101 ANNUAL REPORT 2025 13. 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 2025 are as follows: – The Group has a 15.74% (2024: 18.69%) interest in New Murchison Gold Limited (NMG), formerly Ora Gold Limited, which is involved in the exploration of gold and base metals in Australia. During the period Westgold purchased 215,384,615 shares to the value of $2.8M. NMG is listed on the Australian Securities Exchange (ASX: NMG). At the end of the year, the fair value of the Group’s investment was $27.9M (2024: $8.0M) which is based on the quoted share price. – During the year the group disposed of its non-core Lakewood Milling Operation to Black Cat Syndicate Limited, refer to Note 36. Black Cat Syndicate Limited is listed on the Australian Securities Exchange (ASX: BC8). As part of the consideration price the Group received 19,739,439 ordinary shares, issued at $0.96 per share in BC8 the share price on 31 March 2025. Resulting in the Group having a 2.8% shareholding in BC8. The Consideration Shares are subject to a 12-month escrow period from their date of issue. Refer to Note 36. At the end of the period, the fair value of BC8 was $15.3M which is based on the quoted share price. – The Group has other listed investments total of $0.3M. The total fair value gain of $13.4M during the period (2024: $2.5M) is reported in Note 4. 14. PROPERTY, PLANT & EQUIPMENT 2025 $000 2024 $000 Plant and equipment Gross carrying amount at cost 633,681 399,635 Accumulated depreciation and impairment (381,976) (305,093) Net carrying amount 251,705 94,542 Land and buildings Gross carrying amount at cost 49,477 33,509 Accumulated depreciation and impairment (16,453) (13,260) Net carrying amount 33,024 20,249 Capital work in progress at cost 50,983 89,669 Total property, plant and equipment 335,712 204,460 Movement in property, plant and equipment Plant and equipment At 1 July net of accumulated depreciation 94,542 94,877 Acquisition as part of the business combination 128,866 – Transfer from capital work in progress 124,824 40,461 Transfer from Development work in progress 302 – Disposals (269) (1,449) Disposal of subsidiary - Lakewood (19,192) – Depreciation charge for the year (77,368) (39,347) At 30 June net of accumulated depreciation 251,705 94,542
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