for the year ended 30 June 2023 FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 84 Westgold Resources Limited Annual Report 2023 18. EXPLORATION AND EVALUATION EXPENDITURE Exploration and evaluation costs carried forward in respect of mining areas of interest 2023 2022 Pre-production areas At cost less expenditure written off 123,487,370 104,577,467 Net carrying amount 123,487,370 104,577,467 Movement in deferred exploration and evaluation expenditure At 1 July net of accumulated impairment 104,577,467 89,738,936 Additions 18,909,901 18,190,290 Transferred to mine properties (refer to Note 17) – (1,518,725) Transferred to mine capital development (refer to Note 17) – (1,722,869) Expenditure written off - continuing operations – (110,165) At 30 June net of accumulated impairment 123,487,368 104,577,467 The ultimate recoupment of costs carried forward for exploration and evaluation phases is dependent on the successful development and commercial exploitation or sale of the respective mining areas. During the year, a review was undertaken for each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. In assessing the carrying value of all of the Group’s projects, there were no expenditure on exploration and evaluation of mineral resources written off during the year (2022: $110,165) to the profit and loss.
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