 
KPIs target areas the Board believes hold greater potential for group 
expansion and profit, covering financial and non-financial, as well 
as short and long-term goals. The level set for each KPI is based on 
budgeted figures for the Group and respective industry standards.
Performance in relation to the KPIs is assessed annually, with 
bonuses being awarded depending on the number and deemed 
difficulty of the KPIs achieved. Following the assessment, the KPIs are 
reviewed by the Board considering the desired and actual outcomes, 
and their efficiency is assessed in relation to the Group’s goals and 
shareholder wealth, before the KPIs are set for the following year.
In the event of serious misconduct or a material misstatement 
in the Company’s financial statements, the Board may cancel or 
defer performance-based remuneration and may also claw-back 
performance-based remuneration paid in previous financial years.
14.1.2	
NON-EXECUTIVE DIRECTOR REMUNERATION POLICY
Fees and payments to Non-Executive Directors reflect the demands 
which are made on, and the responsibilities of, the Directors.
Non-Executive Directors’ fees are reviewed annually by the 
Board. Consideration is given to the remuneration of comparable 
companies when setting fee levels.
The Non-Executive Directors’ aggregate annual remuneration may 
not exceed $500,000 (30 June 2023: $500,000) which is periodically 
recommended for approval by shareholders. This limit was approved 
by shareholders at the Extraordinary General Meeting on 29 April 
2022. In the year ending 30 June 2024, the total Non-Executive 
Directors’ fees including retirement benefit contributions were 
$329,426 (30 June 2023: $312,809).
The base fees for Non-Executive Directors are $65,000 per annum 
(exclusive of superannuation) (30 June 2023: $65,000 exclusive of 
superannuation). The base fee for the Chairman of the Board is 
$90,000 per annum (exclusive of superannuation) (30 June 2023: 
$90,000 exclusive of superannuation).
14.1.3	
EXECUTIVE REMUNERATION POLICY AND  
	
FRAMEWORK
In determining Executive remuneration, the Board aims to ensure 
that remuneration practices are:
•	
Competitive and reasonable, enabling the Company to attract 
and retain key talent
•	
Aligned to the Company’s strategic and business objectives and 
the creation of shareholder value
•	
Transparent, and
•	
Acceptable to shareholders.
Executive remuneration framework has three components;
•	
Base pay and benefits
•	
Short-term performance incentives, and
•	
Long-term incentives through participation in the Atlas Pearls 
Ltd Employee Share and Incentive Plan.
Employment contracts are in place between the Company (or 
its subsidiaries) and all Key Management Personnel. Under these 
contracts, Key Management Personnel are paid a base salary (which 
may be provided in the form of cash or non-financial benefits) in 
accordance with their skills and experience, as well as entitlements 
including superannuation and accrued annual leave and long 
service leave.
The Atlas Pearls Ltd Employee Share and Incentive Plan (Plan) provides 
some senior executives with incentives over and above their base 
salary (refer section 14.2.1). The allocation of shares or options under 
the Plan is not subject to the performance conditions of the Company. 
The reasons for establishing the Plan were:
•	
To align the interests of senior executives with shareholders. The 
Plan provides employees with incentive to strive for long-term 
profitability which is in line with shareholder objectives; and
•	
To provide an incentive for employees to extend their 
employment terms with the Company. Pearl farming is a 
long-term business, and the experience of long-serving senior 
employees is an important factor in the long-term success of 
the Company.
For personal use only

Annual Report FY24   |   Atlas Pearls   |   29
Short-term Incentives
The Atlas Pearls Ltd Salaried Employee Bonus Scheme (‘STI Plan’) 
is maintained as the primary financial reward for employee 
performance. The underlying principle of the STI Plan is:
The greater a salaried employee’s ability to influence overall 
group and individual department results, the greater the “at risk” 
component of their remuneration package should be.
The employee’s designated bonus level is expressed as percentage 
of base salary and determines the maximum bonus payment 
possible for the employee year-on-year. Calculation of the 
employee’s actual bonus payment takes into consideration:
•	
the business results of the Company overall;
•	
the results of the department in which the participant works;
•	
the employee’s individual results against their established 
quantitative and qualitative KPIs.
The Board shall retain absolute discretion over how the bonus 
program operates, who participates, and all bonus payments 
generated by it.
The structure of the STI Plan relating to senior executives is outlined 
in the table below:
Use of remuneration consultants
During the financial year ended 30 June 2024 the Company did not 
engage any remuneration consultants.
Voting and comments made at the Company’s 2023 Annual 
General Meeting
Atlas Pearls received 99.34% of ‘yes’ votes on adoption of the 
renumeration report for the 2023 financial year. 99.99% of ‘yes’ votes 
were received on the resolution to re-elect Cadell Buss as Director. 
99.99% of ‘yes’ votes were received on the resolution to elect José 
Martins as Director. The Company did not receive any specific 
feedback at the Annual General Meeting or throughout the year on 
its remuneration.
Relationship between Key Management Personnel Remuneration 
and Performance
Each Key Management Personnel is remunerated on an individual basis.
 
Feature
Description
Max opportunity
CEO: 22.2% of fixed remuneration
Other senior executives: 15% of fixed remuneration
The STI metrics align with the Group’s strategic priorities of market competitiveness, operational excellence, shareholder 
value, and fostering talented and engaged people.
Performance metrics
Metric
Target
Weighting
Reason for selection
EBITDA
Budget1
CEO: 80% 
Other senior executives: 70%
Reflects improvements 
in both revenue and cost 
control.
Individual performance 
metrics
Specific to individuals2
CEO: 20%
Other senior executives: 30%
Targeted metrics have been 
chosen that are critical to 
individual roles and which 
support the Group’s strategic 
objectives.
Delivery of STI
100% of the STI award is paid in cash no later than three months following the end of the financial year.
Board discretion
The Board has discretion to adjust remuneration outcomes up or down to prevent any inappropriate reward outcomes.
Notes:
1.	
The budget for consolidated EBITDA is set as a dollar figure by the Board on an annual basis. The actual EBITDA results achieved are expressed as a percentage of the relevant 
budget figure. The bonus outcomes are calculated on a sliding scale, with the minimum payment at 90% of budget and maximum payment at 115% of budget.
2.	
Individual KPIs are established and agreed between the employee and their manager. This is done either at the annual performance appraisal each year for existing employees, or 
soon after commencement of employment for new employees.
For personal use only

30   |   Atlas Pearls   |   Annual Report FY24
14.2	
DETAILS OF REMUNERATION
The following tables show details of the remuneration received by the Directors and the Key Management Personnel (KMP) of the Group for the 
current and previous financial period.
Name
Cash salary and fees
Short-term 
benefits
Post- employ-
ment benefits
Long-term 
benefits
Share-based 
compensation
Total
Salary sacrifice 
for shares
Short-term 
incentive cash 
bonus
Noncash mone-
tary benefit6
Total cash salary, 
fees and short-
term benefits
Superannuation 
benefit
Long
service leave
Options7
$
$
$
$
$
$
$
$
$
Geoff Newman1
2024
90,000
-
-
-
90,000
9,900
-
13,076
112,976
2023
120,129
-
-
-
120,129
12,906
-
27,244
160,279
Tim Martin
2024
72,150
-
-
-
72,150
-
-
-
72,150
2023
71,825
-
-
-
71,825
-
-
-
71,825
Cadell Buss
2024
72,150
-
-
-
72,150
-
-
-
72,150
2023
71,825
-
-
-
71,825
-
-
-
71,825
José Martins
2024
65,000
-
-
-
65,000
7,150
-
-
72,150
2023
8,036
-
-
-
8,036
844
-
-
8,880
Michael Ricci
2024
328,567
-
94,806
-
423,373
45,513
5,437
62,221
536,544
2023
249,574
-
26,040
-
275,614
28,549
2,812
-
306,975
Mark Longhurst2
2024
-
-
-
-
-
-
-
-
-
2023
152,630
-
-
11,123
163,753
-
-
6,045
169,798
Diana Kubicki3
2024
-
-
-
-
-
-
-
-
-
2023
221,483
-
-
-
221,483
22,820
(11,376)
5,064
237,991
Gemma Cann4
2024
49,198
-
-
-
49,198
5,542
(8,211)
1,214
47,743
2023
-
-
-
-
-
-
-
-
-
Jean-Marie Rudd5
2024
41,258
-
48,600
-
89,858
9,997
1,097
-
100,952
2023
-
-
-
-
-
-
-
-
-
TOTAL 2024
2024
718,323
-
143,406
-
861,729
78,102
(1,677)
76,511
1,014,665
TOTAL 2023
2023
895,502
-
26,040
11,123
932,665
65,119
(8,564)
38,353
1,027,573
Notes:
1.	
Geoff Newman was Executive Chairman until 12 July 2022, thereafter assuming the role of Non-Executive Chairman.
2.	
Mark Longhurst ceased as a KMP from 31 December 2022.
3.	
Diana Kubicki resigned as CFO on 9 June 2023.
4.	
Gemma Cann was appointed CFO on 17 July 2023 and resigned as CFO on 7 February 2024.
5.	
Jean-Marie Rudd was appointed CFO on 4 May 2024.
6.	
Non-monetary benefits of other KMP include overseas living allowances as per individual employment contracts.
7.	
Share-based remuneration related to options being recognised over the respective vesting period.
For personal use only

Annual Report FY24   |   Atlas Pearls   |   31
14.2.1	
DETAILS OF REMUNERATION – PERFORMANCE ANALYSIS
The following table indicates the percentage of remuneration 
relating to options and performance:
Name
30 June 2024
% Performance
30 June 2023
% Performance
Geoff Newman
11.57%
17.00%
Michael Ricci
31.30%
9.42%
Mark Longhurst 
(ceased as KMP 31 December 2022)
-
3.56%
Diana Kubicki 
(resigned 09 June 2023)
-
2.13%
Gemma Cann (appointed 17 July 2023, 
resigned 7 February 2024)
-
-
Jean-Marie Rudd 
(appointed 4 May 2024) 1
53.68%
-
Notes:	
1.	
Prior to her appointment as CFO, Jean-Marie Rudd was employed on a fixed-term 
contract. The STI bonus has been awarded on her annual remuneration, whereas 
the performance percentage of remuneration is calculated on her remuneration 
since her appointment as CFO on 4 May 2024.
The proportion of the cash bonus paid/payable or forfeited is as 
follows:
 
Cash bonus paid/
payable
Cash bonus 
forfeited
30 June
2024
30 June
2023
30 June
2024
30 June
2023
Other key management personnel
Michael Ricci
90%
95%
10%
5%
Gemma Cann
0%
85%
100%
15%
Jean-Marie Rudd
85%
0%
5%
0%
14.2.2	
RELATIONSHIP BETWEEN REMUNERATION 
	
AND ATLAS PEARLS’ PERFORMANCE
The following table shows performance indicators as prescribed by 
the Corporations Act 2001 over the past five reporting periods:
30 June
2024
30 June
2023
30 June
2022
30 June
2021
30 June
2020
Profit/(loss) 
for the year
31,469,017
9,087,744
4,591,551
6,719,924 (8,076,827)
Basic earnings 
per share
7.37
2.14
1.08
1.58
(1.90)
Dividend payments
8,001,889
-
-
-
-
Increase /(decrease) 
in share price
117%
17%
140%
200%
(38%)
Total KMP incentives 
as percentage of 
profit/(loss) %
0.8%
0.8%
0.6%
0.1%
(0.2%)
 
14.3	
SERVICE AGREEMENTS
On appointment to the Board, all Non-Executive Directors enter into 
a service agreement with the Company. Remuneration and other 
terms of employment for the Chief Executive Officer other KMPs are 
also formalised in service agreements.
Details of KMP service agreements are set out below:
14.3.1	
MICHAEL RICCI (CHIEF EXECUTIVE OFFICER)
Michael has been engaged as Chief Executive Officer of the Group 
pursuant to an employment agreement between the Group and 
Michael (Ricci Agreement).
The total annual remuneration payable to Michael under the 
Ricci Agreement is a salary of $345,000 per annum (exclusive 
of superannuation) (2023: $248,000). Michael is also entitled 
to participate in STIs of up to 20% of the base salary, inclusive 
of superannuation (2023: 15% of the base salary, exclusive of 
superannuation) and LTIs, as determined by the Board. An STI 
bonus of $94,806 has been accrued in respect of the financial year 
ended 30 June 2024 (30 June 2023: $26,040) under the STI Plan, 
representing a 90% achievement of the maximum bonus payable.
The Ricci Agreement commenced on 13 June 2022 and 
employment under the Ricci Agreement will continue until 
terminated in accordance with the Ricci Agreement (Term). During 
the Term, the Ricci Agreement may be terminated by the Group at 
any time:
•	
by three months written notice to Michael, at which time the 
Group will immediately pay Michael three months base salary 
in lieu; or
•	
by summary notice in circumstances where Michael neglects 
to perform his duties or comply with reasonable or proper 
direction or engages in serious misconduct.
•	
Otherwise, the Ricci Agreement may be terminated by Michael 
at any time for any reason by giving not less than three months’ 
notice in writing to the Group.
Michael is also subject to restrictions in relation to the use of 
confidential information during and after his employment with the 
Group ceases, being directly or indirectly involved in a competing 
business during the continuance of his employment with the Group, 
and for a period of 12 months after his employment with the Group 
ceases, on terms which are otherwise considered standard for 
agreements of this nature.
The Ricci Agreement contains additional provisions considered 
standard for agreements of this nature.
14.3.2	
GEMMA CANN (CHIEF FINANCIAL OFFICER)
Gemma was appointed to the position of Chief Financial Officer of 
the Group on 17 July 2023, and resigned on 7 February 2024.
The total remuneration payable to Gemma was a base salary 
for the 2024 financial year of $180,000 per annum (exclusive of 
superannuation). No bonus has been accrued in respect of the 
financial year ended 30 June 2024.
14.3.3	
JEAN-MARIE RUDD (CHIEF FINANCIAL OFFICER)
Jean-Marie was appointed to the position of Chief Financial Officer 
of the Group on 4 May 2024, pursuant to an employment agreement 
between the Group and Jean-Marie (Rudd Agreement).  Prior to 
her appointment as CFO, Jean-Marie was employed on a 12-month 
fixed-term contract.
The total annual remuneration payable to Jean-Marie under the 
Rudd Agreement is a salary of $240,000 per annum (exclusive of 
superannuation). Jean-Marie is also entitled to participate in STIs of 
up to 15% of the base salary and LTIs, as determined by the Board. 
An STI bonus of $48,600 has been accrued in respect of the financial 
year ended 30 June 2024 under the STI Plan, representing an 85% 
achievement of the maximum bonus payable.
For personal use only

32   |   Atlas Pearls   |   Annual Report FY24
The Rudd Agreement commenced on 4 May 2024 and employment 
under the Rudd Agreement will continue until terminated in 
accordance with the Rudd Agreement (Term). During the Term, the 
Rudd Agreement may be terminated by the Group at any time:
•	
by three months written notice to Jean-Marie, at which time 
the Group will immediately pay Jean-Marie three months base 
salary in lieu; or
•	
by summary notice in circumstances where Jean-Marie 
neglects to perform her duties or comply with reasonable or 
proper direction or engages in serious misconduct.
•	
Otherwise, the Rudd Agreement may be terminated by Jean-
Marie at any time for any reason by giving not less than three 
months’ notice in writing to the Group.
Jean-Marie is also subject to restrictions in relation to the use of 
confidential information during and after her employment with the 
Group ceases, being directly or indirectly involved in a competing 
business during the continuance of her employment with the 
Group, and for a period of 12 months after her employment with the 
Group ceases, on terms which are otherwise considered standard for 
agreements of this nature.
The Rudd Agreement contains additional provisions considered 
standard for agreements of this nature.
14.4	
ADDITIONAL INFORMATION OF THE 	
	
	
REMUNERATION REPORT
14.4.1	
OPTIONS
4,000,000 options were issued to CEO, Michael Ricci during the 
financial year end 30 June 2024 (30 June 2023: nil).
Refer to section 14.5.2 below and to section 22.2 of the notes to the 
consolidated financial statements for details of options on issue.
14.4.2	
OTHER KMP TRANSACTIONS
As at 30 June 2024, Director fees of $6,013 are payable  
(30 June 2023: $8,531).
14.5	
SHARE-BASED PAYMENTS COMPENSATION
14.5.1	
EMPLOYEE SALARY SACRIFICE SHARE PLAN
There was no salary sacrifice scheme in place for the year ended 
30 June 2024.
14.5.2	
PERFORMANCE OPTIONS
The details relating to performance options allocated to KMP under 
the Atlas Pearls Ltd Employee Share and Incentive Plan are shown in 
the table below.
The fair value at grant date is independently determined using 
a Hoadley Trading and Investment valuation model, which takes 
into account the exercise price, the term of the option, the impact 
of dilution, the share price at grant date and expected volatility of 
the underlying share, the expected dividend yield, and the risk-free 
interest rate for the term of the option.
Name
Date of grant
Entitlement  
No. of options
Vesting date
Expiry date
Financial year in 
which options 
vest
Share price at 
grant date
Option exercise 
price
Volatility
Risk free rate
Total value of 
options at grant 
date
Fair value
Geoff Newman1
29/04/22
1,276,196
30/06/24
30/09/24
2024
$0.047
$0.075
100%
2.45%
$28,332
$0.0222
Mark Longhurst1,2
24/05/22
642,639
30/06/24
30/09/24
2024
$0.042
$0.075
100%
2.53%
$11,825
$0.0184
Diana Kubicki1,3
24/05/22
335,290
30/06/23
30/09/24
2023
$0.042
$0.070
100%
2.53%
$6,035
$0.0180
Gemma Cann1,4
24/05/22
234,702
30/06/24
30/09/24
2024
$0.042
$0.075
100%
2.53%
$4,319
$0.0184
Michael Ricci5
15/11/23
800,000
30/06/24
30/09/26
2024
$0.075
$0.085
85%
4.17%
$28,000
$0.0350
Michael Ricci5
15/11/23
1,200,000
30/06/25
30/09/26
2025
$0.075
$0.091
85%
4.17%
$43,200
$0.0360
Michael Ricci5
15/11/23
2,000,000
30/06/26
30/09/26
2026
$0.075
$0.097
85%
4.17%
$74,000
$0.0370
Notes:	
1.	
These unlisted options were approved at the EGM on 29 April 2022 and are subject to the employee remaining engaged as an employee at the date of the prescribed vesting date.
2.	
Mark Longhurst ceased as a KMP with effect from 31 December 2022.
3.	
Diana Kubicki ceased as a KMP with effect from 9 June 2023. Under the terms of the Atlas Pearls Ltd Employee Share and Incentive Plan outlined in 1 above, 558,816 unvested 
options were forfeited on Diana’s resignation date, but the board exercised its discretion not to forfeit her remaining 335,290 vested, but unexercised options.
4.	
Gemma Cann resigned as CFO on 7 February 2024. Under the terms of the Atlas Pearls Ltd Employee Share and Incentive Plan, the board exercised its discretion not to forfeit her 
remaining 234,702 unvested options.
5.	
4,000,000 options were issued to CEO, Michael Ricci, under an offer to Michael on 15/11/23.  These options were issued under the Atlas Pearls Ltd Employee Share and Incentive Plan 
and are subject to the employee remaining engaged as an employee at the date of the prescribed vesting date.
For personal use only

Annual Report FY24   |   Atlas Pearls   |   33
14.5.3	
EQUITY INSTRUMENTS
The details relating to the equity instruments held by KMP are as follows:
(A)	
EQUITY INSTRUMENT DISCLOSURES RELATING TO KMP
Options and rights granted as compensation:
4,000,000 options were issued to CEO, Michael Ricci during the financial year end 30 June 2024 (30 June 2023: nil). Refer to section 22.2 of the 
notes to the consolidated financial statements for details of options on issue.
(B)	
SHAREHOLDINGS
The number of shares in the Company held during the financial year by each Director and the other KMP of the Group, including their 
personally related parties, are set out below:
Balance 01/07/23
Granted as  
compensation
Options  
exercised
Acquired/(Sold)
on market
Balance 30/06/24
Directors
Geoff Newman1
2,563,443
-
1,276,196
-
3,839,639
Tim Martin2
110,184,995
-
-
(5,151,064)
105,033,931
Cadell Buss3
1,337,000
-
-
90,385
1,427,385
José Martins4
-
-
-
500,000
500,000
Total Directors
114,085,438
-
1,276,196
(4,560,679)
110,800,955
Other KMP
Michael Ricci5
512,800
-
-
-
512,800
Jean-Marie Rudd6
-
-
-
170,000
170,000
Total Other KMP
512,800
-
-
170,000
682,800
TOTAL
114,598,238
-
1,276,196
(4,390,679)
111,483,755
Notes:
1.	
3,123,350 shares held by Gee Enn Pty Ltd  and 716,289 shares held by Mrs Cheryl Louise Newman & Mr Geoffrey Grosvenor Newman .
2.	
54,907,327 shares are held by Boneyard Investments Pty Ltd; 28,248,936 shares are held by Chemco Superannuation Fund Pty Ltd , 17,880,240 
shares are held by Jingie Investments Pty Ltd, and the remaining balance of 3,997,428 shares are held personally by Tim Martin.
3.	
Shares are held by Cadon Holdings Pty Ltd  of which Cadell Buss is a beneficiary.
4.	
Shares are held by Sintra Business Services Pty Ltd (Sintra SF A/C) of which José Martins is a beneficiary.
5.	
Shares are held by M&K Ricci Pty Ltd  of which Michael Ricci is a beneficiary.
6.	
Shares are held by Jean-Marie Rudd (Rudd Family A/C> of which Jean-Marie Rudd is a beneficiary.
In the period since 30 June 2024, Geoff Newman exercised the remainder of his options and now holds 5,115,835 shares in the Company as at 
the date of signing this report.
Shares issued on the exercise of options
The following ordinary shares of Atlas Pearls Ltd were issued during the year ended 30 June 2024 and up to the date of this report on the 
exercise of options granted:
Date
options granted
Exercise
date
Exercise
price
Shares
Issued
(no)
Geoff Newman
29/04/2022
19/02/2024
$0.065
510,478
Geoff Newman
29/04/2022
19/02/2024
$0.070
765,718
TOTAL
1,276,196
For personal use only

34   |   Atlas Pearls   |   Annual Report FY24
(C)	
OPTION HOLDING
The number of options over ordinary shares in the parent entity held during the year ended 30 June 2024 by each Director and other KMP of 
the Group, including their personally related parties, is set out below:
Balance
01/07/23
Granted
Exercised
Forfeited /Lapsed
Commenced as KMP
Ceased as KMP
Balance
30/06/24
Fully Vested1
Directors
Geoff Newman
1
2,552,392
-
(1,276,196)
-
-
-
1,276,196
1,276,196
Other KMP
Gemma Cann
2
-
-
-
-
469,405
(469,405)
-
234,702
Michael Ricci
-
4,000,000
-
-
-
-
4,000,000
800,000
TOTAL
2,552,392
4,000,000
(1,276,196)
-
469,405
(469,405)
5,276,196,
2,310,898
 
Notes:
1.	
2,076,196 Options vested 30 June 2024 (30 June 2023: 1,486,591).
2.	
Gemma Cann was appointed CFO on 17 July 2023 and resigned as CFO on 7 February 2024.
In the period since 30 June 2024, Geoff Newman exercised the remainder of his options and now holds nil options in the Company as at the 
date of signing this report.
15.	
Rounding of amounts
The Company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding off’ of amounts in the Directors’ report 
and financial report. Amounts in the Directors’ report and financial report have been rounded off to the nearest whole dollar, unless otherwise 
indicated, in accordance with the instrument.
This is the end of the Audited Remuneration Report.
16.	
Auditor’s independence declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 35.
Signed in accordance with a resolution of the Directors.
Geoff Newman 
Chairman - 29 August 2024
For personal use only

Annual Report FY24   |   Atlas Pearls   |   35
 
Level 9, Mia Yellagonga Tower 2  
5 Spring Street  
Perth, WA 6000 
PO Box 700 West Perth WA 6872 
Australia 
Tel: +61 8 6382 4600 
Fax: +61 8 6382 4601 
www.bdo.com.au 
DECLARATION OF INDEPENDENCE BY JARRAD PRUE TO THE DIRECTORS OF ATLAS PEARLS LIMITED 
 
As lead auditor of Atlas Pearls Limited for the year ended 30 June 2024, I declare that, to the best of 
my knowledge and belief, there have been: 
1. 
No contraventions of the auditor independence requirements of the Corporations Act 2001 in 
relation to the audit; and 
2. 
No contraventions of any applicable code of professional conduct in relation to the audit. 
 
This declaration is in respect of Atlas Pearls Limited and the entities it controlled during the period. 
 
 
Jarrad Prue 
Director 
 
BDO Audit Pty Ltd 
Perth 
29 August 2024 
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an 
Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form 
part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation. 
For personal use only

36   |   Atlas Pearls   |   Annual Report FY24
NOTE
2024
$
2023 
$
Revenue from contracts with customers
3
41,705,611
27,200,159
Farm costs
(10,078,792)
(10,897,065)
Administration expenses
5
(8,848,416)
(6,107,861)
Finance costs
5
(34,126)
(74,213)
Marketing expenses
(359,083)
(399,911)
Change in fair value less husbandry costs of oysters
4
17,395,029
641,493
Other expenses
5
(489,299)
(662,780)
Other income
3
520,997
14,067
PROFIT BEFORE INCOME TAX
39,811,921
9,713,889
Income tax expense
7
(8,342,905)
(626,145)
PROFIT AFTER INCOME TAX
31,469,016
9,087,744
OTHER COMPREHENSIVE INCOME
Items that will be reclassified as profit or loss:
Exchange differences on translation of foreign operations
(2,538,480)
446,144
OTHER COMPREHENSIVE INCOME NET OF TAXES
(2,538,480)
446,144
TOTAL COMPREHENSIVE INCOME
28,930,536
9,533,888
PROFIT IS ATTRIBUTABLE TO:
Owners of the Company
31,469,016
9,087,744
TOTAL COMPREHENSIVE INCOME IS ATTRIBUTABLE TO:
Owners of the Company
28,930,536
9,533,888
EARNINGS PER SHARE
ATTRIBUTABLE TO THE ORDINARY EQUITY HOLDERS OF THE COMPANY
Basic earnings per share (cents)
6
7.37
2.14
Diluted earnings per share (cents)
6
7.11
2.14
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For personal use only

Annual Report FY24   |   Atlas Pearls   |   37
   
2024 
$
2023 
$
CURRENT ASSETS
Cash and cash equivalents
8
17,623,315
7,845,286
Trade and other receivables
870,517
300,619
Inventories
9
7,140,363
3,319,854
Biological assets
4
14,499,738
8,916,104
TOTAL CURRENT ASSETS
40,133,933
20,381,863
NON-CURRENT ASSETS
Biological assets
4
21,320,671
11,340,618
Property, plant and equipment
11
7,062,086
6,928,730
Right-of-use assets
667,363
617,588
Deferred tax assets
7
669,071
797,111
TOTAL NON-CURRENT ASSETS
29,719,191
19,684,047
TOTAL ASSETS
69,853,124
40,065,910
CURRENT LIABILITIES
Trade and other payables
10
569,582
757,374
Provisions
10
3,590,969
2,971,185
Lease liabilities
69,210
63,572
Current tax liabilities
7
3,496,781
124,098
TOTAL CURRENT LIABILITIES
7,726,542
3,916,229
NON-CURRENT LIABILITIES
Lease liabilities
218,222
159,559
Deferred tax liabilities
7
6,354,104
1,860,885
Provisions
10
38,720
45,186
TOTAL NON-CURRENT LIABILITIES
6,611,046
2,065,630
TOTAL LIABILITIES
14,337,588
5,981,859
NET ASSETS
55,515,536
34,084,051
EQUITY
Contributed equity
12
37,241,851
36,857,415
Reserves
13
(10,164,761)
(7,744,682)
Retained earnings / (accumulated losses)
28,438,446
4,971,318
TOTAL EQUITY
55,515,536
34,084,051
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Consolidated Statement of Financial Position
NOTE
For personal use only

38   |   Atlas Pearls   |   Annual Report FY24
	
Attributable to owner of Atlas Pearls
Contributed 
equity
Revaluation 
reserve
Employee share 
reserve
Foreign currency 
translation reserve
Retained earnings 
(accumulated 
losses)
Total equity
NOTE
$
å$
$
$
$
$
BALANCES AT 1 JULY 2023
 36,857,415 
 179,179 
 1,164,841 
(9,088,702)
4,971,318
34,084,051 
Net profit for the year
-
-
-
-
31,469,016
31,469,016
Exchange differences on translation of foreign operations
13
-
-
-
(2,538,480)
-
(2,538,480)
Total comprehensive income
-
-
-
(2,538,480)
31,469,016
28,930,536
Transactions with owners in their capacity as owners
Contributions of equity, net of transaction costs
384,436
-
-
-
-
384,436
Share-based payments
13
-
-
118,401
-
-
118,401
Dividends paid
-
-
-
-
(8,001,888)
(8,001,888)
BALANCE AT 30 JUNE 2024
37,241,851 
 179,179 
1,283,242 (11,627,182)
28,438,446
 55,515,536 
BALANCES AT 1 JULY 2022
36,857,415
179,179
989,514
(9,534,846)
(4,116,426)
24,374,836
Net profit for the year
-
-
-
-
9,087,744
9,087,744
Exchange differences on translation of foreign operations
13
-
-
-
446,144
-
446,144
Total comprehensive income
-
-
-
446,144
9,087,744
9,533,888
Transactions with owners in their capacity as owners
Share-based payments
13
-
-
175,327
-
-
175,327
BALANCE AT 30 JUNE 2023
 36,857,415 
 179,179 
 1,164,841 
(9,088,702)
4,971,318
 34,084,051 
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
For personal use only

Annual Report FY24   |   Atlas Pearls   |   39
NOTE
2024 
$
2023 
$
CASH FLOWS FROM OPERATING ACTIVITIES
Proceeds from pearl and Jewellery sales 
Proceeds from pearl by-product sales 
Payments to suppliers and employees 
Income tax paid
Interest paid
Interest received
40,452,654
914,335
(20,493,174)
(451,639)
(19,527)
255,049
26,243,479
594,162
(17,572,442)
(767,211)
(62,063)
14,067
Net cash inflow from operating activities
8
20,657,698
8,449,992
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the disposal of property, plant and equipment
Payments for property, plant and equipment
262
(1,851,175)
-
(2,155,311)
Net cash outflow from investing activities
(1,850,913)
(2,155,311)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings
Proceeds from borrowings 
Repayment of lease liabilities
Dividends paid
Proceeds from the issue of shares (net of share issue expenses)
(650,869)
631,449
(99,899)
(8,001,888)
340,738
(1,812,806)
687,806
(130,484)
-
-
Net cash outflow from financing activities
(7,780,469)
(1,255,484)
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Effects of exchange rate changes on cash and cash equivalents
11,026,316
7,845,286
(1,248,287)
5,039,197
2,995,131
(189,042)
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR
8
17,623,315
7,845,286
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
For personal use only

40   |   Atlas Pearls   |   Annual Report FY24
PART A
Basis of preparation
1.  Basis of preparation
41
PART B
Financial performance
2.  Segment reporting
41
3.    Revenue from contracts with customers and  
       other income
43
4.  Biological assets
44
5.  Expenses
46
6.  Earnings per share
46
PART C
Tax
7.  Tax
47
PART D
Cash flow information
8.  Cash and cash equivalents
48
PART E
Working capital
9.  Inventories
49
10. Payables
49
PART F
Non-financial assets and liabilities
11. Property, plant and equipment
49
PART G
Funding, capital management and equity
12. Contributed equity
50
13. Reserves
51
14. Dividends
51
15. Risk management
51
PART H
Risk management
16. Events occurring after the reporting period
54
PART I
Unrecognised items
17. Commitments
54
18. Contingencies
54
19. Subsidiaries
54
PART J
Other
20. Related party transactions
55
21. Parent entity financial information
55
22. Share-based payments
55
23. Remuneration of auditors
57
24. Accounting policies
58
Index of notes to the consolidated financial statements
For personal use only

Annual Report FY24   |   Atlas Pearls   |   41
PART A - Basis of preparation
1.	
Basis of preparation
1.1	
BASIS OF PREPARATION
The financial statements cover the consolidated entity of Atlas 
Pearls Ltd and its subsidiaries. Atlas Pearls is a listed public Company, 
incorporated and domiciled in Australia.
A description of the nature of the consolidated entity’s operations 
and its principal activities is included in the review of operations and 
activities in the Directors’ report, which, is not part of these financial 
statements. The financial statements were authorised for issue by 
the Directors on 29 August 2024. The Directors have the power to 
amend and reissue the financial statements.
These general-purpose financial statements have been prepared 
in accordance with Australian Accounting Standards, and other 
authoritative pronouncements of the Australian Accounting 
Standards Board (AASB), IFRS, and the Corporations Act 2001. Atlas 
Pearls is a for-profit entity for the purpose of preparing financial 
statements.
These financial statements have been prepared under the historical 
cost basis, financial assets and liabilities (including derivative 
instruments) at fair value through profit or loss, and biological assets 
and inventories at fair value less cost to sell.
The accounting policies are consistent with those disclosed in 
the 2023 financial statements, except for the impact of all new or 
amended standards and interpretations.
1.2	
CRITICAL ACCOUNTING ESTIMATES
The preparation of financial statements requires the use of certain 
critical accounting estimates. It also requires management to 
exercise its judgment in the process of applying the Group’s 
accounting policies. The Directors evaluate estimates and 
judgements incorporated into the financial report based on 
historical knowledge and best available current information. 
Estimates assume a reasonable expectation of future events, and 
are based on current trends and economic data, obtained both 
externally and within the Group. Actual results may differ from these 
estimates under different assumptions and conditions and may 
materially affect financial results or the financial position reported in 
future periods.
The areas involving a higher degree of judgement or complexity, 
or areas where assumptions and estimates are significant to the 
financial statements are detailed below:
•	
Determination of market value of biological assets – see note 4
•	
Property, plant and equipment depreciation rates - see note 11
•	
Valuation of share-based payments – see note 22
PART B - Financial performance
2.	
Segment reporting
The Group has identified its operating segments based on internal 
reports that are reviewed and used by the Board of Directors 
and management team (the chief operating decision makers) 
in assessing performance and in determining the allocation of 
resources.
DISAGGREGATION OF REVENUE
The Group derives revenue from the transfer of goods at a point 
in time in major product lines and geographical regions as shown 
below.
The operating segments are identified by management based 
on the location in which the product is sold, whether Australia 
or Indonesia. Discrete financial information about each of these 
operating businesses is reported to the Board of Directors and 
management team on at least a monthly basis.
The accounting policies used by the Group in reporting segments 
are the same as those detailed throughout the financial statements 
and in the prior period, except as detailed below.
INTER-ENTITY SALES
Inter-entity sales are recognised on a cost-plus arrangement as per 
the Advance Pricing Agreement (APA), which was effective 1 July 
2021 through to 30 June 2025. The transfer price terms per the APA 
are between 11.8% and 16.47%. These transactions are eliminated 
within the internal reports. The revenue from external parties, 
reported to the chief operating decision makers is measured in a 
manner consistent with that in the statement of profit or loss and 
other comprehensive income.
It is the Group’s policy that if items of revenue and expense are 
not allocated to operating segments, then any associated assets 
and liabilities are also not allocated to segments. This is to avoid 
asymmetrical allocations within segments which management 
believe would be inconsistent.
Segment revenue reconciles to total revenue from contracts 
with customers in the statement of profit or loss and other 
comprehensive income as follows:
2024
              2023
Total segment revenue
64,800,428
46,877,358
Inter-segment eliminations
(23,094,817)
(19,677,199)
Total revenue from contracts 
with customers (note 3)
41,705,611
27,200,159
Notes to the consolidated financial statements
For personal use only

42   |   Atlas Pearls   |   Annual Report FY24
2.1	
SEGMENT INFORMATION PROVIDED TO THE BOARD OF DIRECTORS AND MANAGEMENT TEAM
The segment information provided to the Board of Directors and management team for the reportable segments for the year ended  
30 June 2024 is as follows:
Loose pearls and by-product
30 June 2024
NOTE
Australia
$
Indonesia
$
Total
$
Total segment revenue
39,766,618
25,033,810
64,800,428
Inter-segment revenue
-
(23,094,817)
(23,094,817)
Revenue from external customers
3.1
39,766,618
1,938,993
41,705,611
Timing of revenue recognition
At a point in time
39,766,618
1,938,993
41,705,611
Over time
-
-
-
39,766,618
1,938,993
41,705,611
Normalised EBITDA
2.2(IV)
19,401,764
3,230,914
22,632,678
Adjusted net operating profit before income tax
2.2(I)
19,559,508
3,013,675
22,573,183
Depreciation and amortisation
5
76,068
245,736
321,804
Revaluation of biological assets
-
(17,395,029)
(17,395,029)
TOTAL SEGMENT ASSETS
2.2(II)
18,262,322
50,921,731
69,184,053
Total assets include:
Additions to non-current assets
8,101
1,843,074
1,851,175
TOTAL SEGMENT LIABILITIES
2.2(III)
(903,860)
(3,295,410)
 (4,199,270)
The segment information provided to the Board of Directors and management team for the reportable segments for the year ended 
30 June 2023 is as follows:
Loose pearls and by-product
30 June 2023
Australia
$
Indonesia
$
Total
$
Total segment revenue
26,365,847
20,511,511
46,877,358
Inter-segment revenue
-
(19,677,199)
(19,677,199)
Revenue from external customers
26,365,847
834,312
27,200,159
Timing of revenue recognition
At a point in time
26,365,847
834,312
27,200,159
Over time
-
-
-
26,365,847
834,312
27,200,159
Normalised EBITDA
7,073,425
2,731,616
9,805,041
Adjusted net operating profit before income tax
6,859,569
2,594,382
9,453,951
Depreciation and amortisation
111,962
178,982
290,944
Revaluation of biological assets
-
(641,493)
(641,493)
TOTAL SEGMENT ASSETS
7,651,584
31,616,644
39,268,228
Total assets include:
Additions to non-current assets
31,322
2,123,989
2,155,311
TOTAL SEGMENT LIABILITIES
(628,574)
(3,145,171)
(3,773,745)
Revenues of $13.2M are derived from two external customers representing more than 10% of revenue (2023: $8.2M). These revenues are 
attributed to the Australian loose pearls and by-product segment.
For personal use only

Annual Report FY24   |   Atlas Pearls   |   43
2.2	
OTHER SEGMENT INFORMATION
(I)	
ADJUSTED NET OPERATING PROFIT
The Board of Directors and the management team review the 
performance of each segment on a monthly basis by analysing the 
segment’s net operating profit before tax. A segment’s net operating 
profit before tax excludes non-operating income and expenses 
such as interest paid and received, foreign exchange gains and 
losses whether realised or unrealised, fair value gains and losses, and 
impairment charges.
A reconciliation of adjusted net operating profit/(loss) before income 
tax is provided as follows:
2024 
$
2023 
$
Segment net operating profit before tax
22,573,183
9,453,951
Changes in fair value of biological and 
agricultural assets
17,395,029
641,493
Foreign exchange gains / (losses)
(156,291)
(381,555)
TOTAL PROFIT BEFORE INCOME TAX 
FROM OPERATIONS
39,811,921
9,713,889
(II)	
SEGMENT ASSETS
Assets are allocated based on the operations of the segment and 
the physical location of the asset. Reportable segments’ assets are 
reconciled to total assets as follows:
2024
$
2023
$
Segment assets
69,184,053
39,268,228
Unallocated:
Joint venture loans
-
571
Deferred tax assets
669,071
797,111
TOTAL ASSETS AS PER THE STATEMENT 
OF FINANCIAL POSITION
69,853,124
40,065,910
The total of non-current assets other than financial instruments and 
deferred tax assets located in Australia is $203,491 (30 June 2023: 
$30,770,942). The total located in Indonesia is $28,846,630  
(30 June 2023: $20,575,033).
(III)	
SEGMENT LIABILITIES
Liabilities are allocated based on the operations of the segment and 
the physical location of the asset. Reportable segments’ liabilities are 
reconciled to total liabilities as follows:
2024
$
2023
$
Segment liabilities
4,199,270
3,773,745
Unallocated:
Current tax liabilities
3,486,782
124,098
Lease liabilities
287,432
223,131
Deferred tax liabilities
6,354,104
1,860,885
TOTAL LIABILITIES AS PER THE 
STATEMENT OF FINANCIAL POSITION
14,327,588
5,981,859
(IV)	
NORMALISED EBITDA RECONCILIATION
2024
$
2023
$
Net profit before tax
39,811,921
9,713,889
Interest expense / (income)
(262,309)
60,146
Depreciation/amortisation
321,804
290,944
Foreign exchange loss
156,291
381,555
Agriculture standard revaluation (gain)
(17,395,029)
(641,493)
NORMALISED EBITDA
22,632,678
9,805,041
3.	
Revenue
3.1	
REVENUE FROM CONTRACTS WITH CUSTOMERS
2024
$
2023
$
Sale of goods
41,705,611
27,200,159
TOTAL REVENUE FROM CONTRACTS 
WITH CUSTOMERS
41,705,611
27,200,159
Refer to note 2.1 for the disaggregation of revenue.
3.2	
OTHER INCOME
2024
$
2023
$
Interest income
296,469
14,067
Other
224,528
-
TOTAL OTHER INCOME
520,997
14,067
MATERIAL ACCOUNTING POLICY
Revenue from contracts with customers
Revenue is recognised when the Group transfers control of 
products to a customer at the amount to which the Group 
expects to be entitled. The amount of revenue arising on a 
transaction is usually determined by an agreement between 
the Group and the customer.
Sale of Goods - Wholesale
The Group produces and sells pearls in the wholesale market.
Revenue from the sale of goods is recognised at a point in time 
when control of the product is transferred to the customer, 
which is typically on delivery.
Sale of Goods - Retail
The Group operates an online retail store and farm experience 
stores selling pearl jewellery. Revenue from the sale of goods 
is recognised when the Group transfers control of the product 
to the customer, which is typically at the point of sale.
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44   |   Atlas Pearls   |   Annual Report FY24
4. Biological assets
2024
$
2023
$
Current
Oysters – at fair value
14,499,738 
8,916,104 
TOTAL CURRENT BIOLOGICAL ASSETS
14,499,738
8,916,104
Non-current
Nuclei
303,323
-
Oysters – at fair value
21,017,348
11,340,618 
TOTAL NON-CURRENT BIOLOGICAL ASSETS
21,320,671
 11,340,618 
TOTAL BIOLOGICAL ASSETS
35,820,409
 20,256,722
Biological assets recognised as current assets on the statement of financial position represent 
the estimated value of the pearls to be harvested within the next 12 months. 
The details of the biological assets that are held by the Group as at 
year end are as follows:
MATERIAL ACCOUNTING POLICY
Agricultural assets include pearl oysters, both seeded and 
unseeded. Seeded oysters are measured at their fair value less 
estimated husbandry costs. The fair value of these biological 
assets is determined by using the present value of expected 
net cash flows from the oysters, discounted using a pre-tax 
market determined rate. The fair value of unseeded oysters is 
determined by reference to market prices for this type of asset 
in Indonesia. Changes in fair value less estimated husbandry 
costs of these assets are recognised in the consolidated 
statement of profit or loss and other comprehensive income in 
the period they arise
MATERIAL JUDGEMENT
Fair value should reflect market participant views and market 
data at the measurement date under current market
conditions. The valuation of oysters contains both observable 
and unobservable inputs. The Group carefully considered 
these inputs when assessing the fair value of oyster stocks. A 
fair valuation uplift of $17,395,029 (2023: $641,493 increase) is 
included in the valuation of biological assets, representing an 
average fair value per pearl of $52 less costs to sell.
The Group is exposed to financial risk in respect of its involvement 
in primary production, which consists of the breeding and rearing 
of oysters for the purpose of producing pearls. The primary financial 
risk associated with this activity occurs due to the length of time 
between the expenditure of cash in relation to the operation of the 
farm, the harvesting of the pearls, and realisation of cash receipts 
from the sale to third parties. The Group ensures that it maintains 
sufficient working capital to sustain its operations through any delays 
in cash flow that may be reasonably foreseen.
Level 3 analysis: The finance and operations departments undertake 
the valuation of the oysters. The calculations are considered to be 
level 3 fair values, as described in note 15.5 (B). The data is taken 
from internal management reporting and work completed by the 
executive within the respective field teams to determine the material 
inputs to the model. The key production inputs are confirmed with 
the relevant executives and agreed with the Board of Directors every 
six months. These are listed in note 4.1.
The following table presents the group’s biological assets measured 
and recognised at fair value at 30 June 2024 and 30 June 2023 on a 
recurring basis:
30 June 2024
Level 1
Level 2
Level 3
Total
$
$
$
$
Assets
Biological assets
-
-
35,820,409
35,820,409
TOTAL ASSETS
-
-
35,820,409
35,820,409
30 June 2023
Level 1
Level 2
Level 3
Total
$
$
$
$
Assets
Biological assets
-
-
20,256,722
20,256,722
TOTAL ASSETS
-
-
20,256,722
20,256,722
4.1	
KEY PRODUCTION ASSUMPTIONS
In the current reporting period, management has introduced changes 
to the methodology used in calculating the fair value of oysters.  
Previously, future pearl quality was forecast based on the weight 
and category of pearls harvested in the prior 12-month period. 
Recognising the inherent volatility and cyclical nature of harvest 
quality, an alternative predictor of future pearl quality has been 
identified, where management model various future pearl quality 
scenarios, expressed as an average index score, calculated with 
reference to each element of the grading assessment (size, colour, 
shape, and grade). This metric compares harvest quality between 
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Annual Report FY24   |   Atlas Pearls   |   45
sites over time independent of market demand. Management then exercises judgement to determine the most likely scenario over the next 
two years, and subsequently applies it in the valuation model.
Additionally, the previous methodology calculated future revenues based on forecasted JPY per momme for projected harvested pearls. In 
response to the shift in our main trading currency to USD, management has opted to calculate revenue based on USD per pearl.
All other assumptions integral to the fair valuation calculation of oysters remain unchanged. The key assumptions utilised to determine the fair 
market value of oysters are detailed below:
Input
2024
2023
2024 Assumptions
2023 Assumptions
Average selling price per pearl
$52
¥15,518 per 
momme1
Based on sale prices achieved over prior 
three reporting periods.
Based on sale prices achieved over prior 
three reporting periods.
USD exchange rate
US$ 0.72
N/A
Based on the forward USD price per a 
financial institution.
N/A
Yen exchange rate
N/A
¥95.97
N/A
Based on the forward JPY price per a 
financial institution.
Pearl quality scenario
Medium
N/A
Based on management assessment.
N/A
Average pearl size
N/A
0.38
N/A
Based on harvest results achieved over 
prior five reporting periods.
Proportion of marketable grade
N/A
34%
N/A
Based on harvest results achieved over 
prior five reporting periods.
Discount rate
20%
20%
No change to prior period.
Based on analysis of comparable primary 
producers.
Mortality
14%
16%
Based on current harvest mortality rates.
Based on current harvest mortality rates.
Average unseeded oyster value
$1.73
$1.91
Based on historical independent  
valuation.
Based on historical independent  
valuation.
Costs to complete
$0.86
$0.59
Based on current average.
Based on current average.
Costs to sell
$1.84
$1.61
Based on current average.
Based on current average.
Notes:
1.	
Based on the previous M2M model.
4.2	
SENSITIVITY ANALYSIS – OYSTERS
The following tables summarise the potential impact of changes in the key non-production-related variables on the fair value oyster adjustment:
 
 
Pearl Quality Scenario
Very Low
Low
Medium
High
Very High
Discount rate
Profit $
Profit $
Profit $
Profit $
Profit $
22%
  (5,211,315)
  (2,768,775)
      (611,670)
    3,824,680 
         8,056,594 
20%
  (4,695,182)
  (2,201,854)
                  -   
    4,522,449 
         8,835,708 
18%
  (4,157,896)
  (1,611,633)
       636,882 
    5,248,997 
         9,646,885 
 
 
Pearl Quality Scenario
Very Low
Low
Medium
High
Very High
Pricing
Profit $
Profit $
Profit $
Profit $
Profit $
>10%
      (251,144)
    2,491,518 
    4,913,557 
    9,888,251 
       14,632,836 
0%
  (4,695,182)
  (2,201,854)
                  -   
    4,522,449 
         8,835,708 
<10%
  (9,139,221)
  (6,895,225)
  (4,913,557)
      (843,353)
         3,038,581 
 
 
Pearl Quality Scenario
Very Low
Low
Medium
High
Very High
FX Rate
Profit $
Profit $
Profit $
Profit $
Profit $
>10%
      (251,144)
    2,491,518 
    4,913,557 
    9,888,251 
       14,632,836 
0%
  (4,695,182)
  (2,201,854)
                  -   
    4,522,449 
         8,835,708 
<10%
  (9,139,221)
  (6,895,225)
  (4,913,557)
      (843,353)
         3,038,581 
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46   |   Atlas Pearls   |   Annual Report FY24
5.	
Expenses
5.1	
ADMINISTRATION EXPENSES
2024 
$
2023 
$
Salaries and wages
5,748,210
4,221,452
Depreciation / amortisation
321,804
290,944
Occupancy costs
204,668
115,370
Compliance and accounting
598,848
450,595
Travel
588,606
386,595
Other
1,386,280
642,905
TOTAL ADMINISTRATION EXPENSES
8,848,416
6,107,861
5.2	
FINANCE COSTS
2024 
$
2023 
$
Interest and finance charges payable
19,527
55,893
Interest from lease liabilities
14,599
18,320
TOTAL FINANCE COSTS
34,126
74,213
5.3 	
OTHER EXPENSES
2024 
$
2023 
$
Net loss on foreign exchange
156,291
381,555
Share-based payment expenses  
(refer to note 22.4)
118,401
175,328
Other
214,607
105,897
TOTAL OTHER EXPENSES
489,299
662,780
6.	
Earnings
2024 
$
2023 
$
Basic earnings per share (cents per share)
7.37
2.14
Diluted earnings per share (cents per share)
7.11
2.14
6.1	
EARNINGS RECONCILIATION
2024 
$
2023 
$
Net profit used for basic earnings
31,469,016
9,087,744
2024
2023
Weighted average number of ordinary shares 
outstanding during the period used for the 
calculation of basic earnings per share
427,186,130
424,809,620
Adjustments for calculation of diluted 
earnings per share
15,312,755
18,689,466
Weighted average number of potential 
ordinary shares outstanding during 
the year used for calculation of diluted 
earnings per share
442,498,885
443,499,086
Diluted earnings per share is calculated after taking into 
consideration all options and any other securities that were on issue 
that remain unconverted at 30 June 2024 as potential ordinary 
shares, which may have a dilutive effect on the profit of the Group.
Ordinary shares issued to employees under the Atlas Pearls Ltd 
Employee Share and Incentive Plan are considered to be potential 
ordinary shares and have been included in the determination of 
diluted earnings per share to the extent that they are dilutive.
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Annual Report FY24   |   Atlas Pearls   |   47
PART C - Tax
7.	
Tax
7.1	
INCOME TAX EXPENSE
2024 
$
2024 
$
(A) THE COMPONENTS OF TAX EXPENSE/(BENEFIT) COMPRISE:
Current tax
3,721,646
474,957
Deferred tax
4,621,259
314,179
Prior period (over) provision
-
(162,994)
INCOME TAX EXPENSE
8,342,905
626,145
(B) DEFERRED INCOME TAX (REVENUE) EXPENSE INCLUDED IN INCOME TAX EXPENSE COMPRISES:
Decrease/(increase) in deferred tax assets (excluding tax losses) (note 7.2)
128,040
56,997
(Decrease)/increase in deferred tax liabilities (note 7.2)
-
94,188
Decrease/(increase) in opening balances
4,493,219
162,994
DEFERRED TAX EXPENSE
4,621,259
314,179
(C) NUMERICAL RECONCILIATION OF INCOME TAX EXPENSE TO PRIMA FACIE TAX PAYABLE:
Profit before income tax expense
39,811,922
9,713,889
Tax at the Australian tax rate of 25% (30 June 2023: 25%)
9,952,980
2,428,471
Tax effect of amounts which are not deductible in calculating taxable income:
Non-deductible expenses
82,961
64,642
Sundry items
996
(14,840)
Permanent differences
(27,998)
6,475
Difference in overseas tax rates
(78,787)
(64,767)
Income tax (over) provided in previous years
154,806
(162,994)
Capital losses included in current year and not recognised
59,896
-
Utilisation of tax losses
(1,801,949)
(1,630,842)
INCOME TAX EXPENSE
8,342,905
626,145
Weighted average effective tax rates
21%
6%
(D) DEFERRED INCOME TAX AT 30 JUNE RELATES TO THE FOLLOWING:
Deferred tax liabilities
Fair value adjustment on biological assets
(4,368,918)
(133,390)
Prepayments
(14,152)
5,189
Other
(48,056)
34,012
Unrealised foreign exchange gain
(62,093)
-
Deferred tax assets
Difference in accounting and tax depreciation
(47,811)
(69,422)
Stock
(10,855)
(58,404)
Accruals
16,508
(25,685)
Provisions
(55,365)
86,144
Other
(30,518)
10,371
DEFERRED (INCOME)
(4,621,260)
(151,185)
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48   |   Atlas Pearls   |   Annual Report FY24
7.2	
TAX ASSETS AND LIABILITIES
2024 
$
2024 
$
(A) LIABILITIES
CURRENT
Income tax payable
3,496,781
124,098
NON-CURRENT
Deferred tax liabilities comprise of  
temporary differences attributable to:
Agricultural and biological assets at fair value
6,208,304
1,839,386
Prepayments
19,123
4,971
Unrealised foreign exchange gains
62.093
-
Other
64,584
16,528
TOTAL DEFERRED TAX LIABILITIES
6,354,104
1,860,885
(B) ASSETS
Deferred tax assets comprise of temporary 
differences attributable to:
Agricultural and biological assets at fair value
23,505
34,360
Accruals
16,508
-
Provisions
574,494
629,859
Tax allowances relating property, plant and 
equipment
2,705
50,516
Other
51,859
82,376
669,071
797,111
Previously recognised deferred tax assets
-
-
Tax losses recognised
-
-
TOTAL DEFERRED TAX ASSETS
669,071
797,111
(C) RECONCILIATIONS
The overall movement in deferred tax 
account is as follows:
Opening balance
(1,063,771)
(912,583)
(Charge) to statement of profit or loss and 
other comprehensive income
(4,621,260)
(314,179)
Decrease in opening balances
-
162,994
CLOSING BALANCE
(5,685,030)
(1,063,768)
MATERIAL JUDGEMENT
Deferred tax assets
Deferred tax assets and liabilities have been bought to 
account after considering the level of tax losses carried 
forward and available to the Group against future taxable 
profits and the probability within the future that taxable 
profits will be available against which the benefits of the 
deductible temporary difference can be claimed.
Losses can be carried forward indefinitely and have no expiry 
date, provided the loss recoupment test can be satisfied. The 
balance of losses available to the Group at 30 June 2024 is 
$1,764,853 (30 June 2023: $9,042,671).
PART D - Cash flow information
8.	
Cash and cash equivalents
2024
$
2023
$
Cash at bank
17,623,315
7,845,286
BALANCES PER STATEMENT OF CASH 
FLOWS
17,623,315
7,845,286
Risk exposure
The Group’s exposure to interest rate risk is disclosed in note 15. The 
maximum exposure to credit risk at the reporting date is the carrying 
amount of each class of cash and cash equivalents mentioned above.
8.1	
NOTES TO THE CASH FLOW STATEMENT
8.1.1	
RECONCILIATION OF CASH
For the purposes of the statement of cash flows, and in line with 
the accounting policy, cash and cash equivalents includes cash on 
hand, deposits held at call with financial institutions, other short-
term high liquid investments, with original maturity of three months 
or less that are readily convertible to known amounts of cash, and 
which are subject to an insignificant risk of change in value, and bank 
overdrafts.
Cash at the end of the financial period as shown in the statement 
of cash-flows is reconciled to the related items in the statement of 
financial performance as noted above.
8.1.2	
RECONCILIATION OF PROFIT/(LOSS) AFTER INCOME 	
	
TAX TO NET CASH INFLOW FROM OPERATING ACTIVITIES
2024
$
2023
$
Profit after income tax
31,469,016
9,087,744
Depreciation / amortisation
321,804
290,944
Share-based payments expense
118,401
175,328
Foreign exchange loss / (gain) unrealised
283,101
(253,472)
Agricultural asset fair value (gains) / losses
(17,395,029)
(641,493)
Decrease/(increase) in trade and other 
receivables
(512,343)
(145,896)
Decrease/(increase) in inventories
(1,989,166)
(1,325,938)
(Decrease)/increase in trade and other 
payables
(257,178)
(1,252)
Increase/(decrease) in provision
613,317
15,570
Increase/(decrease) in taxes
8,005,775
1,248,457
NET CASH OBTAINED IN OPERATING 
ACTIVITIES
20,657,698
8,449,992
As at the date of this report the Company has not entered into any 
non-cash financing or investing activities.
8.1.3	
CREDIT FACILITIES
As at 30 June 2024 the Company had in place a bank overdraft loan 
facility with the National Australia Bank with a limit of $2.5M (30 June 
2023: $2.5M). As at 30 June 2024 no amount has been drawn down 
on this facility (30 June 2023: nil).
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Annual Report FY24   |   Atlas Pearls   |   49
PART E - Working capital 
       
9.          Inventories
2024
$
2023
$
Pearls
6,599,343
3,017,706
Jewellery
541,020
302,148
TOTAL INVENTORY
7,140,363
3,319,854
No.
No.
NUMBER OF PEARLS ON HAND
224,141
100,174
SIGNIFICANT JUDGEMENT
Pearl and jewellery inventory is held at cost and value 
assessed based on the fair value of oyster stock at time of 
harvest. At each reporting date, pearl inventory is reviewed 
to ensure it is valued at the lower of cost and net realisable 
value. At 30 June 2024, nil write off of pearl stocks has been 
recorded (30 June 2023: nil).
Net realisable value: Net realisable value is the estimated 
selling price in the ordinary course of business less the 
estimated costs necessary to make the sale.
10.	
Payables
2024
$
2023
$
Current
Trade payables
390,605
659,440
Provisions
3,590,969
2,971,185
Other payables and accrued expenses
178,977
97,934
TOTAL CURRENT PAYABLES
4,160,551
3,728,559
Non-Current
Provisions1
38,720
45,186
TOTAL NON-CURRENT PAYABLES
38,720
45,186
TOTAL PAYABLES
4,199,271
3,773,745
Notes:
1.	
Non-current provisions comprise accrued long service leave for employees with 
more than five years of tenure with the Company.
PART F - Fixed assets and liabilities
11.	
Property, plant and equipment 
 
2024 
$
2023 
$
(A) NON-PEARLING ASSETS
Plant and equipment
- at cost
596,068
594,421
- accumulated depreciation
(516,890)
(503,130)
79,178
91,291
Leasehold improvements
- at cost
278,495
299,596
- accumulated depreciation
(251,776)
(262,169)
26,719
37,427
Total non-pearling assets
105,897
128,718
Land (leasehold and freehold) and buildings
- at cost
3,186,691
3,388,595
- accumulated depreciation
(987,807)
(971,274)
2,198,884
2,417,321
Plant and equipment, vessels, vehicles
- at cost
14,216,946
13,680,437
- accumulated depreciation
(9,459,641)
(9,297,746)
4,757,305
4,382,691
Total pearling project
6,956,189
6,800,012
TOTAL PROPERTY, PLANT AND  
EQUIPMENT
7,062,086
6,928,730
Reconciliations of the carrying amount for each class of property, 
plant and equipment are set out below:
2024 
$
2023 
$
(A) NON-PEARLING ASSETS
Plant and equipment
Carrying amount at beginning of the year
91,291
93,116
Additions
33,930
38,369
Reclassifications/disposals
(14,164)
(3,552)
Depreciation
(24,885)
(38,637)
Foreign exchange movement
(6,994)
1,995
Carrying amount at end of the year
79,178
91,291
Leasehold Improvements
Carrying amount at beginning of the year
37,426
57,675
Additions
-
-
Reclassifications/disposals
-
-
Depreciation
(7,915)
(21,235)
Foreign exchange movement
(2,792)
987
Carrying amount at end of the year
26,719
37,427
Total non-pearling assets
105,897
128,718
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50   |   Atlas Pearls   |   Annual Report FY24
2024 
$
2024 
$
(B) PEARLING PROJECT
Leasehold land and buildings
Carrying amount at beginning of the year
2,417,321
1,698,651
Additions
956,102
1,640,577
Reclassifications/disposals
(865,883)
(840,576)
Depreciation
(100,265)
(129,835)
Foreign exchange movement
(208,391)
48,504
Carrying amount at end of the year
2,198,884
2,417,321
Plant and equipment, vessels, and 
vehicle
Carrying amount at beginning of the year
4,382,691
4,056,439
Additions
861,143
476,365
Reclassifications/disposals
865,883
840,576
Depreciation
(974,591)
(1,106,516)
Foreign exchange movement
(377,821)
115,827
Carrying amount at end of the year
4,757,305
4,382,691
Total pearling project assets
6,956,189
6,800,012
TOTAL CARRYING AMOUNT –  
PROPERTY, PLANT AND EQUIPMENT
7,062,086
6,928,730
Reconciliation of depreciation to the Statement of Profit or Loss and 
Other Comprehensive Income: 
2024 
$
2024 
$
Depreciation charge
1,107,656
1,296,223
Capitalised depreciation charge
(772,970)
(1,061,607)
Depreciation of property, plant and 
equipment (PPE)
334,686
234,616
Amortisation of intangible asset
-
-
Amortisation of Right-of-Use Asset
(12,882)
56,328
Depreciation / amortisation charge  
(Note 5)
321,804
290,944
MATERIAL ESTIMATE
Depreciation on property, plant and equipment is calculated 
on a straight-line basis so as to write off the cost or valuation 
of property, plant and equipment over their estimated useful 
lives, commencing from the time the asset is held ready for 
use. The depreciation rates used for each class of depreciable 
assets are unchanged: Freehold Buildings (5-10%), Leasehold 
Land and Buildings improvements (5-10%), Vessels (10%), 
and Plant and Equipment (10-50%). Depreciation on 
property, plant and equipment which are directly related to 
Biological Assets are capitalised to the carrying amount of 
Biological Assets.
The estimations of useful lives, residual values and 
depreciation methods require significant management 
judgements and are regularly reviewed. If they need to be 
modified, the depreciation and amortisation expense is 
accounted for prospectively from the date of the assessment 
until the end of the revised useful life (for both the current 
and future years).
Construction in Progress
Included in pearling project land (leasehold and freehold) 
and buildings is $1,027,605 (30 June 2023: $1,073,298) which 
represents construction of buildings in progress at cost. 
These expenses will be capitalised within property, plant and 
equipment when a project is completed.
PART G - Funding, capital management 	
	
and equity
12.	
Contributed equity
2024 
No.
2023  
No.
2024  
$
2023  
$
Issued and fully 
paid-up capital
433,622,379
427,871,758
37,241,851
36,857,415
Ordinary shares
Balance at 
beginning of year
427,871,758
427,871,758
36,857,415
36,857,415
Shares issued
5,750,621
-
384,436
-
Balance at end  
of year
433,622,379
427,871,758
37,241,851
36,857,415
Treasury shares
Balance at  
beginning of year
3,062,138
3,062,138
Shares released
-
-
Balance at end  
of year
3,062,138
3,062,138
Treasury shares are shares in Atlas Pearls that are held by the Atlas 
Pearls Ltd Executive Share Plan Trust for the purpose of issuing shares 
under the Atlas South Sea Pearl Employee share plan. No treasury 
shares were issued during the financial year ended 30 June 2024  
(30 June 2023: nil).
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Annual Report FY24   |   Atlas Pearls   |   51
(i)	
RIGHTS
Holders of ordinary shares are entitled to receive dividends as 
declared from time to time and are entitled to one vote per share at 
shareholders’ meetings. In the event of winding up of the Company, 
ordinary shareholders rank after all other shareholders (where 
applicable) and creditors, and are fully entitled to any proceeds of 
liquidation in proportion to the number of shares held.
(ii)	
OPTIONS
There are 14,643,644 unlisted options on issue at 30 June 2024 (2023: 
17,808,068). Information relating to the Atlas Pearls Ltd Employee 
Share and Incentive Plan, including details of options issued, 
exercised and lapsed during the financial year and the options 
outstanding at the end of the reporting period are set out in note 22.
(iii)	
CAPITAL RISK MANAGEMENT
The Group’s objectives when managing capital are to safeguard their 
ability to continue as a going concern, so that they can continue to 
provide returns to shareholders and benefits for other stakeholders, and 
to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may 
adjust the amount of dividends paid to shareholders, return capital 
to shareholders, issue new shares, or sell assets to reduce debt. The 
Group has a net gearing ratio of nil at 30 June 2024 (30 June 2023: nil)
The Group has no external requirements imposed upon it in relation 
to capital structure.
13.	
Reserves 
2024 
$
2023 
$
Foreign currency translation reserve
(11,627,182)
(9,088,702)
Employee share reserve 
1,283,242
1,164,841 
Revaluation reserve
179,179
179,179
Total reserves
(10,164,761)
(7,744,682)
Movements:
Foreign currency translation reserve1 
     Balance at beginning of year
(9,088,702)
(9,534,846)
     Currency translation differences arising 
     during the year
(2,538,480)
446,144
     Balance at end of year
(11,627,182)
(9,088,702)
Employee share reserve2 
     Balance at beginning of year
1,164,841
989,514
     Movement in employee share reserve
118,401
175,327
     Balance at end of year
1,283,242
1,164,841
Revaluation reserve3
     Balance at beginning of year
179,179
179,179
     Balance at end of year
179,179
179,179
Notes:
1.	
The foreign currency translation reserve records exchange differences arising on 
translation of foreign controlled subsidiaries to the reporting currency.
2.	
The employee share reserve records the value of equity portion of remuneration 
paid to employees in the form of shares or other equity instruments.
3.	
The revaluation reserve records the value of increase in the carrying value of assets 
as a result of revaluation.
14.	
Dividends
14.1	
DIVIDEND FRANKING ACCOUNT
2024 
$
2023 
$
Dividend franking account
Franking credits available to shareholders of 
the Company for subsequent financial years 
based on a tax rate of 25%
-
1,305,572
The above amounts represent the balance of the franking account 
as at the end of the financial period adjusted for:
(i)	
Franking credits that will arise from the payment of the amount 	
	
of the provision for income tax;
(ii)	
Franking debits that will arise from the payment of dividends 	
	
recognised as a liability at the reporting date; and
(iii)	 Franking credits that will arise from the receipt of dividends 	
	
recognised as receivables at the reporting date.
14.2	
DIVIDENDS PAID
Dividends paid during the financial year were as follows:
2024 
$
2023 
$
Special dividend of 0.35 cents per ordinary 
share paid on 26 September 2023
1,497,552
-
Special dividend of 1.5 cents per ordinary 
share paid on 22 March 2024
6,504,336
-
8,001,888
-
On 29 of August 2024 the Directors declared a final dividend for 
the year ended 30 June 2024 of 1 cent per ordinary share to be 
paid on the 27th of September 2024, a total estimated distribution 
of $4,366,685 based on the number of shares on issue as at 30 
June 2024. As the dividend was fully franked, there are no income 
tax consequences for the owners of Atlas Pearls Ltd relating to this 
dividend.
PART H - Risk management
15.	
Risk management
15.1	
FINANCIAL RISK
(I)	
FINANCIAL RISK
The Group’s activities expose it to a variety of financial risks 
(including currency risk, interest rate risk, and price risk), credit risk, 
and liquidity risk. The Group uses sensitivity analysis in the case of 
interest rate and foreign exchange risks, and ageing analysis for 
credit risk. Risk management is carried out by the Board of Directors 
and senior management.
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52   |   Atlas Pearls   |   Annual Report FY24
The Group holds the following financial instruments:
2024
$
2023
$
Financial assets
Cash and cash equivalents
17,623,315
 7,845,286 
Trade and other receivables
870,517
 300,619 
TOTAL FINANCIAL ASSETS
18,493,832
 8,145,905
Financial liabilities
Trade and other payables
390,605
706,253 
Lease liabilities
287,432
223,131
TOTAL FINANCIAL LIABILITIES
678,037
929,384
(ii)	
FOREIGN EXCHANGE RISK
The Group operates internationally and is exposed to foreign 
exchange risk arising from various currency exposures, primarily with 
respect to the Japanese Yen (JPY), Indonesian Rupiah (IDR) and US 
Dollar (USD). Foreign exchange risk arises from future commercial 
transactions, recognised assets and liabilities denominated in 
a currency that is not the entity’s functional currency, and net 
investments in foreign operations. The risk is measured using 
sensitivity analysis and cash flow forecasting.
The Group manages their foreign exchange risk against their 
functional currency. Group companies review exposure on a regular 
basis and will undertake hedging, if deemed appropriate, under 
guidance of the Board of Directors. The majority of the Group’s cash 
reserves are held in Australian banks with AAA ratings.
GROUP SENSITIVITY ANALYSIS
Sensitivity analysis is based on exchange rates in USD and JPY 
increasing or decreasing by 10% and the effect on profit and equity.
Statement of 
financial position 
amount AUD
Foreign exchange rate risk
30 June 2024
30 June 2023
-10%
10%
-10%
10%
2024
2023
Profit
Equity
Profit
Equity
Profit
Equity
Profit
Equity
Financial assets
Cash
7,845,286
1,157,754
-
(947,253)
-
622,701
-
(509,483)
-
Trade and other receivables
870,518
300,619
38,753
-
(31,707)
-
1,857
-
(1,519)
-
Financial liabilities
Trade and other payables
390,605
706,253
3,029
-
(2,479)
-
(2,820)
-
2,307
-
Total Increase/(Decrease)
-
(981,439)
-
621,738
-
(508,695)
-
Trade debtors relate to sales made in JPY and USD. Not shown in the 
table above is the exposure to exchange movements on the inter-
company loans made to the Indonesian subsidiaries. The loans are 
held in IDR and revalued to AUD at each year end. The loan balance 
as at 30 June 2024 was$2,175,342 (30 June 2023: $3,690,050). The 
inter-company loans are eliminated on consolidation.
The carrying amount of the consolidated entity’s foreign currency 
denominated financial assets and financial liabilities at the reporting 
date were as follows:
 
Assets
Liabilities
2024
2023
2024
2023
$’000
$’000
$’000
$’000
JPY
4,075,752
2,934,509
20,493
25,382
USD
6,740,568
      3,025,845 
                      - 
                           - 
10,816,320
5,960,354
20,493
25,382
(iii)	
PRICE RISK
The Group is exposed to fluctuations in pearl prices, both increases 
and decreases. This product is not traded as a commodity on an 
open market and as such the price risk cannot be hedged.
15.2	
CREDIT RISK
Credit risk is managed on a Group basis. Credit risk arises from cash 
and cash equivalents, derivative financial instruments, as well as 
credit exposures to customers, including outstanding receivables. 
The Group considers the credit quality of the customer, taking into 
account its financial position, past experience, and other factors. 
Sales to retail customers are required to be settled in cash or using 
major credit cards, thus mitigating credit risk.
The maximum exposure to credit risk at the reporting date is the 
carrying amount of the financial assets as summarised below.
All cash balances held at banks are held at internationally recognised 
institutions. The Australian Government has guaranteed all deposits 
held with Australian banks; cash held in Indonesia is not covered 
by this guarantee. Cash balances held in Australia are held with 
financial institutions with a AA- credit rating. Cash balances held 
in Indonesia are held with financial institution with an BBB- credit 
rating. The majority of other receivables held are with related parties 
and within the Group. Given this, the credit quality of financial assets 
that are neither past due or impaired can be assessed by reference 
to historical information about default rates.
Impairment of financial assets
The Group holds trade receivables that are subject to the expected 
credit loss model. While cash and cash equivalents are also 
subject to the impairment requirements of AASB 9, the identified 
impairment loss was immaterial.
Trade receivables
The Group applies the AASB 9 simplified approach to measuring 
the expected credit losses, which uses a lifetime expected loss 
allowance for all trade receivables. The expected credit losses have 
been grouped based on shared credit risk characteristics and the 
days past due.
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Annual Report FY24   |   Atlas Pearls   |   53
The assessment for expected credit losses requires a degree of 
estimation and judgement. It is based on the lifetime expected 
credit loss, grouped based on days overdue, and makes assumptions 
to allocate an overall expected credit loss rate for each group. 
These assumptions include recent sales experience, historical 
collection rates, and forward-looking information that is available. 
The allowance for expected credit losses is calculated based on the 
information available at the time of preparation. The actual credit 
losses in future years may be higher or lower.
Major purchases are invoiced as cash on delivery (COD). Smaller 
accounts are provided 30-day credit terms and are usually paid by 
their due date.
On that basis, the loss allowance as at 30 June 2024 and 30 June 
2023 was determined to be nil.
Trade receivables are written off when there is no reasonable 
expectation of recovery. Indicators that there is no reasonable 
expectation of recovery include, amongst others, the failure of a 
debtor to engage in a repayment plan with the Group and failure 
to make contractual payments for a period of greater than 120 days 
past due.
Impairment losses on trade receivables are presented as net 
impairment losses within operating profit. Subsequent recoveries of 
amounts previously written off are credited against the same line item.
2024 
$
2023 
$
TRADE RECEIVABLES
Existing customers with no previous defaults
441,717
             
31,265
15.3	
LIQUIDITY RISK
Prudent liquidity risk management implies maintaining sufficient cash, 
the availability of funding through an adequate amount of committed 
credit facilities, and the ability to close out market positions. The Group 
manages liquidity risk by continuously monitoring forecast and actual 
cash flows and matching the maturity profiles of financial assets and 
liabilities. Management aims at maintaining flexibility in funding by 
keeping committed credit lines available. Surplus funds are generally 
only invested in instruments such as on-call deposits that are highly 
liquid. Management monitors rolling forecasts of the Group’s liquidity 
reserve (comprising the undrawn borrowing facilities below) and 
cash and cash equivalents (Note 8) on the basis of expected cash 
flows. This is generally carried out by the Senior Management and the 
Board of Directors on a Group basis. In addition, the Group’s liquidity 
management policy involves projecting cash flows in major currencies 
and considering the level of liquid assets necessary to meet these, and 
monitoring debt financing plans.
15.4	
FINANCING ARRANGEMENTS
The Group had access to the following financing arrangements at 
the reporting date:
2024 
$
2023 
$
Overdraft facility (NAB)
2,500,000
2,500,000
2,500,000
2,500,000
The overdraft facility with the National Australia Bank (NAB) is 
secured by a registered company charge over the Company’s assets. 
As at 30 June 2024 no amount has been drawn down on this facility 
(30 June 2023: nil).
15.5	
MATURITIES OF FINANCIAL LIABILITIES AND DERIVATIVE FINANCIAL INSTRUMENTS
The table below analyses the Group’s financial liabilities, net and gross settled derivative financial instruments, into relevant maturity groupings 
based on their remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual 
undiscounted cash flows.
Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.
Consolidated entity
30 June 2024
30 June 2023
Less than 6 months
6 - 12months
Between
1 and 2 Years
Between
2 and 5 Years
Total contractual 
cash flows
Carrying amount 
(asset)/ liabilities
Less than 6 months
6 - 12 months
Between
1 and 2 Years
Between
2 and 5 Years
Total contractual 
cash flows
Carrying amount 
(asset)/ liabilities
$
$
$
$
$
$
$
$
$
$
$
$
Non-derivatives
Trade payables
390,605
-
-
-
-
390,605
706,253
-
-
-
706,253
706,253
Lease liabilities
29,148
40,850
68,383
149,051
287,432
287,432
30,553
33,021
69,878
89,680
223,132
223,132
TOTAL NON-DERIVATIVES
419,753
40,850
68,383
149,051
287,432
678,037
736,806
33,021
69,878
89,680
929,385
929,385
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54   |   Atlas Pearls   |   Annual Report FY24
(A)	
FAIR VALUE HIERARCHY
AASB 13 requires disclosure of fair value measurements by level of 
the following fair value measurement hierarchy:
a)	
quoted prices (unadjusted) in active markets for identical 
assets or liabilities (level 1)
b)	
inputs other than quoted prices included within level 1 
that are observable for the asset or liability, either directly 
or indirectly (level 2), and
c)	
inputs for the asset/liability that are not based on 
observable market data (unobservable inputs) (level 3).
(B)	
VALUATION TECHNIQUES USED TO DERIVE LEVEL 2 	
	
AND LEVEL 3 FAIR VALUES
The fair value of financial instruments that are not traded in an active 
market (for example, over–the–counter derivatives) is determined 
using valuation techniques. These valuation techniques maximise 
the use of observable market data, where it is available, and rely as 
little as possible on entity-specific estimates. If all significant inputs 
required to fair value an instrument are observable, the instrument 
is included in level 2. If one or more of the significant inputs is not 
based on observable market data, the instrument is included in level 
3. This is the case for unlisted equity securities.
The Group is exposed to financial risk in respect of its involvement 
in primary production, which consists of breeding and rearing of 
oysters for the purpose of producing pearls. The primary financial 
risk associated with this activity occurs due to the length of time 
between expenditure of cash in relation to the operation of the farm 
and the harvesting of the pearls, and realisation of cash receipts from 
sales to third parties. The Group ensures that it maintains sufficient 
working capital to ensure that it can sustain its operation through 
any delays in cash flow that may be reasonably foreseen.
Level 3 analysis: The finance and operations departments undertake 
the valuation of the oysters. The calculations are considered to be 
level 3 fair values. The data is taken from internal management 
reporting and work completed by the executive within the 
respective field teams to determine the material inputs in the 
model. The key production inputs are confirmed with the relevant 
executives and agreed with the Board of Directors every six months. 
These are listed in point (C) below.
(i) Transfers between levels 2 and 3 and changes in valuation techniques
There were no transfers between the levels of the fair value hierarchy 
in the period ended 30 June 2024 or 30 June 2023.
(C)	
FAIR VALUE MEASUREMENTS USING SIGNIFICANT 	
	
UNOBSERVABLE INPUTS (LEVEL 3)
The following table presents the changes in level 3 instruments for 
the period ended 30 June 2024:
2024
$
2023
$
Changes in fair value of oyster stock
Opening balances 30 June 2023
20,256,722
 17,647,227 
Due to new stock
3,818,335
 2,868,438 
Due to mortalities
(3,979,979)
 (3,988,080)
Due to ageing
9,374,353
 5,248,493 
Due to harvests
(8,877,180)
 (5,935,534)
Due to price changes
15,228,158
 4,416,178 
CLOSING BALANCE AT 30 JUNE 2024
35,820,409
 20,256,722 
The key assumptions utilised to determine the fair market value of 
oysters are detailed in note 4.1.
PART I - Unrecognised items
16.	
Events occurring after the  
	
reporting period
On 29 August 2024, the Company declared a final fully franked 
special dividend of 1.0 cent per share. The total value of the payment 
is $4.4M. The record date is 13 September 2024, with a payment date 
of 27 September 2024.
Since the end of the reporting period, the Company has issued 
3,016,080 shares upon exercise of options issued under the Atlas 
Pearls Ltd Employee Share and Incentive Plan.
Other than the matters disclosed above, there have been no other 
significant events after the balance date which require disclosure.
17.	
Commitments
As of 30 June 2024, Atlas Pearls had no material commitments that 
require disclosure in this section.
18.	
Contingencies
The Company’s historical tax affairs are regularly subject to audit by 
the Indonesian Tax Office and this process remains ongoing. There 
is a possibility that this review program may result in future tax 
liabilities in relation to prior year tax returns. All assessments received 
to date have been brought to account.
PART J - Other
19.	
Subsidiaries
The consolidated financial statements incorporate the assets, 
liabilities and results of the following subsidiaries in accordance with 
the accounting policy described in note 24.2.
Name of entity
Class of shares
Percentage owned
Place of 
incorporation
30 June 
2024
30 June 
2023
Perl’Eco Pty Ltd
Ord
100%
100%
Australia
Tansim Pty Ltd
Ord
100%
100%
Australia
Atlas Pearls Employee Share 
Plan Pty Ltd
Ord
100%
100%
Australia
P.T. Cendana Indopearls
Ord
100%
100%
Indonesia
P.T Disthi Mutiara Suci
Ord
100%
100%
Indonesia
P.T Cahaya Bali
Ord
100%
100%
Indonesia
The ultimate parent entity, Atlas Pearls Ltd, is incorporated in Australia.
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Annual Report FY24   |   Atlas Pearls   |   55
20.	
Related party transactions
(A)	
SUBSIDIARIES
Interests in subsidiaries are set out in note 19.
(B)	
KEY MANAGEMENT PERSONNEL
Detailed remuneration disclosures are provided in section 14.2 of the 
Directors Report. 
2024
$
2023
$
Short-term employment benefits
861,729
932,665
Long-term employment benefits
(1,677)
(8,564)
Post-employment benefits
78,102
65,119
Share-based compensation
76,511
38,353
1,014,665
1,027,573
(C)	
TRANSACTIONS WITH OTHER RELATED PARTIES
2024
$
2023
$
Director fees payable1
6,013
1,706
Office lease expenses2
14,000
-
Expatriate medical insurance expenses3
-
11,123
20,013
12,829
1.	
Non-Executive Director Cadell Buss.
2.	
Office sub lease expenses from CSO Limited, a company Michael Ricci is also a 
Director of.
3.	
Expatriate medical insurance expenses relating to the spouse of Mark Longhurst, 
KMP until 31 December 2022.
(D)	
LOANS FROM RELATED PARTIES
Note 15.5 for detailed disclosures on financing arrangements. 
2024 
$
2023 
$
Beginning of the year
-
1,125,000
Principal repayments
-
(1,125,000)
Interest charged
-
21,267
Interest paid
-
(21,267)
END OF YEAR
-
-
 
On 27 August 2020, the Group entered into a $4.5M loan agreement 
with Boneyard Investments Pty Ltd (Boneyard) of which Director, Tim 
Martin, is a related party. The loan was repaid in full on 30 September 
2022.
(E)	
CONTINGENT LIABILITIES RELATING TO  
	
JOINT VENTURES
There were no contingent liabilities relating to Joint Ventures during 
the year.
21.	
Parent entity financial information
(A)	
SUMMARY FINANCIAL INFORMATION
The individual financial statements for the parent entity show the 
following aggregate amounts:
2024 
$
2023 
$
Statement of financial position
Current assets
18,086,815
7,443,642
Total assets
31,182,593
21,574,054
Current liabilities
4,007,726
3,372,330
Total liabilities
10,488,493
5,381,275
Net assets
20,694,100
16,192,779
Shareholders’ equity
Issued capital
37,241,855
36,857,417
Share-based payment reserve
1,283,242
1,164,842
Accumulated losses
(17,830,997)
(21,829,480)
Total equity
20,694,100
16,192,779
PROFIT FOR THE YEAR
10,909,914
5,547,233
TOTAL COMPREHENSIVE PROFIT
10,909,914
5,547,233
(B)	
CONTINGENT LIABILITIES
The parent entity did not have any contingent liabilities as at 30 June 
2024 (30 June 2023: nil). The parent entity did not provide financial 
guarantees during the year (30 June 2023: nil).
22.	
Share-based payments and options
22.1	
EMPLOYEE SHARE PLAN
At the Extraordinary General Meeting on 29 April 2022 it was 
resolved by the shareholders to approve the Atlas Pearls Ltd 
Employee Share and Incentive Plan (Plan). The Board adopted the 
Plan under which eligible participants may be granted options to 
acquire shares in the Company. The Directors consider that the Plan 
is an appropriate method to:
(a)	 Reward Directors, Executives, and employees for their  
	
past performance
(b)	 Provide long-term incentives for participation in the 	
	
	
Company’s future growth
(c)	 Motivate Directors, Executives, employees, and generate 	
	
loyalty; and
(d)	 Assist to retain the services of valued Directors, Executives, 	
	
and employees
The Plan will be used as part of the remuneration planning for 
Directors, Executives and employees. Under the Plan, participants are 
granted options which can only vest if specific performance hurdles 
are met. Participation in the Plan is at the Board’s discretion and no 
individual has a contractual right to participate in the Plan or receive 
any guaranteed benefits.
The Corporate Governance Council Guidelines recommend that 
remuneration packages involve a balance between fixed and 
incentive pay reflecting short and long-term performance objectives 
appropriate to the Company’s circumstance and goals. The Board 
considers that the Plan will assist the Company in structuring the 
remuneration packages of its Executives in accordance with the 
guidelines.
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56   |   Atlas Pearls   |   Annual Report FY24
An option which has not vested will immediately lapse upon the first to occur of:
i	
The expiry of the option period;
ii	
If an eligible person’s employment or engagement with the Company ceases because of an uncontrollable event, six months (or such 	
	
	
other period as the Board will in its absolute discretion determine) from the date on which the eligible person ceased that employment or 	
	
engagement
iii.	 If an eligible Person’s employment or engagement with the Company ceases because of a controllable event, the last day of any period 	 	
	
specified in clause 25(b), subject to clause 25(a).
22.2	
OPTIONS ON ISSUE
The Group has the following equity compensation arrangements to remunerate Directors, Executives and employees of the Group;
9,367,448 Options granted to employees (ESOP)
ESOP
Tranche 1
Tranche 2
Tranche 3
Grant date
27 May 2022
27 May 2022
27 May 2022
Vesting date
30 June 2022
30 June 2023
30 June 2024
Expiry date
30 September 2024
30 September 2024
30 September 2024
Options issued
2,796,311
4,194,474
9,214,878
Exercise price
$0.065
$0.070
$0.075
Remaining at 30 June 2024
685,400
1,635,375
7,046,673
1,276,196 Options granted to Atlas Pearls’ Chairman, Geoff Newman (Chairman)
Chairman
Tranche 1
Tranche 2
Tranche 3
Grant date
29 April 2022
29 April 2022
29 April 2022
Vesting date
30 June 2022
30 June 2023
30 June 2024
Expiry date
30 September 2024
30 September 2024
30 September 2024
Options issued
510,478
765,718
1,276,196
Exercise price
$0.065
$0.070
$0.075
Remaining at 30 June 2024
-
-
1,276,196
4,000,000 Options granted to Atlas Pearls’ Chief Executive Officer, Michael Ricci (CEO)
CEO
Tranche 1
Tranche 2
Tranche 3
Grant date
15 November 2023
15 November 2023
15 November 2023
Vesting date
30 June 2024
30 June 2025
30 June 2026
Expiry date
30 September 2026
30 September 2026
30 September 2026
Options issued
800,000
1,200,000
2,000,000
Exercise price
$0.085
$0.091
$0.097
Remaining at 30 June 2024
800,000
1,200,000
2,000,000
For personal use only

Annual Report FY24   |   Atlas Pearls   |   57
22.3 	
MEASUREMENT OF FAIR VALUE
The fair value at grant date is independently determined using a Hoadley Trading and Investment valuation model, which takes into account 
the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying 
share, the expected dividend yield, and the risk-free interest rate for the term of the option.
ESOP
Chairman
CEO
Tranche 1
Tranche 2
Tranche 3
Tranche 3
Tranche 1
Tranche 2
Tranche 3
Fair value at grant date
$0.0176
$0.0180
$0.0184
$0.0222
$0.0350
$0.0360
$0.0370
Share price at grant date
$0.042
$0.042
$0.042
$0.047
$0.075
$0.075
$0.075
Exercise price
$0.065
$0.070
$0.075
$0.075
$0.085
$0.091
$0.097
Expected future volatility
100%
100%
100%
100%
85%
85%
85%
Risk free rate
2.53%
2.53%
2.53%
2.45%
4.17%
4.17%
4.17%
Dividend yield
Nil
Nil
Nil
Nil
Nil
Nil
Nil
22.4 	
OPTIONS REMAINING AT YEAR-END
The following options remain outstanding at year-end.
ESOP
Chairman
CEO
TOTAL
Balance at 30 June 2023
15,255,676
2,552,392
-
17,808,068
Granted during the period
-
-
4,000,000
4,000,000
Exercised during the period
(4,474,425)
(1,276,196)
-
(5,750,621)
Forfeited during the period
(1,413,803)
-
-
(1,413,803)
BALANCE AT 30 JUNE 2024
9,367,448
1,276,196
4,000,000
14,643,644
The following share-based payment expenses were recognised to profit and loss:
2024
2023
ESOP Options
43,104
148,084
Chairman Options
13,076
27,244
CEO Options
62,221
-
TOTAL SHARED-BASED 
PAYMENT EXPENSES
118,401
175,328
The share-based payment expenses arising from the salary sacrifice 
share plan is nil, as the plan does not give additional benefit to the 
employees, as shares are issued in lieu of cash salary and cash bonus. 
The value of the shares originally issued to the trust is at the value 
sacrificed by the employee under the plan.
MATERIAL ACCOUNTING POLICY
The fair value of shares granted under the Employee Share 
and Incentive Plan is recognised as an employee expense 
with a corresponding increase in equity. The fair value is 
measured at the date that the employee enters into the 
plan and is recognised over the period during which the 
employee becomes unconditionally entitled to the shares.
23. 	
Remuneration of Auditors
During the period, the following fees were paid or payable for 
services provided by the auditor of the parent entity, its related 
practices, and non-related audit firms:
2024 
$
2023 
$
BDO Australian firm
      Audit and review of financial reports
134,370
119,710
      ESG consulting services
-
16,995
BDO Indonesian firm
      Audit and review of financial reports
47,577
49,377
TOTAL REMUNERATION FOR 
AUDIT SERVICES
181,947
169,087
TOTAL REMUNERATION FOR 
OTHER SERVICES
-
16,995
During the period BDO Audit Pty Ltd was appointed as auditor of 
the Company following the resignation of BDO Audit (WA) Pty Ltd. 
The change of auditor arose as a result of BDO Audit (WA) Pty Ltd 
restructuring its audit practice, whereby audits will be conducted by 
BDO Audit Pty Ltd, an authorised audit company, rather than BDO 
Audit (WA) Pty Ltd.
For personal use only

24.	
Accounting policies
24.1	
NEW AND AMENDED STANDARDS ADOPTED 
	
BY THE GROUP
The group has applied the following standards and amendments for 
the first time for its annual reporting period commencing 1 July 2023: 
•	
AASB 2023-2 Amendments to Australian Accounting Standards 
– Definition of Accounting Estimates International Tax Reform 
•	
Pillar Two Model Rules [AASB 112]. 
•	
AASB 2021-5 Amendments to Australian Accounting Standards 
– Deferred Tax related to Assets and Liabilities arising from a 
Single Transaction [AASB 112]
•	
AASB 2021-2 Amendments to Australian Accounting Standards 
– Disclosure of Accounting Policies Definition of Accounting 
Estimates [AASB 7, AASB 101, AASB 108, AASB 134 & AASB 
Practice Statement 2].
The group also elected to adopt the following amendments early: 
•	
AASB 2020-1 Amendments to Australian Accounting Standards 
– Classification of Liabilities as Current or Non-current [AASB 
101], and 
•	
AASB 2022-6 Amendments to Australian Accounting Standards 
– Non-current Liabilities with Covenants [AASB 101 and AASB  
Practice Statement 2]. 
The amendments listed above did not have any impact on the 
amounts recognised in prior periods and are not expected to 
significantly affect the current or future periods. 
24.2	
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements incorporate the assets and 
liabilities of all subsidiaries of Atlas Pearls as at 30 June 2024, and the 
results of its subsidiaries for the period then ended. Atlas Pearls and 
its subsidiaries together are referred to in this financial statement as 
the consolidated entity.
Subsidiaries are all entities (including structured entities) over which 
the Group has control. The Group controls an entity when the Group 
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 to direct the activities of the entity. Subsidiaries are fully 
consolidated from the date on which control is transferred to the 
Group. They are de-consolidated from the date that control ceases.
The acquisition method of accounting is used to account for the 
acquisition of business combinations by the Group. Intercompany 
transactions, balances and unrealised gains on transactions 
between Group companies are eliminated. Unrealised losses 
are also eliminated unless the transaction provides evidence 
of the impairment of the asset transferred. Accounting policies 
of subsidiaries have been changed where necessary to ensure 
consistency with the policies adopted by the Group.
Non-controlling interests in the results and equity of subsidiaries 
are shown separately in the statement of profit or loss and other 
comprehensive income, statement of changes in equity and 
statement of financial position respectively.
The interest in a joint venture entity is accounted for using the equity 
method after initially being recognised at cost in the consolidated 
statement of financial position. Under the equity method of 
accounting, the investments are initially recognised at cost and 
adjusted thereafter to recognise the Group’s share of the post-
acquisition profits or losses of the investee in profit or loss, and the 
Group’s share of movements in other comprehensive income of the 
investee in other comprehensive income. When the Group’s share of 
losses in an equity-accounted investment equals or exceeds
its interest in the entity, including any other unsecured long-term 
receivables, the Group does not recognise further losses, unless it has 
incurred obligations or made payments on behalf of the other entity.
Unrealised gains on transactions between the Group and its 
associates and joint ventures are eliminated to the extent of 
the Group’s interest in these entities. Unrealised losses are also 
eliminated unless the transaction provides evidence of an 
impairment of the asset transferred. Accounting policies of equity 
accounted investees have been changed where necessary to ensure 
consistency with the policies adopted by the Group. 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. Any difference 
between the amount of the adjustment to non-controlling interests 
and any consideration paid or received is recognised in a separate 
reserve within equity attributable to the owners.
24.3	
FOREIGN CURRENCY TRANSLATION
(A)	
FUNCTIONAL AND PRESENTATION CURRENCY
Items included in the financial statements of each of the subsidiaries 
within the Group’s entities are measured using the currency of the 
primary economic environment in which the entity operates (the 
functional currency). The consolidated financial statements are 
presented in Australian dollars, which is Atlas Pearls’ functional and 
presentation currency.
(B)	
TRANSACTIONS AND BALANCES
Foreign currency transactions are translated into the functional 
currency using the exchange rates prevailing at the date of the 
transactions. Foreign exchange gains and losses resulting from the 
settlement of such transactions, and from the translation at period 
end exchange rates of monetary assets and liabilities denominated 
in foreign currencies are recognised in the consolidated statement 
of profit or loss and other comprehensive income, except when 
they are deferred in equity as qualifying cash flow hedges and 
qualifying net investment hedges, or are attributable to part of the 
net investment in a foreign operation.
Translation differences on assets and liabilities carried at fair value are 
reported as part of the fair value gain or loss. Translation differences 
on non-monetary assets and liabilities, such as equities held at fair 
value through profit or loss, are recognised in profit or loss as part of 
the fair value gain or loss. Translation differences on non-monetary 
assets, such as equities classified as available for sale financial assets, 
are included in the fair value reserve in equity.
All foreign exchange gains and losses are presented in the 
statement of profit or loss and other comprehensive income within 
other income or other expenses, unless they relate to financial 
instruments.
(C)	
GROUP COMPANIES
The results and financial position of all Group entities (none of which 
has the currency of a hyperinflation economy), that have a functional 
currency different from the presentation currency, are translated into 
the presentation currency as follows:
58   |   Atlas Pearls   |   Annual Report FY24
For personal use only

•	
Assets and liabilities for each statement of financial position 
presented are translated at the closing rate at the date of that 
statement of financial position,
•	
Income and expenses for each statement of profit or loss 
and other comprehensive income are translated at average 
exchange rates, and
•	
all resulting exchange differences are recognised as a separate 
component of equity.
On consolidation, exchange differences arising from the translation 
of any net investment in foreign entities, and of borrowings and other 
currency instruments designated as hedges of such investments, 
are taken to shareholders’ equity. When a foreign operation is sold 
or borrowings are repaid, a proportional share of such exchange 
differences are recognised in the statement of profit or loss and other 
comprehensive income as part of the gain or loss on sale.
24.4	
COMPARATIVE FIGURES
When required by Accounting Standards, comparative figures have 
been adjusted to conform to changes in presentation for the current 
financial period.
24.5	
FINANCIAL INSTRUMENTS
CLASSIFICATION AND MEASUREMENT
Except for certain trade receivables the Group initially measures a 
financial asset at its fair value plus, in the case of a financial asset not 
at fair value through profit or loss, transaction costs.
Under AASB 9 financial assets are subsequently measured at fair 
value through profit or loss (FVPL), amortised cost, or fair value 
through other comprehensive income (FVOCI). The classification 
is based on two criteria: The Group’s business model for managing 
the assets; and whether the instruments’ contractual cash flows 
represent ‘solely payments of principal and interest’ on the principal 
amount outstanding (the ‘SPPI criterion’).
The new classification and measurement of the Group’s financial 
assets are, as follows:
Debt instruments at amortised cost, for financial assets that are held 
within a business model with the objective to hold the financial 
assets in order to collect contractual cash flows that meet the 
‘SPPI criterion’. This category includes the Group’s trade and other 
receivables and long-term loan receivable.
IMPAIRMENT
The Group assesses, on a forward-looking basis, the expected 
credit losses (ECLs) associated with its debt instruments carried 
at amortised cost and FVOCI. ECLs are based on the difference 
between the contractual cash flows due in accordance with the 
contract and all the cash flows that the Group expects to receive. 
The shortfall is then discounted at an approximation to the asset’s 
original effective interest rate.
For trade receivables, the Group has applied the standard’s simplified 
approach and has calculated ECLs based on lifetime expected
credit losses. The Group has established a provision matrix that is 
based on the Group’s historical credit loss experience, adjusted for 
forward-looking factors specific to the debtors and the economic 
environment. The loss allowance calculated for 30 June 2024 is 
$nil due to past history with customers who have never previously 
defaulted on amounts due.
For other debt financial assets, including long-term loan receivables, 
the ECL is based on either the 12-month or lifetime ECL. The 
12-month ECL is the portion of lifetime ECLs that results from default 
events on a financial instrument that are possible within 12 months 
after the reporting date. When there has been a significant increase 
in credit risk since origination, the allowance will be based on the 
lifetime ECL. In all cases, the Group considers that there has been 
a significant increase in credit risk when contractual payments are 
more than 30 days past due.
The Group considers a financial asset in default when contractual 
payment are 90 days past due. However, in certain cases, the Group 
may also consider a financial asset to be in default when internal or 
external information indicates that the Group is unlikely to receive 
the outstanding contractual amounts in full before taking into 
account any credit enhancements held by the Group.
24.6	
INCOME TAX
The income tax expense or benefit for the period is the tax payable 
on the current period’s taxable income, based on the applicable tax 
rate for each jurisdiction, adjusted by changes in deferred tax assets 
and liabilities attributable to temporary differences and to unused 
tax losses.
The current income tax charge is calculated on the basis of the tax 
laws enacted or substantively enacted at the end of the reporting 
period in the countries where the Company’s subsidiaries operate and 
generate taxable income. It establishes provisions where appropriate 
on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on 
temporary differences arising between the tax bases of assets and 
liabilities and their carrying amounts in the consolidated financial 
statements. However, the deferred income tax is not accounted 
for if it arises from initial recognition of an asset or liability in a 
transaction other than a business combination that at the time 
of the transaction affects neither accounting nor taxable profit or 
loss. Deferred income tax is determined using tax rates (and laws) 
that have been enacted or substantially enacted by the reporting 
date and are expected to apply when the related deferred income 
tax asset is realised, or the deferred income tax liability is settled. 
Deferred tax is credited in the consolidated statement of profit or 
loss and other comprehensive income except where it relates to 
items that may be credited directly to equity, in which case the 
deferred tax is adjusted directly against equity.
Deferred tax assets are recognised for deductible temporary 
differences and unused tax losses, only to the extent that it is 
probable that future taxable amounts will be available to utilise 
those temporary differences and losses.
Deferred tax assets and liabilities have been bought to account after 
considering the level of tax losses carried forward and available to 
the Group against future taxable profits, and the probability within 
the future that taxable profits will be available against which the 
benefits of the deductible temporary difference can be claimed.
Annual Report FY24   |   Atlas Pearls   |   59
For personal use only

Consolidated Entity Disclosure Statement as at 30 June 2024
Body Corporates
Tax Residency
Entity Name
Entity Type
Place Formed 
or Incorporated
% of Share 
Capital Held
Australian or 
Foreign
Foreign 
Jurisdiction
Atlas Pearls Ltd
Body Corporate
Australia
100%
Australian
N/A
Perl’Eco Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Tansim Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Atlas Pearls Employee Share Plan Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
P.T. Cendana Indopearls
Body Corporate
Indonesia
100%
Foreign 
Indonesia
P.T. Disthi Mutiara Suci
Body Corporate
Indonesia
100%
Foreign
Indonesia
P.T. Cahaya Bali
Body Corporate
Indonesia
100%
Foreign
Indonesia
60   |   Atlas Pearls   |   Annual Report FY24
For personal use only

Directors’ Declaration
The Directors of the Company declare that:
a)	
the financial statements comprising the statement of profit or loss and other comprehensive income, statement of financial position, 
statement of cash flows, statement of changes in equity, and accompanying notes are in accordance with the Corporations Act 2001 
and:
I.	
give a true and fair view of the consolidated entity’s financial position as at 30 June 2024 and of the performance for the 
year ended on that date; and
II.	
comply with Accounting Standards, and the Corporations Act 2001 and other mandatory professional reporting 
requirements.
b)	
the Company has included in the notes to the financial statements an explicit and unreserved statement of compliance with 
International Financial Reporting Standards.
c)	
the Directors have been given the declarations by the Chief Executive Officer and Chief Financial Officer required by section 295A. 
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.
d)	
the remuneration disclosures included in the Directors’ Report (as part of the audited remuneration report) for the year ended 30 
June 2024 comply with section 300A of the Corporations Act 2001.
e)	
The consolidated entity disclosure statement on page 60 is true and correct.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors by:
Geoff Newman 
Chairman - 29 August 2024
Annual Report FY24   |   Atlas Pearls   |   61
For personal use only

62   |   Atlas Pearls   |   Annual Report FY24
The following additional information is required by the Australian Securities Exchange. The information is current as at 16 August 2024.
(A)	
DISTRIBUTION SCHEDULE AND NUMBER OF HOLDERS OF EQUITY SECURITIES AS AT 16 AUGUST 2024
1 – 1,000
1,001- 
5,000
5,001 -
10,000
10,001 -
100,000
100,001 -
and over
Total
Ordinary Fully Paid Shares
144
428
335
895
389
2,191
Unlisted options: 6.5 cents, exp 30/09/2024
-
-
-
6
2
8
Unlisted options: 7.0 cents, exp 30/09/2024
-
-
-
2
8
10
Unlisted options: 7.5 cents, exp 30/09/2024
-
-
-
-
23
23
Unlisted options: 8.5 cents, exp 30/09/2026
-
-
-
-
1
1
Unlisted options: 9.1 cents, exp 30/09/2026
-
-
-
-
1
1
Unlisted options: 9.7 cents, exp 30/09/2026
-
-
-
-
1
1
The number of holders holding less than a marketable parcel of fully paid ordinary shares as at 16 August 2024 is 574.
(B)	
20 LARGEST HOLDERS OF QUOTED EQUITY SECURITIES AS AT 16 AUGUST 2024
The names of the twenty largest holders of fully paid ordinary shares (ASX: ATP) as at 16 August 2024 are:
Rank
Name
Shares
% of shares
1.
Boneyard Investments Pty Ltd
54,907,327
12.58
2.
HSBC Custody Nominees (Australia) Limited
28,718,315
6.47
3.
Chemco Superannuation Fund Pty Ltd 
28,248,936
6.04
4.
Citicorp Nominees Pty Limited
26,370,155
4.09
5.
Jingie Investments Pty Ltd
17,880,240
3.39
6.
ABERMAC Pty Ltd
14,800,000
1.83
7.
Morckstow Pty Ltd
8,000,000
1.83
8.
Westwood Properties Pty Ltd
8,000,000
1.60
9.
Mr Wesley Rutherford + Mrs Sian Rutherford 
7,000,000
1.18
10.
Mr Tingyao Xu
5,160,000
1.17
11.
BNP Paribas Nominees Pty Ltd 
5,090,563
1.03
12.
Mr Cameron Beavis 
4,500,000
1.01
13.
Gee Enn Pty Ltd 
4,399,546
0.81
14.
Queensridge Investments Pty Ltd 
3,549,072
0.81
15.
Mr Timothy James Martin
3,540,883
0.78
16.
BNP Paribas Nominees Pty Ltd
3,397,385
0.78
17.
Ten Talents (2020) Limited 
3,390,000
0.77
18.
Ms Jennifer Michelle Roughan
3,360,000
0.70
19.
Mr Pawel Rej + Mrs Miroslawa Rej
3,078,000
0.69
20.
Dorran Pty Ltd
3,000,000
6.47
Total
236,930,422
54.14
Stock Exchange Listing – Listing has been granted for 436,638,459 ordinary fully paid shares of the Company on issue on the Australian 
Securities Exchange.
Additional ASX Information
For personal use only

Annual Report FY24   |   Atlas Pearls   |   63
(C)	
SUBSTANTIAL SHAREHOLDERS IN ATLAS PEARLS LTD AND THE NUMBER OF EQUITY SECURITIES OVER WHICH THE 		
	
	
SUBSTANTIAL SHAREHOLDER HAS A RELEVANT INTEREST AS DISCLOSED IN SUBSTANTIAL HOLDING NOTICES PROVIDED 	
	
	
TO THE COMPANY ARE LISTED BELOW; 
Name
Shares
% Voting Power
Date of Notice
Boneyard Investments Pty Ltd and Associates *
108,535,667
25.09%
21 February 2024
1.	
*Includes shares held by Boneyard Investments Pty Ltd, Chemco Superannuation Fund Pty Ltd, Jingie Investments Pty Ltd, T. Martin, TJM SF Pty Ltd, and J. Roughan and B. Martin.
(D)	
UNQUOTED SECURITIES
The number of unquoted securities on issue as at 16 August 2024;
Security
Number on issue
Unlisted options exercisable at 6.5 cents on or before 30 September 24
685,400
Unlisted options exercisable at 7.0 cents on or before 30 September 24
1,635,375
Unlisted options exercisable at 7.5 cents on or before 30 September 24
8,322,869
Unlisted options exercisable at 8.5 cents on or before 30 September 26
800,000
Unlisted options exercisable at 9.1 cents on or before 30 September 26
1,200,000
Unlisted options exercisable at 9.7 cents on or before 30 September 26
2,000,000
(E)	
HOLDER DETAILS OF UNQUOTED SECURITIES
All unquoted securities were issued under an employee incentive scheme. Therefore, no disclosure is required in relation to people that hold 
more than 20% of a given class of unquoted securities as at 16 August 2024.
(F)	
RESTRICTED SECURITIES AS AT 16 AUGUST 2024
There were no restricted securities on issue as at 16 August 2024.
(G)	
VOTING RIGHTS
All fully paid ordinary shares carry one vote per ordinary share without restriction.
(H)	
ON-MARKET BUY-BACK
The Company is not currently performing an on-market buy-back.
(I)	
CORPORATE GOVERNANCE
The Board of Atlas Pearls Ltd is committed to achieving and demonstrating the highest standards of Corporate Governance. The Board is 
responsible to its shareholders for the performance of the Company and seeks to communicate extensively with Shareholders. The Board 
believes that sound Corporate Governance practices will assist in the creation of Shareholder wealth and provide accountability. In accordance 
with ASX Listing Rule 4.10.3, the Company has elected to disclose its Corporate Governance policies and its compliance with them on its website 
rather than in the Annual Report. Accordingly, information about the Company’s Corporate Governance practices is set out on the Company’s 
website at https://www.atlaspearls.com.au/pages/corporate-governance
For personal use only

64   |   Atlas Pearls   |   Annual Report FY24
 
Level 9, Mia Yellagonga Tower 2  
5 Spring Street  
Perth, WA 6000 
PO Box 700 West Perth WA 6872 
Australia 
Tel: +61 8 6382 4600 
Fax: +61 8 6382 4601 
www.bdo.com.au 
INDEPENDENT AUDITOR'S REPORT 
 
To the members of Atlas Pearls Limited 
 
Report on the Audit of the Financial Report 
Opinion  
We have audited the financial report of Atlas Pearls Limited (the Company) and its subsidiaries (the 
Group), which comprises the consolidated statement of financial position as at 30 June 2024, the 
consolidated statement of profit or loss and other comprehensive income, the consolidated statement 
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes 
to the financial report, including material accounting policy information, the consolidated entity 
disclosure statement and the directors’ declaration. 
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations 
Act 2001, including:  
(i) 
Giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its 
financial performance for the year ended on that date; and  
(ii) 
Complying with Australian Accounting Standards and the Corporations Regulations 2001.  
Basis for opinion  
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under 
those standards are further described in the Auditor’s responsibilities for the audit of the Financial 
Report section of our report. We are independent of the Group in accordance with the Corporations 
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s 
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) 
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other 
ethical responsibilities in accordance with the Code. 
We confirm that the independence declaration required by the Corporations Act 2001, which has been 
given to the directors of the Company, would be in the same terms if given to the directors as at the 
time of this auditor’s report. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion.  
Key audit matters 
Key audit matters are those matters that, in our professional judgement, were of most significance in 
our audit of the financial report of the current period. These matters were addressed in the context of 
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide 
a separate opinion on these matters.  
 
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an 
Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form 
part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation. 
For personal use only

Annual Report FY24   |   Atlas Pearls   |   65
 
 
Accounting for Biological Assets 
 
Key audit matter 
How the matter was addressed in our audit 
The Group’s biological assets, as disclosed in Note 4 to 
the financial report, was a key audit matter as the 
calculation of the fair value of the oysters requires 
significant estimates and judgements by management.  
The Australian Accounting Standards require biological 
assets to be measured at fair value less costs to sell 
or, in the absence of a fair value, at cost less 
impairment.  
The Group have valued the biological assets at fair 
value less costs to sell. The valuation requires 
management’s judgement in relation to estimating the 
average selling price, pearl quality scenarios, discount 
rate, mortalities, average unseeded oyster value, 
costs to complete and sell. 
Our audit procedures included, but were not limited to: 
• 
Considering the appropriateness of the valuation 
methodology against the relevant Australian 
Accounting Standards; 
• 
In conjunction with our valuation specialist, 
reviewing appropriateness of the valuation 
methodology, along with the accuracy and 
integrity of management’s fair value model and 
the discount rate used by management; 
• 
Attending the physical stocktake procedures and 
verifying a sample of oysters on hand at reporting 
date and agreeing this to the fair value model; 
• 
Assessing the key inputs contained within the fair 
value model, including the average selling price, 
pearl quality scenarios, discount rate, mortalities, 
average unseeded oyster value, costs to complete 
and sell; and 
• 
Evaluating the adequacy of the related disclosure 
in Note 4 to the financial report. 
 
Other information  
The directors are responsible for the other information. The other information comprises the 
information in the Group’s annual report for the year ended 30 June 2024, but does not include the 
financial report and the auditor’s report thereon.  
Our opinion on the financial report does not cover the other information and we do not express any 
form of assurance conclusion thereon.  
In connection with our audit of the financial report, our responsibility is to read the other information 
and, in doing so, consider whether the other information is materially inconsistent with the financial 
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.  
If, based on the work we have performed, we conclude that there is a material misstatement of this 
other information, we are required to report that fact. We have nothing to report in this regard.  
For personal use only

66   |   Atlas Pearls   |   Annual Report FY24
 
 
Responsibilities of the directors for the Financial Report  
The directors of the Company are responsible for the preparation of:  
a) the financial report 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 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 group to 
continue as a going concern, disclosing, as applicable, matters related to going concern and using the 
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease 
operations, or has no realistic alternative but to do so.  
Auditor’s responsibilities for the audit of the Financial Report  
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free 
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 
audit conducted in accordance with the Australian Auditing Standards will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered material 
if, individually or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of this financial report.  
A further description of our responsibilities for the audit of the financial report is located at the 
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:  
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf 
This description forms part of our auditor’s report. 
Report on the Remuneration Report 
Opinion on the Remuneration Report  
We have audited the Remuneration Report included in pages 28 to 34 of the directors’ report for the 
year ended 30 June 2024. 
In our opinion, the Remuneration Report of Atlas Pearls Limited, for the year ended 30 June 2024, 
complies with section 300A of the Corporations Act 2001.  
 
For personal use only

Annual Report FY24   |   Atlas Pearls   |   67
 
 
Responsibilities 
The directors of the Company are responsible for the preparation and presentation of the 
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility 
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with 
Australian Auditing Standards.  
 
BDO Audit Pty Ltd 
 
Jarrad Prue 
Director 
 
Perth, 29 August 2024 
For personal use only

For personal use only

For personal use only

AUSTRALIA
HEAD OFFICE  
26 Railway Road, Subiaco 6008, 
Western Australia 
PO BOX: 248 Subiaco 6904 
Western Australia 
T.+61 8 9284 4249 
E. Atlas@AtlasPearls.com.au
INDONESIA
HEAD OFFICE  
Pertokoan Sanur Raya 18-19. Jl Bypass 
Ngurah Rai, Sanur, 80227 Bali
T. +62 361 284455 
E. Atlas@AtlasPearls.com.au
FARM SITES
EAST JAVA, Banyu Biru
NORTH BALI, Penyabangan 
FLORES, Labuan Bajo, Pungu Island 
EAST NUSA TENGGARA, West Lembata 
EAST NUSA TENGGARA, Lembata Bay
EAST NUSA TENGGARA, Alor Bay
RAJA AMPAT, Alyui Bay
EAST NUSA TENGGARA, Sumba
For personal use only