87 Westgold Resources Limited Annual Report 2024 2024 2023 MOVEMENT IN MINE PROPERTIES AND DEVELOPMENT MINE PROPERTIES At 1 July net of accumulated amortisation 154,570,988 173,248,695 Additions 23,680,628 2,717,004 Transfer from capital work in progress (refer to Note 16) – 5,055,589 Decrease in rehabilitation provision (2,661,133) (2,720,408) Amortisation charge for the year (14,268,021) (23,729,892) At 30 June net of accumulated amortisation 161,322,462 154,570,988 MINE CAPITAL DEVELOPMENT At 1 July net of accumulated amortisation 104,216,662 90,554,862 Additions 178,192,005 90,510,400 Transfer from capital work in progress (refer to Note 16) – 238,033 Amortisation charge for the year (79,476,508) (77,086,633) At 30 June net of accumulated amortisation 202,932,159 104,216,662 The Group performed an assessment for impairment indicators as at 30 June 2024, and determined that there were no impairment indicators for any of its cash-generating units (CGU) – Murchison CGO, Murchison MGO and Bryah. There is no reversal of impairment for period ended 30 June 2024. 18. EXPLORATION AND EVALUATION EXPENDITURE Exploration and evaluation costs carried forward in respect of mining areas of interest 2024 2023 Pre-production areas At cost less expenditure written off 147,861,258 123,487,370 Net carrying amount 147,861,258 123,487,370 MOVEMENT IN DEFERRED EXPLORATION AND EVALUATION EXPENDITURE At 1 July net of accumulated impairment 123,487,368 104,577,467 Additions 24,660,027 18,909,901 Expenditure written off (286,140) – At 30 June net of accumulated impairment 147,861,255 123,487,368 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 $286,140 expenditure on exploration and evaluation of mineral resources written off during the year (2023: $nil) to the profit and loss. 17. MINE PROPERTIES AND DEVELOPMENT (CONTINUED)
RkJQdWJsaXNoZXIy MjE2NDg3