Westgold Resources Limited Annual Report 2021

78 Westgold Resources Limited Annual Report 2021 for the year ended 30 June 2021 FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 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 2021 are as follows: – Acquired shares in Karora Resources and subsequently disposed of its total investment; – Acquired shares in Musgrave Minerals Limited (Musgrave) by participating in a placement. The Group has a 0.26% (30 June 2020: nil) interest in Musgrave, which is involved in the exploration of gold and base metals in Australia. Musgrave is listed on the Australian Securities Exchange (ASX: MGV). At the end of the period, the fair value of the Group’s investment was $513,889 (30 June 2020: nil). – Acquired shares in Alto Metals Limited (Alto). The Group has a 14.11% (2020: Nil) interest in Alto which is involved in the exploration of gold and base metals in Australia. Alto is listed on the Australian Securities Exchange (ASX: AME). At the end of the year, the fair value of the Group’s investment was $5,909,201 (2020: Nil) which is based on the quoted share price. 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. The Mount Marion Lithium Royalty Rights Westgold reached agreement to divest its Mt Marion Royalty to Reed Industrial Minerals (50% owned by Mineral Resources Limited ASX:MIN) for a gross amount of $17.5 million in cash. 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 (refer to Note 35). 16. PROPERTY, PLANT & EQUIPMENT 2021 2020 Plant and equipment Gross carrying amount at cost 349,487,807 306,397,153 Accumulated depreciation and impairment (208,263,726) (170,981,154) Net carrying amount 141,224,081 135,415,999 Land and buildings Gross carrying amount at cost 24,398,325 23,053,950 Accumulated depreciation and impairment (7,026,047) (5,142,462) Net carrying amount 17,372,278 17,911,488 Capital work in progress at cost 8,151,819 8,565,545 Total property, plant and equipment 166,748,178 161,893,032 Movement in property, plant and equipment Plant and equipment At 1 July net of accumulated depreciation 135,415,999 137,166,856 Transfer from capital work in progress 62,953,599 43,117,946 Disposals (4,458,817) (1,157,556) Disposal of subsidiary – (91,173) Depreciation charge for the year (52,686,700) (43,620,074)