ANNUAL REPORT
fOR ThE yEAR ENdEd 30 jUNE
2O15
Fertoz Ltd (ACN 145 951 622)
Fertoz LImIted ACN 145 951 622 | ANNuAL report 30 JuNe 2015
CORPORATE DIRECTORY
Directors mr James Chisholm – Non-Executive Chairman
dr Leslie (Les) Szonyi – Executive Director
mr Adrian Byass – Non-Executive Director
mr Stephen Keith – Managing Director
mr Alex penha – Non-Executive Alternative Director
Company Secretary mr Julien mcInally
Registered office and
principal place of business
40 Balgowlah St
Wakerley, Qld 4154
Share register Computershare Investor Services pty Limited
Yarra Falls, 452 Johnston St
Abbotsford VIC 3067
Auditor Bdo Audit pty Ltd
Level 10,
12 Creek Street
Brisbane QLd 4000
Canadian Lawyers ontario Lawyers
peterson Law professional Corporation
390 Bay Street, Suite 806
toronto, ontario, Canada, m5H
Australian Lawyers delphi partners
Level 23, 307 Queen St
Brisbane, Qld, 4000
Bankers Commonwealth Bank of Australia Ltd
Stock exchange listing Fertoz Limited shares are listed on the Australian
Securities exchange (ASX code: Ftz)
Website www.fertoz.com
2
CoNteNtS
CONTENTS
Corporate directory
Chairman's message
Strategy
Corporate review
project review
Board of directors
List of tenements
02
04
06
07
08
22
25
3
Fertoz LImIted ACN 145 951 622 | ANNuAL report 30 JuNe 2015
ChAIRmAN’S mESSAgE
dear Fellow Shareholder,
It is my pleasure to present the 2015 Annual report for Fertoz Limited (ASX: Ftz).
Fertoz is a phosphate exploration and development company which is developing the Wapiti and Fernie
phosphate deposits in Canada, trialling phosphate products developed from those deposits on Canadian
farms, exploring the dry ridge project in Idaho uSA and working with Australian business’s through the
FertAg joint venture.
the Company’s main focus is on commencing commercial production in Canada as soon as possible, servicing
the local organic farming market as well as conventional farmers looking for alternatives to standard, high
leaching fertilisers. Wapiti product is well located and ideally suited to satisfying this growing demand.
the last 12 months has seen the Company confirm the mining method at Wapiti and Fernie through collection
of approximately 2,200 t of bulk sample, submit a small mine application licence for Wapiti, upgraded part
of the Wapiti resource to the Indicated category and completed a Wapiti Scoping Study. In the uSA, the
Company has been granted exploration approval for the dry ridge project in Idaho.
to increase shareholder value and leverage, the Company plans to keep capital requirements low by running
with a contract mining model to start Wapiti, and just produce bulk rock phosphate. Later development will
entail bagging operations and blending the rock phosphate with other resources to make additional fertiliser
products, and also moving to an owner-operator model.
the uSA and Canada are both net importers of phosphate rock and are two of the largest agricultural economies
in the world. the Company aims to supply direct application phosphate rock with minimal processing to both
the lucrative organic and conventional fertiliser markets in both countries. the uSA is the largest organic
food market in the world while Canada is the fourth largest. organic farmers in the uSA and Canada need to
use natural fertilisers in order to retain their organic certification, which is critical as organic crops command
significantly higher prices than crops from conventional farms. the Wapiti and Fernie rock phosphates are
particularly suited to acidic soils, which cover much of Canada and the lower parts of the uSA.
In Australia the Company has formed Fertoz Agriculture pty Ltd (“FertAg”) which is a joint venture (“JV”)
between Fertoz Limited and Vast resources pty Ltd. the JV was established to distribute fused calcium
magnesium silicate phosphate products to potential customers in Australia and New zealand, which counter
the acidic soils found across much of Australia’s key farming regions.
Given the A$/uS$ exchange rate and the high cost of importing the FertAg product the venture in Australia
has proven to be more challenging than envisaged. Although now restructured to be cash-neutral, the FertAg
venture has shown the Company that owning and controlling the resource, as the Company has in Canada
and the uSA, is critical.
As advised on 31 July 2015, Stephen Keith, a successful and highly experienced Canada-based phosphate
executive, assumed the role of managing director (“md”) and Les Szonyi has stepped down as md. Les
will focus on progressing the Australian FertAg joint venture. He will assist Stephen with the handover of our
North American activities and the many phosphate trials and relationships that have been developed over
the last two years.
It has been a challenging time in the junior exploration and development space over the last few months and
the Board has taken the view that the Canadian operations continue to represent the best opportunity for
the Company, especially now that a Scoping Study has been completed and farm trials are underway. early
results look encouraging and the demand for organic fertilisers and produce continues unabated.
44
CHAIrmAN’S meSSAGe
thank you for all your support over the last year. We look forward to updating shareholders in the near future
about progress in Canada and Australia.
James Chisholm
Chairman
5
Fertoz LImIted ACN 145 951 622 | ANNuAL report 30 JuNe 2015
STRATEgY
the Company’s key objective is to become a growth-
oriented, cash flow generating agribusiness returning
dividends to shareholders. In the near term, the
Company plans to accomplish this through:
1.
2.
3.
4.
Focusing on our own assets: building sales,
production and cash flow from our two projects
in British Columbia, Canada;
proving up potentially larger assets within our
portfolio: through exploration at our dry ridge
project in Idaho, uSA - in the heart of phosphate
mining in the uSA;
Improving the returns and growth potential of
our existing FertAg business in Australia; and,
Considering external growth opportunities: add
low capital-intensity fertiliser assets that can be
realistically funded and developed.
our number one priority is to develop our Wapiti
and Fernie projects and this is where our effort will
be concentrated.
our recent management reshuffle is the first step in
this strategy. Incoming managing director, Stephen
Keith, has taken on this role with a clear view towards
moving the British Columbia projects forward. Bulk
samples and sales to potential consumers have
already commenced and the Company hopes to
receive the required permits to mine its Wapiti
project – a project that has a positive scoping study
with an Irr of >80%. Stephen has spent a lot of time
working with potential off-take customers and other
fertiliser companies looking for a long-term, reliable
source of organic rock phosphate. As well, he has
re-worked the production concept outlined in the
Scoping Study to allow the Company to produce
organic rock phosphate with less capital expenditure
in the early period, ensuring we can cash-flow fund
future development.
In addition to this, with the approval of the exploration
permits in Idaho, Stephen has been looking at ways in
which to start exploring and proving up the potential
of the dry ridge project, in the heart of the Idaho
phosphate region.
Fertoz’s outgoing managing director Les Szonyi is
assisting Stephen with the handover and at the same
time, working on growing the FertAg business in
Australia and New zealand.
over the next year, the Company plans to progress
the Wapiti and Fernie projects to regular production
and secure off-take contracts for rock phosphate in
Canada and the uSA, expand our resource base and
develop additional fertiliser products. ultimately, the
Board is looking to pay dividends from multiple high
value operating fertiliser assets, primarily in North
America.
Competent Persons Statement
the technical information in this report that relates to exploration targets, exploration results, mineral
resources or ore reserves is based on information compiled by mr Jo Shearer, a Competent person,
who is a member of the Association of professional engineers and Geoscientists of British Columbia, a
‘recognised professional organisation’ (rpo) included in a list that is posted on the ASX website from
time to time. mr Shearer is the Chief operating officer Canada for Fertoz Limited. mr Shearer has
sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration
and to the activity being undertaken to qualify as a Competent person as defined in the 2012 edition of
the ‘Australasian Code for reporting of exploration results, mineral resources and ore reserves’. mr
Shearer consents to the inclusion in the report of the matters based on his information in the form and
context in which it appears.
6
CorporAte reVIeW
CORPORATE REVIEW
safety
there were no lost time injuries or environmental
incidents recorded during the year ending June
2015.
Cash
the Company had $82,831 in cash as at 30 June
2015 and access to an additional $950,000 through
a $1,250,000 drawdown debt facility through its
Chairman, James Chisholm, and a working capital
facility for its Australian business of $1,000,000.
Issue of shares and optIons
during the reporting period the Company issued
a total of 2,024,550 fully paid ordinary shares as
follows:
•
•
615,385 options were exercised by a related
party of the Non-executive Chairman (mr James
Chisholm) at an exercise price of $0.25 per
ordinary share.
1,250,000 fully paid ordinary shares were
issued at an issue price of $0.29 per share to
the managing director (1,000,000 shares) and
employees (250,000 shares) of the Company as
agreed by shareholders in resolution 7 and 8
at the 2014 annual general meeting held on 28
November 2014. Consideration for the shares
has been satisfied by a non-recourse loan of
$362,500 from the Company to the managing
director and employees with the shares
remaining in escrow until certain performance
hurdles are met and if the performance hurdles
are not met by 27 November 2017 the shares will
be returned to the Company. this arrangement
is an in-substance option as explained in note 14
of the financial statements.
•
159,165 shares were issued to certain employees
and consultants for services performed at an
average issue price of 31.6 cents per share.
during the reporting period a total of 900,000 options
were issued to non-executive directors being mr
Stephen Keith and mr Alex penha who each received
450,000 options with each option having a right to
one share at an exercise price of between $0.65
and $0.85 as explained in note 30 of the financial
statements.
dIreCtors InCreasIng shareholdIng
In december 2014 Fertoz Chairman mr James
Chisholm exercised 615,385 Fertoz options at
an exercise price of A$0.25 generating proceeds
of A$154,000 for Fertoz. mr Chisholm and his
associated entities now own 5,918,765 Fertoz shares,
representing 12.6% of Fertoz’s issued capital.
Board Changes
on 31 July 2015, subsequent to the financial year-end,
Fertoz appointed North American-based Stephen
Keith as managing director of the Company to focus
on commercialising the North American assets.
mr Leslie Szonyi remains as an executive director
reporting to mr Stephen Keith.
Stephen Keith was appointed to the Fertoz board in
July 2014 as a non-executive director before taking
on the role of managing director. He lives in toronto
and is well known to the fertiliser and investment
community in Canada, having led tSX listed rio
Verde minerals development Corp. to a sale in 2013.
rio Verde was progressing the development of a
direct application rock phosphate project in Brazil
at the time of the acquisition. Stephen holds a BSC
in Applied Science, and an mBA. He is a registered
professional engineer (p. eng) in British Columbia and
ontario and has been involved in numerous feasibility
studies and developed a number of resource projects
in his career over the last twenty years.
7
Fertoz LImIted ACN 145 951 622 | ANNuAL report 30 JuNe 2015
PROJECT REVIEW
Figure 1 — Fertoz’s North American project locations and proximity to Canadian agricultural areas
WapItI projeCt (100% owned)
British Columbia, Canada (Wapiti East and Wapiti
West tenements)
the Wapiti project (which includes the Wapiti east
and Wapiti West tenements) totals an area of 19,161
ha and is located near tumbler ridge, in British
Columbia, Canada. the project is easily accessible
by sealed roads and Forest Service roads and has
rail within 80 km. the Company is focused on the
Wapiti east tenements and previous work indicates
a consistent and continuous at-surface phosphate-
bearing horizon which has a potential strike length
of up to 39km. Laboratory results of the phosphate
indicate up to 10% availability (considered very good
by industry standards) which makes the product
at Wapiti east particularly attractive to the North
American organic sector which is the largest organic
market in the World.
Bulk sample and first product sales
Fertoz commenced a bulk sample collection at Wapiti
in late August after completion of road works which
included the installation of 10 culverts across creeks
from the camp and the construction of an access road
of approximately 2km to the “North” bulk sample
location. Approximately 1,200 tonnes were collected
and stockpiled.
8
proJeCt reVIeW
In october, Fertoz appointed eggers Soil Solutions
to process rock phosphate in the Grand prairie
agricultural
from
tumbler ridge.
region, approximately 240km
Fertoz commenced first product sales on 9 october,
selling 25 tonnes of ground 20% p2o5 rock to a
farmer near Stettler in west-central Alberta for use
in conventional agriculture trials. the delivered price
was C$200/t.
Fertoz has approval for bulk samples totalling 27,500
tonnes of rock phosphate from its Wapiti and Fernie
projects, while it waits approval for a small mine
application for up to 75,000 tonnes per annum at
Wapiti.
Appointment of marketing and
Distribution Agent
Fertoz appointed Natures Way Farm Ltd (“Natures
Way”) on 14 october as a marketing Agent to
sell rock phosphate from the Company’s Wapiti
project in British Columbia. Sunalta Fertilizer Ltd
and enviroperfect solutions were also appointed as
marketing agents following the signing of separate
agreements
in November and december 2014
respectively.
Natures Way Farms sells compost, calcium carbonate
and rock phosphate, and mainly services the peace
river and Grand prairie agricultural regions of north-
western Alberta. Sunalta Fertilizer Ltd is a fertiliser
company focused on providing soil solutions to
farms with acidic soils in the central Alberta region.
enviroperfect Solutions, based near edmonton,
Alberta, is a premier soils health company with
a focus on sustainable soil health management.
enviroperfect Solutions and Sunalta will distribute
Fertoz’s rock phosphate, in addition to investigating
mixing it with other products that provide additional
soil nutritional balance.
the market opportunity for Fertoz’s rock phosphate
products has come about because conventional
phosphate fertilisers are relatively ineffective when
used on the acidic soils of western Canada. Alberta
has 1 million acres of farming land with strongly
acidic soils and 4.5 million acres of farming land with
moderately acid soils (ref: Liming Acid Soils, Alberta
Government department of Agriculture and rural
development).
9
one third of all farming land around Grande prairie
(near Wapiti) has acid soil which reduces the uptake
of phosphorus by plants. the calcium carbonate
in Wapiti rock phosphate effectively limes the soil,
increasing the availability of phosphorus for plants.
reduced crusting of the soil along with improved
crop yields and reduced power requirements for
tillage are additional benefits of calcium carbonate
applications on grey and dark grey wooded soils
in the peace river region near Wapiti and Grand
prairie.
the Company’s Wapiti and Fernie projects (see
Figure 1) are ideally located close to the major
farming regions of eastern British Columbia and
western Alberta. Farms in these areas are a mixture
of broad-acre and intensive agricultural operations,
with farmers fertilising their ground through either
broad-acre spreading or directly into seed rows.
JORC Inferred Resource and Exploration Target
on 8 August, Fertoz announced a maiden Inferred
resource estimate for Wapiti of 1.54 mt @ 21.6%
p2o5 (at a 7% cut-off), calculated to a depth of
30m along a strike length of 12.5km. the Inferred
resource is contained within an exploration target of
between 2.9 mt and 3.3 mt at 20.8% to 22.2% p2o5
which has been estimated to a depth of 30m along a
27km strike length. mineralisation extends to depths
in excess of 90m below surface and there is potential
to increase both the resource and exploration target
with additional drilling. the exploration target is
conceptual in nature. there has been insufficient
exploration (drilling) outside the area used to support
the mineral resource to define a mineral resource
and it is uncertain if further exploration will result in
the definition of a mineral resource.
exploration at Wapiti has included 81 diamond drill
holes and multiple trenches and surface samples
between 1978 and 2013. this information has been
used by J.t. Shearer, m. Sc, p. Geo., and G.Shevchenko,
B. Sc. (eng.) of Coastal resource mapping Ltd to
estimate a mineral resource and an exploration
target in accordance with JorC 2012. resources
(including additional elements) are calculated using
the polygonal-Weighted Average method and are
summarised in tables 1 and 2.
Fertoz LImIted ACN 145 951 622 | ANNuAL report 30 JuNe 2015
projeCt review
— continued —
the Inferred resource was calculated within four
distinct areas in the project (Figure 2) and these are
summarised in table 2. resources were based on a
12.5km strike length of phosphate-bearing sediments.
the phosphate-rich horizon has an average width of
1m and was extrapolated to a depth of 30m. the
density of the phosphate has been calculated at
2.845t/m³ by metsolve Laboratory using empirical
test work and supported using stoichiometric
calculations.
table 3 shows the exploration target for Wapiti. It
was based on a phosphate-bearing horizon having a
mapped strike length of 27km and extrapolation to a
depth of 30m below surface. the phosphate bearing
layer is uniform in thickness with a density of 2.845t/
m³.
Intersections on a sectional basis for the calculation
of this exploration target are summarised in table 4
(over page). the exploration target distance for each
section is shown in Figure 2. the data for each section
was extrapolated at varying distances between data
points (drilling, trenching, surface sampling). the
uncertainty in determination of the target was in the
width and grade of the phosphate.
JORC Indicated Resource
on 14 may 2015 the Company announced the
upgrade of its JorC resource at the Wapiti phosphate
project in British Columbia. the 806kt at 22.3%
p2o5 Indicated phosphate resource represents a
conversion of 52% of the previous Inferred JorC
resource. the remaining material retains its Inferred
JorC classification.
taBle 1 - WapItI east Inferred resourCe
Depth below
surface (m)
Category
Tonnes
(million)
P2O5
(%)
Al2O3
(%)
CaO
(%)
mgO
(%)
30
Inferred
1.54
21.6
1.9
43.6
1.3
SiO2
(%)
13.7
Fe2O3
(%)
1.2
taBle 2 - WapItI east Inferred resourCe By phosphate zone
Area Description
Category
Length
(km)
Depth
(m)
Width
(m)
P2O5
(%)
Resource
(t)
red deer east Limb
red deer West Limb
Inferred
Inferred
red deer West-West Limb
Inferred
Wapiti Syncline
Inferred
5.6
4.4
1.5
1.0
Total
Inferred
12.5
30
30
30
30
30
1.0
0.95
1.13
1.0
1.0
23.0
19.7
22.5
18.6
21.6
773,490
499,920
138,020
126,530
1,537,960
taBle 3 - WapItI exploratIon target
Depth below surface
(m)
Category
Tonnes
(million)
Width
(m)
P2O5 (%)
range
30
exploration target
2,925,290 – 3,293,710
0.85 to 0.97
20.8 to 22.2
10
proJeCt reVIeW
taBle 4 - WapItI exploratIon target By phosphate zone
Area Description
Category
Length
(km)
Depth
(m)
Width
(m)
red deer east Limb
Inferred resource
5.64
exploration target
2.5
red deer West Limb
Inferred resource
4.34
red deer West-West
Limb
exploration target
Inferred resource
Wapiti Syncline
Inferred resource
exploration target
9.3
1.5
1.0
2.7
30
30
30
30
30
30
30
P2O5
(%)
23.0
Resource (t)
773,490
1.0
0.78 – 1.0
23.0 - 25.5
268,640 – 342,860
0.95
19.7
499,920
0.67 - 0.95
19.7 - 22.5
848,610 – 1,071,250
1.13
22.5
138,020
1.0
18.6
126,530
0.73 - 0.97
18.6 - 20.7
270,080 – 341,640
Total
Expln Target
27.0
30
0.85 – 0.97 20.8 – 22.2 2,925,290 – 3,293,710
the combined Inferred and Indicated resource
of 1.54mt @ 21.6% p2o5 (at a 7% cut-off) has been
calculated to a depth of 30m along a strike length of
12.5km at Wapiti. the resource classification is shown
below in table 5.
Wapiti Small mine Application
during Wapiti bulk sample collection (Figure 3), Fertoz
carried out successful blasting trials and confirmed its
proposed mining method, collecting key information
for the upcoming small mine application.
In November 2014, the Company submitted a Small
mine Application to the B.C. ministry of mines to
extract up to 75,000 tonnes per annum of phosphate
rock from its Wapiti project.
the Company is expecting to receive approval for a
small mine at Wapiti in the fourth quarter of calendar
year 2015 or the first quarter of 2016. the Company
already has approval to collect a total of 27,500
tonnes of rock phosphate consisting of 17,500 tonnes
at Wapiti and 10,000 tonnes at Fernie, while waiting
for mine approval at Wapiti.
the Company has also extended its land holding at
Wapiti to allow for a new road to be built accessing
the south of the property. Fertoz intends to build a 3.4
kilometre access road to the south of the property,
which will connect to existing forestry roads and
utilise existing bridges over creeks. It will allow 40
tonne trucks to take product directly from site to the
processing plant, improving mining efficiency and
allowing the Company to increase product delivery
rates.
taBle 5 - WapItI east resourCe
Depth below
surface (m)
Category
Tonnes
(million)
P2O5
(%)
Al2O3
(%)
CaO
(%)
mgO
(%)
Inferred
Indicated
0.73
0.81
21.3
22.3
1.9
1.96
43.6
43.1
1.3
1.3
SiO2
(%)
13.7
14.0
Fe2O3
(%)
1.2
1.3
30
30
30
Total
1.54
21.6
1.9
43.4
1.3
13.8
1.3
11
Fertoz LImIted ACN 145 951 622 | ANNuAL report 30 JuNe 2015
projeCt review
— continued —
Figure 2 — wapiti project – indicated and inferred jorC resource and exploration target locations
12
proJeCt reVIeW
Figure 3 — trial mining at wapiti during 2014
Wapiti Scoping Study
Cautionary Statement
Fertoz announced on 14 may 2015 a Scoping Study for
a small-scale rock phosphate mine at the Company’s
100%-owned Wapiti project in British Columbia. A
20 year project life was determined from an Indicated
and Inferred resource of 1.54mt at 21.6% p2o5. the
project mining model is based on 60% Indicated, 40%
Inferred resources. the base case study resulted in:
post tax, unlevered NpV10 real (20 years)
C$20.1m
post tax, unlevered Irr
Capital cost phased over 3 years
payback (discounted, after tax)
82.4%
C$2.7m
2018
Net cash flow pre-tax first 20 years
C$69.8m
results using a 10% post tax real discount rate, C$ 1:00: A$1.04, flat real commodity
price of C$ 250/t
In accordance with ASX listing rules, the Company
advises the results of the Scoping Study referred to in this
announcement are based on lower confidence technical
and preliminary economic assessments that are not the
level of pre-feasibility or feasibility studies. The results
and outcomes of this study are not technically sufficient to
support Ore Reserves (JORC 2012) or to provide assurances
as to the economic viability of any mine development,
or that any development will proceed. The production
target referred to is partly based on Indicated and
Inferred Mineralisation. There is a low level of geological
confidence associated with inferred Mineral Resources
and there is no certainty that additional exploration work
will result in the definition of Indicated Minerals Resources,
or that mine development and production will be realised.
Approximately 40% of mineralisation included in the study
is of the Inferred category.
the Scoping Study was based on a staged open pit
development and the upgraded Wapiti resource. It
includes three stages in the design, with an initial
7m open pit for the first 7 years of the project at an
average strip ratio of 1.6:1, and a 75ktpa production
rate to be reached in 2018 (though it is possible this
13
Fertoz LImIted ACN 145 951 622 | ANNuAL report 30 JuNe 2015
projeCt review
— continued —
could be brought forward to 2017). the planned
mine area contains a low risk resource which is
outcropping, homogenous, and has been drilled and
bulk sampled by Fertoz. refer to table 6 below for
the key assumptions and financial metrics.
only 12.5km of the estimated 39km length of the
estimated strike has been included in the Wapiti
Scoping Study, with the remainder representing
potential additional exploration and mining
opportunities.
the Company plans to mine on a seasonal basis
between may and october to maximise productivity
and ease of access. mined material will be
transported, stockpiled and sold after it is processed
to meet various market requirements. there is the
potential to expand production levels beyond 75ktpa
thereby enhancing economic potential of the project.
production would commence on a reduced scale with
30kt in 2016, 50kt in 2017 and rising to full production
in 2018. margins per tonne sold are estimated at
C$81/t (32% of sales price) for the first 7 years of the
project.
the Wapiti project is located 850km north east of
Vancouver, British Columbia (BC), 145km north east
of prince George, 70km south east of tumbler ridge
(coal mining town) and 180km south east of the rail
hub at dawson Creek (Figure 4).
ready access to the Wapiti site is possible via a number
of public roads. these are suitable for the transport of
heavy equipment and haulage of excavated material.
taBle 6 - sCopIng study assumptIons and fInanCIal metrICs
Item
project life
Scoping Study mined resource (diluted)
Capital cost
Stage 1 resource mined to 7m
Stage 2 resource mined to 19m
Stage 3 resource mined to 31m
Stage 1 mining cost to 7m
Stage 2 mining cost to 19m
Stage 3 mining cost to 31m
processing cost
Freight to processing site
Freight to distributor
distribution cost
Selling price
discount rate (real)
Project NPV (20 years)
Project IRR
Units
years
kt
C$m
kt
kt
kt
C$/t
C$/t
C$/t
C$/t
C$/t
C$/t
% of selling price
C$/t
%
C$m
%
14
Value
20
1,336 @ 20% p2o5
2.7
361
600
400
24.3
40.4
56.3
15.0
20.0
60.0
20%
250.0
10%
20.1
82.4%
proJeCt reVIeW
A number of existing trails and roads exist on the
Wapiti property. Several of these roads require an
extension to support ongoing mining operations.
After mining on site, pre-crushed material is planned
to be transported as broken rock to a manufacturing
facility that will be established at dawson Creek.
At this facility, the phosphate rock will be crushed
to reduce its size from 40mm (crushed rock) to
approximately 0.15mm (ground material).
In order to generate early cash flow while the operation
at dawson Creek is being established, rock phosphate
from the Company’s Fernie project will be processed
at Stettler, Alberta. Here, a raymond mill will be
purchased to grind the 40mm rock down to 0.15mm.
Stettler (Figure 4) is the centre of a major farming
area in Alberta. there is a further 9kt of bulk sample
available for collection at Fernie for processing at
Stettler under the current Fernie Bulk Sample permit.
extension of the bulk sample amount or permitting
for a small-scale mine are growth options for Fernie
which will be reviewed by the Company during the
second half 2015 calendar year.
once sales are established in the farming region
around Stettler, the raymond mill will either be
moved to dawson Creek, or another mill purchased
and installed at dawson Creek. dawson Creek has
the advantage of being a proximate to a rail hub that
connects to edmonton, Calgary, prince George and
Vancouver. It also has a trained workforce, industrial
facilities, spare parts and industrial land. Stettler
in Alberta is similar and has some large farming
concerns nearby that could provide on-going sales
opportunities and/or off-take agreements.
Figure 4 — Key project locations and infrastructure in Western Canada
15
Fertoz LImIted ACN 145 951 622 | ANNuAL report 30 JuNe 2015
projeCt review
— continued —
there is also the potential to establish an expanded
processing facility at Stettler and/or dawson Creek
to produce blended fertiliser products using other
locally sourced resources. Fernie rock phosphate
can be supplied to other organic fertiliser facilities in
northern montana and Washington State as well.
months. Annual fixed costs associated with the mining
operation include camp set-up, site preparation,
equipment mobilisation, insurance, environmental
analysis, geotechnical assessment, quality assurance,
administration and community liaison, operations,
sales and marketing, and administration.
Capital costs have been estimated using a
combination of firm quotes (processing equipment,
jaw crusher, industrial site) and industry experience.
total capital required is estimated to be C$2.7m for
the establishment of a processing facility at dawson
Creek, which will occur over the initial 3 years of
development (or two years under an accelerated
production regime). table 7 provides a detailed
capital cost estimate.
total fixed costs are expected to be C$300k in 2015,
C$550k in 2016, C$600k in 2017 and C$616kpa from
2018 onwards when it is expected there will be two
teams operating at Wapiti to extract 75ktpa in 5
the Wapiti Scoping Study assumes an estimated
realised price of C$250/t based on consultation with
Sunalta Fertilizer Ltd (a Fertoz distributor). this is the
expected price for bulk product in Alberta with a
minimum p2o5 content of 19%. A distribution fee of
20% is payable on the sale price.
this compares to market prices which vary from
C$285/t (20t truck loads) to C$700/t (1t bagged
material) for phosphate rock ranging between 16%
and 27% p2o5 with 2% to 3% phosphate availability
in Canada and the uSA. the product could also
potentially be micronized to less than 10 microns,
which attract prices of over C$2,500/t in North
taBle 7 - detaIled CapItal Cost estImate
Item
road access, setup
Crusher
processing equipment for 2015/2016
equipment overhaul and installation at Stettler
Industrial site at dawson Creek (incl. stamp duty, on-costs)
Building with undercover storage at dawson Creek for 2,000t
power installation
Additional processing equipment (to increase production to 20t/hr)
Conveyors, load out hopper with weigh scales
drying equipment for rock processing
Subtotal
engineering design (+10%)
Contingency (+20%) and unallocated items
Total
16
Units
Value
C$k
C$k
C$k
C$k
C$k
C$k
C$k
C$k
C$k
C$k
C$k
C$k
C$k
C$k
300
100
140
60
300
400
50
420
100
200
2,070
207
423
2,700
proJeCt reVIeW
America. Fertoz sold an initial 26t at a discounted
price of C$200/t in late 2014 within the Stettler farm
area between edmonton and Calgary, Alberta. Fertoz
has since confirmed pricing to be at least C$250/t
for the Wapiti ground rock phosphate. pelletised
products attract a higher price, as does ground rock
phosphate that is bagged and/or micronized. All of
these options are available to the Company but have
not been included in the current Wapiti Scoping
Study.
Laboratory results from the 2t bulk sample collected
at Wapiti east in october 2013 demonstrated low
heavy metal impurities from Wapiti. the results
achieved a 10% phosphate availability, which makes
the Wapiti east product particularly attractive to
the organic fertiliser market as a direct application
product. the result can be compared to other known
phosphate areas such as North Carolina, uSA and
Sechura, peru which typically demonstrate 6% to 7%
phosphate availability and exhibit good agronomic
effectiveness on suitable soils and crops (Sinclair,
New zealand Journal of Agricultural research 1998).
the combined uS/Canada organic goods market
is worth uS$34.5bn, or 48% of the global organic
food market. the value of the Canadian organic
food market has tripled since 2006, far outpacing the
growth rate of other agri-food sectors. It is estimated
that 58% of all Canadians are buying organic
products on a weekly basis. Currently, there are
more than 3,700 certified organic farms in Canada.
organic farms are found in every province in Canada
producing fruits, vegetables, hay, crops (i.e. wheat,
oats, barley, flaxseed and lentils), animal and animal
products, and herbs. more than half of all certified
farms are found in Western Canada. organic growers
typically use organic phosphorus sources, like Wapiti
rock phosphate, to provide phosphorus for crop
development. (FiBL IFoam organic World 2014).
many of the other organic rock phosphates in the
uSA exhibit phosphate availability of 3% or less.
two companies are undertaking blending trials
with Wapiti and Fernie phosphate rock and other
additives to enhance its effectiveness when used as a
conventional fertilizer.
the sensitivities of the project NpV (C$m) and Irr
(%) are summarized below in Figure 5 and Figure 6
respectively, for parameter changes between +20%
and -20%.
Growth options for Wapiti include, but are not limited
to, the following:
1.
An extended reach (10m) excavator can be
used in Stage 1 mining (compared to a 6m
excavator in the Wapiti Scoping Study). mining
costs for first 7 years have been based on a 6m
excavator as this was proven effective during
40
35
30
25
20
15
10
5
140%
120%
100%
80%
60%
40%
20%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
-30%
-20%
-10%
0%
10%
20%
30%
Capital Cost
Process cost
Selling Price
Freight Cost
Mine cost
Fixed Costs
Capital Cost
Sell Price
Process Cost
Freight Cost
Mine Cost
Fixed Cost
Figure 5 — NPV (C$m) sensitivity analysis
Figure 6 — IRR (%) sensitivity analysis
17
Fertoz LImIted ACN 145 951 622 | ANNuAL report 30 JuNe 2015
projeCt review
— continued —
the bulk sample collection in 2014 (constructing
a 1m bench and 6m reach for total of 7m). An
extended reach excavator would extend Stage
1 mining to 9 years and reduce initial mining
costs to C$21.1/t. preliminary estimates are that
an extended reach excavator would increase the
Scoping Study NpV to C$22.2m with an Irr of
88.1%;
2.
3.
Further exploration is expected to extend the
mineable phosphate horizon from 12.5km up to
a maximum of 39km. this would increase mine
life beyond the current 20 years and reduce
Stage 1 costs due to the extended period of
Stage 1 mining; and
project economics could be improved by
ramping up to full production of 75ktpa in 2017.
this would require bringing forward the capital
expenditure of C$2.5m so C$0.5m is spent in
2015 and $2m is spent in 2016. on this basis, the
Scoping Study NpV would increase to C$21m
with an Irr of 88.0%.
fernIe projeCt (100% owned)
British Columbia, Canada (marten, Barnes Lake
and Crows Nest tenements)
the Fernie project (which includes the marten,
Barnes Lake and Crows tenements) is located
near Sparwood in British Columbia Canada. the
tenements are within 25km of each other and are
in close proximity to the operating east Kootenay
Coalfield which is serviced by the established mining
communities in the region. At the door step of the
project is the existing road and rail transport links to
the west coast ports of Canada as well as the North
American arterial rail and road networks. previous
exploration work has highlighted the presence of
widespread, shallow phosphate-bearing sediments
associated with the base of the Jurassic-aged Fernie
Formation.
In July Fertoz received approval to extract a
phosphate bulk sample of up to 10,000 tonnes from
marten. Fertoz executed a land use agreement with
tembec Industries in August to allow access to the
property.
Fertoz commenced a three-week phosphate rock
trenching and drill programme with bulk sample
collection of approximately 1,000 tonnes from the
marten tenements at its Fernie phosphate project
on 16 october 2014.
the Company has also extended the phosphate
prospective area from 1,215 hectares to 1,739
hectares, or 43%, by acquiring two new tenements
at very low cost. the total Fernie project area has
increased from 3,904 hectares to 4,466 hectares.
the joining of marten and Crows Nest tenements
(Figure 7) also has the benefit of more efficient use
of exploration funds as there is no longer a need to
have a separate exploration programme for Crows
Nest to keep the tenements in good standing with
the BC ministry of mines.
dry rIdge projeCt
(option to acquire 100% ownership)
Idaho, USA
World Industrial minerals (“WIm”) completed field
work between 9 July and 15 July 2014. GIS map
generation using eSrI Arcmap, and geological
cross section and 3d interpretation using Geosoft
target, was completed between 16 July and 25
July. Geological data was generated to determine
locations for 48 drill sites and 24 trenches along the
full 4.8km length of the Fertoz dry ridge Lease area.
the proposed road construction, trenches and drill
sites are shown in Figure 8.
Field work for staking and flagging the proposed dry
ridge exploration roads, drill pads, and trenches was
completed between 11 August and 24 August 2014.
the uS Forest Service then performed a “timber
cruise” based on the staking.
environmental studies
(wildlife, vegetation and
cultural) were completed and a draft environmental
Assessment was prepared. the Idaho State Journal
published a notice for public comment on Fertoz’s
planned exploration at dry ridge. the 30-day
public comment period concluded on 10 october
2014. Comments were received as part of the public
submittals process, Fertoz’s consultants (Cascade
environment Services ‘CeS’) have addressed the
comments and the draft environmental Assessment
(eA) report was submitted to the BLm (Bureau of
Land management) on 21 November 2014.
18
proJeCt reVIeW
Figure 7 — Fernie project (Marten, Crows Nest, Barnes Lake)
19
Fertoz LImIted ACN 145 951 622 | ANNuAL report 30 JuNe 2015
projeCt review
— continued —
In July 2015 the uS Bureau of Land management and
the uS Forestry Service both gave approval for Fertoz
to undertake exploration of the dry ridge project in
Idaho. Fertoz intends to seek a joint venture partner
to fund the proposed exploration programme.
the dry ridge acquisition complements
the
Company’s projects, and is close to existing and
proposed phosphate mines in the Idaho area. the
exploration licence covers 210 hectares and extends
along the known north-south trending outcrop of
phosphate bearing horizons demonstrated on the
adjacent tenements. previous trenching, mapping
and analysis identified relatively narrow and high-
grade phosphate zones grading up to 33% p2o5,
at a width of 3m within larger, lower-grade zones.
this phosphate is hosted in sedimentary horizons
that extend north into the tenure owned by Agrium,
which is developing the new Husky #1 phosphate
mine (Federal register Notice, August 2, 2012) and
south to Husky #3 also owned by Agrium.
australIan projeCts
during the march quarter Fertoz relinquished
its two remaining exploration assets in Australia.
they consisted of eL26915 at Barrow Creek,
Northern territory and epm19448 at Sherrin North,
Queensland.
fertoz agrICulture joInt Venture In
australIa
In November 2014 Fertoz formed Fertoz Agriculture
pty Ltd as trustee for Fertoz Agriculture trust
(“FertAg”, ABN 72 692 314 002), a joint venture (“JV”)
between Fertoz Limited (50%) and Vast resources pty
Ltd (50%) to import and market a proven specialty
phosphate fertiliser in Australia and New zealand.
FertAg has obtained exclusive Australian/New
zealand distribution rights from an Asian supplier
to supply up to 50,000 tpa of a specialty high grade
phosphate product that can be used by both organic
and conventional farmers. the brand name chosen
by the JV follows the typical N-p-K nomenclature of
conventional fertiliser: “FertAg 0-8-0”.
Figure 9 — FertAg 0-8-0 loaded ready for shipment to Australia in 20 foot containers. FertAg 0-8-0 and FertAg 0-7-0.
20
proJeCt reVIeW
FertAg 0-8-0 is a fused calcium-magnesium-silicate
phosphate, not a reactive phosphate rock. It is
manufactured at high temperature from naturally
occurring minerals and because there is no chemical
change, it is suitable for use in both organic and
conventional agriculture. the product is insoluble
in water and does not leach into waterways, like
conventional p fertilisers, yet 95% of the p is readily
available for uptake to plants.
When compared on a cost per hectare basis, FertAg
0-8-0 is expected to be cheaper than superphosphate
due to:
a.
Less product required per hectare;
b.
Lower spreading costs;
c.
No need for periodic lime applications; and
d.
Less other nutrients required.
due to customer demand, FertAg has introduced a
granular product, FertAg Granular 0-7-0 (“FertAg G
0-7-0”) which is available in 1 tonne bags and 25kg
bags.
FertAg 0-8-0 is typically spread using belt and disc
spreaders.
FertAg G 0-7-0 has the advantage of being able to be
spread through air seeders and also by aircraft over
large pastures. FertAg products are not hygroscopic
and do not pick up moisture and harden like single
super phosphate. they can be stored indefinitely and
are easy to spread at all times. FertAg 0-8-0 and FertAg
G 0-7-0 are effective alternatives for superphosphate.
Australian farmers use approximately 710,000 tonnes
of superphosphate per year (Australian Bureau of
Statistics 2012 data) while New zealand farmers use
approximately 1,000,000 tonnes each year (Ballance
2015).
Initiatives introduced during the march quarter
were:
1.
Secured a non-exclusive National Supplier
Agreement (ASX announcement 9 February
2015) for distribution of FertAg’s specialty
phosphate products with ruralco Holdings Ltd
(“ruralco”), a major Australian agribusiness.
2.
3.
Introduced a Shareholder rewards program
(ASX announcement 12 February 2015) where
Fertoz shareholders who own a minimum of
5,000 shares can receive a refund of A$15
per tonne for FertAg products purchased in
Australia. Key terms and conditions are available
on the Company’s websites (www.fertoz.com,
www.fertag.com) and were also provided in the
press release.
entered into a working capital facility (ASX
announcement 27 February 2015 with
moneytech Finance pty Ltd (“moneytech”) for
up to A$1 million (the “Facility”). the Facility
provides FertAg with up to 90 days to pay
moneytech for expected proceeds from goods
sold. A global insurance group, currently rated
A+ by Standard & poors, agreed to insure the
Facility.
4.
developed FertAg web page www.fertag.com.
800 tonnes of FertAg 0-8-0 product was imported
to Brisbane and melbourne in February and march
2015.
Sales revenue for FertAg 0-8-0 in the march quarter
was A$38,000 from sales in Queensland and Victoria.
Sales have continued to grow since with orders also
coming from NSW, tasmania and Kangaroo Island.
revenue from sales of FertAg 0-8-0 invoiced in the
June quarter for FertAg 0-8-0 were up 35% on the
march quarter. Sales at the end of June totalled
$94,000.
during the march quarter, the distributor network
was expanded to include Landmark, e.e. muirs and
National Framers Warehouse stores, and 7 product
distribution centres were established in sites across
Queensland, NSW, Victoria and tasmania to enable
easy access for farmers, and to reduce holding
costs.
FertAg has delayed the appointment of further sales
personnel and also expansion into New zealand. the
sales team has been reduced to one full time person
with technical support being provided part-time as
required. these changes and the growth in customer
awareness of the FertAg products have resulted in
the business becoming cash positive in June.
21
Fertoz LImIted ACN 145 951 622 | ANNuAL report 30 JuNe 2015
BOARD OF DIRECTORS
mr James Chisholm
Title Non-executive Chairman
Qualifications B.eng, mBA
Experience and expertise mr Chisholm is a qualified engineer, having worked in the engineering,
mining, oil and gas sectors for the past 28 years. mr Chisholm has worked
on numerous resource construction and maintenance projects around
Australia, primarily covering coal, iron ore, and agricultural mining and
processing. mr Chisholm co-founded the Chairmen1 pty Ltd which sold its
assets to Guildford Coal Ltd (ASX: GuF), becoming its largest shareholder.
mr Chisholm is experienced in start-up exploration and development
companies.
Other current directorships executive Chairman of Atrum Coal NL (ASX: Atu)
mr Stephen Keith (appointed as non-executive 29 July 2014)
Title managing director (appointed 31 July 2015)
Qualifications p.eng, B.Sc. Applied Science, mBA
Experience and expertise mr Keith was appointed managing director on 31 July 2015 to focus
on commercialising North American assets. previously he was a non-
executive director. mr Keith is based in toronto, was president and Chief
executive of officer (Ceo) of Search minerals Inc. (tSX-V:SmY), a company
focused on the exploration and development of strategic metals. prior to
his work with Search minerals, mr Keith was founder and president of rio
Verde minerals development Corp ("rio Verde") (tSX: rVd), a phosphate
company he took from concept to listing on the tSX-V. mr Keith led rio
Verde minerals until its acquisition by B&A Fertilizers Limited on march 13,
2013. In addition mr Keith sits on the Board of directors of Aura minerals
(tSX:orA).
Other current directorships Aura minerals (tSX:orA).
22
BoArd oF dIreCtorS
BoArd oF direCtors
— continued —
Dr Leslie Szonyi
Title executive director
(changed from Managing Director to executive director on 31 July 2015)
Qualifications B. eng, ph.d. Chemical engineering, member of AICd
Experience and expertise dr Les Szonyi has over 30 years’ experience in the chemicals processing
industry, including 18 years at orica (formerly ICI Australia). He spent the
five and a half years prior to joining Fertoz based in Central Queensland,
leading Queensland Nitrates (QNp), an integrated manufacturer of
ammonia, nitric acid and ammonium nitrate. Les has a track record of
increasing shareholder value through enhanced commercial performance,
contract negotiation, technical excellence, project management and
superior operations and safety performance. dr Szonyi was managing
director until 31 July 2015 and continues as director and a consultant
reporting to mr Keith the current managing director.
Other current directorships None
mr Adrian Byass
Title Independent Non-executive director
Qualifications BSc (Hon), B.econ, member of Institute of Geoscientists, Fellow of Society
of economic Geology
Experience and expertise mr Byass has over 18 years’ experience in the mining and minerals
industry. this experience has principally been gained through mining,
resource estimation, mine development and exploration roles for several
gold, base metals and specialty metal mining and exploration companies
worldwide. mr Byass is a Competent person for reporting to the ASX
for certain minerals. mr Byass has also gained experience in corporate
finance and financial modelling during his employment with publicly
listed mining companies. He is currently managing director of plymouth
minerals Limited.
Other current directorships
Ironbark zinc Limited (ASX: IBG), Corazon mining Limited (ASX: CzN) and
plymouth minerals Limited (ASX: pLH).
23
Fertoz LImIted ACN 145 951 622 | ANNuAL report 30 JuNe 2015
mr Alexandre Penha (appointed 29 July 2014)
Title Alternative Non-executive director to Stephen Keith
Qualifications BA, B.Sc. economics, post-degree in Corporate Finance
Experience and expertise mr penha is based in toronto and has worked closely with Stephen Keith
for a number of years at both Search minerals (director and eVp) and
rio Verde minerals (Vp of Corporate development). mr penha has over
eight years of experience in mining capital markets, including corporate
development, research and investment banking. mr penha is a board
member of the Brazil-Canada Chamber of Commerce and Chairman of
its mining Committee.
Other current directorships None
24
LISt oF teNemeNtS
LIST OF TENEmENTS
Project Name
Tenement
Number
Ownership
Approx.
Area (ha)
Expiry Date
Registered holder
CANADA
Wapiti East
WK-1
WK-2
WK-3
WK-4
WK-5
WK-6
WK-7
WK-8
WK-9
WK-10
WK-11
WK-12
WK-one
Wapiti Ne
Wapiti two
Wapiti South
WAp S2
WAp S3
WAp S4
WAp S5
WAp S6
red deer 1
red deer 2
red deer 3
munok
munok 1
Belcourt 1
munok 2
Belcourt 2
Belcourt 3
Belcourt 4
Belcourt 4
Belcourt Link
851942
851948
851952
851958
941760
941761
941762
941763
941764
941769
955278
956829
982744
1015556
1015557
1015558
1018104
1018106
1018107
1018108
1018109
1023921
1023922
1023923
1029417
1015626
1015627
1024783
1024803
1024806
1024805
1024805
1027037
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
450.83
451.02
450.77
451.2
450.83
469.87
450.86
451.08
451.33
451.36
470.31
225.35
18.8
375.54
168.93
376.35
451.82
451.75
451.93
452.09
452.3
150.2
206.3
150.1
207.38
169.58
113.27
603.05
301.76
188.7
339.78
339.8
282.59
25
Fertoz LImIted ACN 145 951 622 | ANNuAL report 30 JuNe 2015
Project Name
Tenement
Number
Ownership
Approx.
Area (ha)
Expiry Date
Registered holder
CANADA (continued)
Wapiti East (continued)
WAp 11
South 1
South 2
South road 2
SubTotal
Wapiti West
tunnel 1
tunnel 2
Sukunka1
Sukunka2
pAL 2
pAL 3
pAL 4
SuK 3
SuK 4
SuK 5
SuK 6
SuK 7
SuK 8
SuK 9
SuK 10
SuK 11
t11
SubTotal
Barnes Lake
BL 1
BL 2
Crows Nest
Crows Nest
Crows 2
1027038
1029488
1029489
1030777
942096
942097
851714
980302
1018084
1018085
1018086
1018087
1018095
1018096
1018097
1018098
1018099
1018101
1018102
1018103
1018128
1011319
1020873
1023062
1023064
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
21/04/2021
Fertoz International
27/03/2016
Fertoz International
27/03/2016
Fertoz International
15/09/2016
Fertoz International
15/09/2016
Fertoz International
27/03/2016
Fertoz International
27/03/2016
Fertoz International
27/03/2016
Fertoz International
27/03/2016
Fertoz International
27/03/2016
Fertoz International
27/03/2016
Fertoz International
27/03/2016
Fertoz International
27/03/2016
Fertoz International
27/03/2016
Fertoz International
27/03/2016
Fertoz International
27/03/2016
Fertoz International
27/03/2016
Fertoz International
28/03/2016
Fertoz International
19/07/2017
Fertoz International
18/10/2016
Fertoz International
15/10/2021
Fertoz International
15/10/2021
Fertoz International
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
168.94
112.64
376.16
413.66
12,208.43
446.13
445.97
18.51
444.23
443.88
388.49
444.1
444.32
444.53
444.71
444.89
445.08
445.25
445.39
445.57
445.8
316.2
6,953.03
608.98
629.00
1450.89
38.67
26
LISt oF teNemeNtS
List oF teNeMeNts
— continued —
Project Name
Tenement
Number
Ownership
Approx.
Area (ha)
Expiry Date
Registered holder
CANADA (continued)
marten
marten 1
marten 2
marten Nth
marten e
SubTotal
Canada Total
UNITED STATES
1024365
1025533
1029979
1031107
100%
100%
100%
100%
dry ridge
I-07238
0%¹
United States Total
754.32
460.86
334.99
188.48
4,466.19
23,627.65
210.0
210.0
29/06/2021
Fertoz International
28/06/2021
Fertoz International
1/08/2021
Fertoz International
23/09/2021
Fertoz International
31/05/2016
Solvay uSA Inc.
27
Fertoz Ltd (ACN 145 951 622)