IPO - Ocean Grown Abalone Limited, page-129

If I may be of help, page 10 of Investor Presentation on 14/3/2018 gave me some clues to your questions asked. I think the company is very transparent on its operation.
“investment in BIOMASS” in my reading is the cost of seeding, you can also pick up the cost of construction of the reefs (Abitats) in the next line that they are expensing rather than capitalising.
The tricky part on the revaluation on BIOMASS shows the increased in value of the abalones on the reefs after they have grown beyond 80 (or 90 can’t remember off hand) mm in size, these will become part of COGS when sold.