79 Westgold Resources Limited Annual Report 2023 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(Level 1). Movement in investments during the year ended 30 June 2023 are as follows: – The Group has a 2.48% (30 June 2022: 1.01%) interest in Musgrave Minerals Limited, 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 $4,182,673 (30 June 2022: $1,335,747) which is based on the quoted share price. – The Group has a 11.58% (2022: 14.78%) interest in Alto Metals Limited 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 $3,975,039 (2022: $5,463,561) which is based on the quoted share price. 16. PROPERTY, PLANT & EQUIPMENT 2023 2022 Plant and equipment Gross carrying amount at cost 378,943,868 377,434,401 Accumulated depreciation and impairment (284,067,365) (264,485,838) Net carrying amount 94,876,503 112,948,563 Land and buildings Gross carrying amount at cost 26,774,075 26,474,862 Accumulated depreciation and impairment (11,107,700) (9,121,579) Net carrying amount 15,666,375 17,353,283 Capital work in progress at cost 30,360,293 17,614,257 Total property, plant and equipment 140,903,171 147,916,103 Movement in property, plant and equipment Plant and equipment At 1 July net of accumulated depreciation 112,948,563 141,224,081 Transfer from capital work in progress 27,420,667 46,224,414 Disposals (1,203,359) (7,314,376) Impairment write-down (refer to Note 17) – (12,401,251) Depreciation charge for the year (44,289,369) (54,784,305) At 30 June net of accumulated depreciation 94,876,503 112,948,563
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