Westgold Resources Limited Annual Report 2020

81 Westgold Resources Limited Annual Report 2020 15. FINANCIAL ASSETS (CONTINUED) Listed shares These financial assets consist of investments in ordinary shares. The fair value of equity investments at fair value through profit or loss has been determined directly by reference to published price quotations in an active market. Movement in investments during the year ended 30 June 2020 are as follows: – disposed of its total investment in Aruma Resources Limited, Auris Minerals Limited and Royal Nickel Corporation; – acquired shares in Galena Mining Limited on the disposal of the paste plant and subsequently disposed of its total investment; and – acquired additional shares in Musgrave Minerals Limited by participating in a placement and subsequently disposed of its total investment. Royalties Receivable These financial assets consist of Lithium royalty rights. The fair value of royalties receivable at fair value through profit or loss has been determined using a discounted cash flow model. (a) The Buldania Lithium Royalty Rights Agreement was reached to divest the Buldania Lithium Royalty to Liontown Resources Limited under a pre-emptive arrangement for $2 million in cash with a $250,000 prepayment being received during June 2019 with final settlement occurring on 29 July 2019. (b) The Mount Marion Lithium Royalty Rights Westgold had previously reached agreement to divest its Mt Marion Royalty to Silverstream SZ for a gross amount of $13 million in cash. They failed to complete the deal in a timely fashion and Westgold has therefore decided to retain the rights for the expected future income stream. The royalties represented a 1.5% gross revenue royalty and a production royalty of $2 per tonne of ore mined and/or processed from a 30 hectare area of Location 53 which it held for a 20 year period from 2016. There was no production from area during the year but production is expected for the ensuing years. 16. PROPERTY, PLANT & EQUIPMENT 2020 2019 Plant and equipment Gross carrying amount at cost 306,397,153 287,780,355 Accumulated depreciation and impairment (170,981,154) (150,613,499) Net carrying amount 135,415,999 137,166,856 Land and buildings Gross carrying amount at cost 23,053,950 19,158,851 Accumulated depreciation and impairment (5,142,462) (3,503,451) Net carrying amount 17,911,488 15,655,400 Capital work in progress at cost 8,565,545 22,750,247 Total property, plant and equipment 161,893,032 175,572,503 Movement in property, plant and equipment Plant and equipment At 1 July net of accumulated depreciation 137,166,856 120,764,353 Transfer from capital work in progress 43,117,946 70,509,158 Disposals (1,157,556) (2,219,062) Disposal of subsidiary (91,173) (9,428,372) Depreciation charge for the year (43,620,074) (42,459,221) At 30 June net of accumulated depreciation 135,415,999 137,166,856